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

                          E U R O P E

          Thursday, August 5, 2021, Vol. 22, No. 150

                           Headlines



F R A N C E

NORIA 2021: DBRS Finalizes B Rating on Class F Notes


G E R M A N Y

ADLER MODEMAERKTE: Aschaffenburg Court Confirms Insolvency Plan
[*] GERMANY: Mulls Insolvency Waiver for Flood-Affected Firms


G R E E C E

NAVIOS MARITIME: Egan-Jones Keeps CC Senior Unsecured Ratings


I R E L A N D

APTIV PLC: Egan-Jones Withdraws B Senior Unsecured Ratings
HARVEST CLO XXVI: S&P Assigns B- (sf) Rating to Class F Notes
INVESCO EURO II: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
VM IRELAND: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable


I T A L Y

ATLANTIA SPA: Egan-Jones Withdraws B- Senior Unsecured Ratings
BANCA CARIGE: DBRS Gives B(low) LT Issuer Rating, Trend Stable
BRIGNOLE CO 2021: DBRS Finalizes B(low) Rating on Class X Notes
CREDITO VALTELLINESE: Egan-Jones Withdraws B+ Sr. Unsec. Ratings
LIBRA GROUPCO: S&P Assigns B Issuer Credit Rating, Outlook Stable



N E T H E R L A N D S

ESDEC SOLAR: S&P Assigns Preliminary 'B' Ratings, Outlook Stable


P O R T U G A L

TAGUS SOCIEDADE: DBRS Confirms BB(high) Rating on Class C Notes


R U S S I A

GLOBAL SECURITY: Bags Ugandan Contract Amid Bankruptcy Litigation


S P A I N

PROSIL ACQUISITION: DBRS Confirms BB(high) Rating on Class A Notes


S W E D E N

[*] SWEDEN: Transport, Hospitality Sector Bankruptcies Up in July


T U R K E Y

AYDEM RENEWABLES: S&P Assigns 'B' Long-Term ICR, Outlook Stable


U N I T E D   K I N G D O M

FINSBURY SQUARE 2019-2: DBRS Confirms BB(high) Rating on E Notes
GEMGARTO 2018-1: DBRS Confirms BB(high) Rating on Class E Notes
LOW & BONAR: Egan-Jones Withdraws B- Senior Unsecured Ratings
MONZO: Losses Widen to GBP129.7MM Amid FCA Investigation
NOBLE CORPORATION: Egan-Jones Withdraws D Senior Unsecured Ratings

PROVIDENT FINANCIAL: High Court Okays Partial Repayment Scheme
TAURUS 2021-4: DBRS Gives Prov. B(high) Rating to Class F Notes

                           - - - - -


===========
F R A N C E
===========

NORIA 2021: DBRS Finalizes B Rating on Class F Notes
----------------------------------------------------
DBRS Ratings GmbH finalized the provisional ratings on the
following notes issued by Noria 2021 (the Issuer):

-- Class A 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 (low) (sf)
-- Class F Notes at B (sf)

DBRS Morningstar does not rate the Class G Notes also issued in the
transaction.

The rating of the Class A Notes addresses the timely payment of
scheduled interest and the ultimate repayment of principal by the
legal maturity date. The ratings of the Class B, Class C, Class D,
Class E, and Class F Notes address the ultimate payment of interest
and ultimate repayment of principal by the legal maturity date
while junior to other outstanding classes of notes, but the timely
payment of scheduled interest when they are the senior-most
tranche.

The transaction is a securitization fund with French unsecured
consumer loan receivables originated by BNP Paribas Personal
Finance (the originator and servicer) with the BNP Paribas group.

The ratings are based on a review of the following analytical
considerations:

-- The transaction's capital structure, including form and
sufficiency of available credit enhancement to support the
projected expected net losses under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the notes according to the terms of the
notes.

-- The originator's financial strength and capabilities with
respect to originations, underwriting, and servicing.

-- The operational risk review of the originator, which DBRS
Morningstar deems to be an acceptable servicer.

-- The transaction parties' financial strength regarding their
respective roles.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the originator's
portfolio.

-- DBRS Morningstar's sovereign rating on the Republic of France
at AA (high) with a Stable trend.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

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

TRANSACTION STRUCTURE

The transaction represents the issuance of Class A, Class B, Class
C, Class D, Class E, Class F, and Class G Notes (together, the
Notes) backed by a pool of approximately EUR 900 million of
fixed-rate, unsecured, and amortizing personal loans, debt
consolidation loans, and sales finance loans granted to individuals
domiciled in France and serviced by the originator.

The transaction envisages a 11-month revolving period during which
time the Issuer will purchase new receivables that the originator
may offer, provided that certain conditions set out in the
transaction documents are satisfied.

The transaction benefits from a cash reserve equal to 1% of the
Class A, Class B, Class C, Class D Notes balance funded by the
seller at closing that is available to the Issuer during the
revolving and normal redemption periods only when the principal
collections are not sufficient to cover the interest deficiencies,
which are defined as the shortfalls in senior expenses, swap
payments, and interests on the Class A Notes, and if not
subordinated, interest on the Class B, Class C, and Class D Notes.

A commingling reserve facility is also available to the Issuer if
the specially dedicated account bank is rated below the account
bank required rating or following a breach of its material
obligations. The required amount is equal to the sum of 2.5% of the
performing receivables and 0.6% of the outstanding principal
balance of the initial receivables.

COUNTERPARTIES

BNP Paribas Securities Services is the account bank and BNP Paribas
SA is the specially dedicated account bank for the transaction.
Based on DBRS Morningstar's private rating on BNP Paribas
Securities Services and its public rating on BNP Paribas, and
downgrade provisions outlined in the transaction documents, DBRS
Morningstar considers the risk arising from the exposure to the
account bank and specially dedicated account bank to be
commensurate with the ratings assigned.

The originator also acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating on the originator is
consistent with the first rating threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

PORTFOLIO ASSUMPTIONS, COVID-19 CONSIDERATIONS AND KEY DRIVERS

The originator has a long operating history of consumer loan
lending. The performance to date has been stable based on a
detailed vintage analysis. DBRS Morningstar also benchmarked the
portfolio performance to comparable consumer loan portfolios in
France and revised its asset assumptions of lifetime gross default
and recovery assumptions to 6.3% and 40%, respectively, based on
the worst possible concentration limits during the scheduled
revolving period.

The coronavirus and the resulting isolation measures have caused an
economic contraction, leading to sharp increases in unemployment
rates and income reductions for many borrowers. DBRS Morningstar
anticipates that delinquencies may continue to increase in the
coming months for many asset-backed security (ABS) transactions,
some meaningfully. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus. For this transaction, DBRS
Morningstar assumed a moderate decline in the expected recovery
rate.

Notes: All figures are in euros unless otherwise noted.



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

ADLER MODEMAERKTE: Aschaffenburg Court Confirms Insolvency Plan
---------------------------------------------------------------
Adler Modemaerkte AG on July 28 disclosed that with the unanimous
approval of the insolvency plan at the debate and voting session in
court, the company's insolvency creditors have laid the key
milestones for the restructuring of the fashion retailer.  The
Aschaffenburg Local Court confirmed the insolvency plan, which can
now be implemented.  The aim is to end the insolvency proceedings,
which commenced on July 1, 2021, under own management by the end of
August this year.

The insolvency plan sets out all financial and operational
restructuring measures for the company on the basis of the concept
presented by the investor Zeitfracht Logistik Holding GmbH, Berlin.
The company had previously accepted Zeitfracht's offer to reach an
investor agreement, after the creditors'
committee expressed its support for the deal.  Antitrust approval
has already been granted to finalize the investor agreement with
Zeitfracht Logistik Holding GmbH.

The insolvency plan would write off company debt and keep over 100
fashion stores open in Germany and 29 abroad (Austria: 24,
Luxembourg: 3, Switzerland: 2).  The new structure planned could
see more than 2,600 jobs saved.

The restructuring of ADLER will be headed by Adler Modemaerkte AG's
existing Management Board, led by CEO Thomas Freude.  Zeitfracht
managing directors Melody Harris-Jensbach and Wolfram
Simon-Schroeter will also provide support in an advisory capacity.

Under the insolvency plan, insolvency creditors will be able to
expect payment on a considerable share of their claims.

The insolvency plan for financial restructuring of the company also
includes reducing capital by decreasing Adler Modemaerkte AG's
share capital to zero and then injecting new equity as part of a
capital increase by the investor Zeitfracht, who then becomes
ADLER's sole shareholder.  Existing shareholders will leave the
company as part of this process.  Shares in the company will also
be delisted when the capital reduction to zero takes effect.

"ADLER is saved! Approval from creditors secures the jobs of over
2,600 of our great employees and ensures the survival of over 130
locations.  Considering the exceptionally tough conditions
experienced since the beginning of the year, this is a great
success," commented Thomas Freude, the company CEO.

Dr Christian Gerloff, a lawyer and authorized representative of
Adler Modemaerkte AG, added, "ADLER is a prime example of a company
that has found its existence threatened through no fault of its own
as a result of the turbulence caused by the pandemic.  So I am all
the more delighted that, thanks to the excellent cooperation of
everyone involved and the agreement by creditors, the company can
continue its successful course that it enjoyed before the pandemic.
I would also like to express my special thanks for the excellent
cooperation with the insolvency court in Aschaffenburg."

Solicitor Tobias Wahl (Anchor law firm): "Not even seven months
after the application was filed, ADLER's insolvency proceedings are
now in the home stretch.  This is all the more impressive
considering the adverse conditions resulting from months of
lockdown.  The investor solution reached with Zeitfracht not only
means that business operations can continue, it also
partially satisfies creditor claims."

The debate and voting session on the insolvency plans at
subsidiaries Adler Mode GmbH and Adler Orange GmbH & Co. KG also
took place on July 28.  In both cases, creditors approved the
plan.

High demand at ADLER fashion stores

A promising future for the company is bolstered by ongoing high
customer demand at ADLER fashion stores, which reopened several
weeks ago after the end of lockdown. Renewed marketing initiatives
-- which were scaled back dramatically during the coronavirus
pandemic -- are also having an increasingly
positive effect.

                    About Adler Modemaerkte AG

Adler Modemaerkte AG, based in Haibach near Aschaffenburg, is one
of the largest and most significant textile retailers in Germany.
ADLER employs around 3,100 people and operates 172 fashion stores,
142 of which are in Germany, 24 in Austria, three in Luxembourg,
two in Switzerland and one online. The company focuses on large
stores with sales areas of over 1,400 square meters and provides a
wide range of goods with numerous own brands and selected external
brands.  Thanks to over 70 years of high customer loyalty, ADLER's
own figures identify it as the market leader among the over 50s --
a segment with significant purchasing power.  For more information
see https://www.adlermode-unternehmen.com/en/;
www.adlermode.com


[*] GERMANY: Mulls Insolvency Waiver for Flood-Affected Firms
-------------------------------------------------------------
Christian Kraemer at Reuters reports that Germany plans to
introduce a waiver on bankruptcy filing for businesses affected by
last month's devastating floods, the Justice Ministry said on Aug.
3.

According to Reuters, parliament will have to approve the waiver,
which expires at the end of October, in a vote.

"We have to prevent a situation where businesses must file for
bankruptcy simply because they could not access financial aid in
time," Reuters quotes Justice Minister Christine Lambrecht as
saying in a statement.

Germany introduced a similar waiver last year to prevent a wave of
insolvencies resulting from the lockdowns implemented to contain
the novel coronavirus, Reuters relates.




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

NAVIOS MARITIME: Egan-Jones Keeps CC Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on July 27, 2021, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Navios Maritime Holdings Inc. EJR also maintained
its 'D' rating on commercial paper issued by the Company.

Navios Maritime Holdings Inc. is a global, vertically integrated
seaborne shipping and logistics company focused on the transport
and transshipment of drybulk commodities including iron ore, coal
and grain. Navios was created in 1954 by US Steel to transport iron
ore to the US and Europe.




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

APTIV PLC: Egan-Jones Withdraws B Senior Unsecured Ratings
----------------------------------------------------------
Egan-Jones Ratings Company, on July 27, 2021, withdrew its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Aptiv PLC. EJR also withdrew its 'B' rating on
commercial paper issued by the Company.

Headquartered in Dublin, Ireland, Aptiv PLC manufactures and
distributes vehicle components.


HARVEST CLO XXVI: S&P Assigns B- (sf) Rating to Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Harvest CLO XXVI
DAC's class A to F European cash flow CLO notes. At closing, the
issuer has issued unrated subordinated notes.

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds. It will be managed by Investcorp Credit
Management EU Ltd.

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

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

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

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

-- The 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 four and
a half years after closing.

S&P said, "We consider that the closing date portfolio is
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans. Therefore, we have
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations."

