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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

          Friday, August 6, 2021, Vol. 22, No. 151

                           Headlines



F R A N C E

ALBEA BEAUTY: S&P Cuts Issue Rating to 'B-', Outlook Stable


I R E L A N D

ADAGIO IX: Moody's Assigns (P)B3 Rating to EUR11MM Cl. F Notes
HARVEST CLO XXVI: Moody's Assigns B3 Rating to EUR13.25MM F Notes
ICG EURO 2021-1: Moody's Assigns (P)B3 Rating to EUR12MM F Notes
INVESCO EURO II: Moody's Assigns (P)B2 Rating to EUR12MM F Notes
PALMER SQUARE CLO 2021-2: S&P Assigns B-(sf) Rating on Cl. F Notes

PENTA CLO 2: Moody's Affirms B1 Rating on EUR13MM Class F Notes


I T A L Y

SAIPEM SPA: Moody's Affirms Ba2 CFR & Alters Outlook to Negative


L U X E M B O U R G

ALTICE FINANCING: Moody's Assigns B2 Rating to New EUR2.75BB Notes


N E T H E R L A N D S

E-MAC NL 2006-II: Fitch Affirms CCC Rating on 2 Tranches
ESDEC SOLAR: Moody's Gives B2 CFR & Rates New $375MM Term Loan B2


R O M A N I A

CEL.RO: Files for Insolvency as Losses Widen


S P A I N

BBVA RMBS 3: Moody's Ups Rating on EUR27.24MM Cl. A3d Notes to B1


U N I T E D   K I N G D O M

CLEVELAND BRIDGE: Cuts 53 Jobs Following Administration
GATOR HOLDCO: S&P Affirms B- Issuer Credit Rating, Outlook Stable
ITHACA ENERGY: Fitch Rates USD625MM Notes Final 'B+'
MATCAS: Goes Into Liquidation, Owes More Than GBP50,000
MINSTER BUILDING: Enters Administration Due to Covid-19 Impact

SILENTNIGHT: Tribunal Imposes GBP13MM Fine on KPMG Over Sale to HIG


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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

ALBEA BEAUTY: S&P Cuts Issue Rating to 'B-', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings lowered its rating on Albea Beauty Holdings S.A.
to 'B-' from 'B'. S&P also lowered its issue rating on Albea's
senior secured term loan (U.S. dollar and euro tranches) to 'B-'.

The stable outlook reflects S&P's expectation that Albea will
generate positive, albeit minimal, free operating cash flow (FOCF)
in 2021 and liquidity will remain adequate.

S&P said, "We think Albea will only recover to pre-pandemic levels
in 2022.In 2021, we expect a modest improvement in sales and
profitability supported by growth in the tubes segment and recovery
in demand for innovative beauty group products, which mainly relate
to private labels. Low demand for cosmetic rigid packaging (CRP)
will undermine financial results for 2021 because reduced social
contact is still limiting the consumption of make-up products. We
think revenue could increase by about 9% in 2021, approaching $1.2
billion. This growth will also reflect the pass-through of higher
resin and transportation prices onto customers.

"We expect adjusted debt to EBITDA to remain high, above 8.5x in
2021.We had previously forecasted that Albea would generate
adjusted EBITDA margins of 10.5%-11.0% following the disposal of
the dispensing business. However, we anticipate that the EBITDA
margin will no longer reach these levels because of the pandemic,
instead only improving to 9.5%-10.0% in 2021, from 8.3% in 2020.
This will result in adjusted debt to EBITDA of above 8.5x in 2021,
down from 10.0x in 2020, when Albea lost $35 million-$40 million in
EBITDA due to pandemic-related social distancing measures. We
expect Albea will start reducing adjusted debt to EBITDA toward
8.0x in 2022 on the back of a gradual recovery in demand for
make-up products and a sustained growth in tube packaging,
supported by the strong momentum of the skin care markets. We
consider this level of leverage to be high for the business,
especially after the disposal transaction last year.

"We anticipate that Albea's FOCF will be positive but minimal in
2021.The main factors constraining FOCF are high extraordinary
costs and the pandemic's effect on EBITDA generation. We think FOCF
could reach $15 million in 2022 under normal conditions. That said,
we think Albea's cash generation is more vulnerable to unforeseen
events or extraordinary costs after the disposal of the dispensing
segment in 2020.

"The stable outlook reflects our expectation that Albea will
generate positive, albeit minimal, FOCF in 2021, and that liquidity
will remain adequate."

S&P could consider taking a negative rating action on Albea if:

-- Covenant headroom tightened or liquidity deteriorated, leading
to a shortfall; or

-- Credit metrics--including interest cover and adjusted debt to
EBITDA--weakened significantly, causing S&P to view the capital
structure as unsustainable over the next 12 months.

S&P could consider an upgrade if:

-- Albea generated positive FOCF on a sustained basis;

-- Leverage decreased sustainably below 7.5x; and

-- S&P did not expect any material deterioration in liquidity in
the coming 12 months.




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I R E L A N D
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ADAGIO IX: Moody's Assigns (P)B3 Rating to EUR11MM Cl. F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by Adagio
IX EUR CLO Designated Activity Company (the "Issuer"):

EUR1,800,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

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

EUR23,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR13,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR25,000,000 Class C Deferrable Mezzanine Floating Rate Notes due
2034, Assigned (P)A2 (sf)

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

EUR23,500,000 Class E Deferrable Junior Floating Rate Notes due
2034, Assigned (P)Ba3 (sf)

EUR11,000,000 Class F Deferrable Junior Floating Rate Notes due
2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be fully ramped as
of the closing date and to comprise of predominantly corporate
loans to obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the 6 month ramp-up period in
compliance with the portfolio guidelines.

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR180,000 on the second payment date
over ten payment dates.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR32,225,000 of Subordinated Notes which are not
rated.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Performing par: EUR400,000,000

Diversity Score: 51

Weighted Average Rating Factor (WARF): 3040

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 43.75%

Weighted Average Life (WAL): 8.5 years

HARVEST CLO XXVI: Moody's Assigns B3 Rating to EUR13.25MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Harvest CLO XXVI
Designated Activity Company (the "Issuer"):

EUR236,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR27,750,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR34,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR26,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR19,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR13,250,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

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

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

In addition to the seven classes of notes rated by Moody's, the
Issuer issues EUR25,000,000 Class Z Notes due 2034 and
EUR32,700,000 Subordinated Notes due 2034 which are not rated. The
Class Z Notes accrue interest in an amount equivalent to a certain
proportion of the senior and subordinated management fees and its
notes' payment is pari passu with the payment of the senior and
subordinated management fee.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3030

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

ICG EURO 2021-1: Moody's Assigns (P)B3 Rating to EUR12MM F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by ICG Euro CLO
2021-1 DAC (the "Issuer"):

EUR246,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR22,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

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

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

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

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 4.5 months ramp-up period in compliance with the
portfolio guidelines.

Intermediate Capital Managers Limited will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5 year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR1,000,000 Class Z Notes due 2034 and
EUR30,800,000 Subordinated Notes due 2034 which are not rated.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2975

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.75%

Weighted Average Life (WAL): 8.5 years

INVESCO EURO II: Moody's Assigns (P)B2 Rating to EUR12MM F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Invesco Euro CLO II Designated Activity Company (the "Issuer"):

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

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

EUR28,500,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR11,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

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

EUR20,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B2 (sf)

RATINGS RATIONALE

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
class X Notes amortise by EUR 187,500 over eight payment dates,
starting on the second payment date.

