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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

          Wednesday, August 25, 2021, Vol. 22, No. 164

                           Headlines



I R E L A N D

OCP EURO 2020-4: Moody's Assigns (P)B3 Rating to EUR13MM F Notes


P O L A N D

CANPACK SA: Moody's Withdraws Ba2 CFR & Ba2 Rating on Unsec. Bond


R U S S I A

CB RENAISSANCE: S&P Raises ICR to 'B+' on Stronger Capitalization


S W E D E N

CASTELLUM AB: Moody's Rates New Subordinated Hybrid Notes 'Ba1'


U N I T E D   K I N G D O M

ALL FOUNDATIONS: Goes Into Administration
AW DALLAS: Put Into Liquidation Due to British Steel Complaints
CLEVELAND BRIDGE: Bridge Beam Installation to Proceed After Delay
KAPEX CONSTRUCTION: Enters Administration
MAREX FINANCIAL: S&P Withdraws 'BB+' Rating on Subordinated Notes

NORTHERN PROVIDENT: Enters Creditors' Voluntary Liquidation
REFINERY BAR: To Close on Sept. 12 After Landlord Serves Notice
RIPON MORTGAGES: Moody's Hikes Rating on GBP98.58MM G Notes to Ba2
VEDANTA RESOURCES: Moody's Affirms B2 CFR, Alters Outlook to Stable
WILLIAM HILL: S&P Downgrades ICR to 'B' on Takeover by Caesars


                           - - - - -


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I R E L A N D
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OCP EURO 2020-4: Moody's Assigns (P)B3 Rating to EUR13MM F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by OCP Euro CLO
2020-4 Designated Activity Company (the "Issuer"):

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

EUR22,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR22,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR29,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR18,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR13,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer will issue the notes in connection with the refinancing
of the following classes of notes (the "Original Notes"): Class A
Notes, Class B-1 Notes, B-2 Notes, Class C Notes, Class D Notes,
Class E Notes and Class F Notes, due 2033 previously issued on June
24, 2020 (the "Original Closing Date"). The Original Notes were not
rated by Moody's.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be fully ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6-month ramp-up period in compliance with the portfolio
guidelines.

Onex Credit Partners, LLC will manage the CLO with Onex Credit
Partners Europe LLP acting as sub manager (together 'Onex'). Onex
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
2.3-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, on the
Original Closing Date the Issuer issued EUR31,000.000 Subordinated
Notes due 2033 which are not rated. The terms and conditions of the
existing subordinated notes will be amended in accordance with the
refinancing notes' conditions.

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:

Par Amount: EUR400,000,000

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3,100

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 3.85%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 7.1 years



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P O L A N D
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CANPACK SA: Moody's Withdraws Ba2 CFR & Ba2 Rating on Unsec. Bond
-----------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings and outlook of
Polish metal and glass packaging manufacturer CANPACK S.A.,
including its Ba2 corporate family rating, its Ba2-PD probability
of default rating, and the Ba2 rating on the $400 million
guaranteed senior unsecured notes due 2025 and on the EUR600
million guaranteed senior unsecured notes due 2027 co-issued by
CANPACK and its sister company CANPACK US LLC. Prior to the
withdrawal, the outlook on all ratings was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

LIST OF AFFECTED RATINGS

Withdrawals:

Issuer: CANPACK S.A.

LT Corporate Family Rating, Withdrawn, previously rated Ba2

Probability of Default Rating, Withdrawn, previously rated Ba2-PD

Senior Unsecured Regular Bond/Debenture, Withdrawn, previously
rated Ba2

Issuer: Canpack US LLC

Senior Unsecured Regular Bond/Debenture, Withdrawn, previously
rated Ba2

Outlook Actions:

Issuer: CANPACK S.A.

Outlook, Changed To Rating Withdrawn From Stable

Issuer: Canpack US LLC

Outlook, Changed To Rating Withdrawn From Stable

COMPANY PROFILE

Founded in 1994, CANPACK S.A. is a global manufacturer of aluminum
cans, glass containers and metal closures for the beverage industry
and of steel cans for the food and chemical industries. In 2020,
CANPACK generated approximately $2.3 billion of revenue.

CANPACK SA is privately owned by sole shareholder Peter Giorgi via
the holding company Giorgi Global Holdings Inc. CANPACK US LLC, the
co-issuer of the notes, is a sister company of CANPACK S.A. and
directly owned by F&P Holding Co., Inc., also a subsidiary of
Giorgi Global Holdings Inc.



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R U S S I A
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CB RENAISSANCE: S&P Raises ICR to 'B+' on Stronger Capitalization
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Russia-based CB Renaissance Credit LLC to 'B+'. The outlook is
stable. At the same time, S&P affirmed its 'B' short-term issuer
credit rating on Renaissance Credit.

