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

                          E U R O P E

          Tuesday, August 17, 2021, Vol. 22, No. 158

                           Headlines



B U L G A R I A

NATSIONALNA ELEKTRICHESKA: S&P Affirms B+ Rating, Outlook Stable


C Z E C H   R E P U B L I C

AVAST HOLDING: S&P Places 'BB+' LT ICR on CreditWatch Negative


G E O R G I A

GEORGIAN RAILWAY: Fitch Affirms BB- LT IDRs, Alters Outlook Stable


I R E L A N D

PALMER SQUARE 2020-1: Fitch Ups Class F Notes Rating to 'BB-'


L A T V I A

ELEVING GROUP: Fitch Affirms 'B-' LT IDR, Outlook Stable


N E T H E R L A N D S

CARTESIAN RESIDENTIAL BLUE: Fitch Lowers Class E Tranche to 'BB'


T U R K E Y

TURKEY: Fitch Affirms 'BB-' Foreign-Currency IDR, Outlook Stable


U K R A I N E

UKRAINIAN RAILWAY: Fitch Affirms B LT IDRs, Alters Outlook to Pos.


U N I T E D   K I N G D O M

FRUEHAUF LTD: Enters Administration, Explores Rescue Options
HENRY W POLLARD: BCS to Take Over Teesra House Construction Work
JTF: Halted Pension Contributions Prior to Administration
LANDMARK MORTGAGE 1: Fitch Affirms B+ Rating on Class D Tranche
LENDY: RSM Says More Court Direction Needed in Funds Distribution

MORTIMER BTL 2020-1: Fitch Raises 2 Note Classes to 'BB+'
NMC HEALTH: Companies to Begin Administration Exit Process
NOBLES CONSTRUCTION: Owes GBP4.25MM to Subcontractors, Suppliers
WHYTEMOUNT CIVILS: Bought Out of Administration, 8 Jobs Saved

                           - - - - -


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B U L G A R I A
===============

NATSIONALNA ELEKTRICHESKA: S&P Affirms B+ Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings revised the outlook on Bulgarian utility
Natsionalna Elektricheska Kompania (NEK) to stable from negative
and affirmed the 'B+' rating.

The stable outlook on NEK reflects our expectation that the rating
will continue to be driven by BEH's support and that BEH will
maintain adequate liquidity and FFO to debt in the 12%-20% range.

S&P said, "The outlook revision reflects our view that the credit
quality of NEK's parent, BEH, has stabilized. In July 2021, BEH
issued a EUR600 million seven-year Eurobond to refinance its EUR550
million Eurobond that matured Aug. 2, 2021. In our view, this
removed pressure from BEH's liquidity. BEH's largest capital
expenditure (capex) project, the expansion of Bulgarian gas
transmission gas pipeline between Turkey and Serbia (the Balkan
Stream project), is nearly finished. The project costs amount to
EUR1.3 billion, of which EUR1.1 billion has already been spent. Of
the realized expenditure, about EUR0.5 billion was funded with
debt-like long-term liability to the engineering, procurement, and
construction company. As a result, we expect BEH's credit metrics
to improve, with FFO to debt staying firmly in the 12%-20% band in
2021-2022, compared with the low 12.3% in 2020.

"The rating on NEK continues to be driven by BEH's performance. We
view NEK as a strategically important subsidiary of BEH, given the
former's very important role in Bulgaria's energy system as a
hydropower producer and supplier of last resort. Despite improving
operating performance, NEK has historically accumulated a lot of
debt. It therefore has a significantly higher leverage than BEH. In
2021-2022, we expect NEK's FFO to debt to stay below 12%, versus
our estimate of 12%-20% for BEH. Our rating on NEK therefore
includes uplift for parent support and is capped one notch below
our 'bb-' assessment of the group credit profile.

"Nevertheless, NEK's stand-alone credit quality is strengthening.
We expect NEK's EBITDA to remain resilient and free operating cash
flow (FOCF) to be positive, because the company benefits from
ongoing electricity sector liberalization and favorable electricity
prices, and its ongoing tariff deficit is covered from Security of
Electricity Supply Fund (SESF). Indeed, the company generated
EBITDA of BGN249 million in the first half of 2021, compared to
BGN237 million BGN191 million for the full years 2020 and 2019,
respectively. NEK's 2020 FOCF was also positive, at BGN126 million,
thanks to only minimal capex and mostly non-cash interest on
related party debt. As a hydropower producer, NEK is well
positioned in the energy transition sector and may be eligible for
EU grants for green capex, if and when Bulgaria's energy strategy
and NEK's specific projects are finalized and obtain all necessary
approvals. We understand that Bulgaria is working to resolve NEK's
historical tariff deficit (estimated by World Bank at about BGN1.9
billion), and one of the options under consideration is for SESF to
issue debt and transfer the proceeds to NEK. We believe this would
be very positive for NEK, but we don't include it in our base case
at this stage because it depends on political decisions, market
uncertainty and execution, and is unlikely to happen before 2023.
Before then, NEK's debt, as adjusted by S&P Global Ratings, remains
high, with FFO to debt of 6.4% and debt to EBITDA of 15.3x in 2020.
Still, we consider that, of the BGN3.6 billion total adjusted debt
at end-2020, only BGN12.7 million were to third parties; the rest
was to the Ministry of Energy (BGN1 billion) and to BEH, and these
are unlikely to trigger a default, in our view. This leads us to
assess NEK's stand-alone credit quality at 'b', up from 'b-'
previously.

"The outlook is stable. This reflects our expectation that the
rating on NEK will continue to depend on BEH's credit quality due
to the one-notch differential between the rating and our assessment
of NEK's 'b' SACP. We also consider our expectation that BEH's
credit metrics will gradually strengthen. After the low 12% FFO to
debt in 2020, the ratio will be firmly between 12% and 20% in
2021-2022. We also expect BEH to have sustainable liquidity after
the EUR600 million bond issue in July 2021.

"Furthermore, we factor in our assumption that NEK's stand-alone
performance will remain robust thanks to resilient EBITDA, ongoing
tariff deficit covered from SESF, and positive FOCF. Moreover, we
expect NEK's liquidity to stay manageable, with most debt being to
the parent and to the government."

Rating upside will be largely driven by a strengthening of the
group credit quality beyond its current 'bb-' assessment. This
would mainly depend on the combination of:

-- The group's debt to EBITDA dropping below 4.0x and FFO to debt
rising, and staying, above 20%;

-- Manageable capex plans, with no large new projects to be funded
with debt nor or long-term payables (i.e. not covered by equity
funding from the government or from EU grants);

-- Sustainable adequate liquidity at the group level; and

-- Strengthening management and governance practices, including
prudent financial policy and strategy at the group's level.

Additionally, successful implementation of market liberalization in
Bulgaria, a resolution of historic tariff deficit and of the loan
to the Bulgarian government related to the Belene project would all
support an upgrade.

Ratings upside would also hinge on NEK's SACP improving by at least
two notches to 'bb-'. S&P believes such a significant movement
would likely take time and could be driven by strengthening
business and a reduction in debt, such as through resolution of
historical tariff deficit or of the loans from the parent and the
government.

S&P said, "We believe that, after BEH has completed its refinancing
and most part of its sizable Balkan Stream project, the possibility
of a negative rating action on NEK, or a downward revision of the
group credit profile, is limited. It could materialize if BEH's FFO
to debt declines sustainably below 12%, which could happen due to a
very material deterioration in operating performance, large and
unexpected debt-funded capex projects, or weakening liquidity. None
of these scenarios are part of our base case.

