/raid1/www/Hosts/bankrupt/TCREUR_Public/210813.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, August 13, 2021, Vol. 22, No. 156

                           Headlines



D E N M A R K

GEFION INSURANCE: Declared Bankrupt Following Reorganization


I R E L A N D

ARMADA EURO V: Moody's Assigns B3 Rating to EUR9MM Class F Notes
ARMADA EURO V: S&P Assigns B- (sf) Rating on EUR9MM Class F Notes
ICG EURO CLO 2021-1: S&P Assigns Prelim B- (sf) Rating on F Notes
TIKEHAU CLO: Fitch Assigns Final B- Rating on Class F-RR Tranche


N E T H E R L A N D S

PEARL MORTGAGE 1: Fitch Affirms B Rating on Class B Tranche


P O R T U G A L

TRANSPORTES AEREOS: S&P Retains 'B-' LT ICR on Watch Negative


S P A I N

IM CAJAMAR 5: Fitch Affirms CC Rating on Class E Tranche


S W E D E N

ARISE AB: Egan-Jones Keeps B Senior Unsecured Ratings


U K R A I N E

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


U N I T E D   K I N G D O M

ABERDEEN MARKET: Aberdeen City Council Takes Over Site
AM GRIFFITHS: Enters Administration, Halts Trading
DEBENHAMS PLC: Mike Ashley Blames Board for Collapse
PROVIDENT: FCA Responds to High Court's Approval of Firm's Scheme
SEADRILL LTD: Enters Into Settlement Agreement with NOL

STOLT-NIELSEN: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
TWIN BRIDGES 2019-2: Fitch Raises Class X1 Notes Rating to 'BB+'
WRW CONSTRUCTION: Contract to Go to Streamlined Tender Process


X X X X X X X X

[*] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles

                           - - - - -


=============
D E N M A R K
=============

GEFION INSURANCE: Declared Bankrupt Following Reorganization
------------------------------------------------------------
On June 7, 2021, the Maritime and Commercial High Court declared
Gefion bankrupt.

Policyholders must report their claims to the claims handlers
mentioned in their policy. Further information can be found on the
homepage of the bankruptcy estate, www.gefioninsurance.com.

Furthermore the bankruptcy means that policyholders can cancel
their policy, if they wish to do so. The policy will be cancelled 3
months after the declaration of the bankruptcy in the Danish
journal, Statstidende. The Danish Financial Supervisory Authority
encourages the policyholders to cancel their policy with Gefion and
buy a new policy with another insurance company if possible. This
is due to the fact that Gefion has been declared bankrupt and
unless the policyholder is covered by a compensation body within
its territory, it might take several years to be compensated and
then probably only partially compensated in the form of a dividend
from the bankruptcy estate. The Danish Guarantee Fund will only
cover risks (within the scope of coverage) in Denmark for insurance
policies written in Denmark. The policyholders must be aware that
in the situation that the insurance contract is not covered by a
compensation body within its territory it can last several years
before the policyholders can get the premium refund repaid, and
only in the form of dividend.

The curators of the bankruptcy estate, attorney-at-law Boris
Frederiksen and attorney-at-law Søren Aamann Jensen, will contact
all policyholders in Gefion to inform and guide them on how to
act.

The curators of the bankruptcy estate can be contacted at
gefion@poulschmith.dk.

The Danish Financial Supervisory Authority has opened a hotline
(+45) 41 93 35 00 for enquiries about the bankruptcy in Gefion. The
hotline will be manned on weekdays between 10am and 14pm CET.




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

ARMADA EURO V: Moody's Assigns B3 Rating to EUR9MM Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Armada Euro CLO V
Designated Activity Company (the "Issuer"):

EUR186,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR30,500,000 Class B Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR21,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR18,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR16,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR9,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 99% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.

Brigade Capital Europe Management LLP will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the remaining 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 or credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR27.76 million of Subordinated Notes which are
not rated.

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

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of European corporate assets from a gradual and
unbalanced recovery in European economic activity.

Moody's regard the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR300 million

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3007

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 45.2%

Weighted Average Life (WAL): 8.5 years

ARMADA EURO V: S&P Assigns B- (sf) Rating on EUR9MM Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Armada Euro CLO V
DAC's class A, B, C, D, E, and F notes. At closing, the issuer also
issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio Benchmarks
                                                        CURRENT
  S&P weighted-average rating factor                   2,719.42
  Default rate dispersion                                619.75
  Weighted-average life (years)                            5.27
  Obligor diversity measure                               95.05
  Industry diversity measure                              20.48
  Regional diversity measure                               1.33

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                               300
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             116
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                       'B'
  'CCC' category rated assets (%)                          1.84
  Covenanted 'AAA' weighted-average recovery (%)          36.08
  Covenanted weighted-average spread (%)                   3.55
  Covenanted weighted-average coupon (%)                   4.25

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

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

"In our cash flow analysis, we used the EUR300 million target par
amount, the covenanted weighted-average spread (3.55%), the
reference weighted-average coupon (4.25%), and the target minimum
weighted-average recovery rate as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

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

"Until the end of the reinvestment period on Jan. 28, 2026, the
collateral manager can substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
default potential of the current portfolio plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager can, through trading, deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

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

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

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

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

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

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

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

-- S&P's model generated break-even default rate at the 'B-'
rating level of 25.40% (for a portfolio with a weighted-average
life of 5.27 years), versus if S&P was to consider a long-term
sustainable default rate of 3.1% for 5.27 years, which would result
in a target default rate of 16.34%.

-- The actual portfolio is generating higher spreads/coupons and
recoveries versus the covenanted threshold that we have modeled in
our cash flow analysis.

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

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

Taking the above factors into account and following S&P's analysis
of the credit, cash flow, counterparty, operational, and legal
risks, it believes that its ratings are commensurate with the
available credit enhancement for all the rated classes of notes.

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and is managed by Brigade Capital Europe
Management LLP.

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
development, production, maintenance, trade, or stock-piling of
weapon systems, manufacture of fully completed and operational
assault weapons or firearms for sale to civilians, coal mining
and/or coal-based power generation, oil sands and associated
pipelines industry, commodity derivatives industry, growth and sale
of tobacco, production and processing of palm oil, making or
collection of pay day loans or any unlicensed and unregistered
financing, the production of illegal drugs or narcotics, and any
obligors that violate the ten principles of United Nations Global
Compact. Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings List

  CLASS   RATING     AMOUNT    SUB (%)      INTEREST RATE*
                   (MIL. EUR)
  A       AAA (sf)   186.00    38.00    Three/six-month EURIBOR
                                          plus 0.93%
  B       AA (sf)     30.50    27.83    Three/six-month EURIBOR
                                          plus 1.65%
  C       A (sf)      21.00    20.83    Three/six-month EURIBOR
                                          plus 2.10%
  D       BBB (sf)    18.00    14.83    Three/six-month EURIBOR
                                          plus 3.13%
  E       BB- (sf)    16.00     9.50    Three/six-month EURIBOR
                                          plus 5.97%
  F       B- (sf)      9.00     6.50    Three/six-month EURIBOR
                                           plus 8.75%
  Sub     NR          27.76      N/A    N/A

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


ICG EURO CLO 2021-1: S&P Assigns Prelim B- (sf) Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to ICG Euro
CLO 2021-1 DAC's class A, B-1, B-2, C, D, E, and F notes. At
closing, the issuer will also issue EUR30.80 million of unrated
subordinated notes.

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 4.6 years after
closing.

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

S&P said, "We have performed our analysis on the expected effective
date portfolio provided to us by the manager. The portfolio
contains 15.50% unidentified assets. We consider that the effective
date portfolio will be well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans.
Therefore, we have conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs."

