/raid1/www/Hosts/bankrupt/TCREUR_Public/210810.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Tuesday, August 10, 2021, Vol. 22, No. 153

                           Headlines



F R A N C E

BURGER KING FRANCE: Moody's Affirms B3 CFR, Alters Outlook to Pos.
PICARD GROUPE: Fitch Assigns Final B+ Rating to Senior Sec. Notes


G E O R G I A

GEORGIA: Fitch Affirms 'BB' LT FC IDR, Alters Outlook to Stable


G E R M A N Y

WIRECARD: Prosecutors Dismiss Probe Into Ex-Deutsche Board Member


I R E L A N D

AIB GROUP: S&P Downgrades Additional Tier 1 Notes Rating to 'B'
HARVEST CLO XXII: Fitch Affirms B- Rating on Class F Notes
MADISON PARK XVII: S&P Assigns Prelim B-(sf) Rating on Cl. F Notes
NORTH WESTERLY V: Fitch Assigns B- Rating on Class F-R Tranche
NORTH WESTERLY V: Moody's Assigns B3 Rating to EUR12.8MM F Notes

SCULPTOR EUROPEAN VI: S&P Assigns Prelim B- (sf) Rating on F Notes
SEGOVIA EURO 2-2016: Fitch Affirms B- Rating on Class F Notes
TORO EUROPEAN 2: Moody's Assigns B3 Rating to EUR10.3MM F Notes
TORO EUROPEAN 2: S&P Assigns B-(sf) Rating on $10.3MM Cl. F Notes
TORO EUROPEAN 6: Fitch Affirms B- Rating on Class F Notes



I T A L Y

4MORI SARDEGNA: DBRS Confirms B(sf) Rating on Class B Notes
ARAGORN NPL 2018: DBRS Confirms CC Rating on Class B Notes
BRISCA SECURITIZATION: DBRS Confirms CCC Rating on Class B Notes


N E T H E R L A N D S

GAMMA INFRASTRUCTURE: Moody's Withdraws B3 CFR Over Debt Repayment


R U S S I A

ABSOLUT BANK: Moody's Confirms B2 Long Term Deposit Ratings
ROSENERGO LTD: Bank of Russia Ends Provisional Administration
RUSSIAN REINSURANCE: AM Best Affirms B(Fair) Fin'l. Strength Rating


S P A I N

TDA CAM 9: Moody's Upgrades Rating on EUR48MM Class B Notes to B2
VALENCIA HIPOTECARIO 3: Fitch Affirms CCC Rating on Cl. D Tranche


S W I T Z E R L A N D

SUNRISE COMMUNICATIONS: Fitch Affirms Then Withdraws 'BB-' IDR


U K R A I N E

UKRAINE: Fitch Affirms 'B' LT FC IDR, Alters Outlook to Positive


U N I T E D   K I N G D O M

FINSBURY SQUARE 2018-2: Moody's Ups GBP18M Cl. E Notes Rating to B2
GAVIN WOODHOUSE: SFO Launches Fraud Investigation
GFG ALLIANCE: Gupta Pays US$25 Mil. to Settle Rio Tinto Dispute
GREENSILL: Credit Suisse Repays Another US$400M to Fund Investors
KIER GROUP: HS2 Railway Contract Saved Business from Collapse

TOWD POINT 2018-AUBURN: DBRS Confirms BB Rating on Class E Notes

                           - - - - -


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F R A N C E
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BURGER KING FRANCE: Moody's Affirms B3 CFR, Alters Outlook to Pos.
------------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on the ratings of Burger King France SAS ("BK France" or
"the company"). Concurrently, Moody's has affirmed BK France's B3
corporate family rating, B3-PD probability of default rating and
the B3 ratings of the EUR310 million senior secured floating-rate
notes due 2023 and the EUR315 million senior secured fixed-rate
notes due 2024 issued by BK France.

"The outlook change to positive reflects our view that the recently
announced disposal of the Quick business will potentially allow BK
France to reduce leverage and paves the way for the refinancing of
its capital structure, which has a debt maturity wall in 2023 and
2024," says Igor Kartavov, a Moody's lead analyst for BK France.

"However, there is still uncertainty regarding the use of proceeds
from the disposal, the company's future capital structure,
including the refinancing of the EUR200 million PIK notes outside
of the restricted group, the recovery in its operating performance
in 2021 following a subdued Q1 and its future network development
plans," adds Mr. Kartavov.

RATINGS RATIONALE

The rating action follows BK France's announcement on July 30, 2021
[1] that it had entered into an agreement to dispose the remaining
restaurants that it operates under the Quick brand to funds managed
by US-based private equity firm H.I.G. Capital through the sale of
a 100% stake in its indirect subsidiary Quick Restaurants S.A. As a
result of this divestment, BK France will receive around EUR240
million of proceeds, which the company is mainly planning to use to
reduce debt, particularly to repay the EUR80 million
state-guaranteed (PGE) loan that it raised in June 2020.

The business to be divested comprises a network of 107
Quick-branded restaurants in France, most of which focus on halal
menu offering, as well as the rights for the global (except
Belgium) use of the Quick brand. In 2019 (2020 numbers are
distorted by the impact of the coronavirus pandemic), the
transaction perimeter generated systemwide sales and EBITDA of
EUR227 million and EUR21 million, respectively, accounting for
16%-17% of the company's consolidated systemwide sales and EBITDA.

The agreement signed by BK France eliminates the uncertainty
regarding the company's ability to execute this disposal in an
operating environment shaped by the pandemic, and the transaction's
timing and valuation. Moody's positively notes the company's
ability to secure an adequate valuation for its Quick business
following almost one and a half years of challenging operating
conditions for the restaurant industry.

However, the impact of the disposal on the company's leverage will
depend on the use of proceeds, which has not been finalized so far.
Depending on the amount of disposal proceeds that are used to
reduce debt within the restricted group, Moody's expects BK
France's leverage, measured by Moody's-adjusted gross debt/EBITDA,
to be in the 6.5x-7.5x range in 2021 and in the 5.5x-6.5x range in
2022. These levels compare favourably with the 6.5x threshold for
an upgrade to the B2 category.

However, the company's capital structure includes EUR200 million of
PIK notes due in December 2022 issued by NewCo GB SAS, an entity
which holds the majority stake in BK France and is outside of the
restricted group. Potential application of proceeds to partly repay
the PIK instrument, as well as the uncertainty regarding the
refinancing of this instrument, could reduce immediate positive
pressure on the company's ratings, although Moody's understands
that the management aims to focus on reducing the debt of the
restricted group.

BK France faces significant debt maturities in the next 3 years,
including the EUR310 million senior secured floating-rate notes due
in May 2023 and the EUR315 million senior secured fixed-rate notes
due in May 2024, as well as the EUR80 million state-guaranteed loan
and the EUR20 million outstanding under its EUR80 million revolving
credit facility expiring in April 2022. Moody's understands that
the company aims to refinance its capital structure concurrently
with the completion of the Quick disposal, both of which the
management intends to complete until the end of 2021.

The rating action incorporates governance considerations associated
with the company's financial strategy and risk management. In
Moody's view, BK France's publicly stated commitment to use the
proceeds from the disposal to reduce the company's debt exemplifies
its balanced financial policy.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's view that BK France will be
able to successfully complete the disposal of the Quick business,
using most of the proceeds to reduce debt, and that it will
finalize the refinancing of its capital structure in due course.
Quantitatively, the positive outlook reflects Moody's expectation
that BK France's Moody's-adjusted gross debt/EBITDA will decrease
to or below 6.0x by the end of 2022.

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

Moody's could consider an upgrade of the company's ratings if its
credit metrics recover after the temporary restaurant shutdowns,
with Moody's-adjusted gross debt/EBITDA decreasing below 6.5x and
Moody's-adjusted EBIT/interest expense rising above 1.5x on a
sustainable basis. An upgrade would also be conditional on greater
clarity regarding the use of proceeds from the sale of the
company's remaining Quick restaurants and the refinancing of its
capital structure.

Although unlikely given the positive outlook, the downward pressure
on the ratings could arise in case of more protracted implications
of the coronavirus pandemic for the company's financial metrics,
such that its Moody's-adjusted gross debt/EBITDA does not recover
to less than 7.5x in 2021. The ratings would come under immediate
negative pressure if the company's liquidity deteriorates beyond
Moody's current expectations.

LIST OF AFFECTED RATINGS

Issuer: Burger King France SAS

Affirmations:

Probability of Default Rating, Affirmed B3-PD

Long-term Corporate Family Rating, Affirmed B3

BACKED Senior Secured Regular Bond/Debenture, Affirmed B3

Outlook Action:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurants
published in August 2021.

COMPANY PROFILE

Headquartered in Paris, Burger King France SAS is the
second-largest fast-food restaurant chain in France with a network
of 508 restaurants as of March 31, 2021, including 383 restaurants
under the Burger King brand and 125 restaurants under the Quick
brand (of which seven are outside of France). For 2020, the company
reported systemwide sales of EUR1,082 million (2019: EUR1,361
million), revenue of EUR419 million (2019: EUR588 million) and
EBITDA of EUR135 million (2019: EUR197 million), including
operations presented as discontinued. The company's majority
shareholder is Groupe Bertrand, one of the leading hotel and
restaurant operators in France.

PICARD GROUPE: Fitch Assigns Final B+ Rating to Senior Sec. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Picard Groupe SAS's (Picard) and
Lion/Polaris Lux 4 S.A.'s respective new senior secured notes final
ratings of 'B+' with a Recovery Rating of 'RR3'. It has also
assigned Picard Bondco S.A.'s EUR310 million senior unsecured notes
a final rating of 'CCC+' with 'RR6'. A full list of rating actions
is stated below.

Fitch has also affirmed the Long-Term Issuer Default Rating (IDR)
of Picard Bondco at 'B' with a Negative Outlook.

The EUR750 million notes and the EUR650 million senior secured
notes, issued respectively by Picard and Lion/Polaris Lux 4 S.A.,
rank pari-passu, share the same security package and mature on the
same date. The unsecured notes issued by Picard Bondco S.A. are
secured on a second-ranking basis and mature one year later.

The final ratings are in line with the expected ratings that Fitch
assigned on 27 June 2021.

Proceeds from the senior secured and unsecured notes were used to
redeem the previous EUR1,250 million senior secured notes and
EUR310 million senior unsecured notes, and to fund shareholder
distributions of EUR274 million.

The dividend recapitalisation puts on hold Picard's rapid
deleveraging over the past two years. Fitch expects funds from
operations (FFO) adjusted gross leverage to remain at 8.5x-9.0x in
the financial year ending March 2023 and beyond (after peaking
above 9x in FY22), which is outside the levels compatible with the
current rating. Therefore, Picard has no rating headroom, which
underpins the Negative Outlook. Future operating performance,
alongside the materiality of further shareholder distributions,
will help determine the rating trajectory. Its persistently high
leverage weighs on the group's Long-Term IDR.

Positively the IDR reflects Picard's leading position and premium
positioning in the frozen-food market in France, anchored around
the group's strong performance since the start of the pandemic,
continuing profitability, which remains very high versus sector
peers', and sound financial flexibility.

Fitch has withdrawn the rating on Picard Groupe S.A.S.'s senior
secured EUR30 million revolving credit facility (RCF) as it has
been redeemed.

KEY RATING DRIVERS

Dividend Recapitalisation Affects Leverage: The cash distribution
to shareholders has increased total debt by around EUR150 million.
Picard's high leverage is weighs on the IDR, with FFO adjusted
gross leverage expected to remain around 9.0x until at least FY23,
a level more commensurate with the 'CCC' rating category.
Shareholders continue to extract cash from Picard's highly
cash-generative business model, following dividend recaps of 2017
and 2018, although Fitch acknowledges management intentions to
deleverage over the medium term. The group still has strong
deleveraging capacity but has exhausted its headroom under its 'B'
rating.

Lower Near-Term Refinancing/Liquidity Risks: The refinancing of all
Picard's debt has moved debt maturities to FY26, mitigating
refinancing risk for several years. Liquidity is also supported by
a new RCF of EUR60 million. In the longer term, Fitch still sees
material refinancing risk, subject to the sponsors' attitude
towards deleveraging closer to key contractual debt maturities, in
the absence of incentives to deleverage in advance. Fitch expects
deleveraging to be slow, with FFO adjusted gross leverage likely to
remain above 8.0x until 2025 when refinancing would become more
pressing.

Strong Covid 19-Driven Performance: After a moderate start to FY20
with neutral-to-mild like-for-like (LFL) sales growth, Picard saw
LFL sales growth accelerate to 14% in 4QFY20 and around 15% in
FY21. Effective negotiations with suppliers allowed to the group to
maintain healthy operating margins.

Given its strong brand awareness and remaining uncertainties over
social- distancing and restriction measures that are expected to
last well into 2021, Fitch forecasts at least part of those
extraordinary revenues to be retained. Fitch still forecasts a high
single-digit decrease in LFL sales in FY22 due to a high base
effect in FY21, albeit in line with other rated food retailers' as
the effect of the pandemic abates.

Less Pressure on Profitability: Due to its demonstrated ability to
control costs, Fitch expects Picard will maintain its EBITDA margin
at over 13% in the medium term. Fitch still expects margins to
trend downwards over the next four years due to a tougher cost
environment in France than in previous years. Fitch believes that
Picard's profit margins, which remain very high for the sector,
will continue to be underpinned by the group's business model, with
revenues largely generated by own-brand products and structurally
profitable asset-light international expansion. Maintaining solid
profitability and cash generation remains key to an Outlook
revision to Stable, alongside a moderation in shareholder
distributions.

Uncertainty Over Financial Policy: The shareholder structure of
Picard changed in 2020-2021, as Aryzta sold its remaining stake in
the group. However, Fitch expects a shareholder-friendly policy to
remain in place, as the new bond documentation allows for larger
dividend distribution, including accumulation of permitted
distribution amount as the unused dividend limit is now carried
over. Fitch's rating case, however, factors in moderate amounts of
annual dividends of around EUR30 million over the next four years,
and does not include in its forecast dividends other than those
already paid for FY22.

Robust Business Model: Picard's leadership in a niche market and a
highly profitable own brand continue to underpin the group's
business model. Despite its strong performance, structural market
changes that are likely to accelerate after the pandemic and
growing competition from organic food retailers in France are
likely to add pressure on sales and profitability. However, Fitch
does not expect significant pressures for at least over the next
two years.

Positive Free Cash Flow: Fitch expects Picard to consistently
benefit from a high cash conversion due to structurally high
profitability, limited working-capital swings and low capex needs.
Fitch therefore expects positive free cash flow (FCF) in FY22-FY24,
despite fairly high interest costs (due to its debt quantum) and
forecast dividends. Fitch continues to see this cash flow
generation as a key positive differentiating factor from retail
peers, offsetting Picard's high leverage to some extent.

DERIVATION SUMMARY

Picard's rating remains constrained by the group's significantly
higher leverage than peers'. Despite a robust business model in the
niche frozen-food segment, its overall profile is weaker than that
of larger food-retail peers, such as Russian retailers X5 Retail
Group N.V. (BB+/Stable) or Lenta LLC (BB/Positive), due to its
smaller scale and poorer diversification. Picard is also smaller
than UK frozen-food specialist Lannis Limited (Iceland)
(B/Stable).