  Portfolio Benchmarks

  S&P performing weighted-average rating factor         2,919.63
  Default rate dispersion                                 435.48
  Weighted-average life (years)                             5.65
  Obligor diversity measure                               127.85
  Industry diversity measure                               20.71
  Regional diversity measure                                1.35
  Weighted-average rating                                      B
  'CCC' category rated assets (%)                           2.00
  'AAA' weighted-average recovery rate                     34.57
  Floating-rate assets (%)                                 98.10
  Weighted-average spread (net of floors; %)                3.82

S&P said, "In our cash flow analysis, we used the covenanted
weighted-average spread (3.65%), the covenanted weighted-average
coupon (4.50%), and the covenanted weighted-average recovery rates
for all rating levels. As the portfolio is being ramped, we have
relied on indicative spreads and recovery rates of the portfolio.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to D notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
have capped our assigned ratings on the notes. In our view the
portfolio is granular in nature, and well-diversified across
obligors, industries, and assets.

"For the class F notes, our credit and cash flow analysis indicates
a negative cushion at the assigned rating. 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 reflects several key factors, including:

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 26.5% (for a portfolio with a weighted-average life
of 5.64 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 5.64 years, which would result
in a target default rate of 17.48%.

-- S&P also noted that the actual portfolio is generating higher
spreads and recoveries versus the covenanted thresholds that it has
modelled in its cash flow analysis.

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

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

-- If S&P envisions this tranche to default in the next 12-18
months.

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

"The Bank of New York Mellon, London Branch is the bank account
provider and custodian. The transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its exposure
to counterparty risk under our current counterparty criteria.

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

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

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

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

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

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:
production or marketing of controversial weapons, development of
nuclear weapon programs, production of nuclear weapons, speculative
extraction of oil and gas, prostitution, tobacco/tobacco-related
products, opioid manufacturing; production or marketing thermal
coal production or pornography; tar sand extraction, sale of
controversial weapons, soft commodities trading or non-certified
palm oil production. Accordingly, since the exclusion of assets
from these industries does not result in material differences
between the transaction and our ESG benchmark for the sector, no
specific adjustments have been made in our rating analysis to
account for any ESG-related risks or opportunities."

  Ratings List

  CLASS   RATING    AMOUNT      INTEREST RATE*            SUB (%)
                   (MIL. EUR)
  A       AAA (sf)    236.00    Three/six-month EURIBOR    41.00
                                plus 0.94%
  B-1     AA (sf)      27.75    Three/six-month EURIBOR    30.31
                                plus 1.60%
  B-2     AA (sf)      15.00    2.00%                      30.31
  C       A (sf)       34.50    Three/six-month EURIBOR    21.69
                                plus 2.15%
  D       BBB- (sf)    26.50    Three/six-month EURIBOR    15.06
                                plus 3.25%
  E       BB- (sf)     19.75    Three/six-month EURIBOR    10.13
                                plus 6.12%
  F       B- (sf)      13.25    Three/six-month EURIBOR     6.81
                                plus 8.55%
  Z       NR           25.00    N/A                          N/A
  Sub notes   NR       32.70    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.


INVESCO EURO II: S&P Assigns Prelim B- (sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Invesco Euro CLO II DAC's class X, A, B-1, B-2, C, D, E, and F
reset notes. At closing, the issuer had unrated subordinated notes
outstanding from the existing transaction.

The transaction is a reset of the existing Invesco Euro CLO II,
which closed in July 2019. The issuance proceeds of the refinancing
notes will be used to redeem the refinanced notes and pay fees and
expenses incurred in connection with the reset.

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

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

The preliminary ratings assigned to the notes reflect our
assessment of:

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

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,934.93
  Default rate dispersion                                 678.68
  Weighted-average life (years)                             5.07
  Obligor diversity measure                               101.88
  Industry diversity measure                               23.18
  Regional diversity measure                                1.32

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                             400.00
  Defaulted assets (mil. EUR)                               7.17
  Number of obligors                                         148
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                           9.24
  'AAA' covenanted portfolio weighted-average recovery (%) 35.50
  Covenanted weighted-average spread (%)                    3.80
  Reference weighted-average coupon (%)                     4.50

Rating rationale

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

"In our cash flow analysis, we used the EUR400 million performing
amount, the covenanted weighted-average spread of 3.80%, the
reference weighted-average coupon of 4.50%, and the covenanted
pool's weighted-average recovery rates for all rated notes. We
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

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

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

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

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to E notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned preliminary ratings on the
notes. The class X and A notes can withstand stresses commensurate
with the assigned preliminary ratings.

"For the class F notes, our credit and cash flow analysis indicates
a negative cushion at the assigned rating. 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 reflects several key factors, including:

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

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

-- S&P also compared its model generated break-even default rate
at the 'B-' rating level of 28.16% versus if we were to consider a
long-term sustainable default rate of 3.10% for 5.07 years (current
weighted-average life of the CLO portfolio), which would result in
a target default rate of 15.71%.

-- The actual portfolio is generating higher spreads versus the
covenanted threshold that S&P has modelled in our cash flow
analysis.

-- For S&P's 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 it 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 F notes is commensurate with the
preliminary 'B- (sf)' rating assigned.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020. The results
shown in the chart below are based on the covenanted
weighted-average spread, coupon, and recoveries.

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
anti-personnel mines, cluster weapons, depleted uranium, nuclear
weapons, white phosphorus, biological and chemical weapons;
civilian firearms; tobacco production; thermal coal; oil sands
extraction; oil exploration; payday lending; pornography or
prostitution, opioid, hazardous chemicals, fossil fuels; and trades
in endangered or protected wildlife. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS   PRELIM   PRELIM AMOUNT   SUB (%)   INTEREST RATE*
          RATING    (MIL. EUR)
  X       AAA (sf)       1.50      N/A     Three/six-month EURIBOR

                                           plus 0.45%
  A       AAA (sf)     248.00      38.00   Three/six-month EURIBOR

                                           plus 0.97%
  B-1     AA (sf)       28.50      28.00   Three/six-month EURIBOR

                                           plus 1.70%
  B-2     AA (sf)       11.50      28.00   2.10%
  C       A (sf)        28.00      21.00   Three/six-month EURIBOR

                                           plus 2.25%
  D       BBB (sf)      24.00      15.00   Three/six-month EURIBOR

                                           plus 3.40%
  E       BB- (sf)      20.00      10.00   Three/six-month EURIBOR

                                           plus 6.06%
  F       B- (sf)       12.00       7.00   Three/six-month EURIBOR

                                           plus 8.68%
  Sub     NR            39.50        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.


VM IRELAND: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to VM
Ireland Ltd., a subsidiary of Liberty Global PLC, and its 'B+'
issue rating to its senior secured term loan.

S&P said, "The stable outlook reflects our expectation of S&P
Global Ratings-adjusted debt to EBITDA of 5.0x-5.5x and free
operating cash flow (FOCF) to debt of about 4% following the
carve-out. It also reflects our view that VM Ireland will remain a
moderately strategic part of the Liberty Global group over the
medium term."

S&P expect VM Ireland's adjusted debt to EBITDA to be above 5x.

The issuance was done as part of the carve-out of VM Ireland from
VMED following the merger between VMED and Telefonica UK. VM
Ireland now operates as a stand-alone entity and borrower within
the Liberty Global group. The EUR900 million term loan included
refinancing of the company's EUR35 million vendor financing
facilities, with the remaining adjusted debt mainly comprising
operating lease liabilities and a small pension deficit. S&P
forecast stable adjusted EBITDA of about EUR170 million in 2021,
translating into adjusted debt to EBITDA of about 5.4x.

VM Ireland is continuing its investment in its expansion program,
Project Lightning, but lower investments in customer equipment and
no cash tax will support solid cash flow generation. S&P said, "We
forecast adjusted free cash flow of EUR35 million-EUR45 million in
2021-2022--assuming a full year of interest on the proposed
loans--resulting in adjusted free cash flow to debt of about 4%.
The adjusted free cash flow amount includes noncash general and
administrative fees that are provided by the Liberty Global group
and are settled as part of the group's cash pooling. Despite
continued investment in Project Lightning, VM Ireland's capital
expenditure (capex) to sales ratio of about 20% should support cash
flow, especially since VM Ireland's footprint expansion is now
focused on new developments and we expect equipment capex--mainly
set top boxes--to decline from 2021. VM Ireland has accumulated net
operating losses, so we do not expect it to make any cash tax
payments in the foreseeable future, which will also benefit cash
flow."

VM Ireland has a solid broadband market share of 25% in Ireland
thanks to its premium brand name, differentiated TV proposition,
and network speed advantage.It is the No. 1 broadband provider
within its footprint, which comprises 49% of Irish homes. In S&P's
view, this is mainly due to VM Ireland's speed advantage, since it
is able to offer speeds of 1 gigabyte per second (1gbps) across 98%
of its footprint. The company offers triple play services including
a differentiated pay-TV platform, so it benefits from a premium
positioning within the Irish market, which is reflected in its high
monthly average revenue per user (ARPU) of about EUR60 for its
cable services. The availability of pay-TV with relatively rich and
exclusive content services also differentiates VM Ireland from
competitors such as Vodafone and Eir.

S&P sees the ownership of VMTV (VM Ireland's media platform) as
marginally positive. Although these subscale activities have low
margins and are exposed to more volatile advertising revenue, they
provide VM Ireland with exclusive content and the opportunity for
national brand promotion.

VM Ireland's premium pricing, network concentration, and solid
market share within the footprint support the company's high EBITDA
margins. Excluding VMTV, the telecom business's EBITDA margins are
close to 40%. S&P thinks this stems from the company's very high
market share within its footprint, providing a high utilization
advantage. Additionally, VM Ireland's premium pricing--in line with
well-known brands--enables it to sustain high margins. The company
is also optimizing costs by digitizing many of its processes. This
should offset short-term margin dilution stemming from its product
mix, with higher growth in lower-margin-based media and mobile
telecom revenue.

The company has a small footprint concentrated in urban areas that
are most exposed to the risk of fiber overbuild. VM Ireland's small
scale constrains our view of its business. Its operations are
limited to the Irish market, with its network covering 49% of Irish
homes. Furthermore, VM Ireland's footprint is concentrated in
highly dense urban areas within Ireland, where fiber to the home is
most likely to be rolled out by Eir and offered by all of Eir's
wholesale telecom customers such as Sky and Vodafone. S&P said, "We
therefore see continued growth in fiber overlap--currently limited
to about 35% of VM Ireland's footprint--as the key risk to VM
Ireland's broadband customer base. We expect investments in Project
Lightning will only partly offset a decline in the company's fixed
customer base. The fiber overbuild could also mean VM Ireland may
need to further invest in upgrading its network over the longer
term--either in fiber or next generation Data Over Cable Service
Interface Specification technology--which could increase its capex
beyond our current base-case expectations. In addition, we think
the trend of cord cutting will lead to a reduction in VM Ireland's
video revenue generating units and triple play base, especially in
the lower end of the customer value chain."

S&P sees the level of competition in the Irish telecom market as a
key constraining factor for VM Ireland's business risk profile,
especially given the limited size of the population compared with
large markets like the U.K., Spain, and France. Competition in the
fixed line telecom market mainly comes from premium well-known
brands like Vodafone, Sky, and Eir--all of which offer broadband
through access to Eir's network--as well as a few value brands.

VM Ireland offers its mobile telecoms services through a mobile
virtual network operator (MVNO), Three Ireland, which reduces
scale, cost benefits, and brand awareness. VM Ireland has a
marginal mobile market share of about 4%, which S&P thinks is
mainly due to lack of strong brand awareness compared with strong
mobile carriers' brands like Vodafone. In addition, fierce pricing
competition has significantly constrained VM Ireland's ability to
grow its mobile market share through attractive pricing for
cross-selling to its fixed base. The company operates its mobile
operations as a stand-alone unit, which limits the benefits of
convergent fixed and mobile bundles. Since VM Ireland does not have
its own mobile network, it could become difficult for it to grow in
a market that is quickly trending toward unlimited mobile data
offers.

VM Ireland will stay a strategic, albeit noncore, part of the
Liberty Global group that is unlikely to be sold in the short term,
remaining a fully owned subsidiary that will be tightly controlled
by the group. This view is further supported by VM Ireland's solid
operating prospects. In addition, the Virgin Media group is a
well-recognised consumer brand for Liberty Global, and VM Ireland
aligns with the group's strategy to deliver market-leading products
through investment in next-generation networks that can achieve
speeds of 1gbps throughout VM Ireland's footprint.

VM Ireland's strategic importance to the group is significantly
lower than other group entities such as UPC and Telenet. The
company represents less than 5% of the group's revenue and hence
does not affect group earnings enough for management to view it as
critical. S&P said, "VM Ireland's limited footprint within Ireland
makes consolidation with a national mobile carrier much less
appealing for VM Ireland, which in our view increases the risk that
the group could sell it over the longer term as part of market
consolidation opportunities. Nevertheless, we assume Liberty Global
will support VM Ireland if required, including for any potential
short-term liquidity needs."

