/raid1/www/Hosts/bankrupt/TCREUR_Public/210902.mbx        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, September 2, 2021, Vol. 22, No. 170

                           Headlines



A R M E N I A

ARMENIA: Moody's Affirms 'Ba3' Long Term Issuer Ratings


C R O A T I A

ULJANIK DD: No Bids Placed for 3.Maj Majority Stake


I R E L A N D

CORK STREET CLO: Moody's Affirms Ba1 Rating on EUR26MM Cl. D Notes


K A Z A K H S T A N

ONLINEKAZFINANCE MICROFINANCE: S&P Assigns 'B/B' Ratings


L A T V I A

AIR BALTIC: S&P Places 'B' Long-Term ICR on CreditWatch Negative


M A C E D O N I A

EUROSTANDARD BANKA: To Sell Stakes in Six Cos. at Auction Today


R U S S I A

INTERPROMBANK: Moscow Court Initiates Bankruptcy Proceedings
SNCO LLC: Bank of Russia Ends Provisional Administration


U N I T E D   K I N G D O M

ALTERA INFRASTRUCTURE: Moody's Affirms Caa1 CFR, Outlook Negative
ARROW GLOBAL: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative
LANEBROOK MORTGAGE 2021-1: Moody's Gives (P)B3 Rating to X1 Notes
LANEBROOK MORTGAGE 2021-1: S&P Puts Prelim BB- Rating on X1 Notes
NMC HEALTH: Companies Get Creditors' Nod to Exit Administration

ST GEORGE'S SHOPPING: Adhan Buys Business Out of Administration
TOGETHER ASSET 2021-1ST1: Moody's Assigns (P)Ba1 Rating to X Notes
TOGETHER ASSET 2021-1ST1: S&P Assigns Prelim BB- Rating to X Notes

                           - - - - -


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A R M E N I A
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ARMENIA: Moody's Affirms 'Ba3' Long Term Issuer Ratings
-------------------------------------------------------
Moody's Investors Service has affirmed the Government of Armenia's
Ba3 local and foreign currency long-term issuer ratings and foreign
currency senior unsecured rating. The outlook remains stable.

The affirmation of the Ba3 ratings is driven by the credit
profile's resilience to the significant shocks of the coronavirus
pandemic and geopolitical and domestic political tensions, and
Moody's expectations that growth and fiscal strength will recover
over the medium term. The fiscal profile in particular has proven
resilient and will stabilize over the medium term, with debt
consolidation expected from 2021 onward as growth and revenue
rebound, and as the government adjusts expenditure downward in line
with fiscal rules. Meanwhile, Moody's assesses that the 2020
ceasefire agreement with Azerbaijan and the June snap parliamentary
election have reduced near-term political risks, supporting
economic recovery and minimizing the impact to Armenia's
fundamental growth outlook. External deficits drive currency
valuation risks that can transmit to fiscal strength and financial
stability, although external buffers have increased to withstand
these potential shocks.

The stable outlook reflects balanced risks to the Ba3 rating. While
a developing track record of policy effectiveness supports the
development of a diversity of higher productivity sectors, growth
potential remains constrained by demographic pressures and the
small scale of the economy. Upside risk stems from more effective
reforms that contribute to sustained growth at higher rates than
Moody's currently assumes over the medium term. Event risk remains
the key source of downside risk due to geopolitical tensions with
neighboring countries, and external vulnerability and banking
system risks resulting from the high share of foreign-currency
debt, structural current account deficits, and a highly dollarized
banking system.

Armenia's local and foreign currency country ceilings remain
unchanged at Baa2 and Ba1, respectively. The four-notch gap between
the local currency ceiling and the sovereign rating reflects a
balance between the government's small footprint in the economy and
strong institutions, and geopolitical tensions with neighboring
countries and external deficits that expose the economy to external
shocks. The two-notch gap between the foreign currency ceiling and
the local currency ceiling incorporates Moody's assessment of
Armenia's policy effectiveness and transfer and convertibility
restrictions in times of stress.

RATINGS RATIONALE

RATIONALE FOR THE RATING AFFIRMATION AT Ba3

DEBT CONSOLIDATION TO RESUME, DEMONSTRATING RESILIENCE TO IMPACT OF
PANDEMIC AND GEOPOLITICAL STRAINS

The pandemic-induced shock to domestic and external demand led to a
7.4% contraction in real economic output in 2020, among the most
severe downturns among sovereigns in Central Asia and the Caucasus
region. With declining revenue and higher expenditure on
coronavirus-related relief measures, the government triggered an
escape clause in its debt management framework and suspended a
fiscal rule that prescribes public debt reduction to below 60% of
GDP within five years. Armenia's fiscal deficit widened to more
than 5% of GDP while government debt rose to 63.5% of GDP in 2020
from 50.1% in 2019.

Moody's expects a recovery in the economy and an adherence to the
authorities' expenditure plan to support a lowering of debt to
below 60% GDP by 2022, in line with the median for Ba3-rated peers.
Moody's expects the authorities to gradually reduce expenditure to
28% of GDP by 2022 from 31% of GDP in 2020 to reflect lower costs
associated with pandemic-related social assistance and the
re-allocation of expenditure savings from unspent funds for capital
investment. Revenue is likely to be stable as a share of GDP around
25% of GDP over the medium term, reflecting pre-pandemic revisions
to the tax code that are likely to increase income and property tax
collections, and will benefit from grant assistance from
international partners including the European Union.

While not Moody's baseline scenario, there remains some risk of
fiscal slippage depending on contingencies such as the further
flare-up in geopolitical risks or rising demands for social
expenditures to address subsequent waves of coronavirus infections.
However, Moody's expectation is for the authorities to prioritize
debt consolidation through 2024, with debt to GDP declining to 54%
of GDP by 2024.

While the level of public debt has increased, the fiscal profile
will be underpinned by a continued emphasis on long-dated external
concessional borrowing, occasional Eurobond issuance, and
increasingly, a focus on domestic financing sources, that will
support lower interest costs relative to Ba3 peers. Accordingly,
Moody's expects debt affordability to remain a credit strength,
with interest payments as a share of GDP remaining low at below
2.5%, and interest payments as a share of revenue at around 10%.
Even with a greater emphasis on domestic borrowing, the authorities
will likely maintain access to a broad array of external financing
sources, primarily on concessional terms from multilateral and
bilateral lenders.

GROWTH POTENTIAL RESILIENT TO PANDEMIC AND POLITICAL TURMOIL

Moody's expects a broad-based growth recovery over the next 12-18
months resulting from reduced lockdown measures driving private
consumption and investment, robust external demand and the return
to pre-pandemic levels of remittance inflows that will support
consumption and savings. Moody's forecasts real GDP growth of 4.5%
in 2021, reflecting a rebound in activity in manufacturing,
agriculture and mining, offset by continued weakness in services
sectors such as tourism, which accounts for 13% of GDP, according
to the World Travel and Tourism Council.