However, Picard enjoys a strong brand awareness, which is key for
its strong positioning as a market leader in the French frozen-food
retail sector. Picard also has high profitability, due mainly to
its unique business model mostly based on own-branded products,
which makes it comparable to food manufacturers, rather than to
immediate food-retailing peers. This differentiating factor implies
superior cash flow generation that supports financial flexibility
and comfortable liquidity.

KEY ASSUMPTIONS

Fitch's key assumptions for its rating case include:

-- Revenue normalising to a decline of around 7% in FY22 due to a
    high base effect in FY21, and 3%-4% CAGR from FY23.

-- Capex averaging 3% of sales over the next four years.

-- EUR274 million cash distribution to shareholders in FY22,
    followed by on average EUR30 million per annum from FY23
    (Fitch's modelling assumption).

-- Working-capital normalisation reflected in a gradual decrease
    of payable days over the next four years.

KEY RECOVERY ASSUMPTIONS

In Fitch's recovery analysis, Fitch follows a going-concern (GC)
approach in restructuring and believe that Picard would be
reorganised in bankruptcy rather than liquidated.

Our calculations reflect Picard's brand value and well-established,
albeit niche, position, in the French frozen-food market. Its GC
enterprise value of EUR990 million is based on a post-restructuring
GC EBITDA of EUR165 million, reflecting permanent improvements to
its cost structure and an increased customer base in recent years.
Fitch regards this level of GC EBITDA as appropriate as it would be
sufficient to cover a cash debt service cost of EUR60 million,
estimated cash taxes under a stressed scenario of about EUR40
million and sustainable capex of EUR55 million to maintain the
viability of Picard's business model.

Fitch applies a multiple of 6.0x to reflect Picard's structurally
cash-generative business operations, despite their small scale.

After deducting 10% for administrative charges, post-restructuring
enterprise value is EUR891 million.

Fitch also assumes a fully drawn EUR60 million RCF under the new
debt structure.

Under the new debt structure, Fitch's waterfall analysis generates
a ranked recovery for the super-senior RCF in the 'RR1' category,
leading to a 'BB' instrument rating with a waterfall generated
recovery computation (WGRC) output percentage of 100% based on
current metrics and assumptions. The waterfall analysis generates a
ranked recovery for the senior secured notes in the 'RR3' category,
resulting in a 'B+ rating with a WGRC of 59%, and for the senior
unsecured notes in the 'RR6' category, with a rating of 'CCC+' and
a WGRC of 0%.

RATING SENSITIVITIES

Factors that may, individually or collectively, lead to an
upgrade:

-- Continuation of solid operating performance, for example,
    reflected in positive LFL revenue growth from FY23 onwards,
    and superior profitability for the sector with strong FCF
    margins in mid-single digits;

-- FFO adjusted gross leverage below 6.5x on a sustained basis,
    driven mostly by debt prepayments reflecting a commitment to
    more conservative capital allocation;

-- FFO fixed-charge cover above 2.2x on a sustained basis.

Factors that may, individually or collectively, lead to outlook
revision to stable:

-- Continuation of solid operating performance, as reflected in
    neutral-to-positive LFL revenue growth from FY23, along with
    high profitability - e.g. at least low-to-mid single-digit FCF
    margins;

-- Evidence of less aggressive capital allocation leading to FFO
    adjusted gross leverage trending towards 8.5x, or below, over
    the next four years;

-- FFO fixed-charge cover above 2.0x on a sustained basis.

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

-- Deteriorating competitive position post-pandemic leading to
    sustained erosion in LFL sales growth and EBITDA margin, in
    tandem with an aggressive dividend policy resulting in FFO
    adjusted gross leverage remaining above 8.5x (7.0x net of
    cash) by FYE23;

-- In the event of operating outperformance, material dividend
    distributions leading to FFO adjusted gross leverage remaining
    above 9.0x over the next four years, or above 8.5x (7.0x net
    of cash) at least two years before major contractual debt
    maturities;

-- Diminished financial flexibility, due to lost financial
    discipline; reduced liquidity headroom; or FFO fixed-charge
    cover permanently below 1.5x.

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

Comfortable Liquidity: Fitch expects Picard's liquidity to remain
healthy. The new EUR60 million RCF provides extra liquidity,
further improving the group's liquidity profile. Fairly low capex
intensity and manageable working-capital outflows provide healthy
positive FCF generation that further reinforces liquidity. Fitch
forecasts Picard to maintain healthy available cash levels of at
least EUR150 million over FY22-FY24, but liquidity can be
threatened by sizeable cash outflows related to M&A or dividend
distributions.

ISSUER PROFILE

Picard is a French food retailer, with a leading market share
(around 20%) in the highly specialised and niche frozen-food
market.

ESG CONSIDERATIONS

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



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G E O R G I A
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GEORGIA: Fitch Affirms 'BB' LT FC IDR, Alters Outlook to Stable
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Georgia's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Stable from
Negative and affirmed the IDR at 'BB'.

KEY RATING DRIVERS

The revision of the Outlook on Georgia's IDRs reflects the
following key rating drivers and their relative weights:

MEDIUM

The Outlook revision reflects a much-improved macroeconomic
baseline, and Fitch's confidence that the Georgian authorities will
continue implementing policies supporting macroeconomic stability
and medium-term sustainability of public finances. Georgia was hard
hit by the pandemic, but it navigated the external shock well. A
credible policy framework and strong support from official
creditors increased external buffers despite higher financing
needs. This year's projected strong economic recovery will help
government debt to start declining, while accumulated fiscal
buffers will help limit pandemic-related risks.

Georgia's economic recovery has gained surprising momentum.
Estimates from national statistics (GEOSTAT) show real GDP growth
in the first six months of 2021 increased 12.7% year-on-year.
Beyond the base effect, activity has been supported by growth in
remittances, goods exports, and a gradual return of tourists. The
stronger economic activity has led Fitch to revise up 2021 real GDP
by 3.5pp from Fitch's review six months ago, to 7.8% (after a
contraction of 6.2% in 2020), implying that output will exceed its
2019 level this year. For 2022-2023, a more robust recovery in the
tourism sector and an increase in investment, means Fitch forecasts
real GDP growth to average 5.4%, above potential of 4.0-4.5%. Risks
surrounding the pandemic, pace of vaccination roll-out, and
upcoming local elections in October, pose downside risks to Fitch's
macroeconomic baseline.

A credible policy mix has helped underpin Georgia's resilience not
just to the current Covid-19 shock, but also past external shocks
from large trading partners (including Russia and Turkey). The
National Bank of Georgia (NBG) adheres to an inflation-targeting
mandate. Pressures from higher aggregate demand, higher import
prices and a weaker lari, have led the NBG to tighten monetary
policy - increasing its key policy rate three times already this
year (in March (+50bps), April (+100bp) and August (+50bp)) to
10.0%. Inflation in July reached 11.9%. The tighter policy stance
and fading out of one-off factors should help bring inflation down
in 2H21.

Meanwhile, the USD/GEL exchange rate (at 3.12) at end-July was
around 12% weaker compared with pre-pandemic (2.79, end-February
2020). Given the vulnerabilities of Georgia's highly dollarised
economy, Fitch is confident the NBG will maintain a vigilant policy
stance; one that has kept both Georgia's CPI and REER volatility
indicators below the historical median volatility of 'BB' peers
since 2012.

Fitch forecasts Georgia's government debt ratio to have peaked in
2020 at 60% of GDP, declining to 56.0% this year and to 55.2% in
2023; projections underpinned by the economic recovery, rolling off
of Covid-19 support measures, and use of accumulated government
deposits (8.6% of GDP end 2020, up from 4.7% of GDP end-2019, Fitch
estimate). Georgia's debt ratio is broadly in line with peers ('BB'
median 59.1% at end-2020), and the pace of decline between 2020 and
2023 exceeds the 2.1pp fall in the peer median. Debt sustainability
is supported by a large share of multi and bilateral debt
(approximately 72% of total debt) with long average maturities and
low interest costs, which helps mitigate risks stemming from
foreign-currency denominated debt (81.4% of total debt, 2020).

Medium-term fiscal consolidation is supported by the government's
pre-pandemic track record of compliance to national fiscal rules
(which aims for a fiscal deficit below 3.0% of GDP and government
debt below 60% of GDP) and financing strategy aimed largely at
conditional, low cost official borrowing. Fitch expects the
authorities will implement appropriate consolidation measures to
achieve this target once the pandemic subsides.

To improve revenue collection, authorities will strengthen tax
administration. There is also a commitment to improve budget
management through streamlining of VAT credits and improving budget
transparency of state-owned enterprises, which could yield savings.
After a fiscal deficit of 9.3% of GDP in 2020, Fitch forecasts
deficits of 6.8% in 2021, 5.1% in 2022 and 3.3% in 2023. Narrowing
of the deficit will come from the rolling-off of around 2.5% of GDP
in Covid-19 support in 2022-2023, and lower public investment
spending in 2023.

Georgia's 'BB' IDRs also reflect the following key rating drivers:

External finances are weak relative to peers. High net external
debt (77.4% of GDP vs the current 'BB' median ratio of 18.7%) and a
low external liquidity ratio (108.9% vs current 'BB' median of
168.1%), leaves Georgia's small and highly dollarised economy
vulnerable to external shocks. However, these risks have been well
managed throughout the pandemic; reflecting strong donor support to
meet nearly all of the government's external financing needs, and a
credible macroprudential and monetary framework that has supported
stability in the banking sector and managed lari volatility.

External buffers remain adequate, with foreign reserves covering
around 4.1 months of current external payments, up from 3.1 months
at end-2019. Fitch forecasts Georgia's current account deficit
(CAD) to reach 6.8% of GDP in 2021, down from 12.4% of GDP in 2020.
Gradual recovery in the tourism sector will support narrowing of
the CAD towards 3.3% of GDP by 2023, when Fitch assumes tourism
revenues will return to 2019 levels. Financing of the CAD will be
met by stable inflows of net FDI averaging 3.5% of GDP (2021-2023),
in addition to sustained donor financing.

Local elections in October pose a downside risk that short-term
governability challenges could alter Fitch's macroeconomic and
fiscal baseline. Increased tensions between key political parties
have resulted in both the ruling Georgian Dream party (GDDG) and
the largest opposition party United National Movement (UNM) walking
away from the EU-brokered agreement in April that was part of a
cross-political party compromise, aimed at ending the political
paralysis that followed the October 2020 parliamentary elections.
Despite the heightened political uncertainty, Fitch does not
presently expect disruption to the policy framework that underpins
Georgia's rating. Against the 'BB' rating category, Georgia's
percentile ranking in the World Bank Governance Indicators, at
63.0, is a standout strength against the 'BB' median of 44.2.

ESG - Georgia has an ESG Relevance Score of '5' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As Georgia
has a percentile rank below 50 for the respective Governance
Indicator, this has a negative impact on the credit profile.

ESG - Georgia has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional, Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Georgia has a percentile rank
above 50 for the respective Governance Indicators, this has a
positive impact on the credit profile.

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Structural features: Deterioration in either the domestic or
    regional political environment that affects economic policy
    making and economic growth.

-- Public Finances: Government debt/GDP being placed on an upward
    path over the medium term, reflecting either insufficient
    fiscal adjustment or a weaker growth environment.

-- External Finances: An increase in external vulnerability, for
    example, from a sustained widening of the CAD and rapid
    decline in international reserves.

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- External Finances: A reduction in external vulnerability, for
    example from a reduction in the current account deficit and/or
    increase in international reserves.

-- Macroeconomics: A stronger and sustained GDP growth outlook
    with a reduction in macroeconomic vulnerabilities such as the
    high level of dollarisation, leading to a higher GDP per
    capita level.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Georgia a score equivalent to a
rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

-- Macro: +1 notch, to reflect Georgia's policy framework
    strength and consistency, including a credible monetary policy
    framework, prudent fiscal strategy and a strong record of
    compliance with IMF's quantitative performance criteria and
    structural benchmarks. This policy mix has delivered track
    record of resilience to external shocks, including negative
    developments in its main trading partners, and reduced risks
    to macroeconomic stability.

-- External Finances: -1 notch, to reflect that relative to its
    peer group, Georgia has higher net external debt, structurally
    larger CADs, and a large negative net international investment
    position.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

The global economy performs broadly in line with Fitch's latest
Global Economic Outlook published 15 June 2021. Fitch estimates
eurozone real GDP to recover by 5.0% in 2021, 4.5% in 2022, and
2.2% in 2023.

ESG CONSIDERATIONS

Georgia has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Georgia has a
percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Georgia has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional, Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Georgia has a percentile rank
above 50 for the respective Governance Indicators, this has a
positive impact on the credit profile.

Georgia has an ESG Relevance Score of '4[+]' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Georgia has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.

Georgia has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Georgia, as for all sovereigns. As Georgia
has a fairly recent restructuring of public debt in 2004, this has
a negative impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).



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

WIRECARD: Prosecutors Dismiss Probe Into Ex-Deutsche Board Member
-----------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that German
prosecutors have dismissed a criminal probe into former Deutsche
Bank supervisory board member Alexander Schuetz over allegations of
insider trading in Wirecard shares.

According to the FT, prosecutors in Stuttgart said on Aug. 9 that
they decided against opening a formal investigation after
evaluating a complaint filed in April by BaFin, Germany's financial
watchdog.

The authorities said that evidence put forward by BaFin did not
justify a launching a probe, the FT relates.

Mr. Schuetz was a close confidant of former Wirecard chief
executive Markus Braun, who has been in police custody for more
than a year after the Munich-based payments company collapsed in
one of Germany's biggest accounting frauds with EUR1.9 billion of
corporate cash missing, the FT discloses.

He is also a longtime friend and business associate of Christian
Angermayer, a financier who brokered Japanese group SoftBank's
EUR900 million investment in Wirecard in 2019, the FT notes.

BaFin said in its criminal complaint that it suspected Mr. Schuetz
had used inside information on several occasions in 2019 and 2020
when trading Wirecard shares, people with direct knowledge of the
matter told the FT in April.

Mr. Schuetz resigned from Deutsche Bank's board in May after he was
publicly rebuked for controversial comments made in a personal
email to Mr. Braun more than two years ago, the FT recounts.

After the FT had revealed a Wirecard investigation into
whistleblower allegations in Singapore in January 2019, Mr. Schuetz
had urged Mr. Braun in an email to "do this newspaper in!!", adding
that he had recently bought shares in the payments group.

After the email was made public by the parliamentary inquiry into
the Wirecard scandal in January, Mr. Schuetz apologized for his
"emotional and inappropriate statement", the FT relays.

When he announced his resignation in March, Mr. Schuetz insisted it
was unrelated to the controversy around the email, according to the
FT.




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

AIB GROUP: S&P Downgrades Additional Tier 1 Notes Rating to 'B'
---------------------------------------------------------------
S&P Global Ratings lowered to 'B' from 'B+' its long-term issue
rating on the high-capital trigger Additional Tier 1 (AT1)
perpetual capital notes issued by AIB Group PLC
(BBB-/Negative/A-3).

