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

                          E U R O P E

          Tuesday, August 31, 2021, Vol. 22, No. 168

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

BOSNIA AND HERZEGOVINA: S&P Affirms 'B' LT Sovereign Credit Rating


H U N G A R Y

BUDAPEST: May Face Insolvency by End of Year, Mayor Says


I T A L Y

SIENA MORTGAGES 07-5: Fitch Affirms B- Rating on Class C Tranche


R U S S I A

XALQ BANK: S&P Lowers Rating to 'B+' on Deteriorated Asset Quality


S P A I N

CIFE GROUP: CIFE Emotion Production Unit Sold to Distroller


T U R K E Y

TIB DIVERSIFIED: Fitch Alters Outlook on BB+ Rated Notes to Stable


U N I T E D   K I N G D O M

ALLOY PARENT: Moody's Affirms Caa2 CFR, Alters Outlook to Positive
AMICUS FINANCE: English High Court Approves Restructuring Plan
AMIGO HOLDINGS: Swings Back Into Profit in First Quarter 2021
BELL GROUP: Meeting of Holders of AUD175MM Bond Set for Sept. 15
BELL GROUP: Meeting of Holders of AUD75MM Bond Set for Sept. 15

INCREDIBLE FUTURES: Insolvency Cost Ratepayers Over GBP140,000
LUDGATE FUNDING 2007: Fitch Raises Class E Tranche to 'B-'

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
===========================================

BOSNIA AND HERZEGOVINA: S&P Affirms 'B' LT Sovereign Credit Rating
------------------------------------------------------------------
On Aug. 27, 2021, S&P Global Ratings affirmed its 'B/B' long- and
short-term foreign and local currency sovereign credit ratings on
Bosnia and Herzegovina. The outlook is stable.

Outlook

The stable outlook takes into account the risks stemming from BiH's
complex and confrontational political dynamics. Given the country's
low vaccination rate, it also incorporates the potential for
further waves of COVID-19 to damage the economy and public finances
over the next 12 months. These risks are balanced against the
manageable macroeconomic impact of the pandemic so far and BiH's
still-contained government debt burden, which gives it a measure of
fiscal policy space.

Downside scenario

S&P said, "We could lower the ratings on BiH if the budgetary costs
of the pandemic prove materially higher than we currently project.
We could also lower the ratings if domestic political confrontation
escalated further, undermining economic policy and interfering with
established debt servicing mechanisms."

Upside scenario

S&P could raise the ratings on BiH if domestic policy settings
improved and it saw a move toward less-confrontational and more
consensus-based politics, oriented to structural reforms. This
could, in turn, underpin a stronger medium-term economic
performance than we currently expect.

Rationale

S&P said, "Our ratings on BiH remain constrained by the country's
modest income levels. GDP per capita is forecast to be $7,000 in
2021, which is well below that of most other European countries.
The ratings are also constrained by the country's complex
institutional arrangements and the confrontational nature of its
domestic politics. We also note the absence of monetary flexibility
stemming from the currency board arrangement with the euro." As a
result, fiscal policy remains the government's main lever with
which to influence domestic economic conditions.

The ratings on BiH are supported by the modest level and favorable
structure of public debt. Even considering the impact of the
pandemic, net general government debt should remain at about 30% of
GDP over the next four years. Almost all external debt (which
accounts for more than 70% of gross general government debt) is due
to official bilateral or multilateral lenders at long maturities
and favorable interest rates. In S&P's view, this gives BiH some
fiscal space, partially offsetting a lack of monetary policy
flexibility, given the hard peg of the konvertibilna marka (BAM) to
the euro.

Institutional and economic profile: Recovery underway, but slow
pace of vaccination presents risks

-- S&P expects BiH's economy to grow by 3% in 2021, following a
4.6% pandemic-driven contraction in 2020.

-- Further waves of COVID-19 infections could still occur, as only
10% of the population had been fully vaccinated by mid-August.

-- BiH's complex institutional arrangements continue to complicate
reform momentum and timely policy response to the pandemic.

BiH is recovering from the impact of the pandemic. High-frequency
data points to a strengthening of economic activity. Specifically:

-- Seasonally adjusted volumes of industrial production have
recovered to pre-pandemic levels as of mid-2021;

-- Retail trade turnover has now exceeded the previous peak
registered at the end of 2019; and

-- Nominal exports and imports of goods expanded by 30% and 20%
year-on-year, respectively, over the first six months of 2021,
benefitting from a stronger recovery in Europe, where most of BiH's
trade partners are located.

S&P said "As these positive trends continue, we project that
Bosnia's economy will grow by 3% in real terms this year and will
recover its prepandemic level of output in 2022. We also forecast
growth in expenditure to be fueled by increased net exports and
domestic consumption this year." By contrast, investment will
likely see a stronger recovery only by 2022, as economic
uncertainties linked to the pandemic continue to affect spending
this year.

Bosnia's foreign services exports--mainly tourism--will recover
more slowly because of the various restrictions and cross-country
travel requirements that hamper the inflow of visitors. In U.S.
dollar terms, foreign services receipts dropped by almost 50% last
year. Latest monthly data for May-June 2021 indicated that arrivals
were still about half of 2019 levels, as was the cumulative number
of nights spent in the country.

S&P's short-term growth forecasts remain subject to
pandemic-related risks. Although new virus cases are currently low,
they have started to pick up again following two previous large
waves of infections. Meanwhile, BiH's vaccination rate is low: as
of mid-August, just 10% of the population had received two doses of
the vaccine, with an additional 6% having received only the first
dose. S&P understands that these numbers exclude some people that
were vaccinated in neighboring countries (such as Serbia), but it
is difficult to ascertain how large a proportion sought vaccination
abroad. Initially, the main obstacle to vaccination was supply
constraints, but anecdotal evidence now indicates that the problem
is significant vaccine hesitancy. People are not registering to
receive jabs, despite their availability. Consequently, if another
wave of the virus occurs, mobility restrictions may need to be
tightened again.

Even excluding the impact of the pandemic, BiH's longer-term growth
prospects are not particularly strong. The economy remains
dependent on the export of basic goods, with comparatively limited
value-added. Reform momentum has historically been slow and the
country still suffers from several persistent structural issues,
such as the presence of a number of loss-making state-owned
enterprises and outward population migration, particularly of the
skilled labor force. S&P considers that these could prove a drag on
the economy in the long term, preventing convergence with income
levels typical of more advanced European economies.

BiH's convoluted institutional set-up also complicates the reform
process and impedes timely responses to the pandemic. The country's
political structures owe their existence to the Dayton Peace
Accords, which ended three years of war (1992-1995). In practice,
the country comprises two entities, each of which has a large
degree of autonomy--the Federation of BiH (FBiH) and the Republic
of Srpska (RS)--in addition to the small, self-governing Brcko
District. Each entity has its own parliament, government, and
banking regulator with extensive mandates. A high degree of
political volatility and frequently confrontational decision-making
has been and remains a defining characteristic of domestic
politics.