"Rating pressure could also stem from a sovereign downgrade by at
least two notches. Furthermore, we could downgrade NEK if we saw a
pronounced deterioration in its liquidity and ability to generate
sufficient cash flow to repay its relatively modest external debt,
or if parental support significantly diminishes. However, these
developments are also far from our base-case scenario."




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C Z E C H   R E P U B L I C
===========================

AVAST HOLDING: S&P Places 'BB+' LT ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed its 'BB+' long-term issuer credit rating
on Czech software company Avast Holding B.V. on CreditWatch with
negative implications.

The CreditWatch reflects that S&P will likely lower the rating on
Avast by one notch once the transaction completes, depending both
on its assessment of Avast's SACP following debt repayment, as well
as on its strategic importance to NortonLifeLock.

The transaction will be financed by debt at NortonLifeLock.
Depending on whether Avast's shareholders agree to the transaction
for a majority in stock or in shares, the group's value would be
about $8.1 billion (if the majority is in stock) and $8.6 billion
(if the majority is in cash). S&P said, "We currently assess
Avast's SACP at 'bb+'. After the transaction, we expect to cap our
assessment of Avast's SACP by the 'BB' rating on NortonLifeLock. We
do not foresee a material change in our assessment of the business
risk score, although we expect the transaction will improve Avast's
financial profile, given it will allow Avast to repay its debt."

CreditWatch

Once the transaction closes, S&P will resolve the CreditWatch,
likely by lowering the rating in line with that on NortonLifeLock.
However, that depends on its assessment of Avast's SACP following
debt repayment, and its strategic importance to NortonLifeLock.




=============
G E O R G I A
=============

GEORGIAN RAILWAY: Fitch Affirms BB- LT IDRs, Alters Outlook Stable
------------------------------------------------------------------
Fitch Rating has revised the Outlook on JSC Georgian Railway's (GR)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
to Stable from Negative and affirmed the IDRs at 'BB-'.

KEY RATING DRIVERS

The rating actions follow the revision of Georgia's Outlook to
Stable from Negative. This rating action has a direct impact on
GR's Outlook as it is considered a government-related Entity (GRE)
of the Georgian state based on Fitch's GREs Rating Criteria.

The affirmation reflects Fitch's unchanged assessment of strength
of linkage with the Georgian government and the government's
incentive to support GR since Fitch's last review on 20 November
2020.

GR's Standalone Credit Profile (SCP) is 'b+', which reflects a
'Weaker' assessment for revenue defensibility, 'Midrange'
assessment for operating risk, and 'Weaker' financial profile with
leverage (Fitch's net adjusted debt to EBITDA) approaching 6.5x in
Fitch's rating case scenario at end-2024.

DERIVATION SUMMARY

Fitch classifies GR as an entity ultimately linked to Georgia under
its GRE Rating Criteria and assesses the GRE support score at 22.5,
reflecting a combination of following assessment of Key Risk
Factors: a 'Strong' assessment for status, ownership and control
and financial implications of default, and a 'Moderate' assessment
for support track record and socio-political implications of
default.

Based on this assessment Fitch applies a top-down approach under
its GRE Criteria, which combined with GR's SCP assessment at 'b+'
under Fitch's Public Sector, Revenue-Supported Entities Rating
Criteria, results in a single-notch differential of GR's IDRs with
Georgia's sovereign IDR (BB/Stable).

RATING SENSITIVITIES

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

-- An upgrade of Georgia's sovereign rating, provided there is no
    deterioration in GR's SCP and support score under Fitch's GRE
    Criteria;

-- Upward reassessment of the GRE support score;

-- A stronger financial profile, resulting in the SCP being on
    par with or above the sovereign's.

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

-- A downgrade of Georgia's sovereign rating;

-- Dilution of linkage with the sovereign, resulting in the
    ratings being further notched down from the sovereign's;

-- Downward reassessment of the company's SCP, resulting from
    deterioration of financial profile due to material increase in
    debt or weakening of liquidity position.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

GR is Georgia's railway group, 100%-owned via national key assets
manger - JSC Partnership Fund (PF), with core business in freight
transit operations.

ESG CONSIDERATIONS

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



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

PALMER SQUARE 2020-1: Fitch Ups Class F Notes Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has upgraded Palmer Square European CLO 2020-1 DAC 's
class B, D, E, and F notes and affirmed the class A and C notes.

     DEBT               RATING           PRIOR
     ----               ------           -----
Palmer Square European CLO 2020-1 DAC

A XS2223791729    LT AAAsf   Affirmed    AAAsf
B XS2223792537    LT AAAsf   Upgrade     AA+sf
C XS2223793188    LT A+sf    Affirmed    A+sf
D XS2223793857    LT BBB+sf  Upgrade     BBBsf
E XS2223794319    LT BB+sf   Upgrade     BBsf
F XS2223794582    LT BB-sf   Upgrade     Bsf

TRANSACTION SUMMARY

Palmer Square European CLO 2020-1 is a static cash flow CLO mostly
comprising senior secured obligations, serviced by Palmer Square
Capital Management LLC.

KEY RATING DRIVERS

Amortisation Supports Upgrades: The upgrades are supported by the
partial deleveraging of the senior notes since the transaction
closed in October 2020. Credit enhancement for the class A, B, C,
D, E and F notes has increased to 42.6%, 31.3%, 22.4%, 15.7%, 10.6%
and 8.7%, respectively.

Stable Asset Performance: The transaction's metrics have remained
relatively stable since closing. The transaction was marginally
below par by 0.03% and had no defaulted obligations as of the
investor report in July 2021. The transaction passed all coverage
tests.. Exposure to assets with a Fitch-derived rating (FDR) of
'CCC+' and below was 0%.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B'/'B-' category. The
weighted average rating factor as calculated by Fitch was 30.02.

High Recovery Expectations: Senior secured obligations plus cash
comprise 100% of the portfolio. Fitch views the recovery prospects
for these assets as more favourable than for second-lien, unsecured
and mezzanine assets. The weighted average recovery rate as
calculated by Fitch was 69.59%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 16.33%, and no obligor represents more than 1.81%
of the portfolio balance.

Deviation from Model-implied Rating (MIR): The class F notes'
rating is one notch lower than the MIR. The rating deviation
reflects the slim default-rate cushion at the MIR.

RATING SENSITIVITIES

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

-- A reduction of the default rate (RDR) at all rating levels by
    25% of the mean RDR and an increase in the recovery rate (RRR)
    by 25% at all rating levels would result in an upgrade of up
    to five notches depending on the notes. Except for the class A
    and B notes, which are already at the highest rating on
    Fitch's scale and cannot be upgraded, further upgrades may
    occur if the portfolio's quality remains stable and notes
    continue to amortise, leading to higher credit enhancement
    across the structure.

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 will
    result in downgrades of no more than five notches depending on
    the notes. While not Fitch's base case, downgrades may occur
    if build-up of the notes' credit enhancement following
    amortisation does not compensate for a larger loss expectation
    than initially assumed due to unexpectedly high levels of
    defaults and portfolio deterioration.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Palmer Square European CLO 2020-1 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.



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L A T V I A
===========

ELEVING GROUP: Fitch Affirms 'B-' LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Eleving Group S.A.'s Long-Term Issuer
Default Rating (IDR) at 'B-', and removed it from Rating Watch
Negative (RWN). The Outlook is Stable.