As part of this refinancing, the Issuer will extend the
reinvestment period by 2 years to 4.5 years and the weighted
average life to 8.5 years. It will also amend certain concentration
limits, definitions including the definition of "Adjusted Weighted
Average Rating Factor" and minor features. The issuer will include
the ability to hold loss mitigation obligations. In addition, the
Issuer will amend the base matrix and modifiers that Moody's will
take into account for the assignment of the definitive ratings.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3025

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years

PALMER SQUARE CLO 2021-2: S&P Assigns B-(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Palmer Square
European CLO 2021-2 DAC's class A-1, A-2, B-1, B-2, C, D, E, and F
notes. At closing, the issuer issued unrated subordinated notes
(see list above).

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 8.1 years after closing.

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

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

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,669.90
  Default rate dispersion                                 593.55
  Weighted-average life (years)                             5.34
  Obligor diversity measure                               134.16
  Industry diversity measure                               21.80
  Regional diversity measure                                1.55

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                             350.00
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              157
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                              0
  'AAA' weighted-average recovery (%)                       7.36
  Covenanted weighted-average spread (%)                    3.40
  Reference weighted-average coupon (%)                     5.00

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio is primarily comprised of
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 EUR350 million par amount,
the covenanted weighted-average spread of 3.40%, the reference
weighted-average coupon of 5.00%, and the covenanted
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%)."

Palmer Square Europe Capital Management will manage the
transaction. An experienced manager of U.S. CLOs, this will be its
second reinvesting transaction in Europe. Following the application
of our structured finance operational risk criteria, S&P considers
the transaction's exposure to be limited at the assigned ratings.

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

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

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

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

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

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

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

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

-- S&P's model generated BDR at the 'B-' rating level of 26.31%
(for a portfolio with a weighted-average life of 5.34 years),
versus if we were to consider a long-term sustainable default rate
of 3.1% for 5.34 years, which would result in a target default rate
of 16.55%.

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

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class 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:
sale or extraction of thermal coal or coal-based power generation;
sale or extraction of oil sands; and extraction of fossil fuels
from unconventional sources. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

  Ratings List

  CLASS    RATING     AMOUNT     SUB (%)   INTEREST RATE*
                    (MIL. EUR)
  A-1      AAA (sf)    182.00    38.00    Three/six-month EURIBOR
                                          plus 0.93%
  A-2      AAA (sf)     35.00    38.00    Three/six-month EURIBOR
                                          plus 1.30%§
  B-1      AA (sf)      20.00    28.00    Three/six-month EURIBOR
                                          plus 1.67%
  B-2      AA (sf)      15.00    28.00    1.97
  C        A (sf)       24.50    21.00    Three/six-month EURIBOR
                                          plus 2.07%
  D        BBB (sf)     22.00    14.71    Three/six-month EURIBOR
                                          plus 3.00%
  E        BB- (sf)     18.00     9.57    Three/six-month EURIBOR
                                          plus 5.96%
  F        B- (sf)       9.50     6.86    Three/six-month EURIBOR  
        
                                          plus 8.53%
  Sub.     NR           30.60      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 cap 2.10% (S&P Global Ratings only gives credit to this
during the non call period).
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.


PENTA CLO 2: Moody's Affirms B1 Rating on EUR13MM Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Penta CLO 2 B.V.:

EUR25,250,000 Refinancing Class C Senior Secured Deferrable
Floating Rate Notes due 2028, Upgraded to Aa1 (sf); previously on
Dec 21, 2020 Upgraded to Aa2 (sf)

EUR20,000,000 Refinancing Class D Senior Secured Deferrable
Floating Rate Notes due 2028, Upgraded to A1 (sf); previously on
Dec 21, 2020 Upgraded to A3 (sf)

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

EUR234,000,000 (current outstanding amount EUR 103.4M) Refinancing
Class A Senior Secured Floating Rate Notes due 2028, Affirmed Aaa
(sf); previously on Dec 21, 2020 Affirmed Aaa (sf)

EUR49,000,000 Refinancing Class B Senior Secured Floating Rate
Notes due 2028, Affirmed Aaa (sf); previously on Dec 21, 2020
Upgraded to Aaa (sf)

EUR26,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2028, Affirmed Ba1 (sf); previously on Dec 21, 2020
Upgraded to Ba1 (sf)

EUR13,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2028, Affirmed B1 (sf); previously on Dec 21, 2020
Affirmed B1 (sf)

Penta CLO 2 B.V., issued in June 2015, and refinanced in August
2017 is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Partners Group (UK) Management Ltd. The
transaction's reinvestment period ended in August 2019.

RATINGS RATIONALE

The rating upgrades on the Class C and D Notes are primarily a
result of the significant deleveraging of the Class A Notes
following amortisation of the underlying portfolio since the last
rating action in December 2020.

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

The Class A Notes have paid down by approximately EUR49.8 million
(21.3%) since the last rating action in December 2020 and EUR130.6
million (55.8%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated June 2021 [1] the
Class A/B, Class C, Class D, Class E and Class F OC ratios are
reported at 166.9%, 143.2%, 128.7%, 113.4% and 107.1% compared to
November 2020 [2] levels of 149.8%, 133.2%, 122.4%, 110.5% and
105.5%, respectively.

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

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

Performing par and principal proceeds balance: EUR247.4 million

Defaulted Securities: EUR10.99 million

Diversity Score: 38

Weighted Average Rating Factor (WARF): 3120

Weighted Average Life (WAL): 3.71 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.55%

Weighted Average Recovery Rate (WARR): 45.83%

Par haircut in OC tests and interest diversion test: none



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

SAIPEM SPA: Moody's Affirms Ba2 CFR & Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on Saipem S.p.A.
to negative from stable. Concurrently, Moody's has affirmed all
Saipem's ratings, including its Ba2 Corporate Family Rating, as
well as all the ratings of its subsidiary Saipem Finance
International B.V. Moody's also assigned negative outlook to the
Saipem Finance International B.V.

RATINGS RATIONALE

The change of the outlook to negative from stable reflects a
significant underperformance of Saipem's EBITDA generation in the
second quarter 2021 compared to Moody's expectations, driven by
execution challenges in one off-shore wind project in North Sea as
well as further postponement of certain projects that were in
backlog for 2021, most notably Mozambique LNG, for which
TotalEnergies SE (A1 stable) declared force majeure in April 2021.
Moody's sees a risk that in the second half of this year Saipem
will not be able to generate sufficient EBITDA to offset the
sizeable EUR354 million EBITDA loss in the second quarter (as
defined and adjusted by Saipem), leading to a further meaningful
reduction of the company's EBITDA generation in 2021 compared to
the already rather depressed 2020 level.

In addition, considering the weak earnings performance the agency
believes that it is highly likely that Saipem will not be in a
compliance with the maintenance net leverage covenant to be tested
at the year-end 2021, which is included in its revolving facility
and essentially all bank debt. Moody's understands the company has
already approached its financing partners to address the issue and
in that respect the agency recognizes Saipem's importance to the
Italian economy as well as its shareholder structure, with indirect
ties to the Government of Italy (Baa3 stable), as positive
qualitative factors. Moody's will also monitor steps that Saipem
will undertake with regards to the proactive debt maturity
management, facing EUR500 million bond maturities in April 2022 and
September 2023 each, while maintaining sizeable cushion of fully
unrestricted liquidity sources. The fully unrestricted cash stood
at roughly EUR0.9 billion at the end of June 2021 (excluding EUR1
billion undrawn RCF and roughly EUR1.4 billion cash tied in
projects in JVs and countries with currency restrictions), which
still provides an adequate cushion.