The IMF was in talks with BiH to provide a EUR750 million extended
fund facility in December 2020. This amount is equivalent to 4.2%
of GDP or 11% of foreign exchange reserves. The talks were not
concluded, even though we understand that the IMF conditions were
relatively light--it had suggested structural reforms promoting a
single economic space, including in the digital, energy, and
banking regulation spheres. Nevertheless, finding consensus between
the two largest political entities in BiH remains difficult. In
particular, the RS objects to any transfer of power to the state
level, which effectively blocked the program. S&P does not expect
BiH to enter into an IMF program in the near future, particularly
as general elections are approaching in 2022.

More recently, RS has refused to participate in the work of
state-level institutions or cooperate with the new holder of the
Office of the High Representative (OHR), Christian Schmidt, a
German politician who assumed the position in August 2021. The OHR
was established in 1995 to oversee the civilian aspects of the
implementation of the Dayton Agreement. The current situation is
further complicated by calls from Russia and China to dissolve the
OHR; both countries refuse to officially recognize the new OHR
head. Meanwhile, the mandate of the board of BiH's central bank has
recently expired and a new board has yet to be nominated, owing to
RS' stance of nonparticipation in the work of state institutions.
For now, the previous board is continuing in a caretaker capacity.

S&P said, "Overall, we expect the confrontational domestic rhetoric
to persist, hampering reform momentum. That said, some cooperation
is taking place between the entities on a technical level. For
example, we view financial sector regulation as comparatively
strong and coordinated, with both FBiH and RS banking agencies
exchanging information and aligning policy initiatives.

"We also believe that the state's external debt servicing
procedures have strengthened in recent years." They operate
regardless of whether the state-level budget is adopted, which is
vital given that political disagreements often cause substantial
delays in adopting the state-level budget. For instance, the 2021
budget has still not passed.

Specifically, all indirect tax revenue (which constitutes the
lion's share of overall tax revenue) is collected by the
state-level indirect tax authority and then redistributed back to
the entities, net of funds for foreign debt service and financing
for the functioning of state institutions. This setup essentially
prioritizes external debt service and reduces the risk of payment
delays, like the one that occurred in January 2012, when BiH was
late in repaying some official creditors. The mechanism does not
apply to debt contracted by the individual entities, only to
foreign debt owed by the state-level government.

Bosnia has had a Stabilization and Association Agreement with the
EU since 2015, and formally applied for EU membership in 2016.
However, it is not yet an EU candidate country and progress toward
formal membership status has been faltering.

Flexibility and performance profile: Government debt level remains
modest and mostly concessional

-- Even though the fiscal deficit substantially widened in 2020 to
5.1% of GDP because of the pandemic, net general government debt
remains contained at 30% of GDP.

-- BiH's foreign exchange reserves have been growing steadily
since the beginning of 2020 and will be further bolstered by the
EUR300 million (1.6% of GDP) IMF Special Drawing Rights (SDR)
allocation.

-- BiH lacks an independent monetary policy, given its currency
board arrangement with the euro, which should remain intact
throughout our forecast period, to 2024.

S&P said, "Bosnia's fiscal performance last year proved weaker than
we previously projected. We had estimated a consolidated general
government budget deficit of 3% of GDP, but the actual deficit was
5.1%. The deficit was underpinned by the measures both FBiH and RS
deployed throughout the year to support the economy, such as
additional health care spending, subsidizing the minimum wages, and
relief on corporate social security contributions. In nominal
terms, revenue also declined by 5%. FBiH also recorded a sizable
shortfall for extrabudgetary funds, as did RS, which contributed to
the larger consolidated deficit. We understand that much of the
shortfall relates to road construction-related activities at
various government levels."

Both FBiH and RS plan to continue several of their support programs
in 2021. Further policy measures may also be required if a further
wave of infections hits BiH, given the low vaccination rates.
Nevertheless, S&P anticipates that economic recovery should support
revenue growth, helping to reduce deficits over the medium term.
S&P forecasts that the general government deficit will reduce to
3.5% of GDP this year and gradually moderate back to a balanced
budget by 2023-2024.

Accordingly, BiH's net general government debt will stabilize at
close to 30% of GDP over the medium term. S&P considers this to be
modest, compared with other emerging markets.

BiH's public debt structure remains favorable, which supports the
sovereign ratings. Over 70% of gross government debt is external,
with the lion's share being to official bilateral or multilateral
creditors. RS has some commercial external debt outstanding in the
form of its eurobonds (including a EUR300 million bond issued in
April 2021) but FBiH has almost no external commercial debt.
Overall, Bosnia's largest external creditors are the World Bank,
European Investment Bank, and IMF, which together account for over
60% of public external debt. The average time to maturity is over
seven years and S&P projects interest payments will total less than
2% of consolidated government revenue through 2024.

BiH's external performance proved stronger than its fiscal outcome
last year. The current account deficit was 3% of GDP, in line with
the 2019 level. Although goods exports, services, and remittances
dropped, this was compensated for by a reduction in imports,
mirroring weak domestic demand. S&P projects that BiH will maintain
a similar current account deficit over the medium term.
Historically, BiH's current account deficits have been more than
covered by net foreign direct investment inflows (mainly reinvested
earnings), capital account surplus (Instrument for Pre-Accession
Assistance funds from the EU), and positive net errors and
omissions (unrecorded receipts, such as from BiH citizens working
abroad). Consequently, BiH's external leverage has declined and
foreign exchange reserves strengthened, even as current account
deficits were recorded.

In 2021, BiH will benefit from an IMF SDR allocation. An amount
equivalent to EUR300 million (1.6% of GDP) will be disbursed
imminently, bolstering the central bank's foreign currency reserve
levels. In nominal terms, reserves have already grown by 2% over
the first six months of 2021, partly underpinned by RS' EUR300
million Eurobond, issued in April 2021 to finance the entity's
budget deficit in the absence of the full IMF program.

So far, BiH's banking system has withstood the pandemic-related
shocks well. In S&P's view, in 2020 the two banking regulators (in
the FBiH and the RS) acted promptly and in a coordinated way to
address the consequences of the pandemic for the banking system.
The nonperforming loans ratio has actually trended down from the
end-2019 level of 7.4% to 5.7% in mid-2021. This occurred because
some previously fully provisioned loans were written off, while new
NPL formation has been contained.

BiH's banking system entered this crisis in a relatively strong
position, with capital levels higher than the regulatory limits and
ample liquidity. The system is dominated by subsidiaries of foreign
banking groups, similar to other West Balkan states. S&P said,
"Banks are largely funded by domestic deposits, and we estimate
that they will remain in a net external creditor position. As such,
we do not think that banks are exposed to foreign debt rollover
risks. Throughout 2020 and the first half of 2021, we saw no
notable deposit flight or conversion of domestic residents to
foreign exchange and we forecast this will remain the case."

