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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

          Thursday, August 19, 2021, Vol. 22, No. 160

                           Headlines



F R A N C E

FAURECIA SE: Fitch Affirms 'BB+' LT IDR, Outlook Stable
SPIE SA: Fitch Assigns BB Rating to EUR1.2 Billion Sr. Unsec. Notes


G E R M A N Y

IHO VERWALTUNGS: Moody's Affirms Ba2 CFR, Alters Outlook to Stable
SCHAEFFLER AG: Moody's Affirms Ba1 CFR, Alters Outlook to Positive


I R E L A N D

BLUEMOUNTAIN FUJI IV: Moody's Rates EUR10.45MM Class F Notes 'B3'
BLUEMOUNTAIN FUJI IV: S&P Assigns B- (sf) Rating to Class F Notes


I T A L Y

ASR MEDIA: S&P Affirms 'B' Rating on Senior Notes, Outlook Neg.


L U X E M B O U R G

ATENTO LUXCO 1: Fitch Affirms 'B+' LT FC IDR, Outlook Stable


N O R W A Y

AXACTOR SE: Moody's Assigns B1 Corporate Family Rating, Outlook Pos
AXACTOR SE: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


S P A I N

AYT HIPOTECARIO V: Moody's Ups Rating on EUR13.4MM C Notes to Ba3
GRIFOLS SA: Debt Term Amendments No Impact on Moody's Ba3 CFR


S W E D E N

POLYGON AB: Fitch Places 'B+' LT IDR on Watch Negative


U N I T E D   K I N G D O M

AMT COFFEE: Avoids Administration; Change Please Buys Business
CIMC MODULAR: Faces Claims Over Multiple Alleged Hotel Defects
ELDON STREET: Sept. 9 Deadline Set for Proofs of Debt Submission
LEHMAN BROTHERS: September 9 Deadline Set for Proofs of Debt
NORTH POINT: Faces Tax Bill of More Than GBP1.7 Million

NORTHERN PROVIDENT: FCA Warns Customers of Scammers
ROBIN HOOD: Owes GBP62MM to More Than 400 Creditors, Report Shows

                           - - - - -


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F R A N C E
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FAURECIA SE: Fitch Affirms 'BB+' LT IDR, Outlook Stable
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Fitch Ratings has affirmed French automotive parts supplier
Faurecia S.E.'s Long-Term Issuer Default Rating (IDR) at 'BB+' with
Stable Outlook, following the announced acquisition of German peer
Hella.

Faurecia will buy a 60% stake from the family pool controlling
Hella and launch a tender offer on the remaining 40%.

The Stable Outlook reflects the moderate impact of the acquisition
on net leverage, which Fitch expects to return to below Fitch's
negative sensitivity of 2.5x by end-2023. Flexibility in the 'BB+'
rating will be minimal but the high leverage will partly be
compensated by the potential for stronger earnings and free cash
flow (FCF) and the positive impact of the acquisition on Faurecia's
business profile.

KEY RATING DRIVERS

Adequate Business Fit with Hella: Fitch believes that Hella's
product portfolio and technological leadership complement
Faurecia's offering and could expand its exposure to fast-growing
and high value-added segments including lighting and electronics.
Fitch expects these products to support Faurecia's innovation
capability and strengthen the supplier's positions in some of the
trends reshaping the industry such as connectivity, automated
driving and advanced driving assistance systems. The Hella
acquisition will also bolster Faurecia's limited exposure to the
more stable replacement market.

Acquisition Bolstering Scale: The acquisition of Hella will
increase Faurecia's revenue by about EUR6.5 billion and boost the
French company's market shares in several segments. Hella's
geographic bias to European manufacturers will further increase
Faurecia's already high exposure to this market but it will enable
Faurecia to consolidate its limited exposure to German
manufacturers.

Positive Effect on Margins: Fitch views the transaction as
margin-accretive for Faurecia due to Hella's higher operating
margins. Fitch projects Faurecia's Fitch-adjusted operating margin
to increase to more than 7% in 2022, on a pro-forma basis, and
further to just less than 8% by 2024, above Faurecia's peak
profitability of 6.7% in 2018. Faurecia expects to extract EUR200
million in annual synergies from the acquisition. Fitch has not
incorporated these synergies into Fitch's base case but expect the
friendly character of the offer to facilitate the realisation of
synergies already identified, which may be revised higher. This
could provide further upside to Faurecia's earnings.

Strengthening FCF: Faurecia's FCF margin has been at the low end of
Fitch's range for a 'BB+' rating, leaving limited rating headroom.
FCF has been further affected by a fall in funds from operations
(FFO) during the pandemic but Fitch expects a recovery in FFO to
strengthen FCF again from 2021. Fitch anticipates a modestly
positive impact on FCF from the consolidation of Hella in the
medium term as Fitch expects opportunities for both capex and
working-capital reduction. Fitch projects the FCF margin to be just
above 1.5% in the next two to three years but this could be higher
depending on Faurecia's dividend policy.

Risk to Deleveraging: Fitch projects FFO net leverage to increase
to almost 3x at end-2022 and to decline steadily thereafter to
below 2.5x at end-2023 and about 2x by end-2024, assuming all
minority shareholders will tender their shares, resulting in
Faurecia owning 100% of Hella. This would bring Faurecia's leverage
back within Fitch's rating sensitivity for the 'BB+' rating.
However, a potentially adverse economic environment could derail
the expected improvement in earnings and cash generation, keeping
leverage above 2.5x beyond Fitch's four-year rating horizon.

Impact from Microchip Shortage: The current semiconductor shortage
is constraining global vehicle production and Faurecia's revenue
and earnings, especially at the Clarion business group. Fitch
expects the microchip shortage to improve in 2H21 but supply could
remain tight well into 2022. Furthermore, this could be compounded
by further supply-chain bottlenecks reported by various companies
in the sector. The long-term effect of the shortage on the
automotive industry is as yet unclear but could lead some suppliers
to increase inventories of some critical parts, constraining
working-capital improvement.

Electric Vehicle Risk: The risk of lost revenue and earnings
stemming from the growth of electric vehicles with no exhaust line
is significant for Faurecia's clean-mobility division. However,
Fitch believes this should be mitigated in the short-to-medium term
by the growth of hybrid vehicles that have both a combustion engine
and an electric powertrain and by the company's ambitious targets
to increase business in the profitable off-highway and heavy-truck
segments. The addition of Hella's product portfolio will further
increase Faurecia's exposure to segments not related to combustion
engines.

DERIVATION SUMMARY

Faurecia's business profile compares adequately with that of auto
suppliers at the low-end of the 'BBB' category. The share of
aftermarket business, which is less volatile and cyclical than
sales to original equipment manufacturers (OEMs), is smaller than
at tyre manufacturers such as CGE Michelin (A-/Stable) and
Continental AG (BBB/Stable).

Faurecia's portfolio has fewer products with higher added-value and
strong growth potential than other leading and innovative suppliers
such as Robert Bosch GmbH (F1+), Continental and Aptiv PLC
(BBB/Stable). However, similar to other large and global suppliers,
it has a broad and diversified exposure to leading international
OEMs, as well as a global reach.

With an EBIT margin of 6%-7%, excluding the impact of the
coronavirus pandemic in 2020-2021, profitability is lower than that
of investment grade-rated peers such as Aptiv, Nemak, S.A.B. de
C.V. (BBB-/Stable) and Schaeffler AG (BB+/Stable), but better than
Tenneco, Inc. (B+/Stable). Faurecia's FCF is weak compared with
auto suppliers rated 'BB+'/'BBB-' in Fitch's portfolio. However,
Fitch projects net leverage to decline to levels that are in line
with Schaeffler's and Dana Incorporated's (BB+/Stable) but still
higher than Aptiv's.

No country-ceiling, parent/subsidiary or operating environment
aspects affect Faurecia's ratings.

KEY ASSUMPTIONS

-- Global vehicle production to increase 12%-15% in 2021 and in
    low single digits over the medium term;

-- Organic revenue growth above vehicle production growth up to
    2024;

-- Faurecia's standalone operating margin to recover to just
    below 6% in 2021 and increase further to just below 7.5% by
    2024, including restructuring costs and Fitch's adjustments
    for leases;

-- Hella's operating margin to increase to 9.5% in 2024 from 7.5%
    in 2021;

-- No restructuring costs nor synergies from the acquisition;

-- Modest working-capital outflows in 2021-2024;

-- Annual capex increasing to 7.9% of sales in 2022 as a result
    of the Hella consolidation, from 7.3% in 2021, and steadily
    declining to 7.4% by 2024;

-- Dividend payment resumption of EUR200 million in 2021
    (excluding minority);

-- No share buybacks for the next three years;

-- Small bolt-on acquisitions of about EUR250 million over 2022
    2024.

RATING SENSITIVITIES

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

-- EBIT margin above 7.5% (2020: 0.9%, 2021E: 5.9%, 2022E: 7.2%);

-- FCF margin above 1.5% (2020: -1.7%, 2021E: 1.5%, 2022E: 1.6%);

-- FFO net leverage below 1.5x (2020: 3.2x, 2021E: 2.0x, 2022E:
    2.9x).

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

-- EBIT margin below 5%;

-- FCF margin below 0.5%;

-- FFO net leverage above 2.5x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Financial Flexibility: Fitch believes that Faurecia's
liquidity will remain healthy following the Hella acquisition.
Fitch expects pro-forma available cash and equivalents at end-2022,
after incorporating Fitch's adjustments for minimum operational
cash of about EUR0.6 billion, to be between EUR1.5 billion and EUR2
billion.

Liquidity remains further supported by a committed and fully
undrawn EUR1.5 billion revolving credit facility with a five-year
maturity and two one -year extension options. Faurecia also retains
access to the euro commercial paper market via its EUR1.3 billion
programme.

Diversified Debt Structure: Fitch expects Hella's refinancing
options to have a limited effect on Faurecia's diversified debt
structure, which consists mainly of euro-denominated unsecured
bonds and several euro and US dollar tranches of
Schuldscheindarlehen. Faurecia also raises debt through various
bank credit lines, including at the level of its subsidiaries and
can use account-receivables factoring (several receivables
securitisation programmes in different countries) to fund its
working-capital needs.

Faurecia has already secured EUR5.5 billion for the refinancing of
the acquisition, comprising a EUR800 million bridge-to-equity
facility, a EUR4.2 billion committed facility to be refinanced
through bond issuance and bank loans, and a EUR500 million
three-year term loan.

ISSUER PROFILE

Faurecia is a global top-10 automotive parts supplier. It sells
components and systems in four strategic business lines: seating,
interiors, clean mobility and Clarion Electronics dedicated to
electronics, software and artificial intelligence for personalised
user experiences.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch views restructuring costs - a profit-and-loss item - as
operating costs.

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.

