/raid1/www/Hosts/bankrupt/TCREUR_Public/210811.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, August 11, 2021, Vol. 22, No. 154

                           Headlines



A U S T R I A

[*] AUSTRIA: Number of Company Insolvencies Down 25.2% in 2Q 2021


G E R M A N Y

NOVEM GROUP: S&P Upgrades ICR to 'BB-' on Partial Debt Reduction
SPEEDSTER BIDCO: Fitch Affirms 'B' LT IDR, Outlook Negative


I R E L A N D

AVONDALE PARK: Moody's Assigns (P)B3 Rating to EUR12MM Cl. F Notes
AVONDALE PARK: S&P Assigns Prelim B- (sf) Rating on Cl. F-R Notes
CORDATUS LOAN V: Moody's Affirms B3 Rating on EUR13MM F-R Notes
HARVEST CLO XIV: Moody's Affirms B1 Rating on EUR12MM Cl. F Notes
HARVEST CLO XXIV: Moody's Gives (P)B3 Rating to EUR11.4MM F Notes



L U X E M B O U R G

ARCELORMITTAL: Moody's Withdraws Ba1 CFR, Alters Outlook to Stable


P O R T U G A L

GROUNDFORCE PORTUGAL: Declared Insolvent by Lisbon Court


R U S S I A

INTERSTATE BANK: Fitch Affirms 'BB+' LT IDR, Outlook Stable


S E R B I A

TECHNIC DEVELOPMENT: Geox Plans to Launch Liquidation Proceedings


U N I T E D   K I N G D O M

BLITZEN SECURITIES 1: Fitch Rates 2 Tranches 'B+(EXP)'
BLITZEN SECURITIES 1: Moody's Assigns (P)B3 Rating to Cl. X Notes
GREENSILL CAPITAL: Ex-PM Made US$10MM From Firm Before Collapse
NQ MINERALS: Put Into Administration Due to Mounting Debts
TOMLINSON'S DAIRIES: Former Workers Win Legal Battle



X X X X X X X X

[*] EUROPE: Major Airports Seek Covenant Waivers for Second Time

                           - - - - -


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

[*] AUSTRIA: Number of Company Insolvencies Down 25.2% in 2Q 2021
-----------------------------------------------------------------
According to preliminary data from Statistics Austria, 580
enterprises were insolvent in the second quarter of 2021, 25.2%
fewer than in the same period of the previous year.

However, this decline can be explained to a large extent by the
fact that the obligation to file for bankruptcy has been suspended
since March 1, 2020, due to the Corona crisis.

In the second quarter of 2021, 15,073 registrations were recorded,
25.2% more than in the second quarter of 2020 with 12,042
registrations.



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

NOVEM GROUP: S&P Upgrades ICR to 'BB-' on Partial Debt Reduction
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Germany-based auto supplier Novem Group GmbH to 'BB-' from 'B+',
and subsequently withdrew the rating at the company's request. At
the time of withdrawal, the outlook was stable.

Novem's refinancing of its senior secured notes represents material
deleveraging. The company recently raised new equity of about EUR48
million through a private placement. Furthermore, the company has
entered into a new senior credit facility comprising a EUR250
million term loan and EUR60 million revolving credit facility,
which was undrawn at close. Using a combination of proceeds from
the private placement, new senior facility, and cash at hand, Novem
has redeemed its EUR400 million senior secured notes due 2024. As a
result of the transaction, gross debt, which forms the basis of our
leverage calculation, has decreased substantially, resulting in
much stronger FFO to debt. S&P expects the ratio will improve to
the mid-20% range in fiscal 2022, compared with 11%-12% at the end
of fiscal 2021.

S&P forecasts a rebound in Novem's operating performance in fiscal
2022. Novem's order backlog as of March 31, 2021, stood at EUR4.5
billion, representing about 7.6x of its fiscal 2021 sales of EUR590
million. Owing to a recovery in auto sales and the company's strong
positioning as an auto supplier for the premium segment, we see the
company's revenue increasing by 9%-10% in fiscal 2022. S&P expects
Novem will maintain a high EBITDA margin of about 19%-20%,
supported by higher volumes this year. Earnings will also benefit
from lower financing costs on the new facilities and conversion of
owner Automotive Investments' shareholder loan to equity.
Notwithstanding any material acquisition, it believes improved
operating performance and the company's new financial policy
commitment to maintain reported net debt to EBITDA of 1.0x-1.5x
will help Novem sustain stronger credit metrics, including FFO to
debt of 25% or more and leverage below 3.0x in the next few years.

S&P said, "We anticipate the company's free operating cash flow
(FOCF) generation will improve in fiscal 2022, despite higher
investments required to support post-pandemic recovery. We
understand that Novem's working capital usage will increase in
fiscal 2022, to support growth after a sluggish fiscal 2021."
Capital expenditure will also rise to about EUR20 million-EUR25
million in fiscal 2022, which is in line with pre-pandemic levels,
but higher than the EUR19 million spent in fiscal 2021. Despite
these elevated outflows, improved earnings will drive the company's
cash generation, with FOCF reaching EUR50 million–EUR60 million
in fiscal 2022, equivalent to adjusted FOCF to debt of 14%-16%.

Bregal will its maintain controlling ownership for now, despite
dilution of its stake with the recent listing of Novem. Novem
successfully completed its IPO listing on the Frankfurt Stock
Exchange on July 19, 2021. The new structure results in dilution of
stake for its owner Bregal, with its holding in the company
reducing to about 65% from 86% before, with the remaining 35% being
held by management and other shareholders. Despite the dilution in
stake, Bregal, who S&P treats as a financial sponsor, will continue
to maintain a controlling stake in the company. At this point, it
does not have visibility into Bregal's medium-term plans for Novem.
If Bregal were to further reduce its ownership and relinquish
control of Novem, this could increase the probability of rating
upside if combined with a further strengthening of credit metrics.

S&P said, "Prior to our withdrawal of the ratings, the stable
outlook reflected our expectation of increasingly strong credit
metrics for Novem, with adjusted FFO to debt well above 20% and
FOCF to debt well above 12% in the next two years. At the same
time, the outlook also reflected constraints related to Bregal's
control over Novem, which we expect will be maintained in the near

SPEEDSTER BIDCO: Fitch Affirms 'B' LT IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed Speedster Bidco GmbH's (AutoScout24)
Long-Term Issuer Default Rating (IDR) at 'B' with a Negative
Outlook. Fitch has also affirmed the senior secured ratings of the
company's first-lien term loan at 'B+'/'RR3' and second-lien term
loan at 'CCC+'/'RR6'. The ratings reflect the sale of subsidiary
Finanzcheck in 1Q21.

AutoScout24's IDR is constrained by its aggressive capital
structure, which results in Fitch-estimated funds from operations
(FFO) gross leverage of 8.7x in 2021. The rating also reflects
AutoScout24's entrenched position in key markets as a leading
European digital marketplace, along with its stable cash flow
generation, strong business model and defendable end-markets.

KEY RATING DRIVERS

Leadership Position Exhibits Network Effect: AutoScout24 occupies
the top position in all of its markets except Germany, where it is
an entrenched market participant second only to mobile.de. The
competitive environment is stable, and well-known platforms have a
high level of immunity to new or smaller challengers. This results
in a positive feedback loop for market leaders with more listings
that generate greater traffic as consumers gravitate towards
channels offering a better selection, increasing leads and listings
as a result.