S&P said, "The stable outlook reflects our expectation of about
2%-4% revenue growth and adjusted EBITDA of EUR170 million-EUR175
million, resulting in adjusted debt to EBITDA of 5.0x-5.5x and FOCF
to debt approaching 5%. It also reflects our view that VM Ireland
will remain part of the Liberty Global group over the medium term.

"A downgrade is unlikely over the next 12 months due to our
expectation of stable operating performance and solid cash flow
generation.

"We could lower the rating if VM Ireland's free cash flow after
leases declined below EUR10 million or if EBITDA interest coverage
reduced below 2x.

"We could also lower the rating if we no longer viewed VM Ireland
as a strategic asset to Liberty Global group, for example if it was
likely to be sold to a financial sponsor, or if we lowered our
rating on Liberty Global.

"Rating upside is limited by our 'BB-' rating on Liberty Global and
our view that VM Ireland is not a core group subsidiary.

"We could revise upward our stand-alone credit profile on VM
Ireland from 'b' to 'b+' if it reduced its adjusted debt to EBITDA
below 5x and increased FOCF to debt to more than 5% on a
sustainable basis, but this will likely be limited by VM Ireland's
financial policy targeting reported net debt to EBITDA before
related party fees of 5x."




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

ATLANTIA SPA: Egan-Jones Withdraws B- Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on July 29, 2021, withdrew its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Atlantia SpA. EJR also withdrew its 'B' rating on
commercial paper issued by the Company.

Headquartered in Rome, Italy, Atlantia SpA operates as an
investment holding company, with a global presence in the motorway
and airport infrastructure sector.


BANCA CARIGE: DBRS Gives B(low) LT Issuer Rating, Trend Stable
--------------------------------------------------------------
DBRS Ratings GmbH assigned new ratings to Banca Carige S.p.A.
(Carige or the Bank), including a B (low) Long-Term Issuer Rating
and a R-5 Short-Term Issuer Rating. The Bank's Long-Term Deposits
Rating is B, one notch above the Intrinsic Assessment (IA),
reflecting the legal framework in place in Italy which has full
depositor preference in bank insolvency and resolution proceedings.
The Bank's Long Term Critical Obligations Rating is B (high), two
notches above the IA. The trend on all ratings is Stable. The
Bank's IA is B (low) and the Support Assessment is SA3.

KEY RATING CONSIDERATIONS

The B (low) IA reflects the significant deterioration which
occurred in the Bank's franchise in Italy, as a result of past
mismanagement issues. Due to these issues, the Bank has been in a
restructuring phase for several years. The ratings also consider
Carige's very poor profitability and its modest capital cushion
over the minimum regulatory requirement for the Total Capital
ratio, despite the recent recapitalization process. In our view,
capitalization could potentially further deteriorate in the coming
months due to our negative expectations on internal capital
generation and asset quality. As a result, in order to progress
with its restructuring plan, the Bank is likely to need to raise
further capital, potentially up to EUR 400 million by end-2022, if
the ECB withdraws its current more flexible approach to capital
buffers at the end of 2022.

The ratings also incorporate the significant progress the Bank has
made to reduce its stock of non-performing loans (NPLs) in recent
years. However, uncertainty around the impact of the COVID-19
pandemic on asset quality remains relatively high. We expect NPL
inflows to increase throughout 2021 and 2022 as support measures
are removed, considering the Bank's significant exposure to SMEs
which we view as more vulnerable in the current environment. The
funding and liquidity profile has stabilized recently although we
still see it as potentially exposed to deterioration should the
relaunch of the Bank's franchise not be successful, or if a return
to profitability is delayed, implying a further erosion of capital
buffers.

The Stable trend reflects that the Bank's risks are broadly
balanced at the B (low) rating level, considering the challenging
environment. The Stable trend also takes into consideration the new
initiatives to support its business relaunch. These mainly consist
of a reorganization of the commercial supply chain, a new wealth
management approach and IT investments. In our view, this may pave
the way for a return to profitability over the medium term.

The Critical Obligations Rating (COR) addresses the risk of default
of particular obligations/exposures at certain banks that have a
higher probability of being excluded from bail-in and remaining in
a continuing bank in the event of the resolution of a troubled bank
than other senior unsecured obligations. The B (high) Long-Term COR
reflects the Bank's importance in the Italian banking environment,
as demonstrated by the intervention of Italy's Interbank Deposit
Protection Fund.

RATING DRIVERS

An upgrade of the ratings is unlikely over the near term, given the
challenging economic outlook. An upgrade of the ratings would
require a return to sustained earnings generation as well as a
strengthening of capital buffers. Investments to relaunch the
Bank's franchise would also be credit positive.

A downgrade would occur if the Bank's profitability and capital
were to deteriorate more than expected, potentially from the impact
of the pandemic. A downgrade would also occur from a notable asset
quality deterioration and/or any material deterioration in its
funding and liquidity profile.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Weak / Very
Weak

Carige is a small Italian retail and commercial bank with total
assets of around EUR 21 billion as of end-March 2021, with
significant market shares in its home region of Liguria. Carige is
currently undertaking a restructuring plan over the 2019-2023
period, following past mismanagement issues and failures in
corporate governance. These had resulted in need to issue around
EUR 320 million of Tier 2 subordinated bonds in November 2018 to
restore compliance with minimum capital requirements, and in the
subsequent 13-month temporary administration by the ECB, from
January 2019. Following the completion of a new EUR 900 million
rescue plan, which saw the participation of Italy's Interbank
Deposit Protection Fund ("Fondo Interbancario di Tutela dei
Depositi" or "FITD") and Cassa Centrale Banca - Credito Cooperativo
Italiano ("Cassa Centrale" or "CCB"), and a disposal of EUR 2.8
billion (gross value) of NPLs to Italy's State-owned bad loan
manager AMCO, the ECB's temporary administration ended in January
2020, with FITD becoming Carige's main shareholder with a stake of
around 80% and CCB became its second largest shareholder with an
8.34% shareholding.

As part of the ongoing restructuring process, Carige is seeking to
improve its revenue generation and cost efficiency, while
continuing to de-risk its balance sheet. However, the COVID-19
pandemic has negatively impacted the process and the Bank now
expects to return to positive net profitability in 2023, a one year
delay on the original target. We believe that Carige's franchise
has significantly deteriorated in recent years, and the Bank is
still in the process of recovering from the significant
reputational and financial damage resulting from the recent past.
In addition, in our view the execution risk around the Bank's
restructuring plan remains relatively high in the current
challenging environment.

Earnings Combined Building Block (BB) Assessment: Very Weak

Carige has been loss making since 2013. The Bank is struggling to
restore its profitability which generally reflects low revenue
generation, poor efficiency levels and a slightly higher cost of
risk compared to the Italian average due to the de-risking, and the
impact of COVID-19. The Bank reported a net loss of EUR 39.7
million in Q1 2021, compared to a net loss of EUR 55.1 million in
the two-month period of restored ordinary administration
(February-March 2020). The results for the quarter showed a gradual
recovery in core revenue generation (net interest income and net
fees), which continued the positive trend observed since Q3 2020,
supported by fee-driven income, despite the pressure from low
interest rates and the de-risking. Efficiency levels remain very
poor with a cost-to-income ratio of 111% in Q1 2021, as calculated
by DBRS Morningstar. Loan loss provisions (LLPs) were EUR 23
million in Q1 2021; this included around EUR 8 million mainly due
to the new Definition of Default (DoD) and in anticipation of
future asset quality deterioration due to the pandemic. As a
result, the annualized cost of risk was 75bps in Q1 2021 (as
calculated by DBRS Morningstar), an improvement on the 82 bps
reported in 2020 and down from an average of 226 bps in the
2016-2020 period.

Risk Combined Building Block (BB) Assessment: Weak / Very Weak

Since NPLs peaked at end-2016, the total stock of gross NPLs has
decreased by over 90% to around EUR 613 million, as of end-March
2021. This has been a result of disposals and securitizations, and
progressively lower NPL inflows from performing loans on the back
of tighter lending standards. As a result, in Q1 2021, Carige
reported gross and net NPL ratios of 4.9% and 2.5% respectively,
down from 34.5% and 22.6% respectively at end-2016. Whilst
comparing well in the domestic market, the ratios remain higher
than the European average. Since the onset of the pandemic, the
Bank has granted EUR 2.1 billion of debt moratorium, of which EUR
1.2 billion were still outstanding as of end-April 2021, accounting
for 10% of total net customer loans. The Bank has also disbursed
around EUR 2.4 billion of State-guaranteed loans, equivalent to
around 20% of total net customer loans, roughly 2.5 times its
traditional market share, and 25% of the total loans backed by the
State guarantee granted in its home region of Liguria to date. For
the time being, the combination of debt moratoriums and
State-guaranteed loans have helped to prevent a build-up of NPLs.
Nonetheless, we expect new NPL inflows to increase throughout 2021
and 2022 as support measures are removed, in light of the Bank's
significant exposure to SMEs which we view as more vulnerable in
the current environment. DBRS Morningstar also notes that Carige
has disclosed that it could face around EUR 500 million in
potential legal risks resulting from the latest recapitalization in
2019.

Funding and Liquidity Combined Building Block (BB) Assessment:
Moderate / Weak

Whilst continuing to show limited diversification, Carige's funding
position has stabilized following the latest recapitalization.
Since then, the trend in direct deposits from retail and corporate
customers has been positive, with customer deposits increasing in
the period from end-January 2020 to end-March 2021 by 9%, to EUR
12.9 billion, accounting for 68% of the Bank's funding. The ECB's
TLTRO 3 is the second main source of funding for the Bank, at
around 18% of its funding at end-Q1 2021. Access to wholesale
markets has been limited recently and primarily reliant on covered
bonds, securitizations and government guaranteed bonds resulting
from the Italian State liquidity support granted during the
temporary administration. In our view, Carige's access to capital
markets remains highly dependent on investor confidence around the
Bank's future strategy and business relaunch, as well as on the
trade-off with funding costs, considering its current very weak
earnings power. The Bank's liquidity position was sound as of
end-March 2021, with a counterbalancing capacity of EUR 2.9 billion
and the LCR at 198%. Nonetheless, given the recent challenges, DBRS
Morningstar will continue to closely monitor liquidity and funding
trends.

Capitalization Combined Building Block (BB) Assessment: Very Weak

Carige's capitalization remains poor, despite the recent
recapitalization and de-risking, which led to the minimum
regulatory requirements being reduced by 50 bps. As of end-March
2021, Carige reported a phased-in CET1 ratio of 11.5% and a Total
Capital ratio of 13.7%, down from 12% and 13.9% respectively at
end-January 2020. The deterioration in capital ratios was mainly
driven by the capital depletion resulting from the continued
negative net profitability which more than offset the significant
reduction in risk weighted assets (RWAs) as a result of the NPL
disposals. As of end-March 2021, this implied a satisfactory
capital cushion of 295 bps over the Bank's minimum SREP requirement
of 8.55% for the CET1 ratio, but a weak buffer of only 45 bps over
the 13.25% minimum requirement for the Total Capital ratio,
including the Capital Conservation Buffer (CCB). We expect capital
cushions to reduce given the expected pressure on internal capital
generation and RWA evolution which will likely start to incorporate
asset quality deterioration due to the impact of COVID-19. This
could result in the Bank's Total Capital ratio falling below the
SREP minimum requirement, although we note that the ECB currently
allows banks to operate below the Pillar 2 Guidance and their CCB
levels until at least the end of 2022, considering the current
challenging environment. As a result, in order to progress with its
restructuring plan on a stand-alone basis, the Bank would likely
need to raise further capital, potentially up to EUR 400 million by
end-2022, if the ECB withdraws its current more flexible approach
to capital buffers at the end of 2022.

ESG CONSIDERATIONS

We view the Business Ethics and the Corporate Governance ESG
subfactors as significant to the credit rating. These are included
in the Governance category. The Bank has suffered financial and
reputational damage from legacy conduct issues, including criminal
allegations against Carige's former executives for criminal
association, fraud and money laundering. In addition, failures in
corporate governance forced the Bank to be under the ECB's
temporary administration from January 2019 to January 2020. Whilst
the Bank has appointed a new Board of Directors, including the CEO,
since the end of the temporary administration, we believe that
Carige is still in the process of regaining investor and consumer
confidence. As a result, these risks are incorporated in the Bank's
Franchise, Earnings Power and Risk Profile grid grades.

Notes: All figures are in EUR unless otherwise noted.

BRIGNOLE CO 2021: DBRS Finalizes B(low) Rating on Class X Notes
---------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of notes issued by Brignole CO 2021 S.r.l. (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 (high) (sf)
-- Class E Notes at B (high) (sf)
-- Class X Notes at B (low) (sf)

DBRS Morningstar did not assign ratings to the Class F Notes or
Class R Notes issued in this transaction.

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal
maturity date. 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 maturity date while
junior to other outstanding classes of notes, but the timely
payment of interest when they are the senior-most tranche, in
accordance with the Issuer's default definition (liquidation)
provided in the transaction documents. The rating on the Class X
Notes addresses the ultimate payment of interest and the ultimate
repayment of principal by the legal maturity date.