Although oil and gas prices have recently enjoyed strong momentum,
Moody's does not see yet a clear sign of a meaningful and sustained
increase in activity and oil and gas spending of Saipem's key
customers in near term. In addition, even though Saipem's net debt
in the second quarter did not increase despite the weak earnings,
the project execution challenges as well as the need to initiate
restructuring to improve operating leverage may further slow-down a
meaningful restoration of Saipem's credit metrics as well as return
to a sustained FCF generation in the next 12-18 months, which is
also reflected in the negative outlook.

The affirmation of the outstanding ratings primarily recognizes
Saipem's strong backlog, which provides revenue visibility in
medium term, notwithstanding uncertainties with regards to the
timing of the projects. The backlog amounted to all-time record
high level of around EUR23.6 billion as of the end of June 2021
(excluding non-consolidated entities), even roughly EUR2 billion
higher than at the end of 2019. Since the outset of the pandemic,
Saipem has not experienced any major project cancellations and
continued to diversify its backlog outside of the traditional oil
and gas business into various infrastructure projects and renewable
projects. While the increasing diversification is credit positive,
Saipem still needs to develop a track record of operational
excellence in managing these projects, with the ability to achieve
returns on its capital in line with those of the legacy oil and gas
projects.

ESG CONSIDERATIONS

Corporate governance considerations reflect Saipem's conservative
financial policies, with Moody's expectation that the company will
focus on deleveraging once the activity picks-up, but also still a
relatively large number of ongoing legal disputes. Environmental
considerations include Saipem's carbon transition strategy centered
around its commitment to reducing its greenhouse gas emissions
(scope 1 and 2) by 50% in 2035 from the 2018 baseline while
achieving scope 2 neutrality by 2025, primarily through the ongoing
shift from oil business toward businesses related to natural gas
and renewable energy. Social considerations include a deterioration
of Saipem's credit quality amid the pandemic, which Moody's
qualifies as social risk in its ESG framework.

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

Saipem's Ba2 CFR could be downgraded, if the company's (1) Moody's
adjusted gross debt/EBITDA would remain sustainably above 4.5x, (2)
FFO/debt falls sustainably below 15%; or (3) liquidity
deteriorates. The agency would tolerate leverage somewhat above
4.5x if it is balanced by excess cash.

Conversely, Saipem's Ba2 CFR could be upgraded if the company
continues to strengthen its backlog and if conditions improve in
the oil and gas services markets leading to it sustaining: (1)
FFO/debt above 20%, and (2) Moody's adjusted gross debt/EBITDA
sustained below 4.0x, while maintaining good liquidity and a track
record of good project execution.

LIST OF AFFECTED RATINGS:

Issuer: Saipem Finance International B.V.

Affirmations:

BACKED Senior Unsecured Medium-Term Note Program, Affirmed (P)Ba2

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Outlook, Changed To Negative From No Outlook

Issuer: Saipem S.p.A.

Affirmations:

LT Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Outlook Actions:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Based in Milan, Italy, Saipem is one of the world's leading
companies that provides drilling services and undertakes
engineering, procurement, pipeline construction and installation,
and complex onshore and offshore projects primarily in the oil and
gas market. Saipem has an established track record of operating in
harsh environments, remote areas and deep water.



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

ALTICE FINANCING: Moody's Assigns B2 Rating to New EUR2.75BB Notes
------------------------------------------------------------------
Moody's Investors Service has assigned B2 ratings to the proposed
EUR2.75 billion-equivalent notes maturing in 2029, to be issued by
Altice Financing S.A., the borrowing entity of Altice International
S.a.r.l. The outlook is negative.

Proceeds from this debt issuance will be used to fully redeem the
$2.5 billion senior secured notes maturing in 2026 issued by Altice
Financing S.A., while the remaining part will increase available
cash, net of fees and expenses, that the company intends to use for
a leverage neutral acquisition.

"The refinancing will extend Altice International's debt maturity
profile and will bring additional interest savings of around EUR35
million annually. The refinancing is broadly leverage neutral, as
we expect Altice International's Moody's-adjusted leverage to
remain high at around 5.9x in 2021," says Ernesto Bisagno, a
Moody's VP-Senior Credit Officer and lead analyst for Altice
International.

RATINGS RATIONALE

The rating of Altice International primarily reflects (1) the
company's geographical diversification and strong market position
in the countries where it operates; (2) its well-invested
fibre-rich infrastructure; (3) its adequate liquidity; and (4) its
commitment to maintain leverage, on a company reported net
debt/EBITDA basis, in the 4.0x-4.5x range (4.2x as of March 2021
based on L2QA EBITDA).

The rating is constrained by (1) the company's high leverage, with
a Moody's-adjusted debt/EBITDA at 5.9x as of March 2021; (2) its
weak free cash flow (FCF); (3) the complexity of the group
structure; (4) the competitive market conditions in Israel and the
Dominican Republic, which continue to exert pressure on earnings;
and (5) the stretched management resources, given the complexity of
the group and the competitive nature of its key markets.

Moody's expects Altice International's earnings to increase in the
low single digits in percentage terms over the next 12-18 months
because of modest revenue growth, which also reflects the easing of
the negative effect from the pandemic, and additional contribution
from its higher margin products, particulary in Portugal, driven by
stronger growth in fibre and mobile postpaid.

In 2021, free cash flow before any intercompany funding and
spectrum payments will remain around the levels reported in 2020,
or improve only marginally driven by higher earnings and additional
interest savings.

Moody's expects Altice International to pay around EUR70 million
each year in dividends to minorities, reflecting the dilution in
FastFiber, and to receive an inflow of EUR375 million in December
2021 as the second tranche linked to the disposal of FastFiber
completed in April 2020. However, there will be additional outflows
associated with the 5G frequencies as the spectrum auction in
Portugal started in December 2020 and is still ongoing. In the
absence of any debt repayment, Altice International's
Moody's-adjusted debt/EBITDA will remain at around 5.9x in 2021,
and decline towards 5.5x in 2022, driven mostly by improvement in
earnings.

LIQUIDITY

Altice International's liquidity is adequate with no major debt
maturities until 2025. Cash as of June 30, 2021 was EUR311 million
and in addition the company had access to EUR538 million of fully
undrawn committed revolving credit facilities (RCFs) maturing in
February 2025. The RCFs are subject to a springing (drawings higher
than 40%) net leverage covenant of 5.25x. Pro forma for the EUR375
million proceeds from asset disposals expected in December 2021,
the headroom under the covenant at June 2021 was around 16%.

STRUCTURAL CONSIDERATIONS

The ratings of the Altice International group's senior secured
notes and secured term loans, which represent the bulk of the
company's financial debt, incurred at its borrowing subsidiary
Altice Financing S.A., are in line with the B2 corporate family
rating.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on the rating of Altice International reflects
its high leverage, with Moody's-adjusted leverage at 5.9x as of
March 2021; the competitive market conditions, with the company
having only a short track record of stabilisation in operating
performance; the complex financial structure of the group, and its
weak FCF.

