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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

          Friday, August 20, 2021, Vol. 22, No. 161

                           Headlines



F R A N C E

FAURECIA SE: S&P Affirms 'BB' Long-Term ICR on Hella Acquisition
IMERYS SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
LAGARDERE SA: Egan-Jones Keeps B Senior Unsecured Ratings


G R E E C E

CRYSTAL ALMOND: Fitch Places 'B' LT IDR on Watch Evolving


I R E L A N D

NEUBERGER BERMAN CLO 2: S&P Assigns Prelim 'B-' Rating on F Notes
SEGOVIA EUROPEAN 1-2014: S&P Assigns B- (sf) Rating to F-R-R Notes


N E T H E R L A N D S

MONG DUONG FINANCE: Fitch Affirms USD679MM Notes Rating at 'BB'
[*] NETHERLANDS: Corporate Bankruptcies Down in July 2021


R O M A N I A

KAZMUNAYGAS INTERNATIONAL: S&P Withdraws 'B' Long-Term ICR


S P A I N

FTA UCI 17: Fitch Affirms CC Rating on 2 Tranches


U N I T E D   K I N G D O M

FONTWELL SECURITIES 2016: Fitch Affirms CCC Rating on S Tranche
GREENSILL CAPITAL: Bankrupt U.S. Unit Gets OK to Sell Finacity
GREENSILL: Credit Suisse Catastrophe Notes at Distressed Levels
LEHMAN BROTHERS PTG: Sept. 9 Deadline Set for Proofs of Debt
RANGERS FOOTBALL: Crown Office Accused of Wasting Public Money

SPICERS: Greater Manchester Warehouse Gets New Tenant
THAYER PROPERTIES: Sept. 9 Deadline Set for Proofs of Debt


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


===========
F R A N C E
===========

FAURECIA SE: S&P Affirms 'BB' Long-Term ICR on Hella Acquisition
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer and issue
credit ratings on Faurecia SE.

The outlook remains positive, reflecting S&P's expectation that
Faurecia will successfully integrate Hella while reducing its debt
through free cash flow, possibly combined with small divestments,
such that its FFO to debt and free operating cash flow (FOCF) to
debt could reach well above 20% and converge toward 10% by 2023,
respectively.

France-headquartered global auto supplier Faurecia SE plans to
acquire German supplier of automotive lighting and electronics
solutions Hella GmbH & Co. KGaA (Hella) for EUR60 per share,
valuing the company at about EUR6.7 billion, and expects to close
the transaction in early 2022.

The acquisition will broaden Faurecia's product portfolio and add
segments with increased technology content. Faurecia operates
through four distinct business groups, including Seating (38% of
total sales in first-half 2021), Interiors (for example, instrument
and door panels, 31%), Clean Mobility (emission control products,
26%) and Clarion Electronics (for example, cockpit electronics and
displays, 5%). The acquisition of Hella will increase Faurecia's
total revenue base by about 40% to about EUR23 billion in 2021 as
per our estimates, and materially expand the company's product
portfolio in electronics and automotive lighting, which each
account for 40%-45% of Hella's revenue. This will result in a more
diversified revenue mix and should enhance the stability of
earnings and cash flows. S&P said, "In addition, we think Hella's
electronics business is fueled to a greater extent by technology
content and product innovation than Faurecia's main existing
divisions, which we believe is also reflected in Hella's higher
research and development (R&D) spending (expected at 9%-10% of
sales compared with about 2% for Faurecia in the next few years).
In our view, products that derive from proprietary and successful
R&D and innovation tend to result in improved differentiation and
more durable market positions." Hella's electronics portfolio
encompasses products like sensors and actuators (for example,
rain/light sensors, as well as components related to internal
combustion engine [ICE] technology), body electronics (for example,
car access systems), radar technology used in driver-assistance
systems, and energy management components (for example, battery
sensors and management systems, direct current-to-direct current
converters). Hella also enjoys a No. 4 position in automotive
lighting globally, after Marelli, Valeo, and Koito. Although
products in this segment are becoming increasingly commoditized and
are subject to strong price pressure, Faurecia expects volume
growth in LED products to be sufficient to generate
low-single-digit market growth for automotive lighting overall.
Finally, the combination with Hella should help Faurecia reduce its
exposure to ICE-related components. With the transaction,
management expects the revenue share related to pure ICE vehicles
to drop to 20% at closing and gradually toward 10% by 2025 from 25%
in 2020.

S&P said, "We expect Hella's business mix and synergies to be
moderately accretive to group profitability. We forecast an
adjusted EBITDA margin of 9.5%-12.0% for the combined company in
2022–2023, which, when adjusted for integration costs, is about
one percentage point higher than our stand-alone forecast for
Faurecia. This is a function of higher profitability associated
with Hella's product portfolio, as well as the gradual phase-in of
cost synergies that we expect to reach EUR150 million annually by
2024, mainly thanks to efficiencies in R&D, overhead cost, as well
as savings at the production plants. The impact of the acquisition
on cash conversion–-as measured by adjusted FOCF to sales--is
much more muted in the next two years, however, mainly given
Hella's higher capital expenditure (capex) intensity. That said,
Faurecia has identified approximately EUR200 million of additional
annual cash savings from capex optimization and working capital,
which would be an upside to our current base case of 2%-3% adjusted
FOCF to sales in 2022-2023.

"We think synergies between product offerings are limited in the
near term and will take time to develop. In our view, in the near
to medium term the potential to develop a joint value proposition
through integrated product offerings is mainly confined to
Faurecia's Interior and Clarion Electronics divisions. In these
divisions, opportunities could emerge for example in the area of
interior lighting, where the two companies have been cooperating
since 2018 and where Faurecia's products, such as instrument and
door panels and interior modules, could be further enhanced through
the integration of Hella's lighting technologies. Other
opportunities are centered on different areas of Faurecia's cockpit
products, which could benefit from Hella's sensor know-how and
existing electronic control units related to seating, comfort
features, and car access. We also see some potential synergies in
driver assistance between Faurecia's vision and automated parking
solutions and Hella's radar products. That said, we believe it will
take several years for truly integrated products to be fully
developed and contribute a meaningful share of revenue, and in
other divisions, such as Seating and Clean Mobility, products are
fairly distinct." As a result, the potential for developing
integrated products has limited rating implications at this stage,
although this may change in the medium to long term.