BiH maintains a currency board arrangement to the euro, under which
the exchange rate is fixed at 1.96 BAM/EUR. S&P said, "We expect it
to remain in place over the forecast horizon. The currency board is
an important economic anchor, but at the same time it curtails the
ability of the central bank to conduct independent monetary policy.
Under the existing exchange rate arrangement, we also consider that
the central bank has effectively no ability to act as a lender of
last resort."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  RATINGS AFFIRMED

  BOSNIA AND HERZEGOVINA

  Sovereign Credit Rating                B/Stable/B
  Transfer & Convertibility Assessment   BB-




=============
H U N G A R Y
=============

BUDAPEST: May Face Insolvency by End of Year, Mayor Says
--------------------------------------------------------
Budapest Deputy Mayor Ambrus Kiss said in a recent interview with
left-wing daily Nepszava, "If we don't intervene right now, the
Metropolitan Government will become insolvent by the end of the
year," Abraham Vass at Hungary Today reports.

According to Hungary Today, the politician blames ever-increasing
expenditures and the central government for the situation.

Mr. Kiss revealed that in order to avoid insolvency, this year's
budget had to be modified in 65 points, Hungary Today relates.  In
addition, the state still needs to pay out some HUF12 billion
(EUR34.4 million) of subsidies due for public transport, until when
it is up to the capital to advance that amount to Budapest
transport company BKK, Hungary Today states.

The deputy mayor forecasted that Budapest will run out of all its
operating state bonds and cash by Sept. 4, so from then on the city
will have to operate on an overdraft facility, at least until the
second part of the advance business tax comes in, Hungary Today
notes.

"If, on the other hand, the normative fails to come in or there
will be more lockdowns coming because of the pandemic, we'll start
next year with billions of loans, which would violate the Economic
Stability Act," Hungary Today quotes Mr. Kiss as saying.

Nonetheless, workers' wages are not in a danger, Mr. Kiss claimed,
explaining that in that case they would rather freeze up the
payments that are due for the central government, Hungary Today
discloses.



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I T A L Y
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SIENA MORTGAGES 07-5: Fitch Affirms B- Rating on Class C Tranche
----------------------------------------------------------------
Fitch Ratings has taken rating actions on three Siena Mortgage
transactions, including an upgrade of a class C tranche.

     DEBT                      RATING          PRIOR
     ----                      ------          -----
Siena Mortgages 07-5 S.P.A

Class A IT0004304223    LT  AA-sf  Affirmed    AA-sf
Class B IT0004304231    LT  AA-sf  Affirmed    AA-sf
Class C IT0004304249    LT  B-sf   Affirmed    B-sf

Siena Mortgages 09-6 S.r.l.

A IT0004488794          LT  AA-sf  Affirmed    AA-sf
B IT0004488810          LT  AA-sf  Affirmed    AA-sf
C IT0004488828          LT  Asf    Upgrade     A-sf

Siena Mortgages 07-5 S.P.A Series 2

Class A IT0004353808    LT  AA-sf  Affirmed    AA-sf
Class B IT0004353816    LT  AA-sf  Affirmed    AA-sf
Class C IT0004353824    LT  B-sf   Affirmed    B-sf

TRANSACTION SUMMARY

The three Italian RMBS transactions were originated by Banca Monte
dei Paschi di Siena (BMPS, B/Rating Watch Negative/B) and its
subsidiaries.

KEY RATING DRIVERS

Increased Credit Enhancement

The upgrade of SM09-6 class C notes, alongside the rating
affirmations, reflects Fitch's view that the securitisation notes
are sufficiently protected by credit enhancement (CE) to absorb the
projected losses that are commensurate with the existing and higher
rating scenarios. For all transactions, Fitch expects the CE ratios
to build up as sequential amortisation of the notes continues.

Improving Asset Performance

Loans that are three months or more in arrears have decreased since
the last rating actions a year ago across all transactions. They
currently range between 0.5% (SM07-5) and 0.9% (SM07-5 Series 2)
from the range of 1.0% to 1.8% of 12 months ago. This trend is
common to other Fitch-rated Italian RMBS transactions where the
market average of arrears, represented by the Fitch Italy All Deals
Index, has decreased to 0.9% from 1.2% over the last one year,
towards pre-Covid 19 levels. The improving asset performance
further supports the upgrade of SM09-6 class C notes.

Continuous Drawings from Cash Reserves

As of the June 2021 payment date each transaction's cash reserve
was between 60% (SM07-5 Series 2) and 96% (SM09-6) of its target
amount, and may be further drawn down to provision for new
defaults. These balances have been decreasing over the last three
years for SM07-5 and SM07-5 Series 2, while remaining stable for
SM09-6.

The target cash reserve balances of SM07-5 and SM07-5 Series 2 are
at the floor, implying that they cannot amortise further. The cash
reserve of SM09-6 can no longer amortise due to an irreversible
breach of the cumulative default trigger.

The cash reserve size, after factoring in further expected
drawings, is enough to cover at least three months of senior costs
and interest payments on the rated notes in the short to medium
term, mitigating payment interruption risk. However, Fitch believes
that payment interruption risk may become a key rating driver in
the next year for SM07-5 Series 2. This transaction has reduced
interest coverage arising from the lower cash reserve size, higher
default assumptions and a higher cap on the notes' coupons than
SM07-5's. This supports the Negative Outlook on the class A and B
notes of SM07-5 Series 2.

Reduced Excess Spread Risk

The limited CE of the class C notes of SM07-5 and SM07-5 Series 2
provided by the available cash reserves leaves the ratings of the
junior classes vulnerable to excess spread changes. As the
transactions move into their tail period, the weighted average (WA)
cost of the notes will increase and will be higher than the
payments made by swaps to the issuers. As a result, Fitch expects
payments to those tranches to become highly reliant on cash reserve
drawings, which have prevailed over the last 12 months, reducing
the available support to those classes even if the risk of default
on these notes is not imminent. This view is reflected in the
current rating of the class C notes in SM07-5 and SM07-5 Series 2
at 'B-sf'.

As it approaches its tail, SM09-6 is exposed to a similar rise in
the WA cost of notes. However, the transaction features a larger
cash reserve with a target still equal to its original target
amount, thus providing more support to the class C notes. This is
reflected in the higher rating of SM09-6's class C notes.

RATING SENSITIVITIES

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

-- Fitch considers a more severe downside scenario for
    sensitivity purposes whereby a deterioration of asset
    performance is assumed. Under this scenario, Fitch assumed a
    15% increase in the weighted average foreclosure frequency and
    a 15% decrease in the weighted average recovery rate. The
    results indicate a downgrade of one notch to SM09-6's class C
    notes.

-- Further drawings on the cash reserves of SM07-5 and SM07-5
    Series 2 may result in unmitigated payment interruption risk
    and therefore negatively affect the ratings of the senior and
    mezzanine notes.

-- The ratings of the class A and B notes of the three
    transactions are sensitive to changes in Italy's Long-Term
    Issuer Default Rating (IDR). Downgrades to Italy's IDR and
    hence the rating cap for Italian structured finance
    transactions could trigger similar downgrades of the notes
    rated at this level.