SPIE SA: Fitch Assigns BB Rating to EUR1.2 Billion Sr. Unsec. Notes
-------------------------------------------------------------------
Fitch Ratings has assigned SPIE SA's EUR1.2 billion existing senior
unsecured notes and outstanding EUR600 million senior unsecured
term loan a ratings of 'BB' with Recovery Ratings of 'RR4'.

The senior unsecured debt ranks pari passu with SPIE's other senior
unsecured obligations and is effectively junior to any secured debt
to the extent of the value of the assets securing such debt.

KEY RATING DRIVERS

The existing capital structure of senior unsecured notes and term
loan A results in a 'BB' rating for the senior unsecured debt with
average recovery prospects (RR4) according to the generic approach
under Fitch's criteria.

RATING SENSITIVITIES

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

-- Increasing profitability from SPIE's higher-margin business
    with an EBITDA margin above 8.5% (EBITA- equivalent margin
    7.5%);

-- Increasing cash conversion from increased profitability,
    leading to funds from operations (FFO) margin above 6% on a
    sustained basis;

-- FFO gross leverage consistently below 4.0x and FFO net
    leverage below 3.0x.

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

-- Failure to integrate acquired targets affecting SPIE's
    business profile and profitability;

-- Extended downturn in key end-markets, structural increase in
    competition or investments in unprofitable businesses,
    resulting in deterioration of EBITDA margin to less than 5.5%
    (EBITA-equivalent margin less than 5%);

-- FFO leverage above 5.0x (gross) and 4.0x (net) on a sustained
    basis;

-- Inability to improve cash conversion or profitability with FFO
    margins sustainably below 5%.

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.

ISSUER PROFILE

SPIE is a leading multi-technical services provider including
mechanical, electrical, information & communications services and
technologies, technical facility management and energy transmission
and distribution services.

ESG CONSIDERATIONS

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



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G E R M A N Y
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IHO VERWALTUNGS: Moody's Affirms Ba2 CFR, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on all ratings of IHO Verwaltungs GmbH ("IHO-V" or
"group"). Moody's further affirmed the corporate family rating and
senior secured instrument ratings at Ba2 and the probability of
default rating at Ba2-PD.

"The stabilization of the outlook reflects the strong results
improvements and recovery in the share prices of Continental AG and
Schaeffler AG, IHO-V's two main investments, since we moved the
outlook to negative in June last year," said Goetz Grossmann, a
Moody's Vice President and Lead Analyst for IHO-V. "Assuming
further performance improvements at both investees, we expect
IHO-V's credit metrics to reach solid levels for the affirmed Ba2
rating over the next 12-18 months and its liquidity to remain good
at all times."

RATINGS RATIONALE

The outlook change to stable from negative is primarily driven by
the recent improvement of IHO-V's market value-based net leverage
(MVL) of approximately 27% as of July 31, 2021. Thanks to a
considerable recovery of the share prices of Continental AG
(Continental) and Schaeffler AG (SAG) from their very low levels
after the coronavirus outbreak in Q2 2020, IHO-V's MVL noticeably
reduced in the following months and has been trending below 30%
since the end of 2020. While these are strong levels for the
affirmed Ba2 rating, for which Moody's expects the MVL in a range
of 30%-40%, the ratio remains susceptible to the volatility in
SAG's and Continental's share prices, as illustrated in 2020 when
it reached almost 60%.

The rating action further recognizes the rapid rebound in the
operating performance of Continental and SAG from the second half
of 2020 (H2 2020), although IHO's Moody's-adjusted credit metrics
based on the consolidated financials of SAG and Continental still
need to improve for the Ba2 rating, namely an EBITA margin of at
least 8% and a leverage ratio of 3x debt/EBITDA or lower. While
latest metrics are to a large extent still burdened by significant
restructuring costs incurred in H2 2020 both at Continental and
SAG, Moody's forecasts much lower restructuring charges for this
and next year and IHO-V's adjusted metrics to recover to levels
commensurate with a Ba2 rating by the end of 2022. Expected further
considerable performance improvements at Continental and SAG should
be fueled by Moody's projected growth in global light vehicles
sales by 7.1% and 6% in 2021 and 2022, respectively, as well as
efficiency gains from ongoing restructuring.

In terms of IHO-V's FFO interest cover, which will deteriorate to
around 0.5x this year after Continental's decision to suspend
dividend payments, Moody's expects the ratio to clearly strengthen
to a solid level for the Ba2 rating (2x-2.5x) in 2022. The expected
improvement will be driven by the assumption of Continental to
resume dividend payments in 2022 in line with its historical payout
ratios and dividend collections from SAG to materially increase on
a projected strong recovery in its earnings this year.

The affirmed Ba2 CFR further benefits from IHO-V's (1) good
liquidity profile, with no major debt maturities before 2024; (2)
substantial size; and (3) ownership of sizeable stakes in
high-quality assets in Schaeffler and Continental, both being
publicly listed and highly rated (Continental AG at Baa2,
Schaeffler AG at Ba1).

IHO-V's ratings remain constrained by (1) a fairly high
concentration risk, with IHO-V being solely dependent on the
dividends received from only two assets that are largely active in
the cyclical automotive industry; (2) a lack of clearly defined
financial policies aimed at preserving a conservative capital
structure, offsetting the fairly high concentration risk; and (3) a
somewhat limited, but improved, level of reporting at the IHO-V
standalone level.

LIQUIDITY

Moody's regards IHO-V's liquidity as good. As of year-end 2020,
IHO-V had EUR236 million cash and cash equivalents and access to
EUR400 million under its committed EUR800 million revolving
facility, maturing in December 2024. This facility has one net
leverage covenant (net debt/EBITDA, calculated on IHO-V's and SAG's
consolidated accounts), which was renegotiated in 2020 until March
2021 (7.0x) and March 2022 (6.5x). There is currently ample
capacity under the covenant, and Moody's expects the capacity to
further increase on a projected strong improvement in SAG's
operating performance through 2021-22. Since February 2021, IHO-V
has further access to a EUR400 million bridge facility with a
12-month availability period and "6+6" extension option with first
extension at the discretion of IHO, second extension is with the
banks. There are no debt maturities until 2024.

In its liquidity analysis for IHO-V, Moody's compares cash inflows
(which are the dividends received from SAG and Continental) with
cash outflows (costs and taxes, interest and dividends paid). For
2021, based on the dividend payments of SAG only (IHO-V share
EUR120 million), Moody's expects cash inflows to be insufficient to
cover short-term cash needs. For holding costs and taxes, Moody's
assumes some EUR50 million, and for interest paid around EUR150
million, taking into account a 3.8% average effective interest rate
and currency hedging effects. In 2021, no dividend payments from
IHO-V to IHO Beteiligungs GmbH are to be expected.

For 2022, Moody's assumes dividends received from SAG within the
30%-50% of net income range and Continental to resume dividend
payments in line with its historical payout ratios (25%-33%) before
the 2021 suspension. These payments should enable IHO-V to
comfortably cover its short-term cash needs again from next year.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that IHO's credit
metrics will improve to solid levels for the Ba2 rating over the
next 12-18 months. While its market value-based net leverage of
currently below 30% is in line with a higher rating, sustainability
in this metric, which has been highly volatile during the last 12
months, would be needed for positive rating pressure. Assuming
Continental to resume dividend payments next year, Moody's expects
IHO-V's recently weakened FFO interest cover to recover to well
above 2x in 2022 and its liquidity to remain good.

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

An upgrade of IHO-V's ratings would require (1) a market
value-based net leverage of 30% or less, and (2) FFO interest cover
above 2.5x on a sustainable basis. An upgrade would also require
(3) Moody's adjusted debt/EBITDA to be sustained below 2.5x and
Moody's adjusted EBITA margin to be improved to around 10%, both
based on INA-Holding Schaeffler GmbH & Co. KG's financial
statements that fully consolidate Schaeffler AG and Continental AG.
An upgrade would also require (4) improved reporting at IHO-V
level.

Moody's could downgrade IHO-V's ratings if its (1) market
value-based net leverage sustainably exceeds 40%; (2) FFO interest
cover deteriorates below 2.0x on a sustainable basis; (3) Moody's
adjusted debt/EBITDA remains above 3.0x and Moody's adjusted EBITA
margin fails to recover to above 8% for a prolonged period of time,
both based on INA-Holding Schaeffler GmbH & Co. KG statements that
fully consolidate Schaeffler AG and Continental AG; or (4)
liquidity deteriorates.

LIST OF AFFECTED RATINGS

Issuer: IHO Verwaltungs GmbH

Affirmations:

Probability of Default Rating, Affirmed Ba2-PD

LT Corporate Family Rating, Affirmed Ba2

Senior Secured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

COMPANY PROFILE

Headquartered in Herzogenaurach, Germany, IHO Verwaltungs GmbH
(IHO-V) is a holding company that owns 75% of share capital (and
100% of voting rights) in SAG and 36% of share capital in
Continental AG. Both these assets are leading automotive suppliers
in Europe. IHO-V is ultimately owned through a holding structure by
two members of the Schaeffler family.

SCHAEFFLER AG: Moody's Affirms Ba1 CFR, Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on all ratings of Schaeffler AG ("SAG" or "the group").
Concurrently, Moody's affirmed the group's Ba1 corporate family
rating, Ba1-PD probability of default rating, its Ba1 senior
unsecured rating and the rating on its senior unsecured MTN
programme at (P)Ba1.

"The outlook change to positive recognizes the faster than
anticipated recovery of SAG's operating performance and credit
metrics since the coronavirus outbreak last year and its strong
results for the first half of 2021", says Goetz Grossmann, a
Moody's Vice President and lead analyst for SAG. "The positive
outlook indicates a likely upgrade of SAG over the next 12-18
months should its credit metrics continue to improve, as we expect,
to levels in line with our specified ranges for an investment grade
rating and its liquidity remain very strong on a sustainable
basis," Mr. Grossmann continues. "While we note some headwinds from
rising raw material prices, we expect SAG's profitability to be
sustained at higher levels than before the pandemic, thanks to a
continued automotive market recovery and recently intensified
restructuring initiatives."

RATINGS RATIONALE

The change in SAG's outlook to positive from stable follows the
group's robust results for the second quarter of 2021 (Q2 2021),
with a considerable 51% increase in revenues and its reported EBIT
before special items rising to EUR319 million (9.2% margin) from
negative EUR159 million in Q2 2021, which marked the trough of the
pandemic. That said, the rating action recognizes SAG's ability to
swiftly recover since then, as shown by noticeable improvements in
its profitability and consistent positive free cash flow
generation, which Moody's expects to continue and to support
further de-leveraging over the next 12-18 months.