  Portfolio Benchmarks

  S&P Global Ratings weighted-average rating factor       2871.39
  Default rate dispersion                                  362.79

  Weighted-average life (years)                              5.66
  Obligor diversity measure                                100.16
  Industry diversity measure                                16.97
  Regional diversity measure                                 1.29
  Weighted-average rating                                       B
  'CCC' category rated assets (%)                               0
  'AAA' weighted-average recovery rate                      37.37
  Floating-rate assets (%)                                  95.85
  Weighted-average spread (net of floors; %)                 3.84

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, a weighted-average spread of 3.75%, the
reference weighted-average coupon covenant 4.00%, and the
weighted-average recovery rates as indicated by the portfolio
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1, B-2, C, and D notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, the CLO benefits from a reinvestment period
until March 9, 2026, during which the transaction's credit risk
profile could deteriorate, subject to CDO monitor results. We have
therefore capped our preliminary ratings assigned to the notes.

"Our credit and cash flow analysis show that the class F notes
present a breakeven default rate-scenario default rate (BDR-SDR)
cushion that we would typically consider to be in line with a lower
rating than 'B-'. In line with our 'CCC' rating criteria, we have
assessed (i) whether the tranche is vulnerable to non-payments in
the near future, (ii) if there is a one in two chance for this note
to default, and (iii) if we envision this tranche to default in the
next 12-18 months." Following the application of S&P's 'CCC' rating
criteria and the consideration of the factors below, it has
assigned a preliminary 'B- (sf)' rating to the class F notes:

-- The class F notes benefit from credit enhancement of 6.75%,
which is in the same range as other recently issued European CLOs
that we have rated.

-- The portfolio's average credit quality is similar to other
recent European CLOs that S&P has rated.

-- S&P's model generated a BDR at the 'B-' rating level of 27.38%,
which exceeds an expected default rate of 17.56% if it considers a
historical long-term default rate of 3.1% and a weighted-average
life of 5.66 years.

S&P said, "The actual portfolio is generating higher spreads and
recoveries than what we have modeled in our cash flow analysis.
Elavon Financial Services DAC is the bank account provider and
custodian, while J.P. Morgan AG is the asset swap counterparty. At
closing, we expect the account bank, custodian, and swap
counterparty's documented replacement provisions to be in line with
our counterparty criteria for liabilities rated up to 'AAA'.

"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.

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

"The CLO is managed by Intermediate Capital Managers Ltd. We
currently have two European CLOs from the manager under
surveillance. Under our "Global Framework For Assessing Operational
Risk In Structured Finance Transactions," published on Oct. 9,
2014, the maximum potential rating on the liabilities is 'AAA'.

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

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

  Ratings List

  CLASS    PRELIM. RATING    PRELIM. AMOUNT   SUBORDINATION (%)
                               (MIL. EUR)
  A        AAA (sf)              246.00        38.50
  B-1      AA (sf)                22.00        28.00
  B-2      AA (sf)                20.00        28.00
  C        A (sf)                 28.00        21.00
  D        BBB (sf)               25.00        14.75
  E        BB- (sf)               20.00         9.75
  F        B- (sf)                12.00         6.75
  Z        NR                      1.00          N/A
  Sub notes   NR                  30.80          N/A

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

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


TIKEHAU CLO: Fitch Assigns Final B- Rating on Class F-RR Tranche
----------------------------------------------------------------
Fitch Ratings has assigned Tikehau CLO DAC reset final ratings.

         DEBT                                  RATING
         ----                                  ------
Tikehau CLO DAC

Class A-RR XS2367217440                LT  AAAsf   New Rating
Class B-1-RR XS2367218257              LT  AAsf    New Rating
Class B-2-RR XS2367218760              LT  AAsf    New Rating
Class C-RR XS2367219578                LT  Asf     New Rating
Class D-RR XS2367220154                LT  BBB-sf  New Rating
Class E-RR XS2367220741                LT  BBsf    New Rating
Class F-RR XS2367221046                LT  B-sf    New Rating
Class X XS2367217366                   LT  AAAsf   New Rating
S-2 Subordinated Notes XS2367221392    LT  NRsf    New Rating

TRANSACTION SUMMARY

Tikehau CLO DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Net proceeds from the issuance of the notes have
been used to redeem existing notes (excluding the S-1 notes) at the
reset date. The portfolio is actively managed by Tikehau Capital
Europe Limited. The transaction has a 2.5-year reinvestment period
and a six-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio based on Exposure Draft: CLOs and Corporate CDOs Rating
Criteria is 25.66.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
62.62%.

Diversified Portfolio (Positive): The transaction includes four
Fitch test matrices corresponding to the top-10 obligor limits of
16% and 22% and maximum fixed-rated assets at 0% and 10% of the
portfolio balance. The transaction also includes various
concentration limits, including a maximum exposure to the
three-largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Positive): The transaction has a 2.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Analysis (Neutral): CLO and CDO structural features and
hedging strategies, and the timing of defaults and recoveries, are
important considerations in cash flow modelling and have a
meaningful impact on their performance. Fitch used a customised
proprietary cash flow model to replicate the principal and interest
waterfalls. This was also used to test the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Tikehau CLO DAC

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

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

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

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



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

PEARL MORTGAGE 1: Fitch Affirms B Rating on Class B Tranche
-----------------------------------------------------------
Fitch Ratings has upgraded nine tranches of Lowland Mortgage Backed
Securities 4, 5 and 6 B.V. and PEARL Mortgage Backed Securities 1
B.V. (Pearl 1) and affirmed the others.

     DEBT                      RATING           PRIOR
     ----                      ------           -----
Lowland Mortgage Backed Securities 5 B.V.

A1 XS1815296014         LT  AAAsf   Affirmed    AAAsf
A2 XS1815297095         LT  AAAsf   Affirmed    AAAsf
B XS1815297178          LT  AAAsf   Affirmed    AAAsf
C XS1815297509          LT  AA+sf   Upgrade     AA-sf
D XS1815297764          LT  AA-sf   Upgrade     A-sf
E XS1815297921          LT  BBB-sf  Upgrade     BB+sf

Lowland Mortgage Backed Securities 4 B.V.

A1 XS1551596775         LT  AAAsf   Affirmed    AAAsf
A2 XS1551596858         LT  AAAsf   Affirmed    AAAsf
B XS1551596932          LT  AAAsf   Affirmed    AAAsf
C XS1551597070          LT  AAAsf   Upgrade     AA+sf
D XS1551597153          LT  AAAsf   Upgrade     Asf

Lowland Mortgage Backed Securities 6 B.V.

A1 XS1895557848         LT  AAAsf   Affirmed    AAAsf
A2 XS1895558143         LT  AAAsf   Affirmed    AAAsf
B XS1895559034          LT  AAAsf   Affirmed    AAsf
C XS1895559620          LT  AAAsf   Upgrade     AA+sf
D XS1895559893          LT  AAsf    Upgrade     A+sf
E XS1895560040          LT  BBBsf   Upgrade     BB+sf

PEARL Mortgage Backed Securities 1 B.V.

Class A XS0265250638    LT  AAAsf   Affirmed    AAAsf
Class B XS0265252253    LT  Bsf     Affirmed    Bsf
Class S XS0715998331    LT  A+sf    Upgrade     BBB+sf

TRANSACTION SUMMARY

The transactions comprise residential mortgage loans originated and
serviced by de Volksbank N.V. (A-/Stable/F1).

KEY RATING DRIVERS

Upgrades Reflect New European RMBS Assumptions: The reduced house
price decline assumptions recently included in Fitch's criteria
have a positive impact on the transactions, significantly
increasing the level of recoveries and reducing the asset losses
modelled in Fitch's analysis.

Additionally, the retirement of the Covid-19 stresses (see Fitch
Retires EMEA RMBS Coronavirus Additional Stress Scenario Analysis,
Except UK Non-Conforming dated 22 July 2021) reduces the
probability of default applied in the analysis of tranches rated
below 'AAAsf'.

Early Crystallisation of Lowland 4's Portfolio: Following the
breach of Lowland 4's portfolio limits in February 2021, the
transaction has not included new loans in the portfolio. Given the
decrease in the proportion of floating rate loans since transaction
closing, it seems unlikely that this breach can be remedied.
Consequently, the risk of the portfolio's credit metrics worsening
by the first optional redemption (FORD) date in February 2022 is
low.