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

-- Improved asset performance driven by stable delinquencies and
    defaults could lead to upgrades of the class C notes of the
    three transactions. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the weighted
    average foreclosure frequency of 15% and an increase in the
    weighted average recovery rate of 15%. The results indicate a
    potential upgrade of two notches on the class C notes of SM09-
    6.

-- Upgrades of Italy's IDR and hence the rating cap for Italian
    structured finance transactions could trigger similar upgrades
    to the notes rated at this level.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

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.



===========
R U S S I A
===========

XALQ BANK: S&P Lowers Rating to 'B+' on Deteriorated Asset Quality
------------------------------------------------------------------
S&P Global Ratings lowered its long-term rating on Xalq Bank to
'B+' from 'BB-' and affirmed the short-term rating at 'B'. The
outlook is stable.

S&P said, "We anticipate Xalq Bank's asset quality will gradually
improve after the dramatic hit earlier this year, but that it will
remain materially weaker than that of peers.As of Aug. 1, 2021,
Xalq Bank's problem loans, which include loans in unsatisfactory,
doubtful, and loss categories--under the treatment of the Central
Bank of Uzbekistan--increased to 24% of its loan portfolio from
2.8% as of year-end 2020. The share of the problem loans
significantly exceeds that of the system average, which we estimate
at 6%-7% at the same date. We note that the increase in problem
loans occurred primarily in June and July after the bank's
management adopted a more conservative approach to the treatment of
the impaired loans to reflect the true picture of the bank's asset
quality." However, compared with other local banks, which have also
demonstrated a gradual increase of problem loans in recent months,
S&P also sees the following reasons for the dynamics:

-- Higher exposure to small and midsize enterprises and retail
customers, with a substantial share of clients receiving loans
under special social support programs and demonstrating weaker
creditworthiness.

-- Relaxed underwriting standards and risk controls, and last
year's aggressive lending growth (which reached 62% versus 31% of
systemwide growth).

-- Management's stricter approach to restructuring programs, which
didn't allow customers to recover their financial position.

S&P said, "We note that the bank is undertaking several steps to
improve its asset quality, including strengthening customers'
payment discipline, various restructuring programs, and collection
of the defaulted debt and collateral. Although we expect that the
bank's asset quality will gradually improve in the coming months,
not least because of the favorable macroeconomic environment, we
expect that the share of problem assets will likely substantially
exceed 10% under International Financial Reporting Standards at
year-end 2021 and will remain materially higher than that of peers.
We also expect deterioration of the provisioning coverage ratios
with specific provisions covering nonperforming assets (NPAs)
reducing to 25%-30%, versus 42% at year-end 2020.

"The bank will likely preserve a solid capital position, thanks to
capital support from the government, slow lending growth, and good
earnings capacity. We expect that the bank's risk-adjusted capital
(RAC) ratio will likely remain above 10% in the next 12-18 months.
We take into account the bank's significantly slower lending growth
this year (11% versus 62% last year) as Xalq Bank virtually stopped
new lending on Aug. 1, 2021. We also take into account Uzbekistani
sum (UZS) 200 billion of capital support the bank received earlier
this month from the government, as well as UZS80 billion of support
through capitalization of earlier paid taxes. We understand that
the government might provide the bank with another tranche of
capital later this year, although the amount and timing of this
potential support is uncertain. Finally, we think that the bank's
improved earnings capacity with a net interest margin closer to 8%
may protect the bank against substantial provisions it might need
to create this year. We assume that the bank's cost of risk will
increase to 3.5% this year from 2.6% last year and we recognize the
high sensitivity of the bank's capital position to even higher
provisioning needs later this year. As of Aug. 1, 2021, the bank's
capital adequacy ratio was 14.1%, versus the regulatory minimum of
13.0%, and we think that there is a low risk Xalq Bank will breach
the regulatory minimum, thanks to potential government support and
slower business growth.

"The bank will likely maintain its stable funding profile and
liquidity position. As of Aug 1, 2021, pension savings and funding
from the Ministry of Finance and the Uzbek Fund for Reconstruction
and Development represented nearly 50% of the bank's total
liabilities. We think that these resources support the stability of
the bank's funding profile. Although the bank is currently in
breach of asset quality covenants on a few credit lines from
international financial institutions and foreign banks, we don't
think that these creditors will require immediate repayment. In our
view, the bank maintains an adequate liquidity buffer with highly
liquid assets (around UZS3.85 trillion) covering 70% of all
international funding or 16% of liabilities as of Aug. 1, 2021.

"The bank remains an important financial institution for the
government. We think that Xalq Bank will remain important for the
government, considering its exclusive status as an agent
distributing pensions and other social payments in Uzbekistan.
Although the bank will likely start transferring its pension
savings starting from 2022, we think that the bank will preserve
its distributor status in coming years, given it has the widest
branch network in the country. We also do not expect privatization
of the bank in the coming two years. We believe that the bank's
credit profile will continue to benefit from ongoing and
extraordinary government support in the form of capital, funding,
and liquidity.

"The stable outlook on Xalq Bank reflects our view that, despite
the substantial increase of problem assets and credit losses in
2021, the bank will likely preserve its credit profile from further
deterioration thanks to a sufficient capital and liquidity buffer,
stable funding, and government support.

"We could take a negative rating action in the next 12 months if,
contrary to our expectations, the bank's capital position
deteriorates significantly, with its capital adequacy ratio lower
than or at risk of breaching the regulatory minimum, or its RAC
ratio falling below 10%, while the bank's asset quality remains
weak. This might happen if, for example, the bank's new loan loss
provisions materially exceed our expectations and the government
does not provide timely and sufficient support to offset pressure
on the bank's capital position."

A negative rating action may also follow a significant outflow of
depositors' and foreign creditors' funds, leading to pressure on
the bank's liquidity. Continuing issues with asset quality that
lead to weaker client confidence and inability to grow healthy
business resulting in deterioration of the bank's market footprint
might also prod us to take a negative rating action.

S&P could consider a positive rating action over the next 12-18
months if management succeeds in reducing problem loans and
improving the bank's risk management with NPAs moving closer to the
system average and if the bank maintains its solid capital position
with its RAC ratio sustainably above 10%.





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

CIFE GROUP: CIFE Emotion Production Unit Sold to Distroller
-----------------------------------------------------------
Iberian Lawyer reports that part of the Spanish toy company CIFE
group, CIFE Emotion, has integrated into the Mexican company
Distroller.

According to Iberian Lawyer, this includes the transfer of
contracts with customers, suppliers and, most importantly, the
subrogation of jobs.

The transfer of production units involves saving the tangible and
intangible value of a company, from the products it markets or
produces to the brand and human capital, Iberian Lawyer notes.

The CIFE group filed for insolvency proceedings in 2020 due to a
situation of one-off financial stress, not structural, which
according to the law firm "is a clear advantage when it comes to
wanting to sell the production unit, as it is a business that works
and maintains its value, Iberian Lawyer recounts.  Moreover, by
carrying out the transaction within the framework of the insolvency
proceedings, both seller and buyer have legal protection which, if
the deal had been structured outside this framework, they would not
have had."