As of June 30, 2021, SAG's reported net debt amounted to EUR2.2
billion, almost EUR0.8 billion lower than a year earlier, and its
reported net leverage reached 0.9x, which is well below its
1.2x-1.7x target range and reflects its prudent financial policy,
in Moody's view. Nevertheless, SAG's credit metrics on a
Moody's-adjusted basis and profitability levels still need to
improve for a higher rating. For the 12 months ended June 30, 2021,
SAG's Moody's-adjusted EBITA margin of 5.9% (10.4% before
restructuring costs) remained burdened by EUR637 million
restructuring costs incurred in H2 2020 and below the rating
agency's 10% guidance for a Baa3 rating. At the same time, the
semi-conductor shortage continues to constrain the recovery in
vehicle production, while higher freight and raw material costs
(e.g. steel prices) will likely also pressure SAG's margins in H2
2021. Improving profitability sustainably to levels in line with a
higher rating, therefore, remains a key challenge for SAG.

Moody's recognizes the group's diversification through the
Automotive Aftermarket and Industrial divisions, where its
performance was less impacted by the pandemic and which continue to
perform strongly and will help mitigate the expected margin
pressure in the Automotive Technologies division in H2 2021. Over
2022, Moody's expects global light vehicle sales to climb by 6% and
the semi-conductor shortage and raw material cost inflation to
ease, which, together with efficiency improvements from implemented
restructuring, should support a further recovery of SAG's operating
performance, topline and earnings growth.

In terms of cash generation, Moody's positively notes SAG's ability
to maintain strong positive free cash flow (FCF) in 2020 (EUR314
million Moody's-adjusted) and its recently improved guidance of
more than EUR400 million of reported FCF before M&A for 2021 (from
over EUR300 million previously), despite expected restructuring
cash outflows of more than EUR300 million this year. However,
Moody's notes that adjusted FCF in 2021 will be supported by still
below normal levels of capital spending (around 5% of group sales
expected versus 7.7% on average over the last five years) and lower
dividend payouts. Although restructuring cash needs will sum to a
similar amount next year and capital spending and dividends likely
increase, Moody's forecasts Schaeffler's FCF to remain positive
also in 2022.

Moody's expects SAG's adjusted gross leverage to reduce to 3x
debt/EBITDA or lower by year-end 2022, just in line with the 3x
maximum guidance for a Baa3 rating, assuming the redemption of its
outstanding EUR545 million bond due March 2022 with available cash.
At the same time, considering its sizeable cash balance even after
the expected bond redemption, the positive outlook also takes into
account SAG's much lower adjusted net leverage, which Moody's
forecasts to decline to 2.4x in 2022, back to around the pre-crisis
levels in 2017 (2.2x) and 2018 (2.5x). Albeit opportunistic
acquisitions in defined growth areas, which are a key element of
SAG's strategy, could slow down the de-leveraging, Moody's would
expect the group to prudently fund such acquisitions without
compromising its credit metrics staying outside of the defined
ranges for an investment grade rating for a prolonged period of
time.

LIQUIDITY

SAG's liquidity is very strong. As of June 30, 2021, the group had
EUR1.6 billion of unrestricted cash and cash equivalents, and
almost EUR1.8 billion available under its revolving credit facility
(maturing 2024), compared with its long-term debt of EUR7.1 billion
and short-term debt of EUR0.6 billion (both Moody's adjusted).
Furthermore, the group has access to close to EUR300 million
bilateral credit facilities with banks, which are mostly due in
September 2023.

Moody's expects Schaeffler to generate operating cash flow of about
EUR1.4 billion over the next 12 months, more than sufficient to
cover Moody's projected capital spending of around EUR800 million
(including lease payments) and dividend payments of up to 50% of
net income. Moody's expects SAG to repay its short-term debt, which
mainly consists of a EUR545 million bond due March 2022, with its
currently ample available cash on hand.

With a company defined net leverage of 0.9x as of June-end 2021,
SAG has solid capacity to its leverage covenant.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook mirrors upward pressure on SAG's ratings
mounting as its credit metrics will further strengthen over the
next 12-18 months to levels in line with Moody's expectations for a
Baa3 rating, including a Moody's-adjusted EBITA margin of 9%-10%.
An upgrade would further require SAG to adhere to a prudent
financial policy, also when pursuing potential acquisitions, and to
maintain its very good liquidity at all times.

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

Moody's could upgrade the ratings if SAG reduces its Moody's
adjusted debt/EBITDA further sustainably below 3.0x and improves
Moody's adjusted RCF/net debt to at least 20% (18% at March 2020),
while recovering Moody's adjusted EBITA margin to at least 10%.

Moody's could downgrade SAG's ratings, if (1) its Moody's adjusted
debt/EBITDA remains sustainably above 3.5x; (2) its Moody's
adjusted EBITA margin failed to recover towards 8% on a sustainable
basis; (3) its FCF turned sustainably negative; or (4) its
liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Suppliers published in May 2021.

COMPANY PROFILE

Headquartered in Herzogenaurach, Germany, Schaeffler AG (SAG) is
among the leading manufacturers of roller bearings and linear
products worldwide, primarily for the automotive industry. It
operates under three main brands — INA, FAG and LuK. In the 12
months ended June 2021, SAG generated revenue of EUR14 billion and
almost EUR1.5 billion reported EBIT before special items (10.4%
margin), with around 83,900 employees. As of the end of June 2021,
the founding Schaeffler family members owned 75% of the share
capital and 100% of the voting rights in SAG through holding
entities.



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

BLUEMOUNTAIN FUJI IV: Moody's Rates EUR10.45MM Class F Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
BlueMountain Fuji EUR CLO IV DAC (the "Issuer"):

EUR500,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR215,750,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR30,150,000 Class B Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR24,700,000 Class C Deferrable Mezzanine Floating Rate Notes due
2034, Definitive Rating Assigned A2 (sf)

EUR24,150,000 Class D Deferrable Mezzanine Floating Rate Notes due
2034, Definitive Rating Assigned Baa3 (sf)

EUR18,750,000 Class E Deferrable Junior Floating Rate Notes due
2034, Definitive Rating Assigned Ba3 (sf)

EUR10,450,000 Class F Deferrable Junior Floating Rate Notes due
2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to Class A Notes. The Class X
Notes amortise by EUR100,000 over 5 payment dates, starting on the
2nd payment date.

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

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

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

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR348m

Defaulted Par: EUR0 as of June 18, 2021

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3070

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.25%

Weighted Average Life (WAL): 8.5 years

BLUEMOUNTAIN FUJI IV: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to BlueMountain Fuji EUR
CLO IV DAC's class X, A, B, C, D, E, and F notes. At closing, the
issuer also issued subordinated notes.

Under the transaction documents, the rated notes 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 4.53 years after
closing.

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, excess spread, and overcollateralization.

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

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P weighted-average rating factor                    2,785.47
  Default rate dispersion                                 608.25
  Weighted-average life (years)                             4.83
  Obligor diversity measure                               146.72
  Industry diversity measure                               20.35
  Regional diversity measure                                1.40

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                           B
  'CCC' category rated assets (%)                           3.04
  Actual 'AAA' weighted-average recovery (%)               37.18
  Actual weighted-average spread (%)                        3.61
  Covenanted weighted-average coupon (%)                    4.00

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 CDOs.

"In our cash flow analysis, we modelled the EUR348 million target
par amount, the actual weighted-average spread (3.61%), the
reference weighted-average coupon (4.00%), and actual
weighted-average recovery rates at each rating level. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category. Our cash flow
analysis also considers scenarios where the underlying pool
comprises 100% floating-rate assets (i.e., the fixed-rate bucket is
0%) and where the fixed-rate bucket is fully utilized (in this
case, 10%).

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

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

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

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

The class F notes' current break-even default rate (BDR) cushion is
negative at the 'B-' rating level. Nevertheless, based on the
portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and recent
economic outlook, we believe this class is able to sustain a
steady-state scenario, in accordance with our criteria. S&P's
analysis reflects several factors, including:

-- The class F notes' available credit enhancement is in the same
range as that of other CLOs S&P has rated and that have recently
been issued in Europe.

-- S&P's break-even default rate (BDR) at the 'B-' rating level is
23.16% versus a portfolio default rate of 14.98% if it was to
consider a long-term sustainable default rate of 3.1% for a
portfolio with a weighted-average life of 4.83 years.

-- Whether the tranche is vulnerable to non-payment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P 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 a 'B-
(sf)' rating.

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit the manger from investing in activities related to the
extraction of thermal coal, hazardous chemicals, pornography or
prostitution, tobacco or tobacco-related products, predatory or
payday lending activities, weapons or firearms, opioids,
controversial weapons, and illegal drugs or narcotics. Since the
exclusion of assets related to these activities does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS    RATING    AMOUNT  INTEREST RATE (%)   CREDIT
                   (MIL. EUR)                     ENHANCEMENT (%)
  X       AAA (sf)      0.50     3mE + 0.40           N/A
  A       AAA (sf)    215.75     3mE + 1.04         38.00
  B       AA (sf)      30.15     3mE + 1.70         29.34
  C       A (sf)       24.70     3mE + 2.25         22.24
  D       BBB (sf)     24.15     3mE + 3.15         15.30
  E       BB- (sf)     18.75     3mE + 6.21          9.91
  F       B- (sf)      10.45     3mE + 8.55          6.91
  Subordinated  NR     36.65         N/A              N/A

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




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

ASR MEDIA: S&P Affirms 'B' Rating on Senior Notes, Outlook Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issue rating on ASR Media And
Sponsorship's (MediaCo) senior notes and maintained the outlook at
negative.

The negative outlook reflects TeamCo's challenging operating
conditions and ongoing liquidity pressures, as well as the tougher
sponsorship market and the risk that key contracts being cancelled
or repriced at levels lower than our expectation would reduce
MediaCo's ability to service its debt.

MediaCo is the main financing vehicle for Italian football club
A.S. Roma (TeamCo). MediaCo services its issuances through media
and sponsorship contract receivables. TeamCo depends on
distributions from MediaCo to fund part of its operations.

-- TeamCo has a long track record of participation in Serie A,
Italian football's top division.

-- TeamCo's brand represents MediaCo's key business asset.

-- Debt issued by MediaCo is structurally senior to TeamCo's
financial and operational expense, including players' salaries.

-- The team's on-pitch performance has a significant effect on
cash flows at MediaCo.

-- MediaCo's ability to repay its debt is somewhat dependent on
TeamCo's operations and financial conditions.

-- TeamCo's unstable capital structure gives rise to a dependency
on shareholder support to avoid liquidity shortfalls.

Under Italian law, creating and perfecting security over future
receivables (such as those future contracts that MediaCo will enter
into) is more onerous than in most other secured financings S&P
rates.

S&P said, "We believe that A.S. Roma's new ownership will support
its immediate liquidity position and operations.In August 2020, 87%
of A.S. Roma was acquired by Romulus and Remus Investments LLC, a
company ultimately belonging to the American businessman Dan
Friedkin. Mr. Friedkin is the owner of The Friedkin Group, an
investment holding company primarily operating in the automotive
and hospitality sectors.