Downside risks also relate to the risk of additional waves of
coronavirus infections that would weigh on domestic activity, as
well as reducing the prospects of a rapid rebound of the tourism
sector. As of late August, just 5% of Armenia's population has
received at least one vaccine dose, risking future spikes in
infections. An uptick in inflation has also prompted several policy
rate hikes by the Central Bank of Armenia since late 2020. However,
these pressures are likely to dissipate in 2022 through base
effects and moderation of inflation expectations, fostering a more
pronounced recovery in real growth to 7.5%.

Investments will also continue in nascent, higher productivity
sectors that will reduce Armenia's reliance on physical
commodities, including tourism and information and communication
technology (ICT). These sectors are poised to drive productivity
and income growth over the medium term, although they may encounter
labor and skills shortages due to Armenia's small population and
declining labor force. ICT in particular remained a stable source
of services export revenue through the pandemic. The industry
intends to pivot toward increasing technical capacity in higher
value offerings including artificial intelligence and semiconductor
design.

Despite near-term headwinds, Moody's expects tourism to be a key
source of growth over the medium term. Accordingly, the government
has announced plans to launch a national discount airline that will
be part of a broader strategy to encourage tourism as well as
improve Armenia's broader connectivity, given its landlocked
geography and the limited transportation and economic ties with
several of its neighboring countries.

EXTERNAL DEFICITS, INFLATION AND BANKING SYSTEM DOLLARIZATION
CONTINUE TO POSE EXTERNAL VULNERABILITY RISKS

Moody's expects Armenia to sustain current account deficits of
between 4% and 5% of GDP through 2022, resulting from improving
domestic demand, rising oil prices and the real appreciation of the
dram acting as a drag on exports. Deficits are likely to remain
predominantly financed by debt portfolio inflows, both commercial
and concessional, and bank liabilities, while foreign direct
investment (FDI) inflows will rebound gradually. FDI inflows have
been volatile and low as a share of GDP relative to Ba3 peers, at
1.9% of GDP on average between 2014 and 2019. The significant share
of external public debt (75% of total public debt) and
dollar-denominated bank loans will keep Armenia's External
Vulnerability Indicator, the measure of short-term external
liabilities as a share of total foreign exchange reserves, above
100% through 2023.

Moody's expects Armenia's large external deficits to drive the
credit profile's susceptibility to event risk. These risks can
manifest from a sudden depreciation of the dram exchange rate or
shifts in geopolitical risks, which can result in inflation
volatility and affect the debt trajectory and financial stability,
due to the sensitivity of government debt to currency fluctuations
and the high level of dollarization in the banking system. While
the ongoing economic recovery is set to stabilize asset quality and
liquidity conditions, the ongoing risk of foreign-currency deposit
outflows will continue to pose banking system risks. Nevertheless,
Moody's expects a healthy reserves position and a moderate level of
external debt service over the next four years to ease pressures on
the foreign exchange reserves buffer. The International Monetary
Fund's increased SDR allocation, along with the February 2021
issuance of a $750 million Eurobond, will also boost Armenia's
reserves in 2021.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects balanced risks to the rating. Diverse
growth drivers will underpin a gradual economic recovery, although
growth potential remains constrained by demographic pressures and
the small scale of the economy. Moody's assesses that while recent
political uncertainty has abated, the residual effects of
geopolitical tensions and social polarization are likely to act as
a drag on institutional reform momentum in the near term, with a
stronger rebound in FDI conditional on continued political
stability over the medium term. However, upside risk stems from
more effective reforms that contribute to sustained growth at
higher rates than Moody's currently assumes over the medium term.

Event risk remains the key source of downside risk due to
geopolitical tensions and external vulnerability and banking system
risks resulting from the high share of foreign-currency debt,
structural current account deficits, and a highly dollarized
banking system.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Armenia's ESG Credit Impact Score is moderately negative (CIS-3),
driven primarily by moderately negative social and environmental
risks, and low governance risk that is underpinned by a track
record of policy effectiveness and institutional reforms.

Armenia's exposure to environmental risks is moderately negative
(E-3), reflecting the country's moderate exposure to heat and water
stress, sizeable agricultural sector and its landlocked geography
and small land area, with low exposure to pollution, water
constraints, and carbon transition risk, given the economy's low
dependence on hydrocarbon revenue and exports. Armenia's score is
largely in line with regional neighbors.

Armenia's social risk exposure is moderately negative (S-3) and is
driven by demographic challenges including a small, aging
population and a high level of youth unemployment that may act as a
drag on long-term potential growth. High emigration by higher
skilled Armenians supports inbound remittances, a mitigating
factor, but also exacerbates demographic dynamics. The pivot to
higher productivity services sectors including information
technology may help to mitigate these risks. Moderate risks stem
from similar levels of housing and health care provision, life
expectancy, and access to basic services observed in other
sovereigns in the region.

Armenia's governance risk exposure (G-2) is neutral to low,
reflecting the relative strength versus peers in economic
policymaking, with a track record of fiscal and monetary prudence,
and initial progress toward institutional reforms. Ongoing
challenges include the control of corruption and rule of law
compared to peers, although perceptions have recently improved and
institutional reforms to address these issues, in large part with
international technical assistance, are among the government's top
priorities. The banking system's large size and significant
dollarization level pose challenges to the effectiveness of
macroprudential and regulatory policies to mitigate risks to
financial stability.

GDP per capita (PPP basis, US$): 13,261 (2020 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): -7.4% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.7% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -5.1% (2020 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -3.8% (2020 Actual) (also known as
External Balance)

External debt/GDP: 102.1% (2020 Actual)

Economic resiliency: ba1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On August 26, 2021, a rating committee was called to discuss the
rating of the Armenia, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer has become
increasingly susceptible to event risks.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Moody's would likely upgrade the rating in the event of further
reforms that were to raise economic competitiveness and
institutional credibility and effectiveness beyond Moody's current
expectations. This would in part materialize through greater levels
of private investment, reduced banking system risk, and increased
transparency of and trust in institutions, including in the
judiciary.

A structural narrowing of the current account deficit and
improvement in Armenia's external position, including through
higher competitiveness and foreign direct investment, would also
contribute to upward pressure on the rating. An increase in
government revenue arising from fiscal reforms beyond Moody's
expectations, that would support the government's debt carrying
capacity, would additionally put upward pressure on the rating.

A durable easing of tensions with neighboring countries that leads
to a material reduction in geopolitical risks and greater economic
connectivity would also be credit positive.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Moody's would likely downgrade the rating if there was a loss of
reform momentum, which would likely transpire through weaker
confidence in institutions and fiscal slippage removing prospects
that the government debt burden will decline over the medium term.

An increase in external vulnerability risk, such as a sustained
increase in current account deficits that resulted in declining
foreign exchange reserve adequacy and/or significant depreciation
of the local currency, would additionally contribute to
macroeconomic and financial stability risks and put downward
pressure on the rating. An escalation of tensions with Azerbaijan
over the Nagorno-Karabakh territory and border demarcation into
full-scale conflict would also put negative pressure on the
rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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C R O A T I A
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ULJANIK DD: No Bids Placed for 3.Maj Majority Stake
---------------------------------------------------
Annie Tsoneva at SeeNews reports that Croatian shipyard 3.Maj said
on Sept. 1 that no bids were placed for a majority stake in the
company held by its peer Uljanik d.d.