Kepler-Karst advised the seller with a team led by partner head of
Restructuring & Insolvency Davinia Sanchez --
dsanchez@keplerkarst.com -- and partner head of M&A Eduardo Frutos,
Iberian Lawyer discloses.

Following the transaction, the rest of the Spanish group's entities
will continue to operate with new business lines focused on the
digitalization of the company, Iberian Lawyer states.




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

TIB DIVERSIFIED: Fitch Alters Outlook on BB+ Rated Notes to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on TIB Diversfied Payment
Rights Finance Company's (TIB DPR) series to Stable from Negative
and affirmed the ratings at 'BB+'. The Stable Outlook reflects that
on the originating bank's Long-Term Local-Currency Issuer Default
Rating (LC IDR) and the healthy DPR flows and sufficient debt
service coverages.

          DEBT                     RATING           PRIOR
          ----                     ------           -----
TIB Diversified Payment Rights Finance Company

Series 2012-A XS0798555966     LT  BB+  Affirmed     BB+
Series 2012-B XS0798556345     LT  BB+  Affirmed     BB+
Series 2013-D XS0985825172     LT  BB+  Affirmed     BB+
Series 2014-A XS1102748073     LT  BB+  Affirmed     BB+
Series 2014-B                  LT  BB+  Affirmed     BB+
Series 2015-A XS1210043052     LT  BB+  Affirmed     BB+
Series 2015-B XS1210043136     LT  BB+  Affirmed     BB+
Series 2015-G XS1316496907     LT  BB+  Affirmed     BB+
Series 2016-A XS1501082256     LT  BB+  Affirmed     BB+
Series 2016-B XS1508150452     LT  BB+  Affirmed     BB+
Series 2016-C XS1508150379     LT  BB+  Affirmed     BB+
Series 2016-D                  LT  BB+  Affirmed     BB+
Series 2016-E XS1529855253     LT  BB+  Affirmed     BB+
Series 2016-F XS1508150023     LT  BB+  Affirmed     BB+
Series 2017-A XS1733314790     LT  BB+  Affirmed     BB+
Series 2017-B XS1733315094     LT  BB+  Affirmed     BB+
Series 2017-C                  LT  BB+  Affirmed     BB+
Series 2017-D XS1725889130     LT  BB+  Affirmed     BB+
Series 2017-E XS1733315847     LT  BB+  Affirmed     BB+
Series 2017-F XS1733316068     LT  BB+  Affirmed     BB+
Series 2017-G XS1733316142     LT  BB+  Affirmed     BB+
Series 2017-H XS1739379623     LT  BB+  Affirmed     BB+
Series 2017-I XS1739379979     LT  BB+  Affirmed     BB+

TRANSACTION SUMMARY

The programme is a financial future flow securitisation of existing
and future US dollar-, euro-, and sterling-denominated diversified
payment rights (DPRs) originated by Turkiye Is Bankasi A.S.
(Isbank). DPRs can arise for a variety of reasons including
payments due on the export of goods and services, capital flows,
tourism and personal remittances. The programme has been in
existence since 2004.

KEY RATING DRIVERS

Originator Credit Quality: Isbank's 'B+' LC IDR is driven by state
support. The Outlook is Stable, mirroring that on the sovereign.
Isbank is the largest private bank (the fourth-largest bank
overall; unconsolidated basis) in Turkey, with 11.0% of total
system deposits and 10.5% of total system assets at end-March 2021,
according to the Banks Association of Turkey. Isbank is recognised
as a domestic systemically important bank.

Three-Notch Uplift Unchanged: Fitch maintains a Going Concern
Assessment (GCA) score of 'GC1' on Isbank. The GC1 score allows a
maximum notching uplift of six notches from Isbank's LC IDR. The
uplift is limited by the challenging market conditions in Turkey.
Fitch maintains a three-notch uplift for TIB DPR, supported by
adequate flow amounts and sufficient debt service coverages.

DPR Flows Recovering: TIB DPR reported USD47.1 billion applicable
flows in 2021 from January to July, a 6% increase on the same
period in 2020. The volume of offshore flows processed through
designated depository banks (DDBs) was USD14.7 billion, 29% higher
than the 2020 level. Other DPR programmes have also reported
similar flow recoveries, reflecting the economic recovery. In 2020,
the biggest flow drops were in April and May, before a recovery
from June. Since late 2020, flows have been at levels similar to
those in late 2019 and early 2020 before the pandemic.

Sufficient Coverage Levels: Fitch calculated the debt service
coverage ratio (DSCR) for the programme at 35x, based on the
monthly average offshore flows processed through DDBs in the past
12 months and 40x based on the latest monthly flows as of July
2021, after incorporating interest rate stresses. The DSCR is at
the moderate to low end compared with peer programmes.

Fitch ran additional scenarios to test DPR flows' sufficiency and
sustainability, including FX stresses, a reduction in payment
orders based on the top 20 beneficiary concentration, a fall in
remittances based on the steepest quarterly decline in the last
five years and the exclusion of large single flows exceeding USD35
million. The resultant DSCRs range from 18x to 34x, based on
average monthly flows in the last 12 months.

Moderate Programme Size: The outstanding programme debt is USD1,603
million-equivalent, at 2.2% of Isbank's total interest-bearing
liabilities, 6.8% of total interest-bearing liabilities excluding
customer deposits and 9.6% of total long-term funding.

Diversion Risk Reduced: Like its peers, the transaction structure
mitigates certain sovereign risks by keeping DPR flows offshore
until scheduled debt service is paid to investors, allowing the
transaction to be rated above Turkey's Country Ceiling of 'BB-'.
Fitch believes diversion risk is materially reduced by the
acknowledgement agreements signed by the DDBs. The proportion of
DDB flows has historically averaged above 70%.

RATING SENSITIVITIES

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

-- Significant variables affecting the transaction's rating are
    the originator's credit quality, the GCA score, DPR flow
    development and the debt service coverage levels. Fitch would
    analyse a change in any of these variables for the impact on
    the transaction's rating.

-- Another important consideration that might lead to rating
    action is the level of future flow debt as a percentage of the
    originating bank's overall liability profile, its non-deposit
    funding and long-term funding. This is factored into Fitch's
    analysis to determine the maximum achievable notching
    differential, given the GCA score.

-- In addition, the ratings of The Bank of New York Mellon (BONY;
    AA/Stable/F1+) as the issuer's account bank may constrain the
    ratings of DPR debt should BONY be rated below the then
    ratings of the DPR debt and no remedial action is taken.

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

-- The main constraint on the DPR rating is the originator's
    credit quality and its operating environment. An upgrade of
    the originator's LC IDR could contribute positively to the DPR
    rating consideration. Also, improvements in economic
    conditions could contribute positively to DPR flow performance
    and to the rating consideration. Fitch will review the DPR
    rating if there is any material change in these variables.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Prior to the transaction closing, Fitch did not review the results
of a third party assessment conducted on the asset portfolio
information.

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The future flow rating is driven by the credit risk of the
originating bank, as measured by its Long-Term LC IDR.