Equity funding, Faurecia's financial policy commitment, and organic
growth should allow for meaningful leverage reduction in the next
two years. Faurecia's decision to fund about 20% of the total
purchase price of EUR6.7 billion (for a 100% stake) with equity, as
well as the intention to explore smaller asset disposals totaling
EUR500 million or more helps to contain the initial spike in
leverage after closing and supports the expected pace of leverage
reduction. The EUR1.3 billion equity component breaks down into
about EUR570 million out of the EUR4.0 billion for the initial
purchase of the 60% stake held by the Hella family payable in
shares, and a planned subsequent rights issue of about EUR700
million. S&P said, "Furthermore, management has committed to reduce
reported net debt to EBITDA to no more than 1.5x by 2023, which
would be only slightly above the 1.2x–1.4x that we forecast for
full-year 2021 on a stand-alone basis. This leads us to believe
that the company will modulate its shareholder returns in line with
operating performance to achieve this target, and that management
will refrain from making further material debt-funded acquisitions
during this period. Combined with organic EBITDA and FOCF growth,
we expect this will enable to Faurecia to revert to more than 25%
FFO to debt from 2023, accompanied by improving FOCF to debt that
could gradually approach 10%."

S&P said, "The positive outlook reflects our expectation that
Faurecia will successfully integrate Hella while achieving pro
forma revenue growth of 8%-11% in 2022–2023 and gradually
improving its adjusted EBITDA margin to sustainably above 10%.
Combined with the use of the majority of FOCF for debt reduction
and possible divestments, this could increase Faurecia's adjusted
FFO to debt and FOCF to debt could toward 25% and 10% by 2023,
respectively.

"We could raise our rating on Faurecia in the next 18-24 months if
it successfully deleverages after the transaction, with FFO to debt
recovering above 20% and FOCF to debt showing a clear trajectory
toward 10%. To achieve these ratios, we estimate Faurecia would
need to improve its pro forma adjusted EBITDA margin and FOCF above
11% and EUR800 million, respectively.

"We could revise the outlook to stable if we anticipate a material
lower probability of Faurecia restoring FFO to debt above 20% and
FOCF to debt toward 10%. This scenario could stem from operating
setbacks or challenges with integrating Hella, leading to
weaker-than-expected EBITDA margins and FOCF, or the company
undertaking a more aggressive financial policy than currently
anticipated.

"If the financial impact is more severe, we could lower our rating
on Faurecia in the next 18-24 months if we anticipate FFO to debt
declining toward 12% and FOCF to debt weakening to below 5%."

IMERYS SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on August 10, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Imerys SA.

Headquartered in Paris, France, Imerys SA. Imerys produces and
distributes chemicals, pigments, and additives.


LAGARDERE SA: Egan-Jones Keeps B Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on August 12, 2021, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Lagardere SA. EJR also maintained its 'B' rating on
commercial paper issued by the Company.

Headquartered in Paris, France, Lagardere SA operates as a media
company.




===========
G R E E C E
===========

CRYSTAL ALMOND: Fitch Places 'B' LT IDR on Watch Evolving
----------------------------------------------------------
Fitch Ratings has placed Crystal Almond Intermediary Holdings
Limited's (Wind Hellas) Long-Term Issuer Default Rating (IDR) of
'B' and senior unsecured rating of 'B'/'RR4' on Rating Watch
Evolving (RWE) following the announcement that it will be acquired
by United Group.

Wind Hellas's ultimate parent Crystal Almond Holdings Limited
entered into a definitive agreement to sell 100% of Crystal Almond
Intermediary Holdings Limited to United Group. The latter is a
telecommunications and media operator in southeast Europe with
operations across eight countries.

The resolution of the RWE is subject to the acquisition completion
as well as Fitch's assessment of a new capital structure and the
new shareholder's strategy. United Group has indicated that it is
planning to repay Wind Hellas's outstanding EUR525 million senior
secured notes upon the completion of the acquisition.

The acquisition is expected to close in 2022 and subject to
customary regulatory approvals.

KEY RATING DRIVERS

High but Stable Leverage: Barring the acquisition, Fitch expects
Wind Hellas's fund from operations (FFO) gross leverage to be at
5.2x in 2021 and gradually decline thereafter on revenue growth and
a gradual improvement in EBITDA margin. Fitch believes that it
retains the ability to reduce leverage organically, as evident in
its strong performance in 2017-2019 and resilience during the
pandemic peak in 2020. Fitch expects capex to remain sustainably
high until 2024 due to continuing investment in its fibre and 5G
network rollout, resulting in moderately negative free cash flow
(FCF). However, liquidity risk is mitigated by a solid cash cushion
and an undrawn revolving credit facility (RCF).

Sustainability During Covid-19: The company in 2020 saw its service
revenue decline only 1.7% yoy while retail-service revenue,
adjusted for mobile termination rates, increased 0.8% yoy, against
a domestic GDP decline of 8.3% during the same period. Quarterly
service-revenue trend is positive, with 1Q21 showing further
improvement. Fitch expects this to continue as the Greek economy
exits lockdowns with most of Covid-19 restrictions removed in May
2021.

Good Growth Prospects: Greece's telecom market is lagging most of
Europe in smartphone penetration, data usage and fixed-fibre
network deployment. For the past five years, Greece has been
catching up, which Fitch expects to continue as the economic
environment improves. Fitch expects Greek GDP growth of 4.3% in
2021 and 5.4% in 2022, following a pandemic-driven 8.3% drop in
2020.

Improved Competitive Position: Wind Hellas is firmly positioned to
take advantage of increasing demand for data services. The company
is catching up with its competitors in 4G network coverage and
continues to improve its overall service quality. The ability to
offer high-quality triple-play bundles supports customer retention
while investing in next generation access (NGA) networks deployment
gives Wind Hellas greater exposure to fixed broadband market
growth. Ongoing consolidation in the Greek fixed-line telecoms
market could create a more rational competitive environment, in
Fitch's view.

DERIVATION SUMMARY

Wind Hellas is the third-largest mobile and fixed-line operator in
Greece behind OTE (Cosmote) and Vodafone Greece. Its ratings
reflect the company's improving performance in both the fixed and
mobile segments due to continued development of and increasing
demand for telecom services.

Wind Hellas's close peer PLT VII Finance S.a r.l. (Bite, B/Stable)
has a similar operating profile but benefits from stronger market
positions and robust FCF generation, which allows for higher
leverage tolerance at the same rating level. Wind Hellas's smaller
peer Melita BidCo Limited (B+/Stable) benefits from
above-sector-average revenue growth and EBITDA, as well as strong
positions in both mobile and fixed-line. Emerging-markets telecoms
Private Joint Stock Company VF Ukraine (B/Stable) and JSC Silknet
(B/Stable) have lower leverage tolerance at the same rating level,
mostly due to their significant foreign-exchange (FX) exposure.