"We believe that financial support from TeamCo's new majority
shareholder will help stabilize its liquidity position, amid a
complex operating environment and limited cash on the balance
sheet. Mr. Friedkin injected about EUR160 million of fresh equity
in fiscal year 2021 (ending June 2021) and a further EUR25 million
in July 2021, alleviating the club's immediate liquidity
pressures.

"However, we remain cautious over the next 12-18 months given
TeamCo's unsustainable capital structure.We consider TeamCo's
capital structure to be unsustainable in the longer term. The club
is exposed to ongoing liquidity pressures. These stem from TeamCo's
high debt levels and structurally negative free operating cash flow
generation (including the proceeds from trading players) over the
past few years, which the pandemic has further exacerbated. In our
view, therefore, we see shareholder support, unless it is
substantial, as more of a short-term remedy rather than a long-term
solution to structurally improve the stability of the club's
capital structure. Consequently, we see downside risks if
shareholder injections, operations, sale of players, or key
contract renewals do not yield expected results, which would leave
TeamCo facing elevated liquidity stresses to meet its financial
obligations over the next 18 months to two years.

"As of 2021 fiscal year-end, TeamCo's cash position was EUR17
million, and the consolidated cash position (including the debt
service and reserve accounts at MediaCo) amounted to about EUR33
million. Based on current forecasts, we believe that the club will
have sufficient funding for the next 12 months. However, we
anticipate that further equity injections will be necessary to
avoid any liquidity shortfalls.

"We also anticipate weaker broadcasting revenue and a tougher
sponsorship market, given a challenging operating environment due
to the pandemic that will reduce MediaCo's debt-servicing
ability.We expect that travel restrictions and social distancing
measures to contain the spread of COVID-19 will continue to
challenge the global leisure sector, particularly live sports. A.S.
Roma's ticketing revenue in fiscal 2021 was virtually zero, down
from EUR19 million in fiscal 2020 and EUR32 million in fiscal 2019.
In contrast, media revenue has typically remained mostly resilient
across the industry, assuming live sports businesses have been able
to deliver content. However, with less live sports exposure, media
contracts have been renegotiated lower. This includes the recent
negotiation of the Serie A broadcasting contracts for Seasons 2022,
2023, and 2024. Under the new contracts, we anticipate that Serie A
will receive about EUR927.5 million in total from its domestic
broadcasters over the next three seasons, with about EUR840
expected from DAZN and the remainder from Sky. This is less than
the current domestic deals with Sky and DAZN, which are worth
EUR973 million per year. As a result, we anticipate that MediaCo's
Serie A revenue will likely see a 7% drop.

"With limited live sports, we believe that MediaCo will also face a
tougher sponsorship market upon the company's various contract
expirations, leading to lower contract values and shorter terms,
highlighting MediaCo's exposure to market risk. In fiscal 2021,
MediaCo's main shirt sponsor contract with Qatar Airways expired
and Nike terminated its contract as the club's technical sponsor by
mutual consent. MediaCo has been successful in replacing these
sponsorship partners, but we expect that the value of sponsorship
contracts will be around 40% less than what we had previously
incorporated in our base case. Consequently, with lower sponsorship
cashflows, we are revising down the project's operations
stand-alone credit profile (SACP) to 'b+' from 'bb-'.

"We view MediaCo as intrinsically intertwined with TeamCo, while
benefiting from protections that enhance the issue ratings on
MediaCo's notes. If the first team, which is managed and paid by
TeamCo, does not compete, MediaCo's cash flow generation may
suffer. In turn, if MediaCo does not collect on its receivables or
if it is prevented from upstreaming cash, TeamCo may not have
sufficient resources to service its operating costs and operations.
Owing to the legal and structural protections in place, we consider
MediaCo to be, to a certain a degree, insulated from TeamCo from a
credit risk perspective. As such, MediaCo's notes can be rated up
to one category higher than TeamCo's credit quality. To allow for
consideration of such unique credit characteristics, we rate the
debt issued by MediaCo based on our "Principles Of Credit Ratings"
methodology. This rating approach borrows from our corporate and
project finance rating frameworks. The rating outcome reflects the
weaker of the two assessments."

The negative outlook reflects TeamCo's challenging operating
conditions and ongoing liquidity pressures in light of an
unsustainable capital structure, with a high reliance on equity
injections. Since MediaCo's business is exposed to TeamCo's
performance, a change in S&P's view of TeamCo's credit quality
would also lead it to lower the rating on MediaCo's notes. The
outlook on MediaCo's notes also reflects a tougher sponsorship
market and the risk of key contracts being cancelled or repriced at
levels lower than our expectation.

S&P could lower the rating if we see an increasing risk of
near-term payment crisis or default at TeamCo. Increasing default
risk could be signaled by:

-- The company being unable to obtain timely and tangible capital
support from its shareholders as expected;

-- The company failing to raise additional cash as required, for
example from sales of players; or

-- Decreasing covenant headroom or operating financial pressures
resulting in increasing likelihood of restructuring or interest
nonpayment.

Although financial distress at TeamCo would not necessarily lead to
an automatic default on MediaCo's notes, a restructuring at TeamCo
would likely result in a multi-notch downgrade.

A downgrade could also materialize if media and sponsorship revenue
were to weaken significantly, such that MediaCo's minimum
debt-service coverage ratio were to fall below 1.5x, or resulted in
the project being less resilient to a 'bb' downside scenario. This
could happen if there were to be further significant sponsorship
cancellations or materially weaker contract terms upon contract
renewals.

S&P could revise the outlook to stable once the pandemic's effect
on the European and Italian football market dynamics becomes
clearer, including the impact on ongoing negotiations between key
stakeholders and sponsorship partners.




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

ATENTO LUXCO 1: Fitch Affirms 'B+' LT FC IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Atento Luxco 1's Long-Term Foreign
Currency Issuer Default Rating (IDR) at 'B+'. In addition, Fitch
has affirmed Atento Luxco's USD500 million senior secured notes due
2026 at 'B+'/'RR4' and Atento Brasil S.A.'s long-term national
scale rating at 'A-(bra)'. Fitch has revised the Rating Outlook for
the corporate ratings to Stable from Negative.

The Outlook revision reflects Fitch's expectation of a gradual
recovery of Atento's top line, positive trends for hard currency
revenues and an extended debt amortization profile. Atento's
medium-term challenges continue to be recovery of operating margins
and improved diversification in an operating environment pressured
by technology changes and varied market dynamics.

The ratings incorporate Atento's moderate leverage and the
potential impacts from structural changes in the customer
relationship management/business process outsourcing (CRM/BPO)
sector. Fitch also incorporated Atento's moderate to high-risk
industry profile with intrinsic client concentration, lack of
minimum volumes in contracts, and intense competition.

KEY RATING DRIVERS

Sector Structural Changes: Some segments of the CRM industry are
trending negative as clients develop in-house solutions and digital
channels to replace traditional voice support. Fitch expects
improvement in the operating environment with a gradual recovery of
Latin America and Spain's economies and the more appreciated real,
which supports Atento's hard currency results. Demand for
next-generation and digital services has increased, allowing
companies to compensate for churning revenues. Still, a faster
slowdown of legacy services over high value-added solutions could
result in overall revenue deceleration.

Diversified Business: Atento's business model benefits from
geographic diversification, and it is attempting to further
diversify towards more value-added services. Brazil is Atento's
most profitable market, representing 49% of EBITDA in the LTM ended
June 30, 2021, followed by Americas with 38% and EMEA (Spain) with
14%. The company is increasing the contribution and profitability
of the Americas with the hard-currency Nearshore operations in the
U.S. Service wise. Atento's three largest segments are Customer
Services, which includes next-generation services, with 61% of
revenues, Sales with 12.7% and Back Office with 12.3%.

Medium to High Risk Sector: Atento operates in the CRM/BPO segment,
which Fitch believes has medium to high risks. Competition is
intense, clients tend to diversify outsourcing providers to avoid
becoming dependent on one supplier, and participants have high
customer concentration, especially among large financial
institutions and telecommunication carriers. Most contracts have no
minimum volumes, which increases volatility of results. The
industry has high operating leverage, driven by salaries and rent
costs. A permanent reduction in volumes, which requires capacity
adjustments, usually results in heavy labor- and rent-related
severance payments.

Cash Flow to Gradually Recover: Fitch expects Atento to generate
USD140 million of EBITDA in 2021 and USD154 million in 2022,
compared to USD100 million in 2020. The recovery stems from a
better mix of high-value added services, reduction of the pandemic
one-offs, and some appreciation of the Brazilian real. Fitch
expects cash flow from operations (CFFO) to reach USD41 million in
2021 and USD78 million in 2022 compared to USD99 million in 2020,
which benefited from postponement of cash outlays. Fitch's base
case projections considered investments of about USD68 million per
year, with a negative FCF of USD27 million in 2021 and positive
USD9 million in 2022.

Moderate Leverage: Fitch projects that Atento's net leverage,
measured by net debt/EBITDA, will reach 3.0x in 2021 and 2.7x in
2022 up from 3.9x in 2020, driven by operational improvements. The
company materially reduced FX risks by hedging approximately 80% of
the principal and coupon of the 2026 notes, compared with only
protecting the coupons in the 2022 notes that were prepaid. The
remaining 20% exposure is covered by a natural hedge from growing
hard-currency revenues that represented 25% of sales in the first
half of 2021.

High Customer Concentration: Atento has high revenue concentration,
with the top 10 clients accounting for over 70% of revenues. While
less than in prior years, Telefonica Group (BBB/Stable) still
represents approximately 33% of Atento's total revenue. Fitch views
this trend as positive, as it gradually reduces client
concentration risk.

Telefonica intends to spin-off its Hispanic operations (Chile,
Mexico, Colombia, Peru, among other Latin American countries) and
focus on Brazil, Spain, Germany and the UK. Fitch expects no
material impact from the expiration of Atento's Master Service
Agreement (MSA) with Telefonica in December 2021 (December 2023 for
Brazil and Spain). Atento's revenues from Telefonica in Hispanic
countries that expires in December 2021 represented 14% of its
sales.

Strong Linkage with Atento Brasil: Under Fitch's "Parent and
Subsidiary Rating Linkage Criteria" legal, operational and
strategic ties between Atento Luxco and Atento Brasil are strong,
suggesting that their ratings are equivalent.

DERIVATION SUMMARY

Atento is the largest CRM/BPO provider in Latin America with around
15% market share. The ratings are tempered by the intrinsic client
concentration in telecommunication and financial sectors, no
minimum volumes, and limited ability to collect fines from large
clients. The rating also embraces the challenges Atento faces to
replace declining traditional voice revenues by more value-added
services. Over the past three years, Atento's EBITDA margins have
been below other CRM/BPO players, such as Teleperformance S.A.'s,
Sykes Enterprises Inc's and TTEC Holdings, Inc.'s 10%-20% EBITDA
range.