The affirmation reflects Eleving's lower leverage (7x at end-1H21)
and progress in refinancing its EUR100 million bond maturing in
July 2022. In Fitch's view, Eleving's capitalisation is key for its
continued access to external funding. The improved leverage
supports Eleving's stated plans to refinance its July 2022 bond
during 2H21, which Fitch sees as credible.

Eleving was previously known as Mogo Finance S.A., until its
rebranding in 1Q21. The name change was legally completed in July
2021.

KEY RATING DRIVERS

Eleving's IDRs are driven by its nominal franchise in a competitive
niche, exposure to potentially volatile markets, elevated risk
appetite and high leverage. They also reflect the largely secured
nature of lending, strong profitability and adequate experience of
its management team.

Fitch assesses Eleving's risk appetite as high due to its targeted
higher-risk client base and historically fast growth. Eleving's
target clients are below-prime individuals in emerging markets who
cannot afford newer cars, but they reflect the overall median
earner in Eleving's countries of operations. Foreign currency risk
is a feature, but Eleving has reduced its appetite for this
following sizeable credit and FX losses in 2020. However, the open
FX position remains large (estimated at about 2x capital) and
Eleving's entry in unsecured high-cost consumer loans (about 20% of
the net portfolio) indicates a still above-average risk appetite.

Eleving's asset quality is reflective of its target market
(impaired loans ratio of 21% at end-1H21) and is normally mitigated
by strong loan yields (annualised interest income to average gross
portfolio was 50% in 1H21). Asset quality has been improving since
the historical peak of 24% at end-5M20 and Fitch expects that the
generation of new impaired loans will decrease to about 10% in
12M21 as pandemic risks fade.

Eleving has had an appetite for high leverage but this has been
managed down from an end-3Q20 peak. Current levels (gross debt to
tangible equity plus shareholders' loans of 7.1x at end-1H21)
remains elevated, especially in relation to Eleving's credit and FX
risks. The quality of capital continues to be a weakness, but has
improved thanks to gradual profit retention and the conversion into
cash of previously booked revaluation gains (EUR1.4 million still
unearned at end-1H21, equivalent about 5% of capital). Receivables
from related parties have also significantly decreased (EUR2.9
million, about 10% of capital), ahead of schedule. Subordinated
shareholders' loans (EUR17.3 million, 56% of total capital),
qualifying for equity credit under Fitch's criteria, are being
renegotiated to further extend their maturities.

Funding flexibility is improving helped by a more stable
macroeconomic backdrop. Eleving's funding profile remains
concentrated but is supported by proven access to Mintos, a
peer-to-peer funding platform (EUR80 million at end-1H21), and by
successful refinancing of a EUR30 million bond issued by Eleving's
Latvian subsidiary (due on 31 March 2024) in early March 2021.
Eleving's ratings are based on the expectation that the upcoming
EUR100 million bond will have been refinanced by end 2021.

Eleving's senior secured debt rating is equalised with its
Long-Term IDR to reflect the effective structural subordination to
outstanding debt at operating entities, which despite their secured
nature leads to only average recoveries, as reflected in a 'RR4'
Recovery Rating.

Eleving's corporate governance framework is characterised by
limited independent board oversight, a multi-layered holding
structure, concentrated ownership and material related party
transactions. This constrains Eleving's ratings and is reflected in
Fitch's ESG scores of '4' for Governance Structure and Group
Structure. Eleving's expansion into unsecured loans also exposes
the company to Customer Welfare risks, which Fitch assigns an ESG
score of '4' in line with other high-cost lenders.

RATING SENSITIVITIES

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

-- Upgrade potential is limited in the short to medium term and
    would stem from a combination of factors. These include a
    reduction of leverage to 5x, together with a lower open FX
    position and an improved capital quality. They also include
    increased scale and demonstrated stability in Eleving's
    business model and strategy combined with stable
    profitability, improved asset quality and maintenance of
    access to diversified funding sources.

-- An upgrade of Eleving's Long-Term IDR would likely be mirrored
    on the company's senior secured bond rating.

-- Higher recovery assumptions due to, for instance, operating
    entity debt falling in importance compared with rated debt
    instruments, could lead to above-average recoveries and Fitch
    to notch up the rated debt from Eleving's Long-Term IDR.

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

-- Unexpected difficulties in refinancing or accessing funding
    sources or increasing cost of funding from peer-to-peer
    platforms.

-- Marked deterioration in asset quality or further FX losses,
    ultimately threatening the company's solvency.

-- A downgrade of Eleving's Long-Term IDR would likely be
    mirrored on the company's senior secured bond rating.

-- Lower recovery assumptions, due for instance to operating
    entity debt increasing in importance relative to rated debt or
    worse-than-expected asset-quality trends (which could lead to
    higher asset haircuts), could lead to below-average recoveries
    and Fitch to notch down the rated debt from Eleving's Long
    Term IDR.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

Eleving has an ESG Relevance Score of '4' for both Governance
Structure and Group Structure. Governance Structure reflects a
number of issues around related-party transactions and
concentration of decision-making. Group Structure reflects Fitch's
view about the appropriateness of Eleving's organisational
structure relative to the company's business model, intra-group
dynamics and risks to its creditors. This has a moderately negative
impact on the rating.

Eleving's ESG Relevance Score for Customer Welfare is '4'. This
reflects Fitch's view that Eleving's entry to the high-cost credit
sector means that its business model is sensitive to potential
regulatory changes (such as lending caps) and conduct-related
risks. These issues have a moderately negative impact on the
rating.

Eleving has an ESG Relevance Score of '3' for GHG Emissions & Air
Quality, to reflect possible, but minimal regulatory risk for the
value of Eleving's collateral.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance for Eleving 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 to the way in which they
are being managed by the entity.



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

CARTESIAN RESIDENTIAL BLUE: Fitch Lowers Class E Tranche to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded two tranches of Cartesian Residential
Mortgages 5 S.A. and upgraded one tranche and downgraded one
tranche of Cartesian Residential Mortgages Blue S.A. All other
notes have been affirmed.

     DEBT                RATING          PRIOR
     ----                ------          -----
Cartesian Residential Mortgages 5 S.A.

A XS2124854626    LT  AAAsf  Affirmed    AAAsf
B XS2124855607    LT  AAAsf  Upgrade     AA+sf
C XS2124855789    LT  A+sf   Affirmed    A+sf
D XS2124855946    LT  A+sf   Upgrade     BBB+sf

Cartesian Residential Mortgages Blue S.A

A XS1971361974    LT  AAAsf  Affirmed    AAAsf
B XS1971362600    LT  AA+sf  Affirmed    AA+sf
C XS1971362865    LT  A+sf   Affirmed    A+sf
D XS1971363087    LT  A+sf   Upgrade     A-sf
E XS1971363160    LT  BBsf   Downgrade   BBBsf

TRANSACTION SUMMARY

Cartesian 5 is a true sale securitisation of Dutch prime
residential mortgages sold by Ember VRM S.à r.l.

Cartesian Blue is a true-sale securitisation of prime Dutch
residential mortgages originated by Quion 10 B.V (RPS1-, RSS1-),
Ember Hypotheken 1 B.V. and Ember Hypotheken 2 B.V.

KEY RATING DRIVERS

Stable Performance Outlook, Additional Stresses Removed: The share
of loans in arrears is below 1% of the current portfolio balance
for both transactions.