Covid-19 Impact Rolling Off: The discounts AutoScout24 granted to
dealer clients affected by lockdown measures in early 2020 had a
direct impact on EBITDA and cash flows and slowed the pace of
deleveraging. As dealer and listing dynamics have shown ongoing
improvement since late 2020, Fitch assumes the discounts will not
reoccur. Fitch expects FFO gross leverage to be below 8.0x by
end-2022, but 2021 performance will speed up the deleveraging.

Current Auto Inventory Constraints Positive: Given the shortage in
automotive supply linked to the semiconductor supply chain, both
the new and used car markets are benefiting from increased demand.
According to IHS Markit, the global automotive industry lost more
than 2 million vehicles in terms of production in year-to-date
April 2021, 450,000 of which were in Europe. As new cars are no
longer as viable an option, consumers are increasingly turning to
used cars. This should have a favourable effect on dealer
customers, particularly as prices for used cars rise and no longer
reflect historical discounts for out of season models and
depreciation.

M&A, Shareholder Payments Could Threaten Deleveraging: Fitch
includes additional M&A activity in Fitch's forecast, which Fitch
views as manageable for the company in the context of bolt-on
acquisitions. The LeasingMarkt acquisition in July 2020 contributed
to higher leverage through the incremental EUR50 million first-lien
debt issue, but it had a lesser impact than the pandemic
environment. The sale of AutoScout24's Finanzcheck subsidiary
removed a slight drag on profitability. Nevertheless, a
continuation of this bolt-on acquisition strategy against the
backdrop of recovery from the pandemic impact would further
constrain debt repayment.

In addition, the company made a voluntary prepayment of a
significant portion of a subordinated shareholder loan, well ahead
of its senior secured debt maturities. It is not clear whether this
will continue in the future, which could temporarily strain
liquidity. In addition, further prepayment would reflect a more
aggressive financial policy favouring shareholders over
deleveraging.

Cash Generation Offsets High Leverage: Despite increased leverage,
AutoScout24 has the ability to rapidly reduce it due to an
asset-light business model and healthy cash flow generation. Fitch
expects AutoScout24 to reduce FFO gross leverage to 7.9x by
end-2022 and 7.0x by 2023, down from 8.7x at end-2021, as the
company increases profitability by taking advantage of growth
opportunities in its main markets. The pandemic reduced free cash
flow (FCF) generation in 2020, but Fitch expects the FCF margin to
recover to above 30% from 2021, even assuming a conservatively
moderate recovery.

Used Car Market Counter-cyclical: Car dealers are capital
constrained, as they must fund the holding of inventory prior to
sale. This incentivises them to drive turnover and increase
profitability. In a downturn, dealers initially increase listings
to try and sell inventory more quickly. Together with a consumer
tendency to purchase used (rather than new) cars during a recession
or downturn such as the pandemic, this protects AutoScout24 from a
cyclical decline, especially as online classifieds spend is a small
proportion of dealers' monthly expenses, comparable with a phone
bill.

Record of ARPU Growth: The company has strong potential for average
revenue per user (ARPU) growth. The price of online auto
classifieds is low in the countries that AutoScout24 operates in,
relative to other advertising channels and countries. The ARPU of
peers in the UK, US and Australia is significantly higher than that
of AutoScout24, indicating room for ARPU growth. This will be
helped by the market's ongoing move towards online marketing
channels.

Persistent Shift to Online Channels: Dealers continue to move away
from offline or traditional marketing channels such as print and
towards online/digital platforms. Fitch expects this trend to
intensify, especially after brick-and-mortar businesses including
dealerships were at least partially shut during pandemic lockdowns.
Online classified advertisements are a much more efficient way to
reach consumers, and this format is not easily substitutable. The
reach of a well-known site such as AutoScout24 surpasses that of
other channels such as dealer websites and social media accounts.

Sponsor Familiarity with AutoScout24: Hellman & Friedman's (H&F)
ownership history of the parent company, Scout24, began in February
2014 when H&F acquired a 70% stake in Scout24 from Deutsche
Telekom. When it fully exited in February 2018, there was still
growth and value to be realised, as demonstrated by the high
valuation in the takeover bids from 2019 (H&F and Blackstone for
Scout24, and H&F solely for AutoScout24). The management strategy
under this second LBO will likely draw on H&F's prior expertise in
media assets and its former ownership of Scout24.

DERIVATION SUMMARY

Compared with media peer Traviata B.V. (B/Stable), AutoScout24
exhibits higher leverage, smaller scale and limited
diversification, as its revenues derive mainly from online auto
classifieds, compared with Traviata's more well-rounded offering of
job and real-estate classifieds, marketing media and news. However,
AutoScout24 is exposed to potentially less cyclical end-markets,
providing solid profitability, stability in cash flows and a higher
FCF margin. Adevinta ASA (BB/Stable), which owns AutoScout24's
German competitor mobile.de and eBay Classifieds, has larger scale
and greater diversification. In addition, lower starting leverage
and faster deleveraging support the higher rating, despite
Adevinta's lower-margin classifieds business than AutoScout24's.

AutoScout24 also has high leverage similar to both digital payments
provider Nets Topco Lux 3 Sarl (Nets, B+/RWP) and used-vehicle
marketplace Constellation Automotive Group Limited (B-/Stable), but
has higher EBITDA and FCF margins, making leverage the main rating
constraint. These peers also rate against FFO adjusted gross
leverage, which Fitch forecasts to reach around 6-9x.

KEY ASSUMPTIONS

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

-- Revenues show improvement in 2021 (mid-teens percentage
    growth, including LeasingMarkt contribution), as pandemic
    related discounts of early 2020 assumed not to reoccur.
    Recovery will moderate into 2022 with slightly lower growth
    per year. From 2022 onwards, revenues will reflect continued,
    albeit lower growth in the high single digits, primarily
    reflecting continued strength in Classifieds revenue, as well
    as premium/add-on product revenue.

-- EBITDA margin to grow to the low 60% range by 2024, from the
    current high 50% range, due to increased efficiency and cost
    savings, marketing expenses moving increasingly online, and
    operating leverage.

-- Capex on average around mid-2% of revenues through 2024.

-- Working capital requirements are minimal, stable, and follow
    management guidance for the next three to four years.

-- M&A in line with history of bolt-on acquisitions such as that
    of AutoTrader B.V., gebrauchtwagen, and LeasingMarkt at EUR20
    million-EUR30 million a year.

-- No dividends projected.

Recovery Assumptions:

-- The recovery analysis assumes that AutoScout24 would be
    considered a going concern in bankruptcy and that it would be
    reorganised rather than liquidated.

-- Fitch has assumed a 10% administrative claim.

-- AutoScout24's post-reorganisation, going-concern EBITDA of
    EUR104 million represents Fitch's view of a sustainable EBITDA
    that reflects a discount to the last 12 months Fitch-adjusted
    EBITDA of EUR150 million (including EBITDA from LeasingMarkt,
    as well as some cost savings and synergies). In this scenario,
    the stress on EBITDA could result from loss of market share,
    an increase in competitive pressure or a higher churn rate
    (for example, due to unsuccessful price increases to dealers).

-- An enterprise value (EV) multiple of 6.0x is used to calculate
    a post-reorganisation valuation. This reflects AutoScout24's
    leading market positions in several countries, and its
    resilient and highly cash-generative business.