KEY ASSUMPTIONS

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

-- Number of Workstations (WS) of 92,800 in 2021 and 2022;

-- Revenue per WS up 7.8% in 2021 and 0.7% in 2022 on the rebound
    of the economic activity and more value-added services;

-- Fitch-defined EBITDA margins of 9.3% in 2021 and 10.1% in
    2022;

-- Capex of USD68 million in 2021 and USD69 million in 2022;

-- No dividends in the rating case.

RATING SENSITIVITIES

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

-- Increasing revenue diversification;

-- Stabilization of sector risks and expansion on value-added
    solutions that reflect in better consolidated margins and
    higher switching costs for clients;

-- Net leverage sustainably below 3.0x;

-- Increase in hard currency revenues, preserving a manageable
    liquidity position.

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

-- Increase in net leverage above 4.5x on a sustained basis;

-- Liquidity profile deterioration;

-- EBITDA margins below 8% on a sustained basis.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Atento Luxco would be
reorganized as a going-concern in bankruptcy rather than
liquidated. Fitch has assumed a 10% administrative claim.

Going-Concern (GC) Approach

Atento Luxco's GC EBITDA of USD90 million considers a 30% discount
on the LTM ended June 2021.

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

An EV multiple of 5x EBITDA is applied to the GC EBITDA to
calculate a post-reorganization enterprise value. The choice of
this multiple considered the following factors:

Historical multiple negotiated by the issuer M&A precedent
transactions for peers ranged from 3.7x-6.3x, with recent activity
at the lower end of that range.

The allocation of value in the liability waterfall results in
recovery corresponding to 'RR2' recovery for the 2026 senior
secured bond and a recovery corresponding to 'RR6' for the
remaining debt and revolving credit facilities (RCFs). However,
most of the countries that Atento operates in, such as Brazil,
Argentina, Colombia, Mexico and Peru, are in Group D. Per Fitch's
"Country-Specific Treatment of Recovery Ratings Rating Criteria,"
the recovery rating is capped at 'RR4' and limits the rating of the
issuance to the same rating as the issuer.

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

Adequate Liquidity: Atento's liquidity is adequate, and its debt
amortization profile improved following the USD500 million bond
issuance due 2026. As of June 30, 2021, the company had cash and
marketable securities of USD154 million and total debt was USD648
million, of which USD88 million is due in the short-term, per
Fitch's methodology. Atento has approximately USD80 million of
RCFs, of which USD54 million have been withdrawn.

Atento Luxco's total debt mainly consisted of USD516 million in
senior secured bonds (with accrued interests), USD30 million of
super senior RCFs, USD26 million of bank borrowings, USD18 million
of factoring, and USD59 million of net derivatives and other
loans.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch considered the net balance of hedging positions as debt.
Fitch added the issuance costs of the USD12 million bond back to
the debt.

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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N O R W A Y
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AXACTOR SE: Moody's Assigns B1 Corporate Family Rating, Outlook Pos
-------------------------------------------------------------------
Moody's Investors Service assigns a B1 corporate family rating to
Axactor SE, a publicly-listed debt purchasing company,
headquartered in Oslo, Norway. Moody's also assigned B3 issuer
ratings to Axactor. The outlook is positive.

RATINGS RATIONALE

The B1 CFR reflects the company's (1) evolution as a top five
nonperforming debt collection company in Europe by estimated
remaining collections (ERC) within six years, (2) favourable cost
structure (3) and strong capitalization. At the same time, Moody's
take into account Axactor's (4) still limited track record and
financial history since its inception in 2015 and inherent risks
related to rapid growth, (5) its evolving liquidity and funding
profile with strong reliance on its secured credit facility, (6)
the current operating environment for debt purchasers and risks
inherent to the debt collection business with a volatile supply of
nonperforming loans, risks of mispricing and an evolving regulatory
environment.

The CFR outcome of B1 is a combination of Moody's scorecard
indicated Adjusted Financial profile of Ba3 and one notch
qualitative downward adjustment for corporate behavior and risk
management to take into account Axactor's still limited financial
history and operational track record since its inception in 2015.

ISSUER RATING

The B3 issuer ratings reflect the application of Moody's Loss Given
Default for Speculative-Grade Companies methodology (published in
December 2015), Axactor's capital structure and particularly the
priorities of claims and asset coverage in the company's current
liability structure. The size of Axactor's secured revolving credit
facility (RCF) indicates higher loss-given default for senior
unsecured creditors, leading to issuer ratings two notches below
the Axactor's B1 CFR.

OUTLOOK

The positive outlook reflects Moody's expectation that the
company's financial performance in the next 12-18 months will
continue to recover from COVID-19 induced weaker performance in
2020 and return to the pre-crisis trend for growth and
profitability while maintaining its solid equity buffer.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Axactor's CFR could be upgraded if:

it demonstrates strong financial performance, including improving
profitability and deleveraging, maintaining a strong equity buffer
while it continues to increase its scale and to establish a track
record of improving financial performance.

An upgrade of Axactor's CFR would likely result in an upgrade of
the issuer ratings. Axactor's issuer ratings could also be upgraded
due to a positive change to its debt capital structure that would
increase the recovery rate for the senior unsecured debt class.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Axactor's CFR could be downgraded if:

the company's financial performance deteriorates to below Moody's
forward-looking expectations over the outlook period of 12-18
months.

A downgrade of Axactor's CFR would likely result in a downgrade of
the issuer ratings. Axactor's issuer ratings could also be
downgraded if the company were to materially increase its secured
RCF, which ranks structurally above to the senior unsecured
liabilities.

ESG CONSIDERATIONS

In line with Moody's general view for the debt purchasing sector,
Axactor has a low exposure to environmental risks. In terms of
social considerations, Moody's views Axactor as moderately exposed,
given that its business continues to be impacted by the coronavirus
crisis, which Moody's views as social risk under Moody's
environmental, social and governance (ESG) framework, given its
substantial implications for public health and safety. Similar to
other debt purchasers, customer relations represent important
social considerations to the company, given that institutions that
sell both performing and non-performing debt can be highly
regulated (e.g. banks) and rely on the companies' handling of
customer data and privacy. Changes to regulatory rules and legal
practices within a market could also affect the recovery processes
and collection curves. Governance is highly relevant for Axactor,
as it is to all participants in the finance company sector. While
Moody's does not have any particular concern around Axactor's
corporate governance practices, corporate governance remains a key
credit consideration and requires ongoing monitoring, as is the
case for all financial institutions.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies Methodology published in November 2019.

AXACTOR SE: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Norway-Based debt purchaser Axactor SE.

The stable outlook reflects S&P's expectations that the group will
expand its franchise and increase gross collections and earnings,
allowing it to reduce adjusted debt to EBITDA to below 5.0x over
the next 12 months. The stable outlook also reflects its view of no
further material revaluations over this period.

Axactor has grown substantially since its founding in 2015, with
about EUR2.2 billion estimated remaining collections (ERC) as of
June 30, 2021. S&P's rating reflects Axactor's modest scale in the
European debt purchasing and collection market, and the company's
high adjusted leverage as indicated by a debt to adjusted EBITDA of
5.5x as of December 2020. Axactor concentrates primarily on
nonperforming consumer finance debt and is moderately diversified
across well-established and closely regulated markets, including
Spain, which makes up the largest portion of revenue (43% for the
12 months to June 30, 2021), the Nordics (35%), Germany (14%) and
Italy (8%). S&P sees the scale and diversification of Axactor's
business as similar to that of Arrow Global and B2Holding, although
Axactor's operating track record is more limited and it has
experienced some teething problems that led to a weaker earnings
profile, in our view. This includes the company's investment in
Spanish real estate-owned assets, which turned out to be
unsuccessful and are now in run-down.

The company's strategy in unsecured consumer debt is narrower than
that of larger peers that are less vulnerable to one specific
segment. Axactor operates alongside larger and more diversified
debt purchasers and collectors, such as Intrum and Lowell. Compared
with them, Axactor is more constrained due to its focus on one
subset of the wider nonperforming loan market, that is unsecured
consumer loans from banks and other lenders, which account for
about 98% of its receivables. This leaves Axactor more susceptible
to selling behaviors of vendors or less favorable pricing than more
diversified peers that can pivot to other segments more quickly, if
necessary. Axactor has a meaningful presence across its geographic
footprint, particularly in the Nordics and Spain, but it lacks the
leading market positions of its larger peers.

Axactor's third-party collection (3PC) and its solid efficiency
support the rating. The company's clear focus on unsecured consumer
debt and limited legacy infrastructure allowed the company to set
up an efficient platform with one of the lower collection costs
among peers, and S&P believes this will increasingly benefit
Axactor with higher collection volumes. Additionally, it expects
about 20%-25% of statutory revenue will continue to come from its
3PC business, a level roughly at the average of the peer group.
This supports the franchise in S&P's view and differentiates
Axactor from its smaller peers, such as AnaCap Financial Europe,
and DDM Debt AB, because it provides some diversity and is often
contractual, which can offer more-predictable revenue.

The economic disruptions in relation to COVID-19 tested Axactor's
portfolio quality. S&P said, "Through 2020, Axactor has recorded a
negative revaluation total of EUR37 million on its receivables
portfolio reflecting a change in expected future collections and
their timing. This represents about 3.5% of the book value, and
exceeds that of other unsecured specialists we rate (Lowell,
Intrum, B2, and iQera). The group also realized a further EUR16
million impairment on its real estate-owned portfolio (12% of book
value) in 2020. We believe that Axactor's large presence in Spain
explains some of the higher impact, although a more conservative
approach toward revaluations and uneconomical pricing of back book
acquisitions in the past could also play a role. Under our
base-case scenario, we don't expect any further material
revaluations, but any sudden declines in collections performance
and book value could weaken our view of Axactor's earnings
trajectory."

S&P said, "Axactor's high leverage and weak interest coverage
weighs on our view of its credit risk. When assessing Axactor's
financial risk, we look at the company's credit metrics with EBITDA
calculated in two ways (see "Europe's Distressed Debt Purchasers
Look To Steady The Ship In 2021," published Feb. 12, 2021, on
RatingsDirect). Cash-adjusted debt to EBITDA and EBITDA to
interest, which adds back the amortization of principal, were 5.5x
and 2.7x for full-year 2020, respectively. We note that our
calculation of cash-adjusted EBITDA differs from Axactor's reported
cash EBITDA, which additionally adds back the reversal of book
value for real estate-owned assets. Without the add-back for
collection applied to principal, credit metrics are materially
weaker, although this is tempered somewhat by Axactor's solid debt
to tangible equity ratio of 3.1x as of December 2020.