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

Upward pressure on the ratings is limited in the short term, but
may develop over time if Altice International maintains strong
liquidity with no refinancing risks, and demonstrates a sustained
improvement in its underlying revenue and key performance
indicators (KPIs, for example, churn and ARPU), with growing EBITDA
in main markets, leading to an improvement in credit metrics, such
as (1) Moody's-adjusted leverage below 5.0x on a sustained basis;
and a (2) significant improvement in FCF on a consistent basis.

Downward pressure on the ratings may develop if the company's
underlying operating performance weakens, with a sustained decline
in revenue and deteriorating KPIs (including churn and ARPU),
leading to a deterioration in the group's credit fundamentals, such
as: (1) Moody's-adjusted leverage consistently above 5.5x; and (2)
a significant deterioration in FCF generation. In addition,
significant debt-financed acquisitions or signs of a deterioration
in liquidity can lead to downward pressure on the ratings.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Altice Financing S.A.

BACKED Senior Secured Regular Bond/Debenture, Assigned B2

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

Altice International S.a.r.l. is a multinational fibre,
telecommunications, content and media company, with a presence in
three key markets: Portugal, the Dominican Republic and Israel. The
company also operates globally through Teads, a media platform.



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

E-MAC NL 2006-II: Fitch Affirms CCC Rating on 2 Tranches
--------------------------------------------------------
Fitch Ratings has downgraded nine tranches of EMAC NL 2004-1 B.V.,
E-MAC NL 2005-III B.V. and E-MAC NL 2006-II B.V. The downgrades
follow an update of its European RMBS Rating Criteria.

       DEBT                   RATING            PRIOR
       ----                   ------            -----
E-MAC NL 2004-1 B.V.

Class A XS0188806870    LT  B-sf   Downgrade    Bsf
Class B XS0188807506    LT  B-sf   Downgrade    Bsf
Class C XS0188807928    LT  B-sf   Downgrade    Bsf
Class D XS0188808819    LT  CCCsf  Affirmed     CCCsf

E-MAC NL 2006-II B.V.

Class A XS0255992413    LT  B-sf   Downgrade    Bsf
Class B XS0255993577    LT  B-sf   Downgrade    Bsf
Class C XS0255995358    LT  B-sf   Downgrade    Bsf
Class D XS0255996166    LT  CCCsf  Affirmed     CCCsf
Class E XS0256040162    LT  CCCsf  Affirmed     CCCsf

E-MAC NL 2005-III B.V.

Class A XS0236785431    LT  B-sf   Downgrade    Bsf
Class B XS0236785860    LT  B-sf   Downgrade    Bsf
Class C XS0236786082    LT  B-sf   Downgrade    Bsf
Class D XS0236786595    LT  CCCsf  Affirmed     CCCsf
Class E XS0236787056    LT  CCCsf  Affirmed     CCCsf

TRANSACTION SUMMARY

The E-MAC transactions are seasoned true-sale securitisations of
Dutch residential mortgage loans originated by GMAC-RFC Nederland
B.V. The successor company, CMIS Nederland B.V., is the current
servicer.

KEY RATING DRIVERS

European RMBS Rating Criteria Update: Fitch published its updated
RMBS criteria on 19 July. As per the updated criteria, the notes in
these transactions are subject to a maximum achievable rating of
'B-sf', because they do not pass mild rating stresses in the cash
flow model. Fitch considers a 'B-sf' rating to be adequate for the
class A to C notes, based on its rating definition.

Asset Maturity Risks: In all three transactions, Fitch identified
assets with maturity dates exceeding those of the notes. The
amounts range between 0.2% and 0.4% of the current pool. The notes
are currently amortising pro-rata, given the satisfactory
performance. In a benign environment, it is possible for the
transactions to amortise pro-rata until note maturity. This implies
a loss in all collateralised tranches equal to the balance of the
loans that mature after the notes and is why the notes do not pass
even mild stresses in the cash flow model.

Fitch also notes a number of loans, representing between 0.5% and
1.7% of the current pool balance, mature within the two years up
until the notes' legal final maturity. The majority are
interest-only (IO) loans. These loans may not have time to work out
before the notes' final maturity date in case of default.

Fitch considers the class D notes bear a higher default risk than
'B-sf' as the notes may suffer losses even in case of sequential
amortisation with back-loaded defaults and therefore capped the
rating for these notes at 'CCCsf'.

Excess Spread Notes' Ratings Capped: The excess spread notes in
2005-III and 2006-II have been affirmed at 'CCCsf'. Principal
redemption of these notes ranks subordinate to the payment of
extension margins on the collateralised notes in the revenue
waterfall. As the extension margin amounts have been accruing and
remain unpaid, the principal repayment of these notes via excess
spread is unlikely. As long as these amounts keep building-up,
Fitch has capped the rating at 'CCCsf'. There is a possibility for
the class E notes to fully amortise through the release of the
reserve fund, if it builds up after significant performance
deterioration (given the 90+ arrears trigger to build reserve fund
if above 2%) and the built-up amounts are released after an
improvement in performance (90+ arrears fall below 2%).

Worsened Performance Could Trigger Sequential Amortisation: Arrears
have increased in the last year and except for EMAC NL 2004-1, the
60 day delinquency sequential amortisation trigger is close to
being breached.

The three transactions are currently amortising pro-rata. E-MAC NL
2005-III paid sequentially during some collection periods in 2015
to 2018 and recently in 2021, but pro-rata amortisation reduces
credit enhancement for the senior notes as per the amortisation
mechanism in the documentation.

RATING SENSITIVITIES

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

-- Prepayment of the assets with maturity after the notes'
    maturity could lead to upgrades and repayment of the class A
    to C notes in full.

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

-- Long-dated assets outstanding until notes' maturity could lead
    to downgrades of the class A to C notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

E-MAC NL 2004-1 B.V., E-MAC NL 2005-III B.V., E-MAC NL 2006-II
B.V.

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

Fitch did not undertake a review of the information provided about
the underlying asset pool[s] ahead of the transaction's [E-MAC NL
2004-1 B.V., E-MAC NL 2005-III B.V., E-MAC NL 2006-II B.V.] initial
closing. The subsequent performance of the transaction[s] over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ESG CONSIDERATIONS

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

ESDEC SOLAR: Moody's Gives B2 CFR & Rates New $375MM Term Loan B2
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default rating to Esdec Solar Group B.V.
(Esdec, Esdec Solar Group or company), a provider of rooftop solar
mounting solutions. Concurrently, Moody's has assigned a B2
instrument rating to the new $375 million guaranteed senior secured
first lien term loan due 2028 and $100 million guaranteed senior
secured revolving credit facility due 2026 (RCF) co-borrowed at
Esdec Solar Group B.V. and Esdec Finance LLC. The outlook is
stable.

RATINGS RATIONALE

The rating reflects the company's initially significant
Moody's-adjusted debt/EBITDA and risk of debt-funded acquisitions
in the first instance, but also strong growth profile that should
enable deleveraging. It also reflects the company's limited scale;
short track record at current scale given transforming acquisitions
and fast growth in recent years; focused product offering and some
degree of concentration and complexity in its go-to-market
channels; and challenge to manage the fast growth either through
scaling up its operations sustainably, for example supply chain, or
properly integrating acquired businesses. However, the ratings also
consider the company's asset-light business model with high margins
and limited investment needs; focus on innovation and new
(patented) product launches that positions it well for good organic
growth in a dynamic, fast evolving and high growth industry; and
some geographic diversification.