Low FCF generation is a main constraint on Wind Hellas's ratings
but is expected to improve. Execution risk on cost control and
expected revenue growth is more pronounced than at peers and, to
some extent, depends on continued Greek economic growth.

KEY ASSUMPTIONS

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

-- Low single-digit service-revenue growth in 2021-2024, driven
    by mobile customers' shift towards post-paid, improving
    average revenue per user, migration of fixed-line subscribers
    to NGA, and increasing take-up of pay TV;

-- Fitch-defined EBITDA margin at 18% in 2021 and gradually
    improving to 20% by 2024;

-- Capex around 17%-18% of revenue in 2021-2024, excluding
    spectrum payments;

-- No dividends in 2022-2024.

KEY RECOVERY ASSUMPTIONS

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

-- A 10% administrative claim;

-- The going-concern EBITDA estimate of EUR75 million reflects
    Fitch's view of a sustainable, post-reorganisation EBITDA
    level upon which Fitch bases the valuation of the company;

-- The going-concern EBITDA is 21% below forecast EBITDA for
    2021, assuming likely operating challenges at the time of
    distress;

-- An enterprise value multiple of 4x is used to calculate a
    post-reorganisation valuation and reflects a conservative mid
    cycle multiple;

-- The total amount of debt for claims is EUR600 million, which
    includes the senior secured notes at intermediary holding
    company Crystal Almond S.a.r.l as well as the full commitment
    amount of the EUR75 million super senior RCF;

-- Fitch's calculations factor in EUR75 million of prior-ranking
    debt (RCF) and EUR525 million of senior secured notes. The
    recovery prospects for senior secured notes are 37%, in line
    with a 'RR4'. The 'RR4' Recovery Rating implies a zero-notch
    uplift from the IDR, resulting in a 'B' instrument rating.

RATING SENSITIVITIES

Fitch expects to resolve the RWE on completion of the acquisition
and more clarity on the relationship between the new ultimate
parent and Wind Hellas as well as the standalone credit strength of
the entity. Fitch will also remove the RWE if the acquisition does
not proceed. The rating would then remain driven by standalone
sensitivities as detailed below.

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

-- Continued growth in service revenue supported by sustainable
    market positions;

-- Sustainably positive FCF generation;

-- FFO gross leverage sustainably below 4.0x.

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

-- Persistently negative FCF;

-- FFO gross leverage sustained above 5.0x.

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

Strong Liquidity: Wind Hellas's liquidity is strong, supported by
EUR143 million of cash on the balance and an EUR75 million undrawn
RCF.

ESG CONSIDERATIONS

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

ISSUER PROFILE

Wind Hellas is Greece's third largest mobile telecom operator. The
company also provides fixed telephony, broadband and pay TV
services.



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I R E L A N D
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NEUBERGER BERMAN CLO 2: S&P Assigns Prelim 'B-' Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Neuberger Berman Loan Advisers Euro CLO 2 DAC's class A, B-1, B-2,
C, D, E, and F notes. At closing, the issuer will also issue
unrated subordinated notes.

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

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

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

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

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

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,767.91
  Default rate dispersion                                 443.29
  Weighted-average life (years)                             5.32
  Obligor diversity measure                               127.42
  Industry diversity measure                               21.52
  Regional diversity measure                                1.37

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                                300
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              143
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                           2.82
  'AAA' weighted-average recovery (%)                      36.58
  Weighted-average spread net of floors (%)                 3.60

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period ends approximately 4.5 years after
closing, and the portfolio's maximum average maturity date is 8.5
years after closing. Under the transaction documents, the rated
notes pay quarterly interest unless there is a frequency switch
event. Following this, the notes will switch to semiannual
payment.

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

"In our cash flow analysis, we modeled the EUR300 million target
par amount, the covenanted weighted-average spread of 3.45%, the
reference weighted-average coupon of 3.50%, and the covenanted
weighted-average recovery rates. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category. 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%).

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

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

"We expect the transaction's legal structure 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 that our preliminary
ratings are commensurate with the available credit enhancement for
the class A, B-1, B-2, C, D, E, and F notes. Our credit and cash
flow analysis indicates that the available credit enhancement for
the class B-1, B-2, C, and D notes is commensurate with higher
ratings than those we have assigned. However, as the CLO will have
a reinvestment period, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned preliminary
ratings on these notes.

"The class F notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. 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 BDR at the 'B-' rating level is 23.84% versus a portfolio
default rate of 16.49% if it was to consider a long-term
sustainable default rate of 3.1% for a portfolio with a
weighted-average life of 5.32 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
preliminary '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 A
to E notes to five of the 10 hypothetical scenarios we looked at in
our publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit the manger from investing in activities that are United
Nations Global Compact violations, and activities related to the
manufacture of controversial weapons, civilian firearms, tobacco,
thermal coal or coal extraction, oil sands extraction, utilities
with expansion plans that would increase their negative
environmental impact, and services to physical casinos and/or
online gambling platforms. Since the exclusion of assets related to
these activities does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings List

  CLASS    PRELIM.    PRELIM.    SUB(%)     INTEREST RATE*
           RATING     AMOUNT
                     (MIL. EUR)
  A        AAA (sf)    181.50    39.50   Three/six-month EURIBOR
                                         plus 1.03%
  B-1      AA (sf)      23.00    28.50   Three/six-month EURIBOR
                                         plus 1.70%
  B-2      AA (sf)      10.00    28.50   2.10%
  C        A (sf)       21.00    21.50   Three/six-month EURIBOR
                                         plus 2.20%
  D        BBB (sf)     19.50    15.00   Three/six-month EURIBOR
                                         plus 3.10%
  E        BB- (sf)     15.80     9.73   Three/six-month EURIBOR
                                         plus 6.06%
  F        B- (sf)       9.00     6.73   Three/six-month EURIBOR
                                         plus 8.97%
  Sub      NR           26.50     N/A    N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency  switch event
occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.


SEGOVIA EUROPEAN 1-2014: S&P Assigns B- (sf) Rating to F-R-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Segovia European
CLO 1-2014 DAC's class A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R
notes. At closing, the issuer also issued additional unrated
subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The portfolio's reinvestment period will end approximately in April
2026.

The ratings assigned to the notes 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.