The rating analysis reflects the removal of the additional stresses
in relation to the coronavirus outbreak as announced on 22 July
2021 (see "Fitch Retires EMEA RMBS Coronavirus Additional Stress
Scenario Analysis, Except UK Non-Conforming"). Fitch also revised
its house price decline assumptions for Dutch properties during the
last criteria review, which leads to higher weighted average
recovery rate (WARR) assumptions for the transactions.

The combination of these factors led to the upgrade of Cartesian
5's class B and D notes and Cartesian Blue class D notes .

Credit Enhancement Build-up: The notes amortise sequentially.
Credit enhancement for the collateralised notes has increased in
both transactions, improving their capacity to support higher
stresses

Payment Interruption Risk Present: In Cartesian Blue, liquidity is
not sufficient for timely payment of the class C and D notes in
'AAsf' scenarios, limiting the rating to the 'Asf' category. The
class-dedicated reserves can be used to cover principal deficiency
ledger for notes of higher seniority, leading to the depletion of
the reserve in scenarios with high foreclosure frequency
assumptions.

Change in Asset Yield Assumptions: Mismatches between the
transactions' underlying fixed-rate loans (47% in Cartesian Blue
and 100% in Cartesian 5) and the notes (linked to three-month
Euribor) are hedged through a swap. As is typical for Dutch
mortgages, interest rates on the loans will reset with predefined
frequency.

In its recent revision of the European RMBS Rating Criteria, Fitch
lowered the assumed rate at which fixed-rate mortgages reset. This
change leads to the compression of available funds in Fitch's
cash-flow modelling and to insufficient funds available to pay
interest on class E notes in certain scenarios. As Cartesian Blue
presents a more front-loaded reset risk than is typical for Dutch
RMBS transactions (52% of the fixed-rate loans are due to reset in
the next two years), there is greater visibility of future reset
rates. Fitch therefore assumed that assets will reset at a rate
that is approximately 70% of the weighted average interest rate of
the outstanding fixed-rate assets at the time of reset. This
assumption is based on recent observed loan margin reduction and
led to the downgrade of the class E notes.

This is a variation from the European RMBS Rating Criteria. The
model-implied rating of the class E notes under the standard
criteria assumptions would be below 'B-sf'.

Cartesian Residential Mortgages 5 has an ESG Relevance Score of '4'
for Governance due to the limited historical performance data
available from the originator, which has a negative impact on
Fitch's loss assumptions.

RATING SENSITIVITIES

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

-- Fitch's analysis revealed that a 15% decrease in the weighted
    average foreclosure frequency (WAFF), along with a 15%
    increase in the WARR, would imply an upgrade of Cartesian
    Blue's class B notes to 'AAAsf'. Upgrades above 'A+sf' for
    both transactions are not possible while payment interruption
    risk remains present for the relevant notes.

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

-- Material increases in the frequency of defaults and loss
    severity on defaulted receivables producing losses greater
    than Fitch's expectations may result in negative rating action
    on the notes. Fitch's analysis revealed that a 15% increase in
    the WAFF, along with a 15% decrease in the WARR, would imply a
    downgrade of Cartesian Blue's class D notes to 'Asf', a
    downgrade of Cartesian 5's class B notes of to 'AA+sf' and
    class D notes to 'A-sf'.

BEST/WORST CASE RATING SCENARIO

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

CRITERIA VARIATION

Fitch has assumed that fixed-rate assets will reset at a rate that
is approximately 70% of the weighted average interest rate of the
outstanding fixed-rate assets at the time of reset. This assumption
is based on recent observed loan margin reduction and led to the
downgrade of the class E notes to 'BBsf'. This is a variation from
the European RMBS Rating Criteria.

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

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

DATA ADEQUACY

Cartesian Residential Mortgages 5 S.A.

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 sought to receive a third
party assessment conducted on the asset portfolio information, but
none was available for this transaction.

Prior to the transaction 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.

Cartesian Residential Mortgages Blue S.A

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, which indicated errors or missing data related to the
following:

-- Inaccurate property value information.

These findings were considered in this analysis by making the
following assumptions and adjustments:

-- The market value was reduced by 15% in the asset analysis for
    2% of the total pool to account for these errors.

-- Prior to the transaction 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

Cartesian 5 has an ESG Relevance Score of '4' for Data Transparency
& Privacy due to the limited historical performance data available
from the originator, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

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



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

TURKEY: Fitch Affirms 'BB-' Foreign-Currency IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Turkey's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.

KEY RATING DRIVERS

Turkey's ratings reflect weak monetary policy credibility, high
inflation, low external liquidity in the context of high financing
requirements and geopolitical risks. These credit weaknesses are
set against low government deficits and debt and stronger growth
performance and structural indicators, such as GDP per capita and
Human Development, relative to rating peers.

The Stable Outlook balances elevated policy uncertainty due to
rising inflation, lack of central bank independence and the
potential for de-stabilising stimulus ahead general elections due
by 2023 against an easing of near-term external financing pressures
due to a narrowing current account deficit, moderately higher
international reserves, and banks and corporates' uninterrupted
access to sufficient external finance to roll-over large debt
payments.

Policy uncertainty increased in March and remains high after the
abrupt dismissal of the central bank governor, the third since July
2019, leading to sharp lira depreciation, portfolio outflows and
tighter financing conditions. The central bank's new management has
kept its policy rate steady at 19% since March and maintained its
predecessor's commitment to a flexible exchange rate and the use of
the one-week repo rate as its main policy instrument, preserving
improvements in terms of transparency. Credit and fiscal policies
also remain aligned with the objective to reduce inflation.

In Fitch's view, political considerations limit the ability of the
central bank to raise its policy rate despite rising inflation
(18.95% yoy in July). Weak monetary policy credibility is reflected
in a record of delayed response to mounting macroeconomic pressures
or premature policy easing, and inflation remaining significantly
above the 5% official target over an extended period.

Fitch expects inflation to ease to a still high 16.9% by end-2021,
due to a favourable base effect and slowing domestic demand. The
latter will be partly due to a marked slowdown in credit growth due
to tighter financial conditions, the phasing out of 2020 credit
stimulus and the introduction of macroprudential measures targeting
retail loan growth. The potential for additional depreciation
pressures, further deterioration in inflation expectations and
indexation mechanisms such as wage agreements increase inflationary
risks. Fitch forecasts inflation to average 14.6% and 11.8% in
2022-2023, remaining multiples above the forecast 3.4% 'BB'
median.

Fitch has revised up its growth forecast up to 7.9% in 2021, from
6.3% in June, due to high carryover effect (especially after a
strong performance in 1Q21) and continued resilience in economic
activity. Slowing of domestic demand in 2H21 will be cushioned by
strong export growth and a recovery in the tourism sector. Fitch
forecasts growth to slow to 3.5% in 2022, based on Fitch's
expectation that Turkey's policy mix, especially monetary policy,
avoids exacerbating macroeconomic imbalances.

The current account deficit has narrowed, as rapid export growth
and a decline in gold imports have mitigated the impact of rising
commodity prices, including energy imports. The full year current
account deficit will decline to 3% of GDP in 2021, from 5.2% in
2020, as tourism export receipts improve yoy in 2H21. Under Fitch's
baseline policy assumption and recovering tourism revenues, Fitch
expects the current account deficit to average 2.3% in 2022-2023,
similar to the forecast 'BB' median.