The transaction represents the issuance of Class A, Class B, Class
C, Class D, Class E, Class X (together, the Rated Notes), Class F,
and Class R Notes (together with the Rated Notes, the Notes) backed
by a pool of approximately EUR 275.6 million of fixed-rate
receivables related to unsecured Italian consumer loans granted by
Creditis Servizi Finanziari S.p.A. (Creditis; the originator,
seller and servicer) to individuals residing in Italy. The
transaction includes an 18-month revolving period during which time
the Issuer will purchase new receivables that the originator may
offer provided that certain conditions set out in the transaction
documents are satisfied.

The Class X Notes are not collateralized by receivables and
entirely rely on excess spread to pay interest and repay principal.
Their amortization with interest funds is expected to be completed
in 23 instalments, starting during the revolving period.

DBRS Morningstar based its ratings on the following analytical
considerations:

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

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected expected net losses under various stress
scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested.

-- Creditis' capabilities with respect to originations,
underwriting, servicing, and financial strength.

-- The appointment of a backup servicer upon closing.

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

-- The credit quality, diversification of the collateral, and
historical and projected performance of the seller's portfolio.

-- The sovereign rating on the Republic of Italy, currently rated
BBB (high) with a Negative trend by DBRS Morningstar.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology, the presence of legal opinions that
address the true sale of the assets to the Issuer, and the
nonconsolidation of the Issuer with the seller.

TRANSACTION STRUCTURE

The transaction includes principal on the Notes being repaid on a
fully sequential basis, excluding the Class X Notes' principal
which can only be repaid with interest funds but junior to interest
on the Class A to Class F Notes, including the respective PDLs,
except interest on the Class R Notes.

The transaction benefits from a cash reserve of EUR 2.7 million
funded with part of the proceeds of subscription to the Class X
Notes that can be used to cover shortfalls in senior expenses and
interest on the Class A to Class E Notes. The Rated Notes pay
interest indexed to one-month Euribor plus a margin and the
interest rate risk arising from the mismatch between the
floating-rate notes and the fixed-rate collateral is hedged through
an interest rate cap with an eligible counterparty.

COUNTERPARTIES

BNP Paribas Securities Services SCA/Milan (BNP Milan) is the
account bank for the transaction. DBRS Morningstar has a private
rating on BNP Milan, which meets DBRS Morningstar's criteria to act
in such capacity. The transaction documents contain downgrade
provisions consistent with DBRS Morningstar's criteria with respect
to BNP Milan's role as account bank.

The transaction is exposed to interest rate risk due to the
mismatch between the fixed-rate assets and the floating-rate
liabilities. The risk is mitigated by an interest rate cap with an
eligible counterparty set on a fixed amortization schedule of the
loans derived assuming a 6% constant prepayment rate. Natixis S.A.
(Natixis) is the cap counterparty for the transaction. DBRS
Morningstar does not publicly rate Natixis, but maintains a private
rating on it and concluded that Natixis meets the minimum
requirements to act in this capacity in relation to the ratings
assigned. The hedging documents include downgrade provisions
consistent with DBRS Morningstar's criteria.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

CORONAVIRUS DISEASE (COVID-19) CONSIDERATIONS

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
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many asset-backed
security (ABS) transactions, some meaningfully. The ratings are
based on additional analysis 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.

CREDITO VALTELLINESE: Egan-Jones Withdraws B+ Sr. Unsec. Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on July 27, 2021, withdrew its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Credito Valtellinese S.p.A. EJR also withdrew its
'B' rating on commercial paper issued by the Company.

Headquartered in Sondrio, Italy, Credito Valtellinese S.p.A.
operates as a commercial bank.


LIBRA GROUPCO: S&P Assigns B Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' ratings to Libra GroupCo SpA,
parent of Italian it services group Lutech, and the EUR275 million
senior secured notes.

S&P said, "Our stable outlook reflects our expectation that the
company will report 1%-3% revenue growth and materially improve
profitability in the next 12 months, leading to adjusted debt to
EBITDA of around 6.0x by year-end 2021, while maintaining adjusted
FOCF to debt higher than 5%.

"The ratings are in line with our preliminary ratings, which we
assigned on May 10, 2021. There were no material changes to our
base case or the financial documentation compared with our original
review.

"The main difference from the preliminary rating analysis is the
higher coupon on the senior secured debt, at 5.0% against our
initial assumption of 4.5%. There was no material change in the
bond documentation. A total of EUR275 million of senior secured
notes were issued in line with our preliminary analysis. As a
result, leverage does not change compared with our previous
estimate, and credit metrics are only marginally lower, given the
higher interest rate."

Outlook

S&P said, "The stable outlook reflects our expectation that the
company will successfully deleverage, with adjusted debt to EBITDA
at about 6.0x in 2021 before decreasing toward 5.5x in 2022. This
will be supported by EBITDA growth thanks to favorable market
trends and Lutech's leading market position in certain solutions.
Furthermore, we expect the company to maintain solid cash flow
conversion by maintaining FOCF to debt higher than 5%."

Downside scenario

S&P said, "We could lower the ratings if Lutech's adjusted leverage
increased beyond 7.0x and FOCF after leases decreased to breakeven.
In our view, this could result from weaker-than-expected operating
performance, for example due to material market share loss, pricing
pressure from larger competitors, or significantly weaker economic
recovery in Italy than anticipated. It could also occur if Lutech
pursued sizable debt-financed acquisitions or dividend
recapitalization."

Upside scenario

S&P said, "We could raise the rating if Lutech performed well above
our expectations, leading to a reduction of leverage to below 5.0x
and an increase in FOCF to debt beyond 10% on a sustainable basis.
Additionally, an upgrade would hinge on Lutech's adherence to a
financial policy in line with those metrics."




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

ESDEC SOLAR: S&P Assigns Preliminary 'B' Ratings, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' ratings to Dutch
provider of rooftop solar mounting solutions, Esdec Solar Group
B.V., as well as its proposed $375 million term loan B (TLB) and
$100 million revolving credit facility (RCF), with a recovery
rating of '3' reflecting sits expectation of 50% recovery of the
debt in the event of a default.

The stable outlook reflects S&P's view that Esdec will gradually
deleverage over the next two years, thanks mainly to increasing
EBITDA due to rising demand for renewable energy solutions.

As of July 2021, Esdec intends to refinance its capital structure
and fund a shareholder distribution. As part of the proposed
transaction, Esdec plans to issue:

-- A $375 million TLB due 2028; and

-- A $100 million RCF due 2026, assumed undrawn at closing.

The proceeds will be used to refinance the current capital
structure, pay a dividend to shareholders, and meet transaction
costs, fees, and expenses. S&P notes that the dividend
recapitalization transaction will increase the company's gross debt
leverage to about 4.1x at closing from about 2.1x pro forma June
2021. Esdec has been majority-owned and controlled by Gilde Buy Out
Partners since 2018 and this dividend represents the first major
distribution since the initial investment. S&P said, "We estimate
the company will have an S&P adjusted debt-to-EBITDA ratio of
4.5x-5.0x by the end of this year, mostly because we expect that an
increase in raw material prices will affect profitability and lead
to some volatility in credit metrics. Nevertheless, we believe that
the company will manage to deleverage to well below 4.5x from 2022,
supported by robust demand for solar energy that should fuel
significant revenue growth."

Esdec benefits from a solid market position as the leading provider
of rooftop solar mounting systems in the U.S. and Europe. Esdec has
a strong market position as global developer, manufacturer, and
supplier of residential, commercial, and industrial rooftop solar
mounting systems in the U.S. and Netherlands, with a market share
of about 52% and 45% respectively. Although the revenue
contribution from other European countries is still limited, Esdec
also operates in Belgium and the Nordic region, where it holds a
22%-23% market share. Over the past few years, Esdec has developed
a strong reputation for innovative, reliable, and high-quality
products at a medium price. Nevertheless, S&P notes that the
addressable market is somewhat limited, with rooftop solutions
accounting for only about one-third of all mounting systems for
solar panels. Moreover, the market is rather fragmented, with
several small players providing specific solutions in the local
markets.

An asset-light business model and flexible cost base provide Esdec
with high profitability. Esdec's capital investments are
significantly lower than for other companies operating in the
building materials industry, since the company outsources the
manufacturing of its products. This leads to capital expenditure
(capex) staying below 2% of sales, at about EUR6 million-EUR7
million per year. This business model also allows for significant
flexibility in the cost base, with the cost of goods sold
accounting for more than 80% of the overall operating expense. S&P
said, "Combined, these factors lead to resilient and strong
profitability, with EBITDA margins remaining well above 18% in our
forecast, despite raw material price increases. Moreover, we note
that Esdec has demonstrated good working capital management and
very efficient logistics in previous years."

S&P said, "We view Esdec's size and scope as a relative weakness
that constrains our business risk assessment. With end-2020 revenue
of EUR244 million, or about EUR286 million including pro forma
acquisitions, Esdec's revenue is relatively small, compared with
that of similar European and global players. For example,
U.S.-based Array Technologies generated about 3x Esdec's revenue
and about 2.5x EBITDA in 2020. Also, compared with small European
building materials players such as Corialis and Stellagroup, we
believe that Esdec's operations are limited.

"With all sales concentrated in rooftop mounting systems, we
believe that Esdec's product offering is limited. The entire range
of products relates to rooftop solar racking and mounting
solutions, most of which are sold to the residential segment,
accounting for about 75% of sales. We note that product diversity
is limited compared with that of similarly rated peers, with all
products intended for the rooftop solar energy industry. In terms
of additional services to customers, Esdec provides installation
support, installer training, onsite education, and online design
assistants. Although Esdec view this as one of the key
differentiating factors from competitors, in our view the added
services are relatively easy to replicate and this competitive
advantage could be challenged in future years." Partly
counterbalancing these weaknesses, Esdec's product portfolio
benefits from 170 patents, and 40 patents are pending, providing
the company with some protection from new entrants.

Although Esdec has recently expanded its operations to emerging
markets, most of its sales are generated in the U.S. and
Netherlands. As of end-2020, Esdec generated about 68% of its sales
in the U.S. and the remaining 32% in Europe, with Netherlands and
Belgium accounting for about 24% and 5% of total revenue
respectively. Although Esdec also operates in other European
countries such as the Nordics, Southern Europe, the U.K., Germany,
Austria, and Switzerland, its presence is very limited, with the
combined revenue being less than 3% of total sales. S&P said, "We
note that, in 2020, the company started greenfield operations in
India, with the goal of establishing a solid local position in a
large and rapidly expanding market, as well as extending its supply
chain to serve local and surrounding customers. Although we note
that Esdec is actively working to improve its geographic diversity,
we still see its footprint as limited compared with that of other
players in the industry."

S&P said, "Esdec shows some concentrations in its suppliers and
customer base. We believe that Esdec's suppliers and customer base
is somewhat concentrated, with the top three suppliers and top
three customers accounting for about 24% and 37% of sales
respectively. While these ratios are higher than for other building
materials companies with similar size and scope, we note that Esdec
is similar to Array Technologies, where the top 10 customers
account for almost 60% of sales for both companies.

"We believe that Esdec's focus on solar power will significantly
support top-line growth. Solar energy, and rooftop photovoltaic
installation specifically, have been expanding significantly, with
the compound annual growth rate at about 24% from 2017 to 2020, and
we expect this trend to continue. We also note that many
governments are currently providing incentives to encourage
businesses and householders to invest in renewable energy
technologies, which should further support demand for Esdec's
products. These factors lead to our expectation that the company
will manage to achieve organic top-line growth exceeding 20% over
the next two years.

"We forecast adjusted EBITDA margins of 19%-21% in 2021-2022. Esdec
showed very good profitability in 2020, with adjusted EBITDA
margins at about 25%, mostly thanks to a reduction of operating
leverage and lower cost of goods sold. However, since the second
half of 2020, raw material prices rose sharply, particularly for
steel and aluminum, which might put significant pressure on Esdec's
profitability. Steel and aluminum account for almost 50% of the
company's cost base. For these reasons, we believe the EBITDA
margin will decline to 19%-21% in 2021 and 2022, with implemented
price increases only partly compensating for the rapid rise in raw
material costs.

"We expect Esdec's adjusted debt to EBITDA will reduce to slightly
below 5.0x in 2022 from about 5.4x-5.6x in 2021. We believe the
current inflationary environment for raw material prices will lead
to some volatility in credit metrics, with adjusted debt to EBITDA
at 4.5x-5.0x in 2021, compared with about 4.1x at transaction
closing. Nevertheless, we expect that resilient top-line growth
will support absolute EBITDA in the coming years, leading to
leverage of 4.3x-3.6x in 2022. Although we do not factor any
acquisitions into our base case, we note that the company made
several acquisitions in the past, and we believe that some of the
rating headroom could be used for external growth.