To reflect this change, Fitch has based its modelling on the
current portfolio rather than a stressed portfolio previously. The
better asset characteristics of the current portfolio contribute
positively to the upgrade of the transaction's class C and D
notes.

Unhedged Interest Reset Rate Risks: The fixed-rate paying mortgages
reset periodically. The interest rate at which loans can reset is a
risk driver for the Lowland transactions as it is not mitigated by
their structures. Fitch applied its interest-rate reset assumptions
in accordance with its European RMBS Rating Criteria, limiting the
benefit from available excess spread. Pearl 1 benefits from a swap
that removes this risk.

Outstanding PDL Limits Junior Ratings: On any payment date after
the FORD, the notes can be redeemed at notional amount minus the
principal deficiency ledger (PDL). This limits the ratings of the
class E notes of Lowland 5 and 6 and of the class B notes of Pearl
1. A redemption at a lower amount than the outstanding notional of
the notes would constitute a default under Fitch's rating
definitions. In Fitch's analysis for Pearl 1, Lowland 5 and 6,
there are no outstanding PDL occurring after the FORD for the
notes' current ratings.

Amortisation Increases CE: Credit enhancement (CE) available to the
rated notes is provided by subordination. For Pearl 1 and Lowland
4, CE has been increasing as the transactions amortise
sequentially. For Lowland 5 and 6, the liabilities are unchanged
since closing as the transactions have not reached the end of their
revolving periods (May and October 2023, respectively).

Pearl 1 currently has an ESG Relevance Score of '5' for Human
Rights, Community Relations, Access & Affordability due to the
securitised assets having the benefit of an NHG guarantee, which
has a positive impact on the credit profile, and on an individual
basis, has a significant impact on the rating.

RATING SENSITIVITIES

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

-- Increase in CE ratios as the transactions deleverage that
    fully compensates for the credit losses and cash flow stresses
    commensurate with higher rating scenarios.

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

-- Unanticipated increases in the frequency of defaults or
    decreases in recovery rates that could produce larger losses
    than Fitch's base case;

-- Insufficient CE ratios to compensate for the credit losses and
    cash flow stresses associated with the current ratings
    scenarios, all else being equal.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Lowland 4 Mortgage Backed Securities B.V

Prior to the transactions closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio
information, which indicated errors or missing data related to the
following: it highlighted errors in the "valuation date" and
"valuation amount" fields and borrower income checks did not form
part of the AUP scope. These findings were considered in this
analysis by making the following assumptions and adjustments: Fitch
applied a 1.05x Foreclosure Frequency hit at the pool level.

Lowland 5,6 Mortgage Backed Securities B.V

Prior to the transactions closing, 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.

Lowland 4,5,6 Mortgage Backed Securities B.V

Prior to the transactions closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

PEARL Mortgage Backed Securities 1 B.V.

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

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

ESG CONSIDERATIONS

Lowland Mortgage Backed Securities 4 B.V. has an ESG Relevance
Score of '4' for Human Rights, Community Relations, Access &
Affordability due to a minority of the NHG loans in its portfolio,
which has a positive impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Lowland Mortgage Backed Securities 5 B.V. has an ESG Relevance
Score of '4' for Human Rights, Community Relations, Access &
Affordability due to a minority of the NHG loans in its portfolio,
which has a positive impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Lowland Mortgage Backed Securities 6 B.V. has an ESG Relevance
Score of '4' for Human Rights, Community Relations, Access &
Affordability due to a minority of the NHG loans in its portfolio,
which has a positive impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

Pearl 1 currently has an ESG Relevance Score of 5 for Human Rights,
Community Relations, Access & Affordability due to the securitised
assets having the benefit of an NHG guarantee, which has a positive
impact on the credit profile, and on an individual basis, has a
significant impact on the rating.

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.



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

TRANSPORTES AEREOS: S&P Retains 'B-' LT ICR on Watch Negative
-------------------------------------------------------------
S&P Global Ratings retains all ratings on on Transportes Aereos
Portugueses, SGPS, S.A. (TAP Air Portugal) and its core operating
subsidiary Transportes Aereos Portugueses, S.A. (TAP), including
its 'B-' long-term issuer credit ratings, on CreditWatch Negative.

The sluggish recovery of European air traffic has forced TAP Air
Portugal into continuous cash burn and constrained its
creditworthiness. The new wave of pandemic-related lockdown
measures and travel restrictions in the first half of 2021, as well
as the emergence of new virus variants, slowed the recovery of
demand for European air travel. Although several vaccines have been
approved and are rolling out across the EU, the process is
incomplete. Social and economic activity started to normalize, but
vaccine efficacy against new variants, which appear to be more
transmissible, has raised questions.

S&P said, "We forecast that European air passenger traffic
(measured by revenue passenger kilometers) and revenue in 2021 will
be 30%-50% of 2019 levels. TAP Air Portugal is likely to fall in
the middle of this range, whereas in 2020 revenue contracted to
about 30% of 2019 levels. Based on our forecast weak revenue, we
expect S&P Global Ratings-adjusted operating cash flow to remain
deeply negative, if slightly improved on the -EUR407 million
recorded in 2020. Revenue losses are partially compensated for by
the airline's multiple cost reduction and containment measures."

The EUR1.2 billion state loan TAP Air Portugal received in June
2020 has proved insufficient to compensate for the delayed recovery
in air passenger traffic. In July 2021, the European Commission
re-approved this loan, which the Portuguese government had granted
under the "Guidelines On Rescue And Restructuring." TAP Air
Portugal received the last tranche in December 2020 and S&P
understands that most of the related cash proceeds had largely been
depleted by the end of June 2021 because of the ongoing cash burn.

In May, the Portuguese government injected EUR462 million of equity
at the TAP level. This financial support was approved by the
European Commission to compensate for COVID-19-related losses
incurred in the period from March 19, 2020 to June 30, 2020. S&P
said, "We understand that the COVID-19-related losses also stretch
beyond this period, which may entitle the company to additional
compensation, although we do not factor this into our liquidity
analysis. As of June 30, 2021, we estimate that TAP Air Portugal
had liquidity sources of close to EUR550 million (EUR534.6 million
at the end of 2020), largely consisting of cash on hand." Given
that operating cash flow is expected to be deeply negative, this
may be insufficient to cover its total liquidity needs for the next
12 months. The persistent risk of a near-term liquidity shortfall
constrains our stand-alone credit profile (SACP) assessment to
'ccc'.

At this stage, it is unclear whether the new state aid package will
be approved. In June 2021, the Portuguese government submitted to
the European Commission an application to offer additional state
aid to TAP Air Portugal. The package is worth EUR3.2 billion, and
the airline would use it to finance its restructuring plan. It
includes conversion of the existing re-approved EUR1.2 billion
state loan into equity, EUR1.5 billion of other equity and
equity-like measures, as well as EUR512 million in state guarantees
to market loans in 2022, if TAP Air Portugal fails to access
financial markets in 2023-2025. The European Commission has opened
an investigation to assess whether the restructuring aid that
Portugal plans to grant to TAP is in line with EU rules on state
aid granted to companies in difficulty. The investigation gives
Portugal and interested third parties the opportunity to submit
comments without prejudicing the outcome of the investigation.
Currently, S&P has no clarity on whether the state aid will be
approved.

S&P said, "We still see a moderately high likelihood that the
Portuguese government would provide extraordinary support to TAP
Air Portugal in case of need. As a result, we apply two notches of
uplift from the SACP level. Our view is underpinned by the track
record of state aid to date, and the airline's importance to the
government, which currently holds a 72.5% stake in TAP Air Portugal
and almost a 100% direct and indirect stake in TAP. We understand
that the government views the airline as a strategic asset that is
important to economic development and tourism. TAP Air Portugal is
one of the largest employers in the country and is the largest
exporter of domestic services. Furthermore, the airline provides
reasonable air connectivity to major trade partners' cities (apart
from Spain), given the peripheral geographic location of Portugal
in Europe, which would otherwise be less efficiently accessible by
alternative modes of transport.