International reserves have recovered due to strong export
revenues, including export rediscounts, net external borrowing and
the increase of the FX swap with China, after a decline in
April-May. Reserves will receive a further boost from the special
drawing rights allocation equivalent to USD6.4 billion and the
recently announced FX swap with South Korea. Fitch forecasts
reserves to reach USD109 billion at end-2021, but decline in
2022-2023 to USD100 billion given continued current account
deficits and high financial dollarisation, and the limited upside
for portfolio inflows, in Fitch's view.

Turkey's reserve buffers, at 4.7 months of CXP cover, are low
compared with 5.2 months for the 'BB' median, and relative to the
country's large external financing requirement, high deposit
dollarisation and the risk of changing investor sentiment. In
addition, the underlying position of international reserves remains
weak. Net reserves (net of FX claims, mainly from Turkish bank
placements) rose to USD25 billion in late-July (still considerably
below the USD41.1 billion at end-2019), and reserves net of FX
swaps with local banks remain negative.

Public finances continue to be a key rating strength. Turkey is on
track to meet its reduced 2021 central government fiscal deficit
target of 3.5% of GDP (original of 4.3%) on the back of strong
revenue performance and prudent spending. The general government
deficit will narrow to 3.9% of GDP, well below the forecast 5.8% of
GDP for peers, as Fitch expects the Unemployment Insurance Fund to
provide a lower level of pandemic-related support, and a broadly
balanced local government position.

General government debt will remain broadly stable at 39.7% of GDP
in 2021, significantly below the forecast 59% 'BB' median. Currency
risk has increased (57% of central government debt was foreign
currency linked or denominated at May-2021, up from 39% in 2017).
The objective of improving domestic debt composition in terms of
costs, duration and currency remains dependent on reduced policy
uncertainty and stronger investor confidence.

The banking system continues to demonstrate resilience to financial
market stress, most recently in March, although risks to banks'
Standalone Credit Profiles remain significant. The relative
stickiness of deposits during periods of stress in recent years is
a supportive factor for the rating. In addition, the banking
sector's available foreign-currency liquidity is sufficient to meet
its short-term foreign currency debt, in particular when adjusting
the latter for more stable sources of funding.

Nevertheless, the banking sector remains vulnerable to
exchange-rate volatility due to the impact on capitalisation, asset
quality, refinancing risk (given short-term foreign-currency
financing) and high deposit dollarisation (56% including precious
metals). The banking sector has increased its exposure to the
sovereign both through government debt holdings (70% of domestic
debt in May) and FX swaps with the central bank.

Geopolitical risks will remain elevated, but existing sanctions
have so far had a limited impact on the economy. In addition to the
S-400 issue and US cooperation with Kurdish forces in Syria, the
relationship with the US has several potential flash points. Recent
developments related to Cyprus could reignite tensions with the EU,
and operations in northern Syria, Libya, and support for Azerbaijan
in the conflict with Armenia could represent additional sources of
tension with Russia.

General elections are scheduled for 2023 and the political calendar
will have an impact on policy direction and expectations of
economic actors, in Fitch's view. Given the weakened credibility
and policy buffers, the potential size of economic stimulus may
have to balance the expected economic and political benefits
against the risk of reigniting macroeconomic instability, which
seems to have hurt the government's support in 2020. Ongoing
judicial proceedings against opposition parties and possible
presidential candidates, potentially preventing them from
participating in the election, could increase political
uncertainty.

ESG - Governance: Turkey has an ESG Relevance Score (RS) of '5' for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that the World Bank
Governance Indicators (WBGI) have in Fitch's proprietary Sovereign
Rating Model. Turkey has a medium WBGI ranking at 39 reflecting a
recent track record of peaceful political transitions, a moderate
level of rights for participation in the political process,
moderate but deteriorating institutional capacity due to increased
centralisation of power in the office of the president and weakened
checks and balances, uneven application of the rule of law and a
moderate level of corruption.

RATING SENSITIVITIES

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

-- Macro: Re-intensification of balance of payments and
    macroeconomic stability risks, including sustained erosion of
    international reserves or severe stress in the corporate in
    banking sector, for example due to weaker investor confidence
    as a result of premature monetary easing.

-- Structural features: A serious deterioration in the domestic
    political or security situation or international relations
    that severely affects the economy and external finances.

-- Public finances: A marked worsening in the government debt/to
    GDP ratio or broader public balance sheet.

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

-- External Finances: A reduction in external vulnerabilities,
    for example evident in a sustained reduction in the current
    account deficit, stronger external liquidity position and
    reduced dollarisation.

-- Macro: A sustained decline in inflation and a rebuilding of
    monetary policy credibility, which could cause the removal of
    the -1 QO notch on Macroeconomic Policy and Performance.

-- Structural: A reduction in geopolitical risks for example from
    the conflict in Syria, and from US sanctions, which would
    cause the removal of the -1 QO notch on Structural Features.

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

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

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

-- Structural: -1 notch, to reflect the risk of developments in
    geopolitics and foreign relations, including sanctions, that
    could impact economic stability as well as downside risks in
    the banking sector due to significant reliance on foreign
    financing and high financial dollarisation.

-- Macro: -1 notch, to reflect weak macroeconomic policy
    credibility and a recent record of delayed response to
    mounting macroeconomic pressures or premature policy easing.

-- External Finances: -1 notch, to reflect a very high gross
    external financing requirement, low international liquidity
    ratio, and risks of renewed balance of payments pressure in
    the event of changes in investor sentiment.

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

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

Fitch forecasts Brent Crude to average USD63/b in 2021, USD55/b in
2022 and USD53/b in 2023.

ESG CONSIDERATIONS

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

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

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

Turkey has an ESG Relevance Score of '4' for International
Relations and Trade. Bilateral relations with key partners have
been volatile, including threats of US sanctions and periodic
tensions with the EU. This turbulence hurts investor confidence,
brings risks to external financing and can impact trade performance
and is a rating driver for Turkey, which has a negative impact on
the credit profile, is relevant to the rating and a rating driver.

Turkey has an ESG Relevance Score of '4[+]' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Turkey, as for all sovereigns. As Turkey has
track record of 20+ years without a restructuring of public debt
and captured in Fitch's SRM variable, this has a positive impact on
the credit profile.

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



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

UKRAINIAN RAILWAY: Fitch Affirms B LT IDRs, Alters Outlook to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on JSC Ukrainian Railway's
(UR) Long-Term Issuer Default Ratings (IDRs) to Positive from
Stable and affirmed the IDRs at 'B'.

KEY RATING DRIVERS

The rating actions follow the revision of the Ukraine's Outlook to
Positive from Stable. This rating action has a direct impact on
UR's Outlook as it is considered a government-related entity (GRE)
of the Ukraine state based on Fitch's GRE Rating Criteria.

The affirmation reflects Fitch's unchanged assessment of the
strength of linkage with the Ukrainian government and the
government's incentive to support the UR since Fitch's last review
on 22 July 2021.

DERIVATION SUMMARY

Fitch classifies UR as an entity ultimately linked to Ukraine
sovereign under its GRE Rating Criteria and assesses the GRE
support score at 27.5, reflecting a combination of following
assessment of Key Risk Factors: a 'Very Strong' assessment for
status, ownership and control, a 'Moderate' assessment for support
track record and socio-political implications of default, and a
'Strong' assessment for financial implications of default.