According to SeeNews, Rijeka-based 3.Maj said in a filing to the
Zagreb bourse the pubic invitation for expressions of interest in
the purchase of an 88.27% stake that Uljanik d.d., which is in
bankruptcy, holds in 3.Maj shipyard closed on Aug. 31 without the
submission of official bids.

Pula-based Uljanik d.d. owns 1,249,568 ordinary A-series shares and
350,000 ordinary B-series shares in Rijeka-based 3.Maj shipyard,
SeeNews discloses.  Only the A-series shares are listed on the ZSE,
SeeNews notes.

The share capital of 3.Maj is HRK181.2 million (US$28.6
million/EUR24.2 million), SeeNews states.

In the first quarter, its net loss expanded by 25% year-on-year to
HRK8.8 million, according to SeeNews.

The bankruptcy proceedings against Uljanik d.d. and Uljanik
shipyard were launched in May 2019 at the request of Croatia's
financial agency FINA due to their overdue debt, SeeNews recounts.

Shipyard 3.Maj avoided the launch of bankruptcy proceedings in
September 2019 after the government decided to issue guarantees for
a HRK150 million loan from state-owned development bank HBOR in
favour of the shipyard, SeeNews relates.




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CORK STREET CLO: Moody's Affirms Ba1 Rating on EUR26MM Cl. D Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Cork Street CLO Designated Activity Company:

EUR24,000,000 Class B Senior Secured Deferrable Fixed Rate Notes
due 2028, Upgraded to Aa1 (sf); previously on Feb 2, 2021 Upgraded
to Aa3 (sf)

EUR21,000,000 Class C Senior Secured Deferrable Fixed Rate Notes
due 2028, Upgraded to A2 (sf); previously on Feb 2, 2021 Upgraded
to A3 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR127,300,000 (Current Outstanding Amount EUR82,822,400)
Refinancing Class A-1A Senior Secured Floating Rate Notes due 2028,
Affirmed Aaa (sf); previously on Feb 2, 2021 Affirmed Aaa (sf)

EUR112,700,000 (Current Outstanding Amount EUR73,323,500) Class
A-1B Senior Secured Step-up Floating Rate Notes due 2028, Affirmed
Aaa (sf); previously on Feb 2, 2021 Affirmed Aaa (sf)

EUR15,650,000 Refinancing Class A-2A Senior Secured Floating Rate
Notes due 2028, Affirmed Aaa (sf); previously on Feb 2, 2021
Upgraded to Aaa (sf)

EUR26,350,000 Refinancing Class A-2B Senior Secured Fixed Rate
Notes due 2028, Affirmed Aaa (sf); previously on Feb 2, 2021
Upgraded to Aaa (sf)

EUR26,000,000 Class D Senior Secured Deferrable Fixed Rate Notes
due 2028, Affirmed Ba1 (sf); previously on Feb 2, 2021 Affirmed Ba1
(sf)

Cork Street CLO DAC, issued in November 2015, and refinanced in
November 2017 is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European and US
loans. The portfolio is managed by Guggenheim Partners Europe
Limited. The transaction's reinvestment period ended in November
2019.

RATINGS RATIONALE

The rating upgrades on the Class B and C Notes are primarily a
result of the significant deleveraging of the senior Notes
following amortisation of the underlying portfolio since the last
rating action in February 2021.

The affirmations on the ratings on the Class A-1A, A-1B, A-2A,
A-2B, and D Notes are primarily a result of the expected losses on
the notes remaining consistent with their current ratings after
taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralization (OC)
levels.

The Class A-1A and A-1B Notes have paid down by approximately
EUR32.7 million (28.3%) and EUR28.9 million (28.3%) respectively
since the last rating action in February 2021. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated July 2021
[1] the Class A, Class B, Class C and Class D OC ratios are
reported at 157.02%, 140.06%, 127.96% and 115.60% compared to
January 2021 [2] levels of 144.87%, 132.62%, 123.48% and 113.77%,
respectively.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR308.1million

Defaulted Securities: EUR6.8 million

Diversity Score: 33

Weighted Average Rating Factor (WARF): 3055

Weighted Average Life (WAL): 4.09 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.53%

Weighted Average Coupon (WAC): 3.40%

Weighted Average Recovery Rate (WARR): 46.78%

Par haircut in OC tests and interest diversion test: none

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in May 2021. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.



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K A Z A K H S T A N
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ONLINEKAZFINANCE MICROFINANCE: S&P Assigns 'B/B' Ratings
--------------------------------------------------------
On Aug. 31, 2021, S&P Global assigned its 'B/B' long- and 'B'
short-term ratings, as well as its 'kzBB+' Kazakhstan national
scale rating to microfinance company OnlineKazFinance Microfinance
Organization LLP (OKF).

Rating Action Rationale

S&P said, "We expect that OKF will remain a core entity within the
IDF Eurasia Group. The ratings on OKF reflect our view of the IDF
Eurasia Group's consolidated creditworthiness. In our view, OKF
will remain critical for the group to execute its strategy, expand,
and diversify its business mix from pay-day loans (PDL) to
instalment loans and lending to SMEs. We also think that OKF will
remain material for the group, representing more than 40% of the
group's total loans and contributing 30%-35% of the group's
revenue. Furthermore, we believe OKF will remain integrated within
the group through shared groupwide enterprise risk management and
IT architecture. We therefore think that the group will support OKF
in all foreseeable circumstances. We equalize our ratings on OKF
with IDF Eurasia's group credit profile and perform our credit
analysis at the group level.

"The group's creditworthiness will remain driven by its ability to
generate cash flows to service its debt. We expect that the
short-term PDL business and rapidly expanding collection business
will contribute about 70% of the group's revenue and about 65%-70%
of its EBITDA over the next two years. We therefore apply our
corporate methodology to determine the group's creditworthiness.

"Profitability will likely reduce in 2021, with EBITDA margins
moving closer to 30% versus 37% in 2020. We think last year's
profitability was unusually high because of low impairment losses
due to a stricter customer selection process. We assume that in
Russia, rapid growth and softer underwriting standards will lead to
higher impairment of the PDL portfolio than in 2020, and in
Kazakhstan, a larger share of SME lending will slightly pressure
margins. However, rapid growth of the high-margin collection
business will not allow profitability to drop quickly.

"The group's competitive position will continue to strengthen,
supported by rapid growth, low costs, and unique capabilities. We
think the group's leadership position in Russia's PDL market (the
largest company in terms of new issuance in first-half 2021),
sophisticated data-led underwriting processes, as well as quick and
seamless online customer service, support its competitive position.
In our view, the group demonstrates better operating efficiency
than most international peers, and it enjoys a flexible cost
structure thanks to the predominance of online channels for client
acquisition and sales. We expect the group's operating
costs-to-income ratio will remain in the 25%-30% range over the
next two years, and variable costs--representing around two-thirds
of total expenditure--will continue to protect profitability from
unexpected changes in revenue and business volumes.