"We are keeping the ratings on CreditWatch with negative
implications because we could lower them, potentially by more than
one notch, if TAP Air Portugal does not gain EU approval to receive
state aid, or it does not gain other sufficient and timely
financial support from the Portuguese government to secure its
liquidity position. We aim to review our issue and issuer level
ratings within 90 days and resolve the CreditWatch placement as
soon as we have clarity on the company's future capital
structure."




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

IM CAJAMAR 5: Fitch Affirms CC Rating on Class E Tranche
--------------------------------------------------------
Fitch Ratings has upgraded seven tranches of five Spanish Cajamar
RMBS transactions and affirmed the others. Fitch has also removed
three tranches from Rating Watch Positive (RWP). The Outlooks are
Stable.

     DEBT                     RATING            PRIOR
     ----                     ------            -----
IM Cajamar 4, FTA

A ES0349044000          LT  AA+sf   Upgrade     AAsf
B ES0349044018          LT  A+sf    Affirmed    A+sf
C ES0349044026          LT  Asf     Upgrade     A-sf
D ES0349044034          LT  BBB+sf  Affirmed    BBB+sf
E ES0349044042          LT  CCCsf   Affirmed    CCCsf

IM BCC CAJAMAR 2, FT

Class A ES0305459002    LT  AAAsf   Affirmed    AAAsf
Class B ES0305459010    LT  BBsf    Upgrade     Bsf

IM Cajamar 3, FTA

Series A ES0347783005   LT  AAAsf   Affirmed    AAAsf
Series B ES0347783013   LT  AA+sf   Affirmed    AA+sf
Series C ES0347783021   LT  A+sf    Affirmed    A+sf
Series D ES0347783039   LT  A+sf    Affirmed    A+sf

IM Cajamar 5, FTA

Class A ES0347566004    LT  A+sf    Affirmed    A+sf
Class B ES0347566012    LT  A+sf    Affirmed    A+sf
Class C ES0347566020    LT  Asf     Upgrade     A-sf
Class D ES0347566038    LT  A-sf    Upgrade     BBB-sf
Class E ES0347566046    LT  CCsf    Affirmed    CCsf

IM Cajamar 6, FTA

Class A ES0347559009    LT  A+sf    Affirmed    A+sf
Class B ES0347559017    LT  A+sf    Affirmed    A+sf
Class C ES0347559025    LT  A+sf    Upgrade     Asf
Class D ES0347559033    LT  BBB-sf  Upgrade     BB-sf
Class E ES0347559041    LT  CCsf    Affirmed    CCsf

TRANSACTION SUMMARY

The transactions comprise fully amortising residential mortgages
that are serviced by Cajamar Caja Rural, Sociedad Cooperativa de
Credito (not rated).

KEY RATING DRIVERS

Performance Outlook and Removal of Additional Stresses: The
upgrades, removal from RWP and Stable Outlooks reflect the broadly
stable asset performance outlook. This is driven by no exposure to
payment holiday loans, the low share of loans in arrears over 90
days (less than 0.5% for all transactions) and the improved
macro-economic outlook for Spain, as described in Fitch's latest
Global Economic Outlook dated June 2021.

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

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

Fitch expects CE for Cajamar 2 to increase due to the strictly
sequential amortisation of the notes. Fitch expects CE ratios for
the other transactions to remain broadly stable in the short to
medium term, due to the prevailing pro-rata amortisation of the
notes, and to increase when the mandatory switch to sequential
amortisation of the notes is activated after the portfolio balances
fall below 10% of the initial amounts (currently between 16.8% and
26.6%).

Counterparty Arrangement Caps Rating: Cajamar 5 and 6's maximum
achievable rating remains capped at 'A+sf', due to the SPV account
bank contractually defined minimum eligibility rating thresholds of
'BBB+' and 'F2'. These are not compatible with 'AAAsf' or 'AAsf'
rating categories as per Fitch's Counterparty Criteria.

Cajamar 3's class D notes' rating is capped at the issuer account
bank provider's rating (BNP Paribas Securities Services;
A+/Negative/F1), as its only source of structural CE is the reserve
fund held at the account bank. The Negative Outlook on the notes
rating reflects the Outlook on the bank's rating. The rating cap
reflects the excessive counterparty dependency on the SPV account
bank holding the cash reserves, as the sudden loss of these amounts
would imply a downgrade of 10 or more notches of the notes, in
accordance with Fitch's criteria.

Regional Concentration Risk: The portfolios are exposed to
geographical concentration in the regions of Murcia (between 30.3%
and 35.5%) and Andalucia (between 44.4% and 52.0%). In line with
Fitch's European RMBS rating criteria, higher rating multiples are
applied to the base foreclosure frequency assumption to the portion
of the portfolios that exceeds two and a half times the population
share of these regions relative to the national count.

Cajamar 5 and Cajamar 6 have an ESG Relevance Score of '5' for
"Transaction Parties & Operational Risk" due to the modification of
counterparty eligibility triggers after transaction closing, which
has a negative impact on the credit profile, and is highly relevant
to the rating, resulting in a negative change to the rating of at
least one notch.

RATING SENSITIVITIES

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

-- The class A notes in Cajamar 2 and 3 are rated at the highest
    level on Fitch's scale and cannot be upgraded.

-- CE ratios increase as the transactions deleverage able to
    fully compensate the credit losses and cash flow stresses
    commensurate with higher rating scenarios, in addition to
    adequate counterparty arrangements.

-- For and Cajamar 5 and 6, modified account bank minimum
    eligibility rating thresholds compatible with 'AAsf' or
    'AAAsf' ratings as per the agency's Structured Finance and
    Covered Bonds Counterparty Rating Criteria. This is because
    the maximum achievable rating for both transactions is capped
    at 'A+sf' due to the contractually defined eligibility
    thresholds beinginsufficient to support 'AAsf' or 'AAAsf'
    ratings.

-- For Cajamar 3's class D notes, an upgrade of BNP Paribas
    Securities Services Long-Term Issuer Default Rating (IDR) as
    it is the SPV account bank provider, and the notes' rating is
    capped at the bank's rating due to excessive counterparty risk
    exposure.

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

-- For Cajamar 2 and 3's class A notes, a downgrade of Spain's
    Long-Term IDR that could decrease the maximum achievable
    rating for Spanish structured finance transactions. This is
    because these notes are rated at the maximum achievable
    rating, six notches above the sovereign IDR.

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

-- For Cajamar 3's class D notes, a downgrade of BNP Paribas
    Securities Services Long-Term IDR as it is the SPV account
    bank provider, and the notes' rating is capped at the bank's
    rating due to excessive counterparty risk exposure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

IM BCC CAJAMAR 2, FT

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

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

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

IM Cajamar 3, FTA, IM Cajamar 4, FTA, IM Cajamar 5, FTA, IM Cajamar
6, FTA

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

Fitch did not undertake a review of the information provided about
the underlying asset pool[s] ahead of the transaction's [IM Cajamar
3, FTA, IM Cajamar 4, FTA, IM Cajamar 5, FTA, IM Cajamar 6, FTA]
initial closing. The subsequent performance of the transaction[s]
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Cajamar 3 class D notes' rating is capped at the issuer account
bank provider's rating as it is exposed to an excessive
counterparty dependency.

ESG CONSIDERATIONS

IM Cajamar 5 and IM Cajamar 6, FTA has an ESG Relevance Score of
'5' for Transaction Parties & Operational Risk due to the
modification of counterparty eligibility triggers after transaction
closing, which has a negative impact on the credit profile, and is
highly relevant to the rating, resulting in an implicitly lower
rating.

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



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

ARISE AB: Egan-Jones Keeps B Senior Unsecured Ratings
-----------------------------------------------------
Egan-Jones Ratings Company, on August 5, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Arise AB.

Headquartered in Sweden, Arise AB is an alternative energy
company.