ESG CONSIDERATIONS

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



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

ALLOY PARENT: Moody's Affirms Caa2 CFR, Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has affirmed the Caa2 corporate family
rating of Alloy Parent Limited (Doncasters or the company), and
upgraded the company's probability of default rating to Caa2-PD
from Caa3-PD. Concurrently Moody's has upgraded to Caa2 from Caa3
the outstanding GBP218 million sterling-equivalent guaranteed
senior secured first lien term loans due 2024 issued by Doncasters
US Finance LLC and Doncasters US LLC which are wholly-owned
indirect subsidiaries of Alloy Parent Limited. The outlook on all
ratings has been changed to positive from negative.

The rating action reflects:

Improving trading sequentially driven by operational improvements,
aerospace and automotive end markets gradual recovery and new
business wins

Moody's expectation that the company will reduce leverage to below
7x over the next 12-18 months

Improved liquidity, although with potential for liquidity
pressures over the next 12-18 months derived from large development
project capex requirements

Limited exposure to the semiconductor shortage in the automotive
industry

RATINGS RATIONALE

The Caa2 CFR reflects the company's: (1) diversified revenues
across a broad range of industries, platforms and customers, and
between original equipment and the aftermarket; (2) underlying
aerospace and automotive end markets gradual recovery; (3)
potential for continuing sales and margin improvement from
operational turnaround and new business wins; and (4) long-term
agreements in aerospace and IGT which underpin the company's
position on platforms and typically allows for the pass through of
metal price changes.

The rating also reflects: (1) the company's high leverage which
Moody's expects will remain above 6x (Moody's-adjusted) over the
next 12-18 months; (2) the presence of substantially larger
competitors in Precision Castparts Corp. (Aa2 stable) and Arconic
Corporation's (Ba3 stable) Howmet division; (3) shortage of
semiconductors will be a challenge for the automotive end-market;
and (4) high capital expenditure over the next 12-18 months which
will reduce liquidity headroom.

Since its financial restructuring in March 2020 Doncasters has been
focused on operational improvements and new business wins. There
are upside opportunities to improve towards historic levels of
profitability.

Following the severe effects of the coronavirus pandemic,
Doncasters has experienced underlying organic growth supported by a
gradual recovery in the aerospace and automotive markets, whilst
the IGT market has been robust through this period. The company has
seen its order book increase since the fourth quarter of 2020
supported by increasing aerospace OEM build rates and the recovery
of the automotive industry. As a result, Moody's adjusted leverage
has reduced to 8.5x as at June 2021, compared to 9.3x at December
2020. Moody's expects the company to maintain sales growth and a
deleveraging trajectory supported by market improvement and new
business wins.

During the first half of 2021, the company's automotive end markets
were affected by the global semiconductor shortage. Doncasters'
automotive activities are largely focused on light trucks and heavy
duty vehicles. These are a significantly less affected by the
global semiconductor shortage than passenger cars, although the
supply chain is also likely to be disrupted through until at least
early 2022.

LIQUIDITY

Moody's considers the company's liquidity to be adequate. As at
June 2021 Doncasters had cash balances of GBP27 million and
availability under its ABL RCF of around GBP36 million. Doncasters
reported negative free cash flows up to June 2021 and Moody's
expect further cash outflows in 2021 and 2022 driven by the
pre-funded development project capex programme. However, Moody's
forecasts cash outflows to be close to zero by the end of 2021
excluding development project capex.

STRUCTURAL CONSIDERATIONS

The senior secured first lien term loans maturing in 2024 are rated
Caa2, in line with the corporate family rating. The loans rank
behind the company's ABL facility by virtue of priority security
arrangements. The senior secured first lien term loans are borrowed
by Doncasters US Finance LLC and Doncasters US LLC which are
wholly-owned indirect subsidiaries of Alloy Parent Limited. They
are guaranteed by the company and material subsidiaries subject to
a minimum guarantor coverage test. The senior secured first lien
term loans benefit from an all asset security package.
Additionally, there is a GBP363 million PIK instrument outside the
restricted group with a 0.5% cash interest obligation.

Moody's has aligned the PDR and the senior secured first lien term
loans with the Caa2 CFR due to the company's recent positive
trading performance and end-market gradual recovery which will
ultimately lead to a higher recovery rate.

OUTLOOK

The positive outlook reflects Moody's view that Doncasters' revenue
and EBITDA will continue to grow over the next 12-18 months
supported by organic growth and new business wins. As a result,
Moody's expects adjusted debt/EBITDA to decline to below 7x by
2022. The positive outlook also incorporates Moody's expectation
that free cash flow (FCF) before development projects will turn
positive during 2022 and liquidity will remain sufficient to cover
financial obligations.

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

The ratings could be upgraded if Moody's-adjusted leverage reduces
below 7x on a sustainable basis, Moody's-adjusted FCF improves to
breakeven and the company maintains adequate liquidity. An upgrade
would also require further visibility on the capital structure of
the group beyond the debt maturities in early 2024.

The ratings could be downgraded if there is deterioration in
operating performance or end markets, Moody's-adjusted FCF
continues to be materially negative or the company's liquidity
profile deteriorates.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Alloy Parent Limited

LT Corporate Family Rating, Affirmed Caa2

Upgrades:

Issuer: Alloy Parent Limited

Probability of Default Rating, Upgraded to Caa2-PD from Caa3-PD

Issuer: Doncasters US Finance LLC

Senior Secured Bank Credit Facility, Upgraded to Caa2 from Caa3

Issuer: Doncasters US LLC

Senior Secured Bank Credit Facility, Upgraded to Caa2 from Caa3

Outlook Actions:

Issuer: Alloy Parent Limited

Outlook, Changed To Positive From Negative

Issuer: Doncasters US Finance LLC

Outlook, Changed To Positive From Negative

Issuer: Doncasters US LLC

Outlook, Changed To Positive From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

COMPANY PROFILE

Doncasters is a vertically integrated manufacturer of high-quality
engineered precision components for aeroengines, industrial gas
turbines, and other specialist high performance applications. It
serves as a tier one and two supplier to a diversified industry
base focused principally on the aerospace, energy, and commercial
vehicle markets. The company operates 11 principal manufacturing
facilities across Europe and North America. In 2020 Doncasters
reported from its unaudited management accounts revenues and EBITDA
from continuing operations of GBP295 million and GBP28 million
respectively.

AMICUS FINANCE: English High Court Approves Restructuring Plan
--------------------------------------------------------------
Andreea Dulgheru at Bridging & Commercial reports that the English
High Court has approved a restructuring plan for Amicus Finance
PLC, forcing a creditor to accept the terms of a restructuring plan
and taking the company out of administration.

Mark Fry -- mark.fry@btguk.com -- Jamie Taylor --
jamie.taylor@btguk.com -- and Kirstie Provan --
kirstie.provan@btguk.com -- partners at Begbies Traynor and joint
administrators of Amicus Finance after it entered administration in
December 2018, proposed a restructuring plan at a sanction hearing
on Aug. 11 in order to prevent the firm having to file for
liquidation, Bridging & Commercial relates.