"Regulatory risks have recently eased somewhat but may continue to
affect the group's busines in the coming two to three years. In our
view, despite generally softer regulation in Russia and Kazakhstan
than in some developed markets, the group's business and
profitability remain sensitive to potential changes in regulation
in the medium term. We note that unexpected changes in regulation
of PDL business in Russia in 2018-2019 hampered the group's
business growth, while new regulation of microfinance business in
Kazakhstan in 2019 temporarily increased impairment losses. We also
see a possibility for further changes in regulation that could
constrain the profitability of core business lines, especially the
PDL segment."

Outlook

S&P said, "The stable outlook on OKF reflects our expectations that
the IDF Eurasia Group will continue to rapidly expand its business,
revenue, and cash flows in Russia and Kazakhstan across PDLs,
installment loans to retail and SME customers, and collection
services. In our base-case scenario, we expect that the group can
preserve its current financial risk profile despite likely high
debt issuance, with the debt to EBITDA remaining at 3.0x-4.0x over
the next 12-18 months. In addition, we expect that OKF will remain
an important part of the group, and receive support from the group,
if needed, in almost all foreseeable circumstances.

"We would consider a negative rating action in the next 12 months
if, contrary to our expectations, the group's operating performance
deteriorates, for example due to a significant increase in loan
impairment putting pressure on OKF's key credit metrics or
liquidity position. Weaker-than-expected performance or unexpected
changes in the group's strategic priorities, leading to a reduced
likelihood of the group supporting OKF, might also lead to a
negative rating action.

"We view a positive rating action as unlikely in the next 12
months. However, we might consider it in the medium term if the
group reduces leverage and shows much better coverage of debt and
interest payments from generated cash flows." Broader scale, a
stronger market position in Russia and Kazakhstan, and wider
diversity across geographies, products, and funding sources might
also lead us to take a positive rating action.




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AIR BALTIC: S&P Places 'B' Long-Term ICR on CreditWatch Negative
----------------------------------------------------------------
S&P Global Ratings placed all its ratings, including its 'B'
long-term issuer credit rating, on Latvian government-owned Air
Baltic Corp. AS and its debt on CreditWatch negative, indicating
that it could lower them, potentially by more than one notch, if
the EC does not approve the proposed equity injection by the
Latvian government, which is needed, according to its base case, to
avert Air Baltic's liquidity shortfall.

S&P's 'B' long-term issuer credit rating on Air Baltic continues to
include two notches of uplift from the 'ccc+' stand-alone credit
profile (SACP) based on its unchanged view that there is a
moderately high likelihood that the Latvian government would
provide extraordinary financial support if needed. S&P also rates
the company's unsecured debt 'B'.

S&P reiterates its view that European air passenger traffic
(measured by revenue passenger kilometers) and revenue in 2021 will
be 30%-50% of 2019 levels.

Air Baltic's revenue in 2021 is likely to fall in the low- to
mid-end of this range, whereas in 2020 revenue contracted to 27% of
2019 levels. Based on S&P's forecast, it expects S&P Global
Ratings-adjusted operating cash flow to remain negative, but
materially better than the negative EUR139 million reported in
2020. The revenue shortfall will be partially compensated by the
airline's multiple cost reduction and containment measures.

The EUR250 million equity injection received in July 2020 will be
insufficient to compensate for the delayed and sluggish recovery in
air passenger traffic. The new wave of pandemic-related lockdown
measures and travel restrictions in first-half 2021, as well as the
emergence of new virus variants, slowed demand recovery for
European air travel. This led to persistent cash burn by Air Baltic
and resulted in a cash balance of about EUR68 million as of June
30, 2021, down from EUR148 million at Dec. 31, 2020. Considering
the high uncertainty around the recovery in air traffic in the next
12 months and Air Baltic's sustained negative free operating cash
flow after lease payments, the airline is unlikely to have
sufficient cash to fund its next annual interest payment under the
unsecured bonds due in July 2022. The company also faces the risk
of breaching the minimum liquidity covenant under its bond
documentation requiring Air Baltic to maintain at least EUR25
million of cash on its balance sheet at any time. S&P said, "We
therefore now assess Air Baltic's liquidity as weak from adequate
previously. Our assessment of Air Baltic's SACP at 'ccc+' reflects
its vulnerability and dependence on favorable conditions to meet
its financial commitments."

S&P said, "At this stage, it is unclear whether the proposed equity
injection from the Latvian government will be approved. We
understand that the Latvian government is in the process of
submitting an application to the EC to offer a EUR90 million equity
injection to Air Baltic. Currently, we have no clarity regarding if
and when the state aid will be approved.

"We continue to see a moderately high likelihood that the Latvian
government would provide extraordinary support to Air Baltic in
case of need. This translates into a two-notch uplift from the
SACP. We base our view on our assessment of Air Baltic's strong
links with, and important role for, the Latvian government. The
government has a controlling stake in Air Baltic and appoints three
of the airline's four supervisory board members. At the same time,
the government views the airline as a strategic asset that is
critical to Latvia's economic development and tourism industry. It
is estimated that about 2.5% of GDP is typically linked to Air
Baltic's operations. Furthermore, Air Baltic provides air
connectivity to the country, which would otherwise be less
accessible by alternative modes of transport, and to a certain
extent, serves as a feeder to two other government-owned
assets--Riga Airport and Latvian Railways. In addition, unlike
low-cost carriers, Air Baltic attracts business traffic by offering
more convenient and sufficiently frequent flights, which provide
Latvia with stable economic ties with the rest of Europe."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

S&P said, "Our CreditWatch negative indicates that we could lower
the rating, potentially by more than one notch, if the EC does not
approve the proposed equity injection by the Latvian government.
This is needed, according to our base case, to avert Air Baltic's
liquidity shortfall. We aim to review the rating within 90 days as
soon as we have clarity on the company's future liquidity
position."




=================
M A C E D O N I A
=================

EUROSTANDARD BANKA: To Sell Stakes in Six Cos. at Auction Today
---------------------------------------------------------------
Dragana Petrushevska at SeeNews reports that Eurostandard Banka AD
Skopje, which is in bankruptcy proceedings, will offer for sale
shareholding interest in six local companies at a public auction on
the Macedonian Stock Exchange (MSE) today, Sept. 2, the bourse
said.

According to SeeNews, the Skopje bourse said in a tender notice on
Aug. 30 Eurostandard Banka will offer 8,152 shares representing a
0.27% stake in construction company Granit at a price of MKD1,250
(US$24/EUR20.3) apiece and 235 shares representing a 0.21% stake in
fuel retailer Makpetrol at a price of MKD82,000 per share under the
"All-or-None" method.

A total of 276 shares (a 9.89% stake) in the MSE will be offered
for sale at a price of MKD61,526 per share; and 160 shares
representing 0.62% interest in pharmaceutical company Replek will
be offered at a price of MKD105,000 apiece under the same method,
SeeNews discloses.

The bank will also offer 890 shares, representing a 14.83% stake,
in the Central Securities Depository, as well as 632 shares, or a
2.59% stake, in payment operator KIBS, SeeNews notes.  The shares
in these two companies will be offered at a price of MKD15,000
apiece under the "Sell in Parts" model, SeeNews states.