  Portfolio Benchmarks
                                                        CURRENT
  S&P Global Ratings weighted-average rating factor    2,876.20
  Default rate dispersion                                613.29
  Weighted-average life (years)                            4.39
  Obligor diversity measure                              137.07
  Industry diversity measure                              21.60
  Regional diversity measure                               1.36

  Transaction Key Metrics
                                                        CURRENT
  Total par amount (mil. EUR)                               400
  Number of performing obligors                             164
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                       'B'
  'CCC' category rated assets (%)                          5.49
  'AAA' weighted-average recovery (%)                     35.73
  Covenanted weighted-average spread (%)                   3.75
  Covenanted weighted-average coupon (%)                   4.25

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. 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 conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread of 3.75%, the covenanted
weighted-average coupon of 4.25%, and the weighted-average recovery
rates calculated in line with our CLO criteria. 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.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our counterparty criteria.
"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"The transaction's legal structure is bankruptcy remote, in line
with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R-R to E-R-R notes could
withstand stresses commensurate with higher rating levels than
those we have assigned. However, as the CLO is still in its
reinvestment phase, during which the transaction's credit risk
profile could deteriorate, we have capped our assigned ratings on
the notes. In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning ratings on any
classes of notes in this transaction.

"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, 7.5%). In both scenarios, the class F-R-R
cushion is negative. Based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and the class F-R-R notes' credit
enhancement (6.85%), we believe this class is able to sustain a
steady-state scenario, where the current market level of stress and
collateral performance remains steady. Consequently, we have
assigned our 'B- (sf)' rating to the class F-R-R notes, in line
with our criteria.

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

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries (not
exhaustive list): thermal coal, carbon intensity industry, weapons
of mass destruction, payday lending, non-biological pesticides and
hazardous wastes, pornography, trade of illegal drugs or narcotics.
Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
our ESG benchmark for the sector, no specific adjustments have been
made in our rating analysis to account for any ESG-related risks or
opportunities."

Segovia European CLO 1-2014 DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by sub-investment
grade borrowers. Segovia Loan Advisors (UK) LLP manages the
transaction.

  Ratings List

  CLASS   RATING      AMOUNT   SUBORDINATION (%)
                    (MIL. EUR)   
  A-R-R   AAA (sf)    248.00     38.00
  B-R-R   AA (sf)      40.00     28.00
  C-R-R   A (sf)       24.00     22.00
  D-R-R   BBB (sf)     28.00     15.00
  E-R-R   BB- (sf)     21.20      9.70
  F-R-R   B- (sf)      11.40      6.85
  Sub. Notes   NR      38.70       N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency    
switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.




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

MONG DUONG FINANCE: Fitch Affirms USD679MM Notes Rating at 'BB'
---------------------------------------------------------------
Fitch Ratings has affirmed the rating on the USD679 million 5.125%
senior secured notes due 2029 issued by Mong Duong Finance Holdings
B.V., a Netherlands-domiciled SPV, at 'BB'. The Outlook is
Positive. The issuer acquired all of AES Mong Duong Power Company
Limited's (AES MD) outstanding project financing loans raised for
its Mong Duong 2 (MD2) power plant.

RATING RATIONALE

The notes' rating is capped at 'BB'/Positive by Vietnam's sovereign
rating (BB/Positive) due to the government guarantee of Vietnamese
state counterparty obligations. The underlying credit profile is
assessed at 'BBB-', underpinned by the highly predictable revenue
safeguarded by the robust power purchase agreement (PPA) with
state-owned Vietnam Electricity (EVN, BB/Positive) until 2040,
pass-through of fuel costs to off-takers, commercially proven
technology, an experienced self-operated management team, and the
financial profile under Fitch's rating case that is commensurate
with the rating.

KEY RATING DRIVERS

Robust Long-Term PPA - Revenue Risk: Stronger

MD2's revenue stream under the PPA consists of capacity payments
and energy payments, where capacity payments are structured to
cover debt servicing, fixed operating costs and provide a return on
equity while energy payments to cover variable operating costs and
a pass-through of coal costs subject to meeting contracted heat
rate requirements. Therefore, MD2 has the cash flow with long-term
visibility without exposure to merchant power-price risk.

In addition, the PPA foresees pass-through of costs associated with
changes in environmental legislation or permits to EVN. Fitch
regards the termination provisions as mostly in line with these
types of power projects. Fixed-capacity charges are indexed to the
US dollar, providing insulation against foreign-exchange
fluctuation; a portion of operating expense payments is in
Vietnamese dong to cover costs in local currency. EVN's performance
and financial obligations under the PPA are further supported by
the government guarantee until 2033, beyond the bond tenor.

Self-Operated by Experienced Sponsors - Operation Risk: Midrange

MD2 employs conventional, commercially proven technology with a
six-year operation history. The project is self-operated under
cost-plus technical service agreements with experienced
shareholders.

MD2 has managed to maintain its availability above the contracted
level. The project is liable for a capacity damages charge if
outage energy is greater than the allowance. The allowed outage
energy is calculated annually, which means that a forced outage in
one month can be compensated by higher availability in the next
month. MD2 is also permitted to carry up to 160GWh of allowed
outage energy from one year to another if it remains unutilised.

Heat rates have improved after a combustion issue was resolved from
the Contract Year 6. The current actual heat rate is better than
the PPA heat rate and the company does not anticipate a heat-rate
deviation relative to the PPA in its projection. However, a longer
record will provide more certainty on whether this heat-rate is
sustainable, thus Fitch's rating case forecasts a 2%
underperformance relative to the PPA.

However, Fitch's operation risk assessment is constrained to
'Midrange' due mainly to heat-rate underperformance, the
self-operated contractual mechanism with cost-plus operations and
maintenance (O&M) arrangements, and limited technical advisor
inputs during the rating process.

Fuel Supply Risk Passed-Through - Supply Risk: Midrange

A coal-supply agreement until 2040 was signed between MD2 and
state-owned Vinacomin, at a coal price regulated by the government
but no higher than that charged to other EVN power plants.
Vinacomin's payment obligations and financial commitments are
further secured by a government guarantee until 2033, covering the
whole debt tenor. The coal-pricing mechanism mirrors the PPA
provisions, which are designed to pass through the coal costs to
EVN via PPA energy payments, although the effectiveness of cost
pass-through is subject to maintaining required fuel efficiency.

The build-operate-transfer (BOT) contract protects the project
against interruption in coal supplies, other than that caused by
AES MD. The company will still receive capacity charges from the
Ministry of Industry and Trade if Vinacomin fails to supply the
coal and the plant cannot generate electricity.