Moody's-adjusted debt/EBITDA pro-forma for acquisitions and the new
debt is around 4.9x for 2020 and Moody's expects this to decline to
just above 4.0 in 2021 on the back of strong organic growth but
depending on the degree of RCF usage. In the first six months of
2021, revenue already grew by 31%. The overall solar sector
benefits from strong growth both in the EU and US driven by efforts
to improve the share of renewables as an energy source. This
includes measures such as tax incentives, rebates and subsidies
that also flow into the residential market, which represents the
largest end market for Esdec. While regulation and incentives in
this context can have a significant and varied impact on the pace
of growth in different regions and countries, the overall trend and
geographic profile of Esdec should support deleveraging going
forward. However, the risk of debt-funded acquisitions for example
to enter new regions also creates some uncertainty around the pace
of deleveraging.

Esdec designs, develops and distributes solar mounting solutions
predominantly for residential end markets. The market is relatively
fragmented and dynamic given the fast growing industry, but Moody's
understands the company views itself as largest operator in its
niche globally. Manufacturing is outsourced to a range of
diversified suppliers while distribution is relatively complex
through various and diversified channels including wholesalers,
developers, integrators and installers although with some
concentration on the distributor side. The relationship with
installers is key because the mounting system typically represents
a small part of the overall project cost while ease and speed of
installation, quality, reliability, and familiarity are important
decision drivers and improve customer stickiness. Accordingly, the
company focuses on patent-protected innovation that improves these
attributes as well as seeks to enter and grow for example in the
commercial and industrial segment or different roof types.

The asset light business model allows for high margins and cash
flow generation. At the same time, Moody's believes the company
will continue to grow through acquisitions alongside organic
growth. Esdec completed five acquisitions during the last three
years which has transformed the business and substantially
increased its scale in a short period. The company has maintained
the brands but has largely consolidated back office functions in
shared service centers. Accordingly, Moody's understands past
acquisitions have been successfully integrated. Nevertheless, the
rapid scaling up of the business presents the challenge to continue
to ensure operations, including supply chain and back office
functions scale accordingly and any future acquisitions are
properly integrated. This is particularly relevant as supply chains
remains generally strained because of the pandemic and hence could
also constrain the pace of growth.

Raw material price inflation also presents a challenge, but Moody's
understands that the company has some ability to pass this on. In
any case, the strong revenue growth prospects should outweigh any
cost pressures.

Moody's views the company's liquidity profile as adequate.
Pro-forma for the refinancing, Esdec has zero cash on the balance
sheets as of June 2021, but access to the undrawn committed $100
million RCF which could be used to bridge any liquidity needs or
for acquisitions. The company should be cash flow generative and
has no material near-term debt maturities. There is a springing
covenant related to the RCF, but Moody's expects the company to
retain sufficient headroom.

The term loan and RCF ratings are aligned with the CFR because they
essentially reflect the only debt instruments. The guarantor
coverage and security package are relatively comprehensive, but
Moody's also notes the asset-light nature of the business.

ESG CONSIDERATIONS

Environmental considerations include the company's exposure to a
strongly growing industry as a result of the energy transition and
related regulatory incentives. This also underpinned by structural
societal trends, a social consideration.

Governance considerations include the private and private
equity-owned nature of the company. The aggressive financial policy
reflected in the recent dividend recapitalization, track record of
debt-funded acquisitions and meaningful financial leverage is also
a governance consideration.

RATING OUTLOOK

The stable outlook balances the initially high leverage and
potential for debt-funded acquisitions with the good growth outlook
and resulting deleveraging potential in the coming 12-18 months.
Nevertheless, the rating and outlook do not factor in any larger,
more transforming and potentially debt-funded acquisitions.
Furthermore the rating doesn't factor in additional shareholder
distributions.

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

Positive pressure on the ratings could come from continued growth
resulting in Moody's-adjusted debt/EBITDA declining and remaining
sustainably at or below 4.5x also taking into account the company's
acquisition strategy, accompanied by continued high EBITDA margins
and meaningful free cash flow generation as well as at least
adequate liquidity. Conversely, negative pressure could result from
a lack of deleveraging either as the result of aggressive
debt-funded acquisitions or underlying performance such as a lack
of growth or developing margin pressure so that leverage remains
close to 6.0x or rises higher. Negative free cash flow or otherwise
weakening liquidity could also pressure the rating. An inability to
continue to integrate acquisitions well could also weigh on the
rating.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Esdec designs, develops and distributes solar mounting systems
predominantly for residential end markets. The company is owned by
private equity company Gilde (72%) and management (28%). For 2020
on a pro-forma basis for acquisitions Esdec generated $328 million
of revenue.



=============
R O M A N I A
=============

CEL.RO: Files for Insolvency as Losses Widen
--------------------------------------------
Andrei Chirileasa at Romania-Insider.com reports that one of the
major Romanian online retailers, CEL.ro, filed for insolvency after
its turnover plunged somehow unexpectedly last year and its losses
deepened.

According to Romania-Insider.com, Corsar Online, the operator
behind the online shop CEL, reported its revenues dwindled by 38%
year-on-year to RON127 million (EUR26 million) last year -- the
year when the market was particularly favorable to the online
electro-IT retailers like CEL.ro.  The company's losses quadrupled
to RON3.5 million in 2020, though, Romania-Insider.com discloses.

Ziarul Financiar daily reports that CEL.ro is currently declared as
being under the management of Brand Design Team -- a new company
controlled (90%) by Tiberiu Pop -- the owner of Corsar Online,
Romania-Insider.com relates.





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

BBVA RMBS 3: Moody's Ups Rating on EUR27.24MM Cl. A3d Notes to B1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of seven notes
and affirmed the ratings of seven notes in three Spanish RMBS
deals. The rating action reflects better than expected collateral
performance for BBVA RMBS 1, FTA and BBVA RMBS 2, FTA and the
increased levels of credit enhancement for the affected notes.

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

Issuer: BBVA RMBS 1, FTA

EUR1400M Class A2 Notes, Affirmed Aa1 (sf); previously on Feb 10,
2020 Affirmed Aa1 (sf)

EUR495M Class A3 Notes, Affirmed Aa1 (sf); previously on Feb 10,
2020 Affirmed Aa1 (sf)

EUR120M Class B Notes, Upgraded to Aa2 (sf); previously on Feb 10,
2020 Upgraded to A1 (sf)

EUR85M Class C Notes, Upgraded to Ba2 (sf); previously on Feb 10,
2020 Upgraded to B2 (sf)

Issuer: BBVA RMBS 2, FTA

EUR387.5M Class A3 Notes, Affirmed Aa1 (sf); previously on Feb 10,
2020 Upgraded to Aa1 (sf)

EUR1050M Class A4 Notes, Affirmed Aa1 (sf); previously on Feb 10,
2020 Upgraded to Aa1 (sf)

  EUR112.5M Class B Notes, Affirmed Baa3 (sf); previously on Feb
10, 2020 Upgraded to Baa3 (sf)

EUR100M Class C Notes, Upgraded to Ba2 (sf); previously on Feb 10,
2020 Affirmed Caa2 (sf)

Issuer: BBVA RMBS 3, FTA

EUR1200M Class A1 Notes, Upgraded to A1 (sf); previously on Mar
10, 2020 Upgraded to Baa1 (sf)

EUR595.5M Class A2 Notes, Upgraded to A1 (sf); previously on Mar
10, 2020 Upgraded to Baa1 (sf)

EUR681.03M Class A3a Notes, Affirmed Aa1 (sf); previously on Mar
10, 2020 Affirmed Aa1 (sf)