-- Fitch calculates the recovery prospects for the senior secured
    instruments, including a EUR925 million first-lien term loan
    and a fully drawn revolving credit facility (RCF) of EUR83.5
    million at 56%, which implies a one-notch uplift of the
    ratings relative to the company's IDR to arrive at 'B+' with a
    Recovery Rating of 'RR3'. For the EUR225 million second-lien
    term loan, the recovery is 0%, implying minus two notches from
    the IDR to 'CCC+' with a Recovery Rating of 'RR6.'

RATING SENSITIVITIES

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

-- FFO gross leverage below 6.0x on a sustained basis.

-- FFO interest cover above 4.25x.

Factor that could lead to a revision of the Outlook to Stable:

-- Deleveraging to below 8.0x by the end of 2022, with adherence
    to a more disciplined financial policy with respect to
    dividends, debt-funded M&A, and debt repayment.

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

-- FFO gross leverage above 8x on a sustained basis.

-- FFO interest cover below 2.75x.

-- FCF margin below 20%.

-- Evidence of either a more aggressive financial policy or
    deterioration in operating performance/dealer and listing
    KPIs.

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

Sufficient Liquidity: Liquidity at end-1Q21 consisted of EUR15.4
million cash (excluding Finanzcheck). The company will continue to
benefit from positive cash flow generation, and has access to an
undrawn EUR83.5 million RCF due in 2026. The first- and second-term
lien term loans are due in 2027 and 2028 respectively, reducing
refinancing risk for the company.

ISSUER PROFILE

AutoScout24 is a leading European digital automotive classifieds
platform that offers listing platforms for used and new cards,
motorcycles and commercial vehicles to dealers and private sellers.



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I R E L A N D
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AVONDALE PARK: Moody's Assigns (P)B3 Rating to EUR12MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Avondale Park CLO DAC (the "Issuer"):

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

EUR32,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

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

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

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

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

RATINGS RATIONALE

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

As part of this reset, the Issuer will increase the target par
amount by EUR100 million to EUR400 million. In addition, the Issuer
will amend the base matrix and modifiers that Moody's will take
into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be 96% ramped as of
the closing date.

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400m

Defaulted Par: EUR0 as of June 2021

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2985

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 3.95%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 9.0 years

AVONDALE PARK: S&P Assigns Prelim B- (sf) Rating on Cl. F-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Avondale
Park CLO DAC's class A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R
notes. At closing, the issuer will also issue additional
subordinated notes to bring the total issuance to EUR36.05
million.

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

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

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

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

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

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

  Portfolio Benchmarks
                                                       CURRENT
  S&P weighted-average rating factor                  2,629.97
  Default rate dispersion                               672.74
  Weighted-average life (years)                           5.16
  Obligor diversity measure                             163.62
  Industry diversity measure                             19.35
  Regional diversity measure                              1.21

  Transaction Key Metrics
                                                       CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                       'B'
  'CCC' category rated assets (%)                         3.24
  Covenanted 'AAA' weighted-average recovery (%)         36.92
  Covenanted weighted-average spread (%)                  3.58
  Covenanted weighted-average coupon (%)                  3.95


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 the obligation, to improve the related
collateral obligation's recovery value.

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 the 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 these assets, and the limitations in
reclassifying proceeds received from the 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 supplemental reserve 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:

-- 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 relevant loss mitigation loan being a debt obligation, not
subordinate to the collateral obligation restructured and not
having a maturity date that exceeds the maturity date of the rated
notes.

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
supplemental reserve proceeds will receive zero credit. Any
distributions received from workout obligations purchased with the
use of principal proceeds will form part of the issuer's principal
account proceeds and cannot be recharacterized as interest. Any
other amounts can form part of the issuer's interest account
proceeds. The manager may, at their sole discretion, elect to
classify amounts received from any workout obligations as principal
proceeds.

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

Rating rationale

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

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

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread (3.58%), the actual
weighted-average coupon (3.95%), and the identified portfolio's
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

"Until the end of the reinvestment period on March 20, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

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

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

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

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

-- S&P's model generated breakeven default rate (BDR) at the 'B-'
rating level of 22.19% (for a portfolio with a weighted-average
life of 5.25 years), versus if we were to consider a long-term
sustainable default rate of 3.1% for 5.25 years, which would result
in a target default rate of 16.26%.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class
A-R to E-R 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-R 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 obligors that
derive more than 50% its revenues from (non-exhaustive list):
biological, nuclear, chemical or similar controversial weapons,
hazardous chemicals, pesticides and wastes, ozone-depleting
substances, pornography or prostitution, predatory or payday
lending activities, weapons or firearms, tobacco, thermal coal, and
violations of UNGC Ten Principles. Accordingly, since the exclusion
of assets from these industries does not result in material
differences between the transaction and our ESG benchmark for the
sector, no specific adjustments have been made in our rating
analysis to account for any ESG-related risks or opportunities."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Blackstone/GSO
Debt Funds Management Europe Ltd.

  Ratings List

  CLASS    PRELIM    PRELIM AMOUNT INTEREST RATE CREDIT
           RATING      (MIL. EUR)       (%)         ENHANCEMENT(%)
  A-R      AAA (sf)       244.00      3mE + 0.99     39.00
  B-1-R    AA (sf)         32.00      3mE + 1.80     28.50
  B-2-R    AA (sf)         10.00            2.10     28.50
  C-R      A (sf)          26.00      3mE + 2.20     22.00
  D-R      BBB (sf)        27.00      3mE + 3.15     15.25
  E-R      BB- (sf)        22.00      3mE + 6.06      9.75
  F-R      B- (sf)         12.00      3mE + 8.65      6.75
  Subordinated  NR         36.05             N/A       N/A

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


CORDATUS LOAN V: Moody's Affirms B3 Rating on EUR13MM F-R Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Cordatus Loan Fund V Designated Activity Company:

EUR32,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Aug 28, 2020 Affirmed Aa2
(sf)

EUR30,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aa1 (sf); previously on Aug 28, 2020 Affirmed Aa2 (sf)

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

EUR263,000,000 Class A Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Aug 28, 2020 Affirmed Aaa
(sf)

EUR30,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed A2 (sf); previously on Aug 28, 2020
Affirmed A2 (sf)

EUR23,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Baa2 (sf); previously on Aug 28, 2020
Affirmed Baa2 (sf)

EUR28,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Aug 28, 2020
Affirmed Ba2 (sf)

EUR13,000,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B3 (sf); previously on Aug 28, 2020
Downgraded to B3 (sf)

CVC Cordatus Loan Fund V Designated Activity Company, issued in May
2015 and refinanced in July 2017 and in October 2019, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CVC Credit Partners European CLO Management LLP ("CVC
Credit Partners"). The transaction's reinvestment period ended in
July 2021.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R and B-2 notes are primarily
a result of the transaction having reached the end of the
reinvestment period in July 2021.

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile and than
it had assumed at the last rating action in August 2020.