According to Bridging & Commercial, due to the joint impact of
Covid-19 and Brexit having a detrimental impact on the realisations
of Amicus Finance, the administrators felt that the continuation of
the administration was no longer a financially viable option.

They sought to use Part 26A of the Companies Act 2006 -- introduced
in June last year by the Corporate Insolvency and Governance Act
2020 -- to propose a restructuring plan to provide an exit route
from administration, which would allow the company to continue as a
going concern and place creditors in a better position than if the
company was placed into liquidation, Bridging & Commercial
discloses.

Thanks to the new powers given to the courts last year by the
Corporate Insolvency and Governance Act 2020, the High Court was
able to approve the plan despite one of the creditors, Crowdstacker
Corporate Services Limited (CCSL), being opposed, Bridging &
Commercial notes.

This means that companies no longer have to gain consensus from
creditors, Bridging & Commercial states.

Following the ruling, Mark, Jamie and Kirstie will continue as
restructuring plan administrators of Amicus Finance, Bridging &
Commercial says.


AMIGO HOLDINGS: Swings Back Into Profit in First Quarter 2021
-------------------------------------------------------------
Nicholas Megaw at The Financial Times reports that accounting
quirks allowed Amigo Loans to swing back into profit in the first
quarter of its financial year but the subprime lender warned it was
no closer to avoiding collapse amid a drawn-out dispute with
regulators about customer complaints.

According to the FT, the spiralling cost of dealing with complaints
forced Amigo to report a loss of GBP284 million in its long-delayed
full-year results earlier this week.  However, the lack of any new
provisions since then and better than expected collections allowed
it to report a small profit for the three months to June in a
trading update despite the fact it did not issue any loans, the FT
states.

It froze most new lending at the start of the coronavirus pandemic,
and has been unable to resume while it tries to reach an agreement
over how to compensate customers for historic mis-selling, the FT
relates.

The company's loan book at the end of June was almost half the size
it was a year previously, while revenues dropped by a third, the FT
notes.  However, a recovery in the broader economy meant
collections on outstanding loans were better than forecast, and it
reported a pre-tax profit of GBP15 million, according to the FT.

Still, chief financial officer Mike Corcoran said the company was
in an "extremely challenging situation" and "a material uncertainty
over the group's ability to continue as a going concern remains",
the FT relays.

Like many rival subprime lenders, Amigo has been hit by snowballing
volumes of complaints from borrowers who accuse it of failing to
check whether their loans were affordable, the FT discloses.  The
company tried to strike a deal in May to settle the backlog but it
was blocked by a court after an intervention by the Financial
Conduct Authority, the FT recounts.

The FCA argued that the so-called "scheme of arrangement" would
benefit shareholders at the expense of claimants, who would receive
only a fraction of the compensation they were owed, the FT states.
Amigo argued that the alternative was collapsing into
administration, which it said would probably leave claimants with
nothing, the FT notes.

The company has since been trying to reach a new agreement that
would satisfy the FCA, but provided no further update on the matter
on Aug. 27, the FT discloses.  Its accounts were published to avoid
a technical default on some of its debts that would have allowed
bondholders to take charge of the company, according to the FT.


BELL GROUP: Meeting of Holders of AUD175MM Bond Set for Sept. 15
----------------------------------------------------------------
A meeting of the holders (the "Bondholders") of AUD175,000,000 10
per cent Guaranteed Convertible Subordinated Bonds due 1997 (ISIN:
XSH0000001247) of Bell Group N.V. (in liquidation) (in bankruptcy)
(the "Issuer")  unconditionally guaranteed on a subordinated basis
by, with non-detachable subordinated conversion bonds issued by and
with conversion rights into Ordinary Shares of, The Bell Group Ltd.
(in liquidation) (the "Guarantor"), constituted by a Trust Deed
dated May 7, 1987, as amended by a First Supplemental Trust Deed
dated December 5, 1990 (together, the "Trust Deed") and made
between the Issuer, the Guarantor and The Law Debenture Trust
Corporation p.l.c. ("Trustee") as trustee for the Bondholders, will
be held virtually and physically at 10:30 a.m. (or as soon
thereafter as the Meeting of the holders of the AS$75 million
Guaranteed Convertible Subordinated Bonds due 1995 of the Issuer
shall have been concluded or adjourned) on September 15, 2021, at
the offices of LK Law LLP, Holborn Gate, 26 Southampton Buildings,
London WC2A IAN (Meeting):

For the purpose of considering and, if thought fit, passing the
following Extraordinary Resolution:

"That this Meeting of Bondholders hereby confirms, ratifies and (if
necessary) remakes the resolution passed at the meeting of the
Bondholders held on July 22, 2021."

Copies of the Trust Deed, the Explanatory Memorandum, voting
certificates and voting instruction forms may be obtained by
Bondholders at the specified office of the Paying Agent given below
during normal business hours:

The Paying Agent can be reached at:

         PAYING AGENT
         Lucid Issuer Services Limited
         Tankerton Works 12 Argyle Walk
         London WC1H 8HA England
         Tel: +44 20 7704 0880
         Email: bellgroup@lucid-is.com


BELL GROUP: Meeting of Holders of AUD75MM Bond Set for Sept. 15
---------------------------------------------------------------
A meeting of the holders (the "Bondholders") of AUD75,000,000 11
per cent Guaranteed Convertible Subordinated Bonds due 1995 (ISIN:
CH0005575151) of Bell Group N.V. (in liquidation) (in bankruptcy)
(the "Issuer")  unconditionally guaranteed on a subordinated basis
by, with non-detachable subordinated conversion bonds issued by and
with conversion rights into Ordinary Shares of, The Bell Group Ltd.
(in liquidation) (the "Guarantor"), constituted by a Trust Deed
dated December 20, 1985, as amended by a First Supplemental Trust
Deed dated February 6, 1986 (together, the "Trust Deed") and made
between the Issuer, the Guarantor and The Law Debenture Trust
Corporation p.l.c. ("Trustee") as trustee for the Bondholders, will
be held virtually and physically at 10:00 a.m. on September 15,
2021, at the offices of LK Law LLP, Holborn Gate, 26 Southampton
Buildings, London WC2A IAN (Meeting):

For the purpose of considering and, if thought fit, passing the
following Extraordinary Resolution:

"That this Meeting of Bondholders hereby confirms, ratifies and (if
necessary) remakes the resolution passed at the meeting of the
Bondholders held on July 22, 2021."

Copies of the Trust Deed, the Explanatory Memorandum, voting
certificates and voting instruction forms may be obtained by
Bondholders at the specified office of the Paying Agent given below
during normal business hours:

The Paying Agent can be reached at:

         PAYING AGENT
         Lucid Issuer Services Limited
         Tankerton Works 12 Argyle Walk
         London WC1H 8HA England
         Tel: +44 20 7704 0880
         Email: bellgroup@lucid-is.com


INCREDIBLE FUTURES: Insolvency Cost Ratepayers Over GBP140,000
--------------------------------------------------------------
Nigel Barlowat of About Manchester reports that the insolvency of
social enterprise Incredible Futures in April 2020 cost ratepayers
over GBP140,000 in financial aid; a mistake Oldham's Liberal
Democrat Leader is adamant must not be repeated.