S&P said, "We expect Renaissance Credit to maintain strong
capitalization with risk-adjusted capital sustainably above 10%
over the next two years.New additional risk charges for consumer
lending that will take effect in Russia on Oct. 1, 2021, will force
Renaissance Credit to increase its capital-to-assets ratio,
resulting in a RAC ratio above 10%. Our current projections
incorporate modest 7% lending growth in 2021 because the bank plans
to revert to lending growth expansion in the second half of the
year and about 15% growth in 2022. We do not expect the bank to
distribute any sizable dividends in either of these years."

The shift toward better quality customers will be gradual.
Renaissance Credit is seeking to shift toward digital channels and
clients with higher creditworthiness by using more transactional
business and turning away from traditional point of sale business.
This shift will likely be gradual, given strong positions of
incumbents in the prime space. As a result, while cost of risk is
likely to stay subdued over 2021 and 2022, S&P expects it to
gradually return to 7%-7.5%, commensurate with the four-year
average.

S&P said, "The stable outlook reflects our view that Renaissance
Credit will maintain its strong capitalization and stable asset
quality in the next 12-18 months, with credit losses and a
delinquency rate at least on par with other retail banks in
Russia.

"We could lower the rating in the next 12-18 months if we saw that
rapid lending growth or relaxation of risk-management practices was
leading to significant deterioration of the bank's key asset
quality metrics with credit losses rising substantially beyond our
expectations and higher than those of peers. Deterioration of the
bank's capital position with our RAC ratio falling below 10%--for
example due to high growth, increasing credit losses, changes in
capital policy, or relaxed regulatory requirements--may also prompt
us to take a negative rating action.

"A positive rating action is unlikely over the next 12-18 months,
in our view, unless we see a material improvement in Russia's
macroeconomic conditions."




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S W E D E N
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CASTELLUM AB: Moody's Rates New Subordinated Hybrid Notes 'Ba1'
---------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the proposed
perpetual benchmark size subordinated ("hybrid") notes to be issued
by Castellum AB. The outlook is stable.

"The hybrid bond issue is for financing Castellum's business going
forward, among other things the financing of Castellum's launch of
the public offer to acquire all shares in Kungsleden AB. The hybrid
bond issuance demonstrates Castellum's willingness to adhere to its
financial policy to protect its balance sheet which is credit
positive," says Maria Gillholm, Moody's Vice President -- Senior
Credit Officer and lead analyst on Castellum."

RATINGS RATIONALE

On August 2, Castellum announced that it has launched a public
offer to acquire all shares in Kungsleden AB. Moody's view the
transaction as initially credit negative for Castellum because it
will reduce the company's rating capacity as it will effectively
elevate its financial leverage to ca. 47% Moody's-adjusted debt to
assets (pro-forma for the combined entity as of end June 2021),
leaving it outside of the current rating guidance. The temporary
increase in leverage will be balanced by the company's strong
commitment to its current Baa2 rating and the targeted reduction of
leverage towards a level of below 45% by year-end 2021 to be
supported by disposals of non-core assets, additional refinancing
measures including the issuance of hybrid capital, among others.
The targeted disposals of non-core assets will also likely improve
the overall portfolio composition and strategic focus in terms of
locations and asset classes.

The Ba1 rating assigned to the perpetual subordinated (hybrid)
notes to be issued by Castellum is two notches lower than the Baa2
senior unsecured rating of Castellum. The Ba1 rating reflects the
deeply subordinated nature of the hybrid notes. The subordinate
hybrid notes qualify for a Basket C or 50% equity treatment under
Moody's methodology. The hybrid issue is a perpetual deeply
subordinated debt instrument that is ranking senior to ordinary
shares. Preference shares has been issued in the company's
jurisdiction by other similar issuers but most importantly
Castellum's notes ranks pari passu with preference shares, should
Castellum in the future decide to utilize preference shares.

There is optional deferral, which is cumulative and compounding
basis. Any deferred coupons will be subject to a pusher on arrears
i.e. due and payable in certain circumstances including following a
discretionary distribution on or repurchase of junior or parity
securities. Early redemption rights for changes in tax, rating
agency and/or accounting treatment, following prior purchase of 75%
of the originally issued securities, or following a change of
control. Change of control step up 500 bps. No step up before year
10 or over 100 bps beside that.

RATING OUTLOOK

The stable outlook incorporates Moody's expectation that value and
earnings-based leverage metrics will return to levels commensurate
with the company's Baa2 rating guidance, in line as well with
historical levels. Moody's also expect the company to maintain an
unchanged solid liquidity, accessing capital markets and securing
sufficient liquidity in the context of the transaction, including
any imminent refinancing needs triggered by the potential change of
control at Kungsleden at the end of October 2021. Finally, the
stable outlook also incorporates the expectation that Castellum's
business strategy, development and other investment activities
remain commensurate with a conservative financial policy and
business management.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Over the last months governance concerns at Castellum included the
resignation of both CEO and CFO, with no replacements announced.
The fact that Rutger Arnhult, the group's chairman owns a material
share in Castellum as well as in two other competing real estate
companies Klövern and Corem; which raised the risks of conflicts
of interests with a potential reduction in reporting transparency.
In this context, the intended onboarding of the existing
Kungsleden's Management into Castellum's top management structure
can be regarded as a credit positive, also considering the solid
track record of Kungsleden's CEO and CFO.