AES MD also reserves the right to buy coal from an alternative
source. Vinacomin is obligated to cover any difference if the cost
of coal between the alternative source and Vinacomin is less than
3%. However, it is less likely that AES MD will be able to buy coal
in the market with only a 3% increase in cost, since Vinacomin is
Vietnam's largest coal producer and the cost would be at market
prices, not the government-regulated price. Vinacomin has also
built a strong pipeline of projects to sustain the domestic coal
supply.

Fully Amortising, Non-Standard Structure - Debt Structure:
Midrange

The offshore SPV issued a four-year floating-rate loan, which is
swapped into a fixed-rate loan, and 10-year senior secured
fixed-rate notes. The SPV uses the proceeds to purchase the
existing BOT loan for around USD1.1 billion. The new debt, which
has the same quantum and amortisation profile as the BOT loan, will
be serviced by BOT-loan debt-service payments.

The security package of the original financing is available to the
new lenders, but indirectly through the loan provided by the
offshore SPV to AES MD. The new lenders will also benefit from a
pledge of shares in the SPV and security over the SPV's assets. The
transaction's structure is not standard due to a lack of a direct
relationship between the offshore SPV and AES MD, either through
the shareholding of the offshore SPV or a guarantee from AES MD.

The debt is fully amortising and ranks pari passu. The amortisation
will be sequential among the two tranches; the 10-year bond will
start amortising after the four-year loan is fully amortised in
2023. Covenants include limitations on indebtedness, business
activities and asset disposals. The debt also benefits from a
backward-looking distribution lock-up at a 1.15x debt service
coverage ratio (DSCR). A debt service reserve letter of credit will
be in place at the amount of debt service in the next six months
and a maintenance reserve account will be prefunded for major
overhaul capex over the next six years.

PEER GROUP

Fitch views the notes (BBB-/Stable) issued under Minejesa Capital
BV and guaranteed by PT Paiton Energy to be comparable. Paiton is
the second-largest independent power producer in Indonesia's
eastern Java, and the rating applies to three units of the plant,
one of which (Unit 3) is also using super-critical pulverised coal
technology. The project is fully contracted under a long-term PPA,
with fuel costs effectively passed through, and is run by a
sponsor-owned operator. Paiton's debt structure is typical of
project finance transactions, featuring a fully amortising,
six-month debt service reserve account, 12-month major maintenance
reserve account and a distribution lock-up covenant of 1.2x DSCR.
MD2 has a non-standard structure and security package, but benefits
from a six-month debt service reserve letter of credit and a 1.15x
lock-up covenant. Paiton benefits from a longer operating history
and has an average profile annual DSCR of 1.45x with a minimum of
1.25x in Fitch's rating case.

MD2 also compares well against PT Lestari Banten Energi (LBE),
which guaranteed the notes issued under LLPL Capital Pte. Ltd.,
rated 'BBB-' with a Stable Outlook. LBE operates a 635MW
super-critical coal-fired power plant in west Java. Similarly to
MD2, the project has a favourable long-term PPA with the
state-owned electricity supplier, which provides capacity payments
and a pass-through element to cover operating costs. Both projects
have cost-plus operation and maintenance structure. LBE benefits
from input from US-based Black & Veatch, which allows us to apply
lower stress in Fitch's rating case. LBE's debt is fully amortising
with a six-month debt service reserve account and a distribution
lock-up at 1.20x DSCR, which is slightly stronger than that of MD2.
LBE has an average profile annual DSCR of 1.42x and a minimum of
1.08x in Fitch's rating case.

RATING SENSITIVITIES

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

-- Downgrade of the sovereign rating of Vietnam to 'BB-';

-- Operational difficulties or other developments that result in
    the projected annual DSCR dropping below 1.20x in Fitch's
    rating case.

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

-- Upgrade of the sovereign rating of Vietnam to 'BB+' with no
    deterioration in the underlying credit profile.

BEST/WORST CASE RATING SCENARIO

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

CREDIT UPDATE

In Contract Year 6 (22 April 2020 - 21 April 2021), MD2's actual
availability achieved 0.9% higher than the PPA availability
requirement and there was no financial penalty imposed related to
plant performance. Effective availability factor (EAF) in July 2021
was recorded lower than other months because annual scheduled
outage of Unit 2 was conducted. However, as the schedule outage
hours were well managed within the allowed outage hours, the
relatively low EAF in July should not have an impact on meeting the
yearly PPA availability requirement.

MD2 had a decreased capacity factor in Contract Year 6 due mainly
to low dispatch, resulting in higher reserved shutdown hours in the
period September - November 2020. However, Fitch understands that
MD2 has limited cash flow exposure to the dispatch level because
most cash flow is generated from fixed capacity charges, which EVN
has to pay as long as the plant meets the PPA availability
targets.

In Contract Year 5, MD2 experienced about 2% heat-rate
underperformance relative to the PPA target. The underperformance
was due partly to shutdown of one of the six coal pulverisers for
maintenance, leading to less fine coal (larger coal particle size)
and therefore higher heat rates. All six pulverisers are now back
to operating normally during full load. Meanwhile, seawater
temperatures in 2019 and 2020 were higher than normal. The plant
had to de-rate (operate at lower-than-designed capacity) to control
the impact of the discharged water on the environment, which
affected the achieved heat rate. Still, improvements in heat rate
have been seen in the latter part of Contract Year 6 and current
Contract Year 7. The current actual heat rate is better than the
PPA (corrected) heat rate since the combustion issue from previous
years was resolved.

The capex plan, budgeted by management last year, generally remains
valid with a minor reclassification adjustment of certain
maintenance expenses from capex to O&M expense.

Management confirmed that the plants were not experiencing any
meaningful Covid-19 related impact. MD2's cash flow is not
materially affected due to its high independence from dispatch
level, despite the outbreak resulting in lower energy demand from
EVN. Coal supply and O&M activities have not been interrupted while
the bill collections and currency conversion run normally.

It is reported that AES Corporation signed an agreement on 31
December 2020 to sell its entire equity interest in MD2 to a
consortium led by a US-based investor. This transaction is expected
by the management to close in late 2021 or early 2022, subject to
customary approvals. The potential effect on the rating will be
further assessed when more information is disclosed publicly.

FINANCIAL ANALYSIS

Fitch projects the base case with management's projections for
availability factors, dispatch factors, coal costs, routine
operating expenses and scheduled maintenance costs. The heat rate
is forecast to be 0.5% above the PPA's target. Fitch's base case
also reflects Fitch's macroeconomic assumptions for US CPI, Vietnam
CPI and exchange rates.