A Skopje court opened bankruptcy proceedings against Eurostandard
Banka in August 2020 after North Macedonia's central bank revoked
the lender's founding and operating license due to non-compliance
with the minimum requirements for operating a bank, SeeNews
recounts.




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

INTERPROMBANK: Moscow Court Initiates Bankruptcy Proceedings
-------------------------------------------------------------
On August 31, 2021, the Bank of Russia terminated the activity of
the provisional administration appointed to manage the credit
institution Joint-stock Commercial Bank Interprombank (hereinafter,
the Bank), according to the Bank of Russia's  Press Service.

The provisional administration established that the activities of
the Bank's former management and owners had signs of actions aimed
at withdrawing liquid assets through cession agreements.

The provisional administration and the Bank of Russia have filed
complaints with the law enforcement bodies regarding the facts
revealed.

According to the assessment of the provisional administration, the
value of the Bank's assets is insufficient to meet its obligations
to creditors in full.

On August 16, 2021, the Court of Arbitration of the City of Moscow
ruled to recognize the Bank as insolvent (bankrupt) and initiate
bankruptcy proceedings.  The State Corporation Deposit Insurance
Agency was appointed as receiver.

More details about the work of the provisional administration are
available on the Bank of Russia website.

Settlements with the Bank's creditors will be made in the course of
the bankruptcy proceeding as the Bank's assets are sold (enforced).
The quality of these assets is the responsibility of the Bank's
former management and owners.

The provisional administration was appointed by virtue of Bank of
Russia Order No. OD-692, dated April 16, 2021, following the
revocation of the banking license from the Bank.


SNCO LLC: Bank of Russia Ends Provisional Administration
--------------------------------------------------------
On August 27, 2021, the Bank of Russia terminated the activity of
the provisional administration appointed to manage the credit
institution Payment Standard SNCO LLC (hereinafter, the NCO),
according to the Bank of Russia's Press Service.

No signs of insolvency (bankruptcy) have been established as a
result of the provisional administration-conducted inspection of
the credit institution.

On August 17, 2021, the Court of Arbitration of the Novosibirsk
Region made a decision on the forced liquidation of the NCO.

Alexey Igorevich Leonov, a member of the Association Moscow
Self-regulatory Organisation of Professional Arbitration Managers,
was appointed as a liquidator.

Detailed information on the results of the activity of the
provisional administration is available on the Bank of Russia
website.

The provisional administration was appointed by virtue of Bank of
Russia Order No. OD-2173, dated December 25, 2020, following the
revocation of the NCO's banking license.



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

ALTERA INFRASTRUCTURE: Moody's Affirms Caa1 CFR, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1-PD rating and
appended a limited default designation to the probability of
default rating of Altera Infrastructure L.P.'s, changing it to
Caa1-PD/LD from Caa1-PD. Concurrently, Moody's has affirmed Altera
Infrastructure's Caa1 Corporate Family Rating and the Caa3 senior
unsecured rating of the $700 million notes maturing in 2023. The
outlook remains negative.

RATINGS RATIONALE

Moody's has appended Altera Infrastructure's PDR with the "/LD"
indicator changing it to Caa1-PD/LD from Caa1-PD after the issuer
concluded the exchange of its existing senior unsecured $700
million notes ($687 million outstanding prior to the exchange)
maturing in 2023. The completed transaction entails the exchange of
the existing senior unsecured notes with new senior secured notes
with maturity in 2026. The company's majority owner, Brookfield
Business Partners L.P. (Brookfield), who holds $411 million of the
notes, agreed to the exchange prior to the exchange offer to third
party noteholders. However, the exchange of the remaining $276
million of the notes did not get executed as the 80% consent
threshold was not achieved. Brookfield as the only holder of the
new 2026 notes has opted for an annual 11.5% non-cash PIK coupon
instead of an annual 8.5% cash coupon. Moody's has appended a
limited default designation because it regards the transaction as a
means for the company to address the refinancing of the upcoming
maturities and to avoid a disorderly default on its current debt
structure.

The notes exchange improves the company's debt maturity and
materially reduces the annual cash interest payment by around $35
million as the company owner, Brookfield, has agreed to exchange
its $411 million holding in the $700 million notes to the non-cash
PIK option in the newly issued 2026 notes. As Brookfield has also
agreed to exchange additional debt provided to the company at a
total amount of around $288 million into the new 2026 notes with
non-cash PIK interest, Altera Infrastructure's annual cash interest
to Brookfield will lower by around $50 million in total. In
addition, the company also announced that it suspends its
preference share dividends which results in annual cash savings of
around $30 million.

However, the affirmation of the Caa1 CFR also reflects that the
company continues to be highly leveraged and Moody's expectation
for further falling EBITDA generation over the next couple of years
following weak performance in 2020 and H1 2021. Altera
Infrastructure's reported adjusted EBITDA fell to $230 million in
H1 2021 from $317 million in H1 2020. However, due to higher
equity-accounted income from Altera's JV's and realised gains on
derivatives, the company's Moody's adjusted EBITDA rose slightly to
$530 million as of LTM June 2021 compared with $478 million in 2020
and Altera Infrastructure's Moody's adjusted debt to EBITDA ratio
improved slightly to 6.8x as of the last twelve months (LTM) to
June 2021 compared with 7.4x in December 2020. This is still
significantly above the 5.5x in 2020.

For 2021-22 Moody's expects a further decline of revenues and
EBITDA generation mainly driven by lower FPSO earnings. Moody's
assumes that the Knarr FPSO will remain in operation at a lower
contracted fixed rate but with a variable element related to oil
prices between March 2021 and July 2022 but that it will cease to
operate thereafter, while other FPSOs are also being put on lay-up.
The rating agency expects Altera's Moody's adjusted EBITDA to fall
to around $450 million in 2021 and to below $400 million in 2022
compared with $478 million in 2020. Owing to much reduced capital
expenditures of around $200 million in 2021 and around $100 million
in 2022 compared with around $500 million in 2020 and driven by the
significantly lower cash interest payments, Moody's forecasts
positive Free Cash Flow generation of around $40 million in 2021
and around $130 million in 2022. Nevertheless, the company's net
debt level falls only slightly due to high accumulated PIK interest
which combined to the rating agency's projected EBITDA decline
leads to a further rising Moody's adjusted debt to EBITDA metric of
around 8x in 2021 and more than 10x in 2022.

Despite the improvement of the debt maturity profile as a result of
the exchange transaction, Altera Infrastructure's credit profile
also remains constrained by significant debt maturities that will
need to be funded either with the refinancing of loans for vessel
or the sale of vessels at the end of their life cycle.

Altera Infrastructure's credit profile is supported by relatively
stable and contracted nature of its cash flow; high
barriers-to-entry for competing FPSOs in long-lived fields; and its
strong shuttle tanker market position in the North Sea. Moody's
also notes positively the material financial investments by the
owner Brookfield Business Partners L.P. which made substantial
equity investments in recent years and has now agreed to exchange
around $699 million of debt lent to the company into the new 2026
notes with a non-cash PIK coupon.

LIQUIDITY

Altera Infrastructure's liquidity is weak. At the end of June 2021,
the company had $241 million of cash and a $225 million committed
revolving credit facility provided by the company's owner
Brookfield Business Partners L.P., which was fully drawn.