As a listed company, Castellum's financial policy is to keep its
reported LTV below 50%. However, the company has sustainably kept
its effective leverage below the 45% level, consistent with the
requirements for its Baa2 rating. Company's commitment to financial
policies that support its current rating have been confirmed in the
context of the aimed merger.

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

An upgrade of the ratings could occur if:

Effective leverage goes below 40%, as measured by Moody's-adjusted
gross debt/assets, together with a declining trend from net debt to
EBITDA and financial policies that support the lower leverage

Fixed charge coverage is above 4.5x on a sustained basis

Increasing senior unsecured borrowing lead to an increase of the
pool of unencumbered assets to above 60% whilst at the same time
further improves liquidity and the average length of its debt
maturity profile

A downgrade of the ratings could occur if:

Effective leverage sustained above 45% or net debt to EBITDA not
returning to historical levels

Fixed charge coverage sustained below 3.5x

Heavy reliance on short-term funding, especially if it is no
longer backed by undrawn longer-dated credit facilities

Weaker market fundamentals, resulting in falling rents and asset
values

More aggressive growth strategy leading to higher business risks
or greater capital needs in the future.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was REITs and Other
Commercial Real Estate Firms Methodology published in July 2021.



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U N I T E D   K I N G D O M
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ALL FOUNDATIONS: Goes Into Administration
-----------------------------------------
Aaron Morby at Construction Enquirer reports that one of the
country's top 15 piling contractors All Foundations (UK) has
collapsed into administration.

According to Construction Enquirer, the Derbyshire piling
contractor in last reported accounts delivered GBP13 million
revenue last year making just over GBP100,000 in pre-tax profit.

The Blackwell-based specialist employed around 60 staff who
operated on jobs nationwide, Construction Enquirer discloses.

Administrators from FRP Advisory are handling the firm's affairs,
Construction Enquirer relates.


AW DALLAS: Put Into Liquidation Due to British Steel Complaints
---------------------------------------------------------------
Lois Vallely at Money Marketing reports that advice firm AW Dallas
Financial Services has been forced to place itself in liquidation
due to British Steel transfer advice.

According to Money Marketing, several of the complaints, which were
made about advice given between August 2017 and February 2018, have
resulted in referrals to the Financial Ombudsman Service (FOS).

The total liability in respect of these complaints could exceed
hundreds of thousands of pounds if upheld, Money Marketing states.

The volume of complaints and subsequent FOS referrals made against
AW Dallas has rendered the business insolvent, Money Marketing
notes.

John Cullen -- partner at accountancy firm Menzies LLP -- was
instructed by the directors of AW Dallas to help it place the
company into creditors' voluntary liquidation on Aug. 5, Money
Marketing relates.

It provided notice of this intention to shareholders and creditors
on Aug. 23, Money Marketing recounts.

Initially, the firm's directors and their advisers at Menzies LLP
had hoped that the business and assets would be sold through a
pre-packaged sale, and administration of the company to an
associated business, Money Marketing says.

However, while an offer was made, the Financial Conduct Authority
opposed the sale because the directors and senior managers of both
firms were the same, Money Marketing relays.

The FCA did not believe it appropriate for the directors to
continue to benefit from customers who were potentially misadvised,
according to Money Marketing.

Offers have been made for the customer list by other unconnected
parties, but these are of a lower value, Money Marketing states.
The directors and Menzies LLP have concluded they are insufficient
to warrant placing the company into administration, Money Marketing
notes.

Therefore, the decision has been made to place the company into
liquidation, Money Marketing discloses.


CLEVELAND BRIDGE: Bridge Beam Installation to Proceed After Delay
-----------------------------------------------------------------
Catherine Kennedy at New Civil Engineer reports that bridge beams
for the Bean and Ebbsfleet bridge on the A2 in Kent have been
installed following a delay caused by beam manufacturer Cleveland
Bridge going into administration.

According to New Civil Engineer, the scheduled closure of the A2 at
the beginning of August was postponed due to the challenges faced
by Cleveland Bridge, with the company calling in administrators in
July and making 53 employees redundant earlier this month.

Administrators are now understood to be considering two main
bidders for the company, New Civil Engineer discloses.

The bridge beams were manufactured by Cleveland Bridge in
Darlington before being transported to Kent for installation, New
Civil Engineer notes.

They will now be installed east of the existing Bean Lane bridge,
New Civil Engineer states.


KAPEX CONSTRUCTION: Enters Administration
-----------------------------------------
Coreena Ford at BusinessLive reports that Kapex Construction
Limited, a Newcastle construction company involved in a number of
high profile schemes in the city, has gone into administration.