The Leader of the Liberal Democrat Main Opposition, Councillor
Howard Sykes MBE, was dismayed to receive the news in the reply to
his recent request for information under the Freedom of Information
Act, About Manchester relates.

Incredible Futures went into liquidation at the start of the
pandemic owing over GBP44,000 to creditors, despite receiving over
GBP200,000 in financial aid, including GBP140,000 directly from the
coffers of the local authority, and being paid over GBP100,000 for
services rendered, About Manchester discloses.

Founded in 2015, it was a non-profitable social enterprise, set up
to improve the wellbeing of people and their local environment
through practical action.

It also benefitted from the use for two years rent-free of premises
in Manchester Chambers leased to them by the Council, About
Manchester notes.


LUDGATE FUNDING 2007: Fitch Raises Class E Tranche to 'B-'
----------------------------------------------------------
Fitch Ratings has upgraded seven tranches of the Ludgate Funding
plc series and affirmed the remaining 15. The Outlooks on nine
tranches have been revised to Stable from Negative.

        DEBT                     RATING           PRIOR
        ----                     ------           -----
Ludgate Funding Plc's Series 2008-W1

Class A1 XS0353588386     LT  AAAsf   Affirmed    AAAsf
Class A2b XS0353589608    LT  AAAsf   Affirmed    AAAsf
Class Bb XS0353591505     LT  AAsf    Upgrade     A+sf
Class Cb XS0353594434     LT  Asf     Upgrade     A-sf
Class D XS0353595597      LT  BBB+sf  Upgrade     BBBsf
Class E XS0353600348      LT  BB+sf   Upgrade     Bsf

Ludgate Funding Plc Series 2006 FF1

Class A2a XS0274267862    LT  AAAsf   Affirmed    AAAsf
Class A2b XS0274271203    LT  AAAsf   Affirmed    AAAsf
Class Ba XS0274268241     LT  AAsf    Affirmed    AAsf
Class Bb XS0274271898     LT  AAsf    Affirmed    AAsf
Class C XS0274272359      LT  A-sf    Affirmed    A-sf
Class D XS0274272862      LT  BBB-sf  Affirmed    BBB-sf
Class E XS0274269645      LT  BBsf    Affirmed    BBsf

Ludgate Funding Plc Series 2007 FF1

Class A2a XS0304503534    LT  AAAsf   Affirmed    AAAsf
Class A2b XS0304504003    LT  AAAsf   Affirmed    AAAsf
Class Bb XS0304508681     LT  BBB+sf  Affirmed    BBB+sf
Class Cb XS0304509739     LT  BBB-sf  Affirmed    BBB-sf
Class Da XS0304510158     LT  BBsf    Affirmed    BBsf
Class Db XS0304512105     LT  BBsf    Affirmed    BBsf
Class E XS0304515546      LT  B-sf    Upgrade     CCCsf
Class Ma XS0304504698     LT  AA-sf   Upgrade     A+sf
Class Mb XS0304505232     LT  AA-sf   Upgrade     A+sf

TRANSACTION SUMMARY

Transactions Ludgate Funding Plc Series 2006 FF1 (Ludgate 06), 2007
FF1 (Ludgate 07), and 2008 W1 ( Ludgate 08) are secured by loans
originated by Wave Lending Ltd (formerly Freedom Funding Limited)
and purchased by Merrill Lynch International Bank Limited. The
loans are buy-to-let (BTL) and non-conforming owner-occupied (OO)
and secured against properties located in England and Wales.

KEY RATING DRIVERS

Coronavirus-related Alternative Assumptions

Fitch applied alternative coronavirus assumptions to the
owner-occupied loans in the underlying mortgage portfolios (see
EMEA RMBS: Criteria Assumptions Updated due to Impact of the
Coronavirus Pandemic).

The combined application of revised 'Bsf' representative pool
weighted average foreclosure frequency (WAFF) and revised rating
multiples resulted in a 'Bsf' multiple to the current FF
assumptions of 1.3x for Ludgate 06 and 1.2x for Ludgate 07 and
Ludgate 08 and no impact on 'AAAsf' rated notes for all deals. The
alternative coronavirus assumptions are more modest for higher
rating levels as the corresponding rating assumptions are already
meant to withstand more severe shocks than the lower-rated
tranches.

Increased Credit Enhancement (CE)

The transactions have non-amortising reserve funds and notes that
are currently amortising on a pro-rata basis. Unless a performance
trigger is breached, pro-rata amortisation will continue until the
notes fall below 10% of their initial balance. This has led to a
gradual increase in CE for all tranches, which supports the
affirmations and upgrades.

Stable Asset Performance

Arrears remain limited across the transactions, with three-month
plus arrears currently under 2.5%. While some increases in arrears
have been seen during the pandemic, at the last interest payment
dates arrears were close to pre-pandemic levels.

Additionally, all three transactions currently show no payment
holidays, having decreased from the peaks of between 15% and 20%
seen in 2020. This has not resulted in any significant
deterioration in asset performance. Fitch does not expect payment
holidays to increase given the deadline for applying to the scheme
has now passed.

The reduction in the level of payment holidays also benefits the
transactions through increased available revenue and excess
spread.

RATING SENSITIVITIES

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

-- The transactions' performance may be affected by changes in
    market conditions and the economic environment. Weakening
    economic performance is strongly correlated to increasing
    levels of delinquencies and defaults that could reduce CE
    available to the notes. Additionally, unanticipated declines
    in recoveries could also result in lower net proceeds, which
    may make certain note ratings susceptible to negative rating
    actions depending on the extent of the decline in recoveries.

-- Fitch conducts sensitivity analyses by stressing both a
    transaction's base-case FF and recovery rate (RR) assumptions,
    and examining the rating implications on all issued notes. A
    15% increase in the WAFF and a 15% decrease in the WARR would
    result in downgrades of up to five notches for Ludgate 06 and
    Ludgate 07 and three notches for Ludgate 08.

-- Additionally, the current ratings may be sensitive to the
    resolution of the Libor-rate exposure on the notes. For
    example, if material basis risk is introduced, ratings may be
    negatively affected.

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE levels
    and, potentially, upgrades. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the FF of 15%
    and an increase in the RR of 15%. The ratings for the
    subordinated notes could be upgraded by up to three notches
    for Ludgate 06 and Ludgate 08 and five notches for Ludgate 07.

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG CONSIDERATIONS

Ludgate 06, 07 and 08 each has an ESG Relevance Score of '4' for
Customer Welfare - Fair Messaging, Privacy & Data Security due to a
material concentration of interest-only loans, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

Ludgate 06, 07 and 08 each has an ESG Relevance Score of '4' for
Human Rights, Community Relations, Access & Affordability due to
mortgage pools with limited affordability checks and self-certified
income, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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


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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

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