Key model inputs:

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

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

Performing par and principal proceeds balance: EUR441.8m

Defaulted Securities: EUR5m

Diversity Score: 49

Weighted Average Rating Factor (WARF): 2752

Weighted Average Life (WAL): 4.89 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.50%

Weighted Average Recovery Rate (WARR): 44.55%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

HARVEST CLO XIV: Moody's Affirms B1 Rating on EUR12MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Harvest CLO XIV Designated Activity Company:

EUR23,000,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aaa (sf); previously on Jan 14, 2021
Upgraded to Aa2 (sf)

EUR25,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A1 (sf); previously on Jan 14, 2021
Upgraded to A3 (sf)

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

EUR239,000,000 (Current Outstanding amount EUR 124,612,837.19)
Class A-1A-R Senior Secured Floating Rate Notes due 2029, Affirmed
Aaa (sf); previously on Jan 14, 2021 Affirmed Aaa (sf)

EUR5,000,000 (Current Outstanding amount EUR 2,606,963.12) Class
A-2-R Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Jan 14, 2021 Affirmed Aaa (sf)

EUR32,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Jan 14, 2021 Upgraded to Aaa
(sf)

EUR10,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2029, Affirmed Aaa (sf); previously on Jan 14, 2021 Upgraded to Aaa
(sf)

EUR24,500,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed Ba1 (sf); previously on Jan 14, 2021
Affirmed Ba1 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B1 (sf); previously on Jan 14, 2021
Affirmed B1 (sf)

Harvest CLO XIV Designated Activity Company, issued in November
2015 and refinanced in November 2017, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Investcorp
Credit Management EU Limited. The transaction's reinvestment period
ended in November 2019.

RATINGS RATIONALE

The rating upgrades on the Class C-R and Class D-R notes are
primarily a result of the significant deleveraging of the senior
notes following amortisation of the underlying portfolio since the
last rating action in January 2021.

The Class A-1A-R and A-2-R notes have paid down by approximately
EUR67.3 million (27.6%) since the last rating action in January
2021 and EUR116.8 million (47.9%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated June 2021
[1] the Class A/B, Class C, Class D and Class E OC ratios are
reported at 163.0%, 143.5%, 127.0% and 114.1% compared to February
2021 [2] levels of 144.7%, 131.9%, 120.3% and 110.8%,
respectively.

The rating affirmations on the Class A-1A-R, A-2-R, B-1-R, B-2-R,
E-R and F Notes reflect the expected losses of the notes continuing
to remain consistent with their current ratings after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralization levels, as well as
applying Moody's revised CLO assumptions.

Key model inputs:

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

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

Performing par and principal proceeds balance: EUR275,314,842

Defaulted Securities: EUR6,568,060

Diversity Score: 44

Weighted Average Rating Factor (WARF): 3042

Weighted Average Life (WAL): 4.06 years

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

Weighted Average Coupon (WAC): 4.90%

Weighted Average Recovery Rate (WARR): 45.45%

Par haircut in OC tests and interest diversion test: 0.90%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

HARVEST CLO XXIV: Moody's Gives (P)B3 Rating to EUR11.4MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Harvest CLO XXIV Designated Activity Company (the "Issuer"):

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

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

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

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

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

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

EUR11,400,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

As part of this refinancing, the Issuer will extend the
reinvestment period to 4.5 years and the weighted average life to
8.5 years. It will also upsize the transaction from EUR250,000,000
to EUR400,000,000. The issuer will include the ability to hold
workout obligations. In addition, the Issuer will add a base matrix
and modifiers that Moody's will take into account for the
assignment of the definitive ratings.

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3075

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years



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

ARCELORMITTAL: Moody's Withdraws Ba1 CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 long term issuer
rating to Luxembourg-based steel and mining company ArcelorMittal
(or "group") and concurrently withdrawn the Ba1 corporate family
rating and Ba1-PD probability of default rating, as per the rating
agency's practice for corporates transitioning to investment
grade.

Moody's has further upgraded the senior unsecured rating on the
group's medium-term notes (MTN) programme to (P)Baa3 from (P)Ba1,
the senior unsecured ratings to Baa3 from Ba1, the short-term
rating on its Commercial Paper to P-3 from NP, and its other
short-term rating to (P)P-3 from (P)NP. The outlook on all ratings
has been changed to stable from positive.

"The upgrade to Baa3 with a stable outlook reflects ArcelorMittal's
significantly strengthened operating performance and recovery in
credit metrics over the recent quarters and in particular in the
second quarter 2021, with the expectation of further strong
improvements through the remainder of the year," says Goetz
Grossmann, a Moody's Vice President and lead analyst for
ArcelorMittal. "The rating action reflects the expectation that
improved metrics should remain in line with the requirements for an
investment grade rating even in a scenario of another cyclical
contraction. While current strong credit metrics reflect hefty
operating performance improvements due to a recovery of steel
demand and prices thanks to a cyclical recovery but also an
improved structural supply and demand balance in Europe, the
upgrade primarily takes into account (1) ongoing efficiency
improvements which should support the generation of more elevated
EBIT margins through the cycle reflecting the benefits of
ArcelorMittal's scale as one of the leading global steel producers,
and (2) a more conservative financial policy and explicit
commitment to an investment grade rating, as shown by recent
voluntary debt repayments, and its consistent strong liquidity."

RATINGS RATIONALE

The upgrade to Baa3 follows ArcelorMittal's markedly improved
results for the second quarter of 2021 (Q2 2021), with reported
EBITDA surging to $5 billion from $3.2 billion in Q1 2021 and $700
million in Q2 2020, supported by a strong rebound in demand and
rising steel prices and spreads across all regions. In addition,
strong free cash flow (FCF) generation in the first half of 2021
(H1 2021), well above $0.5 billion net negative cash effects from
share buybacks and asset disposal proceeds, helped reduce the
group's net debt to $5 billion as of June 30, 2021 from $6.4
billion at year-end 2020. ArcelorMittal's leverage as adjusted by
Moody's thereby declined significantly to around 1.8x net
debt/EBITDA for the 12 months through June 2021 from 6.4x at the
end of 2020. Comparing already strongly with the adjusted net
leverage guidance of below 2.5x for a Baa3 rating, Moody's expects
the measure to further reduce in H2 2021 as the group's earnings
and cash flows will continue strengthening.

Likewise, the rating agency acknowledges ArcelorMittal's recent
strong de-leveraging on a gross debt basis. Supported by almost
$3.5 billion of debt repayments in H1 2021, its gross debt/EBITDA
(Moody's-adjusted) ratio declined to 2.1x at the end of June from
over 8x at December-end 2020. These debt repayments, including the
repurchase of around $1.5 billion (equivalent) of bonds following a
cash tender offer and around EUR600 million of Schuldschein
prepayments during H1 2021, which were not anticipated, also
illustrate ArcelorMittal's more explicit and conservative financial
policy and its commitment to an investment grade rating, in Moody's
view. Although share buybacks from internally generated funds and
proceeds from asset disposals will sum up to $4.5 billion in total
this year, projected strong FCF and share repurchases capped at 50%
of surplus FCF (after dividends) should support additional net debt
reductions in the coming quarters. Moody's regards ArcelorMittal's
strengthened balance sheet and very good liquidity as commensurate
with an investment grade rating. With its commitment to maintain an
investment grade rating, Moody's would expect the group to ensure
compliance with the required metrics for a Baa3 rating through the
cycle and to thoughtfully manage its balance sheet accordingly,
also with a view to possible larger acquisitions.

For 2022, the rating agency forecasts ArcelorMittal's adjusted net
leverage to increase towards 1.8x from close to 1x expected at the
end of 2021. Such increase will be driven by lower adjusted EBITDA
of around $8.5 billion after about $17 billion projected for 2021
($10.5 billion as of LTM June 2021), primarily due to a gradual
normalization of steel prices and spreads. At the same time,
Moody's leverage forecast is based on expected consistent positive
FCF and a continuation of the group's current shareholder return
policy with share repurchases linked to FCF and measured dividend
payments.