According to BusinessLive, London Gazette filings at the High Court
of Justice, Business and Property Courts in Newcastle upon Tyne
show the company, based in Gosforth, has appointed Steven Ross and
Allan Kelly of FRP Advisory as joint administrators.

The administrators were officially appointed on Aug. 24 several
weeks after it was first reported that the company was calling in
advisors, BusinessLive relates.

The company posted turnover of GBP11.7 million in its most recent
accounts for the year to March 31, 2020, a marked jump on the
GBP3.16 million reported the previous year, BusinessLive
discloses.

The company is the contracting arm of The Morton Group, which
specializes in land acquisition, property development and
construction.

The group as a whole specializes in sourcing land and existing
development sites across the UK for residential and commercial
opportunities, which would then be built out by the Kapex
Construction team.

Kapex itself was launched in 2016, to work on housing schemes
across the region, with most recent accounts showing it employed 62
people last year, BusinessLive notes.


MAREX FINANCIAL: S&P Withdraws 'BB+' Rating on Subordinated Notes
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' ratings on Marex Financial's
subordinated notes, issued in June 2020. The ratings were withdrawn
at the issuer's request.

S&P said, "Our outlook remains negative on our 'BBB' issuer credit
rating on Marex Financial and 'BBB-' issuer credit rating on its
nonoperating holding company, Marex Group PLC. The negative outlook
continues to reflect our ongoing concerns around the group's
evolving risk profile and the potential vulnerability of its
capital position."


NORTHERN PROVIDENT: Enters Creditors' Voluntary Liquidation
-----------------------------------------------------------
Jean-Baptiste Andrieux at Money Marketing reports that the
Financial Conduct Authority has announced that Northern Provident
Investments (NPI) entered creditors' voluntary liquidation on Aug.
20.

Jason Baker and Geoff Rowley of FRP Advisory Trading (FRP) have
been appointed as joint liquidators, Money Marketing relates.

It follows NPI's proposal to enter creditors' voluntary liquidation
on Aug. 6, Money Marketing notes.

The FCA has renewed its warning that there is a high risk of
scammers trying to take advantage of customers, Money Marketing
discloses.

According to Money Marketing, in its consumer warning on NPI, the
regulator said: "We are notifying consumers of NPI's 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."

NPI operated a platform where retail customers could buy debentures
and shares, which may be held in an innovative finance individual
savings account or stocks and shares individual savings account.

Some of these investments also included mini-bonds, Money Marketing
notes.

The FCA imposed requirements on NPI for it to cease approving any
further financial promotions in February 2020, after the firm
applied to the FCA, Money Marketing recounts.

NPI placed a statement on its website that it would no longer be
offering this service.  According to Money Marketing, the firm's
website now has the following message: "Northern Provident
Investments Limited has ceased to trade and has taken steps to be
placed into a creditors' voluntary liquidation and the relevant
notices have been sent to creditors".


REFINERY BAR: To Close on Sept. 12 After Landlord Serves Notice
---------------------------------------------------------------
Katherine Price at The Caterer reports that Drake & Morgan's the
Refinery bar and restaurant on Edinburgh's St Andrew Square is
closing on Sept. 12 after its landlord served the operator notice.

The operator's Company Voluntary Arrangement (CVA) was approved by
creditors in June and three sites were earmarked for closure,
leaving the bar and restaurant group with 19 venues in London,
Manchester and Edinburgh, The Caterer relates.  

However, the Edinburgh site was not part of the original three
sites planned for closure, The Caterer notes.



RIPON MORTGAGES: Moody's Hikes Rating on GBP98.58MM G Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five notes in
Harben Finance 2017-1 plc and the ratings of seven notes in RIPON
MORTGAGES PLC. The rating action reflects the increased levels of
credit enhancement for the affected notes, and better than expected
collateral performance.

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

Issuer: Harben Finance 2017-1 plc

GBP1493.32M Class A Notes, Affirmed Aaa (sf); previously on Sep
27, 2019 Affirmed Aaa (sf)

GBP125.25M Class B Notes, Affirmed Aaa (sf); previously on Sep 27,
2019 Upgraded to Aaa (sf)

GBP120.43M Class C Notes, Upgraded to Aa1 (sf); previously on Sep
27, 2019 Upgraded to Aa2 (sf)

GBP57.81M Class D Notes, Upgraded to A2 (sf); previously on Sep
27, 2019 Affirmed Baa1 (sf)

GBP4.82M Class E Notes, Upgraded to Baa1 (sf); previously on Sep
27, 2019 Affirmed Baa3 (sf)

GBP19.27M Class F Notes, Upgraded to Baa3 (sf); previously on Sep
27, 2019 Affirmed Ba1 (sf)

GBP19.27M Class G Notes, Upgraded to Ba2 (sf); previously on Sep
27, 2019 Affirmed Caa1 (sf)

Issuer: RIPON MORTGAGES PLC

GBP2179.58M Class A1 Notes, Affirmed Aaa (sf); previously on Sep
27, 2019 Affirmed Aaa (sf)