EUR136.21M Class A3b Notes, Affirmed A1 (sf); previously on Mar
10, 2020 Affirmed A1 (sf)

EUR63.56M Class A3c Notes, Upgraded to Ba1 (sf); previously on Mar
10, 2020 Affirmed Ba2 (sf)

EUR27.24M Class A3d Notes, Upgraded to B1 (sf); previously on Mar
10, 2020 Affirmed B3 (sf)

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

RATINGS RATIONALE

The rating action is prompted by:

decreased key collateral assumptions, namely both the portfolio
Expected Loss (EL) and MILAN CE assumptions for BBVA RMBS 1, FTA
and only the MILAN CE assumption for BBVA RMBS 2, FTA due to better
than expected collateral performance

an increase in credit enhancement for the affected tranches

Revision of Key Collateral Assumptions RMBS

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

The performance of BBVA RMBS 1, FTA and BBVA RMBS 2, FTA has
continued to improve since the respective last rating actions.
Total delinquencies have decreased in the past year, with 90 days
plus arrears currently standing at, respectively, 0.26% and 0.20%
of their current pool balances. Cumulative defaults currently stand
at, respectively, 6.40% and 6.46% of their original pool balances,
not materially up from, respectively, 6.29% and 6.36% a year
earlier. The performance of BBVA RMBS 3, FTA has remained
substantially stable and the absolute amount of cumulative defaults
as a percentage of the original pool balance is higher than what
Moody's can observe on BBVA RMBS 1, FTA and BBVA RMBS 2, FTA at
14.20% as of the latest interest payment date.

Moody's decreased the expected loss assumption for BBVA RMBS 1, FTA
to 5.13% as a percentage of original pool balance from 5.52% due to
the improving performance. The expected loss assumptions were kept
unchaged at their current levels of 4.50% and 10.79% as a
percentage of the respective original pool balances for BBVA RMBS
2, FTA and BBVA RMBS 3, FTA.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has decreased the MILAN CE assumption
to 15.00% and 11.00% from 17.10% and 13.10%, respectively, for BBVA
RMBS 1, FTA and BBVA RMBS 2, FTA.

Increase in Available Credit Enhancement

Sequential amortization and the partial replenishment of the
reserve funds led to the increase in the credit enhancement
available in BBVA RMBS 1, FTA and BBVA RMBS 2, FTA. For BBVA RMBS
3, FTA the increase in the credit enhancement was caused by the
decreasing amount of unpaid principal deficiency ledger and
sequential amortization.

For instance, the credit enhancement for Class B in BBVA RMBS 1,
FTA increased to 15.70% from 12.38% since the last rating action;
the credit enhancement for Class C in BBVA RMBS 2, FTA increased to
2.81% from 1.66% since the last rating action; finally, the credit
enhancement for Class A1 in BBVA RMBS 3, FTA, when considered pro
rata with Classes A2 and A3, increased to 7.93% from 6.43% since
the last rating action.

If certain performance-related triggers were to be cured, including
the reserve fund being replenished at its target level, then issuer
available funds could be allocated to repay mezzanine and junior
notes to reach target ratios (percentages of outstanding notes)
contemplated in the transactions' documentation. This could entail
that the amortization of senior notes could be stopped for at least
some interest payment date, until such target ratios on mezzanine
and junior notes are reached. Given the current sizes of the draws
on the respective reserve funds, this might happen sooner on BBVA
RMBS 2, FTA and BBVA RMBS 1, FTA while this is less likely to
happen on BBVA RMBS 3, FTA given the current large level of unpaid
principal deficiency ledger and the fact that the reserve fund is
currently fully drawn.

Moody's has also considered that if the reserve funds get
replenished at their target levels then they are going to be
amortized to their floor levels at the immediately following
interest payment date. This could potentially happen sooner on BBVA
RMBS 2, FTA and BBVA RMBS 1, FTA while it less likely that this
could occur in BBVA RMBS 3, FTA give the current draw on the
reserve fund and the large level of unpaid principal definciency
ledger.

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

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

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

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

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



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

CLEVELAND BRIDGE: Cuts 53 Jobs Following Administration
-------------------------------------------------------
BBC News reports that troubled steel firm Cleveland Bridge is
making 53 workers redundant, the firm's administrator has
confirmed.

The Darlington-based company, which was founded in 1887 and has
built major engineering projects around the world, entered
administration in July, BBC recounts.

Administrator FRP said 53 mostly office jobs had been made
redundant while 25 core staff remained at work and 153 on furlough
as a buyer was sought, BBC relates.

FRP said the roles were being made redundant for "operational and
financial" reasons, BBC notes.

The firm, as cited by BBC, said it was "continuing to hold
discussions with interested parties having marketed the business
for sale".

According to BBC, in a joint statement, Tees Valley mayor Ben
Houchen and Sedgefield and Darlington MPs Paul Howell and Peter
Gibson, said: "Since the company fell into administration last
month our number one priority has been to save as many jobs as
possible while a buyer for the company is found, and this remains
the case."

They said they were "optimistic" a buyer would be found as
production was due to resume soon to complete existing orders.

Cleveland Bridge has helped build structures all over the world
including Wembley Stadium's arch, London's Shard and Dubai
International Airport.


GATOR HOLDCO: S&P Affirms B- Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Gator
Holdco (UK) Ltd. (dba Aptean), an enterprise resources planning
(ERP) provider focused on small and medium sized businesses
(SMBs).

S&P said, "At the same time, we affirmed the 'B-' issue-level
rating on Aptean's revolving credit facility and first-lien term
loan, including the new $125 million incremental first-lien term
loan. The recovery rating remains '3'.

"We also affirmed the 'CCC' issue-level rating on Aptean's
second-lien term loan. The recovery rating remains '6'.

"The stable outlook reflects our expectation that Aptean will be
able to achieve the acquisitions' cost savings plan without
disrupting its business operations, roll off one-time restructuring
and acquisition costs, and grow organic revenue modestly, such that
it can generate sufficient unadjusted free operating cash flow
(FOCF) to satisfy its debt requirements.

"We affirmed our rating on Aptean following its announcement of
several tuck-in acquisitions focused primarily on ERP solutions
funded with a $125 million incremental first-lien term loan and $50
million PIK preferred equity. We will treat this $50 million
preferred equity as debt for analytical purposes because it is
callable and the PIK margin is high and creates an incentive for
redemption in our view, potentially with proceeds from new debt.
However, the preferred equity does not detract from our view of
Aptean's credit quality because it is subordinated to the company's
debt and does not require cash payments.

"Given how aggressive Aptean's financial sponsor has been with
debt-funded acquisitions in the past, Aptean's starting leverage
for these transactions will be higher than 14x. This includes all
the preferred equity, which we treat as debt for analytical
purposes. The preferred equity adds almost two turns of leverage to
starting leverage. We note the company has significant EBITDA add
backs, most of which we do not include in our EBITDA calculation,
which results in very high leverage. However, we believe synergies
and one-time costs roll off from previous Aptean acquisitions will
flow through into Aptean's EBITDA, which will improve leverage. We
project that Aptean's synergies and rolled off costs will help
decrease leverage to the low-9x area in 2022, with preferred equity
adding one and a half turns of leverage. We believe Aptean may
continue exploring acquisition opportunities, but it has little
room within the limits of the rating for additional debt-funded
acquisitions that increase leverage.