The ratio of cash flows from operations (CFO) less dividends to
adjusted debt should remain well above the 20% minimum guidance for
a Baa3 rating in 2022 and beyond, assuming working capital
reductions on lowering steel prices in 2022, slightly increasing
dividends and no additional, albeit possible, debt prepayments.

Moody's expects steel prices to notably retreat from their current
record levels over the next two years, but to remain above their
historical averages in the medium term, underpinned by more solid
demand and supply fundamentals and rising carbon costs on
tightening emission reduction policies in some regions, especially
in Europe. Demand improvements should be driven by a continued
recovery in steel-using end markets, such as (renewable energy)
infrastructure and automotive, as Moody's forecasts global light
vehicle sales to reach pre-pandemic levels only by the middle of
the decade. In addition, an expected re-stocking of still-low
inventory levels globally should further fuel steel demand over the
next few quarters.

The market environment benefits from structural improvements, as
the recent prolongation and tightening of trade defense measures in
Europe and the removal of value-added tax rebates on Chinese steel
exports, should be supportive of more balanced international trade
flows and limit the risk of excessively rising imports pressuring
steel prices, as, for instance, seen in Europe in 2018. Based on
the assumptions that structural improvements persist but also
reflecting ongoing efficiency improvements, Moody's expects
ArcelorMittal to be able to maintain profitability at adequate
levels for a Baa3 rating, with Moody's-adjusted EBIT margins above
6% over the next two to three years.

LIQUIDITY

With $4.2 billion of cash and cash equivalents and its $5.5 billion
undrawn committed revolving credit facility (maturing mainly in
2025), ArcelorMittal has a very strong liquidity profile. This
assessment is further predicated on Moody's expectation of the
group to generate funds from operations (FFO) of almost $12 billion
over the next 12 months, well above expected short-term cash needs.
Moody's projects ArcelorMittal's liquidity uses over the next 12
months to sum to around $10 billion. These include capital spending
of over $4 billion (Moody's-adjusted), working capital consumption
of around $2 billion, $2.6 billion short-term debt maturities as of
June 30, 2021, and dividends share buybacks in line with the
group's current shareholder returns policy.

ESG CONSIDERATIONS

As to governance, the rating action positively incorporates
ArcelorMittal's conservative financial policy, as recently
demonstrated by EUR3.5 billion (mostly voluntary) debt repayments
in H1 2021.

In terms of environmental considerations, Moody's expects
ArcelorMittal to manage the carbon transition of its industry with
various projects already initiated to support its targeted
reduction in global carbon emissions (scope 1 and 2) by 25% by 2030
(relative to 2018). Although reaching this goal will require
significant investments ($10 billion by 2030 allocated by
management), Moody's acknowledges the group's strong cash
generation capability, providing it the financial means for such
investments, and its well-defined plans to progressively reduce its
carbon footprint towards neutrality by 2050. That said, this
expectation also incorporates that public funding will become
available to support the availability of sufficient clean energy at
affordable prices to help steelmakers manage the transition.

OUTLOOK

The stable outlook balances ArcelorMittal's currently strong
financial ratios for the assigned Baa3 rating, with the expectation
of a moderation in metrics on normalizing steel prices over the
next two years, but at levels in line with Moody's requirements for
a Baa3 rating.

It also reflects Moody's expectation of ArcelorMittal to adhere to
a balanced financial policy, with no excessive increases in
dividend payments or debt-funded acquisitions. Expected persistent
positive FCF and maintenance of a strong liquidity profile during
different economic cycles are further incorporated in the stable
outlook.

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

Upward pressure on the ratings would build, if (1) ArcelorMittal
could sustain EBIT margins of at least 8%, (2) its leverage reduced
towards 1.5x Moody's-adjusted net debt/EBITDA for a prolonged
period of time, (3) Moody's-adjusted (CFO - dividends) / debt
ratios remained at 30% or higher, (4) very strong liquidity could
be maintained at all times. Any upgrade would be conditional on an
expectation of greater resilience to cyclical downturns supported
by a financial policy sufficiently conservative to maintain debt
metrics through such periods.

Moody's could downgrade ArcelorMittal's ratings, if (1) the group's
EBIT margin (Moody's-adjusted) weakened to sustainably below 6%,
(2) its leverage exceeded 2.5x net debt / EBITDA (Moody's-adjusted)
on a sustainable basis, (3) its Moody's-adjusted (CFO - dividends)
/ debt ratio fell below 20%, (4) liquidity were to contract.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Steel Industry
published in September 2017.

COMPANY PROFILE

ArcelorMittal is one of the world's largest steel companies, with
an annual production of over 70 million tons (mt) of crude steel,
steel shipments of 69 mt, $53 billion revenue and company-adjusted
EBITDA of $4.3 billion (8.1% margin) in 2020. The group operates in
more than 60 countries worldwide, with steelmaking operations in 17
countries on four continents. The group also operates iron ore and
coking coal mines in several geographies for its own consumption
and external sales.

ArcelorMittal's largest market is Europe, which accounted for 48%
of its sales in 2020 (18% of EBITDA). NAFTA accounted for 23% of
sales (10%), Brazil for 11% (21%), Africa and Commonwealth of
Independent States (ACIS, Eastern Europe and South Africa) for 10%
(10%) and mining for 8% (41%).



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

GROUNDFORCE PORTUGAL: Declared Insolvent by Lisbon Court
--------------------------------------------------------
Henrique Almeida at Bloomberg News reports that Portuguese cargo
handling services company Groundforce Portugal has been declared
insolvent by a court in Lisbon, airline TAP SA says in a regulatory
filing. TAP holds a 49.9% stake in Groundforce, notes the report.

According to Bloomberg, TAP says the ruling will not determine, on
its own, the termination of the employment agreements with
Groundforce workers or suspension of long-term services agreements
of Groundforce, including the ground handling services agreement
with TAP.

If it proves viable, the possibility of the continuity of
Groundforce's activity may be evaluated in the insolvency
proceedings and the creditors may decide to approve a recovery plan
of this company, Bloomberg discloses.



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

INTERSTATE BANK: Fitch Affirms 'BB+' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Interstate Bank's (IsB) Long-Term Issuer
Default Rating (IDR) at 'BB+' with a Stable Outlook. Fitch has also
affirmed the bank's Short-Term IDR at 'B'.

KEY RATING DRIVERS

IsB's ratings are support-driven and based on the rating of the
bank's key shareholder, Russia (BBB/Stable). Fitch applies a
two-notch downward adjustment from Russia's sovereign rating to
reflect Fitch's assessment of the propensity of the key shareholder
to provide extraordinary support to the bank. The Stable Outlook
mirrors that on Russia's Long-Term IDR.

Fitch applies its supranational administrative body (SAB) approach
to determine IsB's ratings given the bank's unique business model
as a multilateral settlement institution operating in the
Commonwealth of Independent States (CIS) and Eurasian Economic
Union (EAEU). The bank's shareholders are nine CIS countries,
represented by their central banks: Armenia (B+/Stable, accounting
for 1.8% of bank's subscribed capital), Belarus (B/Negative, 8.4%),
Kazakhstan (BBB/Stable, 6.1%), Kyrgyz Republic (1.5%), Moldova
(2.9%), Russia (50%), Tajikistan (1.6%), Turkmenistan (1.5%) and
Ukraine (B/Positive, 20.7%).