GBP5460.29M Class A2 Notes, Affirmed Aaa (sf); previously on Sep
27, 2019 Affirmed Aaa (sf)

GBP409.47M Class B1 Notes, Affirmed Aaa (sf); previously on Sep
27, 2019 Upgraded to Aaa (sf)

GBP231.29M Class B2 Notes, Affirmed Aaa (sf); previously on Sep
27, 2019 Upgraded to Aaa (sf)

GBP214.74M Class C1 Notes, Upgraded to Aa1 (sf); previously on Sep
27, 2019 Upgraded to Aa2 (sf)

GBP401.38M Class C2 Notes, Upgraded to Aa1 (sf); previously on Sep
27, 2019 Upgraded to Aa2 (sf)

GBP117.37M Class D1 Notes, Upgraded to A2 (sf); previously on Sep
27, 2019 Affirmed Baa1 (sf)

GBP178.37M Class D2 Notes, Upgraded to A2 (sf); previously on Sep
27, 2019 Affirmed Baa1 (sf)

GBP24.64M Class E Notes, Upgraded to Baa1 (sf); previously on Sep
27, 2019 Affirmed Baa3 (sf)

GBP98.58M Class F Notes, Upgraded to Baa3 (sf); previously on Sep
27, 2019 Affirmed Ba1 (sf)

GBP98.58M Class G Notes, Upgraded to Ba2 (sf); previously on Sep
27, 2019 Affirmed Caa1 (sf)

The two transactions are static cash securitisation of residential
buy-to-let (BTL) mortgage loans extended to borrowers located in
the UK.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches, as well as decreased key collateral
assumptions, namely the portfolio Expected Loss (EL) assumptions
due to better than expected collateral performance.

Increase in Available Credit Enhancement

Sequential amortization and the ongoing transfer of funds from the
Liquidity Reserve Fund to the General Reserve Fund led to the
increase in the credit enhancement available in both transactions.

The credit enhancement for Classes C, D, E, F and G in Harben
Finance 2017-1 increased from 12.6%, 8.9%, 8.6%, 7.3% and 5.6% to
15.0%, 10.7%, 10.4%, 8.9% and 6.5% respectively since the last
rating action in September 2019.

The credit enhancement for Classes C1 and C2, D1 and D2, E, F and G
in RIPON MORTGAGES increased from 12.6%, 8.9%, 8.6%, 7.3% and 5.6%
to 15.0%, 10.7%, 10.3%, 8.9% and 6.5% respectively since the last
rating action in September 2019.

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 both transactions has been better than initially
expected at closing. 90 days plus arrears as a percentage of
current balance in Harben Finance 2017-1 and RIPON MORTGAGES are
currently standing at 0.57% and 0.68% respectively, with pool
factor at 70% and 69%. Cumulative losses currently stand at 0.18%
of original pool balance in both transactions.

Moody's assumed the expected loss of 1.5% as a percentage of
current pool balance for both transactions, due to better than
expected collateral performance. This corresponds to expected loss
assumption as a percentage of the original pool balance of 1.2% for
both transactions, down from the initial assumption of 2.3% at
closing.

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 maintained the MILAN CE
assumptions at 15% for both transactions.

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: (i) performance of the underlying collateral that
is better than Moody's expected; (ii) an increase in available
credit enhancement; (iii) improvements in the credit quality of the
transaction counterparties; and (iv) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.

VEDANTA RESOURCES: Moody's Affirms B2 CFR, Alters Outlook to Stable
-------------------------------------------------------------------
Moody's Investors Service has affirmed holding company (holdco)
Vedanta Resources Limited's (VRL) B2 Corporate Family Rating. At
the same time, Moody's has upgraded to B3 from Caa1, its rating on
the senior unsecured notes issued by VRL and those issued by VRL's
wholly owned subsidiary, Vedanta Resources Finance II Plc and
guaranteed by VRL.

Moody's has also changed the outlook on all ratings to stable from
negative.

"The affirmation of the CFR and the change in outlook to stable
reflect VRL's improving financial metrics because of firm commodity
prices and its cost-competitive operations. These factors and the
company's progress in simplifying its complex organization
structure will reduce cash leakage and help to sustainably lower
leverage, such that its consolidated debt/EBITDA is less than 3.0x
by March 2022," says Kaustubh Chaubal, a Moody's Vice President and
Senior Credit Officer.

The stable rating outlook reflects Moody's view that VRL's
operating and financial metrics will continue to improve under the
rating agency's base case commodity price sensitivities.

The upgrade of the senior unsecured notes rating reflects the
narrowing of the difference between VRL's CFR and its senior
unsecured notes' rating to one notch from two notches previously.

"We consider that subordination risk has reduced for the holdco
creditors at VRL. This is due to further simplification of VRL's
organization structure with a higher shareholding in key operating
subsidiary Vedanta Limited (VDL), greater credit diversification
through an improving business mix across commodities and a steady
reduction in the company's priority claims ratio," adds Chaubal who
is also Moody's Lead Analyst for VRL.

The rating actions also follow improved liquidity and refinancing
risks at holdco VRL following its recent fund raising through term
loans from relationship banks, alleviating some of Moody's previous
concerns around bank support for the holdco. These credit positive
developments have implications for the company's financial strategy
and risk management, a key component in Moody's governance risk
assessment framework.

RATINGS RATIONALE

VRL's increased shareholding in VDL partly addresses Moody's
concern around cash leakage while the holdco accesses liquidity
from VDL and VDL's 64.9% owned Hindustan Zinc Limited. VRL
increased its shareholding in key operating subsidiary, VDL to
65.2% as of June 30, 2021 from 55.1% as of March 31, 2021,
following a debt-financed open offer.

VRL's operations continue to diversify, strengthening its credit
profile and reducing subordination risk for holdco creditors.
Structural improvements in the company's aluminum operations has
increased this segment's EBITDA contribution to 28% in the fiscal
year ending March 31, 2021, from 5% in fiscal 2016. Moody's expects
VRL's zinc, aluminum and oil and gas businesses to continue to
drive around 85% of its consolidated EBITDA, compared with 70% in
fiscal 2016.

Furthermore, the ratio of priority claims -- creditors at VDL and
other operating subsidiaries, including secured and unsecured debt
-- to VRL's consolidated claims has steadily improved to around 62%
as of March 2021, from around 75% as of March 2017. This ratio is
likely to improve further and Moody's estimates that VRL will
continue to account for at least half of the consolidated debt
pile, especially if VRL debt finances any further increase in its
shareholding in VDL.

The ranking among holdco creditors is differentiated. About US$3.1
billion of VRL's $8.6 billion of debt is issued at intermediate
holding companies with guarantees from Twinstar Holdings and Welter
Holdings, who collectively hold a 44.63% shareholding in VDL. The
guarantees are at the exclusion of the holdco's other debt,
including Moody's rated $3.5 billion senior unsecured notes. Even
so, Moody's views the recovery prospects for the entire holdco debt
to be likely similar in a distressed scenario.

The affirmation of VRL's B2 CFR also reflects continued bank
support for the holdco, alleviating Moody's prior concern. Until
its recent round of funding, VRL's ability to raise debt from banks
during the coronavirus pandemic was restricted towards only
increasing its shareholding in VDL. However, since April 2021 the
holdco has raised an estimated $840 million towards refinancing,
stake purchase in VDL and other cash needs, demonstrating renewed
support from its banking relationships. The ability to secure new
bank loans, the US$1.2 billion senior unsecured notes issuance in
March 2021 and likely dividends from VDL and HZL will help VRL to
tide over its liquidity needs until March 2022.

Moody's expects the improvement in VRL's leverage to not only be
supported by higher earnings, but more importantly, an absolute
reduction in debt levels. As such, Moody's views VRL as poised for
a significant strengthening in its credit metrics given the rating
agency's expectation that commodity prices are likely to stay at
solid levels over the next 12 to 18 months.

Moody's forecasts for VRL are based on the rating agency's current
price sensitivities for metals comprising $1.0 per pound (/lb) for
aluminum, $1.25/lb for zinc, and $24 per ounce (/oz) for silver for
the 12 months until June 2022. The forecasts are also based on the
mid-point of Moody's price sensitivity ranges for the period beyond
($0.7-$1.0/lb for aluminum, $1.0-1.3/lb for zinc and $17-$21/oz for
silver). For oil, Moody's forecasts assume $62 per barrel for
calendar year 2021 and $55 per barrel for 2022.

Current commodity prices are around 5%-15% higher than Moody's
price sensitivities, illustrating a modest upside to the rating
agency's forecast of consolidated adjusted EBITDA of up to $6.0
billion for fiscal 2022. These estimates should translate into
leverage tracking comfortably below 3.0x by March 2022,
progressively improving from the 4.4x registered at March 2021 and
5.2x at March 2020.

While these leverage levels are strong for its ratings, VRL's
pro-rata consolidated leverage of 6.6x, based on consolidation of
debt and EBITDA in proportion to VRL's shareholding in its
subsidiaires, is comfortably within Moody's expectations for its B2
CFR.

The B2 CFR also continues to reflect VRL's strengths comprising
its: (1) large-scale and diversified low-cost operations; (2)
exposure to a wide range of commodities such as zinc, aluminum,
iron ore, oil and gas, and power; (3) strong market position in key
markets, with an ability to command a price premium; (4) history of
relative margin stability through commodity cycles; and (5) the
sustained improvement in its credit metrics.

At the same time, the B2 CFR incorporates the company's weak
liquidity and high refinancing risk, especially at VRL, and its
susceptibility to the inherent volatility in commodity prices.

LIQUIDITY

VRL's liquidity is weak at the holdco level. Moody's expects VRL's
dividend income and management fee from key operating subsidiaries
to be sufficient to meet its cash needs only until the end of the
current fiscal year. A $1 billion maturity in July 2022 presents
looming risks, although VRL could tap dividends from operating
subsidiaries given their liquid investments.

OUTLOOK

The stable outlook follows the improvement in liquidity and
refinancing risks at VRL following its recent fund raising through
term loans from relationship banks, improving Moody's expectations
for continued bank support at the holdco.

The stable rating outlook also reflects Moody's view that VRL's
operating and financial metrics will steadily improve with stable
commodity prices. The stable outlook also incorporates the
expectation that VRL will address its refinancing at least several
months before scheduled maturities. Any departure from such
financial policies could weigh on the ratings.

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

Moody's could upgrade VRL's ratings if its financial metrics remain
strong, in line with parameters for a B1 CFR. Specific credit
metrics indicative of an upgrade include (1) leverage staying below
4.5x; (2) EBIT/interest coverage above 1.5x and (3) cash flow from
operations less dividends/debt above 12%, all on a sustained basis.
Even so, a meaningful reduction in gross debt, especially at holdco
VRL, and a proactive approach to refinancing and liquidity
management will be key for an upgrade to B1.

While unlikely over the next 12 to 18 months, downward ratings
pressure could emerge if falling commodity prices reduce VRL's
EBITDA and free cash flow generation, delaying a reduction in debt
and leverage. A leverage of more than 5.0x, EBIT/interest coverage
below 1.25x, or cash flow operations less dividend/debt below 10%
could be leading indicators for a lower CFR.

Downward ratings pressure could also build if: (1) holdco VRL fails
to address its $1 billion bond due in July 2022 at least six months
ahead of its scheduled maturity; (2) there is any additional
exposure to VRL's ultimate shareholder, Volcan Investments other
than toward servicing its $325 million loan maturing in September
2021; (3) VRL undertakes any large debt-financed acquisition that
materially skews its financial profile; or (4) if there is any
adverse ruling pertaining to any of the company's pending lawsuits
that results in large cash outflows.

In addition, downward pressure on VRL's senior unsecured B3 ratings
could emerge if the company is unable to sustain recent reductions
in the level of priority claims ranking ahead of the holdco's
senior unsecured debt. While Moody's expects that there may be some
volatility in the ratio of priority claims to total claims, a
sustained deterioration in this metric towards historical levels
would likely cause the rating agency to return the difference
between the CFR and the senior unsecured notes' rating to two
notches.

The principal methodology used in these ratings was Mining
published in September 2018.

Vedanta Resources Limited, headquartered in London, is a
diversified resources company with interests mainly in India. Its
main operations are held by Vedanta Ltd, a 65.18%-owned subsidiary.
Through Vedanta Resources' various operating subsidiaries, the
group produces oil and gas, zinc, lead, silver, aluminum, iron ore,
steel and power.

WILLIAM HILL: S&P Downgrades ICR to 'B' on Takeover by Caesars
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.K.-Based William Hill Ltd. to 'B' from 'BB-'. At the same time,
S&P's rating on the group's bonds was lowered to 'B'.

The stable outlook reflects the outlook on William Hill's parent,
Caesars, and S&P's view that the stand-alone credit profile (SACP)
of William Hill is not lower than its group parent rating of 'b'
based on the current capital structure.

Caesars has closed its acquisition of William Hill. On April 22,
2021, William Hill announced that the scheme of arrangement had
become effective for Caesars' takeover of the group. On April 23,
2021, William Hill delisted its shares from the London Stock
Exchange, and is now William Hill Ltd., a fully owned and
controlled subsidiary of Caesars.

S&P said, "Our rating on William Hill is capped by the rating on
its parent, Caesars.Post acquisition, Caesars separated the William
Hill U.S. assets from the rest of the operating group, with the
remaining assets--effectively the U.K. and European land-based and
online businesses--referred to as William Hill. William Hill's
existing U.S. assets were of high strategic value to Caesars and
were the main strategic rationale behind the acquisition. Caesars
is running a sale process for William Hill, with the aim of closing
a deal by first-quarter 2022. William Hill is listed as held for
sale in Caesars' accounts. Accordingly, we now view William Hill as
a nonstrategic subsidiary of Caesars.

"While a successful sale of William Hill is likely, until we have
greater certainty and can assess any future capital structure, we
rate the group as a wholly owned and controlled subsidiary. We cap
our ratings on William Hill at the group rating profile of its
parent, Caesars, which is rated 'B', as long as William Hill
remains a wholly owned and controlled subsidiary. Although we
acknowledge a sale process is underway and likely to be successful,
we do not have certainty of a completed transaction, or of the
nature and form that transaction would take. Additionally, we note
both the anticipated time to close and the financing links between
William Hill and Caesars, such as the remaining GBP344 million
asset sale bridge and fully drawn GBP116 million revolving credit
facility (RCF). We would consider the impact on the rating from any
contemplated acquisition of the group once we had greater certainty
about a transaction and the necessary information regarding future
financial policy, capital structure, and strategy.