S&P said, "We downgraded the AT1 instrument after AIB revised down
its common equity Tier 1 (CET1) medium-term capital target to over
13.5%, from over 14%, on a fully-loaded basis, by 2023. The lower
target implies that AIB may not sustain a CET1 ratio more than 700
basis points above its 7% CET1 mandatory conversion trigger level.
We have therefore adjusted the issue rating on the AT1 notes down
by one additional notch."

The 'B' issue rating now stands five notches (from previously four)
below its 'BBB-' issuer credit rating on AIB, reflecting:

-- The notes' contractual subordination (one notch);

-- The notes' discretionary coupon payments and regulatory
consideration as Tier 1 capital (two notches);

-- The existence of a contractual write-down clause (one notch);
and

-- The above-mentioned additional notch.

AIB revised its capital target in light of the acquisitions it has
recently announced. In particular, it reflects the full integration
of about EUR4.2 billion of corporate and commercial loans from
Ulster Bank; the acquisition of Irish financial services provider
Goodbody; and the 50%-50% joint venture with Canada Life Irish
Holding Co. Ltd. in the life insurance, pension, and investment
solutions space.

S&P said, "We understand that these deals will have a cumulative
impact of about 180basis points on the bank's CET1 ratio, which
stood at 16.4% on June 30, 2021. The revised capital target also
incorporates the bank's expected organic growth and its intention
to pay back some excess capital to its shareholders after 2021. We
recognize that the amount and timing of this excess capital
restitution is discretionary, suggesting that AIB's CET1 ratio
could remain above 14% in 2021-2023, given the high starting point.
However, we consider that AIB's public announcement of its
decreased CET1 ratio target introduces uncertainty about the bank's
commitment to maintaining its CET1 ratio above 14%.

"That said, even under the new target, we would view AIB as
well-capitalized because it would retain pro forma
minimum-distributable amount (MDA) buffers of above 300 basis
points."

As well as revising its capital target, the bank has also revised
its cost and return-on-tangible equity targets in light of the
inorganic growth initiatives it has announced and its expectation
that the domestic economy's prospects have improved. Specifically,
AIB has increased the following targets:

-- Costs to less than EUR1.48 billion from less than EUR1.35
billion, to reflect costs associated with the acquired portfolios
and business; and

-- Return on tangible equity to more than 9% from more than 8%, to
reflect the improved economic outlook, growth opportunities, lower
CET1 target, and inorganic initiatives.

In S&P's view, these revised targets reiterate the bank's intention
to sustainably improve its risk-adjusted returns by reducing its
cost base, widening its product offering, and optimizing its
capital structure.

On Aug. 4, 2021, AIB also released its semiannual results for 2021,
which show a return to profitability compared with June 2020. It
reported EUR274 million of net profit, versus the EUR700 million
loss it recorded last year. AIB's semiannual 2021 result was
supported by a EUR103 million net credit-impairment writeback,
mainly reflecting improved credit quality and updated macroeconomic
assumptions.

In S&P's view, if AIB executes its 2023 strategy well, it will
benefit the bank's domestic franchise and cross-selling activities,
which could support the stability of its revenue base and
profitability in the medium term. AIB's ability to continue cost
cutting and grow the top line, combined with good asset-quality
performance, will be critical to its rating stability.

HARVEST CLO XXII: Fitch Affirms B- Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has revised Harvest CLO XXII DAC's class E and F
notes' Outlook to Stable from Negative, and affirmed all ratings.

     DEBT                RATING           PRIOR
     ----                ------           -----
Harvest CLO XXII DAC

A XS2025983821    LT  AAAsf   Affirmed    AAAsf
B XS2025984555    LT  AAsf    Affirmed    AAsf
C XS2025985958    LT  Asf     Affirmed    Asf
D XS2025986501    LT  BBB-sf  Affirmed    BBB-sf
E XS2025987145    LT  BB-sf   Affirmed    BB-sf
F XS2025987574    LT  B-sf    Affirmed    B-sf

TRANSACTION SUMMARY

Harvest CLO XXII is a cash-flow CLO mostly comprising senior
secured obligations. The transaction is within its reinvestment
period and is actively managed by the collateral manager.

KEY RATING DRIVERS

Outlooks Revised to Stable (Positive): Fitch has revised the
Outlook on the class E and F notes to Stable from Negative as the
agency has removed coronavirus baseline stress from its analysis.

Asset Performance Resilient to Pandemic (Neutral): Asset
performance has been stable since Fitch's last review in June 2021.
It was 1.21% below par as per the investor report dated 2 July
2021. The transaction was passing all coverage tests, Fitch-related
collateral-quality and portfolio-profile tests, except the Fitch
weighted-average rating factor (WARF) test. Exposure to assets with
a Fitch-derived rating (FDR) of 'CCC+' and below was 3.9% excluding
unrated assets, compared with a 7.5% limit. The portfolio had no
defaulted assets.

Average Credit-quality Portfolio (Neutral): Fitch assesses the
average credit quality of the obligors in the 'B'/'B-' category. As
of 31 July 2021, the Fitch WARF calculated by the agency was 34.21,
above the maximum covenant of 33.

High Recovery Expectations (Positive): The portfolio comprises 99%
of senior secured obligations. Fitch views the recovery prospects
for these assets as more favourable than for second-lien, unsecured
and mezzanine assets.

Diversified Portfolio (Positive): The portfolio is well-diversified
by obligor, country and industry. The top-10 obligor concentration
is 16.26% and no obligor represents more than 2.1% of the portfolio
balance.

Model deviation for Class E and F (Neutral): The ratings of the
class E and F are one notch higher than their model-implied ratings
(MIR). The current ratings are supported by the stable asset
performance since the last review and available credit enhancement.
The class F notes' deviation from the MIR reflects Fitch's view
that the tranche has a significant margin of safety given their
credit enhancement level. The notes do not present a "real
possibility of default", which is the definition of 'CCC' in
Fitch's Rating Definitions.

RATING SENSITIVITIES

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the

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.

MADISON PARK XVII: S&P Assigns Prelim B-(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Madison
Park Euro Funding XVII DAC's class A-1, A-2, B-1, B-2, C, D, E, and
F notes and class A-1 loan. At closing, the issuer will also issue
EUR41.50 million of unrated subordinated notes.

The preliminary ratings assigned to the notes reflect its
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      2,834.56
  Weighted-average life (years)                              4.96
  Obligor diversity measure                                131.25
  Industry diversity measure                                25.04
  Regional diversity measure                                 1.18
  Weighted-average rating                                       B
  'CCC' category rated assets (%)                            1.50
  'AAA' weighted-average recovery rate                      36.07
  Weighted-average spread (net of floors; %)                 3.63


The portfolio manager may, at any time, and without regard to the
eligibility criteria, acquire workout obligations to enhance and
protect the recovery value of a defaulted obligation from the same
obligor. All funds required for the purchase of these obligations
may be paid out of the supplemental reserve account, the interest
account, or the principal account.

Regarding the principal account, the portfolio manager may only use
it if each of the class A/B, C, and D par value tests are
satisfied, or if the total collateral balance remains above the
reinvestment target par balance immediately after the purchase. All
distributions associated with these purchases will be deposited in
the principal account.

Workout obligations will not be considered for determining
satisfaction of any of the coverage tests, portfolio profile tests,
or collateral quality tests. Only workout obligations purchased
with principal proceeds will be given the following credit:

-- For the adjusted collateral principal amount, workout
obligations that satisfy all of the eligibility criteria will be
considered collateral debt obligations; and

-- For the par value tests, workout obligations that satisfy
certain of the eligibility criteria will be considered defaulted
obligations only if each par value test is passing without giving
any credit to any such workout obligation.

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

"In our cash flow analysis, we modelled the EUR460 million target
par amount, the reference weighted-average spread of 3.62%, the
reference weighted-average coupon of 4.25%, and the
weighted-average recovery rates calculated using our criteria on
the expected effective date portfolio, as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

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

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

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

"The CLO is managed by Credit Suisse Asset Management Ltd. Under
our "Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'.

"Until the end of the reinvestment period on Feb. 26, 2026, the
collateral manager can substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
default potential of the current portfolio plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may, through trading, deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"Our credit and cash flow analysis shows that the class B-1, B-2,
C, D, and E notes benefit from break-even default rate and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
will have a reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our
preliminary ratings on the notes.

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-1 loan and
A-1 to E notes to five of the 10 hypothetical scenarios we looked
at in our publication "How Credit Distress Due To COVID-19 Could
Affect European CLO Ratings," published on April 2, 2020. The
results shown in the chart below are based on the actual
weighted-average spread, coupon, and recoveries.

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to activities that are
identified as not compliant with international treaties on
controversial weapons or to activities which evidence severe
weaknesses in business conduct and governance in relation to the
United Nations Global Compact Principles. Moreover, assets that
relate to tobacco, pornography and/or prostitution, gambling, and
thermal coal are excluded. Since the exclusion of assets related to
these activities does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings List

  Class     Prelim.   Prelim. amount    Interest rate*     Credit
            rating     (mil. EUR)                     enhancement
  A-1       AAA (sf)    208.30      3M EURIBOR + 0.95%     39.50%
  A-1 loan  AAA (sf)     60.00      3M EURIBOR + 0.95%     39.50%
  A-2       AAA (sf)     10.00                   1.20%     39.50%
  B-1       AA (sf)      42.30      3M EURIBOR + 1.65%     27.70%
  B-2       AA (sf)      12.00                   2.00%     27.70%
  C         A (sf)       26.40      3M EURIBOR + 2.15%     21.96%
  D         BBB (sf)     33.00      3M EURIBOR + 3.10%     14.78%
  E         BB- (sf)     23.90      3M EURIBOR + 5.99%      9.59%
  F         B- (sf)      12.90      3M EURIBOR + 8.62%      6.78%
  Sub notes NR           41.50                N/A             N/A

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

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


NORTH WESTERLY V: Fitch Assigns B- Rating on Class F-R Tranche
--------------------------------------------------------------
Fitch Ratings has assigned North Westerly V Leveraged Loan
Strategies CLO DAC reset final ratings.

     DEBT                      RATING              PRIOR
     ----                      ------              -----
North Westerly V Leveraged Loan Strategies CLO DAC

A XS1854510549        LT  PIFsf   Paid In Full     AAAsf
A-R XS2367140048      LT  AAAsf   New Rating       AAA(EXP)sf
B-1 XS1854511604      LT  PIFsf   Paid In Full     AAsf
B-1-R XS2367140394    LT  AAsf    New Rating       AA(EXP)sf
B-2 XS1854511869      LT  PIFsf   Paid In Full     AAsf
B-2-R XS2367140550    LT  AAsf    New Rating       AA(EXP)sf
C XS1854512917        LT  PIFsf   Paid In Full     Asf
C-R XS2367140717      LT  A+sf    New Rating       A(EXP)sf
D XS1854513212        LT  PIFsf   Paid In Full     BBBsf
D-R XS2367140980      LT  BBB-sf  New Rating       BBB-(EXP)sf
E XS1854514020        LT  PIFsf   Paid In Full     BBsf
E-R XS2367141103      LT  BB-sf   New Rating       BB-(EXP)sf
F XS1854513998        LT  PIFsf   Paid In Full     B-sf
F-R XS2367141368      LT  B-sf    New Rating       B-(EXP)sf
X XS2367139891        LT  AAAsf   New Rating       AAA(EXP)sf

TRANSACTION SUMMARY

North Westerly V Leveraged Loan Strategies CLO DAC is a
securitisation of mainly senior secured obligations (at least 90%)
with a component of senior unsecured, mezzanine, second-lien loans,
first-lien, last-out loans and high-yield bonds. Net proceeds from
the notes are being used to redeem existing notes (excluding the
subordinated notes) at the reset date. The portfolio is actively
managed by NIBC Bank. The transaction has a 4.5-year reinvestment
period and an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 32.48.

Recovery Inconsistent with Criteria (Negative): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the portfolio is 64.75% (based on
Fitch's latest criteria) and 66.76% (based on Fitch's previous
criteria). Since, the recovery rate provision does not reflect the
latest rating criteria, so assets without a recovery estimate or
recovery rate by Fitch can map to a higher recovery rate than the
criteria. For this, Fitch has applied a haircut of 1.5% to the
WARR, which is in line with the average impact on the WARR of EMEA
CLOs following the criteria update.

Diversified Portfolio (Positive): The transaction includes four
Fitch test matrices corresponding to the top-10 obligor limits of
15% and 20% and maximum fixed-rated assets at 0% and 10% of the
portfolio balance. The transaction also includes various
concentration limits, including a maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

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

Deviation from Model-Implied Rating (Negative): The final ratings
of the class D and F notes are one notch higher than their
model-implied ratings (MIR). When analysing the Fitch test matrices
with the stressed portfolio, the notes showed maximum break-even
default-rate shortfalls of 0.18% and 2.09% respectively. The final
ratings are supported by average credit enhancement, as well as a
significant default cushion in the identified portfolio due to a
notable buffer between the covenants of the transaction and the
portfolio's parameters.

Moreover, for the class F notes the deviation from the MIR reflects
Fitch's view that the tranche has a significant margin of safety
given its credit enhancement. The notes do not currently present a
"real possibility of default", which is the definition of 'CCC' in
Fitch's Rating Definitions.

RATING SENSITIVITIES

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

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

NORTH WESTERLY V: Moody's Assigns B3 Rating to EUR12.8MM F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by North
Westerly V Leveraged Loan Strategies CLO DAC (the "Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

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

EUR27,500,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR12,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

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

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

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

EUR12,800,000 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.

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 12.5% or EUR250,000 over the first eight
payment dates, starting on the second payment date.

As part of this reset, the Issuer will amend the base matrix and
modifiers that Moody's will take into account for the assignment of
the definitive ratings.

As part of this refinancing, the Issuer will extend the
reinvestment period by 3.25 years to 4.5 years and the weighted
average life by 3 years to 8.5 years. It will also amend certain
definitions including the definition of "Adjusted Weighted Average
Rating Factor" and minor features. The issuer will include the
ability to hold workout 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 and up to 10% of the
portfolio may consist of secured senior bonds, 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.

NIBC Bank N.V. ("NIBC") will continue to manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-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 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

Defaulted Par: EUR0 as of May 28, 2021 '[1]'

Diversity Score(*): 49

Weighted Average Rating Factor (WARF): 2979

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 44.7%

Weighted Average Life (WAL): 8.5 years

SCULPTOR EUROPEAN VI: S&P Assigns Prelim B- (sf) Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Sculptor
European CLO VI DAC's class A, B-1, B-2, C, D, E, and F notes. The
issuer also has EUR34.30 million of unrated subordinated notes
outstanding from the existing transaction.

This is a reset transaction. The reinvestment period will end in
March 2026. The covenanted maximum weighted-average life is 8.5
years from closing.

Under the transaction documents, the manager will be allowed to
purchase loss mitigation obligations in connection with the default
of an existing asset with the aim of enhancing the global recovery
on that obligor. The manager will also be allowed to exchange
defaulted obligations for other defaulted obligations from a
different obligor with a better likelihood of recovery.