"The stable outlook reflects our expectation that Aptean will be
able to achieve the acquisitions' cost savings plan without
disrupting business operations, roll off one-time restructuring and
acquisition costs, and grow organic revenue modestly, such that it
can generate sufficient unadjusted FOCF to satisfy its debt
requirements.

"We could downgrade Aptean over the next 12 months if the company
underperforms its cost savings plan, one-time cost roll offs or
revenue targets due to the macroeconomic impact of COVID-19,
problems related to acquisitions or integrations, or weak customer
demand on the transition to subscription revenue, such that FOCF
after debt service is around breakeven. We could also downgrade
Aptean if it engages in debt-funded acquisitions or shareholder
returns that increase leverage.

"While unlikely over the next 12 months, we could raise the rating
if Aptean maintains leverage below 7x through debt-funded
acquisitions or shareholder returns and keeps FOCF to debt above
5%. Aptean could achieve this if it can increase demand for its
subscription revenue and achieves its cost structure optimization.
However, we believe the company is likely to leverage EBITDA and
cash flow growth for acquisitions, rather than for ratings
upgrades."


ITHACA ENERGY: Fitch Rates USD625MM Notes Final 'B+'
----------------------------------------------------
Fitch Ratings has assigned Ithaca Energy (North Sea) Plc's USD625
million notes due 2026 a final senior unsecured rating of 'B+' with
a Recovery Rating of 'RR3'. The notes are guaranteed by Ithaca
Energy Ltd (Ithaca; B/Stable) and are subordinated to Ithaca's
reserve-based lending (RBL) facility. Ithaca's USD500 million notes
have been redeemed in full.

While the credit profile of Delek Group, Ithaca's 100% parent,
remains vulnerable in view of its weak liquidity and fairly high
debt load, the group has managed to significantly reduce debt over
the last year through a series of disposals and equity
transactions. Also, following the refinancing, Delek has received
USD250 million from Ithaca in repayment of a shareholder loan.
Fitch believes that Ithaca's credit documentation is robust with
sufficient ring-fencing and should prevent Delek from upstreaming
substantial cash from Ithaca, based on distributions conditions and
fairly modest distributions made to the parent since it started
experiencing liquidity issues.

The rating of Ithaca reflects its lower proved reserves than
peers', and potential acquisitions to replenish reserves and
maintain a stable production profile over the long term. Rating
strengths are low leverage, a strong hedging position and sound
standalone liquidity.

KEY RATING DRIVERS

Stabilising Production, High Costs: Because many of Ithaca's assets
are beyond their mid-life point, the medium-term production profile
of the company will largely depend on its capex programme and
potential acquisitions. Fitch assumes Ithaca's production to remain
within 60-65 thousand barrels of oil equivalent per day (kboe/d) in
2021-2024. Ithaca's cost position of USD16/boe in 2020 was fairly
high though typical for the United Kingdom Continental Shelf
(UKCS), and could put the company at a disadvantage in a
consistently low oil-price environment.

Strong Hedging Position: In 2020, Ithaca's cash flow generation was
strongly supported by hedging arrangements, which added USD373
million to revenue. In 2021, Ithaca is likely to incur losses with
regard to its swap arrangements given those are currently
out-of-the money; however, its operating cash flow and free cash
flow (FCF) will remain robust. Its hedging strategy should protect
the company in times of financial stress, even though forward oil
prices are now lower than spot prices and hedging may prove less
efficient than in 2020.

Low Leverage: Fitch expects Ithaca's leverage to remain
conservative. Fitch's rating case assumes that its RBL facility
will be gradually paid out though Fitch believes that it can also
be used for acquisitions. Fitch forecasts Ithaca's funds from
operations (FFO) net leverage to remain comfortably below 2x in
2021-2024.

Low Proved Reserves: Ithaca's low proved (1P) reserve life ratio of
five years is mitigated by a proved and probable (2P) reserve life
of eight years and a strong financial profile. This is not unusual
in the UKCS given the basin's ageing characteristics. Fitch expects
Ithaca to replenish reserves organically and through acquisitions.
Ithaca's recently sanctioned Captain EOR Stage 2 project should be
positive for the company's ability to replenish reserves and
maintain a stable production profile in the medium term.

High but Long-Term Decommissioning Obligations: Ithaca's
decommissioning liabilities at end-2020 were high at USD1.1 billion
(net of the decommissioning reimbursement from Chevron), or
USD5.5/boe per 2P reserves (Aker BP: USD3.3/boe; Neptune Energy:
USD2.7/boe). The majority of its decommissioning-related cash
outflows are expected after 2026 and are tax-deductible. They are
not added to debt, but deducted from projected operating cash flow
as they are being incurred.

Delek's Financial Restructuring: Israel-domiciled Delek has repaid
all its bank debt, as previously agreed with its creditors, aided
by selective disposals and equity transactions. Its liquidity,
however, remains weak; as at 1 July 2021, Delek's projected
two-year principal and interest payments were NIS3.7 billion (about
USD1.15 billion). Delek is planning to meet its obligations through
a series of transactions, including shareholder loans and dividends
from Ithaca (around NIS820 million), an equity transaction in
Ithaca (around NIS1 billion), equity financing and disposals.

Ring-Fencing Mechanism: Fitch believes that Ithaca's credit
documentation limits Delek's ability to extract high dividends and
other distributions from the subsidiary, which is evident in the
limited dividends paid by Ithaca in 2020-1H21 (USD135 million).
Ithaca has amended and extended its RBL and refinanced its USD500
million bond, and based on the new notes' documentation Fitch
believes that the restrictions present in the previous
documentation has largely remained in place.

Refinancing Completed: Following placement of the USD625 million
notes and the RBL extension Ithaca has repaid the largest part of
its shareholder loan to Delek (USD250 million), but any further
distributions will be subject to the 1.3x incurrence net debt
covenant test (defined broadly in line with net debt/EBITDAX), and
other tests. Ithaca is not allowed to provide intra-group loans or
guarantee external debt based on its RBL and bond documentation, or
attract material new debt.

ESG Influence: Ithaca has an ESG Relevance Score of '4' for 'Waste
and Hazardous Materials Management; Ecological Impacts' due to high
decommissioning liabilities. Because of the high decommissioning
obligations, Fitch applies a 3.5x multiple in Fitch's recovery
analysis.

DERIVATION SUMMARY

Ithaca's scale, measured by the level of production (currently
about 66kboe/d in 2020), is broadly in line with that of Kosmos
Energy Ltd (B/RWN) and Seplat Petroleum Development Company
(B-/Positive). However, Ithaca's absolute level of proved reserves
is lower than that of Kosmos and Seplat, which results in a weaker
1P reserve life of five years. This is mitigated by Ithaca's
forecast low leverage and strong FCF generation capacity over
Fitch's four-year forecast horizon, as well as adequate 2P reserve
life of eight years.

KEY ASSUMPTIONS

-- Average production: 62kboe/d over 2021-2024;

-- Brent: USD63/bbl in 2021, USD55/bbl in 2022, USD53/bbl in
    2023-2024;

-- Capex of around USD245 million per year in 2021-2024;

-- Dividends at USD20 million in 2021 and USD200 million in total
    over 2023-2024;

-- No cash taxes in 2021-2024 due to Ithaca's favourable cash tax
    position.

Key Recovery Analysis Assumptions:

-- Fitch's recovery analysis is based on a going-concern (GC)
    approach, which implies that Ithaca will be reorganised rather
    than liquidated in a bankruptcy.