Fitch assesses UR's Standalone Credit Profile (SCP) at 'b-' under
Fitch's Public Sector, Revenue-Supported Entities Rating Criteria,
which factors in the company's Weaker assessment for revenue
defensibility, combined with a Midrange assessment for operating
risk and Weaker assessment for financial profile'.

Based on this assessment Fitch applies a top-down approach under
its GRE Criteria, which in combination with the UR's SCP assessment
of 'b-' (fewer than three notches away from the government's
rating), leads to rating equalisation with the Ukraine sovereign
IDR (B/Positive).

RATING SENSITIVITIES

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

-- An upgrade of Ukraine's sovereign rating, provided there is no
    deterioration in the company's SCP and scoring under GRE
    criteria.

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

-- A revision of the sovereign Outlook to Stable would result in
    similar action on UR;

-- Dilution of linkage with the sovereign, resulting in the
    ratings being notched down from the sovereign;

-- Downward reassessment of the company's SCP, particularly due
    to weakening of the company's liquidity position.


BEST/WORST CASE RATING SCENARIO

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

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.



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

FRUEHAUF LTD: Enters Administration, Explores Rescue Options
------------------------------------------------------------
Matthew Taylor at Grantham Journal reports that Carl Jackson and
Tauseef Rashid of business advisory firm Quantuma, together with
Brian Johnson of UHY Hacker Young, were appointed as joint
administrators to Lincolnshire-based trailer manufacturer Fruehauf
Ltd following a High Court application on Aug. 5.

According to Grantham Journal, it is unknown how many jobs could be
affected, however no redundancies have been made at this stage,
with employees being supported by the Government's furlough
scheme.

No sites are expected to close as a result of the administration,
Grantham Journal notes.

Quantuma and UHY Hacker Young are exploring options to save the
company via a company voluntary arrangement, while also
investigating a potential sale of the business, Grantham Journal
discloses.

Founded in 2010, Fruehauf is a GBP21 million turnover company
renowned for its production of a range of tipper and rigid
trailers, quality control systems and techniques.  It operates a
64-acre site in Houghton Road with 100 staff under employment.


HENRY W POLLARD: BCS to Take Over Teesra House Construction Work
----------------------------------------------------------------
William Telford at BusinessLive reports that construction work is
restarting at the GBP13 million Teesra House apartment block in
Plymouth, two months after contractor Henry W Pollard and Sons Ltd
collapsed into administration leaving buildings unfinished.

According to BusinessLive, family-run Brady Construction Services
(BCS), which has offices at the Millfields in Plymouth close to the
Mount Wise site of Teesra House, is to take over work on the
eight-storey block, which was close to completion but was still
covered in scaffolding at the time of the Pollard administration
and subsequent liquidation.

Meanwhile, an investigation has already begun into why South West
construction firm Pollard has gone into liquidation, BusinessLive
relates.

The 161-year-old family-run firm stopped operations without warning
in June 2021, joint liquidators Luke Venner and Jack Callow, of
accountancy and business consultancy Bishop Fleming LLP, are now
trying to find out what went wrong at Pollard and contact people
owed money, BusinessLive discloses.

Pollard, headquartered in Bridgwater but with a key regional office
in Plymouth, ceased trading and entered creditors' voluntary
liquidation on July 8, 2021.  Joint liquidators were appointed on
July 21, BusinessLive recounts.


JTF: Halted Pension Contributions Prior to Administration
---------------------------------------------------------
Adam Laver at Lincolnshire Live reports that discount warehouse
retailer JTF stopped making pension contributions for its staff
four months before it called in administrators.

The discount warehouse went into voluntary arrangement in July
putting 500 jobs at risk nationally after their Lincoln store
planned a "grand relaunch" -- putting 500 jobs nationally at risk
in the process, Lincolnshire Live relates.

Pension provider Aegon has now confirmed to Lincolnshire Live that
the company did not make employee pensions' contributions for
months before it announced it was closing down, Lincolnshire Live
discloses.

According to Lincolnshire Live, an Aegon spokesperson said: "We can
confirm that JTF Wholesale has not made employer contributions for
a number of months.

"Aegon has contacted the employer about the contributions and
informed members of the scheme that contributions have not been
made.

"We have been informed that the company has now gone into
liquidation but would like to reassure customers that their
existing pension contributions are safe and managed independently
by Aegon.

"We will continue to manage all previous contributions on
employees' behalf and the service they receive will not be affected
by the trading status of JTF Wholesale."


LANDMARK MORTGAGE 1: Fitch Affirms B+ Rating on Class D Tranche
---------------------------------------------------------------
Fitch Ratings has upgraded eight tranches of the Landmark RMBS
series and affirmed eight tranches. Two tranches have been removed
from Rating Watch Positive (RWP).

     DEBT                      RATING           PRIOR
     ----                      ------           -----
Landmark Mortgage Securities No.3 Plc

A XS1110731806           LT AA-sf   Affirmed    AA-sf
B XS1110738132           LT A+sf    Affirmed    A+sf
C XS1110745004           LT A-sf    Upgrade     BBB+sf
D XS1110750699           LT BBBsf   Upgrade     BB+sf

Landmark Mortgage Securities No.2 Plc

Class Aa XS0287189004    LT AAAsf   Upgrade     AA+sf
Class Ac XS0287192727    LT AAAsf   Upgrade     AA+sf
Class Ba XS0287192131    LT A-sf    Upgrade     BBB+sf
Class Bc XS0287193451    LT A-sf    Upgrade     BBB+sf
Class C XS0287192214     LT BBB-sf  Upgrade     BB+sf
Class D XS0287192644     LT BB-sf   Upgrade     B+sf

Landmark Mortgage Securities No.1 Plc

Class Aa XS0258051191    LT AAAsf   Affirmed    AAAsf
Class Ac XS0260674725    LT AAAsf   Affirmed    AAAsf
Class B XS0260675888     LT AAAsf   Affirmed    AAAsf
Class Ca XS0258052165    LT A+sf    Affirmed    A+sf
Class Cc XS0261199284    LT A+sf    Affirmed    A+sf
Class D XS0258052751     LT B+sf    Affirmed    B+sf

TRANSACTION SUMMARY

The transactions consist of UK non-conforming and buy-to-let (BTL)
mortgages, originated by Amber Home Loans, Infinity Mortgages and
Unity Homeloans for Landmark Mortgage Securities No.1 plc (LMS 1)
and Landmark Mortgage Securities No. 2 Plc (LMS 2) and by GMAC-RFC
Limited, Infinity Mortgages and Unity Homeloans for Landmark
Mortgage Securities No. 3 Plc (LMS 3).

KEY RATING DRIVERS

Stable Performance; Limited Payment Holiday Impact: Since the last
review, three-months plus arrears increased by 1.1%, 3.3% and 1.3%
for LMS 1, LMS 2 and LMS 3, respectively, while total arrears
declined by 6.3%, 4.3%, and 2%. Fitch expects the increase in late
stage arrears to be temporary as it is linked to the moratorium on
repossessions.

Additionally, payment holidays have decreased significantly from
the 2020 peaks, with no deterioration in asset performance. Fitch
does not expect payment holidays to increase further given the
deadline for applying to the scheme has now passed, coupled with
the loosening of coronavirus containment restrictions. The
reduction in payment holidays also benefits the transactions
through increased available revenue.

Increased Credit Enhancement (CE): The transactions benefit from
non-amortising reserve funds. The junior notes have also benefited
from the transactions paying pro-rata, dependent on whether the
reserve fund is at target. On the interest payment date in June
2021 for LMS 1 and LMS 2 and in April 2021 for LMS 3, all
transactions paid pro-rata.