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

  Portfolio Benchmarks

  S&P performing weighted-average rating factor         2,842.50
  Default rate dispersion                                 640.36
  Weighted-average life (years)                             4.88
  Obligor diversity measure                               128.16
  Industry diversity measure                               21.77
  Regional diversity measure                                1.27
  Weighted-average rating                                      B
  'CCC' category rated assets (%)                           6.45
  'AAA' weighted-average recovery rate (covenanted)        34.50
  Floating-rate assets (%)                                 91.73
  Weighted-average spread (net of floors; %)                3.68

Loss mitigation loan mechanics

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

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

The purchase of loss mitigation loans is not subject to the
documented reinvestment criteria or eligibility criteria. The
issuer may purchase loss mitigation loans using interest proceeds,
principal proceeds, or amounts in the supplemental reserve account.
The use of interest proceeds to purchase loss mitigation loans is
subject to (i) the manager determining that there are sufficient
interest proceeds to pay interest on all the rated debt on the
upcoming payment date; and (ii) in the manager's reasonable
judgment, following the purchase, all coverage tests will be
satisfied on the upcoming payment date. The use of principal
proceeds is subject to (i) passing par coverage tests; (ii) the
manager having built sufficient excess par in the transaction so
that the principal collateral amount is equal to or exceeds the
portfolio's reinvestment target par balance after the reinvestment;
and (iii) the obligation purchased is a debt obligation ranking
senior or pari passu with the related defaulted or credit risk
obligation, maturity date not exceeding the maturity date of debt
and par value greater than its purchase price.

Loss mitigation loans that are purchased with principal proceeds
and have limited deviation from the eligibility criteria will
receive collateral value credit in the adjusted collateral
principal amount or the collateral principal amount determination.
To protect the transaction from par erosion, any distributions
received from loss mitigation loans purchased with the use of
principal proceeds will form part of the issuer's principal account
proceeds and cannot be recharacterized as interest.

Loss mitigation loans that are purchased with interest will receive
zero credit in the principal balance determination, and the
proceeds received will form part of the issuer's interest account
proceeds. The manager can elect to give collateral value credit to
loss mitigation loans, purchased with interest proceeds, subject to
them meeting the same limited deviation from eligibility criteria
conditions. The proceeds from any loss mitigations reclassified in
this way are credited to the principal account.

The cumulative exposure to loss mitigation loans purchased with
principal is limited to 2% of the target par balance. The
cumulative exposure to loss mitigation loans purchased with
principal and interest is limited to 5% of the target par balance.

Reverse collateral allocation mechanism

-- If a defaulted euro-denominated obligation becomes the subject
of a mandatory exchange for U.S. dollar-denominated obligation
following a collateral allocation mechanism (CAM) trigger event,
the portfolio manager may sell the CAM obligation and invest the
sale proceeds in the same obligor (a CAM euro obligation), provided
the obligation:

-- Is denominated in euro;

-- Ranks as the same or more senior level of priority as the CAM
obligation; and

-- Is issued under the same facility as the CAM obligation by the
obligor.

To ensure that the CLO's original or adjusted collateral par amount
is not adversely affected following a CAM exchange, a CAM
obligation may only be acquired if, following the reinvestment, the
numerator of the CLO's par value test, referred to as the adjusted
collateral principal amount, is either:

-- Greater than the reinvestment target par balance;

-- Maintained or improved when compared with the same balance
immediately after the collateral obligation became a defaulted
obligation; or

-- Maintained or improved compared with the same balance
immediately after the mandatory exchange that resulted in the
issuer holding the CAM exchange. Solely for the purpose of this
condition, the CAM obligation's principal balance is carried at the
lowest of its market value and recovery rate, adjusted for foreign
currency risk and foreign exchange rates.

Finally, a CAM euro exchanged obligation that is also a
restructured obligation may not be purchased with sale proceeds
from a CAM exchanged obligation.

The portfolio manager may only sell a CAM obligation and reinvest
the sale proceeds in a CAM euro obligation if, in the portfolio
manager's view, the sale and subsequent reinvestment is expected to
result in a higher level of ultimate recovery when compared with
the expected ultimate recovery from the CAM obligation.

S&P said, "In our cash flow analysis, we modelled a par collateral
size of EUR400.00 million, a weighted-average spread covenant of
3.65%, the reference weighted-average coupon covenant of 3.75%, and
the minimum weighted-average recovery rates as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

"Our credit and cash flow analysis show that the class B-1, B-2, C,
and D notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those 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
preliminary ratings on the notes. The class A and E notes withstand
stresses commensurate with the currently assigned preliminary
ratings. In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and assets."

For the class F notes, S&P's credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses that are commensurate with a 'CCC' rating. However,
following the application of its 'CCC' rating criteria it has
assigned a preliminary 'B-' rating to this class of notes. The
two-notch uplift (to 'B-') from the model generated results (of
'CCC'), 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 23.84%
(for a portfolio with a weighted average life of 4.88 years),
versus a generated BDR at 15.83% if we were to consider a long-term
sustainable default rate of 3.1% for 4.88 years.

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

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

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

The Bank of New York Mellon, London Branch is the bank account
provider and custodian. S&P expects the documented downgrade
remedies to be in line with its 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 preliminary ratings.

"We expect the issuer to be bankruptcy remote, in accordance with
our legal criteria.

"The CLO is managed by Sculptor Europe Loan Management Ltd. Under
our "Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'.

"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 preliminary 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:
tobacco, weapons, thermal coal, fossil fuels, and production of
pornography or trade in prostitution. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS   PRELIM    PRELIMINARY   INTEREST RATE           SUB (%)
          RATING    AMOUNT
                    (MIL. EUR)
  A       AAA (sf)    246.00      Three/six-month EURIBOR  38.50
                                  plus 1.05%
  B-1     AA (sf)      30.00      Three/six-month EURIBOR  28.50
                                  plus 1.85%
  B-2     AA (sf)      10.00      2.10%                    28.50
  C       A (sf)       28.00      Three/six-month EURIBOR  21.50
                                  plus 2.30%  
  D       BBB- (sf)    27.00      Three/six-month EURIBOR  14.75
                                  plus 3.40%
  E       BB- (sf)     19.00      Three/six-month EURIBOR  10.00
                                  plus 6.17%
  F       B- (sf)      13.00      Three/six-month EURIBOR   6.75
                                  plus 9.00%
  Sub     NR           34.30      N/A                        N/A

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

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


SEGOVIA EURO 2-2016: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has affirmed Segovia European CLO 2-2016 DAC's notes
and revised the Outlooks on the class E and F notes to Stable from
Negative.

     DEBT                 RATING            PRIOR
     ----                 ------            -----
Segovia European CLO 2-2016 DAC

A-1 XS1886369856    LT  AAAsf   Affirmed    AAAsf
A-2 XS1886370516    LT  AAAsf   Affirmed    AAAsf
B-1 XS1886370946    LT  AAsf    Affirmed    AAsf
B-2 XS1886371670    LT  AAsf    Affirmed    AAsf
C XS1886372215      LT  Asf     Affirmed    Asf
D XS1886372991      LT  BBB-sf  Affirmed    BBB-sf
E XS1886373619      LT  BB-sf   Affirmed    BB-sf
F XS1886373452      LT  B-sf    Affirmed    B-sf

TRANSACTION SUMMARY

The transaction is a cash-flow CLO, mostly comprising senior
secured obligations. The transaction is still within its
reinvestment period and is actively managed by Segovia Loan
Advisers (UK) LLP.

KEY RATING DRIVERS

Outlooks Revised to Stable (Positive): Fitch has revised the
Outlooks on the class E and F notes to Stable from Negative as the
coronavirus baseline stress no longer drives the Outlook.

Asset Performance Resilient to Pandemic (Neutral): Asset
performance has been stable since Fitch's last review in February
2021. The transaction was 1.26% below par as per the investor
report dated 8 July 2021, which is an improvement since Fitch's
last review when it was 1.50% below par. All Fitch-related
portfolio-profile tests, collateral quality tests were passing
except for the Fitch 'CCC' limit test (11.04% versus a limit of
7.5%) and Fitch's weighted average rating factor (WARF) test (36.18
versus a limit of 34.00). As per the trustee report, there are two
defaulted assets in the portfolio, with a total principal balance
of EUR1.74 million.

Average Credit-quality Portfolio (Neutral): Fitch assesses the
average credit quality of the obligors in the 'B'/'B-' category.
The Fitch WARF calculated by Fitch on the current portfolio as of
31 July 2021 was 36.18, above the maximum covenant of 34.00.

High Recovery Expectations (Positive): The portfolio comprises
98.5% senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the current portfolio was reported by the trustee at
64.9% as of 8 July 2021, compared with a minimum of 62.4%.

Diversified Portfolio (Positive): The portfolio is well-diversified
by obligor, country and industry. The top 10 obligor concentration
is 15.0% and no obligor represents more than 1.9% of the portfolio
balance. The largest Fitch-defined industry as calculated by the
agency represents 11.3% and the three-largest Fitch-defined
industries 27.2%, both within their respective limits of 17.5% and
40.0%.

Model Deviation for Class E and F Notes (Neutral): The class E and
F notes' ratings are one notch higher than the model-implied
ratings (MIR). The current ratings are supported by the stable
asset performance since the last review and available credit
enhancement. The class E notes' deviation from the MIR considers
that the shortfall at the current rating is limited and driven by
the back-loaded default timing scenario, which is not Fitch's
immediate expectation. The class F notes' deviation from the MIR
reflects Fitch's view that the class has a significant margin of
safety to default due to their available credit enhancement of 6.2%
and does not present a real possibility of default, which is the
definition of 'CCC'.

RATING SENSITIVITIES

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Segovia European CLO 2-2016 DAC

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

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

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

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.

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured
finance, one or more of the transaction parties participated in the
rating process except that the following issuer(s), if any, did not
participate in the rating process, or provide additional
information, beyond the issuer’s available public disclosure.

TORO EUROPEAN 2: Moody's Assigns B3 Rating to EUR10.3MM F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the Notes issued by Toro European
CLO 2 Designated Activity Company (the "Issuer"):

EUR1,750,000 Class X Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR244,000,000 Class A Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR33,400,000 Class B-1 Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

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

EUR26,900,000 Class C Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned A2 (sf)

EUR25,700,000 Class D Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned Baa3 (sf)

EUR21,700,000 Class E Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned Ba3 (sf)

EUR10,300,000 Class F 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 92.5% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 7.5% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The portfolio is expected to be over 95% 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 shortly after issue date in compliance
with the portfolio guidelines.

Chenavari Credit Partners LLP 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.

On September 28, 2016 (the "Original Issue Date"), the Issuer
issued EUR39,550,000 of unrated Subordinated Notes due 2034 which
will remain outstanding. In addition, the Issuer will issue
EUR12,700,000 of Subordinated Note due 2034 which are not rated.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortises by 20.0% or EUR350,000.00 over five payment
dates starting on the second payment date.

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 debt's performance is subject to uncertainty. The debt's
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debt's
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: EUR400,000,000.00

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2976

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 3.40%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years

TORO EUROPEAN 2: S&P Assigns B-(sf) Rating on $10.3MM Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Toro European CLO 2
DAC's class X, A, B-1, B-2, C, D, E, and F notes. The issuer has
also issued additional subordinated notes to bring the total
issuance to EUR52.25 million.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P weighted-average rating factor                    2,826.70
  Default rate dispersion                                 676.59
  Weighted-average life (years)                             4.33
  Obligor diversity measure                               122.86
  Industry diversity measure                               19.27
  Regional diversity measure                                1.27

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                           4.10
  Actual 'AAA' weighted-average recovery (%)               36.42
  Actual weighted-average spread (%)                        3.71
  Actual weighted-average coupon (%)                        3.42

Workout obligations

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

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

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

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

-- The coverage tests passing after such purchase.

The use of principal proceeds is subject to:

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

-- Passing par value tests and reinvestment test.

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

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

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

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

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.5 years after
closing.

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread (3.71%), the actual
weighted-average coupon (3.42%), and the actual weighted-average
recovery rates of the portfolio. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

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

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

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

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class X
to E notes. Our credit and cash flow analysis indicates that the
available credit enhancement for the class B-1, B-2, C and D notes
could withstand stresses commensurate with higher rating levels
than those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes."

For the class F notes, S&P's credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses that are commensurate with a lower rating. However, after
applying its 'CCC' criteria it has assigned a 'B-' rating to this
class of notes. The uplift to 'B-' reflects several key factors,
including:

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

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

-- S&P's model generated breakeven default rate (BDR) at the 'B-'
rating level of 24.08% (for a portfolio with a weighted-average
life of 4.47 years), versus if it was to consider a long-term
sustainable default rate of 3.1% for 4.47 years, which would result
in a target default rate of 13.86%.

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries if
certain conditions are met (non-exhaustive list): thermal coal
production, production of or trade in controversial weapons,
manufacturing of tobacco, involvement in pornography, prostitution
or human trafficking, forced child labor, and severe environmental
damage. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

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

  Ratings List

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

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


TORO EUROPEAN 6: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has affirmed Toro European CLO 6 DAC's notes and
revised the Outlooks on the class E and F notes to Stable from
Negative.

     DEBT                 RATING            PRIOR
     ----                 ------            -----
Toro European CLO 6 DAC

A XS2027426456      LT  AAAsf   Affirmed    AAAsf
B-1 XS2027426969    LT  AAsf    Affirmed    AAsf
B-2 XS2027427264    LT  AAsf    Affirmed    AAsf
C XS2027427694      LT  Asf     Affirmed    Asf
D XS2027430649      LT  BBB-sf  Affirmed    BBB-sf
E XS2027431027      LT  BB-sf   Affirmed    BB-sf
F XS2027431290      LT  B-sf    Affirmed    B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO, mostly comprising senior
secured obligations. It is still within its reinvestment period and
is actively managed by Chenavari Credit Partners LLP.

KEY RATING DRIVERS

Transaction Performance Stable: The affirmations and revision of
the Outlooks on the class E and F notes to Stable from Negative
reflects the transaction's stable performance. The portfolio's
weighted average credit quality is 'B'/'B-'. By Fitch's
calculation, the portfolio weighted average rating factor (WARF)
excluding assets with a Fitch-derived rating (FDR) of 'D' is 34.8,
which has slightly improved from 35.1 at the review in April 2021.
Assets with a FDR in the 'CCC' category make up about 5% of the
collateral balance and there are no unrated assets.

The transaction is below par by around 1%. Currently, the Fitch
collateral quality tests are failing and the manager cannot move to
another matrix point. The portfolio is diversified with the top 10
obligors and the largest obligor at about 15% and 2%,
respectively.

Senior secured obligations comprise 97% of the portfolio. In
Fitch's view, these assets have more favourable recovery prospects
than second-lien, unsecured and mezzanine assets. Fitch's weighted
average recovery rate of the current portfolio based on the
investor report is 62.9%.