Fitch's rating case applies further stresses to the Fitch base
case, including stresses on outage durations (1pp increase to
annual forced outage duration and 10% stress to planned outage
durations), and a heat rate 2% above the PPA's target given the
historical underperformance of the plant. Fitch stresses the
operating costs and capex by a 15% haircut, in line with Fitch's
Thermal Power Project Rating Criteria.

Fitch focuses on the minimum and average annual DSCR in light of
the fully amortising debt and the limited term of the PPA, which
terminates in 2040. The average profile annual DSCR under Fitch's
base case for the 10-year senior secured notes is 1.49x (previously
1.48x), with a minimum of 1.43x. The annual DSCR under Fitch's
rating case for the notes averages at 1.40x (previously 1.40x),
with a minimum of 1.32x.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The notes' rating is capped by Vietnam's sovereign rating due to
the government guarantee of Vietnamese state counterparty
obligations.

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.

[*] NETHERLANDS: Corporate Bankruptcies Down in July 2021
---------------------------------------------------------
The number of corporate bankruptcies, adjusted for court session
days, in the Netherlands has decreased.  There were 12 fewer
bankruptcies in July than in the previous month, according to
Statistics Netherlands (CBS).  The number of bankruptcies
pronounced in the first seven months of 2021 is more than half
lower than in the first seven months of 2020.

Number of bankruptcies at lowest level in more than 30 years
The number of corporate bankruptcies (excluding sole
proprietorships), adjusted for court session days, fluctuates
significantly. Ups and downs alternate in rapid succession.  The
number of bankruptcies peaked in May 2013 (816); it subsequently
declined continuously until August 2017 inclusive and then became
fairly stable up until mid-2020.  The trend has been downward again
since then.  In July 2021, the number of bankruptcies (on a monthly
basis) reached its lowest level since January 1991.

Most bankruptcies recorded in trade
If the number of court session days is not taken into account, 103
businesses and institutions (excluding sole proprietorships) were
declared bankrupt in July.  With a total of 17 (8 fewer than in
June), the trade sector suffered most.

Trade is among the sectors with the highest number of businesses.
In July, the number of bankruptcies was relatively highest in the
construction sector.




=============
R O M A N I A
=============

KAZMUNAYGAS INTERNATIONAL: S&P Withdraws 'B' Long-Term ICR
----------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Bucharest-based KazMunayGas International N.V. (KMGI) at the
company's request. The outlook was negative at the time of the
withdrawal.




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

FTA UCI 17: Fitch Affirms CC Rating on 2 Tranches
-------------------------------------------------
Fitch Ratings has upgraded three tranches of four FTA UCI Spanish
RMBS transactions. Fitch has also removed three tranches from
Rating Watch Positive (RWP). All Outlooks are Stable.

        DEBT                   RATING            PRIOR
        ----                   ------            -----
FTA, UCI 17

Class A2 ES0337985016    LT  BBB-sf  Upgrade     BB+sf
Class B ES0337985024     LT  CCCsf   Affirmed    CCCsf
Class C ES0337985032     LT  CCsf    Affirmed    CCsf
Class D ES0337985040     LT  CCsf    Affirmed    CCsf

FTA, UCI 14

Class A ES0338341003     LT  A-sf    Upgrade     BBB+sf
Class B ES0338341011     LT  BB-sf   Upgrade     B+sf
Class C ES0338341029     LT  CCCsf   Affirmed    CCCsf

FTA, UCI 15

Series A ES0380957003    LT  BBBsf   Affirmed    BBBsf
Series B ES0380957011    LT  BB-sf   Affirmed    BB-sf
Series C ES0380957029    LT  CCCsf   Affirmed    CCCsf
Series D ES0380957037    LT  CCCsf   Affirmed    CCCsf

FTA, UCI 16

A2 ES0338186010          LT  BBBsf   Affirmed    BBBsf
B ES0338186028           LT  B-sf    Affirmed    B-sf
C ES0338186036           LT  CCCsf   Affirmed    CCCsf
D ES0338186044           LT  CCsf    Affirmed    CCsf
E ES0338186051           LT  CCsf    Affirmed    CCsf

TRANSACTION SUMMARY

The transactions comprise Spanish residential mortgages originated
and serviced by Union de Creditos Inmobiliarios (UCI,
BBB/Stable/F2) a specialist lender fully owned by BNP Paribas, S.A.
(A+/Negative/F1) and Banco Santander, S.A. (A-/Stable/F2).

KEY RATING DRIVERS

CE To Increase: The rating actions reflect Fitch's view that the
notes are sufficiently protected by credit enhancement (CE) to
absorb the projected losses commensurate with prevailing and higher
rating scenarios. For all the transactions, Fitch expects CE ratios
to build up, mainly for the senior notes, because of the prevailing
sequential amortisation of the notes, which it expects to continue,
with a switch to pro-rata amortisation viewed as unlikely.

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

Restructured Loans and Portfolio Risky Attributes: The originator
has restructured about half of the portfolio balances of the
transactions to support borrowers either facing or anticipating
financial hardship. In accordance with Fitch's European RMBS Rating
Criteria, Fitch applies foreclosure frequency (FF) adjustments to
these loans based on the most recent date between last date in
arrears or restructuring end date. If restructured loans have less
than one year of clean payment history (which is presently the case
for around 50% of all restructured positions), Fitch assigns a FF
floor expectation equivalent to that applied to loans in arrears
over 90 days.

Additionally, more than 90% of portfolio balances on average is
linked to loans originated by third-party brokers or intermediates,
which are considered riskier than branch-originated loans within
Fitch's credit analysis, and are therefore subject to a FF
adjustment of 150%.

No Credit Given to Unsecured Loans: The transactions contain a
small proportion of unsecured loans ranging from 3.6% (UCI 16, UCI
17) to 5.6% (UCI 14) of the current portfolio balance including
defaults, which were granted alongside the mortgage at loan
origination. Fitch has not given credit to the proceeds from
unsecured loans due to the inherent risk of complementary loans and
insufficient performance data, resulting in negative CE ratios for
the junior tranches across the four transactions in Fitch's rating
analysis.

ESG Considerations

UCI 14, UCI 15, UCI 16 and UCI 17 have an ESG Relevance Score of 4
for Transaction Parties & Operational Risk due to the large share
of restructured loans that currently form the portfolios which,
negatively impacts the credit profile, and is relevant to the
ratings in conjunction with other factors.

RATING SENSITIVITIES

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

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

-- Improved asset performance outlook driven by smaller exposures
    to restructured loans, and longer clean payment history track
    record on restructured loans.

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis.