"We think Esdec's financial-sponsor ownership limits the potential
for leverage reduction over the near term. We do not deduct cash
from debt in our calculations, owing to Esdec's private-equity
ownership. In the medium term, a track record of deleveraging and
the financial sponsor's commitment to keeping adjusted debt to
EBITDA below 5.0x would be necessary for us to consider revising
our financial profile assessment upward.

"The final ratings depend on our receipt and satisfactory review of
all final documentation and final terms of the transaction. The
preliminary ratings should not be construed as evidence of the
final ratings. At this stage, the proposed transaction includes a
TLB and an RCF. If we do not receive the final documentation within
a reasonable time, or if the final documentation and terms of the
transaction depart from the materials and terms reviewed, we
reserve the right to withdraw or revise our ratings. Potential
changes include but are not limited to utilization of the proceeds;
the maturity, size, and conditions of the facilities; financial and
other covenants; security; and ranking.

"The stable outlook reflects our view that Esdec will show
resilient performance in 2021-2022, supported by stable
profitability and good growth prospects in end markets. We expect
adjusted debt to EBITDA will gradually decrease to below 4.5x over
the coming two years, and we anticipate that Esdec will continue to
generate positive free operating cash flow (FOCF). The deleveraging
will essentially stem from absolute EBITDA growth, since we do not
net cash. Headroom at the current rating level is comfortable."

S&P could lower the ratings if:

-- Deterioration of business conditions or an adverse regulatory
change hamper Esdec's business performance, resulting in much
weaker margins that could reduce FOCF, with leverage staying above
6.0x and threatening the sustainability of Esdec's capital
structure; or

-- The company undertakes more aggressive financial policies (such
as additional dividend payouts or an unexpectedly large
debt-financed acquisition), which would result in inability to
deleverage as per S&P'sbase case.

S&P could consider an upgrade if:

-- S&P Global Ratings-adjusted debt to EBITDA drops below 4.0x on
a sustainable basis, while FOCF remains solid; and

-- The sponsor commits to maintaining lower leverage.




===============
P O R T U G A L
===============

TAGUS SOCIEDADE: DBRS Confirms BB(high) Rating on Class C Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the notes issued by
Tagus - Sociedade de Titularizacao de Creditos, S.A. (Victoria
Finance No. 1) (the Issuer) as follows:

-- Class A Notes at A (high) (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (high) (sf)

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

-- Portfolio performance, in terms of delinquencies, charge-offs,
principal payment rates, and yield rates, as of the June 2021
payment date.

-- 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.

-- No revolving termination events have occurred.

The Issuer is a securitization of credit card receivables granted
to individuals under credit card agreements originated and serviced
by WiZink Bank, S.A.U. Portuguese branch (WiZink Portugal). WiZink
is the rebranding of the BarclayCard operation acquired in Portugal
(which was previously acquired from Citigroup). The transaction
closed in July 2020 and has a revolving period which is scheduled
to end in September 2023.

PORTFOLIO PERFORMANCE

As of the June 2021 payment date, the monthly principal payment
rate (MPPR) was 7.0% averaging 7.5% since closing. The annualized
gross charge-off rate was 2.2%, averaging 0.9% since closing. The
annualized yield rate was 18.3%, averaging 19.1% since closing.

As of June 2021, two- to three-month arrears represented 0.2% of
the outstanding portfolio balance, while receivables more than
three months in arrears represented 0.9% of the outstanding
portfolio balance.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base case monthly principal payment
rate (MPPR), charge-off rate, and yield rate assumptions at 4.8%,
10.5%, and 15.0%, respectively, and considered portfolio-specific
coronavirus adjustments in its analysis.

CREDIT ENHANCEMENT

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

The cash reserve was funded at closing through the proceeds of the
Class S Notes. It is funded to its target level of EUR 3.9 million,
equal to 1% of the outstanding Class A Notes balance. It is
available to cover senior fees and interest on the Class A Notes.

Elavon Financial Services DAC (Elavon) acts as the issuer account
bank for the transaction. Based on DBRS Morningstar’s private
ratings on Elavon, 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 consistent with
the ratings assigned to the notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the 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
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 assessed a reduction in the
expected yield rate, principal payment rate, and charge-off rate in
line with historical sensitivity to unemployment rates.

Notes: All figures are in euros unless otherwise noted.



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

GLOBAL SECURITY: Bags Ugandan Contract Amid Bankruptcy Litigation
-----------------------------------------------------------------
The Independent reports that Joint Stock Company Global Security, a
Russian company that was awarded a 10-year contract on July 23 to
install digital monitoring system in all motorcycles and vehicles
in Uganda, is facing bankruptcy litigation in Moscow, court
documents in Russia reveal.

According to The Independent, the company is also facing other debt
related cases filed between 2019 and 2021 in Russia, raising
questions of whether the contract in Uganda is a lifeline the
company needs to beat off bankruptcy litigation for its very
survival, and whether government of Uganda did adequate due
diligence before engaging Global Security.

Joint Stock Company Global Security was sued by LLC "Rus
Prom-Technologies", another Russian company that wants it declared
bankrupt, The Independent relates.  The case was filed in the
Arbitration Court of City of Moscow on September 17, 2020, and
accepted on October 20, 2021, The Independent recounts.

Though the case was accepted for hearing, the hearing sessions have
been postponed several times as Global Security fight to pay the
debt its owes Rus-Prom-Technology, The Independent notes.

In another case filed in March 2019, Rus-Prom-Technology had sued
Global Security for failure to pay RUR16.6 million which is about
US$220,000, The Independent relays.  Rus-Prom-Technology won the
case, The Independent discloses.

After winning the case, Rus-Prom-Technology proceeded to file case
in which it wants Global Security declared bankrupt, The
Independent relates.  For Global Security to fight off bankruptcy,
court has ordered it to pay Rus-Prom-Technology, The Independent
notes.

The court in March further directed Global Security to produce
evidence of debt repayment during the next court session on
September 3, 2021, according to The Independent.  

Global Security is facing other debt litigations in Russia, The
Independent says. Stok-Trading LLC sued it for a debt of RUR1.2
million, JSC Royal Silk Factory sued the company for a debt of
RUR19.9 million, Turday GS sro Slovak Republic sued the company for
a debt of RUR6.1 million, JSC ZVI sued the company thrice, first
for a debt of RUR23 million (about US$300,000) then a debt of RUR10
million (about US$135,500) and RUR4.6 million (about US$62,330),
The Independent discloses.

According to The Independent, Global Security has also been sued by
Limited Liability Partnership "Orken Alem" for a debt of RUR8.5
million and Gu Main Department of the Pension Fund of the Russian
Federation for failure to pay RUR10,000 (about US$135) and
RUR455,00 (about US$600).  All these cases were filed between 2019
and July 2021, The Independent notes.




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

PROSIL ACQUISITION: DBRS Confirms BB(high) Rating on Class A Notes
------------------------------------------------------------------
DBRS Ratings GmbH confirmed its rating on the Class A notes issued
by ProSil Acquisition S.A. (the Issuer) at BB (high) (sf) with a
Negative trend.

The transaction included the issuance of Class A, Class B, Class J,
and Class Z notes (together, the 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.
DBRS Morningstar does not rate the Class B, Class J, or Class Z
notes.

The notes are collateralized by a pool of mostly secured Spanish
nonperforming loans (NPLs) originated by Abanca Corporacion
Bancaria, S.A. and Abanca Corporacion Division Immobilaria S.L.
ProSil Acquisition S.A., Cell Number 1, Cell Number 2, and Cell
Number 3 (the Transferor) sold the receivables to ProSil
Acquisition S.A., Cell Number 5 (the Issuer). As of the closing
date in March 2019, the gross book value of the loan pool was
approximately EUR 494.7 million. Cortland Investors II S.a r.l.
operates as sponsor and retention holder in the transaction and,
over time, acquired the three portfolios that are part of the pool
(Avia, Lor, and Sil). HipoGes Iberia S.L. services the loans and
manages the following Spanish property companies as at the date of
closing: Beautmoon Spain, S.L.; Osgood Invest, S.L.; Butepala
Servicios y Gestiones S.L.; and Vetapana Servicios y Gestiones
S.L.

RATING RATIONALE

The confirmation follows a review of the transaction and is based
on the following analytical considerations:

-- Transaction performance: Assessment of the portfolio recoveries
as of March 2021, with a focus on:

(1) Comparison of 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); and
(3) Comparison of current performance and DBRS Morningstar's
expectations.

-- Portfolio characteristics: Loan pool composition as of March
2021 and evolution of its core features since issuance.

-- 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 and the Class J notes will amortize following
the full repayment of the Class B notes. Additionally, interest
payments on the Class B notes become subordinated to principal
payments on the Class A notes if the cumulative collection ratio or
net present value cumulative profitability ratio are lower than
90%. This trigger has been breached since the April 2020 interest
payment date (IPD).

-- Liquidity support: The transaction benefits from an amortizing
cash reserve providing liquidity to the structure, covering against
potential interest shortfall on the Class A notes and senior fees.
The current amount of the cash reserve is equal to EUR 6.7 million
and the target amount is equal to 4.5% of the Class A notes (EUR
7.65 million at closing).

TRANSACTION AND PERFORMANCE

According to the latest investor report dated April 30, 2021, the
principal amount outstanding on the Class A, Class B, Class J, and
Class Z notes was equal to EUR 146.9 million, EUR 30.0 million, EUR
15.0 million, and EUR 16.0 million, respectively. The balance of
the Class A notes amortized by approximately 13.6% since issuance.
The current aggregated transaction balance is EUR 207.9 million.

As of March 2021, the transaction was performing significantly
below the servicer's initial expectations. The actual cumulative
gross collections equal EUR 52.0 million, whereas the servicer's
initial business plan estimated cumulative gross collections of EUR
106.7 million for the same period. Therefore, as of March 2021, the
transaction was underperforming by EUR 54.7 million (-51.3%)
compared with initial expectations.

As of March 2021, the profitability on closed borrowers (397),
accounting for approximately 75.3% of portfolio's cumulative gross
collections (EUR 39.1m), was below the Servicer's initial
expectations as reflected in the NPV Cumulative Profitability Ratio
at 93.8%.

The cumulative net collection ratio of 47% is below the 90% trigger
level and interest on the Class B notes has been subordinated to
principal payments on the Class A notes since the April 2020 IPD.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 36.5 million at the BBB
(low) (sf) stressed scenario. Therefore, as of March 2021, the
transaction was performing above DBRS Morningstar's stressed
initial expectations.

In February 2021, the servicer provided DBRS Morningstar with a
revised business plan as of December 2020, which is slightly below
the initial expectations in terms of cumulative gross collections
but provides for timing delays as a result of result of the
coronavirus pandemic. In this updated business plan, the servicer
expects total cumulative gross collections accounting for EUR 316.3
million, which is 2.8% lower than the EUR 325.4 million expected in
the initial business plan.

Without including actual collections, the expected future
collections from January 2021 are now accounting for EUR 270.1
million (EUR 235.2 million in the initial business plan). Hence,
the servicer revised its expectation for collection on the
remaining portfolio upward. The updated DBRS Morningstar BB (high)
(sf) rating stress assumes a haircut of 30.4% to the servicer's
latest business plan, considering expected collections from April
2021 onward.

The final maturity date of the transaction is October 31, 2039.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The coronavirus and the resulting isolation measures have resulted
in a sharp economic contraction, increases in unemployment rates,
and reduced investment activities. DBRS Morningstar anticipates
that collections in European NPL securitizations will continue to
be disrupted in the 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 incorporated
its expectation of a moderate medium-term decline in property
prices; however, partial credit to house price increases from 2023
onwards is given in noninvestment grade scenarios. The Negative
trend reflects the ongoing uncertainty amid the coronavirus
pandemic.

Notes: All figures are in euros unless otherwise noted.




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

[*] SWEDEN: Transport, Hospitality Sector Bankruptcies Up in July
-----------------------------------------------------------------
Rafaela Lindeberg at Bloomberg News reports that Sweden records an
increase in the number of bankruptcies in as many as five out of
ten sectors during the month of July, reversing a trend from the
spring months, credit reference agency UC says in statement.

According to Bloomberg, bankruptcies in the hotel and restaurant
industry rose by 11% and jumped by 65% in the transport sector.

"Several industries are still struggling, especially in trade, the
hospitality industry, hotels and restaurants," Bloomberg quotes UC
economist Richard Damberg as saying.

Mr. Damberg says that a "lack of components in the industry and a
mountain of debt" are clouding "an otherwise fairly bright sky".

Still, total bankruptcies declined by 8% in July compared with year
earlier, Bloomberg states.  Year-to-date, bankruptcies decreased by
18% compared with the same period in 2020, Bloomberg discloses.

The construction sector saw a decline in bankruptcies of 16% in
July, while retail sector bankruptcies fell by 20% from a year
earlier, Bloomberg notes.



===========
T U R K E Y
===========

AYDEM RENEWABLES: S&P Assigns 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit ratings
to Turkey-based electricity generator Aydem Renewables (Aydem
Yenilenebilir Enerji A.S.) and its 'B' issue rating to the
company's senior secured notes.