"We expect Axactor will reduce cash-adjusted leverage to about
4.0x-4.2x and statutory leverage to about 8.5x-9.5x by end-2022
supported by the economic rebound and favorable industry growth
prospects. Regardless of whether we look at EBITDA including or
excluding the add-back for collections, we expect Axactor's credit
metrics will remain weaker than that of peers with better financial
risk profiles, such as B2Holding or Intrum. The expected
deleveraging hinges on Axactor's ability to better capitalize on
newly acquired portfolios from primary sellers and convert its
expanding asset base into earnings, which so far have lagged that
of peers. We attribute this to the lack of highly profitable assets
with older purchase dates, a back-loaded collection curve, and
possibly also collection operations that could not fully keep pace
with the rapid growth in receivables.

"We assume that Axactor's management will follow a balanced
financial policy despite the company's short operating track
record. We understand increasing its return on equity is Axactor's
key goal to initiate dividend payments, but we don't expect this
will come at the cost of its deleveraging. We also don't expect a
negative influence on the company's financial policy from its
dominant shareholder Geveran Trading Co Ltd., which held a 44%
stake in Axactor as of June 2021 and exercises some control over
the board, in our view. We take into account Geveran's expected
longer term investment horizon as a family office--Geveran is an
investment company whose interests are indirectly represented by
Mr. John Fredriksen--and the associated lower propensity to employ
an overly aggressive financial policy to generate short-term
returns. We also view Axactor's recent refinancing and
reorganizational measures as credit positive because they have
extended the company's debt maturity profile, increased the equity
base, and lowered organizational complexity.

"The stable outlook reflects our expectation that, over the next 12
months, Axactor will increase its gross collections, allowing it to
reduce leverage, with adjusted debt to EBITDA declining below 5.0x
while maintaining sufficient headroom to covenants. The stable
outlook also reflects our view that COVID-19-related collection
shortfalls have largely been recognized in 2020, and we do not
expect further material negative revaluations.

"We could raise our ratings if Axactor strengthens its market
position across its footprint and materially and sustainably
improves its leverage beyond our current expectations such that
adjusted debt to EBITDA remains below 3.5x and debt to statutory
EBITDA remains below 8.0x, without jeopardizing future earnings
potential with portfolio acquisitions below its replacement rate.
An upgrade would also be contingent on sufficient headroom under
its covenants, no indications of asset quality problems, and solid
liquidity buffers.

"We could lower our ratings if Axactor fails to increase its gross
collections and earnings, which could be an indication of a weaker
competitive position, or followed a more aggressive financial
policy, such that we expected adjusted debt to EBITDA to stay above
5.0x on a prolonged basis. This would likely come alongside renewed
pressure on covenants or materially weakening asset quality, which
could also result in a downgrade."

Company Description

Axactor is a Norway-headquartered debt purchaser and servicer that
was founded in 2015. Its core business is the purchasing of
nonperforming debt in the Nordics, Spain, Germany, and Italy. It
specializes in unsecured consumer debt from banks and other
consumer lenders. Approximately 20%-25% of statutory group revenue
comes from consumer debt collections on behalf of third parties and
ancillary services. Axactor also owns a portfolio of real estate
assets in Spain, which are in run-off. The group is publicly traded
on Oslo Stock Exchange, but investment company Geveran Trading Co
Ltd., which is an indirectly owned by Mr. John Fredriksen, owns
about 44% of share capital.

S&P's Base-Case Scenario

Assumptions

-- Economic recovery continues in 2021 and 2022 with European real
GDP growth of 4.4% this year and 4.5% in 2022. However, S&P notes
that COVID-19 variants and renewed lockdown measures could threaten
its base case for Axactor.

-- Gross collections on own portfolios to increase to EUR280
million-EUR300 million in 2021 and EUR340 million-EUR360 million in
2022, from EUR237 million in 2020, boosted by the recovery in
underlying markets post-pandemic, as well as continued growth in
and better utilization of Axactor's existing asset base. For 3PC,
S&P forecasts 20%-30% organic growth in 2021 and 12%-18% in 2022,
following the dip in 2020.

-- Adjusted EBITDA margins improving toward 60% by end-2022 as the
group increasingly leverages its asset base and efficient
collection platform and executes on its cost-savings program.

-- Portfolio acquisitions beyond the replacement rate of about
EUR200 million-EUR250 million in 2021 and EUR400 million-EUR450
million in 2022, compared with EUR213 million in 2020.

-- No shareholder distributions and acquisitions in 2021 and
2022.

Key metrics

S&P said, "We view the company's liquidity as a neutral factor to
the rating currently, although we could revise this viewpoint if
headroom weakens on any of the firm's covenants. The company keeps
relatively low cash on hand, but it has some capacity on its
revolver and benefits from the cash flowing nature of the business.
The company's liquidity needs primarily consist of portfolio
purchases, which it could reduce to an extent if needed,
particularly following the company's reduced usage of committed
forward flow agreements. However, as a result, the company's
earnings generation would also likely decrease in the future.

"We expect liquidity sources will be about 2.1x uses over the next
12 months, which also benefits from little debt maturities over
this period as the result of active debt maturity management over
the past year. We expect the company will continue to proactively
manage its liquidity. Despite a solid liquidity coverage, Axactor's
liquidity assessment is constraint by its limited breadth and depth
of available funding instruments, its relatively unproven track
record in the capital markets, and the company's capacity to
increase its assets beyond the replacement rate hinging on its
ability to access debt markets."

S&P estimates that Axactor's principal liquidity sources during the
12 months to June 30, 2022, will comprise:

-- Cash balance of about EUR44 million;

-- Cash funds from operations of EUR200 million-EUR220 million;
and

-- An undrawn revolving credit facility (RCF) balance of about
EUR81 million (we do not include the EUR75 million accordion option
of the RCF as a source of liquidity because it is uncommitted).

S&P estimates that Axactor's principal liquidity uses during the
same period will comprise:

-- Maintenance portfolio purchases at about EUR140 million to
replenish Axactor's asset base;

-- Debt maturities of about EUR13 million; and

-- Capital expenditure of about EUR4.0 million.

Covenants

Axactor has several covenants under both its RCF and bond
documentation. Currently the company has adequate headroom on the
majority of its covenants, although in 2020 the cushions were
tighter due to lower collections and a high share of committed
forward flow agreements, which limited Axactor's flexibility to
scale down portfolio purchases amid the COVID-19 pandemic. However,
Axactor was able to obtain a waiver on the RCF's group leverage
ratio covenant for the last three quarters of 2020 to avoid a
breach. Additionally, the headroom of the net loan to value (LTV)
covenant under the bond documentation has been small but S&P
expects the company will remain in compliance with the threshold.
S&P believes LTV covenants are easier for the company to actively
manage than leverage ratio covenants, although potential
revaluations could pose a risk.

RCF covenants:

-- Restricted group leverage ratio below 3.0x ;
-- Portfolio loan to value ratio below 60;
-- Portfolio collection performance above 90%; and
-- Parent loan to value below 80%.

Bond covenants:

-- Interest coverage ratio above 4.0x;
-- Leverage ratio below 4.0x;
-- Net loan to value below 75%; and
-- Net secured loan to value below 65%.




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S P A I N
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AYT HIPOTECARIO V: Moody's Ups Rating on EUR13.4MM C Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of two notes and
upgraded the ratings of three notes in AyT HIPOTECARIO MIXTO IV,
FTA and AyT HIPOTECARIO MIXTO V, FTA. The rating action reflects
increased levels of credit enhancement for all the affected notes
and, for AyT HIPOTECARIO MIXTO V, FTA, also better than expected
collateral performance.

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

Issuer: AyT HIPOTECARIO MIXTO IV, FTA

EUR354.9M Class A Notes, Affirmed Aa1 (sf); previously on Jul 13,
2020 Affirmed Aa1 (sf)

EUR20.1M Class B Notes, Upgraded to Aa2 (sf); previously on Jul
13, 2020 Upgraded to A1 (sf)

Issuer: AyT HIPOTECARIO MIXTO V, FTA

EUR649.4M Class A Notes, Affirmed Aa1 (sf); previously on Feb 26,
2020 Upgraded to Aa1 (sf)

EUR12.2M Class B Notes, Upgraded to Aa3 (sf); previously on Feb
26, 2020 Upgraded to A3 (sf)

EUR13.4M Class C Notes, Upgraded to Ba3 (sf); previously on Feb
26, 2020 Upgraded to B3 (sf)

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

RATINGS RATIONALE

The rating action is prompted by:

decreased key collateral assumptions, namely the portfolio
Expected Loss (EL) and MILAN CE assumptions, on AyT HIPOTECARIO
MIXTO V, FTA due to better than expected collateral performance

an increase in credit enhancement for the affected tranches

Revision of Key Collateral Assumptions

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

The performance of AyT HIPOTECARIO MIXTO V, FTA has continued to
improve since the last rating action. Total delinquencies have
decreased in the past year, with 90 days plus arrears currently
standing at 1.09% of current pool balance. Cumulative defaults
currently stand at 3.22% of original pool balance, only marginally
up from 3.20% a year earlier.

Moody's decreased the expected loss assumption to 1.80% as a
percentage of original pool balance from 2.40% due to the improving
performance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has decreased the MILAN CE assumption
to 11.00%.

Increase in Available Credit Enhancement

Non-amortizing reserve funds and sequential amortization in both
AyT HIPOTECARIO MIXTO IV, FTA and AyT HIPOTECARIO MIXTO V, FTA led
to the increase in the credit enhancement available in these
transactions.

For instance, the credit enhancement for Class B notes in AyT
HIPOTECARIO MIXTO IV, FTA increased to 12.27% from 10.05% since the
last rating action. Similarly, the credit enhancement on Class B
notes in AyT HIPOTECARIO MIXTO V, FTA increased to 16.06% from
12.73% since the last rating action.

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

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

GRIFOLS SA: Debt Term Amendments No Impact on Moody's Ba3 CFR
-------------------------------------------------------------
Moody's Investors Service said that Grifols S.A.'s Ba3 corporate
family rating, Ba2 senior secured instrument ratings and B2 senior
unsecured instrument rating remain unchanged following lenders'
consent on certain amendments to existing debt instruments' terms.

Grifols has recently obtained consent from the majority of senior
secured and senior unsecured bondholders and lenders in its senior
secured term loan B (TLB) and revolving credit facility (RCF) to
certain amendments to enable the implementation of the GIC
transaction. The amendments allow an internal corporate
reorganization and the issuance and sale of Class B non-voting
stock in each of Biomat USA, Inc. (Biomat USA) and Biomat Newco
Corp (Biomat Newco), which are both indirect wholly owned
subsidiaries of Grifols. The amendments also allow the removal of
Biomat USA from the guarantor pool of existing debt instruments.