Model-implied Rating Deviation: Each tranche displays a comfortable
default rate cushion at its rating based on the current portfolio
analysis, except for the class E and F notes, which display
shortfalls. Fitch no longer includes its Coronavirus Stress
Scenario in its analysis of EMEA CLO notes.

The model-implied ratings (MIR) of the class E and F notes are one
notch below their current rating. The shortfall is mainly driven by
the back-loaded default timing in the rising interest rate
scenario, which is not Fitch's base case expectation. Given the
credit enhancement level, the class F notes display a safety margin
and do not present a real possibility of default, which is the
definition of 'CCC'. The transaction's stable performance, and the
notes already being at the lowest rating in the respective rating
category render a downgrade to the next rating category unlikely.
This supports the revision of the Outlook to Stable from Negative.

RATING SENSITIVITIES

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Toro European CLO 6 DAC

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

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

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

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.

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured
finance, one or more of the transaction parties participated in the
rating process except that the following issuer(s), if any, did not
participate in the rating process, or provide additional
information, beyond the issuer’s available public disclosure.



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

4MORI SARDEGNA: DBRS Confirms B(sf) Rating on Class B Notes
-----------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the Class A and Class B
notes issued by 4Mori Sardegna S.r.l. (the Issuer) at BBB (low)
(sf) and B (sf), respectively, with Negative trends.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the Notes). The rating on the Class A
notes addresses the timely payment of interest and the ultimate
payment of principal. The rating on the Class B notes addresses the
ultimate payment of interest and principal on or before the legal
final maturity date. DBRS Morningstar does not rate the Class J
notes.

As of the cut-off date on 31 December 2017, the Notes were backed
by a EUR 1.04 billion portfolio by gross book value (GBV)
consisting of secured and unsecured Italian nonperforming loans
(NPLs) originated by Banco di Sardegna S.p.A.

The majority of loans in the portfolio defaulted between 2008 and
2017 and are in various stages of resolution. As of the cut-off
date, approximately 53% of the pool by GBV was secured. According
to the latest information provided by the servicer in March 2021,
50% of the pool by GBV was secured. At closing, the loan pool
mainly comprised corporate borrowers (approximately 77% by GBV) and
the portion continues to be almost equal at 76%.

The receivables are serviced by Prelios Credit Servicing S.p.A.
(the Servicer) while Securitization Services S.p.A. operates as
backup servicer.

RATING RATIONALE

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

-- Transaction performance: assessment of portfolio recoveries as
of June 30, 2021, focusing on: (1) a comparison between actual
collections and the Servicer's initial business plan forecast; (2)
the collection performance observed over the past months, including
the period following the outbreak of the Coronavirus Disease
(COVID-19); and (3) a comparison between the current performance
and DBRS Morningstar's initial expectations.

-- The Servicer's updated business plan as of June 2020, received
in November 2020, and the comparison with the initial collection
expectations.

-- Portfolio characteristics: loan pool composition and evolution
of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes. Additionally, interest payments
on the Class B notes become subordinated to principal payments on
the Class A notes if the cumulative collection ratio or present
value cumulative profitability ratio are lower than 90%. These
triggers have been breached since January 2021 interest payment
date, with the actual figures at 73.5% and 109.1%, respectively,
according to the Servicer.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4.9% of the sum of Class
A and Class B notes principal outstanding and is currently fully
funded.

TRANSACTION AND PERFORMANCE

According to the latest payment report from July 2021, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were equal to EUR 160.2 million, EUR 13.0 million, and EUR
8.0 million, respectively. The balance of the Class A notes has
amortized by approximately 30.9% since issuance. The current
aggregated transaction balance is EUR 181.2 million.

As of June 2021, the transaction was performing below the
Servicer's initial expectations. The actual cumulative gross
collections equaled EUR 104.2 million whereas the Servicer's
initial business plan estimated cumulative gross collections of EUR
154.8 million for the same period. Therefore, as of June 2021, the
transaction was underperforming by EUR 50.6 million (-32.7%)
compared with initial expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 113.1 million at the BBB
(low) (sf) stressed scenario and EUR 126.2 million at the B (sf)
stressed scenario. Therefore, the transaction is performing below
DBRS Morningstar's stressed expectations as of 30 June 2021; DBRS
Morningstar has maintained the Negative trends as it continues to
closely monitor the underperformance observed thus far compared
with the Servicer's business plan as well as the development of the
macroeconomic and real estate scenarios within the current market
environment.

In November 2020, the Servicer provided DBRS Morningstar with a
revised business plan as of June 2020. In this updated business
plan, the Servicer assumed recoveries below initial expectations.
The total cumulative gross collections from the updated business
plan amounted to EUR 390.9 million, which is 2.5% lower than the
EUR 401.0 million expected in the initial business plan.

Without including actual collections, the Servicer's expected
future collections from July 2021 now account for EUR 260.0 million
versus EUR 246.2 million in the initial business plan; hence, the
Servicer revised its expectation for collection on the remaining
portfolio upward. The updated DBRS Morningstar BBB (low) (sf) and B
(sf) rating stress assumes a haircut of 17.9% and 9.2%,
respectively, to the Servicer's latest business plan, considering
future expected collections.

The final maturity date of the transaction is in January 2037.

DBRS Morningstar analysed the transaction structure using Intex
DealMaker.

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

Notes: All figures are in euros unless otherwise noted.

ARAGORN NPL 2018: DBRS Confirms CC Rating on Class B Notes
----------------------------------------------------------
DBRS Ratings GmbH downgraded its rating on the Class A notes issued
by Aragorn NPL 2018 S.r.l. (the Issuer) to CCC (high) (sf) from B
(low) (sf) and confirmed its rating on the Class B notes at CC
(sf). DBRS Morningstar concurrently changed the trend on the Class
A notes to Negative from Stable.

The transaction included the issuance of Class A, Class B, and
Class J notes (collectively, the notes). The rating of the Class A
notes addresses the timely payment of interest and the ultimate
payment of principal on or before the legal final maturity date.
The rating of the Class B notes addresses the ultimate payment of
interest and principal. The Class J notes are unrated.

The notes are collateralized by an Italian nonperforming loan (NPL)
portfolio originated by Credito Valtellinese S.p.A. and Credito
Siciliano S.p.A. (collectively, the Sellers). The total gross book
value (GBV) of the portfolio as of the 31 December 2017 cut-off
date was approximately EUR 1,671 million.

As at the portfolio cut-off date of 31 December 2017, 90.2% of the
total GBV was composed of corporate borrowers, and 68% of the GBV
comprised 364 borrowers (out of 4,161 total), each having a GBV of
more than EUR 1 million. The top 50 borrowers made up 26.8% of the
pool GBV at cut off.

The Portfolio is serviced by Credito Fondiario S.p.A. (Credito
Fondiario) and Cerved Credit Management S.p.A. (Cerved) (jointly,
the Servicers). Credito Fondiario also operates as the Master
Servicer in the transaction.

RATING RATIONALE

The rating downgrade follows an annual review of the transaction
and is based on the following analytical considerations:

-- Transaction performance: Underperformance of the transaction
since mid-2018 and further deterioration observed over the last
year. The amount of actual cumulative gross collections is 54.9%
lower than DBRS Morningstar's expectations at a CCC (sf) stressed
scenario as of June 30, 2021.

-- The Servicers' updated business plan: Estimated total
collections during the life of the transaction in the updated
business plan of December 31, 2020 are reduced by another 9.6% from
the updated business plan of 31 December 2019, bringing the total
reduction from the executed business plan to 18.3%.

-- Portfolio characteristics: loan pool composition and evolution
of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the notes (i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes. Additionally, interest payments
on the Class B notes become subordinated to principal payments on
the Class A notes if the cumulative collection ratio ("CCR") or
present value cumulative profitability ratio ("NPV CPR”) are
lower than 90%. In the previous years, there was leakage to Class B
interest despite the poor performance. This was due to
overstatement of ratios as a result of the mismatch of definitions
in the servicing agreement and the T&C documentation. The reported
CCR of 50.4% as at 30 June 2021 is now below the trigger and this
leakage has stopped. The reported NPV CPR is 105.5%. The updated
collections as per the Servicers' updated business plan are not
sufficient to pay down the outstanding balance of the Class A notes
alone or the aggregate outstanding balance of the Class A and Class
B notes.

TRANSACTION AND PERFORMANCE

According to the latest payment report from January 2021, the
outstanding principal amounts of the Class A, Class B, and Class J
notes were equal to EUR 414.6 million, EUR 66.8 million, and EUR
10.0 million, respectively. The balance of the Class A notes has
amortized by approximately 18.6% since issuance. The current
aggregated transaction balance is EUR 491.4 million.

As of June 2021, the transaction was performing below the
Servicers' initial expectations. The actual cumulative gross
collections equaled EUR 164.0 million whereas the Servicers'
initial business plan estimated cumulative gross collections of EUR
363.8 million for the same period. Therefore, as of June 2021, the
transaction was underperforming by EUR 219.8 million (-54.9%)
compared with initial expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 233.3 million at the BBB
(low) (sf) stressed scenario and EUR 308.1 million at the CCC (sf)
stressed scenario. Therefore, the transaction is performing below
DBRS Morningstar's stressed expectations as of June 30, 2021.

In April 2021, the Servicers provided DBRS Morningstar with a
revised business plan as of December 2020. In this updated business
plan, the Servicers assumed recoveries below initial expectations.
The total cumulative gross collections from the updated business
plan amounted to EUR 631.8 million, which is 18.3% lower than the
EUR 773.0 million expected in the initial business plan.

Without including actual collections, the Servicers' expected
future collections from July 2021 now account for EUR 472.4 million
(EUR 469.6 million if adjusted for the actual collections in the
first half of 2021) versus EUR 409.1 million in the initial
business plan; hence, the Servicers revised their expectation
upward for collection on the remaining portfolio. The updated DBRS
Morningstar CCC (high) (sf) rating stress assumes a haircut of
1.3%, to the Servicers' latest business plan, considering future
expected collections.

The updated collections as per the Servicers' updated business plan
are not sufficient to pay down the outstanding balance of the Class
A notes alone or the total of the Class A and Class B notes. DBRS
Morningstar has downgraded the transaction by one notch to CCC
(high) (sf) and changed the trend to Negative from Stable as it
continues to closely monitor the underperformance observed thus far
compared with the Servicers' initial business plan as well as the
development of the macroeconomic and real estate scenarios within
the current market environment.

The final maturity date of the transaction is in July 2038.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading in some cases
to economic contraction, increases in unemployment rates, and
reduced investment activities. DBRS Morningstar anticipates that
collections in European NPL securitizations will continue to be
disrupted in the coming months and that the deteriorating
macroeconomic conditions could negatively affect recoveries from
NPLs and the related real estate collateral. The ratings are based
on additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus. For this transaction, DBRS Morningstar incorporated
its revised expectation of a moderate medium-term decline in
residential property prices, albeit partial credit to house price
increases from 2023 onwards is given in non-investment-grade
scenarios.

Notes: All figures are in euros unless otherwise noted.

BRISCA SECURITIZATION: DBRS Confirms CCC Rating on Class B Notes
----------------------------------------------------------------
DBRS Ratings GmbH downgraded its rating on the Class A Notes issued
by Brisca Securitization S.r.l. (the Issuer) to B (high) (sf) from
BBB (low) (sf) and confirmed its rating on the Class B Notes at CCC
(sf). The trend on all ratings remains Negative.

The transaction represents the issuance of Class A, Class B, and
Class J Notes (collectively, the Notes). The rating on the Class A
Notes addresses the timely payment of interest and the ultimate
payment of principal on or before the final legal maturity date and
the rating of the Class B Notes addresses the ultimate payment of
principal and interest. DBRS Morningstar does not rate the Class J
Notes.

As of closing (July 2017), the Notes were backed by a EUR 961
million by gross book value (GBV) portfolio consisting of secured
and unsecured Italian nonperforming loans (NPLs) originated by
Banca Carige S.p.A. (Carige), Banca Cesare Ponti S.p.A. (BCP), and
Banca del Monte di Lucca S.p.A. (BML), together Gruppo Banca Carige
(the Originator). The majority of loans in the portfolio defaulted
between 2011 and 2016 and are in various stages of resolution.

The receivables are serviced by Prelios Credit Servicing S.p.A.
(Prelios or the Servicer) while Securitization Services S.p.A.
operates as backup servicer.

RATING RATIONALE

The rating actions follow a review of the transaction and are based
on the following analytical considerations:

-- Transaction performance: assessment of portfolio recoveries as
of May 31, 2021, focusing on: (1) a comparison between actual
collections and the Servicer´s initial business plan forecast; (2)
the collection performance observed over the past months, including
the period following the outbreak of the Coronavirus Disease
(COVID-19); and (3) a comparison between the current performance
and DBRS Morningstar's initial expectations.

-- The Servicer's updated business plan as of November 2020,
received in March 2021, and the comparison with the initial
collection expectations.

-- Portfolio characteristics: loan pool composition as of May 31,
2021 and evolution of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the Notes (i.e., the
Class B Notes will begin to amortize following the full repayment
of the Class A Notes and the Class J Notes will amortize following
the repayment of the Class B Notes). Additionally, interest
payments on the Class B Notes become subordinated to principal
payments on the Class A Notes if the cumulative net collection
ratio or net present value cumulative profitability ratio are lower
than 90%. These triggers were not breached on the June 2021
interest payment date, with the actual figures at 90.94% and
110.76%, respectively, according to the Servicer.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering
potential interest shortfall on the Class A Notes and senior fees.
The cash reserve target amount is equal to 4% of the sum of Class A
and Class B Notes principal outstanding and is currently fully
funded.

TRANSACTION AND PERFORMANCE

According to the latest investor report from June 2021, the
outstanding principal amounts of the Class A, Class B, and Class J
Notes were equal to EUR 139.7 million, EUR 30.5 million, and EUR
11.8 million, respectively. The balance of the Class A notes has
amortized by approximately 47.8% since issuance.

As of May 2021, the transaction was performing below the Servicer's
initial expectations. The actual cumulative gross collections
equaled EUR 186.2 million whereas the Servicer's initial business
plan estimated cumulative gross collections of EUR 216.1 million
for the same period. Therefore, as of May 2021, the transaction was
underperforming by EUR 29.9 million (-13.8%) compared with initial
expectations.

In March 2021, the Servicer provided DBRS Morningstar with a
revised business plan as of November 2020. In this updated business
plan, the Servicer assumed lower recoveries than initially. The
total cumulative gross collections from the updated business plan
amounted to EUR 351.5 million (including gross collections until
November 2020), which is 10.6% lower than the EUR 393.0 million
expected in the initial business plan.

Without including actual collections, the Servicer's expected
future collections from June 2021 now account for EUR 164.2 million
versus EUR 176.9 million in the initial business plan; hence, the
Servicer revised its expectation for collection on the remaining
portfolio downwards, and it is slightly below the current
aggregated outstanding balance of the Class A and Class B Notes.
The updated DBRS Morningstar B (high) (sf) rating stress assumes a
haircut of 5.8% to the Servicer's latest business plan, considering
future expected collections.