The stable outlook reflects the sound cash flow from the YEKDEM
tariffs, projected output increase from the growth capex,
normalization of water levels, and expected adequate liquidity. It
also reflects S&P's expectations of debt to EBITDA of 5.5x in 2021
and below 4.0x in 2022 and funds from operations (FFO) to debt of
12% in 2021 and 20%-23% in 2022.

Aydem Renewables is a small-scale generator operating in a high
risk country. It has 1GW installed power generation capacity (about
1.25% of total Turkey's generating capacities) spread over 19
assets across Turkey, of which 84% is hydro and 16% wind. In 2020,
the company generated 2.6 terrawatt-hours (TWh) of electricity,
which is 0.9% of total power generation in Turkey. Similar to its
main rated peers--Zorlu Renewables, DTEK Renewables, and GGU--Aydem
Renewables is a small player and therefore more sensitive to
changes in the operating environment. All its assets are located in
Turkey, which S&P views as a high-risk country characterized by a
weak banking system and heightened local currency volatility.

The existing feed-in tariff (FIT) YEKDEM upholds the company's cash
flow. Aydem Renewables operates under a favorable renewable energy
support mechanism (YEKDEM) established in 2005. The key features of
YEKDEM for the existing stations are very supportive for the
company as renewables output is acquired as a "must-run." Also, the
tariffs are USD-linked (with monthly adjustments) and are set for
10 years after the plant is commissioned. They are about 1.6x
higher (for hydro and wind) than the free market electricity price,
helping Aydem Renewables maintain solid profitability (79% EBITDA
margins in 2020) until the expiration of YEKDEM. More than 70% of
existing power stations operate under YEKDEM with an average
five-year expiration. That translates into 82% of the company's
2020 electricity output and 90% of the company's 2020 EBITDA being
covered by YEKDEM. YEKDEM-2 was introduced for stations to be
constructed between July 2021 and December 2025. We see it as less
supportive; it will be Turkish lira-denominated and generally 1.5x
lower than the existing FIT for already operating plants. The
impact is modest for Aydem Renewables at this stage, however, only
affecting a portion of the expansion projects detailed below.

Aydem Renewables' hydro assets generate more volatile output, but
benefit from low costs and zero emissions. Although Aydem
Renewables' hydro fleet is geographically well diversified--being
located in four different basins with better-than-average
rainfall--the company's total generation was 2.2GWh-2.9GWh in the
last three years because of the extreme drought that has depleted
many of Turkey's hydro reservoirs. Positively, the company has very
low operating costs and zero CO2 emissions. YEKDEM tariffs are
higher for geothermal assets than for hydro and wind ($105 per MWh
versus $73 per MWh). This currently brings Aydem Renewables'
profitability in line with that of its close peer, Zorlu, at about
80% EBITDA margins. With the gradual expiration of YEKDEM tariffs
in the next five years, Aydem Renewables' assets will become
exposed to merchant electricity prices. It will benefit from the
advantageous cost position of its generation fleet. However, S&P
believes business risk will then increase and Aydem Renewables will
have gradually reduced its financial leverage by then to mitigate
this risk.

To mitigate the volatility of hydro generation, Aydem Renewables
plans to invest about $400 million into expansion in 2021-2023. In
the next two years the company plans to add 396MW of solar and
196MW of wind generating capacities under a hybrid FIT, plus 103MW
of wind and 58MW of hydro under YEKDEM-2. The hybrid FIT regime is
beneficial for Aydem Renewables as it complements the existing
power station sites with other types of renewable generation under
the same license. The total generation output of a hybrid site
(hydro + wind, hydro + solar, or solar + wind) will help to improve
the load factor of a site to close to the maximum. In addition,
related capex will not be needed for new connections and
infrastructure.

Generation output growth will improve Aydem Renewables' credit
metrics from 2022. The company has relatively high debt leverage
and we estimate FFO to debt at about 12% and debt to EBITDA at 5.5x
in 2021 because of muted earnings and cash flows amid drought and
low water reservoir levels in Turkey. S&P said, "We think the
planned capacity additions and recovery of water levels to
historical averages will allow the company to boost its electricity
generation and cash flows, and lead to FFO to debt slightly above
20% and FFO to debt below 4x from 2022. This will depend on the
successful completion of the growth projects and better hydrology
conditions. We forecast FOCF will be negative in 2021-2022 due to
planned capex, turning positive from 2023. We expect the company
will finance existing capex plans with its operating cash flows and
the proceeds from the bond placement without raising additional
debt (which is also limited by the bond documentation)."

The wider group's relatively higher leverage constrains the rating.
Approximately 82% of the company is owned by Aydem Enerji Group,
which reported about $3 billion in revenue and $600 million of
EBITDA last year. The group benefits from the relatively stable
cash flows of its regulated electricity distribution business (50%
of EBITDA). S&P said, "We view the related regulatory framework as
adequately designed to incorporate the entities' operating and
capital spending, with the fourth five-year period now in place
(2021-2025) with a weighted average cost of capital of 12.3%. Aydem
Enerji Group's two distribution companies have also outperformed
versus the theft and losses targets set by the independent
regulator, EMRA. Conversely, we consider the second part of Aydem
Enerji Group's generation portfolio (1GW of thermal capacities, 25%
of the group's EBITDA) to be less advantageous than that of Aydem
Renewables (also 25% of the group's EBITDA). In addition, Aydem
Enerji Group is more leveraged compared to stand-alone Aydem
Renewables: notably, we project Aydem Enerji Group's gross debt to
EBITDA to be 6.5x-7.0x in 2021 before dropping to about 5.0x in
2022. We don't see any immediate liquidity stresses at the group
level in the next 12 months, and note management's intention to
reduce leverage at the group level to below 4x in the medium term.
A track record of deleveraging is yet to be established but, should
there be an improvement of group's debt/EBITDA to below 5.0x, that
might create upside potential for the group credit profile (GCP)
and therefore for our rating on Aydem Renewables. We don't expect
this to happen in the next 12 months, however. We assess Aydem
Enerji Group's GCP at 'b' because we see Aydem Renewables as highly
strategic for the group. This leads us to cap the ratings on Aydem
Renewables at the GCP level."

S&P said, "The stable outlook reflects our view that the risks
associated with the higher leverage at Aydem Enerji Group, as well
as Aydem Renewables' own USD-denominated debt and small scale of
operations, are balanced by the USD-linked and favorable YEKDEM
tariffs, projected improvements in cash flow on 753MW capacity
additions and better hydrology, and adequate liquidity.

"In our base case, we expect Aydem Renewables' generation to remain
largely flat in 2021 and rise to about 3,800 GWh in 2022 from 2,636
GWh in 2020 on the back of new capacity additions and better
hydrology conditions after the severe drought in Turkey in
2020-2021. Based on this, we project 2022 FFO to debt will improve
to slightly above 20% from 12% this year, and debt to EBITDA to
below 4.0x from 5.5x. These levels are commensurate with the 'b+'
SACP."

Negative rating pressure would build if:

-- Operational performance is weaker than we currently assume
because of prolonged adverse hydrology conditions or delays in
adding new capacities;

-- There is a stress on the company or group's liquidity driven by
the reliance on short-term debt;

-- There are unexpected, unfavorable regulatory revisions of the
YEKDEM tariffs (for example, not protecting the company from
foreign exchange fluctuations); or

-- There are negative group interventions (such as cash
upstreaming, imposed assets acquisitions, or merger and acquisition
[M&A] transactions).

S&P said, "Ratings upside is limited in the next 12 months given
that the ratings incorporate our 'b' GCP assessment for Aydem
Enerji Group, which is unlikely to deleverage quickly from its high
levels. We might consider upgrading Aydem Renewables if the group
shows a sustained track record of deleveraging with debt to EBITDA
improving to below 5.0x without any liquidity stresses, all else
being equal.

"For us to revise the SACP to 'bb-', Aydem Renewables would have to
maintain FFO to debt comfortably above 20%, providing headroom for
potential volatilities in hydrology without negative interventions
from the parent or liquidity stresses. This, however, would not
automatically lead to an upgrade."




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

FINSBURY SQUARE 2019-2: DBRS Confirms BB(high) Rating on E Notes
----------------------------------------------------------------
DBRS Ratings Limited (DBRS Morningstar) confirmed its ratings on
the notes issued by Finsbury Square 2019-2 plc (Finsbury Square
2019-2) as follows:

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

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date. The ratings on the Class B, Class C,
Class D, and Class E Notes address the timely payment of interest
once most senior and the ultimate repayment of principal on or
before the legal final maturity date.

DBRS Morningstar also took the following rating actions on the
notes issued by Finsbury Square 2019-3 plc (Finsbury Square
2019-3):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes confirmed at A (sf)
-- Class D Notes confirmed at BBB (high) (sf)
-- Class E Notes confirmed at BBB (low) (sf)
-- Class X Notes upgraded to AA (sf) from B (low) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal on or before the
legal final maturity date. The ratings on the Class B, Class C,
Class D, and Class E Notes address the timely payment of interest
once most senior and the ultimate repayment of principal on or
before the legal final maturity date. The rating on the Class X
Notes addresses the ultimate payment of interest and repayment of
principal on or before legal final maturity date.

The rating actions follow an annual review of the transactions and
are based on the following analytical considerations:

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

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

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

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

Both transactions are securitizations collateralized by a portfolio
of residential mortgage loans granted by Kensington Mortgage
Company Limited (KMC) in England, Wales, and Scotland. Notable
features of the portfolio are Help-to-Buy (HTB), Right-to-Buy
mortgages, Buy-to-Let (BTL) properties, borrowers with adverse
borrower features including self-employed borrowers, and borrowers
with prior county court judgments and the presence of arrears at
closing, albeit in limited proportions. The outstanding portfolio
balance for Finsbury Square 2019-2 increased to GBP 462,978,209
from GBP 323,877,550 and between closing and the first payment date
falling in December 2019 as additional loans were purchased during
that period. The outstanding portfolio balance for Finsbury Square
2019-3 increased to GBP 413,484,908 from GBP 295,769,457 between
closing and the first payment date falling in March 2020 as
additional loans were purchased during that period. The portfolios
have been amortizing since then for both transactions.

The Finsbury Square 2019-2 and Finsbury Square 2019-3 legal final
maturity dates are on the payment dates in September 2069 and
December 2069, respectively, with a first call date on the payment
date in September 2022 and in March 2023, respectively. This
coincides with a step-up in the margin on the rated notes in both
transactions.

PORTFOLIO PERFORMANCE

Both transactions saw an increasing trend in delinquencies over
2020 in the context of the coronavirus pandemic. KMC offered
principal payment holidays between one and three months from March
2020 onward.

For Finsbury Square 2019-2, the 90+-day delinquency ratio
represented 1.9% of the outstanding portfolio balance as of the
June 2021 payment date, up from 0.6% at the last annual review, and
total arrears represented 3.8% of the outstanding portfolio
balance, up from 1.8% at the last annual review. As of the June
2021 payment date, loans granted principal payment holidays for
three months in the context of the coronavirus pandemic represented
1.3% of the outstanding portfolio balance compared with 33.5% at
the end of May 2020.

For Finsbury Square 2019-3, the 90+-day delinquency ratio
represented 3.0% of the outstanding portfolio balance as of the
June 2021 payment date, up from 2.0% at the last annual review, and
total arrears represented 4.6% of the outstanding portfolio
balance, up from 2.6% at the last annual review. As of the June
2021 payment date, loans granted principal payment holidays for
three months in the context of the coronavirus pandemic represented
2.2% of the outstanding portfolio balance compared with 34.7% at
the end of May 2020.

As of the June 2021 payment date, cumulative net losses were
immaterial in both transactions.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables.

For Finsbury Square 2019-2, DBRS Morningstar increased its base
case PD assumption to 6.8% from 5.1% at the last annual review and
decreased its LGD assumption to 18.5% from 19.6% at the last annual
review.

For Finsbury Square 2019-3, DBRS Morningstar increased its base
case PD to 6.9% from 5.8% at the last annual review and decreased
its LDG assumption to 19.0% from 19.7% at the last annual review.

In both transactions, the increase in the base case PD assumption
reflects the increase in arrears and the switch from a fixed to
floating interest rate for short-term fixed-rate loans since the
last annual review. In both transactions, the decrease in the base
case LGD assumption reflects the removal of the recovery haircut as
part of the coronavirus-related adjustments.

For both transactions, DBRS Morningstar's analysis factors the
presence of HTB mortgages (9.8% and 6.5% of the outstanding
portfolio balance for Finsbury Square 2019-2 and Finsbury Square
2019-3, respectively) and BTL mortgages (26.6% and 33.5% of the
outstanding portfolio balance for Finsbury Square 2019-2 and
Finsbury Square 2019-3, respectively) as well as a high proportion
of self-employed borrowers (43.4% and 48.5% of the outstanding
portfolio balance for Finsbury Square 2019-2 and Finsbury Square
2019-3, respectively). DBRS Morningstar incorporated these adverse
features as well as adjustments related to the coronavirus pandemic
into its analysis for both transactions.