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

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

The Outlook revision follows the revision of the Outlook on
Ukraine's sovereign rating (B/Positive) and the application of
Fitch's Government-Related Entities (GRE) Rating Criteria. Fitch
equalises Naftogaz's ratings with those of sovereign, reflecting
the company's strong links with the sovereign and Fitch's
assessment of the company's Standalone Credit Profile (SCP) at
'b-'.

The 'b-' SCP reflects volatility in operations after the
unbundling, uncertainty about domestic price regulation and
collectability of receivables with a weaker domestic economy and FX
exposure. Fitch expects liquidity to be under pressure due to high
anticipated capex as Naftogaz invests in its resource base to
arrest a decline in natural gas production. Fitch expects leverage
to remain high compared with peers but stable as incurrence-based
covenants limit indebtedness.

KEY RATING DRIVERS

Ratings in Line With Sovereign: Fitch views Naftogaz's status,
ownership and control, and support track record as 'Strong',
reflecting the state's full ownership and history of tangible
financial support. The latter comprised about UAH141 billion in
direct support to Naftogaz in 2012-2015 and historically
state-guaranteed debt, which totalled almost 30% in 2018. Naftogaz
remains strategically important as Ukraine's largest natural gas
production, wholesale and supply company, despite the transit
business disposal. Dividends, taxes and levies paid by Naftogaz
represented almost 13% of Ukraine's state budget in 2020.

Strong Incentive to Support: Fitch continues to view the
socio-political implications of a default by Naftogaz as 'Very
Strong', as service disruption could be significant due to the
company's large market share, although most operations would
probably continue after a default. Fitch believes that the presence
of international lenders, including Eurobond holders, may adversely
affect the availability and cost of financing for other GREs or the
government. Fitch therefore views the financial implications of its
default as 'Strong'. The score of 40 under Fitch's GRE Criteria,
combined with Naftogaz's 'b-' SCP, leads to an equalisation of the
company's IDR with that of the sovereign.

Weak Financial Profile: Naftogaz's 'b-' SCP captures the volatility
of the business profile and its transformation after the unbundling
of the transit business from 2020, and significant pressure from
volatile gas prices, all of which might result in further weakening
of the financial profile. After the abolition of the public service
obligations (PSO) regime, the ability to collect receivables in a
weaker domestic economy and liquidity strain from high capex in the
upstream segment are increasingly important for Naftogaz's
financial profile.

Capex and Dividends Drive Negative FCF: Fitch expects free cash
flow (FCF) to remain negative due to intensive capex. Fitch
considers that estimated annual average capex of USD1 billion,
mostly to maintain production levels and in the longer term to meet
domestic demand, will add to funding requirements. Naftogaz plans
to increase its resource base through exploration of new fields,
developing the potential of new projects, especially the Ukrainian
part of the Black Sea shelf, and start offshore exploration in
2021.

Fitch expects average funds from operations (FFO) gross leverage of
4.0x in 2021-2024, assuming high capex needs, ongoing dividend
payments of less than USD1 billion over 2021-2024, and lower
earnings due to unbundling and low gas prices.

FX Risks Remain High: Naftogaz faces FX fluctuations from the
currency mismatch between debt and revenue, as around 68% (USD1.6
billion) of its debt related to Eurobonds at end-2020 was
foreign-currency denominated (US dollars and euros), while most of
its revenue is denominated in Ukrainian hryvnia.

Its cash balance at end-2020 of UAH37 billion (USD1.3 billion) was
foreign-currency denominated, which mitigates currency risk,
although Fitch expects the cash balance to fall, reducing this
effect. Further hryvnia depreciation against major currencies may
lead to significant deterioration of the financial profile and put
pressure on the Eurobond covenant of net debt/EBITDA of 3.0x.

PSO Cancellation: The PSO regime was fully cancelled, resulting in
full market pricing from May 2021. Until May 2021, Naftogaz was
obliged to supply gas under the PSO regime, which negatively
affected the collectability of receivables as long as the regime
was in operation. In 2020, the state compensated UAH32 billion
under PSOs for supplying gas to customers at below-market prices,
which Fitch conservatively does not expect to continue in 2021.

Business Profile Transformation: After the unbundling of its gas
transmission business, Naftogaz's business profile primarily
reflects its position as a natural gas-producing and wholesale
supply company. Since 2020, Naftogaz has focused on domestic gas
sales, storage, the sale of domestic petrol products and liquefied
natural gas, gas production and service legal agreements with the
unbundled gas transit company.

Management expects increased capex for the new exploration projects
in Ukraine, which is crucial to maintain and increase the
production levels. Naftogaz accounts for about 80% of Ukraine's
domestic gas production.

DERIVATION SUMMARY

Naftogaz's rating is equalised with that of Ukraine under Fitch's
GRE criteria. Naftogaz has much larger EBITDA, but operates in a
weaker operating environment than other Fitch-rated national oil
and gas company such as KazTransGas JSC (BBB-/Stable; SCP of
'bbb-'). KazTransGas has more diversified business, with exposure
to more profitable midstream operations. Its rating is at the same
level as that of its immediate parent, state-owned JSC National
Company KazMunayGas (BBB-/Stable).

Naftogaz has substantially lower integration following the
unbundling process and is dependent on its integrated gas segment,
which is responsible for most of its EBITDA. Ukraine's volatile
regulatory environment, with constant changes in the regulated
tariff, makes operations very volatile.

The company's 'b-' SCP reflects potential cash flow volatility as
Fitch's forecasts are sensitive to continued pressure on domestic
gas prices in Ukraine and the ability to collect accounts
receivable. Fitch expects Naftogaz's FCF to be negative due to
significant capex as this is of strategic importance to Ukraine's
energy security.

KEY ASSUMPTIONS

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

-- Limited revenues and EBITDA margin of around 4% from transit
    related fees in 2021-2024;

-- Natural gas price dynamics in 2021-2024 in line with Fitch's
    price deck;

-- Domestic gas sales volumes to slightly decline in 2021-2024;

-- Average annual capex of USD1 billion in 2020-2023;

-- Dividend payments of less than USD1 billion over 2021-2024;

-- Cash tax averaging UAH8 billion over 2021-2024, related to
    corporate income tax.

KEY RECOVERY RATING ASSUMPTIONS:

The recovery analysis assumes that Naftogaz would be considered a
going concern in bankruptcy and that the company would be
reorganised rather than liquidated.

Naftogaz's recovery analysis assumes post-reorganisation EBITDA at
UAH25 billion. This reflects potential deterioration of the
regulatory framework leading to weakening of financial profile in
light of the weak macroeconomic environment followed by a moderate
recovery.

Fitch has used a distressed enterprise value/EBITDA multiple of
3.0x to calculate post-reorganisation valuation. It is below the
mid-cycle multiple for EMEA oil and gas companies. It captures
higher-than-average business risks in Ukraine and reflects
Naftogaz's weaker business profile than peers.

Fitch has treated all banking debt as prior ranking.

After the deduction of 10% for administrative claims and applying
Fitch's "Country-Specific Treatment of Recovery Ratings Criteria",
Fitch's waterfall analysis generated a ranked recovery in the 'RR4'
band, indicating a 'B' rating for the notes issued by Kondor
Finance plc. The waterfall analysis output on current metrics and
assumptions was 50%.

The notes are issued by Kondor Finance on a limited recourse basis
for the sole purpose of funding a loan to Naftogaz. They constitute
direct, unconditional senior unsecured obligations of Naftogaz and
rank pari passu with all other present and future unsecured and
unsubordinated obligations.

RATING SENSITIVITIES

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

-- Positive rating action on Ukraine would be reflected on
    Naftogaz's rating, assuming Naftogaz's SCP is up to three
    notches below that of the sovereign and its links with the
    state do not weaken.

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

-- Negative rating action on Ukraine would be reflected on
    Naftogaz's rating.

-- Significant deterioration of Naftogaz's financial profile,
    with the SCP falling more than three notches below that of the
    sovereign, would be rating-negative.

-- Unremedied liquidity issues would also be negative for the
    rating.