For all transactions, Fitch did not receive a fully updated
loan-by-loan file in European DataWarehouse format, but did
received updated information on all key dynamic inputs on a
loan-by-loan basis, in its analysis this information was
complemented with an additional restructured loan data file.

Fitch has not reviewed the results of any third-party assessment of
the asset portfolio information or conducted a review of
origination files as part of its ongoing monitoring. Fitch did not
undertake a review of the information provided about the underlying
asset pools ahead of the transactions' initial closing. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is, therefore, satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable, but it
expects to receive a full comprehensive loan-by-loan file for its
next review.

ESG CONSIDERATIONS

UCI 14, UCI 15, UCI 16 and UCI 17 have an ESG Relevance Score of
'4' for Transaction Parties & Operational Risk due to the large
share of restructured loans that currently form the portfolios,
which negatively impacts the credit profiles, and is relevant to
the ratings in conjunction with other factors.

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



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

FONTWELL SECURITIES 2016: Fitch Affirms CCC Rating on S Tranche
---------------------------------------------------------------
Fitch Ratings has upgraded three classes of Fontwell Securities
2016 Limited, and affirmed the others. The Outlook on 12 tranches
has been revised to Stable from Negative.

Fontwell Securities 2016 Limited

DEBT         RATING          PRIOR
----         ------          -----
A     LT  AA-sf  Affirmed    AA-sf
B     LT  AA-sf  Affirmed    AA-sf
C     LT  AA-sf  Affirmed    AA-sf
D     LT  AA-sf  Affirmed    AA-sf
E     LT  AA-sf  Affirmed    AA-sf
F     LT  AA-sf  Affirmed    AA-sf
G     LT  AA-sf  Affirmed    AA-sf
H     LT  AA-sf  Affirmed    AA-sf
I     LT  AA-sf  Affirmed    AA-sf
J     LT  A+sf   Upgrade     A-sf
K     LT  A+sf   Upgrade     BBB+sf
L     LT  Asf    Upgrade     BBB+sf
M     LT  BB+sf  Affirmed    BB+sf
N     LT  BB+sf  Affirmed    BB+sf
O     LT  BB+sf  Affirmed    BB+sf
P     LT  B+sf   Affirmed    B+sf
Q     LT  B+sf   Affirmed    B+sf
R     LT  B+sf   Affirmed    B+sf
S     LT  CCCsf  Affirmed    CCCsf

TRANSACTION SUMMARY

The transaction is a granular synthetic securitisation of partially
funded credit default swaps (CDS) referencing a static portfolio of
secured loans granted to UK borrowers in the farming and
agriculture sector. The loans were originated by AMC plc, a fully
owned subsidiary of Lloyds Bank plc (A+/Stable/F1).

The notes' ratings address the likelihood of a claim being made by
the protection buyer under the CDS by the end of the protection
period in December 2024, in accordance with the documentation.

KEY RATING DRIVERS

Outlooks Revised to Stable: The Outlooks on the class A to I notes
have been revised to Stable from Negative following the similar
action on the UK sovereign IDR (AA-/Stable) on 18 June 2021. The
class A to I notes' ratings are currently constrained by the UK
Long-Term Issuer Default Rating (IDR).. The transaction references
a static portfolio of secured loans granted to UK borrowers in the
farming and agriculture sector. This sector is highly dependent on
direct subsidies, which are currently provided by the EU but are
gradually being replaced by UK subsidies due to Brexit.

As the outlook for the UK and the coronavirus situation has
improved since the last review, Fitch has also revised the Outlooks
on the class P to R notes to Stable from Negative. Credit
enhancement (CE) for these notes gives a positive cushion over the
expected losses under the rating scenarios.

Increased CE: The upgrades and affirmations of the notes reflect
increased CE due to the transaction deleveraging since the last
review in October 2020. The class A notes have partially amortised
by GBP75.6 million since then, leading to an increase in CE
available for all notes except the class S notes.

CE for the class S notes has reduced slightly as a result of a
reduction of the class T notes' balance following the initial loss
for credit events, which offset the positive impact of
amortisation. Final loss is yet to be determined and could change
the loss level, although Fitch notes that historically there have
been no losses recorded on these loans in the originator's book.

Low Default Risk: The transaction has performed better than Fitch's
expectations, with credit events at around 0.6% of outstanding
portfolio balance (up from 0.4% for the last review), significantly
lower than the expected annual average probability of default (PD)
for the SME sector in the UK over the next five years. Fitch
continues to assign a one-year average PD (based on 90 days past
due) of 2% to all borrowers in the portfolio, due to risks
associated with Brexit.

Limited Collateral Dilution Risk: The eligibility criteria and the
originator's policies set the maximum loan-to-value (LTV) at 60%,
calculated on a borrower basis. However, available mortgage
collateral secures all AMC exposure including debt outside of the
transaction. Any recoveries will be shared pro rata across a
borrower's different AMC debts. The current LTV in the portfolio is
around 30% and has been largely stable since closing, but any
additional lending could reduce the collateral share for the
securitised exposures.

Fitch has stressed the LTV to 50% for loans with LTVs under 50%.
The vast majority of available collateral is over agricultural
land. In the recovery analysis, Fitch has applied its commercial
property haircuts, which at the 'AA' level, are 75% and would
reverse most of the increase experienced over the last 10 years.

Limited Obligor Concentration: The portfolio is diverse with a
total of 6,747 loans. The largest obligor and top 10 obligors
contribute 0.4% and 4% of the total portfolio balance,
respectively.

Single Industry Exposure: All the borrowers in the reference
portfolio are exposed to the UK farming and agriculture sector.
Accordingly, Fitch continues to apply a bespoke correlation of
10%.

RATING SENSITIVITIES

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

-- A decrease in the default rate at all rating levels by 25% of
    the portfolio's mean default rate, and an increase of the
    recovery rate by 25% could result in not more than a four
    notch upgrade.

-- CE ratios increase as the transaction deleverages, fully
    compensating credit losses that are commensurate with higher
    rating scenarios, all else being equal.

-- The class A to I notes' ratings are currently constrained at
    the UK's IDR. As such, Fitch does not expect class A to I
    notes to be upgraded above the UK's IDR.

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

-- An increase in the default rate at all rating levels by 25% of
    the portfolio's mean default rate, and a decrease of the
    recovery rate by 25% could result in not more than four
    notches downgrade across the capital structure, with the
    impact more severe in the more junior tranches.

-- CE ratios cannot fully compensate for the credit losses
    associated with the current ratings scenarios, all else being
    equal.