Although, as of May 2021, the transaction was performing slightly
above DBRS Morningstar's initial BBB (high) (sf) rating stress
assumptions, the decision to further downgrade the rating of the
Class A Notes, confirm the Class B Notes, and maintain the Negative
trends is based on the observed performance trend of the
transaction to date, on the analysis of the updated business plan
provided by the Servicer in March 2021, as well as on DBRS
Morningstar's expectations with regard to Italy's economy and real
estate markets amid the coronavirus pandemic.

The final maturity date of the transaction is December 31, 2037.

DBRS Morningstar analysed the transaction structure using Intex
DealMaker.

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

Notes: All figures are in euros unless otherwise noted.



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

GAMMA INFRASTRUCTURE: Moody's Withdraws B3 CFR Over Debt Repayment
------------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating and the B3-PD probability of default rating of Gamma
Infrastructure II B.V. ("DeltaFiber"), a cable operator in the
Netherlands. The stable outlook has also been withdrawn.

At the time of withdrawal, the company had no rated debt
outstanding.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because DeltaFiber's
debt previously rated by Moody's has been fully repaid on August 2,
2021 with proceeds from a new EUR2 billion financing package raised
by the company.

COMPANY PROFILE

Gamma Infrastructure II B.V. (DeltaFiber), headquartered in the
Netherlands, is owned by EQT Infrastructure III fund (EQT).
DeltaFiber comprises DELTA (a leading owner and operator of telecom
infrastructure), which was acquired by EQT in 2017, and CAIW (the
second-largest fiber infrastructure owner and a fully integrated
triple-play provider in the Netherlands), acquired in 2018. In
2020, the company generated EUR282 million and EUR141 million in
revenue and EBITDA (on a 50% proportionately consolidated basis for
the joint-venture entities at CAIW, in line with the audited
results under Dutch GAAP), respectively.

LIST OF AFFECTED RATINGS

Issuer: Gamma Infrastructure II B.V.

Withdrawals:

Corporate Family Rating , previously rated B3

Probability of Default Rating , previously rated B3-PD

Outlook Action:

Outlook changed to Ratings Withdrawn from Stable

Issuer: Gamma Infrastructure III B.V.

Withdrawals:

Backed Senior Secured Bank Credit Facility, previously rated B3

Outlook Action:

Outlook changed to Ratings Withdrawn from Stable



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

ABSOLUT BANK: Moody's Confirms B2 Long Term Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service confirmed the B2 long-term local and
foreign currency deposit ratings of Absolut Bank (PAO), its
long-term Counterparty Risk (CR) Assessment of B1(cr), its
long-term Counterparty Risk Ratings (CRRs) of B1 and affirmed its
Baseline Credit Assessment of caa1 and Adjusted BCA of b3, its Not
Prime short-term deposit ratings and CRRs and its Not Prime(cr)
short-term CR Assessment. Absolut's issuer outlook, as well as the
outlook on its long-term deposit ratings, were changed to negative
from ratings under review. This action completes the reviews for
downgrade that Moody's initiated on December 16, 2020 and extended
on May 28, 2021.

Absolut is the parent bank of a group, which includes subsidiary
Baltinvestbank, a bank under regulatory financial rehabilitation
since 2015. Moody's analysis and assessments are based on the
group's consolidated financials, and all the financial indicators
mentioned in this press release refer to the group, unless
otherwise specified. Absolut is ultimately controlled by the
Non-State Pension Fund Blagosostoyanie (Blagosostoyanie Fund).

RATINGS RATIONALE

Moody's confirmation of Absolut's long-term deposit ratings
reflects its demonstrated capability to internally generate
capital, given its return to profitability since 2020. Although the
expected third party capital support has not yet materialized,
Moody's believes that it is still likely to arrive in the next 12
months and to significantly improve the group's capital adequacy.
The timing of this external support is no longer critical for
Absolut's compliance with regulatory requirements, which are
applied at a standalone level, while Baltinvestbank continues to
enjoy regulatory forbearance. The confirmation of the bank's
long-term ratings, including the notching uplift above its BCA,
reflects Moody's assessment that in case of a threat to Absolut's
standalone solvency or compliance with the regulatory requirements,
there is a moderate probability of the bank receiving affiliate or
government support.

The affirmation of Absolut's BCA reflects the balance of the recent
improvements in the group's asset quality and recurring
profitability and its still slim capital cushion, in the absence of
shareholder or third-party support. Despite Absolut's standalone
capital adequacy ratios comfortably exceeding the regulatory
thresholds, its subsidiary's capital deficiency pulls down the
group's consolidated capital metrics, resulting in a ratio of
tangible common equity to risk-weighted assets (TCE/RWA ratio) of
around 3%. This ratio has improved from an even lower 1.3% in 2019,
on the back of a combination of one-off gains and positive
recurring earnings. Moody's expects the group's internal profit
generation to gradually restore its capital adequacy to a more
solid level, but without external support its TCE/RWA ratio will
likely stay below 5% in the next 12-18 months.

The group's net profit turned positive in 2020 and Q1 2021,
however, without gains associated with recoveries of provisions the
group's return on average assets would have been below 0.5%. The
bank's ability to sustain or further improve its financial results
will be subject to (1) further improvements in asset quality and
consistently lower need for provisions, and (2) sufficiency of the
revenues from the new business, to sustainably cover operating
costs and loan loss provisions. The bank's focus is currently on
mortgages, guarantees and servicing the Russian Railways group, its
affiliates and counterparts.

Absolut's stock of problem loans declined notably in 2020 and Q1
2021, on the back of recoveries, write-offs and sales of legacy
problem loans; however, it remains high at above 20% of the gross
loan portfolio. The coverage of problem loans with loan loss
reserves is solid, at 88% as of Q1 2021.

MODERATE AFFILIATE SUPPORT

Absolut's Adjusted BCA of b3 benefits from one notch of uplift
above its caa1 BCA, given Moody's assessment of a moderate
probability of affiliate support from Russian Railways Joint Stock
Company (Russian Railways; Baa2 stable), which owns a 25% stake in
the bank's 100% shareholder, Blagosostyanie Fund. This assessment
reflects Moody's expectations that Absolut can potentially benefit
from Russian Railways' funding or capital support, given the
strengthening business links between the bank and the companies of
the Russian Railways group.

MODERATE GOVERNMENT SUPPORT

Additional one notch of uplift within Absolut's B2 deposit ratings
above its b3 Adjusted BCA results from Moody's view of a moderate
probability of support from the Government of Russia (Baa3 stable),
which reflects (1) the government of Russia being Absolut's
indirect ultimate owner via Blagosostoyanie Fund and its
shareholders, and (2) Absolut's significant subsidiary
Baltinvestbank being a recipient of government support in the form
of a financial rehabilitation package funded by the Deposit
Insurance Agency and the Central Bank of Russia.

NEGATIVE OUTLOOK

The negative outlook on Absolut's long-term deposit ratings
reflects the risk of the group not being able to improve its
capital position significantly in the next 18 months, through
internal profit generation or third-party capital support.

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

Absolut's ratings are currently unlikely to be upgraded, given the
negative outlook. However, the outlook could be changed to stable,
if capital support from a third party is secured within the next 18
months in an amount sufficient to cover the current capital
shortfall, or if further improvements in asset quality and
profitability translate into significant strengthening of the
group's capital position.

Absolut's ratings may be downgraded if its capital position doesn't
strengthen significantly in the next 18 months, or if Moody's
reassesses the probability of affiliate or government support to
the bank.

LIST OF AFFECTED RATINGS

Issuer: Absolut Bank (PAO)

Confirmations:

LT Bank Deposit ratings, Confirmed B2, outlook changed to Negative
from Ratings under Review

LT Counterparty Risk Ratings, Confirmed B1

LT Counterparty Risk Assessment, Confirmed B1(cr)

Affirmations:

Baseline Credit Assessment, Affirmed caa1

Adjusted Baseline Credit Assessment, Affirmed b3

ST Bank Deposits ratings, Affirmed NP

ST Counterparty Risk Assessment, Affirmed NP(cr)

ST Counterparty Risk Ratings, Affirmed NP

Outlook Action:

Outlook changed to Negative from Rating Under Review

PRINCIPAL METHODOLOGY

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

ROSENERGO LTD: Bank of Russia Ends Provisional Administration
-------------------------------------------------------------
On July 21, 2021, the Bank of Russia terminated activity of the
provisional administration appointed to manage National Insurance
Group—ROSENERGO, LTD (hereinafter, the insurer), according to the
Bank of Russia's Press Service.

The provisional administration established facts of
operations/transactions conducted to withdraw the insurer's assets
(property) and recognize the funds in its balance sheet that the
insurer actually did not have in its cash office.

The provisional administration forwarded relevant complaints to the
law enforcement agencies regarding the facts detected.

The provisional administration carried out analysis of the
insurer's financial standing and revealed that it lacked sufficient
property (assets) to fulfil all its obligations to its creditors
and make all mandatory payments.

On July 21, 2021, the Arbitration Court of the Altai Republic
recognized the insurer as insolvent (bankrupt) and initiated a
bankruptcy proceeding against it.  The State Corporation Deposit
Insurance Agency was appointed as the receiver.

More details about the work of the provisional administration are
available on the Bank of Russia website.

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

The provisional administration was appointed by virtue of Bank of
Russia Order No. OD-1974, dated November 30, 2020, due to the
suspension of the insurer's insurance licenses.


RUSSIAN REINSURANCE: AM Best Affirms B(Fair) Fin'l. Strength Rating
-------------------------------------------------------------------
AM Best has revised the outlooks to positive from stable and
affirmed the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb+" (Fair) of Russian
Reinsurance Company JSC (Russian Re) (Russia).

The Credit Ratings (ratings) reflect Russian Re's balance sheet
strength, which AM Best assesses as strong, as well as its adequate
operating performance, limited business profile and marginal
enterprise risk management (ERM).

The revision of the outlooks to positive reflects the improvement
in Russian Re's operating performance observed over the past five
years and AM Best's expectation that stronger performance will be
maintained, supported by sound underwriting practices.

Russian Re's balance sheet strength is underpinned by its
risk-adjusted capitalization at the strongest level, as measured by
Best's Capital Adequacy Ratio (BCAR). An offsetting factor is the
relatively low liquidity of the company's investment portfolio,
with 19% of invested assets held in real estate. Additionally, the
company has a high dependence on a single reinsurer, with which it
has a long-standing relationship. The associated credit risk is
mitigated partially by the reinsurer's excellent financial
strength.

Performance over the past 10 years has been volatile. However,
results since 2016 have been good, with the company reporting a
five-year weighted average combined ratio of 84.3% and return on
equity of 18.5% (2016-2020). AM Best expects good overall
underwriting performance to be maintained, despite the execution
risk associated with planned growth in foreign markets. Investment
results have been positive in each of the past five years, albeit
subject to fluctuations, particularly due to foreign exchange
movements.

AM Best's assessment of Russian Re's business profile as limited
stems from its relatively small size, with gross written premium
(GWP) of USD 24.6 million in 2020, and its limited geographical
diversification, with approximately 60% of GWP sourced from Russia
and Commonwealth of Independent States. The company maintains a 3%
share in the local reinsurance market and does not have an
established profile in any of the international markets in which it
operates. In 2020, the company reported strong growth in Russia and
international markets and its medium-term plans include further
growth in Asia Pacific and Latin America.

Russian Re's ERM framework is evolving with certain elements not
yet formalized. Risk management capabilities are aligned largely
with its risk profile. Risk associated with expansion in foreign
markets is mitigated partly by selective underwriting, with a focus
on the type of property and engineering risks that are familiar to
the company.




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

TDA CAM 9: Moody's Upgrades Rating on EUR48MM Class B Notes to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded and affirmed the ratings of
Notes in TDA 19 MIXTO, FTA and TDA CAM 9, FTA, RMBS transactions.
The upgrades reflect the better than expected collateral
performances and increased levels of credit enhancement for the
affected Notes.

Issuer: TDA 19 MIXTO, FTA

EUR567.3M Class A Notes, Affirmed Aa1 (sf); previously on Feb 24,
2020 Affirmed Aa1 (sf)

EUR19.2M Class B Notes, Affirmed Aa1 (sf); previously on Feb 24,
2020 Affirmed Aa1 (sf)

EUR6M Class C Notes, Affirmed Aa1 (sf); previously on Feb 24, 2020
Affirmed Aa1 (sf)

EUR7.5M Class D Notes, Upgraded to Aa1 (sf); previously on Feb 24,
2020 Upgraded to Aa3 (sf)

Issuer: TDA CAM 9, FTA

EUR250M Class A1 Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Upgraded to Aa1 (sf)

EUR943.5M Class A2 Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Upgraded to Aa1 (sf)

EUR230M Class A3 Notes, Affirmed Aa1 (sf); previously on Jun 29,
2018 Upgraded to Aa1 (sf)

EUR48M Class B Notes, Upgraded to B2 (sf); previously on Jun 29,
2018 Affirmed Caa2 (sf)

EUR28.5M Class C Notes, Upgraded to Caa3 (sf); previously on Dec
3, 2009 Downgraded to Ca (sf)

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

RATINGS RATIONALE

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

(i) TDA 19 MIXTO, FTA, 1.41%, unchanged.

(ii) TDA CAM 9, FTA, to 16.01% from 15.97%.

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

Key Collateral Assumption Revised

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

Moody's revised its expected loss assumptions as follows:

(i) TDA 19 MIXTO, FTA, to 0.59% from 0.85%.

(ii) TDA CAM 9, FTA, to 9.13% from 9.30%.

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

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

(i) TDA 19 MIXTO, FTA, 7.50%, unchanged.

(ii) TDA CAM 9, FTA, 14.80%, unchanged

PRINCIPAL METHODOLOGY

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

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

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

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

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

VALENCIA HIPOTECARIO 3: Fitch Affirms CCC Rating on Cl. D Tranche
-----------------------------------------------------------------
Fitch Ratings has upgraded four tranches of two Spanish Valencia
Hipotecario RMBS transactions and affirmed the others. Fitch has
also removed two tranches from Rating Watch Positive (RWP). The
Outlooks are Stable.

        DEBT                   RATING           PRIOR
        ----                   ------           -----
Valencia Hipotecario 3, FTA

Class A2 ES0382746016    LT  AAAsf  Upgrade     AA+sf
Class B ES0382746024     LT  A+sf   Upgrade     A-sf
Class C ES0382746032     LT  Asf    Upgrade     BBBsf
Class D ES0382746040     LT  CCCsf  Affirmed    CCCsf

Valencia Hipotecario 2, FTH

Series A ES0382745000    LT  AAAsf  Affirmed    AAAsf
Series B ES0382745018    LT  AA+sf  Upgrade     A+sf
Series C ES0382745026    LT  A+sf   Affirmed    A+sf
Series D ES0382745034    LT  CCCsf  Affirmed    CCCsf

TRANSACTION SUMMARY

The transactions comprise fully amortising Spanish residential
mortgages serviced by Caixabank, S.A. (BBB+/Negative/F2).