Significant Tail Risk: The transactions are exposed to significant
tail risk in light of pro-rata payments and interest-only (IO)
exposure. LMS 1 and LMS 2 mitigate this risk via the sequential
allocation of principal receipts once the outstanding debt is less
than 10% of the original amount. However, LMS 3 lacks this
mitigating feature. LMS 3's class A notes are constrained by the
account bank provider's rating (HSBC Bank Plc, AA-/Negative/F1+),
where the reserve fund is held. This could be the only source of CE
in scenarios where the collateral performance deteriorates but
remains within the conditions for pro-rata payments. The Negative
Outlook on LMS 3's class A notes reflects the Outlook on HSBC.

LMS 1's class Ca and Cc notes' ratings are also exposed to tail
risk given their low seniority. Their ratings are in the 'A'
category, at a level comparable with the rating on the account bank
(Barclays Bank PLC, A+/Stable/F1) on which they may rely as reserve
fund holder to face tail risk.

IO Maturities: The transactions all have a large portion of
owner-occupied IO loans (92.8%, 73.2% and 43.1% for LMS1, LMS 2 and
LMS 3, respectively) with high maturity concentrations in one year
ranging from 23.0% to 46.7%. Additionally, 3.3%, 2.0% and 1.3% of
the respective total pool for LMS 1, LMS 2 and LMS 3 have missed
the maturity bullet. Fitch has tested scenarios where loan
maturities are extended by 24 months, given the proximity to bond
legal final maturity and found this to be a rating driver for LMS
1's class D notes.

Covid-19 Stresses Retired: Fitch has retired its additional stress
scenario analysis applied in conjunction with its UK RMBS Rating
Criteria for UK BTL pools (see 'Fitch Retires UK and European RMBS
Coronavirus Additional Stress Scenario Analysis, except for UK
Non-Conforming'). For this sector, short-term risks have largely
elapsed and there has not been a worsening in performance due to
the pandemic. Combined with stable asset performance and increasing
CE, this has led to the positive rating action.

LMS 3 Class C and D Off RWP: LMS 3's class C and D notes have been
removed from RWP. Fitch placed them on RWP in July 2021 following
the removal of the coronavirus alternative stress assumptions for
the UK BTL sector. The notes have been reviewed following the
removal of the coronavirus assumptions and upgraded. In addition,
the Outlooks on LMS 1's class D notes and LMS2's class Ba, Bc, C, D
notes have been revised to Stable from Negative.

RATING SENSITIVITIES

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE and
    potentially upgrades. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the foreclosure
    frequency (FF) of 15% and an increase in the recovery rate
    (RR) of 15%, implying upgrades of the mezzanine notes of up to
    four notches.

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

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

In addition, unanticipated declines in recoveries could result in
lower net proceeds, which may make certain notes susceptible to
negative rating action, depending on the extent of the decline in
recoveries. Fitch conducts sensitivity analyses by applying an
increase in the FF of 15% and a decrease in the RR of 15%, implying
downgrades of the notes of up to two categories.

BEST/WORST CASE RATING SCENARIO

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

CRITERIA VARIATION

A criteria variation was applied to the even and back-loaded
defaults distribution in the cashflow modelling analysis conducted
for LMS1. This criteria variation was necessary as the remaining
maximum maturity of loans in the BTL sub-pool of LMS1 was shorter
(assets amortise by period 121) than the standard timeframe used in
Fitch's even default curves (default applied between 1-156 months
from cut-off) and back- loaded defaults distribution (defaults
applied between month 1 - 180 from cut-off). The even and
back-loaded defaults distribution was therefore adjusted to so that
all defaults are allocated proportionally, front-loading the
distributions.

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

Landmark Mortgage Securities No.1 Plc, Landmark Mortgage Securities
No.2 Plc, Landmark Mortgage Securities No.3 Plc

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 [Landmark
Mortgage Securities No.1 Plc, Landmark Mortgage Securities No.2
Plc, Landmark Mortgage Securities No.3 Plc] initial closing. The
subsequent performance of the transaction[s] over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

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

ESG CONSIDERATIONS

LMS 1, LMS 2 and LMS 3 have an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to a
material concentration of interest only loans, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

LMS 1, LMS 2 and LMS 3 have an ESG Relevance Score of '4' for Human
Rights, Community Relations, Access & Affordability due to pool
with limited affordability checks and self-certified income, which
has a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

LENDY: RSM Says More Court Direction Needed in Funds Distribution
-----------------------------------------------------------------
Michael Lloyd at Peer2Peer Finance News reports that Lendy
administrator RSM has warned that further court direction may be
needed relating to the distribution of funds from the collapsed
peer-to-peer lending platform.

After losing its legal case against an investor action group
regarding the "distribution waterfall", RSM said that it will
follow the Judge's instructions regarding investor payments,
Peer2Peer Finance News relates.

However, it also said that it has made an application to the court
to confirm the correct application of Lendy's terms and conditions,
because of inconsistencies in the company's legal documentation,
Peer2Peer Finance News notes.

The Lendy Action Group (LAG) recently won its case against RSM,
relating to the distribution structure for recovered funds,
Peer2Peer Finance News recounts.

Lendy investors were split into two groups, due to a change in the
platform's structure during its years in operation, Peer2Peer
Finance News discloses.  Model 1 investors are defined as
creditors, meaning their eventual payouts will be pooled with other
creditors, including the Lendy directors, while model 2 (M2) are
defined as investors, which means that they may be able to recover
funds directly from the loans that they helped to fund, Peer2Peer
Finance News states.

The Judge ruled in LAG's favor that M2 investors should be given
priority in distribution payments, Peer2Peer Finance News relays.

Lendy entered into administration in 2019, with more than GBP160
million outstanding on its loanbook and at least GBP90 million of
those funds in default, Peer2Peer Finance News discloses.  Since
then, the administration costs have passed the GBP3 million mark,
Peer2Peer Finance News notes.


MORTIMER BTL 2020-1: Fitch Raises 2 Note Classes to 'BB+'
---------------------------------------------------------
Fitch Ratings has upgraded Mortimer BTL 2019-1 plc's class C, D and
E notes and affirmed the class A, B and X notes. Fitch has also
upgraded Mortimer 2020-1 PLC's class B, E and X notes and affirmed
the class A, C and D notes. Mortimer 2019-1's class C note has been
removed from Rating Watch Positive (RWP). The Outlooks on all notes
are Stable.

     DEBT                      RATING           PRIOR
     ----                      ------           -----
Mortimer BTL 2020-1 PLC

A XS2128020778          LT  AAAsf   Affirmed    AAAsf
B XS2128023285          LT  AAsf    Upgrade     AA-sf
C XS2128026890          LT  Asf     Affirmed    Asf
D XS2128027195          LT  BBB-sf  Affirmed    BBB-sf
E XS2128027278          LT  BB+sf   Upgrade     BBsf
X XS2128027351          LT  BB+sf   Upgrade     Bsf

Mortimer BTL 2019-1 plc

Class A XS1998883588    LT  AAAsf   Affirmed    AAAsf
Class B XS1998884552    LT  AA+sf   Affirmed    AA+sf
Class C XS1998884636    LT  A+sf    Upgrade     A-sf
Class D XS1998884800    LT  BBB+sf  Upgrade     BBBsf
Class E XS1998885013    LT  BB+sf   Upgrade     BBsf
Class X XS1998885369    LT  BB+sf   Affirmed    BB+sf

TRANSACTION SUMMARY

The transactions are securitisations of buy-to-let (BTL) mortgages
originated in England, Wales and Scotland by LendInvest BTL Limited
(LendInvest), which entered the BTL mortgage market in December
2017. LendInvest is the named servicer for the pools with servicing
activity delegated to Pepper (UK) Limited.