Rating Sensitivities for Ukraine (as of 6 August 2021)

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

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

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

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

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

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

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

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

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

Manageable Liquidity: At end-2020, Naftogaz had short-term debt
around UAH8.4 billion that was fully covered by cash balances and
bank deposits of around UAH37 billion. The company also had undrawn
credit facilities totalling UAH11 billion and short-term treasury
bonds that the company bought in 2020 and sold in March 2021 for
UAH11.4 billion. Fitch assumes Naftogaz will tap the capital market
to fund its FCF deficit in 2021-2024. The company has also strong
access to domestic funding as the largest borrower. Cash and
deposits are mainly held at domestic banks in US dollars or euros.

Around USD700 million of USD2.3 billion debt comprises bank
borrowings from Ukrainian state banks such as JSC State Savings
Bank of Ukraine, JSB Ukrgasbank and JSC The State Export-Import
Bank of Ukraine. The remaining USD1.6 billion is senior unsecured
euro- and US dollar-denominated bonds maturing in 2022-2026.

ISSUER PROFILE

Naftogaz is wholly state-owned and is strategically important to
Ukraine as it is the country's largest natural gas production,
distribution and trading company. In 2020, it produced 13.4 billion
cubic metres of gas.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

NJSC Naftogaz's IDR is equalised with that of its ultimate
shareholder Ukraine.

ESG CONSIDERATIONS

Fitch does not provide separate ESG scores for Naftogaz as its
ratings and ESG scores are derived from its parent.



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

ABERDEEN MARKET: Aberdeen City Council Takes Over Site
------------------------------------------------------
BBC News reports that the redevelopment of part of Aberdeen city
centre has moved a step closer after the council completed the
purchase of two empty buildings.

According to BBC, the local authority has taken over the site of
Aberdeen Market and the former BHS store.

The former BHS building has been vacant for about seven years.
Behind it is the 1970s indoor market.

While detailed plans have yet to come forward, the site could
become a new food, drink and retail area, BBC notes.

"We have taken over the site of Aberdeen Market and the former BHS
store and are looking forward to deciding its future at city growth
and resources committee in August as part of our ambitious GBP150
million plan for the city centre," BBC quotes Aberdeen City Council
city growth and resources convener Ryan Houghton as saying.

The operator of Aberdeen Market was placed into liquidation last
year, BBC recounts.

Administrator Cowgills said Aberdeen Market Village was placed into
Creditors Voluntary Liquidation on June 11, and had ceased trading,
BBC relates.

The building closed at the beginning of lockdown, BBC relays.


AM GRIFFITHS: Enters Administration, Halts Trading
--------------------------------------------------
Business Sale reports that Wolverhampton-based contractor AM
Griffiths has ceased trading after falling into administration.

According to Business Sale, the 122-year-old firm was reportedly
hit by issues including the rising prices of raw materials and
Covid-19 related uncertainty. The Birmingham office of Leonard
Curtis is handling the administration process, Business Sale
discloses.

In its most recent accounts at Companies House, for the year ending
March 31 2020, the company said that it had continued to be
impacted by Brexit and that the commencement of several new
projects had been deferred while clients sought reassurances
regarding economic conditions in the construction sector and the UK
more widely, Business Sale relates.

In the same documents, the company, as cited by Business Sale, said
that these delays had also coincided with "exceptionally inclement
weather" in the West Midlands region, which had led to delays on
several sites and negatively impacted its production levels for the
final quarter of the year.  However, the company also reported
that, at the outset of the Covid-19 pandemic, it had "a full order
book for the remainder of the calendar year", Business Sale notes.

At the time, the company reported post-tax profits of GBP305,188
(down from GBP752,996 the previous year as a result of the
aforementioned factors) on turnover of GBP30.1 million, Business
Sale states.  At the time the company's fixed and current assets
were valued at around GBP8.1 million, with total equity of GBP2.3
million, according to Business Sale.


DEBENHAMS PLC: Mike Ashley Blames Board for Collapse
----------------------------------------------------
Elias Jahshan at Retail Gazette reports that Mike Ashley has
reignited his row with former directors of Debenhams via a letter
sent to Parliament which blamed the collapsed retailer's board for
its demise.

In a letter sent to the chairs of two House of Commons select
committees, seen by Sky News, Chris Wootton -- the chief financial
officer at Ashley's Frasers Group retail empire -- said an
independent investigation into Debenhams' collapse was "obviously
in the public interest", Retail Gazette relates.

According to Retail Gazette, Mr. Wootton also reportedly argued
that Debenhams' former board was to blame for the department store
chain's two administrations and eventual departure from the high
street, and that regulators and politicians have not done enough to
investigate this.

He reportedly highlighted a GBP35 million dividend pay out the
then-Debenhams board approved in July 2018, nine months before its
first administration, Retail Gazette discloses.

Shortly after its first administration in April 2019, Debenhams
launched a store closure scheme via a CVA, Retail Gazette
recounts.

However, by April 2020 -- at the peak of the first nationwide
Covid-19 lockdown -- Debenhams fell into administration for a
second time, Retail Gazette relays.

By the end of the year, Boohoo Group had bought the department
store's brand and intellectual property out of administration and
to operate it as an online-only business, Retail Gazette notes.

This meant the remains of Debenhams' business, namely its store
estate of 118 sites, went into liquidation, with its last batch of
stores shutting down for good in May this year, Retail Gazette
states.

Mr. Ashley's company once held shares in Debenhams worth up to
GBP300 million, with a near-30% stake in the business, Retail
Gazette discloses.

This was all wiped out after the retailer's first administration,
during which Mr. Ashley grabbed headlines for trying to stage a
boardroom coup as well as a failed takeover attempt, according to
Retail Gazette.

"For several years we have been trying to have this matter
investigated by regulators (e.g. the FCA) and select committees
(BEIS) but people have passed the buck -- we cannot understand it,"
Mr. Wootton wrote, as quoted by Sky News.

"In 2019, our CEO, Mike Ashley, even met with members of BEIS and
was in correspondence with Rachel Reeves to encourage an urgent
investigation. This too seemed to fall on deaf ears."

The news comes as Frasers Group recently applied to the High Court
to set aside a settlement reached earlier this year with Debenhams'
administrators, Retail Gazette notes.

Under the settlement agreed with Debenhams' administrators at FRP
Advisory, Mr. Ashley was not to pursue legal action, Retail Gazette
discloses.


PROVIDENT: FCA Responds to High Court's Approval of Firm's Scheme
------------------------------------------------------------------
The Financial Conduct Authority disclosed that on Aug. 4, the Court
sanctioned Provident's scheme of arrangement (the scheme).

In response to the scheme being approved by the High Court, the FCA
said, "We have been clear that we do not support the scheme for a
number of reasons, including the key concern that consumers are
being offered significantly less than the full amount of redress
they are owed."

"We shared our initial views with the Court at the convening
hearing on April 22, 2021.  Provident subsequently made changes to
its proposal, including deciding to wind down Provident Personal
Credit Limited (PPC) meaning PPC will no longer continue in
business.

"Despite our concerns with the scheme, we were conscious that the
only likely alternative to the scheme was the insolvency of PPC. In
that scenario, consumers would likely receive no redress, which was
an important factor in our decision not to formally oppose the
scheme in court.

"We continue to have significant concerns about Schemes of
Arrangement being proposed and used by firms to avoid paying
customers redress and plan to consult on our approach to this in
the Autumn. The firm remains under investigation for its conduct.

"Solo-regulated firms should be regularly assessing the adequacy of
their financial resources (both capital and liquidity) and report
to us immediately if they determine they are, or will soon be, in
financial difficulty.  To understand our expectations, firms should
refer to the FCA Finalised Guidance on assessing adequate financial
resources."