In June, Grifols announced that GIC, the sovereign wealth fund of
Singapore, will invest USD990 million to acquire a minority stake
in its US subsidiary Biomat USA. The closing of the investment is
still subject to certain conditions, including regulatory
approvals. Under the terms of the transaction, an affiliate of GIC
will hold a 23.8% minority stake in Biomat USA through the
acquisition of newly issued non-voting stock of Biomat USA and
Biomat Newco, the parent company of Biomat USA. The non-voting
shares owned by GIC will have annual preferential dividends
totaling USD79 million. Starting in 2023, GIC may request, once a
year, the redemption of one of its non-voting shares for a
redemption price of USD52 million, and, 15 years after transaction
closing, may request redemption of all its outstanding shares. On
the basis of the draft documentation that Moody's has reviewed so
far, the rating agency will likely treat GIC's investment as debt.
While Moody's standard approach for preferred stock issued by
speculative-grade companies is to treat as 100% equity, in cases
where the preferred stock is issued at a subsidiary level and where
the terms of the instrument make it, in Moody's view, more akin to
secured debt financing than more permanent equity financing, it
would treat the instrument as 100% debt.

Grifols continues to be weakly positioned in its rating category
owing to its high leverage and reflected in its negative outlook
since November 2020. The negative outlook reflects Moody's view
that the lower plasma collection since the pandemic inception and
the recent use of cash for acquisitions rather than debt reduction
will constrain its ability to significantly reduce its leverage in
2021. Moody's nevertheless expects a recovery of plasma collection
in the next 12-18 months. In Q2 2021, Grifols' adjusted EBITDA
improved both sequentially and year-over-year, and its
Moody's-adjusted leverage (gross debt/EBITDA) reduced slightly to
5.8x in the 12 months ended June 2021 from the peak of 6.1x in the
12 months ended March 2021, a level that is nevertheless still high
for its Ba3 rating.

With debt treatment, the GIC transaction will have a neutral effect
on Moody's leverage calculation and the inclusion of preferred
dividends in interest expense will reduce Grifols' interest cover.
The Moody's-adjusted EBITDA/interest expense ratio amounted to
about 5x in 2020 and would be about 4x pro forma for the
transaction. However, Grifols intends to use all the transaction
proceeds to repay existing debt and boost its liquidity, a
positive.

Biomat USA has a network of 296 US-based plasma collection centers.
It is an important subsidiary for Grifols, which needs the plasma
to produce its plasma-derived medicines. Grifols' US plasma
collection centers represent about 70% of its total plasma
collection centers and Biomat owns the vast majority of these. The
transaction with GIC adds complexity to Grifols' capital structure
and introduces a new stakeholder at the level of an operating
company.

Grifols, headquartered in Barcelona, Spain, is a global healthcare
company that is primarily focused on human blood plasma-derived
products and transfusion medicine. Its Bioscience division involves
the extraction of proteins from human blood plasma and the use of
these proteins to produce and distribute therapeutic medical
products to treat a range of rare, chronic and acute conditions.
Grifols also supplies devices, instruments and assays for clinical
diagnostic laboratories. It generated EUR5.3 billion in revenue and
EUR1.3 billion in Moody's-adjusted EBITDA in 2020.



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S W E D E N
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POLYGON AB: Fitch Places 'B+' LT IDR on Watch Negative
------------------------------------------------------
Fitch Ratings has placed Polygon AB's (Polygon) Long-Term Issuer
Default Rating (IDR) of 'B+' on Rating Watch Negative (RWN).
Concurrently, Fitch has affirmed senior secured rating at 'BB-'
with a Recovery Rating of 'RR3'.

The RWN on the IDR reflects Fitch's assumption that a re-leveraging
that is material to the ratings is likely, following the recently
announced acquisition of a 100% stake in Polygon by AEA Investors
LP alongside the management team. Fitch has not placed Polygon's
senior secured rating on Rating Watch given Polygon's announced
intention to exercise a total voluntary redemption of the notes
upon completion of the acquisition. The transaction closing is
subject to customary regulatory approvals and is expected in 4Q21.

Fitch intends to resolve the RWN after Fitch has assessed the
post-acquisition financing structure in combination with the
strategy and financial policies to be pursued by the new equity
owner as well as the new group structure and Fitch's recovery
estimates for the rated senior secured debt.

KEY RATING DRIVERS

Material Re-Leveraging Likely: Fitch expects an increase in gross
leverage following the acquisition that is likely to be material to
the ratings. Polygon has not yet announced the proposed new debt
structure post-acquisition. However, Fitch expects that an increase
in the debt quantum is likely given the typical nature of secondary
buyouts as well as Polygon's current sound leverage profile that is
commensurate with a high 'B' category business services company.

Intention to Redeem Existing Notes: Fitch assumes Polygon will
redeem its existing EUR250 million senior secured notes following
the completion of the acquisition. The completion will trigger a
change of control under the terms and conditions of the existing
notes. Polygon announced its intention to exercise a total
voluntary redemption of the notes upon completion of the
acquisition at 101% of the nominal amount together with accrued but
unpaid interest.

Resilient Performance in the Pandemic: Polygon recorded continued
solid operating performance for 1H21, due to strong organic growth
and progress in ongoing bolt-on acquisitions. Its resilience to the
pandemic is underpinned by its exposure to the stable
property-damage restoration (PDR) sector, a high share of long-term
contracts with customers and a favourable geographic footprint
focused on Germany and the Nordics.

Sound Business Profile: Fitch views Polygon's business profile as
solid, with market-leading positions and a contracted income
structure that is consistent with a 'BB' rating. It has operations
in 16 countries, providing healthy geographic diversification,
albeit with some dependence on Germany. Its service offering is
well-diversified, which should attract larger insurance-company
customers as it enters new markets. Fitch views Polygon's
dependence on insurance companies as a concentration risk,
generating close to two thirds of total revenue, although the
relationships are generally stable and long-term, based on
multi-year contracts with a very high retention rate.

DERIVATION SUMMARY

Polygon is the market leader in the European PDR market. Its
business profile, which is supported by a wide geographical reach
and strong reputation among its clients, is broadly in line with
that of Assemblin Financing AB (B/Stable), which, however, has
higher geographical concentration.

Polygon's framework agreements with major property-insurance
providers and leading market positions in Germany, the UK and the
Nordics provide some barriers to entry and enhance the company's
operating leverage.

Operating margins are structurally lower than logistics services
provider Irel BidCo S.a.r.l.'s (B+/Stable), albeit in line with
those of the PDR industry. Fitch deems Polygon's leverage profile
as consistent with a high 'B' category rating and better than that
of lower-rated companies, such as Assemblin Financing AB and
Praesidiad Group Limited.

KEY ASSUMPTIONS

-- Organic revenue growth of around 5% annually in 2021-2023;

-- Total acquisition spend of around EUR13 million annually in
    2021-2023 at an enterprise value (EV) of around 0.5x sales;

-- EBITDA margin of around 8.3%-8.7% in 2021-2023;

-- Stable capex at 3% of revenue in 2021-2023;

-- No dividends in 2021-2023.

Key Recovery Assumptions

-- The recovery analysis assumes that Polygon would be
    restructured as a going-concern rather than liquidated in a
    default;

-- Fitch applies a distressed EV/EBITDA multiple of 5.0x to
    calculate a going-concern EV, reflecting Polygon's market
    leading position, a strong operating environment, a sticky
    customer base and potential for growth via a consolidation of
    the PDR sector. The EV/EBITDA multiple is limited by Polygon's
    small size and significant reliance on insurance companies in
    Germany;

-- The GC EBITDA estimate of EUR42 million reflects Fitch's view
    of a sustainable, post-reorganisation EBITDA level upon which
    Fitch bases the EV;

-- A 10% administrative claim;

-- The above assumptions result in a recovery rate for the senior
    secured debt within the 'RR3' range, resulting in a one-notch
    uplift from the IDR;

-- The principal-and-interest waterfall analysis output
    percentage on current metrics and assumptions is 60%.

RATING SENSITIVITIES

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

-- Increasing scale with EBIT margin sustainably above 6%;

-- Positive free cash flow (FCF) post-acquisitions;

-- Funds from operations (FFO) gross leverage sustainably below
    3.5x and FFO interest coverage above 5.0x.

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

-- Lack of overall revenue expansion and pressure on margins;

-- Problems with integration of acquisitions or increased debt
    funding;

-- Lack of consistently positive FCF generation;

-- FFO gross leverage sustainably above 5.0x and FFO interest
    coverage below 4.0x.

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

Reasonable Liquidity: As of 30 June 2021, Polygon had about EUR51
million of available liquidity, including EUR15 million readily
available cash and a EUR36 million undrawn revolving credit
facility (RCF). Polygon has drawn EUR4 million under the RCF, which
relates to performance bonds across the company. It has no debt
maturities until 2023.

Debt Structure: Polygon's debt comprises EUR250 million senior
secured notes maturing in 2023. It also has a EUR40 million super
senior RCF maturing in 2023.

ISSUER PROFILE

Polygon s a Sweden-based leading provider of property damage
restoration and control services with a presence in 16 countries.
Its service offering is focused on water and fire damage
restoration and the key direct customers are mainly insurance
companies.



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

AMT COFFEE: Avoids Administration; Change Please Buys Business
--------------------------------------------------------------
Anna Patton at Pioneers Post reports that leading UK social
enterprise Change Please has acquired AMT Coffee, a for-profit
chain of 55 coffee bars in the UK and Ireland, taking on around 370
staff in a deal that prevented AMT from going into administration.

Change Please founder and CEO Cemal Ezel told Pioneers Post the
purchase was funded by the social enterprise itself plus a mix of
loan and grant finance from Social Investment Business and Comic
Relief.

According to Pioneers Post, Change Please had taken on nearly GBP5
million of AMT's existing debt; this was owed to landlords and
HMRC, and would not change the social enterprise's core business.

The AMT sites will operate as a separate business wholly owned by
Change Please, and will be run by a former CEO at cafe chain
Patisserie Valerie, Pioneers Post notes.

Profits will be donated to Change Please's community interest
company, Pioneers Post discloses.

AMT was founded in 1993 to bring espresso-based coffee from Seattle
to the UK, and claims to be the first to introduce "compact yet
flexible coffee bars" to the country.


CIMC MODULAR: Faces Claims Over Multiple Alleged Hotel Defects
--------------------------------------------------------------
Ian Weinfass at Construction News reports that CIMC Modular
Building Systems (CIMC MBS), a specialist modular firm, faced
claims over multiple alleged defects at hotels it had worked on
when it was put into liquidation last year.

CIMC MBS, a UK arm of Chinese shipping firm China International
Marine Containers Group, had worked on a number of hotels and
student accommodation blocks.

Formed in 2003 and known as Verbus Systems until 2016, the company
manufactured modules in China and installed them at UK sites.  It
turned over GBP43.9 million in 2017 but only  GBP4.3 million in the
year to December 31, 2018, when it posted a  GBP2.5 million pre-tax
loss, its final accounts showed, Construction News discloses.  It
was put into liquidation in June 2020, Construction News recounts.

According to Construction News, a report from liquidators Re10
revealed that a still-existing China-registered subsidiary called
Guangdong CIMC Building Construction Co Ltd (GCBC), which operates
the factory where the modular units were produced, could have been
pursued for more than GBP3 million over alleged defects to hotels
in the UK.