KEY RATING DRIVERS

Stable Performance; Limited Payment Holiday Impact: The
transactions' performance has been stable, with three months plus
arrears at 0.49% for Mortimer 2019-1 and 0% for Mortimer 2020-1.

Payment holidays are also currently zero, having decreased
significantly from 2020 levels. The reduction in payment holidays
has not led to a deteriotation in asset performance. Fitch does not
expect payment holidays to increase further, given the deadline for
applying to the scheme has now passed, coupled with the loosening
of coronavirus containment restrictions. The reduction in payment
holidays also benefits the transactions through increased available
revenue.

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

Removal of Covid-19 stress assumptions: Fitch has retired its
additional stress scenario analysis applied in conjunction with its
UK RMBS Rating Criteria for UK BTL pools (see 'Fitch Retires UK and
European RMBS Coronavirus Additional Stress Scenario Analysis,
except for UK Non-Conforming'). For this sector, short-term risks
have largely elapsed and there has not been a worsening in
performance due to the pandemic. Combined with stable asset
performance and increasing CE, this has led to the positive rating
actions.

Mortimer 2019-1 Class C Off RWP: Mortimer 2019-1's class C notes
have been removed from RWP. Fitch placed them on RWP in July 2021
following the removal of the coronavirus alternative stress
assumptions for the UK BTL sector. The notes have been reviewed
following the removal of the coronavirus assumptions and upgraded.
In addition, the Outlooks on Mortimer 2019-1's class D, E and X
notes and Mortimer 2020-1's class C, D, E and X notes have been
revised to Stable from Negative.

Mortimer 2019-1 Class X Rating Capped: The model-implied ratings of
excess spread notes are highly sensitive to cash-flow modelling
assumptions, especially prepayment rates. Consequently, in line
with Fitch's UK RMBS Rating Criteria, the class X notes' rating is
capped at 'BB+sf'.

RATING SENSITIVITIES

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE and
    potentially upgrades. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the foreclosure
    frequency (FF) of 15% and an increase in the recovery rate
    (RR) of 15%, implying upgrades of the mezzanine notes of up to
    three notches.

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

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

-- In addition, unanticipated declines in recoveries could result
    in lower net proceeds, which may make certain notes
    susceptible to negative rating action, depending on the extent
    of the decline in recoveries. Fitch conducts sensitivity
    analyses by applying an increase in the FF of 15% and a
    decrease in the RR of 15%, implying downgrades of the notes of
    up to two notches.

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

Mortimer BTL 2019-1 plc, Mortimer BTL 2020-1 PLC

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.

Prior to the transaction 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.

NMC HEALTH: Companies to Begin Administration Exit Process
----------------------------------------------------------
Saeed Azhar at Reuters reports that UAE hospital operator NMC said
on Aug. 11 its companies will begin the process of exiting the
administration process in Abu Dhabi, creating a new entity
controlled by its creditors with a future value of US$2.25
billion.

NMC, the largest private healthcare provider in the UAE, ran into
trouble last year after the disclosure of more than US$4 billion in
hidden debt left many UAE and overseas lenders with heavy losses,
Reuters recounts.

Its UAE operating businesses were placed into administration in the
courts of Abu Dhabi's international financial centre ADGM, Reuters
notes.  According to Reuters, the company said in a presentation on
Aug. 11 claims from creditors rose to US$7.1 billion with the
majority of US$6.7 billion relating to financial creditor claims.

A new NMC Group will be established, while all material entities
and assets will be transferred to a new operating entity, it said
in a separate presentation, Reuters states.

It said the operating entity will be owned by a holding company
with a future expected value of US$2.25 billion, according to
Reuters.

It said creditors will each receive a portion of the US$2.25
billion debt claim equal to the expected future value of New NMC
Group and will get interest payments for these facilities, Reuters
notes.

NMC, as cited by Reuters, said after overwhelming support from
creditors, the joint administrators Alvarez & Marsal have proposed
deeds of company arrangement (DOCAs), which will allow 34 companies
of the NMC group to exit administration.

There will be a creditors' meeting to vote on the proposed DOCAs on
Sept 1, Reuters discloses.  It said once confirmed by the ADGM
courts, it is anticipated it will take three to five months to
complete the transfer of shares and assets, Reuters notes.


NOBLES CONSTRUCTION: Owes GBP4.25MM to Subcontractors, Suppliers
----------------------------------------------------------------
Aaron Morby at Construction Enquirer reports that North west
building contractor Nobles Construction collapsed into
administration leaving subcontractors and suppliers GBP4.25 million
out-of-pocket.

The GBP25 million revenue Liverpool contractor employed over 50
staff and had been battling with the impact of Covid on the
business and two contract disputes with clients, Construction
Enquirer notes.

According to Construction Enquirer, employment claims stand at over
GBP570,000 following the firm's administration at the end of June.

Early details of the firm's creditors sent to administrator MB
Insolvency reveal nearly 400 firms impacted by the collapse of the
Wavertree-based building contractor, which was established in 1995,
Construction Enquirer discloses.

A dispute with the Liverpool Institute for Performing Arts over
time extensions had resulted in three adjudications in Nobles'
favor, Construction Enquirer recounts.

It is understood LIPA had contested the adjudications and launched
High Court action against the building contractor for around GBP1.8
million, Construction Enquirer relays.

Nobles was also locked in a payment dispute with developer High
Street Group over a GBP33 million contract for a 362-apartment
project known as Cheshire Junction in Warrington, Construction
Enquirer notes.


WHYTEMOUNT CIVILS: Bought Out of Administration, 8 Jobs Saved
-------------------------------------------------------------
Lizzie Day at Derbyshire Times reports that jobs have been saved at
Whytemount Civils Limited after a new buyer has taken over the firm
which was previously plunged into administration.

The construction and engineering business based in Ilkeston, which
was formed in 2015, started suffering financial difficulties during
the Covid-19 crisis, Derbyshire Times discloses.

According to Derbyshire Times, the firm struggled due to a number
of factors including delays to contracts following government
materials, shortage of materials, increased cost of supplies and a
lack of skilled labour to complete existing projects.

A significant reduction in ongoing contracts also resulted in a
decline in turnover and despite company directors raising
additional funding and investing personal funds, the business
became financially unviable, Derbyshire Times notes.

Richard Pinder -- richard.pinder@leonardcurtis.co.uk -- and Sean
Williams -- sean.williams@leonardcurtis.co.uk -- of Leonard Curtis
Business Solution Group (LCBSG), were appointed administrators of
Whytemount Civils on Aug. 4, Derbyshire Times relates.

The move came after Mr. Pinder met with directors in July 2021 and
the advisory firm liaised with stakeholders in the business,
Derbyshire Times states.

LCBSG then undertook a marketing campaign in an attempt to sell the
business, with 11 interested parties before the construction and
engineering firm was sold to Rhino Civils Ltd the same day the
administrators were appointed, Derbyshire Times relays.

The sale saved the jobs of Whytemount Civils's eight employees,
Derbyshire Times discloses.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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