SEADRILL LTD: Enters Into Settlement Agreement with NOL
-------------------------------------------------------
Seadrill Limited ("Seadrill" or "the Company") on Aug. 8 disclosed
that the Company has reached a settlement agreement with Northern
Ocean Ltd. ("NOL") predominantly with respect to balances
outstanding from Seadrill's preparation of the West Mira and West
Bollsta rigs. The settlement agreement closes all outstanding
balances, claims and counter-claims between the companies and their
respective subsidiaries by way of set-off as full and final
settlement. Further, the settlement agreement sets out that
Seadrill will provide certain transition services to any
prospective new managers in respect of NOL's rigs and requires
Seadrill to restart bareboat lease payments for the West Bollsta
rig from August 10, 2021, alongside Seadrill's continued operation
of the rig on the Lundin contract.

The settlement agreement is subject to certain conditions,
including, but not limited to, obtaining approval by the US
bankruptcy court under Seadrill's Chapter 11 protection.

Grant Creed, Chief Financial Officer, commented "Conclusion of this
uncertainty around claims and counterclaims with NOL is an
important pre-requisite to Seadrill being able to proceed with its
Chapter 11 filing.  Shareholders should note the Plan of
Reorganization filed with the Court on July 24, 2021 leads to a
substantial equitization of debt meaning existing shareholders
receive virtually no recovery for their existing shares."

                        About Seadrill Ltd.

Seadrill Limited (OSE:SDRL, OTCQX:SDRLF) --
http://www.seapdrill.com/-- is a deepwater drilling contractor
providing drilling services to the oil and gas industry. As of
March 31, 2018, it had a fleet of over 35 offshore drilling units
that include 12 semi-submersible rigs, 7 drillships, and 16 jack-up
rigs.

On Sept. 12, 2017, Seadrill Limited sought Chapter 11 protection
after reaching terms of a reorganization plan that would
restructure $8 billion of funded debt. It emerged from bankruptcy
in July 2018.

Demand for exploration and drilling has fallen further during the
COVID-19 pandemic as oil firms seek to preserve cash, idling more
rigs and leading to additional overcapacity among companies serving
the industry.

In June 2020, Seadrill wrote down the value of its rigs by $1.2
billion and said it planned to scrap 10 rigs. Seadrill said it is
in talks with lenders on a restructuring of its $5.7 billion bank
debt.

Seadrill Partners LLC, a limited liability company formed by
deep-water drilling contractor Seadrill Ltd. to own, operate and
acquire offshore drilling rigs, along with its affiliates, sought
Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-35740) on
Dec. 1, 2020, after its parent company swept one of its bank
accounts to pay disputed management fees. Mohsin Y. Meghji,
authorized signatory, signed the petitions.

On Feb. 7, 2021, Seadrill GCC Operations Ltd., Asia Offshore
Drilling Limited, Asia Offshore Rig 1 Limited, Asia Offshore Rig 2
Limited, and Asia Offshore Rig 3 Limited sought Chapter 11
protection.  Seadrill GCC estimated $100 million to $500 million in
assets and liabilities as of the bankruptcy filing.

Additionally, on Feb. 10, 2021, Seadrill Limited and 114 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code with the Court. The lead case
is In re Seadrill Limited (Bankr. S.D. Tex. Case No. 21-30427).

Seadrill Limited disclosed $7.291 billion in assets against $7.193
billion in liabilities as of the bankruptcy filing.

In the new Chapter 11 cases, the Debtors tapped Kirkland & Ellis
LLP as counsel; Houlihan Lokey, Inc. as financial advisor; Alvarez
& Marsal North America, LLC as restructuring advisor; Jackson
Walker LLP as co-bankruptcy counsel; Slaughter and May as
co-corporate counsel; Advokatfirmaet Thommessen AS as Norwegian
counsel; and Conyers Dill & Pearman as Bermuda counsel. Prime Clerk
LLC is the claims agent.

On April 9, 2021, the board of directors of Debtor Seadrill North
Atlantic Holdings Limited unanimously adopted resolutions
appointing Steven G. Panagos and Jeffrey S. Stein as independent
directors to the board.  Seadrill North Atlantic Holdings Limited
tapped Katten Muchin Rosenman LLP as counsel and AMA Capital
Partners, LLC as financial advisor at the sole direction of
independent directors.


STOLT-NIELSEN: Egan-Jones Lowers Senior Unsecured Ratings to CCC+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on August 5, 2021, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Stolt-Nielsen Ltd. to CCC+ from B. EJR also
downgraded the rating on commercial paper issued by the Company to
C from B.

Headquartered in London, United Kingdom, Stolt-Nielsen Ltd. is a
global company with significant operations within various
maritime-related industries.


TWIN BRIDGES 2019-2: Fitch Raises Class X1 Notes Rating to 'BB+'
----------------------------------------------------------------
Fitch Ratings has upgraded eight tranches of Twin Bridges 2018-1
(TB 18-1), 2019-1 (TB 19-1) and 2019-2 (TB 19-2). The remaining
notes and Twin Bridges 2017-1 (TB 17-1) have been affirmed. Four
classes of notes have been removed from Rating Watch Positive
(RWP).

     DEBT                     RATINGS           PRIOR
     ----                     -------           -----
Twin Bridges 2019-1 PLC

A XS1956175977          LT  AAAsf   Affirmed    AAAsf
B XS1956177916          LT  AA+sf   Affirmed    AA+sf
C XS1956178054          LT  A+sf    Upgrade     Asf
D XS1956178302          LT  Asf     Upgrade     BBB+sf

Twin Bridges 2019-2

A XS2058878575          LT  AAAsf   Affirmed    AAAsf
B XS2058880472          LT  AA+sf   Upgrade     AAsf
C XS2058880555          LT  A+sf    Upgrade     Asf
D XS2058880639          LT  A-sf    Upgrade     BBB+sf
X1 XS2058880985         LT  BB+sf   Upgrade     BBsf

Twin Bridges 2017-1

Class A XS1622306972    LT  AAAsf   Affirmed    AAAsf
Class B XS1622307947    LT  AAAsf   Affirmed    AAAsf
Class C XS1622308242    LT  A+sf    Affirmed    A+sf
Class D XS1622308671    LT  A+sf    Affirmed    A+sf

Twin Bridges 2018-1

A XS1834945971          LT  AAAsf   Affirmed    AAAsf
B XS1834945898          LT  AAAsf   Upgrade     AA+sf
C XS1834946516          LT  A+sf    Affirmed    A+sf
D XS1834946607          LT  Asf     Upgrade     A-sf

TRANSACTION SUMMARY

The transactions are secured by residential mortgages originated
and serviced by Paratus AMC Limited, an experienced mortgage
servicer that started originating buy-to-let mortgages in 2015. The
loans are exclusively buy-to-let (BTL) and secured against
properties located in England and Wales.

KEY RATING DRIVERS

Increased Credit Enhancement (CE): The notes in each transaction
are amortising sequentially, and they have non-amortising reserves.
This has led to a gradual increase in CE, which supported the
affirmations and the upgrades.

Off RWP: Fitch placed the class B notes of TB 18-1 and TB 19-2 and
class C and D notes of TB 19-1 on RWP following the retirement of
its coronavirus-related additional stress analysis scenario (see
'Fitch Retires UK and European RMBS Coronavirus Additional Stress
Scenario Analysis, except for UK Non-Conforming'). Fitch has
retired its additional stress scenario analysis applied in
conjunction with its UK RMBS Rating Criteria for UK Buy-to-Let
pools, resulting in improved asset levels. Together with the
accumulated credit enhancement and stable asset performance, this
led to the upgrades.

Stable Performance; Limited Payment Holiday Impact: Arrears levels
remain limited across the transactions, three-month plus arrears
under 1%. Where some increases have been seen, for example in TB
17-1, this relates to a very small number of accounts and is more
than offset by increasing CE since the last review.

Additionally, there are no longer any payment holidays present in
any of the transactions, having decreased from the peaks seen in
2020. This has not resulted in any significant deterioration in
asset performance. Fitch does not expect payment holidays to
increase given the deadline for applying to the scheme has now
passed and the loosening of coronavirus containment restrictions.

The reduction in the level of payment holidays also benefits the
transactions through increased available revenue and excess spread.
This is particularly important for TB 19-2's class X1 notes, which
receives principal via the revenue priority of payments. This
factor led to the upgrade of this class of notes.