-- A downgrade of the UK sovereign's Long-Term IDR could lower
    the maximum achievable structured finance rating for the
    transaction.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fontwell Securities 2016 Limited

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

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

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

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

ESG CONSIDERATIONS

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

GREENSILL CAPITAL: Bankrupt U.S. Unit Gets OK to Sell Finacity
--------------------------------------------------------------
Steven Church at Bloomberg News reports that Greensill Capital's
bankrupt U.S. unit won court approval to sell its Finacity Corp.
business to White Oak Global Advisors for US$7 million after
reaching a deal with unsecured creditors.

According to Bloomberg, the transaction includes an agreement with
Finacity founder Adrian Katz, who dropped demands for US$21.2
million in payments related to Greensill's purchase of Finacity in
2019.  In return, the bankrupt U.S. unit will not try to sue Katz
or certain other insiders for their role in the deal, Bloomberg
states.

Greensill is shedding Finacity to raise money for creditors just
two years after acquiring the business, Bloomberg notes.

Greensill's U.S. unit filed for bankruptcy in New York in March
following the collapse of its parent in the U.K, Bloomberg relates.
The U.S. unit had acquired Finacity from Katz, who continued to
lead the business after its purchase.  Finacity helps companies
turn their invoices into structured financing, Bloomberg recounts.

The case is Greensill Capital Inc., 21-10561, U.S. Bankruptcy Court
for the Southern District of New York (Manhattan)


GREENSILL: Credit Suisse Catastrophe Notes at Distressed Levels
---------------------------------------------------------------
Irene Garcia Perez at Bloomberg News reports that Credit Suisse
Group AG catastrophe notes linked to the bank's operational risks
are quoted at distressed levels, amid concern scandals tied to the
collapses of Archegos and Greensill Capital might trigger the
insurance and wipe out principal.

According to Bloomberg, a sliver of the US$461 million of bonds was
selling at around 60 cents on the dollar.

The notes sold in March 2020 -- the third such issuance tied to the
bank since their debut in 2016 -- are among the world's most
complex and secretive, requiring investors to sign non-disclosure
agreements, Bloomberg discloses.

LEHMAN BROTHERS PTG: Sept. 9 Deadline Set for Proofs of Debt
------------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales) Rules
2016 (the "Rules") the Joint Administrators of Lehman Brothers
(PTG) 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/lbptg-limited-in-administration.html.


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

Further details are available in the privacy statement at
PwC.co.uk.

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 November 6, 2008.


RANGERS FOOTBALL: Crown Office Accused of Wasting Public Money
--------------------------------------------------------------
Chris McCall at Daily Record reports that Scotland's Crown Office
has been accused of wasting public money by snubbing a cut-price
deal over the Rangers fiasco.

According to Daily Record, insolvency expert David Whitehouse says
in 2018 he offered prosecutors the chance to settle with him for
GBP2 million.

It was later forced to admit its prosecution of him and his Duff
and Phelps colleague Paul Clark was malicious -- and paid out GBP21
million, Daily Record recounts.

The Crown also agreed this year to pay them GBP4.4 million in legal
costs, all funded by the taxpayer, Daily Record states.

Mr. Whitehouse on Aug. 11 branded the refusal as "arrogant" and
said legal bosses had "no regard for public money", Daily Record
relates.

Mr. Whitehouse, 55, said: "In 2018, we obtained an expert report
and my then senior counsel approached the Crown Office to say we
would like a settlement discussion to avoid the litigation risk.
They weren't interested.

"At that stage, I would have been content with a settlement of
around GBP2 million.

"I would have been happy to have accepted an offer well below the
true value of my loss.

"Their flat-out refusal to even listen meant I ended up receiving
GBP10.5 million plus substantial legal fees."

He spoke after former Ibrox chairman Charles Green settled out of
court for GBP6.4 million in damages on Aug. 10, Daily Record
notes.

Mr. Whitehouse and Mr. Clark were appointed when Rangers went into
administration in 2012, Daily Record recounts.  The club's assets
would be sold to a consortium led by Charles Green that year, Daily
Record states.

The administrators were arrested in 2014 but charges were later
dropped, according to Daily Record.

The Inner House of the Court of Session paved the way for payouts
when it ruled in 2019 that the Lord Advocate does not have immunity
from claims of malicious prosecution, Daily Record discloses.

Mr. Green accepted his settlement minutes before his Court of
Session case against the Crown Office was to start, Daily Record
relays.

It is feared the total bill for the decision to prosecute those
involved in the administration of Rangers could end up costing the
public more than GBP100 million, Daily Record notes.


SPICERS: Greater Manchester Warehouse Gets New Tenant
-----------------------------------------------------
Tom Houghton at BusinessLive reports that an historic cake maker
has leased a huge Greater Manchester warehouse after its previous
tenant, office supplies wholesaler Spicers, fell into
administration.

Joint agents Gerald Eve and BC Real Estate were instructed to
market the property after Spicers into administration back in June
2020, BusinessLive relates.

According to BusinessLive, Gerald Eve and BC Real Estate have
announced a 84,679 sq ft letting to Park Cakes in Heywood.

The Oldham-headquartered cake manufacturer, which has been in
operation for over 80 years and employs 2,000 people across Greater
Manchester, has taken the detached warehouse on a 10-year lease,
BusinessLive discloses.




THAYER PROPERTIES: Sept. 9 Deadline Set for Proofs of Debt
----------------------------------------------------------
Pursuant to Rule 14.29 of the Insolvency (England and Wales) Rules
2016 (the "Rules"), the Joint Liquidators of Thayer Properties
Limited intend to declare a twelfth interim dividend to unsecured,
non-preferential creditors within two months from the last date of
proving, being September 9, 2021. Creditors are required on or
before that date to submit their proofs of debt to the Joint
Liquidators, PricewaterhouseCoopers LLP, 7 More London Riverside,
London SE1 2RT, United Kingdom, marked for the attention of Andrew
Maran 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 Liquidators to be necessary.

The Joint Liquidators 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 Liquidators.

For further information, contact details, and proof of debt forms,
please visit
http://www.pwc.co.uk/services/business-recovery/administrations/lehman/thayer-properties-limited-in-administration.html.


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

Further details are available in the privacy statement at
PwC.co.uk.

The Joint Liquidators can be reached at:

         Gillian Eleanor Bruce (IP no. 9120)
         Edward John Macnamara (IP no 9694)
         PricewaterhouseCoopers LLP
         7 More London Riverside
         London SE1 2RT, United Kingdom

The Joint Liquidators were appointed on November 1, 2012.




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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *