---

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

                          E U R O P E

          Thursday, August 26, 2021, Vol. 22, No. 165

                           Headlines



F R A N C E

ACCOR SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
CARREFOUR SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
EUTELSAT COMMUNICATIONS: Egan-Jones Keeps BB+ Sr. Unsec. Ratings
NEXANS SA: Egan-Jones Keeps BB Senior Unsecured Ratings
ORANGE SA: Egan-Jones Hikes Senior Unsecured Ratings to BB-

RENAULT SA: Egan-Jones Keeps BB- Senior Unsecured Ratings
VINCI SA: Egan-Jones Keeps BB Senior Unsecured Ratings


G E R M A N Y

THYSSENKRUPP AG: Egan-Jones Keeps B- Senior Unsecured Ratings


G R E E C E

INTRALOT SA: Fitch Lowers LT IDR to 'RD'


I R E L A N D

CVC CORDATUS IX: Moody's Gives (P)B3 Rating to EUR11.5MM F-R Notes
CVC CORDATUS IX: S&P Assigns Prelim B-(sf) Rating on Cl. F-R Notes


N E T H E R L A N D S

NXP SEMICONDUCTORS: Egan-Jones Keeps BB- Sr. Unsecured Ratings


T U R K E Y

DENIZBANK AS: Moody's Hikes Foreign Currency Deposit Rating to B2


U N I T E D   K I N G D O M

ALL FOUNDATIONS: Bought Out of Administration via Pre-Pack Deal
AMIGO: May Collapse as Compensation Payouts Rise
BEALES: Remains of Business Report GBP2.6-Mil. Trading Profit
ELLIOT GROUP: Two Cash Offers Submitted for GBP70MM Salford Scheme
HAVELOCK EUROPA: Only Few Creditors Will Recoup Money Owed

ONE TO ONE MIDWIVES: Investigation Into Collapse Remains Ongoing
SUBSEA 7: Egan-Jones Keeps BB+ Senior Unsecured Ratings

                           - - - - -


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

ACCOR SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on August 17, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Accor SA.

Headquartered in Issy-les-Moulineaux, France, Accor SA, doing
business as AccorHotels, operates a chain of hospitality company.


CARREFOUR SA: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 17, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Carrefour SA.

Headquartered in Massy, France, Carrefour SA operates supermarkets,
hypermarkets, cash and carry stores, and e-commerce websites.


EUTELSAT COMMUNICATIONS: Egan-Jones Keeps BB+ Sr. Unsec. Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company, on August 17, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Eutelsat Communications SA.

Headquartered in Paris, France, Eutelsat Communications SA Eutelsat
Communications is a KU-band satellite operator.


NEXANS SA: Egan-Jones Keeps BB Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on August 17, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by Nexans SA.

Headquartered in Paris, France, Nexans SA manufactures cables.


ORANGE SA: Egan-Jones Hikes Senior Unsecured Ratings to BB-
-----------------------------------------------------------
Egan-Jones Ratings Company, on August 18, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Orange SA to BB- from BBB-.

Headquartered in Paris, France, Orange SA provides
telecommunications services to residential, professional, and large
business customers.


RENAULT SA: Egan-Jones Keeps BB- Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company, on August 17, 2021, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by Renault SA. EJR also maintained its 'B' rating on
commercial paper issued by the Company.

Headquartered in Boulogne-Billancourt, France, Renault SA. Renault
designs, manufactures, markets, and repairs passenger cars and
light commercial vehicles.


VINCI SA: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------
Egan-Jones Ratings Company, on August 19, 2021, maintained its 'BB'
foreign currency and local currency senior unsecured ratings on
debt issued by VINCI SA.

Headquartered in Paris, France, VINCI SA is a global player in
concessions and construction with expertise in building, civil,
hydraulic, and electrical engineering.




=============
G E R M A N Y
=============

THYSSENKRUPP AG: Egan-Jones Keeps B- Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on August 20, 2021, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by thyssenkrupp AG. EJR also maintained its 'B' rating
on commercial paper issued by the Company.

Headquartered in Essen, Germany, thyssenkrupp AG manufactures
industrial components.




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

INTRALOT SA: Fitch Lowers LT IDR to 'RD'
----------------------------------------
Fitch Ratings has downgraded Intralot S.A.'s (Intralot) Long-Term
Issuer Default Rating (IDR) to 'Restricted Default' (RD) from 'C'
following the exchange of 2021 notes issued by Intralot Capital
Luxembourg S.A. to new 2025 notes issued by Intralot Inc. with an
18% discount to nominal value, and a partial debt-to-equity
exchange of 2024 notes, both of which are considered a distressed
debt exchange (DDE) under Fitch's Ratings Definitions.

Fitch has subsequently upgraded the Long-Term IDR to 'CCC+'
reflecting the new capital structure and Fitch's assessment of
parent-subsidiary linkage between Intralot and Intralot Inc., under
its Parent-Subsidiary Linkage Criteria.

The 'CCC+' IDR reflects Intralot's weak Standalone Credit Profile
(SCP) and weak legal ties with its US-based subsidiary, Intralot
Inc. The rating reflects its substantially smaller scale and
Intralot's weaker market opportunities of its non-US operations, as
well as higher leverage metrics after deconsolidating Intralot
Inc.'s profile (only adding back cash flows allowed to be
up-streamed to Intralot under current documentation). However,
Fitch acknowledges the adequate debt service cover at parent level
under the new capital structure.

Fitch has also upgraded the senior unsecured rating assigned to the
2024 notes issued by Intralot Capital Luxembourg S.A. from
'C'/'RR4' to 'CCC+'/'RR4'. A higher recovery percentage within the
'RR4' band (50% vs. 32% previously) reflects a higher waterfall
generated recovery computation (WGRC), which takes additional EV
recovered from the sale of US business into account in case of
distress.

The withdrawal of the 2021 notes' rating is due to the exchange of
the bonds upon completion of the group's debt restructuring.

KEY RATING DRIVERS

Debt Restructuring Complete: Intralot has completed its debt
restructuring in August 2021 through an exchange of 2021 notes to
2025 notes issued by Intralot Inc. and through partial equitisation
of its 2024 notes into 34.27% of indirect Intralot Inc. ownership.
Under Fitch's Ratings Definitions, this restructuring is considered
as a DDE, leading to the downgrade of Intralot's Long-Term IDR to
'RD'.

Weak Parent-Subsidiary Linkage: Fitch assesses links between
Intralot and Intralot Inc. as weak, as per Fitch's
Parent-Subsidiary Linkage (PSL) Criteria. Independent treasury,
presence of debt ring-fencing and restrictions imposed on cash
up-streaming by new bond documentation outweigh certain operational
ties such as board control and Intralot's ownership of some IPs
used by Intralot Inc. Fitch notes that since legal ties are imposed
by the notes' documentation, refinancing of the notes on different
terms would lead to a reassessment of the parent-subsidiary
linkage.

Limited Impact of US Business on Rating: Fitch recognises that as a
group, Intralot has strong growth opportunities in the US market.
Fitch assumes that Intralot Inc.'s own SCP, which is positioned
within the 'b' rating category, is stronger than Intralot's SCP as
it has larger scale in terms of annual EBITDA and substantially
stronger credit metrics, namely FFO adjusted leverage (of
5.0x-5.5x) and FFO fixed charge cover metrics (forecast around
2.5x). However, remaining unsecured debt holders at the parent
level do not have direct recourse to the US operations.

Deconsolidated Credit Metrics In Focus: Fitch assesses some of
Intralot's qualitative factors, as well as the development of its
leverage and coverage metrics deconsolidated from Intralot Inc. -
in Fitch's forecasts Fitch takes certain cash flows into account
that are allowed to be up-streamed to Intralot under current
documentation. The rest of Intralot's operations retain its brand
strength and even without US operations there is a material degree
of geographic diversification. However, Intralot's scale and market
opportunities (without Intralot Inc.) are weaker than in the US,
while competition remains high.

A number of key contracts (predominantly Malta but also Morocco)
are also approaching their maturity (2022) and their extension with
be key to help develop Intralot's business scale.

Weak Deleveraging Prospects: Under Fitch's rating case, Intralot's
FFO adjusted leverage (calculated excluding Intralot Inc. but
including permitted and predictable cash up-streaming) will stay in
the range of 10-12x until its outstanding notes mature in 2024,
having peaked at 13x in 2021. Fitch believes that refinancing risk
will stay high under current forecasts underpinning its 'CCC+' IDR.
However, Intralot has additional deleveraging capacity from
available put options that allow it to sell another 14% of Intralot
Inc. for extra liquidity or deleveraging purposes.

Satisfactory Debt Service Capabilities: Fitch expects Intralot's
FFO fixed charge cover to be between 1.2x-1.8x over 2022-2024,
which is adequate at parent level, albeit substantially weaker than
on a consolidated basis. The acceptable level of coverage ratios is
supported by expected cash inflows from Intralot Inc., which Fitch
expects would account for up to 50% of Intralot's consolidated
interest payments (excluding Intralot Inc.) in 2022-2024 under the
Fitch rating case projections.

Expected Recovery from Pandemic Impact: Intralot's 2020 results
were materially affected by the pandemic, with revenues down almost
50% and a negative double-digit free cash flow (FCF) margin for the
third consecutive year. Fitch expects that revenue and
profitability will rebound in 2021 for both the US business and the
rest of Intralot's markets. Fitch forecasts that high single-digit
revenue growth along with EBITDA margin in the low 20s should help
Intralot reach over EUR80 million EBITDA on a consolidated basis.
Fitch case assumes that group EBITDA will stay between EUR80-90
million over the next four years. underpinned by a cash generative
US business and recovering profit margins outside US.

DERIVATION SUMMARY

Intralot's current financial profile is not comparable with that of
other gaming companies such as Flutter Entertainment plc
(BBB-/Stable), Entain (BB/Positive), Sazka Group a.s. (BB-/Stable).
Intralot has smaller size and lower through-the cycle profitability
than gaming operator Codere (C), which is currently in the middle
of a debt restructuring process.

After its restructuring, Intralot has similar business-profile
characteristics to Inspired Entertainment, Inc. (B-/Stable), but
has materially weaker credit metrics on a standalone basis (with
Intralot Inc. deconsolidated).

KEY ASSUMPTIONS

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

-- High single digit growth of US business in 2021, followed by
    low growth in 2022-2023, mostly driven by new business
    opportunities (expected to contribute up to USD12 million in
    2023).

-- Mid-teen growth of its non-US business in 2021, followed by
    normalisation in 2022-2024, resulting in revenues of around
    EUR200 million in 2024.

-- Improvement in profitability for operations in the US,
    Australia and Croatia, resulting in an EBITDA margin of 35-38%
    for its US business in 2021-2024, and 10% for its RoW business
    in 2021, improving to 14-15% in 2022-2024.

-- Capex peaking in 2022 due to around EUR50 million investment
    in renewing of Maltese license, financed through external
    debt.

-- No PIK interest for the 2025 notes.

-- Dividends of around EUR3 milion-EUR4 million paid annually by
    Intralot Inc. in 2022-2024.

-- Annual service fees of around EUR2 million paid by Intralot
    Inc to Intralot S.A.

-- Annual restricted payment of EUR8.25 million paid by Intralot
    Inc.

Recovery Analysis Assumptions:

In Fitch's bespoke going-concern recovery analysis Fitch considers
an estimated post-restructuring EBITDA of Intralot S.A. (excluding
Intralot Inc.) available to creditors of around EUR25 million.
Fitch applies a distressed enterprise value (EV)/EBITDA multiple of
4.5x to Intralot's wholly-owned operations reflecting its
relatively small scale, modest growth prospects mitigated by
certain revenue visibility resulting from mid to long-term
contracts.

Fitch also takes a potential sale of Intralot Inc. into account if
the parent company was to face a distressed scenario. Although
Fitch does not expect Intralot Inc. to be in distress in this
scenario, and sale of a majority stake in a functioning business
would assume higher multiple than for the sale of minority stake,
Fitch believes that it would be under a degree of forced sale, and
therefore apply a 7.5x multiple for the forecast 2021 EBITDA of
EUR56 million, resulting in EUR141 million of net proceeds for
Intralot S.A. Another EUR10 million could be expected to be
received from Intralot's sale of its stake in Argentinian
partnership.

After deducting 10% for administrative claims, Fitch's principal
waterfall analysis would generate a ranked recovery at least in the
'RR3' band, indicating a higher rating for the unsecured debt at
parent company than its IDR. The recovery rating is capped at 'RR4'
as per Fitch's Country-Specific Treatment of Recovery Ratings
Criteria given Greece is the country of incorporation for Intralot
SA.

In Fitch's view, Intralot SA and the guarantors of its 2024
unsecured bond are in different jurisdictions, many of which Fitch
considers to be debtor-friendly, therefore not sufficient to allow
for a reliable weighted-cap analysis. As such the waterfall
analysis output percentage on current metrics and assumptions is
50% (even though the percentage recovery would be materially higher
due to value stemming from its controlling US stake).

RATING SENSITIVITIES

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

-- Sustained improvement in operating performance, for example
    through winning new contracts or improving performance of
    existing ones, combined with efficient cost-cutting measures,
    leading to continuously growing EBITDA and FFO, allowing
    steady deleveraging with Intralot's standalone FFO adjusted
    leverage below 10.0x;

-- Standalone FFO fixed charge cover consistently above 1.2x;

-- Increased access to cash flows from Intralot Inc. due to
    lifted upstream restrictions based on current or new debt
    documentation;

-- Additional recourse to Intralot Inc. for the majority of
    Intralot S.A.'s creditors (in the form of guarantees or cross
    default provisions).

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

-- Material deterioration of EBITDA generated outside the US
    (e.g. non-renewal of Maltese contract);

-- Standalone FFO fixed charge cover deterioration below 1.0x;

-- Lack of sufficient operational liquidity cushion to support
    operations within the next 6-12 months.

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

Liquidity Satisfactory Post-restructuring: Intralot S.A.'s (with
Intralot Inc. deconsolidated) current accounts balance was EUR63
million as of June 2021. Working capital requirements for the
parent are estimated at around EUR20 million by management.
Availability of an additional EUR33 million basket with up to
EUR8.25 million available per year (subject to liquidity covenant
at Intralot Inc. level), as well as the presence of a put option
that could provide additional one-time cash inflows further
supports liquidity.

Aside from the put option and the restricted payment basket, there
are additional payables to Intralot S.A. from Intralot Inc. due in
2021-2022 amounting to around EUR20 million, including EUR6 million
payable under the inter-group loan and payables to Intralot S.A.
related to Intralot Inc's contract with British Columbia Lottery
Corporation.

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.

ISSUER PROFILE

Intralot is a supplier of integrated gaming systems and services.
The group develops, operates and supports customised software and
hardware for the gaming industry and provides innovative technology
and services to state and state licenced lottery and gaming
organisations worldwide. Intralot also holds some licences for full
games operations.



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

CVC CORDATUS IX: Moody's Gives (P)B3 Rating to EUR11.5MM F-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
CVC Cordatus Loan Fund IX Designated Activity Company (the
"Issuer"):

EUR3,700,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR263,500,000 Class A-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR33,750,000 Class B-1-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR5,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR32,400,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR21,250,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR11,500,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-R Notes. The
class X Notes amortise by 10% or EUR370,000 over 10 payment dates,
starting on the 2nd payment date.

On the Original Closing Date, the Issuer also issued EUR42.9
million of M-1 Subordinated Notes and EUR1.0 million M-2
Subordinated Notes, which will remain outstanding. In addition, the
Issuer will issue EUR11.3 million of additional M-1 Subordinated
Notes on the refinancing date. The terms and conditions of the
existing subordinated notes will be amended in accordance with the
refinancing notes' conditions. The Class M-2 Subordinated Notes
accrue interest in an amount equivalent to a certain proportion of
the senior and subordinated management fees and its notes' payment
is pari passu with the payment of the senior and subordinated
management fee.

As part of this reset, the Issuer will increase the target par
amount by EUR25 million to EUR425 million. In addition, the Issuer
will amend the base matrix and modifiers that Moody's will take
into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. This CLO does not incorporate an effective date mechanism
despite the increase in the target par amount which will require
the acquisition of additional collateral. The rating actions are
based on the expectation that the portfolio will be fully ramped as
of the closing date. If the manager fails to ramp the portfolio by
the closing date, or can only ramp a portfolio with is not
consistent with Moody's below modeling assumptions, the definitive
ratings Moody's will assign may differ from the provisional ratings
Moody's assigned.

CVC Credit Partners European CLO Management LLP will continue to
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 4.4-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 and credit improved obligations.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority. This CLO has also access to a
liquidity facility of EUR1.5 million that an external party
provides for four years (subject to renewal by one or two years).
Drawings under the liquidity facility are allowed to pay interest
in the waterfall and are reimbursed at super-senior level.

Methodology Underlying the Rating Action:

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

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

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

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

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

Target Par Amount: EUR425,000,000

Diversity Score: 43

Weighted Average Rating Factor (WARF): 2930

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44.80%

Weighted Average Life (WAL): 8.5 years

CVC CORDATUS IX: S&P Assigns Prelim B-(sf) Rating on Cl. F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to CVC
Cordatus Loan Fund IX DAC's class X, A-R, B-1, B-2, C-R, D-R, E-R,
and F-R 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.

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

The portfolio's reinvestment period will end approximately 4.4
years after closing, and the portfolio's maximum average maturity
date will be eight and a half years after closing.

This transaction has a EUR1.5 million liquidity facility provided
by The Bank of New York Mellon for a maximum of four years with the
drawn margin of 2.50%. For the purpose of our cash flows, S&P has
added this amount to the class A notes' balance, since the
liquidity facility payment amounts rank senior to the interest
payments on the rated notes.

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,838.39
  Default rate dispersion                                 676.94
  Weighted-average life (years)                             4.55
  Obligor diversity measure                               105.78
  Industry diversity measure                               19.87
  Regional diversity measure                                1.22

  Transaction Key Metrics
                                                         CURRENT
  Total par amount (mil. EUR)                              425.0
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              149
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                           6.74
  'AAA' weighted-average recovery (covenanted) (%)         36.82
  Covenanted weighted-average spread (%)                    3.50
  Reference weighted-average coupon (%)                     5.00

Workout loan mechanics

Under the transaction documents, the issuer can purchase workout
loans, which are bonds or loans the issuer acquired in connection
with a restructuring of a related defaulted obligation or credit
impaired obligation, to improve its recovery value.

The purchase of workout loans is not subject to the reinvestment
criteria or the eligibility criteria. It receives no credit in the
principal balance definition or in the par coverage tests, except
where the workout loan meets the eligibility criteria with certain
exclusions and is either (1) acquired using principal proceeds or
(2) designated a declared principal proceeds workout loan, in which
case it is accorded defaulted treatment. The cumulative exposure to
loss mitigation loans purchased using interest or principal
proceeds is limited to 10.0% of target par.

The issuer may purchase workout loans using either interest
proceeds, principal proceeds, or amounts in the collateral
enhancement account. The use of interest proceeds to purchase
workout loans are subject to (i) all the interest and par coverage
tests passing following the purchase, and (ii) the manager
determining there are sufficient interest proceeds to pay interest
on all the rated notes on the upcoming payment date. The use of
principal proceeds is subject to passing par coverage tests, and
the manager having built sufficient excess par in the transaction
so that the aggregate collateral amount is equal to or exceeding
the portfolio's reinvestment target par balance after the
acquisition. To protect the transaction from par erosion, any
distributions received from workout loans purchased with principal
proceeds will form part of the issuer's principal account
proceeds.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, S&P has conducted its credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the EUR425 million
target par amount, the covenanted weighted-average spread (3.50%),
the reference weighted-average coupon (5.00%), 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."

Principal transfer test

This transaction features a principal transfer test. Following the
expiry of the non-call period, and following the payment of
deferred interest on the class F notes, interest proceeds above
101% of the class F interest coverage amount can be paid into the
principal account. As this is at the discretion of the collateral
manager S&P has considered scenarios in its cash flow analysis
where such amounts are not made.

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

"At closing, we expect 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 and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X, A-R, B-1, B-2, C-R, D-R, and E-R notes. Our credit and
cash flow analysis indicates that the available credit enhancement
for the class B-1 to E-R notes could withstand stresses
commensurate with higher rating levels than those we have assigned.
However, as the CLO will be in its reinvestment phase starting from
closing, during which the transaction's credit risk profile could
deteriorate, we have capped our preliminary ratings assigned to the
notes.

"The class F-R 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, we believe this class is
able to sustain a steady-state scenario, in accordance with our
criteria." S&P's analysis further reflects several factors,
including:

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

-- S&P's break-even default rate at the 'B-' rating level is
25.15% versus a portfolio default rate of 14.11% if it was to
consider a long-term sustainable default rate of 3.1% for a
portfolio with a weighted-average life of 4.55 years.

-- Whether the tranche is vulnerable to nonpayment 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-R notes is commensurate with a
preliminary 'B- (sf)' rating.

-- The transaction securitizes a portfolio of primarily senior
secured leveraged loans and bonds, and it is managed by CVC Credit
Partners European CLO Management LLP.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class X
to E-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. The
results shown in the chart below are based on the actual
weighted-average spread, coupon, and recoveries.

"For the class E-R and F-R notes, 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."

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 or limit assets from being related to the following
industries: marijuana, tobacco, the manufacturing or marketing of
weapons, thermal coal production, predatory payday lending
activities, pornography, prostitution, and endangered or protected
wildlife trades. Accordingly, since the exclusion of assets from
these industries does not result in material differences between
the transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities."

  Ratings List

  CLASS    PRELIM.    PRELIM.     INTEREST RATE           CREDIT
           RATING     AMOUNT                        ENHANCEMENT
                     (MIL. EUR)                           (%)
  X        AAA (sf)      3.70   Three/six-month EURIBOR    N/A
                                plus 0.65%
  A-R      AAA (sf)    263.50   Three/six-month EURIBOR   38.00
                                plus 1.04%
  B-1      AA (sf)      33.75   Three/six-month EURIBOR   28.88
                                plus 1.70%
  B-2      AA (sf)       5.00   2.05%                     28.88
  C-R      A (sf)       26.50   Three/six-month EURIBOR   22.65
                                plus 2.15%
  D-R      BBB (sf)     32.40   Three/six-month EURIBOR   15.02
                                plus 3.25%
  E-R      BB- (sf)     21.25   Three/six-month EURIBOR   10.02
                                plus 6.06%
  F-R      B- (sf)      11.50   Three/six-month EURIBOR    7.32
                                plus 8.89%
  Sub Notes    NR       55.20   N/A                        N/A

  EURIBOR--Euro Interbank Offered Rate.
  NR--Not rated.
  N/A--Not applicable.




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

NXP SEMICONDUCTORS: Egan-Jones Keeps BB- Sr. Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company, on August 19, 2021, maintained its
'BB-' foreign currency and local currency senior unsecured ratings
on debt issued by NXP Semiconductors NV.

Headquartered in Eindhoven, Netherlands, NXP Semiconductors NV
operates as a global semiconductor company.




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

DENIZBANK AS: Moody's Hikes Foreign Currency Deposit Rating to B2
-----------------------------------------------------------------
Moody's Investors Service has upgraded Denizbank A.S.'s foreign
currency deposit rating to B2 from B3 and local currency deposit
rating to B1 from B3. In addition, Moody's also upgraded
Denizbank's long-term local currency Counterparty Risk Rating (CRR)
to Ba3 from B2, long-term Counterparty Risk (CR) Assessment to
Ba3(cr) from B2(cr) and Adjusted Baseline Credit Assessment
(Adjusted BCA) to b1 from b3. At the same time, the rating agency
affirmed the Baseline Credit Assessment of caa1. The outlook on the
deposit ratings remain negative.

RATINGS RATIONALE

The upgrade of the long-term deposit ratings, long-term local
currency CRR and long-term CR Assessment was primarily driven by
Moody's decision to raise its assumption on probability of
affiliate support for Denizbank from its parent, Emirates NBD PJSC
(ENBD, A3 deposit rating, BCA ba1) to very high from high.

Moody's Very High affiliate support assumption translates into
three notches of uplift, compared to one notch previously. This has
resulted in the upgrade of Denizbank's Adjusted BCA to b1 from b3.

The decision to raise the expected probability of affiliate support
reflects Denizbank's now well-established strategic importance to
ENBD, following its acquisition in 2019. This is underpinned by (1)
ENBD's 100% ownership of Denizbank; (2) Denizbank's status as a
material subsidiary of ENBD (3) the diversification benefits that
Denizbank provides to ENBD and (4) track record of shareholding and
support and the bank's close affiliation with its shareholder.

The affirmation of Denizbank's caa1 BCA takes into account Turkey's
weak operating environment, which acts as a constraint to the BCA.
It also captures the bank's relatively weak asset quality with
problem loans to gross loans ratio at 6.7% as of June 2021
mitigated by its strong coverage, with loan-loss reserves of 141%
of problem loans as of June 2021. At the same time the bank's BCA
also takes into account moderate capital, improving profitability
and adequate liquidity. Denizbank's reported Tier 1 capital stood
stable around 12% while the profitability increased net income to
tangible banking assets up to 1.4% for the first six months of 2021
from 0.7% for the year 2020. On the funding side, while the market
funds to tangible banking assets increased to 21.8% as at June 2021
from 11.3% as at December 2019, the liquid assets have remained
above 30% of tangible banking assets since 2019.

RATING OUTLOOK

Denizbank's deposit ratings remain on negative outlook in line with
the negative outlook on the sovereign rating (Government of Turkey,
B2 negative).

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

An upgrade is unlikely, given the current negative outlook.
However, the outlook could be stabilized following an improvement
in the operating environment or following the stabilization of
Turkey's sovereign rating.

A downgrade could be driven by a further deterioration in Turkey's
operating environment, a higher-than-expected deterioration of
asset quality, a material decline in capital ratios or
lower-than-expected profitability. A downgrade could also be driven
by a downgrade of Turkey's sovereign rating.

LIST OF AFFECTED RATINGS

Issuer: Denizbank A.S.

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to b1 from b3

Long-term Counterparty Risk Assessment, Upgraded to Ba3(cr) from
B2(cr)

Long-term Counterparty Risk Rating (Local Currency), Upgraded to
Ba3 from B2

Long-term Bank Deposit Rating (Foreign Currency), Upgraded to B2
from B3, Outlook Remains Negative

Long-term Bank Deposit Rating (Local Currency), Upgraded to B1
from B3, Outlook Remains Negative

Affirmations:

Baseline Credit Assessment, Affirmed caa1

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Rating (Foreign Currency), Affirmed
B2

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.



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

ALL FOUNDATIONS: Bought Out of Administration via Pre-Pack Deal
---------------------------------------------------------------
Business Sale reports that All Foundations, a Derbyshire-based
piling contractor, has been sold via a pre-pack administration on
the same day that FRP Advisory were appointed to handle the firm's
administration.

According to Business Sale, the firm, which registered GBP13.2
million in turnover to the year ending March 31, 2020, has been
sold to Founda Ltd, a company led by four All Foundations
directors.

The sale, conducted by joint administrators Yasmin Bhika and John
Lowe of FRP through an accelerate merger and acquisition process,
will enable the company to continue to operate with its full
35-strong staff, Business Sale discloses.

Prior to the sale, the company had succumbed to the pressures
currently impacting the UK construction industry, including
COVID-related factors, Business Sale notes.

In its accounts for the year ending March 31 2020, the company
reported pre-tax profits of GBP109,200 on its GBP13.2 million
turnover, Business Sale recounts.  At that time, the firm owed
creditors GBP4.3 million falling within one year and GBP629,000
falling after one year, Business Sale states.

"The business experienced significant disruption to its revenue and
cashflow since the start of the COVID-19 pandemic, due to the
impact on the wider construction industry, which led to the
insolvency," Business Sale quotes a spokesperson for administrators
FRP as saying.

"Upon appointment of the joint administrators, the business and
assets were sold through an accelerated merger and acquisition
process.  The transaction has secured the future of the business
and enabled the TUPE transfer of all 35 employees.  The business
continues to trade and operate."


AMIGO: May Collapse as Compensation Payouts Rise
------------------------------------------------
BBC News reports that money lender Amigo is warning it may not
survive after revealing it has set aside GBP345 million as a
compensation pot against mis-selling claims.

According to BBC, the business, which lends money to people with
poor credit records, also revealed a jump in annual losses to
GBP284 million, compared with GBP38 million last year.

In May, the High Court rejected its plan to set aside a separate
pot of money for compensation, BBC recounts.

Amigo had faced a deluge of complaints the company had mis-sold
them loans, BBC discloses.

The company, which offered loans with an interest rate of up to
49.9%, was forced to stop lending last year after thousands of
complaints from customers who say they were approved for loans that
they could never afford to repay, BBC relates.

A host of these complaints have come via claims management
companies, BBC notes.

The regulator, the Financial Conduct Authority (FCA), says that a
loan is unaffordable if making the repayments means someone has to
borrow more money or get behind with essential bills, BBC relays.

It has tried once to negotiate a settlement that would have seen
those customers get pennies on the pound, but it was rejected by
the High Court in May, BBC states.

Amigo, BBC says, is preparing to present a new proposal to the FCA
and the High Court.  If this next offer is rejected, it is likely
to go under, according to BBC.

In the results statement, which was originally due to be made in
July, the company, as cited by BBC, said there was a "material
uncertainty" around its ability to continue as a going concern.


BEALES: Remains of Business Report GBP2.6-Mil. Trading Profit
-------------------------------------------------------------
Darren Slade at Daily Echo reports that the remains of the former
Beales department store chain have made a trading profit of around
GBP2.6 million since administrators were called in.

The chain of 23 stores went into administration in January 2020,
139 years after the business began in Bournemouth, Daily Echo
recounts.

Clearance sales were so busy that agency staff were hired -- but
they were brought to an early end by the Covid crisis, Daily Echo
notes.

The latest update from administrators reveals that Hilco Capital
was hired as trading agent for the remaining business and was paid
more than GBP1 million, Daily Echo states.

According to Daily Echo, the report, from Steve Absolom of
Interpath Advisory -- formerly part of KPMG -- says: "Since the
appointment, we have generated a trading profit of about GBP2.6
million (after trading costs)."

Poole's Beales store, which was reopened under a new company, New
Start 2020,last summer, is selling stock from the former Beales
store at Peterborough under a concession agreement, Daily Echo
relays.

Between January and July this year, the administrators received
GBP46,467 of commission from stock sold in the Poole store,
according to Daily Echo.

"This was significantly lower than anticipated due to
government-enforced closures of retail shops as a result of the
continued impact of Covid-19," Daily Echo quotes the
administrators' report as saying.

"We are currently working with our trading agents, Hilco Capital,
to establish the best strategy to take in respect of the remaining
stock and maximising returns to the state," it adds.

Mr. Absolom repeated his earlier warning that there would be a
"significant shortfall" for secured creditors of Beales, Daily Echo
notes.

Preferential creditors, mainly staff, are likely to be paid in
full, while unsecured creditors will receive an amount yet to be
determined, Daily Echo discloses.

More than 1,000 people lost their jobs when administrators closed
the Beales stores, Daily Echo relays.

As previously reported, the Beales brand name and intellectual
property was sold for GBP5,000 to New Start 2020, Daily Echo
recounts.

Administrators previously reported that sales from January to July
last year totalled GBP15.5 million, with a trading surplus of
almost GBP4.5 million, but that this would reduce as bills were
settled, Daily Echo discloses.

The administration is currently due to end on Jan. 22 next year,
Daily Echo states.


ELLIOT GROUP: Two Cash Offers Submitted for GBP70MM Salford Scheme
------------------------------------------------------------------
Dan Whelan at North West Place reports that a hearing to transfer
ownership of the stalled Salford scheme to a consortium of
investors was due to take place on Aug. 20 but was adjourned after
the submission of two cash offers that "represent a much better
return for creditors", according to administrators.

According to North West Place, two unnamed developers are "very
keen and jockeying for position" to buy the GBP70 million project,
administrator David Rubin told Place North West.

A decision on the preferred bidder for the Greengate scheme is due
in the next six weeks, North West Place discloses.

In March, Elliot Group said an agreement that would see a
consortium of around 100 investors acquire the 34-storey and
14-storey scheme out of administration was close to being agreed,
North West Place recounts.

However, that deal now looks unlikely to complete, North West Place
notes.

The Residence, located in the Greengate area of Salford, fell into
administration last March in the wake of Elliot Group owner Elliot
Lawless' arrest by Merseyside Police in December 2019 as part of an
ongoing corruption probe, North West Place relates.  

The High Court has since ruled that a search of Mr. Lawless' home
by Merseyside Police at the time of the arrest was unlawful and no
charges have ever been brought, North West Place notes.

Last year, investors took control of another stalled Elliot scheme,
Aura, a GBP100 million student scheme in Liverpool's Knowledge
Quarter, North West Place states.

Transfer negotiations are also underway for the 38-storey Infinity
scheme in Liverpool, the third project Elliot placed into
administration last year, but a deal has yet to be reached,
according to North West Place.


HAVELOCK EUROPA: Only Few Creditors Will Recoup Money Owed
----------------------------------------------------------
According to Fife Today's Allan Crow, a report into the demise of
Havelock Europa in 2019 has revealed that few businesses will
recoup any of the money owed to them.

The Mitchelston Industrial Estate based business employed almost
250 people at the time it went under, Fife Today discloses.  The
company was the UK market leader in the manufacture and
installation of furniture across a diverse range of sectors
including education, healthcare, hospitality, and retail.

Now, the final report from the joint administrators appointed in
the wake of its collapse have delivered their final report, Fife
Today notes.

It shows Havelock went into administration with debts of GBP30
million, Fife Today relates.

Around 50 creditors were left GBP9 million out of pocket, but few
will get their money back, Fife Today discloses.

Scottish Enterprise will get nothing after sinking GBP2.8 million
into the business, while Bank of Scotland will get around a quarter
of its GBP4.8 million investment -- around GBP1.3 million, Fife
Today states.

Havelock's demise started in 2018 when it entered administration,
Fife Today notes.

At the time it had around 350 workers, and a deal to sell its
assets to a venture capital firm for GBP1.15 million saved around
300 of them, Fife Today relays.

Twelve months later, and with 247 staff on its books, the company
collapsed, and the workers were left unemployed almost overnight,
Fife Today discloses.

Havelock struggled under huge cash flow pressures to maintained
agreed payment plans, and turnover and profitability was already on
the slide, Fife Today relays.

According to Fife Today, the report from joint administrators,
Graham Frost and Toby Underwood said: "The performance of the
company had been depressed since 2015.

Turnover and profitability had fallen in the two years leading up
to our appointment as joint administrators, Fife Today notes.

The company was unable to service and repay all its long term
liabilities and had to negotiate its contractual arrangements with
these creditors, according to Fife Today.

Just two months after its collapse, Havelock's brand and name
rights were bought by Mansfield based furniture specialists,
Deanestor -- which has a base in Dunfermline -- for an undisclosed
sum, but the deal did not include any plans to re-open the Lang
Toun factory or offering work to staff who were laid off, Fife
Today recounts.


ONE TO ONE MIDWIVES: Investigation Into Collapse Remains Ongoing
----------------------------------------------------------------
Nathan Okell at Warrington Guardian reports that an investigation
into the reasons why One to One Midwives, a pregnancy care service,
fell into administration remains ongoing.

This is despite more than two years elapsing since the firm
collapsed in July 2019 while owing Warrington Hospital more than
GBP1 million, Warrington Guardian notes.

With a shop on Sankey Street in the town centre, One to One
Midwives proved popular with Warrington women preferring a
home-birth experience rather than a hospital-led pregnancy.

The community midwifery service's collapse came as a shock to many,
especially the thousands of women in the north west to whom it was
providing pregnancy advice, Warrington Guardian recounts.

Set up in 2010, it was contracted to provide care on the NHS for
women who did not want a hospital-led pregnancy.

However, the Warrington Guardian revealed in July 2020 that the
company racked up millions of pounds of debt after not paying NHS
bills from the outset, Warrington Guardian discloses.

Maternity units in Warrington, St Helens, Liverpool, Chester, Mid
Cheshire and Wirral then took over the woman's care and sent
invoices to One-to-One Midwives for the cost of treatment,
Warrington Guardian relays.

These bills were often not paid and hospitals were left with
outstanding debts of more than GBP2.6 million, Warrington Guardian
states.

Warrington Hospital took over the care of hundreds of pregnant
women within days following the collapse of One to One Midwives,
Warrington Guardian recounts.

It has been left with bills of more than GBP1 million from the
failed firm, most of which (more than GBP800,000) was for the
failure of One to One to pay the bill for services carried out at
the hospital, Warrington Guardian notes.

This could be scans, or treatment a mother or child needed
following or during a home birth.  The other GBP300,000 was to
cover the costs after the collapse, Warrington Guardian states.

According to Warrington Guardian, Simon Constable, chief executive
of Warrington and Halton Teaching Hospitals NHS Trust, said in July
last year: "We can confirm that the debt owed to this trust by the
collapsed One to One Midwives is GBP877,691.

"We moved swiftly to accommodate those women who were left without
midwifery support with 48 hours' notice, some of whom gave birth
with us almost immediately and we were able to support their
personal birth plans as far as clinically possible.

The independent inquiry was commissioned by NHS England and NHS
Improvement North West Region.


SUBSEA 7: Egan-Jones Keeps BB+ Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on August 16, 2021, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Subsea 7 S.A.

Headquartered in Sutton, United Kingdom, Subsea 7 S.A. offers
oilfield services.



                           *********


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 * * *