RATING SENSITIVITIES

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

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

-- Additionally, 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 foreclosure frequency (FF) and recovery rate (RR)
    assumptions, and examining the rating implications on all
    classes of issued notes. A 15% increase in the weighted
    average (WA) FF and a 15% decrease in the WARR indicate no
    downgrade in TB 17-1 and up to a two-notch downgrade in 18-1,
    19-1 and 19-2.

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE levels
    and, potentially, upgrades. A decrease in the WAFF of 15% and
    an increase in the WARR of 15% indicate no upgrade for TB 17-1
    (as the notes are either rated 'AAAsf' or are capped), up to a
    one notch upgrade for the subordinated notes in TB 18-1 and TB
    19-1 and up to a two-notch upgrade for TB 19-2.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Twin Bridges 2017-1, Twin Bridges 2018-1, Twin Bridges 2019-1 PLC,
Twin Bridges 2019-2

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

Prior to the transactions closing, 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.

Prior to the transactions closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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

WRW CONSTRUCTION: Contract to Go to Streamlined Tender Process
--------------------------------------------------------------
Owen Hughes at BusinessLive reports that a multi-million pound
contract will go back out to a streamlined tender process after a
construction firm went into administration.

WRW Construction, one of the leading construction firms in Wales,
secured the GBP2.7 million contract for Bwthyn y Ddol -- a centre
for vulnerable children needing assessment -- in Eirias park in
Colwyn Bay, BusinessLive discloses.

But the company -- that has a HQ in Llanelli along with offices in
Cardiff and Bristol -- last month released a statement saying it
has come under "significant financial stress" and has ceased to
operate, BusinessLive recounts.

A special cabinet meeting was held by Conwy council -- who are
working on the project in partnership with Denbighshire County
Council and Betsi Cadwaladr University Health Board -- to discuss
the way forward, BusinessLive relates.

According to BusinessLive, members were told a formal termination
letter had been issued to WRW on July 27 -- and assured that when
checks were undertaken relating to the terminated contractor, there
had been no anomalies identified.

They were told the preferred option now was "to engage with the
three organizations, which were evaluated as part of the original
procurement process via a new mini competition, with a view to
procuring a single principal contractor for all of the works."

Officers added: "This would ensure competitive tendering, but also
expedite the procurement process and would allow the opportunity to
mitigate the significant risks highlighted in paragraph 3.7 of the
report, relating to undertaking the groundworks and ensuring the
ICF grant was spent by March 2022."

The cabinet supported this option and that there is an exemption to
Corporate Procedure Rule 20.1 -- requiring advertisement on Sell to
Wales -- due to previous procurement process and the urgency of the
matter, BusinessLive notes.




===============
X X X X X X X X
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[*] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
-------------------------------------------------------------
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 270 pages
List Price: $34.95
Order your own personal copy at http://is.gd/9SAfJR

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her subject
of the wide nd engrossing field of health and illness the
perspective, as well as the special sympathies and sensitivities,
of a registered nurse. She is an exceptionally skilled writer.

Again and again, her descriptions of ill individuals and images of
illnesses such as cancer and meningitis make a lasting impression.

Tisdale accomplishes the tricky business of bringing the reader to
an understanding of what persons experience when they are ill; and
in doing this, to understand more about the nature of illness as
well. Her style and aim as a writer are like that of a medical or
science journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable style
is added the probing interest and concern of the philosopher trying
to shed some light on one of the central and most unsettling
aspects of human existence. In this insightful, illuminating,
probing exploration of the mystery of illness, Tisdale also
outlines the limits of the effectiveness of treatments and cures,
even with modern medicine's store of technology and drugs. These
are often called "miracles" of modern medicine. But from this
author's perspective, with the most serious, life-threatening,
illnesses, doctors and other health-care professionals are like
sorcerer's trying to work magic on them. They hope to bring
improvement, but can never be sure what they do will bring it
about. Tisdale's intent is not to debunk modern medicine, belittle
its resources and ways, or suggest that the medical profession
holds out false hopes. Her intent is do report on the mystery of
serious illness as she has witnessed it and from this, imagined
what it is like in her varied work as a registered nurse. She also
writes from her own experiences in being chronically ill when she
was younger and the pain and surgery going with this. She writes,
"I want to get at the reasons for the strange state of amnesia we
in the health professions find ourselves in. I want to find clues
to my weird experiences, try to sense the nature of being sick."
The amnesia of health professionals is their state of mind from the
demands placed on them all the time by patients, employers, and
society, as well as themselves, to cure illness, to save lives, to
make sick people feel better. Doctors, surgeons, nurses, and other
health-care professionals become primarily technicians applying the
wonders of modern medicine. Because of the volume of patients, they
do not get to spend much time with any one
or a few of them. It's all they can do to apply the prescribed
treatment, apply more of it if it doesn't work the first time, and
try something else if this treatment doesn't seem to be effective.

Added to this is keeping up with the new medical studies and
treatments. But Tisdale stepped out of this problem-solving
outlook, can-do, perfectionist mentality by opting to spend most of
her time in nursing homes, where she would be among old persons she
would see regularly, away from the high-charged atmosphere of a
hospital with its "many medical students, technicians,
administrators, and insurance review artists." To stay on her
"medical toes," she balanced this with working occasional shifts in
a nearby hospital. In her hospital work, she worked in a neonatal
intensive care unit (NICU), intensive care unit (ICU), a burn
center, and in a surgery room. From this combination of work with
the infirm, ill, and the latest medical technology and procedures
among highly-skilled professionals, Tisdale learned that "being
sick is the strangest of states." This is not the lesson nearly all
other health-care workers come away with. For them, sick persons
are like something that has to be "fixed." They're focused on the
practical, physical matter of treating a malady. Unlike this
author, they're not focused consciously on the nature of pain and
what the patient is experiencing. The pragmatic, results-oriented
medical profession is focused on the effects of treatment. Tisdale
brings into the picture of health care and seriously-ill patients
all of what the medical profession in its amnesia, as she called
it, overlooks.

Simply in describing what she observes, Tisdale leads those in the
medical profession as well as other interested readers to see what
they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel and
cuts -- the top of the hip to a third of the way down the thigh --
and cuts again through the globular yellow fat, and deeper. The
resident follows with a cautery, holding tiny spraying blood
vessels and burning them shut with an electric current. One small,
throbbing arteriole escapes, and his glasses and cheek are
splattered." One learns more about what is actually going on in an
operation from this and following passages than from seeing one of
those glimpses of operations commonly shown on TV. The author
explains the illness of meningitis, "The brain becomes swollen with
blood and tissue fluid, its entire surface layered with pus . . .
The pressure in the skull increases until the winding convolutions
of the brain are flattened out . . . The spreading infection and
pressure from the growing turbulent ocean sitting on top of the
brain cause permanent weakness and paralysis, blindness, deafness .
. . . " This dramatic depiction of meningitis brings together
medical facts, symptoms, and effects on the patient. Tisdale does
this repeatedly to present illness and the persons whose lives
revolve around it from patients and relatives to doctors and nurses
in a light readers could never imagine, even those who are immersed
in this
world.

Tisdale's main point is that the miracles of modern medicine do not
unquestionably end the miseries of illness, or even unquestionably
alleviate them. As much as they bring some relief to ill
individuals and sometimes cure illness, in many cases they bring on
other kinds of pains and sorrows. Tisdale reminds readers that the
mystery of illness does, and always will, elude the miracle of
medical technology, drugs, and practices. Part of the mystery of
the paradoxes of treatment and the elusiveness of restored health
for ill persons she focuses on is "simply the mystery of illness.
Erosion, obviously, is natural. Our bodies are essentially
entropic." This is what many persons, both among the public and
medical professionals, tend to forget. "The Sorcerer's Apprentice"
serves as a reminder that the faith and hope placed in modern
medicine need to be balanced with an awareness of the mystery of
illness which will always be a part of human life.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

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