The report said that a claim for GBP556,145 was possible over the
construction of a hotel in Hull, with a further GBP2.7 million
possible over apparent defects in hotels it was part of in
Birmingham and Stratford, Construction News notes.

CIMC MBS's website shows it worked on a Hilton at Birmingham
Airport and a Doubletree by Hilton in Hull in recent years.  Bowmer
+ Kirkland also worked on the Birmingham job, while Manorcrest was
the developer on the Hull job.  Both are named in the report as
submitting proof of debts to the liquidator, which are still being
assessed, Construction News states.

Re10's report noted that there had been an adjudication decision
for £452,750 relating to the Hull hotel, according to Construction
News.  However, the other two cases had not been tested legally.

Following contact from UK-based lawyers in August last year,
however, GCBC offered a settlement of GBP1.1 million, which has
been paid to the liquidator, Construction News relays.

Parent company Verbus International was a major creditor, but has
set aside its claims, Construction News states.  So far, remaining
creditors have obtained 10p in the pound through the liquidation
process, Construction News notes.


ELDON STREET: Sept. 9 Deadline Set for Proofs of Debt Submission
----------------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales) Rules
2016, the Joint Administrators of Eldon Street Holdings Limited
intend to declare an eleventh interim dividend to unsecured,
non-preferential creditors within two months from the last date of
proving, being September 9, 2021.

Such creditors are required on or before that date to submit their
proofs of debt to the Joint Administrators, PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT, United Kingdom,
marked for the attention of Diane Adebowale or by email to
uk_lehmanaffiliates@pwc.com.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as may
appear to the Joint Administrators to be necessary.

The Joint Administrators will not be obliged to deal with proofs
lodged after the last date for proving but they may do so if they
think fit.

Creditors who wish to have dividend payments made to another person
or who have assigned their entitlement to someone else are asked to
provide formal notice to the Joint Administrators.

For further information, contact details, and proof of debt forms,
please visit
http://www.pwc.co.uk/services/business-recovery/administrations/lehman/esh-ltd-inadministration.html.


Alternatively, please call Diane Adebowale on +44(0)20-7583-5000.

The Joint Administrators can be reached at:

         Derek Anthony Howell (IP no. 6604)
         Gillian Eleanor Bruce (IP no. 9120)
         Edward John Macnamara (IP no. 9694)
         Russell Downs (IP no. 9372)
         PricewaterhouseCoopers LLP
         7 More London
         Riverside, London SE1 2RT, United Kingdom

The Joint Administrators were appointed on December 9, 2008.


LEHMAN BROTHERS: September 9 Deadline Set for Proofs of Debt
------------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales) Rules
2016, the Joint Administrators of Lehman Brothers Holdings plc
intend to declare a seventh interim distribution to unsecured
creditors within two months from the last date of proving, being
September 9, 2021.

Such creditors are required on or before that date to submit their
proofs of debt to the Joint Administrators, PricewaterhouseCoopers
LLP, 7 More London Riverside, London SE1 2RT, United Kingdom,
marked for the attention of Diane Adebowale or by email to
uk_lehmanaffiliates@pwc.com.

Persons so proving are required, if so requested, to provide such
further details or produce such documents or other evidence as may
appear to the Joint Administrators to be necessary. The Joint
Administrators will not be obliged to deal with proofs lodged after
the last date for proving but they may do so if they think fit.

For further information, contact details, and proof of debt forms,
please visit
https://www.pwc.co.uk/services/business-recovery/administrations/non-lbie-companies/lbh-plc-in-administration.html.

Alternatively, please call Diane Adebowale on +44(0)20-7583-5000.
Data processing details are available in the privacy statement at
PwC.co.uk.

The Joint Administrators' can be reached at:

         Gillian Eleanor Bruce (IP no. 9120)
         Derek Anthony Howell (IP no. 6604)
         Ian David Green (IP no. 9045)
         Russell Downs (IP no. 9372)
         Edward John Macnamara (IP no. 9694)
         PricewaterhouseCoopers LLP
         7 More London Riverside
         London SE1 2RT, United Kingdom

The Joint Administrators were appointed on September 15, 2008.


NORTH POINT: Faces Tax Bill of More Than GBP1.7 Million
-------------------------------------------------------
Jonathan Humphries and John Scheerhout at Manchester Evening News
report that a developer linked to several stalled building projects
which is being investigated by the Serious Fraud Office has been
hit with a tax bill of more than GBP1.7 million.

According to Manchester Evening News, North Point Global Ltd (NPG)
and its subsidiary companies are already said to owe around GBP40
million to investors who ploughed cash into developments in
Manchester and Liverpool.

Among the projects is The Element, a proposed apartment block on
Warwick Road in Old Trafford which was never built, Manchester
Evening News states.

Investors put GBP7,565,516.74 into the venture which later
collapsed into administration, Manchester Evening News recounts.

The development company has now been dissolved, Manchester Evening
News relays. Companies House documents reveal investors were paid
17p in the pound, which means they lost around GBP6,279,378.94,
Manchester Evening News relays, citing the Echo.

NPG is also behind other stalled building projects including Baltic
House, Pall Mall, New Chinatown in Liverpool.

Now two of the special purpose vehicles set up by NPG owe an
eye-watering sum to HM Customs and Revenue (HMRC) over mistakes
made in construction contracts, Manchester Evening News discloses.

According to the Finance Act 2004, contractors in the construction
industry should deduct 20% from any payments to sub-contractors and
hand it over to HMRC unless the firm has been granted "gross
payment status" -- according to the rules of the Construction
Industry Scheme (CIS).

However the two subsidiary firms failed to make deductions from
payments to PHD 1 Construction Ltd and several firms linked to Bilt
Group -- who had been asked to carry out demolition and building
works, Manchester Evening News relates.

HMRC later determined that NPG (Pall Mall) owed GBP663,776 for the
financial year 2015/2016 and GBP667,046 for the year 2016/2017,
while China Town Development Company owed GBP98,638 for the year
2015/2016, and GBP293,565 for the year 2016/2017, Manchester
Evening News recounts.

North Point Global appealed to the First Tier Tribunal for tax
where former director Craig Griffiths argued that although he
accepted the mistake, he had taken 'reasonable care' to abide by
the law, Manchester Evening News relays.

According to Manchester Evening News, the court heard Mr. Griffiths
had taken the advice of an employment agent called David Choules,
director of Inca Management Ltd, who was "absolutely convinced"
that PHD 1 Construction and Bilt were not "sub-contractors" under
the regulations.

Mr. Griffiths, as cited by Manchester Evening News, said he was
entitled to rely on the advice of Mr. Choules, who was experienced
in large-scale project management, and who had prepared
'pre-populated' contracts ready for him to sign.

However Mr. Choules was wrong, and HMRC argued Mr. Griffiths failed
to conduct independent checks despite the fact that Mr. Choules was
not an expert in tax law, Manchester Evening News notes.

When Mr. Griffiths later consulted accountancy firm Grant Thornton,
the mistake was noticed, Manchester Evening News states.

According to Manchester Evening News, Judge Nigel Popplewell said
he found Mr. Griffiths had acted in "good faith" and was truthful
in his evidence to the court, but disagreed that he had taken
"reasonable care".


NORTHERN PROVIDENT: FCA Warns Customers of Scammers
---------------------------------------------------
Sonia Rach at FTAdviser reports that the Financial Conduct
Authority has urged customers of Northern Provident Investments to
remain alert to the possibility of being scammed after the firm
said it was planning to enter liquidation.

On August 6, Northern Provident Investments (NPI) proposed entering
creditors' voluntary liquidation and appointing partners from FRP
Advisory Trading Limited (FRP) as its liquidators, FTAdviser
relates.

According to FTAdviser, the FCA said it believes there is a high
risk of scammers trying to take advantage of the investment firm's
customers.

"Given the large number of mini bonds that NPI distributed via
their platform, we believe there is a high risk of scammers trying
to take advantage of NPI's liquidation to try to defraud
customers," FTAdviser quotes the FCA as saying. "We are notifying
NPI customers of its proposed liquidation and warning them of the
danger of scammers contacting them.  As part of this we are setting
out the steps customers should take if contacted by people claiming
to be from NPI or FRP."

Northern Provident Investments had approved financial promotions
for issuers of mini-bonds and was linked to the Blackmore Bond
scandal, FTAdviser recounts.

Blackmore Bond raised millions of pounds from investors to fund
property developments between 2016 and 2018, but the company fell
into administration in April last year owing GBP46 million to
investors after several months of rocky waters in which it failed
to pay interest due to bondholders, FTAdviser relates.

In February 2020, following the firm's application to place the
firm into liquidation, the regulator imposed requirements on
Northern Provident Investments for it to cease approving any
further financial promotions, FTAdviser discloses.

As part of these requirements Northern Provident Investments placed
a statement on its website that it would no longer be offering this
service, FTAdviser notes.

On August 6, 2021, the sole director and owner of Northern
Provident Investments decided to take steps to wind up the firm,
FTAdviser relates.

All known creditors were contacted with the formal notification of
the process and it is proposed that licensed insolvency
practitioners from FRP will act as joint liquidators on August 20,
2021, according to FTAdviser.

However, the FCA warned that all customers should remain alert to
the possibility of fraud, FTAdviser notes.


ROBIN HOOD: Owes GBP62MM to More Than 400 Creditors, Report Shows
-----------------------------------------------------------------
Matt Jarram at notts tv reports that more than 400 creditors are
owed an estimated GBP62 million following the collapse of the
council-run Robin Hood Energy.

According to notts tv, a report into the latest financial situation
of the doomed company, which is now in administration, shows there
are 417 unsecured creditors.

They are owed around GBP62 million in total, notts tv discloses.
To date, administrators have received claims from 36 totalling
GBP13.4 million, notts tv notes.

Administrators are doing all they can to secure cash for those left
crippled by the collapse, including selling off Robin Hood Energy's
furniture at GBP10,000, notts tv says.

They are also chasing debtors, including those customers in arrears
from Robin Hood Energy, with an estimate of GBP840,000, according
to notts tv.

Administrators Teneo have now delivered a progress report covering
the period of January 5 to July 4 this year, notts tv relates.

It says Robin Hood Energy had 109 employees and by February 28,
2021, all of them had been made redundant, notts tv states.

Wages and salaries worth GBP865,000 have been paid as well as their
statutory and enhanced redundancy entitlements, notts tv relays.

Costs of redundancy will be reimbursed to the estate by the parent
company out of its divided entitlement as an unsecured creditor in
due course, according to notts tv.

The pension scheme has also been ceased, and 417 creditors are owed
an estimate of around GBP62 million in total, notts tv discloses.
To date, 36 claims totalling GBP13.4 million have been received,
notts tv states.

The administration process is expected to end on or before January
4, 2022, notts tv says.



                           *********


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

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

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

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

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

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