CREDIT ENHANCEMENT

In both transactions, the credit enhancement (CE) for the Class A
to E Notes consists of the subordination of the respective junior
notes and a General Reserve Fund (GRF).

As of the June 2021 payment date, the CE for Finsbury Square 2019-2
increased since the last annual review as follows:

-- CE to the Class A Notes increased to 20.8% from 17.8%,
-- CE to the Class B Notes increased to 15.3% from 13.1%,
-- CE to the Class C Notes increased to 11.0% from 9.4%,
-- CE to the Class D Notes increased to 7.6% from 6.6%, and
-- CE to the Class E Notes increased to 6.1% from 5.3%.

As of the June 2021 payment date, the CE for Finsbury Square 2019-3
increased since the DBRS Morningstar initial ratings as follows:

-- CE to the Class A Notes increased to 18.0% from 16.4%,
-- CE to the Class B Notes increased to 12.8% from 11.6%,
-- CE to the Class C Notes increased to 8.7% from 7.9%,
-- CE to the Class D Notes increased to 6.4% from 5.8%,
-- CE to the Class E Notes increased to 5.8% from 5.3%, and
-- CE to the Class X Notes remained at 0.0%.

In Finsbury Square 2019-3, the Class X Notes are repaid via excess
spread in the interest priority of payments and, as of the June
2021 payment date, stood at GBP 3,781,098. The rating upgrade on
the Class X Notes reflects its rapid payment since a year ago.

In both transactions, the GRF is nonamortizing and is available to
cover senior fees, senior swap payments, interest on the Class A to
E Notes, and principal losses via the principal deficiency ledgers
(PDLs) on the Class A to F Notes.

The GRF was funded at GBP 9,997,500 and GBP 9,137,500 at closing
for Finsbury Square 2019-2 and Finsbury Square 2019-3,
respectively, and reduced to GBP 9,300,000 and GBP 8,500,000 at the
first payment date for Finsbury Square 2019-2 and Finsbury Square
2019-3, respectively. As of the June 2021 payment date, both GRFs
were at their target level of GBP 9,300,000 and GBP 8,500,000 for
Finsbury Square 2019-2 and Finsbury Square 2019-3, respectively,
equal to 2% of the initial Class A to F Notes in both transactions.
Once the Class E Notes in Finsbury Square 2019-3 are fully
redeemed, the target balance of the GRF becomes zero. As of the
June 2021 payment date, all PDLs were clear in both transactions.

In both transactions, a Liquidity Reserve Fund (LRF) provides
additional liquidity support to cover senior fees, senior swap
payments, and interest on the Class A and Class B Notes. The LRF is
funded through available principal funds if the GRF balance falls
below 1.5% of the outstanding balance of the Class A to F Notes in
both transactions. In this event, the LRF is funded to 2% of the
outstanding Class A and Class B Notes' balances and is replenished
at each payment date in both transactions.

Both transactions are exposed to interest rate risk as 91.7% and
90.8% of the outstanding portfolio balance for Finsbury Square
2019-2 and Finsbury Square 2019-3, respectively, pays a fixed rate
of interest on a short-term basis and a floating rate of interest
indexed to three-month GBP Libor afterward. The rated notes are
indexed to Sonia in both transactions.

In addition, loans can be subject to a variation in the length of
the fixed-rate period, the applicable interest rate, and maturity
date through a product switch up to 20% of the Class A to F
Notes’ original balance in both transactions.

As of the June 2021 payment date, product switch loans represented
0.1% and 0.4% of the outstanding portfolio for Finsbury Square
2019-2 and Finsbury Square 2019-3, respectively.

Citibank N.A./London Branch (Citibank London) acts as the account
bank for the transaction. Based on DBRS Morningstar's private
rating on Citibank London, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
rating assigned to the Class A Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

BNP Paribas London Branch acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating on BNP Paribas
London Branch is above 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 British pound sterling unless otherwise
noted.

GEMGARTO 2018-1: DBRS Confirms BB(high) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the bonds
issued by Gemgarto 2018-1 PLC (the Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (sf)
-- Class C Notes confirmed at AA (low) (sf)
-- Class D Notes confirmed at A (sf)
-- Class E Notes confirmed at BB (high) (sf)
-- Class X Notes upgraded to AA (sf) from CCC (sf)

The ratings on the Class A, Class B, Class C, Class D, and Class E
Notes address the timely payment of interest and the ultimate
payment of principal on or before the legal final maturity date.
The rating on the Class X Notes addresses the ultimate payment of
interest and principal on or before the legal final maturity date.

The rating actions 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;

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

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

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

-- No revolving termination events have occurred.

The transaction is a securitization of UK first-ranking
owner-occupied residential mortgages originated and serviced by
Kensington Mortgage Company Limited (KMC). Notable features of the
portfolio are Help-to-Buy (HTB), Right-to-Buy mortgages, borrowers
with adverse borrower features including self-employed borrowers,
and borrowers with prior county court judgments.

The transaction is currently in its four-year replenishment period,
which is scheduled to end on the payment date in September 2022.
During the replenishment period, principal funds are first
allocated toward the amortization of the Class A Notes to the
target notional amount before being applied to purchase additional
loans. The end of the replenishment period also coincides with a
step-up in the margin of the Class A to E Notes. The transaction
legal maturity date is on the payment date in September 2065.

PORTFOLIO PERFORMANCE

The transaction saw an increasing trend in delinquencies over 2020
in the context of the coronavirus pandemic. KMC offered principal
payment holidays between one and three months from March 2020
onward. As of the June 2021 payment date, 0.9% of the outstanding
portfolio balance had been granted principal payment holidays, down
from 35.3% a year ago.

As of the June 2021 payment date, loans two to three months in
arrears represented 0.8% of the outstanding portfolio balance,
stable from one year ago; however, the 90+-day delinquency ratio
was 2.3%, up from 0.6% one year ago, and total arrears increased to
4.4% of the portfolio outstanding balance compared with 2.6% one
year ago. Meanwhile, the cumulative loss ratio stood at 0.0%.

As of the June 2021 payment date, 45.2% of the loans were granted
to self-employed borrowers and 11.0% had prior county court
judgments. The loan portfolio consisted of 17.0% HTB loans. DBRS
Morningstar incorporated these adverse features into its analysis.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar has analyzed a stressed collateral portfolio to
represent potential deterioration in the characteristics that can
affect the transaction, subject to portfolio-wide covenants. DBRS
Morningstar conducted a loan-by-loan analysis of the remaining pool
of receivables and updated its base case PD and LGD assumptions on
the stressed collateral portfolio to 7.6% and 16.2% from 7.4% and
15.9%, respectively, at the last annual review. DBRS Morningstar's
assumptions incorporate adjustments related to the coronavirus.

CREDIT ENHANCEMENT

The credit enhancement (CE) consists of the subordination of junior
notes from the Class B to Class F Notes (excluding the Class X and
Z Notes) and a General Reserve Fund (GRF).

Since last year, the CE increased as follows:
-- CE to the Class A Notes increased to 20.2% from 19.7%,
-- CE to the Class B Notes increased to 14.6% from 14.2%,
-- CE to the Class C Notes increased to 11.8% from 11.5%,
-- CE to the Class D Notes increased to 9.5% from 9.3%, and
-- CE to the Class E Notes increased to 5.6% from 5.5%.

The increase in CE is due to the repayment of the Class A Notes, as
per the target notional schedule during the replenishment period.

The Class X Notes are repaid via excess spread in the interest
priority of payments and, as of the June 2021 payment, stood at GBP
576,940. The rating upgrade on the Class X Notes reflects its rapid
payment since a year ago.

The GRF is nonamortizing and available to cover senior fees and
senior swap payments as well as interest and principal losses via
the principal deficiency ledgers (PDLs) on the Class A to Class E
Notes. Once the Class E Notes are fully redeemed, the target
balance of the GRF becomes zero. As of the June 2021 payment date,
all PDLs were clear. The GRF is currently funded to its target
level of GBP 5 million, equal to 2% of the initial balance of the
Class A to Class F Notes.

If the GRF balance falls below 1.5% of the outstanding Class A to F
Notes, a Liquidity Reserve Fund (LRF) will be funded through
available principal funds to 2% of the outstanding Class A and
Class B Notes balance. The LRF will be available to cover senior
fees, senior swap payments, and interest on the Class A and Class B
Notes.

The transaction is exposed to interest rate risk as 65.3% of the
outstanding portfolio balance pays a fixed rate of interest on a
short-term basis and a floating rate of interest indexed currently
to three-month GBP Libor. From the September 2021 payment date, the
floating rate will switch to the Kensington Standard Rate (KSR)
while the rated notes are indexed to Sonia.

Citibank N.A./London Branch (Citibank London) acts as the account
bank for the transaction. Based on DBRS Morningstar's private
rating on Citibank London, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, DBRS Morningstar considers the risk arising
from the exposure to the account bank to be consistent with the
rating assigned to the Class A Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

BNP Paribas London Branch acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating on BNP Paribas
London Branch is above 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 British pound sterling unless otherwise
noted.

LOW & BONAR: Egan-Jones Withdraws B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on July 28, 2021, withdrew its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Low & Bonar plc.

Headquartered in London, United Kingdom, Low & Bonar plc designs,
converts, and finishes polymers and other specialist materials into
products for niche markets.


MONZO: Losses Widen to GBP129.7MM Amid FCA Investigation
--------------------------------------------------------
Aisling Finn at AltFi reports that Monzo, which published its
annual report earlier on July 30, saw losses increase to GBP129.7
million for the year ending February 28, 2021, up from GBP113.8
million in the same period in 2020.

Last year's report shocked the world of fintech when the digitial
bank revealed there were "material uncertainties that cast doubt on
our ability to continue as a going concern," and the 2021 report is
no different, AltFi discloses.

Monzo's directors continue to recognize that there are still
ongoing "material uncertainties" over the bank's ability to
operate, with a further kick in the teeth coming from the Financial
Conduct Authority (FCA), AltFi notes.

According to AltFi, the report stated that on May 7, 2021, the FCA
informed Monzo that it has "started an investigation into our
compliance with financial crime regulation," after initially
telling the bank to appoint someone internally to oversee the
initial review into its financial crime practices in August 2020.

Monzo's apparent breaches date all the way back to October 1, 2018,
and the FCA is looking into the issues as both a potential civil
and criminal case, with Monzo saying that the investigation "could
have a material negative impact on our financial position", AltFi
relates.

Despite the rising losses, Monzo also saw its customer deposits
increase by over GBP1.7 billion to more than GBP3.1 billion in 2021
and the bank's revenue also increased from GBP67 million in 2020 to
GBP79 million in 2021, AltFi states.

Monzo also added more than a million customers over the last year,
now counting more than 5 million users, has amassed over 770,000
business customers and a further 210,000 Monzo Plus and Monzo
Premium customers, according to AltFi.


NOBLE CORPORATION: Egan-Jones Withdraws D Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company, on July 29, 2021, withdrew its 'D'
foreign currency and local currency senior unsecured ratings on
debt issued by Noble Corporation. EJR also withdrew its 'D' rating
on commercial paper issued by the Company.

Headquartered in London, United Kingdom, Noble Corporation operates
as an offshore drilling contractor.


PROVIDENT FINANCIAL: High Court Okays Partial Repayment Scheme
--------------------------------------------------------------
Simon Read at BBC News reports that customers of doorstep lender
Provident Financial can claim compensation for mis-sold loans after
the High Court backed a partial repayment scheme.

According to BBC, the company has set aside GBP50 million to meet
claims from borrowers who were sold unaffordable loans.

Customers will still not get all their money back, BBC notes.

However, the Court agreed to the scheme after the firm warned full
payments would force it to go bust leaving many victims with
nothing, BBC relates.

"We believed from the outset that the scheme was fair and that it
offered the best outcomes for customers," BBC quotes Malcolm Le
May, chief executive officer of Provident, a saying.

Mr. Le May, as cited by BBC, said the Court approval was "a
positive outcome for customers with valid claims under the scheme,
as it provides access to a redress payment which would not have
been possible had the scheme not been approved."

The scheme will go live later in August with a deadline of the end
of February 2022, giving borrowers just six months to claim their
cash, BBC discloses.


TAURUS 2021-4: DBRS Gives Prov. B(high) Rating to Class F Notes
---------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by Taurus 2021-4 UK 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)
-- Class F at B (high) (sf)

The Issuer is a partial securitization (the Transaction) of two
senior commercial real estate (CRE) loans: the Fulham loan (GBP
637.5 million) and the United VI loan (GBP 210.9 million)
(together, the Loans). The Loans are to be advanced by [Bank of
America Europe DAC] to entities owned and managed by the Blackstone
Group Inc. (Blackstone or the Sponsor). The Loans are secured
separately by two portfolios which, in aggregate, comprise 325
light-industrial and logistics assets in the UK.