KEY RATING DRIVERS

Stable Performance Outlook, Additional Stresses Removed: The rating
actions reflect the broadly stable asset performance outlook driven
by the low share of loans in payment moratoria schemes (0.5% of the
current portfolio balance for Valencia 2 and 3 as of June 2021),
the low share of loans in arrears over 90 days (less than 1.1% of
current portfolio balance) and the improved macro-economic outlook
for Spain as detailed in Fitch's latest Global Economic Outlook
dated June 2021.

The rating analysis reflects the removal of the additional stresses
in relation to the coronavirus outbreak and legal developments in
Catalonia as announced on 22 July 2021.

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

Fitch expects CE for Valencia 2 to increase due to the prevailing
sequential amortisation of the notes that becomes mandatory after
the portfolio balance is less than 10% of its initial balance (now
at 11%). Fitch expects CE ratios for Valencia 3 to remain broadly
stable due to the prevailing pro-rata amortisation of the notes,
which Fitch expects to continue as the portfolio balance represents
around 18% of its initial balance and so the mandatory switch to
sequential is not imminent.

Excessive Counterparty Exposure: Valencia 2 class C notes' rating
is capped at the issuer account bank provider's rating (Barclays
Bank plc; A+/Stable/F1), as the only source of structural CE for
this class is the reserve fund held at the account bank. The rating
cap reflects the excessive counterparty dependency on the SPV
account bank holding the cash reserves, as the sudden loss of these
amounts would imply a downgrade of 10 or more notches of the notes,
in accordance with Fitch's criteria.

Regional Concentration Risk: The portfolios are highly exposed to
the region of Valencia in Spain. Within Fitch's credit analysis,
and to address regional concentration risk, higher rating multiples
are applied to the base foreclosure frequency assumption to the
portion of the portfolios that exceeds 2.5x the population within
this region, relative to the national total, in line with Fitch's
European RMBS Rating Criteria.

Payment Interruption Risk Mitigated: Fitch considers payment
interruption risk on the notes is sufficiently mitigated in both
transactions in the event of a servicer disruption. Fitch deems the
available liquidity protection (cash reserves that could be
depleted by losses) as sufficient to cover stressed senior fees,
net swap payments and senior note interest due amounts for a period
of time while an alternative servicer arrangement was implemented.

RATING SENSITIVITIES

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

-- The class A notes in both transactions are rated at the
    highest level on Fitch's scale and cannot be upgraded.

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

-- For Valencia 2 class C, an upgrade of Barclays Bank PLC's
    Long-Term Issuer Default Rating (IDR) as it is the SPV account
    bank provider, and the notes' rating is capped at the bank's
    rating due to excessive counterparty risk exposure.

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

-- For the class A notes in both transactions, a downgrade of
    Spain's Long-Term IDR that could decrease the maximum
    achievable rating for Spanish structured finance transactions.
    This is because these notes are rated at the maximum
    achievable rating, six notches above the sovereign IDR.

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

-- For Valencia 2's class C notes, a downgrade of Barclays Bank
    PLC's Long-Term IDR as the notes' rating is capped at the
    bank's rating due to excessive counterparty risk exposure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Valencia Hipotecario 2, FTH, Valencia Hipotecario 3, FTA

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 [Valencia
Hipotecario 2, FTH, Valencia Hipotecario 3, FTA] 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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Valencia 2's class C notes are capped at the issuer account bank
provider's rating (Barclays Bank PLC) because it is exposed to
excessive counterparty dependency.

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.



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

SUNRISE COMMUNICATIONS: Fitch Affirms Then Withdraws 'BB-' IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Sunrise Communications Group AG's
(Sunrise) Long-Term Issuer Default Rating (IDR) at 'BB-' with a
Negative Outlook and has subsequently withdrawn the rating.

The IDR of Sunrise is equalised to that of parent UPC Holding BV
(UPC; BB-/Negative) based on Fitch's assessment of strong legal and
operational ties under Fitch's Parent and Subsidiary Linkage Rating
Criteria. Bond and term loan debt at Sunrise have been fully repaid
at acquisition closure.

There is no rated debt outstanding at the Sunrise level.

The ratings have been withdrawn for commercial purposes.

KEY RATING DRIVERS

Completion of Acquisition: There has been no material change in
Sunrise's credit profile since the previous rating action on 13
November 2020. The rating affirmation reflects the completion of
the company's acquisition by UPC. Sunrise delisted from SIX Swiss
Exchange on 6 April 2021, upon completion of the minority shares
squeeze-out. Fitch expects the combined business to be managed at
5.0x net debt/EBITDA.

Sound Transaction Logic: Sunrise's ratings take into account the
combined UPC/Sunrise group's well-established mobile and cable
operations in Switzerland, along with smaller-scale operations in
Poland and Slovakia. Fitch believes the acquisition by UPC makes
sound industrial logic, and will establish the group with a strong
number two position in a high-value telecom market. In a market
that shows strong demand for ultra-high-speed broadband and
fixed-mobile convergence (FMC), Fitch believes opportunities exist
to stabilise its cable operations, implement cost synergies and
exploit up-selling of products and services.

DERIVATION SUMMARY

Post-Merger Profile: Since merger completion, Fitch rates Sunrise
on the combined profile basis with UPC, which forms a strong
challenger in Switzerland with an established mobile business and
fixed cable network.

Sunrise's rating reflects the combined group's improved competitive
position on convergence offering in a market that is dominated by
incumbent Swisscom, and materially larger scale. It also reflects
the more leveraged profile post-merger, which Fitch expects to be
managed with net debt/EBITDA of 5x. Fitch considers the profile to
be in line with that of Virgin Media Inc. and Telenet Group Holding
N.V.(both BB-/Stable).

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer (for
the enlarged UPC/Sunrise group):

-- Combined group revenue to stabilise to about 1% growth in
    2021-2024. This includes expected revenue synergies from 2022;

-- Operating cash flow margin gradually increasing to 42.4% by
    2024 on the back of acquisition synergies;

-- Fitch conservatively assumes CHF30 million revenue synergies,
    CHF165 million cost synergies and CHF18 million capex
    synergies by 2025 on a run-rate basis per year in Fitch's base
    case;

-- Operating and capex integration costs totalling about CHF400
    million until 2025, with the majority incurred during 2021
    2022;

-- Capex at around 19%-22% of revenue in 2021-2025, including
    capex synergies and integration costs.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given the rating
withdrawal.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch expects the enlarged group to have a strong
liquidity profile supported by solid free cash flow (FCF)
generation with an FCF margin in the high single digits in
2020-2024. Its liquidity is further provided by a fully undrawn
revolving credit facility (RCF) of EUR736.4 million due 2026. The
post-merger debt maturities are long-dated with the first due in
2028.

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.

Following the withdrawal of ratings for Sunrise, Fitch will no
longer be providing the associated ESG Relevance Scores.

ISSUER PROFILE

Sunrise is the second-largest telecommunications provider in
Switzerland and offers mobile and landline Internet services to
residential and business customers. The company was fully acquired
by UPC Holding B.V. as of 12 November 2020.



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

UKRAINE: Fitch Affirms 'B' LT FC IDR, Alters Outlook to Positive
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Ukraine's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Positive from
Stable and affirmed the IDR at 'B'.

KEY RATING DRIVERS

The revision of the Outlook reflects the following key rating
drivers and their relative weights:

MEDIUM

Ukraine's credit fundamentals have been relatively resilient to the
coronavirus shock, and Fitch expects public debt/GDP to fall in
2021 on the back of budget outperformance and recovering GDP.
Foreign exchange reserves have trended up, and Ukraine has retained
access to commercial and IFI external finance, despite uneven
progress against the IMF stand-by arrangement (SBA). There has been
a consolidation of the credible policy framework, underpinned by
exchange rate flexibility, commitment to inflation-targeting, and
prudent fiscal policy, which has supported greater macroeconomic
stability and a marked reduction in general government debt since
recovery from the 2014-2015 geopolitical and economic crises.

Fitch forecasts the general government deficit narrows 1.7pp in
2021, to 4% of GDP, below the government state deficit target of
5.1% and the 'B' median deficit of 6.2%. The state budget deficit
fell sharply in 1H21 to 1.8% of GDP (annualised) with 1pp of
revenue outperformance, and a larger expenditure under-execution,
which Fitch assumes reverses in 2H21. However, there is somewhat
greater reliance on government guarantees in this year's budget,
totalling close to 1.8% of GDP. New tax-raising measures for 2022,
which are yet to receive legislative approval, amount to 0.9% of
GDP, helping offset recurrent expenditure pressure, and Fitch
projects the general government deficit falls further to 3.2% of
GDP in 2022, and 2.9% in 2023.

Near-term financing risks have reduced somewhat. Government cash
holdings of USD2.0 billion at end-July (82% of which are in
foreign-currency) were helped by issuances of Eurobonds in April
and July totalling USD1.75 billion, and resumption of non-resident
inflows into the domestic market of USD1 billion (0.6% of GDP) in
1H21. In addition, Ukraine's IMF special drawing rights allocation
of USD2.7 billion and available liquidity in the domestic banking
sector provide more financing space to meet higher budget needs in
the remainder of 2021 (including USD2.2 billion external
amortisation in September).

Moderate progress has been made on the reform agenda since Fitch's
last review in February, including legislation to restrict the
activities of oligarchs and to amend High Council of Justice
selection processes, demonstrating the administration's somewhat
greater ability to command majority support in the Rada. However,
there has yet to be IMF agreement on the first review of the SBA,
which could release two USD0.7 billion tranches this year (out of a
total USD2.9 billion undisbursed funds), and the remaining USD0.6
billion of EU Macro-Financial Assistance may also depend on at
least staff-level IMF approval. Fitch's base case is for only
partial release of these tranches in 2021, and that the SBA (due to
expire in December) is extended into 2022.

General government debt is projected to fall 3.9pp in 2021 to 50%
of GDP (57% including guarantees) below the 'B' median of 67.8%.
This is supported by deficit reduction, growth in nominal GDP, and
3% appreciation of the hryvnia against the US dollar. The
coronavirus shock temporarily reversed the marked decline in
general government debt from 69.2% at end-2016 to 44.3% at
end-2019. The share of foreign-currency denominated debt has been
stable at 61%, and slightly below the 'B' median of 63%. Fitch
projects general government/GDP edges down in 2022-2023 to 48.9%.
Large outperformance relative to the government's deficit target in
2020 (of 2.3pp) and in 1H21, together with a somewhat lower risk
that the economic recovery is derailed, provide greater confidence
in the target to return to a primary surplus by 2023.

Ukraine's external position has remained resilient, with FX
reserves broadly flat this year, at USD29.0 billion at end-July, up
from USD25.3 billion at end-2019 (and USD17.7 billion in December
2018). High commodity prices contributed to a 6pp improvement in
the 2020 current account to a surplus of 3.3% of GDP (offseting
private sector capital outflows). Fitch forecasts less favourable
terms of trade from 2H21 and strengthening domestic demand drive a
narrowing of the current account surplus to 0.5% of GDP in 2021,
and to a deficit of 2.4% in 2023, but more than covered by net
capital inflows. FX reserves are projected at 4.8 months of current
external payments at end-2021, up from 3.4 months at end-2019 and
in line with the 'B' median.

The banking sector has absorbed the pandemic shock better than
initially expected and its credit fundamentals have improved in
recent years. Non-performing loans (NPL), which are mostly at state
banks, declined to a still-high 37.8% of gross loans at end-5M21,
from 48.4% at end-2019. The shock is not yet fully reflected in
problem loan recognition but is balanced by robust pre-impairment
profit and an adequate core capital ratio (16.8%). The high NPL
provisions ratio, of close to 90%, and a more supportive
legislative framework are also expected to drive good progress
towards targets to lower the NPL ratio by near 15pp over the next
three years. The deposit dollarisation ratio has fallen 3pp since
end-2019 to 38%, but still compares unfavourably with the 'B'
median of 31%.

Ukraine's 'B' rating also reflects the following rating drivers:

The rating is supported by Ukraine's credible macroeconomic policy
framework, record of multilateral support, favourable human
development indicators, net external creditor position of 11% of
GDP, and lower public debt than the 'B' median. Set against these
factors are weak governance indicators and exposure to geopolitical
risk, low external liquidity relative to a large sovereign external
debt service requirement, and legislative and judicial risk to
policy implementation.

Fitch forecasts GDP growth of 4.1% this year, helped by a pick-up
in agriculture and 12.9% real wage growth yoy in June, with short
lockdowns in January and April subtracting an estimated 0.6pp from
annual growth. The vaccination rollout has quickened over the last
month but is low, at 13 doses per hundred people, and represents a
downside risk to Fitch's forecast. Fitch projects GDP growth of
3.9% in 2022, slowing to 3.5% in 2023, which is close to Fitch's
assessment of Ukraine's trend rate. Inflation has risen sharply, to
9.5% in June, from 5.0% in December 2020, due to temporary
supply-side factors but core inflation also increased to 7.3%.
Fitch forecasts inflation remains elevated at 9.2% at end-2021
(with a further 50bp policy rate increase to 8.5%) and declines to
6.0% at end-2022, the upper end of the target range. Last year's
replacement of the NBU governor has increased the downside risk of
looser-than-projected monetary policy, in Fitch's view.

There has been a mixed picture on progress against the IMF SBA over
the last six months. A key prior action implemented was reinstating
criminal liability for falsifying asset declarations, and the most
challenging legislation outstanding is on the selection process for
the head of the anti-corruption agency. Measures in these two areas
were required because of unexpected Constitutional Court rulings in
4Q20, which underlines the risk of further policy reversals by the
judiciary. The government's removal in April of Naftogaz's head by
first suspending its appointment board has added to governance
concerns and could further complicate the remainder of the SBA. In
terms of the Russian-Ukrainian conflict, the heightened tensions
following the build-up of Russian troops on the border in April
were de-escalated with their withdrawal, but substantial near-term
progress towards a resolution is unlikely, in Fitch's view, and the
relationship continues to be subject to downside risk.

Despite the improved near-term financing position, continued
engagement with the IMF remains key to maintaining access to
external financing over a longer period. Sovereign external debt
amortisations are relatively high, averaging USD5.0 billion in
2021-2023, albeit down from USD7.0 billion last year. Ukraine's
external liquidity ratio improved 10.5pp in 2018-2020 to 85.1% but
remains well below the 'B' median of 139.9%. There is also
uncertainty over the capacity for the domestic banking sector to
absorb higher government debt issuance over an extended period,
despite its current ample liquidity.

ESG - Governance: Ukraine has an ESG Relevance Score (RS) of 5 for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in Fitch's proprietary Sovereign Rating
Model (SRM). Ukraine has a low WBGI ranking at the 32nd percentile,
reflecting the Russian-Ukrainian conflict, weak institutional
capacity, uneven application of the rule of law and a high level of
corruption.

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Macro and External Finances: Increased external financing
    pressures, sharp decline in international reserves or
    increased macroeconomic instability, for example stemming from
    IMF programme disengagement due to deterioration in the
    consistency of the policy mix and/or reform reversals.

-- Public Finances: Persistent increase in general government
    debt/GDP, for example due to fiscal loosening, weak GDP
    growth, or currency depreciation.