IsB continued to see strong resilient financial performance despite
negative pressures from the Covid-19 crisis. Unlike most other
Fitch-rated supranationals, the bank does not extend development
financing. IsB provides cash and settlement services to its
clients, both in national currencies of CIS countries and in freely
convertible currencies. As of end-1H21, its settlement volumes more
than doubled to RUB67 billion from a year earlier, driven by a
significant increase in rouble operations. The bank's internal
capital generation is primarily driven by treasury operations.

The bank's equity-to-assets ratio continued to decline to 42% at
end-2020, from 48% a year earlier. A 35% increase in liabilities,
including deposits from banks and international organisations that
are used to fund settlement operations and carry negligible rates,
underpinned this decline.

Fitch expects IsB's overall business model and strategy to remain
stable despite recent changes in the bank's top management. IsB
continues to adhere to its renewed strategy through 2025, which
envisages greater participation in integration projects and
collaboration with central banks, and an increase in cross-border
transactions in national currencies. The bank continued to increase
its usage and promotion of national currencies as demonstrated in a
recent surge in settlement operations in CIS currencies.

The bank's risk management framework is prudent outside of its
inherent concentration of Russian exposures. Liquidity management
considers current and projected short-term cash outflows by
currencies and maturities to ensure fulfilment of the bank's
obligations, payments on instructions, and funding for
asset-related transactions. Liquid investment securities serve as
an important buffer for the bank's demanding liquidity needs.
Furthermore, IsB faces minimal foreign-exchange (FX) risk as it
does not hold open FX positions except for small cash balances. The
bank transacts in the FX spot market to effect settlements in
non-rouble currencies and passes any cost incurred in the
transaction onto the payer.

IsB's rating incorporates the key shareholder's propensity to
support the bank, which Fitch assesses as 'weak'. This translates
into a two-notch downward adjustment from Russia's rating. Fitch's
assessment primarily reflects the ease with which shareholders can
leave the bank, as illustrated by the case of Uzbekistan in 2012.
Ukraine, an inactive member of the bank for some years now,
formally requested to withdraw from the bank's membership in 2019.
In Fitch's view, the financial settlement resulting from Ukraine's
eventual departure should not materially affect the bank's capital
base or operations. The notching also factors in the limited size
of the bank (total assets were RUB16.8 billion at end-2020) and
operations relative to the CIS economy.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade:

-- Shareholder Support (Capacity): An upgrade of the Russian
    sovereign rating or a revision of its Outlook to Positive.

-- Shareholder Support (Propensity): A positive revision to our
    assessment of Russia's propensity to support the bank, which
    may arise from increased importance of the bank in the
    CIS/EAEU economic framework.

The main factors that could, individually or collectively, lead to
negative rating action/downgrade:

-- Shareholder Support (Capacity): A downgrade of the Russian
    sovereign rating or revision of its Outlook to Negative.

-- Shareholder Support (Propensity): A negative revision to our
    assessment of Russia's propensity to support the bank,
    potentially stemming from additional departures by member
    states from the bank.

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

-- Russia continues to own at least 50% of IsB's capital.

-- No significant deviation from IsB's current strategy.

-- Risk-management policies remain prudent.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

IsB's ratings take into account the rating of its key shareholder,
Russia, which owns 50% of the bank's capital.



===========
S E R B I A
===========

TECHNIC DEVELOPMENT: Geox Plans to Launch Liquidation Proceedings
-----------------------------------------------------------------
SeeNews reports that Italian footwear company Geox plans to launch
liquidation proceedings at its Serbian subsidiary Technic
Development and close its factory in Vranje, Serbian media
reported.

According to SeeNews, news website Vranjski Online Magazin reported
on Aug. 2 that Geox notified the employees of the Serbian
subsidiary that it will terminate their contracts due to the
continuing drop in demand, which has been additionally constrained
by the coronavirus crisis.

Serbia's government is working to bring in a new investor that
would hire the employees of Geox by September, Tanjug news agency
quoted Serbia's finance minister Sinisa Mali as saying on Aug. 3,
SeeNews relates.

Geox opened its factory in Vranje in 2014 after investing EUR9
million (US$10.7 million) in its construction.  The factory employs
about 1,250.



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

BLITZEN SECURITIES 1: Fitch Rates 2 Tranches 'B+(EXP)'
------------------------------------------------------
Fitch Ratings has assigned Blitzen Securities No.1 PLC's (BS1)
notes expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

DEBT                 RATING
----                 ------
Blitzen Securities No.1

Class A    LT  AAA(EXP)sf  Expected Rating
Class B    LT  AA(EXP)sf   Expected Rating
Class C    LT  A(EXP)sf    Expected Rating
Class D    LT  BBB(EXP)sf  Expected Rating
Class E    LT  BB+(EXP)sf  Expected Rating
Class F    LT  B+(EXP)sf   Expected Rating
Class X    LT  B+(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Blitzen Securities No.1 is a securitisation of a purchased
portfolio of owner-occupied performing mortgages originated by
Santander UK. The portfolio comprises only first-time buyers FTB,
with original loan-to-values (OLTVs) between 85% and 95%.

KEY RATING DRIVERS

High LTV Lending: The pool consists of loans originated with an LTV
above 85%. As a result, the weighted average (WA) current LTV - at
88.1% - is higher than the average for Fitch-rated RMBS pools.
Fitch's WA sustainable LTV (sLTV) is also high at 115.1%, resulting
in a higher-than-average foreclosure frequency (FF) and lower
recovery rates than that of other transactions with lower LTV
metrics.

High Concentration of FTBs: All borrowers in the collateral
portfolio are FTB. Fitch deems FTBs are more likely to suffer
foreclosure than other borrowers and has considered their high
concentration in this pool analytically significant. In a variation
to its criteria, Fitch has applied an upward adjustment of 1.3x to
each loan's Foreclosure Frequency.

Robust Excess Spread: The weighted average expected margin on the
class A to F notes is 0.71% (1.18% post step-up date) with the
class A notes expected to yield a margin of 45bp over SONIA. On the
asset pool, the WA fixed rate paid on the portfolio is 2.54%, with
a reversion margin of 3.25% over the Bank of England base rate.
Therefore, the transaction benefits from strong excess spread,
which can be used to clear any losses debited to the principal
deficiency ledger (PDL) through the priority of interest payments.

Fixed Interest Rate Hedging Schedule: All loans currently pay a
fixed rate of interest (reverting to the Santander follow-on rate
(FoR)), while the notes pay a SONIA-linked floating rate. The
issuer will enter a swap at closing to mitigate the interest-rate
risk arising from the fixed-rate mortgages in the pool. The swap
features a defined notional balance that could lead to over-hedging
in the structure due to defaults or prepayments. Over-hedging
results in additional available revenue funds in rising interest-
rate scenarios and reduced available revenue funds in decreasing
interest-rate scenarios.

Minimum Warranty Threshold: The transaction features a minimum
claim threshold sized at GBP1 million and any claim under the loan
warranties is not payable by the issuer unless the aggregate amount
of the warranty claims exceeds this threshold. Once the aggregate
amount of such claims has exceeded the minimum claim threshold, the
seller will be liable under the warranties in respect of the full
amount of the relevant claims.

In addition, the indemnities offered by the seller for any breach
of the representation and warranties are capped to 5% of the
portfolio balance at closing (around GBP30 million) for 18 months
after closing. These limitations are mitigated by the due diligence
performed as part of the current purchase and the absence of
material breaches in mortgage portfolios originated by Santander
and analysed by Fitch.