Both loan portfolios are integrated into Blackstone's logistics
platform, Mileway, as part of its UK portfolio, which already
covers three other DBRS Morningstar-rated commercial
mortgage-backed security (CMBS) transactions: BAMS CMBS 2018-1 DAC,
Taurus 2019-2 UK DAC, and Scorpio (European Loan Conduit No.34)
DAC. For a complete view of the securitized Mileway platform in
Europe, please refer to the Mileway (Blackstone) public portfolio
on DBRS Viewpoint, DBRS Morningstar's free, web-based CMBS
platform.

Fulham

The Fulham loan relates to a term loan facility granted to [10]
Fulham borrowers or Blackstone as ultimate beneficiary. The purpose
of the loan is for the Sponsor to refinance the existing Fulham
loan, which was previously securitized in Taurus 2020-2 UK DAC,
following Blackstone's acquisition of three portfolios of urban
logistic assets: Hansteen, Cara, and United (together, the Fulham
portfolio). The loan follows a pari passu-ranking A+B structure
where Facility A of GBP 540.1 million and Facility B of GBP 90.4
million, when aggregated, form the total commitments under the
loan.

The Fulham portfolio is highly granular with 276 mostly urban
logistics and multi-let properties, [12] of which are classified as
land parcels. The portfolio offers a total of 15.5 million square
feet (sf) which, as of the cut-off date on [], was 90% occupied by
over 2,000 tenants. The largest 10 tenants represent only 13.0% of
the gross rental income (GRI) and the largest tenant, XPO Supply
Chain UK Limited (XPO), only accounts for 3.8%. No other tenant
contributes more than 1.5% in total GRI. The weighted-average
unexpired lease term (WAULT) and WA unexpired lease to break
(WAULB) are 3.6 years and 2.6 years, respectively.

The portfolio is geographically diversified across the UK; however,
there is some concentration in the North East and Yorkshire and the
Midlands, which represent 26% and 19% of the total market value
(MV), respectively. The remaining assets are located in the North
West (11% of MV), South East and London (17%), South West and Wales
(13%), and Scotland (14%). The majority of the properties are
located within 20 kilometers (km) of major metropolitan areas.

On June 21, 2021, Jones Lang Lasalle Incorporated (JLL) conducted
valuations on the properties and appraised their MV at GBP 934.4
million. JLL is of the opinion that the MV of the portfolio, as a
single lot, is GBP 1,027.5 million, which equates to a premium of
10% above the aggregated individual property valuations; however,
for the purposes of the financing, the portfolio premium was capped
5%, giving a value of GBP 980.8 million. Based on this valuation,
the Fulham loan represents a loan-to-value (LTV) ratio of 65%. The
valuer's net operating income (NOI) is GBP 57.3 million, implying a
net initial yield (NIY) of 5.8% and a day-one debt yield (DY) of
9.0%. DBRS Morningstar's long-term stable net cash flow (NCF)
assumption for the Fulham portfolio is GBP 49.7 million and DBRS
Morningstar's value for the portfolio is GBP 712.2 million. DBRS
Morningstar notes that there is a potential stamp duty liability in
reference to certain properties in the Hansteen subportfolio, which
could arise when the legal titles are transferred. DBRS Morningstar
made a negative adjustment of GBP 4 million, matching that of the
potential liability, to conclude a DBRS Morningstar value of GBP
708.2 million, representing a haircut of 27.8% to the JLL value.
DBRS Morningstar notes that it did not attribute any value to the
12 undeveloped land parcels which JLL valued at GBP 29.0 million;
as such, the value haircut between DBRS Morningstar's stressed
value and the commercial buildings' MV is 25.6%.

The Sponsor has identified 44 properties as noncore assets, which
mostly include land parcels, office properties, and other
nonindustrial properties. Prior to the refinancing, seven assets
had already been disposed of or excluded from the collateral pool
due to agreed sales. The Sponsor can dispose of any assets under
permitted disposals by repaying a release price of 105% of the
allocated loan amount (ALA) up to the release price threshold,
which equals 10% of the portfolio valuation. Once the release price
threshold is met, the release price will be 110% of the ALA. The
release price will be reduced pro rata by prepayment of release
premiums to a minimum of 102.5% of the ALA. Following a change of
control (COC), the release price will be 115% of the ALA.

The loan is interest only (IO) and bears interest equal to the
floating rate of Sterling Overnight Index Average (Sonia) plus a
loan margin of [1.75]%, which is subject [in certain circumstances]
to a downward adjustment following the application of any
reverse-sequential principal in respect of the rated notes in an
amount [corresponding to any related reduction in the note WA cost
(WAC)] and subject to a floor of not less than the percentage
points per annum (p.a.) that are sufficient to cover the Issuer's
ability to meet payments in respect of the Issuer's priority
expenses. The interest rate risk is to be fully hedged by a prepaid
cap set at the higher of 1.5% and the level required to ensure at
least 2.0 times (x) hedged interest coverage ratio (ICR) and is to
be provided by [tbd], a hedge provider with a rating plus relevant
triggers that are commensurate with that of DBRS Morningstar’s
rating criteria as at the cut-off date.

The Fulham loan has LTV and DY covenants for cash trap and
following a permitted COC (PCOC) for events of default (EODs). The
LTV cash trap covenant is set at 75%. The DY cash trap covenant is
triggered if the DY falls below 8.1% on or prior to the third
anniversary of the utilization date and if it falls below 9.4%
thereafter. Following a PCOC, the LTV financial covenant is
triggered if the LTV ratio is greater than the lower of (1) the sum
of (A) the LTV Ratio (expressed as a percentage) on the COC date
and (B) 15%; and (2) the sum of (A) [opening LTV ratio] and (B) 15%
or if the DY is less than the higher of (1) [7.65]% and (2) [the DY
as at the COC date multiplied by 0.85%]. The loan maturity date is
in August 2026.

The loan seller, Bank of America Europe DAC (BofA), will retain an
ongoing material economic interest of approximately [20]% of the
loan, part of which will include the applicable regulatory
requirements of a Vertical Risk Retention (VRR) loan of no less
than 5% of the securitized loan balance that the loan seller will
advance to the Issuer at closing. DBRS Morningstar anticipates that
there will be a 81% LTV mezzanine facility that will attach at 65%
LTV, but will be structurally and contractually subordinated to the
senior facility.

United VI

The United VI loan relates to a term loan facility granted to [6]
United VI borrowers or Blackstone as ultimate beneficiary. The
purpose of the loan is for the Sponsor to finance and refinance (1)
the acquisition of a portfolio of 49 mostly urban logistics
single-let and multi-let properties, (2) the indebtedness of
members of the Group, and (3) general corporate expenses. The loan
follows a pari passu-ranking A+B structure where Facility A of GBP
199.1 million and Facility B of GBP 11.8 million, when aggregated,
form the total commitments under the loan.

The portfolio of logistics assets offers a total of 2.9 million sf
which, as of the cut-off date, was 84% occupied by approximately
250 tenants. The largest 10 tenants represent 38.0% of the GRI and
the largest tenant, AAH Pharmaceuticals Limited (AAH), accounts for
5.3%. The WAULT and WAULB are 4.3 years and 3.6 years,
respectively.

The portfolio is geographically diversified across the UK; however,
there is significant concentration in the North west, which
represents 48% of the total MV. The remaining assets are located in
the North East (11% of MV), South East and London (18%), and the
Midlands (11%). The majority of the properties are located within
20 km of major metropolitan areas.

On May 24, 2021, Cushman & Wakefield plc (C&W) conducted valuations
on the properties and appraised their MV at GBP 304.1 million. The
MV of the portfolio, including a portfolio premium, is GBP 319.4
million. For the purposes of the financing, the MV of the United VI
portfolio is taken to be GBP 324,452,250, which includes the
anticipated cost price of the Magna Business Park property that
remains under construction. Based on this valuation, the United VI
loan represents a LTV ratio of 65%. The valuer's NOI is GBP 14.7
million, implying a NIY of 4.5% and a day-one DY of [7.0]%. DBRS
Morningstar's long-term stable NCF assumption for the United VI
portfolio is GBP 13.1 million and DBRS Morningstar's value for the
portfolio is GBP 210.7 million, representing a haircut of [32.0]%
to the C&W value.

Two properties have not yet been acquired by the relevant obligor:
[Crosspark 52] and [Magna 34 Business Park (Dev) units 1A – 3H]
(the Magna Business Park Development). The Magna Business Park
Development is currently under construction and will be acquired by
the relevant obligor(s) once practical completion has been
achieved. The Senior Facility Agreement makes accommodation for
these delayed acquisitions through separate tranches where funds
are held in a prepayment account, although DBRS Morningstar notes
that there is no guarantee that the Magna Business Park Development
will ultimately be acquired by the relevant obligor(s), to which
end the funds will be used to prepay the loan. The Sponsor can
dispose of any assets under permitted disposals by repaying a
release price of 105% of the ALA up to the release price threshold,
which equals 10% of the portfolio valuation. Once the release price
threshold is met, the release price will be 110% of the ALA. The
release price will be reduced pro rata by prepayment of release
premiums to a minimum of 102.5% of ALA. Following a COC, the
release price will be 115% of the ALA.

The loan is IO and bears interest equal to Sonia plus a loan margin
of 1.95%, which is subject [in certain circumstances] to a downward
adjustment following the application of any reverse-sequential
principal in respect of the rated notes in an amount [corresponding
to any related reduction in the note WAC] and subject to a floor of
not less than the percentage points p.a. that are sufficient to
cover the Issuer's ability to meet payments in respect of the
Issuer's priority expenses as estimated by the arranger acting
reasonably and in good faith. The interest rate risk is to be fully
hedged by a prepaid cap set at the higher of 1.5% and the level
required to ensure at lease 2.0x hedged ICR and is to be provided
by [tbd], a hedge provider with a rating plus relevant triggers
that are commensurate with that of DBRS Morningstar's rating
criteria as at the cut-off date.

The United VI loan has LTV and DY covenants for cash trap and
following a PCOC for EODs. The LTV cash trap covenant is set at
75%. The DY cash trap covenant is triggered if the DY falls below
6.5% on or prior to the third anniversary of the utilization date
and if it falls below 7.5% thereafter. Following a PCOC, the LTV
financial covenant is triggered if the LTV ratio is greater than
the lower of (1) the sum of (A) the LTV ratio (expressed as a
percentage) on the COC date and (B) 15%; and (2) the sum of (A)
[opening LTV ratio] and (B) 15%, or if the DY is less than the
higher of (1) [5.95%; and (2) [the DY as at the COC date multiplied
by 0.85%]. The loan maturity date is in August 2026.

The loan seller, BofA, will retain an ongoing material economic
interest of approximately [(1) [10]% of the securitization, part of
which will include the applicable regulatory requirements of a VRR
loan of no less than 5% of the securitized loan balance that the
loan seller will advance to the Issuer at closing. It is
anticipated there will be a 81% LTV mezzanine facility that will
attach at 65% LTV, but will be structurally and contractually
subordinated to the senior facility.

In aggregate, DBRS Morningstar's NCF and valuation for the Fulham
and United VI portfolios are GBP 62.9 million and GBP 918.8
million, respectively, implying a blended cap rate of 6.8%.

The Transaction is expected to repay in full by 15 August 2026. If
the Loans are not repaid by then, the Transaction will have [five]
years to allow the special servicer to work out the loan(s) by
[August 2031] at the latest, which is the legal final maturity
date.

The Transaction features a Class X interest diversion structure.
The diversion trigger is aligned with the financial covenants of
the Loans; once triggered, any interest and prepayment fees due
(or, where such Class X diversion trigger event relates to one loan
only, a portion thereof attributable to such loan) to the Class X
certificateholders will instead be paid directly into the Issuer's
transaction account and credited to the Class X diversion ledger.
The diverted amount will be released once the trigger is cured;
only following the expected note maturity or the delivery of a note
acceleration notice can such diverted funds be used to amortize the
notes and the Issuer loan.

The Arranger has indicated that on the transaction closing date,
the Issuer will establish a reserve that will be credited with the
initial Issuer liquidity reserve required amount. Part of the
noteholders' subscription for the Class A Notes will be used to
provide 95% of the liquidity support for the Transaction, which
will be set at EUR 15.5 million or 2.2% of the total outstanding
balance of the notes. The remaining 5% will be funded by the Issuer
loan. DBRS Morningstar understands that the liquidity reserve will
cover the interest payments to the Class A to C Notes. No liquidity
withdrawal can be made to cover shortfalls in funds available to
the Issuer to pay any amounts in respect of interest due on the
Class D, Class E, and Class F Notes. The Class E and Class F Notes
are subjected to an available funds cap where the shortfall is
attributable to an increase in the WA margin of the notes.

Based on a cap strike rate of 1.5% and a Sonia cap of 4.00% for the
two loans, DBRS Morningstar estimated that the liquidity reserve
will cover 12 months of interest payments and eight months of
interest payments, respectively, assuming the Issuer does not
receive any revenue.

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.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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