-- Structural: Political/geopolitical shocks that weaken
    macroeconomic stability, growth prospects and Ukraine's fiscal
    and external position.

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- External Finances: Reduction in external financial
    vulnerabilities, for example due to a sustained increase in
    international reserves, strengthened external balance sheet,
    greater financing flexibility, or greater confidence in the
    ability to maintain IMF programme engagement and market
    access.

-- Public Finances: Sustained fiscal consolidation that places
    general government debt/GDP on a firm downward path over the
    medium term.

-- Macro and Structural: Increased confidence that progress in
    reforms will lead to improvement in governance standards and
    higher growth prospects while preserving improvements in
    macroeconomic stability.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Ukraine a score equivalent to a
rating of 'B+' on the Long-Term FC IDR scale. This is a 1-notch
upward revision from the 'B' SRM score adopted at the previous
review (when it was close to the threshold of 'B+').

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

-- External finances: -1 notch: Fitch has introduced a new
    negative notch to reflect a) low external liquidity relative
    to a high sovereign external debt service requirement, and b)
    the degree of uncertainty over external financing sources,
    partly due to legislative and judicial risks to policy
    implementation that could undermine IMF programme engagement
    and market access.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

Fitch does not expect resolution of the Russian-Ukrainian conflict
or escalation of the conflict to the point of compromising overall
macroeconomic performance.

Fitch assumes that the debt dispute with Russia will not impair
Ukraine's ability to access external financing and to meet external
debt service commitments.

ESG CONSIDERATIONS

Ukraine has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver with a high
weight. A major escalation of the conflict in the east of Ukraine
represents a risk. As Ukraine has a percentile below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Ukraine has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and in the case of
Ukraine weaken the business environment, investment and reform
prospects; this is highly relevant to the rating and a key rating
driver with high weight. As Ukraine has a percentile rank below 50
for the respective Governance Indicators, this has a negative
impact on the credit profile.

Ukraine has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Ukraine has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Ukraine has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Ukraine, as for all sovereigns. As Ukraine
has a fairly recent restructuring of public debt in 2015, this has
a negative impact on the credit profile.

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



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

FINSBURY SQUARE 2018-2: Moody's Ups GBP18M Cl. E Notes Rating to B2
-------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of four notes in
Finsbury Square 2018-2 plc and four notes in Kentmere No. 1 plc.
The rating action reflects the increased levels of credit
enhancement for the affected notes, and better than expected
collateral performance.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain their current ratings.
Issuer: Finsbury Square 2018-2 plc

GBP513M Class A Notes, Affirmed Aaa (sf); previously on Dec 15,
2020 Affirmed Aaa (sf)

GBP30M Class B Notes, Upgraded to Aaa (sf); previously on Dec 15,
2020 Upgraded to Aa1 (sf)

GBP33M Class C Notes, Upgraded to Aa1 (sf); previously on Dec 15,
2020 Upgraded to Aa3 (sf)

GBP6M Class D Notes, Upgraded to Aa3 (sf); previously on Dec 15,
2020 Affirmed Baa1 (sf)

GBP18M Class E Notes, Upgraded to B2 (sf); previously on Dec 15,
2020 Affirmed Caa2 (sf)

Issuer: Kentmere No. 1 plc

GBP672.77M Class A Notes, Affirmed Aaa (sf); previously on Oct 22,
2019 Assigned Aaa (sf)

GBP22.55M Class B Notes, Upgraded to Aaa (sf); previously on Oct
22, 2019 Assigned Aa1 (sf)

GBP22.55M Class C Notes, Upgraded to Aa1 (sf); previously on Oct
22, 2019 Assigned A1 (sf)

GBP13.53M Class D Notes, Upgraded to A3 (sf); previously on Oct
22, 2019 Assigned Baa2 (sf)

GBP7.52M Class E Notes, Upgraded to Ba1 (sf); previously on Oct
22, 2019 Assigned Ba2 (sf)

The two transactions are static cash securitisations of residential
mortgages extended to obligors located in the UK with some exposure
to buy-to-let mortgages in Finsbury Square 2018-2.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches, as well as decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) in both
transactions and MILAN CE assumption in Finsbury Square 2018-2 due
to better than expected collateral performance.

Increase in Available Credit Enhancement

Sequential amortization and fully funded non-amortizing General
Reserve Funds, led to the increase in the credit enhancement
available in Finsbury Square 2018-2 and Kentmere No.1. General
Reserve funds, sized at GBP12.0 million and GBP11.3 million in
Finsbury Square 2018-2 and Kentmere No.1 respectively, can be used
to cover shortfalls in interest payments as well as to cure PDL for
Classes A to D in Finsbury Square 2018-2 and for Classes A to E in
Kentmere No.1.

The credit enhancement for Classes B, C, and D in Finsbury Square
2018-2 increased from 14.2%, 7.4%, and 6.2% to 22.6%, 11.8% and
9.8% respectively since the last rating action in December 2020.

The credit enhancement for Classes B, C, D and E in Kentmere No.1
increased from 9.0%, 6.0%, 4.2% and 3.2% to 13.0%, 8.7%, 6.1% and
4.6% respectively since closing.

Key Collateral Assumptions:

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

The performance of Finsbury Square 2018-2 and Kentmere No.1 has
been better than initially expected at closing. 90 days plus
arrears as a percentage of current balance are currently standing
at 4.56% and 2.99% respectively, with pool factor at 51% and 69%.
Both transactions have no losses since closing.

Moody's assumed the expected loss of 1.7% and 1.6% as a percentage
of current pool balance for Finsbury Square 2018-2 and Kentmere
No.1 respectively, due to the better than expected collateral
performance. This corresponds to expected loss assumption as a
percentage of the original pool balance of 0.9% for Finsbury Square
2018-2 and 1.1% for Kentmere No.1, down from the initial assumption
of 2.2% and 1.8% respectively at closing.

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. For Finsbury Square 2018-2, the possibility of adding up to
30.7% new loans to the mortgage pool during the prefunding period
potentially introduced additional risks as the asset quality could
deteriorate compared to that at closing. Based on the assessment of
the current composition of the pool Moody's has decreased the MILAN
CE assumption for Finsbury Square 2018-2 to 12% from 14%. Moody's
has maintained the MILAN CE assumption for Kentmere No.1 at 9.5%.

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: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.

GAVIN WOODHOUSE: SFO Launches Fraud Investigation
-------------------------------------------------
Simon Read at BBC News reports that The Serious Fraud Office has
launched a major fraud investigation into care home entrepreneur
Gavin Woodhouse.

According to BBC, the probe will focus on investments he offered in
care homes and hotels between 2013 and 2019.

He raised more than GBP80 million from amateur investors, promising
generous returns, BBC discloses.

The SFO said it "is investigating suspected fraud and money
laundering in relation to the conduct of business by Gavin
Woodhouse and individuals and companies associated with him", BBC
relates.

It has asked investors into the suspected fraudulent schemes to
complete a questionnaire by Sept. 30, BBC notes.

It said the information provided "will help us to establish the
circumstances of the investments offered, to identify and pursue
new information, and to progress the investigation as quickly as
possible", according to BBC.

Gavin Woodhouse is an entrepreneur who raised more than GBP80
million from amateur investors between 2013 and 2019.  He said the
cash would be used to build care homes and buy and refurbish
hotels, BBC notes.  He gave investors the chance of buying a room
in a care home, a hotel or another form of holiday accommodation,
BBC discloses.  He typically promised 10 yearly dividends of about
10% -- paid out of the rent the room would generate -- plus a
commitment to buy the room back after a decade at 125% of the
purchase price, according to BBC.

But an investigation by The Guardian and ITV News into the scheme
in 2019 revealed that many of Mr. Woodhouse's projects were
incomplete, while the businessman's firms had a multimillion-pound
black hole, BBC relays.

That led to some of Mr. Woodhouse's creditors taking him to court
in the summer of 2019, seeking to place his businesses into interim
administration, BBC discloses.

According to BBC, a high court judge put the businesses into
administration ruling that Mr. Woodhouse's business model appeared
to be "thoroughly dishonest" and a "shameful abuse of the
privileges of limited liability trading".

"The administrators/liquidators will assess the company's assets,
undertake all appropriate recovery actions and distribute any
monies to creditors in accordance with their statutory duties, as
regards the respective administrations/liquidations," BBC quotes
the SFO as saying.

It added: "If we obtain convictions and compensation is appropriate
and possible, we will seek to return monies to victims."


GFG ALLIANCE: Gupta Pays US$25 Mil. to Settle Rio Tinto Dispute
---------------------------------------------------------------
Jack Farchy at Bloomberg News reports that Sanjeev Gupta has paid
US$25 million to Rio Tinto Group to settle a long-running dispute
over the final payment for an aluminum smelter he bought from the
mining giant in 2018.

According to Bloomberg, the deal was disclosed in the financial
accounts of one of Mr. Gupta's holding companies for the smelter,
which stated that a settlement agreement had been signed to close
all claims and counterclaims between the two sides on payment of
US$25 million by the unit that operates the plant.  The payment
took place on April 30, Bloomberg relays, citing the accounts.

The settlement shows how buoyant steel and aluminum markets are
helping Mr. Gupta, even as he battles to keep hold of his business
empire after the collapse of his largest lender, Greensill Capital,
Bloomberg states.  His GFG Alliance is also being investigated by
the U.K.'s Serious Fraud Office over alleged fraud and money
laundering, Bloomberg notes.

The dispute with Rio dates back to the miner's sale of the Dunkirk
smelter in France -- Europe's largest aluminum plant -- to Gupta
for US$500 million in 2018, Bloomberg discloses.  Rio initiated an
arbitration process after Mr. Gupta's group failed to make a final
payment after the deal was completed. Rio had been seeking about
US$50 million, the Financial Times reported in 2019.

The Dunkirk smelter is now the focus of an acrimonious battle
between Gupta and one of his creditors, U.S. private equity group
American Industrial Partners, according to Bloomberg.  A holding
company for the smelter has been put into administration as AIP
seeks to take control of the asset, Bloomberg states.

However, a blistering rally in aluminum prices is lifting the GFG's
profits, giving Mr. Gupta more options as he seeks new backers,
Bloomberg notes.  He has already agreed a deal with Glencore Plc to
refinance the aluminum business, Bloomberg states.


GREENSILL: Credit Suisse Repays Another US$400M to Fund Investors
-----------------------------------------------------------------
John Revill at Reuters reports that Credit Suisse has repaid
another US$400 million to investors in its Greensill-linked supply
chain finance funds, the Swiss bank said on Aug. 6.

The collapse of the funds in March kicked off a tumultuous period
for the bank, culminating with a multi-billion dollar loss related
to investment fund Archegos, a raft of executive oustings and an
impending strategic overhaul, Reuters relates.

The payout, originally announced with the bank's second-quarter
earnings, is the fourth distribution so far and takes the total
amount returned to the investors to roughly US$5.9 billion, Reuters
states.

The lender also said on Aug. 6 it was paying back money to
investors in four separate Credit Suisse funds that were invested
in supply chain funds that had illiquid assets, Reuters notes.

These assets, hived off into so-called side pockets, are now being
liquidated with shareholders receiving a payment pro rata to their
holding on Aug. 10, according to Reuters.  The amounts involved are
much smaller than in the main payout, Reuters says.

In March and April, US$4.8 billion was returned to investors in the
Greensill-linked funds in two installments, while another US$750
million was returned in July, Reuters recounts.

"Liquidation proceeds will be distributed as soon as feasible until
the investors receive the funds' total net collected liquidation
proceeds," Reuters quotes Credit Suisse's asset management arm as
saying on Aug. 6.

"Investors will receive notification of these payments.  Management
fees are waived with immediate effect."

The bank, as cited by Reuters, said it was continuing to liquidate
assets as receivables mature but warned investors that they may
suffer losses.


KIER GROUP: HS2 Railway Contract Saved Business from Collapse
-------------------------------------------------------------
Gill Plimmer at The Financial Times reports that the chief
executive of the UK government's biggest construction contractor
has admitted that a Cabinet Office decision to "de facto" support
the company with contracts for the HS2 railway line saved it from a
Carillion style-collapse three years ago.

According to the FT, Andrew Davies, the chief executive of Kier,
says the business was an "absolute mess" and on the brink of
bankruptcy when he took on the challenge of rebuilding the FTSE
250-listed business in April 2019.

"It was tough love, and there were no special favors," Mr. Davies
said in an interview with the FT.  "But the government did de facto
save us by awarding us contracts.  The biggest one was HS2."

"There were hard talks but the government made it very clear it
didn't want another collapse," said Mr. Davies, a former executive
of BAE Systems.  "We did matter."

According to the FT, the government said: "HS2 Ltd's rigorous
procurement process is open to all bidders with the relevant
experience and required credentials, and ensures value for money
for the taxpayer."

Mr. Davies took over Kier after it admitted to "accounting errors"
that wiped millions off the share price and with shareholders
unwilling to support an emergency cash call, the FT recounts.

There were fears that a Kier collapse would have been more
disruptive to government services than its rivals as it was engaged
in fewer joint ventures, in which partners could continue the work,
the FT notes.

Now, Mr. Davies says that Kier is on the up again after posting a
GBP9 million profit on revenue of GBP1.6 billion for the six months
to the end of December, compared with a loss of GBP41 million on
revenues of GBP1.8 billion in the same period the previous year,
the FT relays.  In April, it raised GBP241 million in a rights
issue to pay down much of its GBP436 million net debt, the FT
discloses.

Mr. Davies said like Carillion, Kier had squirrelled away debts on
its balance sheet and expanded in areas in which it had "no
experience and no expertise", according to the FT.


TOWD POINT 2018-AUBURN: DBRS Confirms BB Rating on Class E Notes
----------------------------------------------------------------
DBRS Ratings Limited took the following rating actions on the notes
issued by Towd Point Mortgage Funding 2018-Auburn 12 Plc (the
Issuer):

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

The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in February 2045. The ratings on the
Class B, Class C, Class D, and Class E notes address the ultimate
payment of interest and principal on or before the legal final
maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses;

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

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

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

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the United Kingdom (UK). The issued notes have been
used to fund the purchase of UK buy-to-let and owner-occupied
residential mortgage loans originated by Capital Home Loans Limited
(CHL). The portfolio is serviced by CHL, with Homeloan Management
Limited in place as the backup servicer.

PORTFOLIO PERFORMANCE

As of May 2021, loans two to three months in arrears represented
0.1% of the outstanding portfolio balance and the 90+-day
delinquency ratio was 1.0%. As of May 2021, the cumulative default
ratio was 2.4% and the cumulative loss ratio was 0.2%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 3.5% and 18.1%, respectively.

CREDIT ENHANCEMENT

As of the May 2021 payment date, the credit enhancement available
to the Class A, Class B, Class C, Class D, and Class E notes was
23.1%, 14.1%, 10.3%, 6.9%, and 3.7%, respectively, up from 20.6%,
12.6%, 9.2%, 6.1%, and 3.2% 12 months prior, respectively. Credit
enhancement in each case is provided by the subordination of junior
classes.

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

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

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

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



                           *********


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

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

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

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