RATING SENSITIVITIES

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing credit
    enhancement and, potentially, upgrades. Fitch tested an
    additional rating sensitivity scenario by applying a decrease
    in the FF of 15% and an increase in the recovery rate (RR) of
    15%. The impact on the subordinated notes could be an upgrade
    of up to two categories.

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

-- The transaction is particularly sensitive to decreasing
    interest rates and high prepayments, which will shrink the
    excess spread generated in the transaction as the issuer pays
    a fixed swap rate of 40bp on a notional schedule based on low
    prepayment assumptions.

-- The transaction's performance may be affected by changes in
    market conditions and the economic environment. Weakening
    asset performance is strongly correlated to increasing levels
    of delinquencies and defaults that could reduce credit
    enhancement available to the notes.

-- Unanticipated declines in recoveries could also result in
    lower net proceeds, which may make certain note ratings
    susceptible to negative rating actions depending on the extent
    of the decline in recoveries. Fitch conducts sensitivity
    analyses by stressing both a transaction's base-case FF and RR
    assumptions, and examining the rating implications on all
    classes of issued notes. Fitch tested an additional rating
    sensitivity scenario by applying an increase in the FF of 15%
    and a decrease in the RR of 15%, resulting in downgrades of
    two-to-three notches across the structure.

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.

CRITERIA VARIATION

The pool has a high concentration of FTBs at 100% with very little
seasoning as most loans have been originated since the start of
2020. Fitch deems FTBs as more likely to suffer foreclosure than
other borrowers and has considered their high concentration in this
pool as analytically significant. In a variation to its criteria,
Fitch has applied an upward adjustment of 1.3x to each loan's
Foreclosure Frequency where the borrower is an FTB instead of 1.1x,
as per its criteria.

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

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

ESG CONSIDERATIONS

Social Impact Rating RelevantThe transaction has an ESG Relevance
Score of '4' for Human Rights, Community Relations, Access &
Affordability due to the significant concentration of FTBs which
are characterised by higher credit profile compared other borrowers
and may impact the credit risk of the transaction.

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.

BLITZEN SECURITIES 1: Moody's Assigns (P)B3 Rating to Cl. X Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Blitzen Securities No.1 PLC:

GBP[]M Class A Mortgage Backed Floating Rate Notes due December
2062, Assigned (P)Aaa (sf)

GBP[]M Class B Mortgage Backed Floating Rate Notes due December
2062, Assigned (P)Aa1 (sf)

GBP[]M Class C Mortgage Backed Floating Rate Notes due December
2062, Assigned (P)Aa3 (sf)

GBP[]M Class D Mortgage Backed Floating Rate Notes due December
2062, Assigned (P)A3 (sf)

GBP[]M Class E Mortgage Backed Floating Rate Notes due December
2062, Assigned (P)Baa2 (sf)

GBP[]M Class F Mortgage Backed Floating Rate Notes due December
2062, Assigned (P)Ba2 (sf)

GBP[]M Class X Floating Rate Notes due December 2062, Assigned
(P)B3 (sf)

RATINGS RATIONALE

The Notes are backed by a pool of UK prime residential mortgages
granted to first-time buyers with original LTVs between 85% and 95%
originated by Santander UK plc
("Santander"(A1/P-1/Aa3(cr)/P-1(cr)). An investor acquired the pool
through a bidding process from Santander and will sell it to the
issuer. Santander will retain 5% of a randomly selected portion of
the portfolio.

The portfolio of assets amounts to approximately GBP [605] million
as of the 30 June 2021 pool cutoff date. At closing the total
credit enhancement for the Class A Notes is [16.5]% provided
through subordination and an amortising split reserve fund which
will be funded to [1.5]% of the mortgage portfolio balance at
closing.

The ratings are based on the credit quality of the portfolio, the
structural features of the transaction and its legal integrity.

Moody's determined the portfolio lifetime expected loss of [1.3]%
and Aaa MILAN credit enhancement ("MILAN CE") of [10.0]% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected losses and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected losses of [1.3]%: This is higher than the UK
Prime RMBS sector and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i) the
higher WA current LTV level of [87.7]% in the portfolio compared to
other UK prime RMBS transactions; (ii) the fact that 100% of the
mortgages have been granted to first-time buyers; (iii) the
collateral performance of high LTV loans originated by Santander,
as provided by the originator; (iv) the current macroeconomic
environment in the UK and the impact of future interest rate rises
on the performance of the mortgage loans; and (v) benchmarking with
other UK prime transactions.

MILAN CE of [10.0]%: This is higher than the UK Prime RMBS sector,
and follows Moody's assessment of the loan-by-loan information
taking into account the following key drivers: (i) the WA current
LTV for the pool of [87.7]%; (ii) the fact that 100% of the
mortgages have been issued to first time buyers; (iii) the static
nature of the pool; (iv) the share of self-employed borrowers of
[16.8]%; (v) the share of foreign National of [14.6]%; and (vi)
benchmarking with similar UK Prime RMBS transactions.

The transaction benefits from a liquidity reserve fund and a
general reserve fund. The liquidity reserve fund is fully funded at
closing and is equal to 1.5% of the Class A and B Notes original
balance. The liquidity reserve fund is amortising, but will stop
amortising if the cumulative default rate on the portfolio is
greater than [5]% of the aggregate balance on the closing date or
when the transaction reaches the first optional redemption date.
Once the Class B Notes have fully redeemed, the liquidity reserve
fund will be equal to zero. The liquidity reserve fund will cover
senior fees, interest on the Class A Notes at all time, and
interest on the Class B Notes provided the debit balance on the
Class B PDL does not exceed 25% of the Class B outstanding balance,
or without any condition if Class B is the most senior class
outstanding.

The general reserve fund is funded to 1.5% of Class C to F Notes
with a required amount of 1.5% of Class A to F Notes outstanding
balance minus the liquidity reserve fund required amount. It is
available to cover interest on the Class A Notes at all time,
interest on the Class B Notes provided the debit balance on the
Class B PDL does not exceed 25%, and interest on the Class C to F
Notes provided the debit balance on their respective class PDL does
not exceed 0%. For Class B to F, once they become the most senior
class outstanding, the General Reserve Fund will be available to
cover interest without any condition.

Operational Risk Analysis: Santander is the servicer in the
transaction. To help ensure continuity of payments in stressed
situations, the deal structure provides for: (i) a back-up servicer
facilitator (CSC Capital Markets UK Limited (NR)); (ii) liquidity
for the Class A and B Notes under certain conditions; (iii)
estimation language whereby the cash flows will be estimated from
the three most recent servicer reports should the servicer report
not be available; and (iv) principal to pay interest as a source of
liquidity for the Classes A to F which is available at all time for
Class A Notes, either when Class B PDL does not exceed 25%, or when
Class B Notes is the most senior class for Class B Notes, and when
the relevant class of Notes is the most senior class outstanding
for Class C to F Notes.

Interest Rate Risk Analysis: 100% of the loans in the pool are
fixed rate loans reverting to Bank of England base rate (BBR). The
Notes are floating rate securities with reference to daily SONIA.
To mitigate the fixed-floating mismatch between fixed-rate assets
and floating-rate liabilities, there will be a fixed-floating
interest rate swap with a scheduled notional provided by Banco
Santander S.A. (A3(cr)/P-2(cr)).