-- The GC EBITDA estimate reflects Fitch's view of a sustainable,
    post-reorganisation EBITDA level upon which Fitch bases the
    enterprise valuation (EV).

-- Ithaca's going-concern EBITDA reflects Fitch's view on EBITDA
    generation without any hedging, assumed oil-price decline to
    USD40/bbl followed by a modest recovery, yielding an average
    GC EBITDA of about USD420 million.

-- A 3.5x multiple reflects the declining profile of Ithaca's
    production assets and the decommissioning obligation
    associated with them.

-- Fitch treats RBL as senior to unsecured notes in the
    waterfall.

Based on the new capital structure (assuming the borrowing base of
USD925 million, excluding the letter-of-credit portion, following
the RBL extension to be fully utilised) and after a deduction of
10% for administrative claims, Fitch's waterfall analysis generated
a waterfall-generated recovery computation (WGRC) for the USD625
million senior unsecured notes in the 'RR3' band, indicating a
final 'B+' instrument rating. The WGRC output percentage on these
metrics and assumptions is 64%.

RATING SENSITIVITIES

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

-- Consistently improved reserve life (e.g. 1P consistently at or
    above five years) while maintaining a conservative financial
    profile.

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

-- Adverse change in financial policies or practices, including
    the parent successfully upstreaming significant amounts of
    cash from, or taking other measures that negatively affect
    Ithaca;

-- Inability to replenish proved reserves and/or production
    falling consistently below 50kboe/d;

-- FFO net leverage consistently above 3.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Standalone Liquidity: Ithaca's standalone liquidity is
strong. The company has substantial liquidity buffers due to its
strong projected FCF and unutilised portion of its RBL. Fitch views
the re-determination risk of its RBL as low, given the facility is
not fully utilised.

ISSUER PROFILE

Ithaca is an exploration and production company focusing on the
North Sea. The company's 2020 output stood at 66kboe/d, mainly from
assets bought by Ithaca from Chevron in 2019.

ESG CONSIDERATIONS

Ithaca has an ESG Relevance Score of '4' for 'Waste & Hazardous
Materials Management; Ecological Impacts' due to high
decommissioning obligations, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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

MATCAS: Goes Into Liquidation, Owes More Than GBP50,000
-------------------------------------------------------
Angus Williams at East Anglian Daily Times reports that MATCAS, a
Haverhill-based building firm, has gone into liquidation owing more
than GBP50,000 -- with just GBP2.42 in the bank.

MATCAS -- a firm which originally operated heavy machinery in the
construction industry, before moving on to become a car wash --
appointed liquidators from Cooper Young on July 19, East Anglian
Daily Times relates.

According to documents filed with Companies House, the firm owed
GBP50,758.58 to creditors when it went under, East Anglian Daily
Times discloses.

MATCAS's largest creditor was Barclays Bank, which was left on the
hook for GBP50,000, East Anglian Daily Times states.

But Zafar Iqbal, partner at liquidators Cooper Young, said there
was no chance of creditors seeing a return on their funds "unless
our investigations into affairs of the company discover any assets
or receivables", East Anglian Daily Times notes.

He added: "According to the director's statement of affairs dated
July 5 2021, the cash at bank was GBP2.42.

"It is right to say the company was negatively affected by poor
economic trading conditions driven by the Covid-19 crisis, and also
had an adverse impact of IR35 regulations."


MINSTER BUILDING: Enters Administration Due to Covid-19 Impact
--------------------------------------------------------------
Business Sale reports that Minster Building Company, a
Nottinghamshire construction company specializing in assisted
living facilities for vulnerable people, has fallen into
administration.

According to Business Sale, Minster's joint administrators Louise
Freestone -- louise.freestone@opusllp.com -- and Mark Ranson --
mark.ranson@opusllp.com -- of Opus Restructuring and Insolvency
Partners, who were appointed on July 19, said that the business had
succumbed to the effects of Covid-19, as well as the "acute
difficulties" facing the construction industry.

For the year ending December 31 2019, its total assets less
liabilities were valued at around GBP1.15 million, Business Sale
relays, citing Mansfield-based company's most recent accounts.
Reports indicate that, at the time of its collapse, the firm owed
around GBP1.2 million to trade suppliers, GBP170,000 to HMRC and
had an estimated GBP140,000 in employee claims, Business Sale
notes.

The company experienced pandemic-related delays to the planning and
construction phases of numerous projects, Business Sale relates.
This situation was then exacerbated by significant price increases
on building materials, resulting in the firm's projects becoming
loss-making, Business Sale states.  Work at all sites subsequently
stopped and the company will cease trading due to the losses
incurred on its contracts, Business Sale discloses.


SILENTNIGHT: Tribunal Imposes GBP13MM Fine on KPMG Over Sale to HIG
-------------------------------------------------------------------
Michael O'Dwyer at The Financial Times reports that KPMG has been
fined GBP13 million and ordered to pay more than GBP2.75 million in
costs by an independent tribunal over serious misconduct in its
role in the sale of bed manufacturer Silentnight to a private
equity fund.

The disciplinary tribunal found in June that KPMG and one of its
partners failed to comply with the UK accounting profession's
fundamental principles of objectivity and integrity when they
advised on the sale of Silentnight to US private equity firm HIG
Capital through a pre-pack administration in 2011, the FT
recounts.

The findings followed a four-week hearing in which the Financial
Reporting Council argued that KPMG had helped HIG to drive
UK-listed Silentnight into an insolvency process so the private
equity group could acquire the company without the burden of its
GBP100 million pension scheme, the FT relates.

The tribunal described the history of KPMG's involvement in the
case as "deeply troubling" and concluded that the accounting firm
wanted to maintain good relations with HIG, which it was nurturing
as a potential client, the FT notes.

According to the FT, KPMG was found to have acted in the interests
of HIG, which were "diametrically opposed" to those of its client
Silentnight.

KPMG and David Costley-Wood, the partner who advised Silentnight on
the sale, were also found to have shown a lack of integrity because
of Mr. Costley-Wood's dishonesty in his dealings with the Pension
Protection Fund and The Pensions Regulator, the FT discloses.

In addition to the financial sanctions, KPMG was severely
reprimanded by the tribunal, the FT states.  It was ordered to
appoint an independent reviewer to investigate why threats to its
objectivity were not identified and to examine a sample of other
previous cases to check for similar failings, the FT notes.  The
reviewer will also examine the firm's policies and training
programmes in light of its findings, according to the FT.

Mr. Costley-Wood, who retired from KPMG in June, was fined
GBP500,000, severely reprimanded and excluded from holding an
insolvency license or being a member of the Institute of Chartered
Accountants in England and Wales (ICAEW), the FT discloses.  KPMG
confirmed that it would pay on
Mr. Costley-Wood's behalf, the FT says.

In an unusual intervention, the Pension Protection Fund said the
fines, which are due to be paid to the ICAEW, should be used to
plug the shortfall in the Silentnight pension scheme, the FT
relates.

HIG reached a separate GBP25 million settlement with the UK
Pensions Regulator in March after the watchdog alleged it had
deliberately caused the unnecessary insolvency of Silentnight,
while leaving the pension scheme for 1,200 employees to fall into
the Pension Protection Fund industry lifeboat scheme, the FT
recounts.

HIG went on to complete the purchase of KPMG's restructuring
division, which advised on the Silentnight sale, in May this year
in a deal worth more than GBP350 million, the FT relays.




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

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

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

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

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

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

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

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



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

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

This material is copyrighted and any commercial use, resale or
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