At the end of June 2021 and pro forma the completion of the notes
exchange, the company still had material debt maturities of $199
million in 2021, $664 million in 2022 (including the unsecured $250
million bond issued by Altera Shuttle Tanker LLC due in August
2022) and $801 million in 2023. As Moody's expects only modest
positive free cash flow generation in 2021-22, Altera
Infrastructure will need to continue to have access to the capital
markets and its relationship banks in order to fund the liquidity
shortfall. The company has a track record of selling end of life
cycle vessels and refinancing loans secured with vessels but the
refinancing of the unsecured $250 million bond maturing in August
2022 is less certain.

STRUCTURAL CONSIDERATIONS

The Caa3 rating assigned to the $700 million senior unsecured notes
maturing in 2023 ($276 million remain outstanding post the
conclusion of the note exchange), two notches below the Caa1
Corporate Family Rating, reflects material structural subordination
to prior ranking secured debt which amounts to more than $2.0
billion as well as the newly issued 2026 notes. Despite the
increased subordination of the notes owing to the issuance of the
new 2026 notes, which are legally senior to the 2023 notes as they
are secured, Moody's has affirmed the Caa3 rating of the senior
unsecured notes as the rating already reflects severe
subordination.

RATING OUTLOOK

The negative outlook reflects Moody's forecast of further falling
EBITDA and rising leverage in 2021-22. While the recent note
exchange improves the company's liquidity profile, it does not
address the issue of rising debt levels driven by accumulating PIK
interest. A stabilisation of the outlook requires an operational
turnaround which could make the company's capital structure more
sustainable.

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

The ratings could be upgraded if the company's liquidity resources
are sufficient to cover all liquidity needs for at least 12 months
without the need to rely on new financing and if Moody's adjusted
debt to EBITDA falls to 6.5x or less.

The ratings could be downgraded if the company's liquidity weakens
or if Moody's adjusted debt to EBITDA increases to 8x or more on a
sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Midstream
Energy published in December 2018.

Altera Infrastructure L.P. is a Marshall Islands limited
partnership with headquarters in Scotland and executive offices in
Stavanger, Norway. Altera Infrastructure is an international
provider of marine transportation, oil production, storage,
long-distance towing and offshore installation and maintenance and
safety services to the offshore oil industry.

ARROW GLOBAL: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family rating
of Arrow Global Group PLC and Ba3 backed senior secured debt rating
of Arrow Global Finance plc. The issuer outlooks remain negative.

RATINGS RATIONALE

The rating action reflects slower than expected recovery in Arrow's
key fundamentals, following the pandemic-induced deterioration in
its financial performance. Notwithstanding the company's improved
core financial performance in 1H 2021, Arrow's interest coverage
ratio, measured as EBITDA to Interest Expense, remains depressed
relative to pre-pandemic levels (4.3x in 1H 2021 as compared to 6x
in 2019), while its Debt to EBITDA leverage ratio is still elevated
(4.9x in 1H 2021, annualised, as compared to 3.8x in 2019).

The Ba3 CFR continues to reflect Arrow's diversified business
model, which comprises, in addition to its direct investment
business, its capital-light, fee-based fund and investment
management and asset management and servicing businesses, but also
a relatively large exposure to the countries in Southern Europe
(47% of Estimated Remaining Collections as of June 2021) that have
been particularly affected by the coronavirus crisis. In addition,
the Ba3 CFR reflects no immediate refinancing risk, with no debt
maturities until 2024, but also debt maturity concentrations in
future years, as well as weak capitalisation, with a tangible
common equity deficit.

The outlook is negative, reflecting 1) Arrow's weakened
fundamentals, which will be commensurate with a lower rating
positioning, should they not improve; and 2) the downside risk that
Moody's modeled loss given default rate for Arrow Global Finance
plc's backed senior secured debt, as assessed under the Loss Given
Default model, will not improve as previously anticipated, which
would be a result of the company not reducing its use of the
revolving credit facility.

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

An upgrade is unlikely given the negative outlook. The outlook
could return to stable if Arrow improves its interest coverage and
leverage ratios to pre-pandemic levels, while demonstrating solid
and consistent profitability. The outlook could also return to
stable if Arrow reduces its reliance on the revolving credit
facility.

Arrow's CFR could be downgraded if the company fails to improve or
its interest coverage and Debt/EBITDA leverage deteriorate further
relative to pre-pandemic levels, including changes to the capital
structure following the planned acquisition of Arrow by TDR Capital
(expected to close by the end of September 2021), such that
potential incremental debt, and the corresponding interest expense
would further weigh on the credit profile of the successor entity.

Because the modelled loss given default rate for Arrow already
implies a lower senior secured rating based upon the current
capital structure, the backed senior secured debt ratings of Arrow
Global Finance plc could be downgraded in case of limited positive
changes or adverse changes to the liability structure that do not
sufficiently reduce expected loss for senior secured creditors. A
downgrade of the CFR would likely lead to a corresponding change in
the backed senior secured debt ratings.

PRINCIPAL METHODOLOGY

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

LANEBROOK MORTGAGE 2021-1: Moody's Gives (P)B3 Rating to X1 Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Lanebrook Mortgage Transaction 2021-1 plc:

GBP []M Class A Mortgage Backed Floating Rate Notes due July 2058,
Assigned (P)Aaa (sf)

GBP []M Class B Mortgage Backed Floating Rate Notes due July 2058,
Assigned (P)Aa2 (sf)

GBP []M Class C Mortgage Backed Floating Rate Notes due July 2058,
Assigned (P)Aa3 (sf)

GBP []M Class D Mortgage Backed Floating Rate Notes due July 2058,
Assigned (P)Baa1 (sf)

GBP []M Class E Mortgage Backed Floating Rate Notes due July 2058,
Assigned (P)Ba1 (sf)

GBP []M Class X1 Mortgage Backed Floating Rate Notes due July
2058, Assigned (P)B3 (sf)

Moody's has not assigned a rating to the subordinated GBP []M Class
X2 Mortgage Backed Floating Rate Notes due July 2058.

RATINGS RATIONALE

The Notes are backed by a static pool of United Kingdom buy-to-let
("BTL") mortgage loans originated by The Mortgage Lender Limited
("TML") a subsidiary of Shawbrook Bank Limited ("Shawbrook"). This
represents the second securitization from Shawbrook under the
Lanebrook series.

The portfolio of assets amount to approximately GBP362 million as
of July 31, 2021 pool cutoff date. There are two Reserve Funds, a
Liquidity Reserve Fund and a General Reserve Fund. The amortising
Liquidity Reserve Fund is sized at [1.5]% of the Class A & B Notes
balance. Whilst the amortising General Reserve Fund is sized at
[1.5]% of the Class A to E Notes balance, less any amounts in the
Liquidity Reserve Fund. The total credit enhancement for the Class
A Notes will be [13.5]%.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising Liquidity
Reserve Fund sized at [1.5]% of Class A and B Notes balance.
However, Moody's notes that the transaction features some credit
weaknesses such as an unrated servicer (TML) and originator
(Shawbrook). In order to mitigate the operational risk, Shawbrook
(NR) acts as the replacement servicer. The transaction benefits
from a back-up servicer facilitator (Intertrust Management Limited
(NR)). To ensure payment continuity over the transaction's
lifetime, the transaction documents incorporate estimation language
whereby the cash manager Citibank, N.A., London Branch
(Aa3(cr)/P-1(cr)) can use the three most recent servicer reports to
determine the cash allocation in case no servicer report is
available. The transaction also benefits from a clean pool
containing no loans in arrears and no adverse loan credit history
at the pool cut-off date.