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:

Significantly different actual losses compared with Moody's
expectations at close due to either a change in economic conditions
from Moody's central scenario forecast or idiosyncratic performance
factors could lead to rating actions. Deleveraging of the capital
structure or conversely a deterioration in the Notes' available
credit enhancement could result in an upgrade or a downgrade of the
ratings, respectively.

GREENSILL CAPITAL: Ex-PM Made US$10MM From Firm Before Collapse
---------------------------------------------------------------
BBC News reports that David Cameron made about US$10 million (GBP7
million) from Greensill Capital before the finance company
collapsed, documents obtained by BBC Panorama suggest.

According to BBC, the documents indicate the former prime minister
received US$4.5 million after cashing in Greensill shares in 2019.

Greensill, which made its money by lending to businesses, went into
administration in March, leaving investors facing billions in
losses, BBC recounts.

Mr. Cameron's spokesman said his remuneration was a private matter,
BBC notes.

Greensill collapsed after its insurer refused to renew cover for
the loans it was making, BBC recounts.

Before its collapse, Mr. Cameron unsuccessfully tried to persuade
ministers to invest taxpayers' money in Greensill loans, BBC
relays.

He has since been cleared of breaking any lobbying rules, but MPs
said the former prime minister showed a "significant lack of
judgement", BBC states.

The details about Mr. Cameron's shares were revealed in a letter
from Greensill Capital to the former prime minister.

According to the letter, Mr. Cameron was going to be paid
US$4,569,851.60 (about GBP3.3 million) after tax for a tranche of
his Greensill shares, BBC discloses.

Panorama has not seen Mr. Cameron's signed acceptance of the offer,
but the letter records that he had already agreed to the deal, BBC
notes.

As well as the shares, Mr. Cameron received a salary of US$1
million (GBP720,000) a year as a part-time adviser, according to
BBC.

The programme also understands that the former prime minister was
paid a bonus of US$700,000 (GBP504,000) in 2019 on top of his
salary, BBC relates.

In total, it looks like he made around US$10 million before tax for
two-and-a-half years' part-time work, BBC discloses.

Panorama has discovered how the company Mr. Cameron promoted has
left investors and UK taxpayers facing huge losses.

Greensill Capital lent around US$5 billion (GBP3.6 billion) to GFG
Alliance -- a group of companies controlled by the steel magnate
Sanjeev Gupta, BBC states.

GFG employs 35,000 people around the world, including more than
4,000 at steel mills in the UK.

Internal documents reveal that Greensill Capital knew GFG was in
financial trouble by the start of 2020 because it was unable to
make payments on Greensill loans, BBC relates.

But Greensill used its own cash to cover repayments GFG could not
afford -- leaving investors unaware of the problems, according to
BBC.


NQ MINERALS: Put Into Administration Due to Mounting Debts
----------------------------------------------------------
NQ Minerals Plc has been placed into Administration by a unanimous
vote of the Directors of the Company.

Paul Cooper and Paul Appleton, U.K. restructuring specialists from
Begbies Traynor Group plc, have been appointed as Joint
Administrators of the Company with immediate effect.

Over the last few months, the directors have explored multiple
avenues to keep the Company trading, however as of Aug. 9 the
Director's conclusion, supported by the advice of the restructuring
specialists, is that putting the Company into Administration is the
best available option to protect the interests of all stakeholders.
The intractable problem has proved to be the restructuring of high
levels of debt accumulated over the previous years by NQ Minerals.

Accordingly, the Company has been placed into Administration to
provide the necessary breathing room for all restructuring options
to be considered.  The underlying operating companies continue to
trade in their normal course of business, and the underlying
Hellyer operations continue to perform well.

The trading in the shares of the Company on the AQUIS Exchange will
continue to be suspended until further notice.

With the Company in administration the directors and officers of
the Company are unable to answer questions concerning the position
of any holders of securities of any form in the Company or
regarding the position of any creditors.

All shareholder, debtholder (those directly of the Company) and
creditor enquiries relating to NQ Minerals should now be made
directly to Begbies Traynor Group plc via email to:
NQMinerals@btguk.com

TOMLINSON'S DAIRIES: Former Workers Win Legal Battle
----------------------------------------------------
Aaliyah Rugg at The Leader reports that more than 100 people who
lost their jobs when Tomlinson's Dairies went into administration
last year have won their legal battle after a judge ruled that it
failed to properly consult staff when making redundancies.

Established in 1983 in Wrexham, the business won a significant
contract with a major supermarket chain in 2017.  However, a report
by administrators PwC found that mounting debts and poor trading
had contributed to its collapse in October 2019; leaving more than
300 workers out of work, The Leader recounts.

The Leader previously reported that the directors "had no
alternative" but to place the company into administration.

Following the company's demise, a total of 108 former staff
instructed employment law experts at Simpson Millar to pursue legal
action on their behalf amidst claims that they were not consulted
correctly over the redundancy process, The Leader relates.

Now, almost two years on, the workers have won their legal battle
against the business after a judge ruled that Tomlinson's Dairies
had failed to follow the correct procedure to carry out a proper
consultation with staff at risk of redundancies, The Leader
discloses.

Lawyers representing the workers say the value of the claim is now
being calculated and is expected to be in the region of GBP400,000,
The Leader states.

The judgment now paves the way for a pay-out follows legal action
carried out by leading employment law experts at Simpson Millar and
comes in the form of a Protective Awards which have been claimed
from the Redundancy Payments Service (RPS), which is part of the
Government Insolvency Service, The Leader notes.




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

[*] EUROPE: Major Airports Seek Covenant Waivers for Second Time
----------------------------------------------------------------
Tasos Vossos at Bloomberg News reports that major airports in
Europe are asking investors for a break from debt obligations for
the second time since the height of the coronavirus pandemic.

According to Bloomberg, London Heathrow Airport, the U.K.'s busiest
hub, said it secured support for a new round of waivers on
covenants applying to US$1.6 billion of bonds after some of the
terms agreed last year expired.  Holders of US$730 million of bonds
issued by Brussels Airport are set to discuss extending similar
waivers or risk a default, Bloomberg discloses.

The requests come as variant strains and rising cases dim the
recovery outlook for the travel industry, Bloomberg notes.  More
than 16 months after Covid-19 was declared a pandemic by the World
Health Organization, obstacles to traveling abroad continue to
deplete passenger numbers, Bloomberg states.

"Companies underestimated how much below expectations traffic
figures can be and how long it would take to relax restrictions,"
Bloomberg quotes Mariya Nurgaziyeva, a London-based airports
analyst at research firm CreditSights, Inc., as saying.  "Their
initial forecasts back in the summer of 2020 were that the pandemic
would subside after the first few months."

London's three major airports and Belgium's hub all secured
one-year waivers last summer, when lockdowns prevented them from
abiding by certain covenants, Bloomberg recounts.  Investors are
agreeing to relax some protections again as airports and analysts
reduce guidance, Bloomberg states.

Heathrow Chief Financial Officer Javier Echave said in phone
interview on July 26 it secured outline backing from 77% of
creditors for a waiver of its interest cover ratio covenant for
2021, Chief Financial Officer Javier Echave said in phone interview
on July 26 relates.  He said that more than covers the two-thirds
required for approval of waiver, which is precautionary in light of
continued uncertainty over passenger numbers, according to
Bloomberg.

The U.K. hub revised its 2021 passenger expectations to 21.5
million in June from as many as 36 million in April and 37 million
in December, Bloomberg discloses.

Various travel restrictions that can be changed at short notice
create uncertainty for the industry, Bloomberg relays, citing a
Heathrow spokesman.



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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