"We lowered our assessment of William Hill's business strength,
following a sustained track record of decreasing scale and
margins.In 2020, William Hill generated S&P Global Ratings-adjusted
EBITDA of GBP119.5 million, down from GBP208.6 million and GBP277.1
million adjusted in fiscal year (FY) ending Dec. 31, 2019, and
FY2018 respectively. While William Hill's 2020 margins were heavily
affected by the COVID-19 pandemic--similar to many other companies
in the sector--we see the group as highly exposed to the U.K., and
the U.K. retail sector in particular. Additionally, with the U.S.
operations now separated from William Hill, we view the group as
having lost some scale, diversification, and an international
growth driver. The EBITDA result for FY2020 represents the fourth
year of year-on-year declines in adjusted EBITDA. The group's
adjusted margins were less than 10% in 2020, a level we consider
weak. While margins will likely recover post-pandemic, we view
margins below 20% as weak for the sector, and we think the group
may not recover to this level in the medium term.

William Hill will require a demonstratable recovery in earnings to
maintain leverage in the mid 4x range. We assess William Hill's
financial risk profile as aggressive, reflecting our expectation of
adjusted leverage to remain within the 4x–5x range in the medium
term. The group's FY2020 adjusted leverage was about 1.9x, which
critically included approximately GBP590 million of net cash,
resulting in a significant reduction in the net debt. Without the
net cash impact, leverage would have been comfortably above 5x.
Looking ahead, given the group's revised business assessment, we
will no longer net cash from our adjusted leverage calculations.
Therefore, we now expect William Hill's adjusted leverage to remain
within the 4x–5x range over the medium term, albeit marginally
outside this range in the next 12-18 months. There is material
uncertainty about what William Hill's future stand-alone capital
structure would be following a successful sale transaction, and
under a new ownership.

"The upcoming outcome of the regulatory review into the U.K.
Gambling Act could dampen near-term U.K. earnings. William Hill
reported that 64% of total revenue was derived from the U.K. in
2020, and with the separation of William Hill, U.K. revenue will
increase further as a percentage of the group's total. We consider
that the upcoming results of the U.K. Gambling Act review could
have near-term consequences for companies with material U.K.
operations. Of the group's online division, in FY2020, 63% of
online revenue came from the U.K. market. Key outcomes of the
review are expected to center around customer affordability
measures, VIP measures, online gaming features, advertising, and
gambling harm generally. The ultimate EBITDA impact of any changes
will depend on factors such as operator product and player mix,
phasing of any implementation, and the degree of player "friction"
in implementing measures. As such, we see the regulatory review as
a potential risk factor for the group's earnings in the short
term.

"In our view, William Hill's stand-alone credit profile could come
under further pressure.We see risks of a continued structural shift
away from retail over time, somewhat hastened by the pandemic.
While consolidation in the sector and 2020's closures may cement
existing store profitability, we see the risks to the downside
relative to the growth in online. Furthermore, we see a risk of
continued elevated restructuring costs or separation costs as a
result of the sale, which may further suppress near-term
profitability. Financial underperformance compared with our base
case could occur because of: continued pandemic-related impacts;
higher restructuring and separation costs; lower growth from the
loss of U.S. operations; quicker-than-expected rationalization of
the retail footprint; or the impact of U.K. regulation changes.
Accordingly, we view the risks to the SACP as being skewed to the
downside at present.

"We have lowered our management and governance score to fair from
satisfactory, bringing it in line with close peers in the sector.
For reference, we rate other large U.K. gaming company peers,
Entain and Flutter, in the fair category. We view management and
governance as crucial in the gaming sector, with proper governance
and controls necessary to guard against legal and regulatory
infraction. Year-on-year declining profit performance, including
pre-pandemic, and a higher-than-usual change in senior management
evidenced by three chief financial officers within the past three
years, have contributed to our lowering the management and
governance score to be at least in line with large U.K. peers.

"The stable outlook on William Hill reflects the stable outlook on
its parent, Caesars, and indicates that we view the SACP as not
lower than the group parent rating of 'b', based on the current
capital structure. The stable outlook therefore incorporates our
view of both the stand-alone credit profile and group credit
profile in the next 12 months; however, at this stage, it does not
factor in the impact of a potential sale of the group.

"We could lower the ratings on William Hill in the next 12 months
if we were to lower the rating on the group's parent, Caesars. We
could also lower our ratings on William Hill if its SACP fell below
a 'b' in its own right. The latter could occur if, for example, we
saw a material underperformance compared with our base case, or if
upon successful completion of the sale process a more aggressive
financial policy and capital structure were implemented.

"We could raise the rating on William Hill if we raised the rating
on its group parent, Caesars. At the same time, this would require
the SACP of William Hill to also be at least a 'b+' at that time.
We would be unlikely to raise the ratings on William Hill if its
sale had been agreed and was awaiting close, and which we believed
had a high probability of resulting in an issuer credit rating of
'B' or lower, pro forma the acquisition."



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

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

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

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