Moody's determined the portfolio lifetime expected loss of [1.4]%
and [Aaa] MILAN credit enhancement ("MILAN CE") of [13]% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected loss and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of [1.4]%: This is in line with the average
for the United Kingdom BTL RMBS sector and is based on Moody's
assessment of the lifetime loss expectation for the pool taking
into account: (i) the collateral performance of TML originated
loans to date, as provided by the originator and observed in
previously securitised portfolios; (ii) limited track record of
TML, with this being only the second securitisation and third by
Shawbrook; (iii) limited seasoning of loans in the pool; (iv) the
current macroeconomic environment in the United Kingdom; and (v)
benchmarking with comparable transactions in the UK market.

MILAN CE of [13]%: This is in line with the United Kingdom
buy-to-let RMBS sector average and follows Moody's assessment of
the loan-by-loan information taking into account the following key
drivers: (i) the collateral performance of TML originated loans to
date as described above; (ii) the weighted average current
loan-to-value ratio of [72.0]% which is in line with the sector
average; and (iii) no borrowers with adverse credit history or
prior CCJs in the pool at the cut-off date.

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

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

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes; or (ii) a
deleveraging of the capital structure.

Factors that would lead to a downgrade of the ratings include: (i)
an increase in the level of arrears resulting in a higher level of
losses than forecast; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.

LANEBROOK MORTGAGE 2021-1: S&P Puts Prelim BB- Rating on X1 Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Lanebrook Mortgage Transaction 2021-1 PLC's mortgage-backed notes.

Lanebrook Mortgage Transaction 2021-1 is an RMBS transaction that
securitizes a preliminary portfolio of GBP362 million buy-to-let
(BTL) mortgage loans secured on properties in the U.K.

S&P's preliminary ratings address timely payment of interest and
ultimate payment of principal on the class A notes, and they
reflect ultimate payment of interest and principal on the class
B-Dfrd to X1-Dfrd notes.

The loans in the pool were originated between 2020 and 2021 by The
Mortgage Lender Ltd., a nonbank specialist lender, under a forward
flow agreement with Shawbrook Bank PLC.

The collateral comprises loans granted to experienced portfolio
landlords, none of whom have an adverse credit history.

The transaction benefits from liquidity support provided by a
liquidity facility, and principal can be used to pay senior fees
and interest on the most senior notes.

Credit enhancement for the rated notes will consist of
subordination from the closing date and a reserve fund.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on compounded daily SONIA, and
the loans, which pay a fixed rate of interest until they revert to
a floating rate.

At closing, Lanebrook Mortgage Transaction 2021-1 PLC will use the
proceeds of the notes to purchase and accept the assignment of the
seller's rights against the borrowers in the underlying portfolio
and to fund the reserves. The noteholders will benefit from the
security granted in favor of the security trustee, Citicorp Trustee
Co. Ltd.

There are no rating constraints in the transaction under its
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Preliminary Ratings

  CLASS    PRELIM. RATING   CLASS SIZE (%)
  A          AAA (sf)         88.00
  B-Dfrd     AA (sf)           4.50
  C-Dfrd     A (sf)            4.00
  D-Dfrd     BBB (sf)          2.50
  E-Dfrd     BB+ (sf)          1.00
  X1-Dfrd    BB- (sf)          3.00
  X2-Dfrd    NR                1.50
  RC1 Certs  NR                 N/A
  RC2 Certs  NR                 N/A

  NR--Not rated.
  N/A--Not applicable.


NMC HEALTH: Companies Get Creditors' Nod to Exit Administration
---------------------------------------------------------------
Arabian Business reports that companies of UAE-based NMC Healthcare
have secured an agreement from creditors to exit administration.

Following a vote on Sept. 1, 95% of creditors voted in favour of
the proposed deeds of company arrangement (DOCA) restructuring
process that will see 34 NMC group companies come out of
administration, Arabian Business relates.

It comes almost 18 months since NMC Health was originally placed
into administration by the High Court of Justice, Business and
Property Courts of England and Wales, while it was the end of
September 2020 that a number of entities of the NMC Healthcare
Group were placed in administration under Abu Dhabi Global Market
Regulations, Arabian Business notes.

According to Arabian Business, a statement said: "Once confirmed by
the ADGM courts, it is anticipated implementation will take between
3-5 months to complete the transfer of shares and assets of the
DOCA companies as well as obtaining clearance from the appropriate
government entities, at which point the 34 operating entities will
exit administration."

However, NMC Healthcare Ltd, the largest private healthcare company
in the UAE, will remain in administration in order to pursue
certain potential litigation claims on behalf of itself and the
other DOCA companies, Arabian Business states.  

"Any proceeds of which will be distributed to the relevant
creditors in accordance with the terms of the DOCAs," Arabian
Business quotes the statement as saying.

Founded by Indian entrepreneur Bavaguthu Raghuram Shetty, NMC had a
market value of US$10 billion at its peak on the London Stock
Exchange before allegations of fraud pushed it into administration,
Arabian Business recounts.

The disclosure of more than US$4 billion in hidden debt left many
UAE and overseas lenders with heavy losses, Arabian Business
discloses.


ST GEORGE'S SHOPPING: Adhan Buys Business Out of Administration
---------------------------------------------------------------
Chantelle Heeds at LancsLive reports that St George's Shopping
Centre in Preston has been sold for an undisclosed amount with
investment in the complex promised by its new owners.

According to LancsLive, the centre entered into administration
earlier this year and has now been purchased by The Adhan Group.

The Adhan Group is a Blackburn-based property company and it is not
known how much the centre sold for, LancsLive notes.

Previously it was sold for GBP73 million in 2015 and GBP87 million
in 2010, LancsLive recounts.

Adhan Group say they will be investing significantly in the 270,000
sq ft centre to attract more new tenants and ensure existing
retailers continue to trade well as they return post-Covid,
LancsLive discloses.

The new owner is reportedly in negotiations with several companies
which have expressed an interest to expand or relocate to the
centre within the next few months, joining existing tenants,
LancsLive states.


TOGETHER ASSET 2021-1ST1: Moody's Assigns (P)Ba1 Rating to X Notes
------------------------------------------------------------------
Moody's Investors Service assigns provisional ratings to Notes to
be issued by Together Asset Backed Securitisation 2021-1ST1 PLC:

GBP[]M Class A Mortgage Backed Floating Rate Notes due June 2063,
Assigned (P)Aaa (sf)

GBP[]M Class B Mortgage Backed Floating Rate Notes due June 2063,
Assigned (P)Aa2 (sf)

GBP[]M Class C Mortgage Backed Floating Rate Notes due June 2063,
Assigned (P)A2 (sf)

GBP[]M Class X Mortgage Backed Floating Rate Notes due June 2063,
Assigned (P)Ba1 (sf)

The Class X Notes are excess spread notes and are not
collateralised.

Moody's has not assigned ratings to the GBP []M Class Z Mortgage
Backed Fixed Rate Notes due June 2063 and the Residual
Certificates.

The portfolio backing this transaction consists of first lien UK
non-conforming residential loans originated by Together Personal
Finance Limited ("TPFL", not rated) , Together Commercial Finance
Limited ("TCFL", not rated), Blemain Finance Limited ("BFL", not
rated) and Harpmanor Finance Limited ("HARP", not rated) .

On the closing date TPFL, TCFL, BFL and HARP will sell the
portfolio to Together Asset Backed Securitisation 2021-1ST1 PLC.

RATINGS RATIONALE

The ratings take into account the credit quality of the underlying
mortgage loan pool, from which Moody's determined the MILAN Credit
Enhancement (CE) and the portfolio expected loss, as well as the
transaction structure and legal considerations. The expected
portfolio loss of 4.5% and the MILAN CE of 16% serve as input
parameters for Moody's cash flow model, which is based on a
probabilistic lognormal distribution.

The portfolio expected loss is 4.5% and is based on Moody's
assessment of the lifetime loss expectation taking into account:
(i) 48.5% of the loans in the pool are secured by non-owner
occupied properties; (ii) 53.0% of the loans are interest-only
mortgages; (iii) the current macroeconomic environment and Moody's
view of the future macroeconomic environment in the UK; and (iv)
benchmarking with similar transactions in the UK non-conforming
sector.

The MILAN CE for this pool is 16% and follows Moody's assessment of
the loan-by-loan information taking into account the historical
performance and the following key drivers: (i) the relatively low
weighted-average current LTV of 56.7%; (ii) the presence of 42.5%
loans where the borrower is self-employed; (iii) borrowers with
adverse credit history with 14.3% of the pool containing borrowers
with CCJ's; (iv) the presence of 53.0% of interest-only loans in
the pool; and (v) the low weighted-average seasoning of the pool of
2.13 years.

At closing the mortgage pool balance consists of GBP332.9 million
of loans. At closing a non-amortising general reserve fund will be
funded with the proceeds of the Class Z notes. The general reserve
fund will be equal to 2.50% of the initial balances of Class A to E
notes (2.375% of the total collateral balance). The general reserve
fund will be split into two components, a credit component and a
liquidity component. The latter will form the amortising Liquidity
Reserve Fund, equal to 1.5% of the principal outstanding of Class A
Notes and will be floored at 1.0%. Any release amount from the
Liquidity Reserve Fund will form part of the credit component of
the General Reserve Fund. The Liquidity Reserve Fund will stop
amortising if cumulative defaults are higher than 5.0% or if the
Notes are not called on the step-up date falling in October 2025.
The credit component of the General Reserve Fund will be used to
cover shortfalls on PDLs and also interest shortfalls and other
senior fees. The liquidity component of the Reserve Fund is
replenished after interest on Class A Notes while the General
Reserve Fund will be replenished junior to the PDL of Class C
Notes.

Operational Risk Analysis: TPFL, TCFL, BFL and HARP are acting as
servicers and are not rated by Moody's. In order to mitigate the
operational risk, the transaction has a back-up servicer. CSC
Capital Markets UK Limited (not rated) will be acting as back-up
cash manager facilitator and will find a replacement cash manager
in case the cash manager, Together Financial Services Limited (not
rated), stops performing its duties under this role. To ensure
payment continuity over the transaction's lifetime the transaction
documents incorporate estimation language whereby the cash manager
can use the most recent servicer reports to determine the cash
allocation in case no servicer report is available. At closing
Class A Notes benefit from approximately 10 months of liquidity.
Also, the most senior Notes outstanding benefit from a principal to
pay interest mechanism.

Interest Rate Risk Analysis: At closing, 49.6% of the loans in the
pool are fixed rate loans reverting to monthly BBR. The Notes are
floating rate securities with reference to compounded daily SONIA.
To mitigate the fixed-floating mismatch between the fixed-rate
asset and floating liabilities, there will be a scheduled notional
fixed-floating interest rate swap provided by Lloyds Bank Corporate
Markets plc (A1(cr)/P-1(cr)).

Moody's issues provisional ratings in advance of the final sale of
securities, but these ratings represent only Moody's preliminary
credit opinions. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavour to assign
definitive ratings to the Notes. A definitive rating may differ
from a provisional rating.

PRINCIPAL METHODOLOGY

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

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

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that may lead to a downgrade of the Notes include,
significantly higher losses compared to Moody's expectations at
closing, due to either, performance factors related to the
originator and servicer, or a significant, unexpected deterioration
of the housing market and the economy.

TOGETHER ASSET 2021-1ST1: S&P Assigns Prelim BB- Rating to X Notes
------------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Together Asset Backed Securitisation 2021-1St1 PLC's class A notes
and to the interest deferrable class B-Dfrd to X-Dfrd notes. At
closing the issuer will issue unrated class Z and residual
certificates.

The transaction is a static RMBS transaction, which securitizes a
provisional portfolio of up to GBP332.9 million first-lien mortgage
loans, both owner-occupied and BTL, secured on properties in the
U.K. Product switches and loan substitution are permitted under the
transaction documents.

Together Personal Finance Ltd., Together Commercial Finance Ltd.,
Blemain Finance Ltd., and Harpmanor Ltd. originated the loans in
the pool between 2015 and 2021. Of the pool, approximately 9.6% of
the loans were previously securitized in Together Asset Backed
Securitization 2017-1 PLC, which was called before the closing
date.

S&P considers the collateral to be nonconforming based on the
prevalence of loans to borrowers with adverse credit history, such
as prior county court judgments and previous mortgage arrears.

Of the preliminary pool, 22% (by current balance) of the mortgage
loans have been granted payment holidays historically due to
COVID-19. Only 0.2% (by current balance) of the mortgage loans are
currently under payment holidays.

Credit enhancement for the rated notes consists of subordination, a
nonamortizing reserve fund, and overcollateralization following the
step-up date, which will result from the release of the excess
spread amounts from the revenue priority of payments to the
principal priority of payments.

Liquidity support for the class A notes is in the form of an
amortizing liquidity reserve fund. The nonamortizing reserve fund
can provide liquidity support to the class A to C-Dfrd notes.
Principal can also be used to pay interest on the most-senior class
outstanding (for the class A to C-Dfrd notes only).

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria. It considers the issuer to be bankruptcy remote.

  Preliminary Ratings

  CLASS    PRELIM. RATING*    CLASS SIZE (%)
  A          AAA (sf)            89.00
  B-Dfrd     AA+ (sf)             2.50
  C-Dfrd     A+ (sf)              3.50
  X-Dfrd     BB- (sf)             3.50
  Z          NR                   5.00
  Residual certs  NR               N/A

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes, and the ultimate
payment of interest and principal on the other rated notes.
NR--Not rated.
N/A--Not applicable.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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