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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, September 7, 2021, Vol. 22, No. 173

                           Headlines



C Z E C H   R E P U B L I C

JUGOREMEDIJA: Konvar Acquires Assets


F R A N C E

HOMEVI SAS: Moody's Lowers CFR to B2 & Alters Outlook to Stable
HOMEVI SAS: S&P Affirms 'B' Long-Term ICR, Outlook Stable


G E R M A N Y

NOVEM GROUP: Fitch Ups LT IDR to BB- Then Withdraws Rating


I R E L A N D

ALBACORE EURO I: Moody's Assigns B3 Rating to EUR9.2MM Cl. F Notes
ALBACORE EURO I: S&P Assigns B- (sf) Rating to Class F Notes
HENLEY CLO V: Fitch Assigns Final B- Rating on Class F Tranche
HENLEY CLO V: S&P Assigns B- (sf) Rating to EUR12MM Class F Notes


I T A L Y

AUTOFLORENCE 2: Fitch Assigns BB(EXP) Rating on Class E Tranche
AUTOFLORENCE 2: S&P Assigns Prelim B- (sf) Rating on E-Dfrd Notes


R U S S I A

IRS-BANK: Bank of Russia Terminates Provisional Administration
RFI BANK: Bank of Russia Terminates Provisional Administration


S E R B I A

BEOGRADSKA INDUSTRIJA: DL-Holding to Assume Ownership of Factory
SERBIA: Fitch Affirms 'BB+' LT Foreign Currency IDR, Outlook Stable


S P A I N

FTPYME TDA 4: Moody's Affirms C Rating on EUR29.3MM Class D Notes


U N I T E D   K I N G D O M

ALBA 2007-1 PLC: Fitch Affirms CCC Rating on Class F Notes
ALTERA INFRASTRUCTURE: Fitch Raises IDR to 'CCC+', Outlook Stable
BOLTON WANDERERS: Settles Debts with Unsecured Creditors
COUNTYROUTE (A130) PLC: S&P Affirms 'CCC+' Rating on Junior Debt
DAWSONS: Arranged Musical Buys Business Out of Administration


                           - - - - -


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C Z E C H   R E P U B L I C
===========================

JUGOREMEDIJA: Konvar Acquires Assets
------------------------------------
Radomir Ralev at SeeNews reports that Serbian company Konvar has
acquired the assets of bankrupt pharmaceutical firm Jugoremedija
from Czech Republic-based APS Capital Group's subsidiary Project
One for an undisclosed sum, data from the country's commercial
register showed on Sept. 6.

The ownership change at Jugoremedija was entered into the register
on Aug. 30, SeeNews relays, citing a decision on amendments to the
company's articles of association posted on the website of the
register.

Serious preparations for an overhaul of Jugoremedija's factory in
Zrenjanin have started, Serbian daily Danas quoted the insolvency
administrator of Jugoremedija, Radovan Savic, as saying on Sept. 6,
SeeNews relates.

Project One acquired Jugoremedija last year after proposing to pay
RSD364.5 million (US$3.7 million/EUR3.1 million) at an auction for
the sale of the company's assets, SeeNews discloses.

Jugoremedija was declared bankrupt in 2016, SeeNews recounts.  The
most important assets of the company include an industrial complex
in Zrenjanin, which comprises several production facilities, as
well as 24 trademarks, 28 motor vehicles, inventory and supplies,
SeeNews notes.




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F R A N C E
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HOMEVI SAS: Moody's Lowers CFR to B2 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating to B2 from B1 and the probability of default rating to B2-PD
from B1-PD of HomeVi S.a.S. (DomusVi or the company); the second
largest provider of elderly care services in France (after
completion of the contemplated transaction) and the largest
operator in Spain. Concurrently Moody's has downgraded the
instrument rating to B3 from B2 of (1) the senior secured term loan
B of the equivalent EUR1,920 million due in October 2026, which
includes the EUR350 million debt add-on for new acquisitions, and
(2) the senior secured revolving credit facility (RCF) of EUR190
million due in April 2026. The outlook has been changed to stable
from negative.

Proceeds from the EUR350 million add-on of the senior secured term
loan B2, altogether with new equity of EUR200 million and EUR83
million of cash on hand will be used to fund two new acquisitions
in France and Germany.

RATINGS RATIONALE

The downgrade reflects the releveraging effect of the contemplated
acquisitions at a time when DomusVi's credit metrics were already
weak for a B1 CFR, notably its leverage. As a result, Moody's
estimates that the new acquisitions will increase DomusVi's
Moody's-adjusted debt/EBITDA by around 0.8x to around 7.2x in 2021
compared to Moody's previous forecasts. While Moody's expects a
recovery in occupancy rates and synergies from the integration of
the recent acquisitions to support a gradual deleveraging towards
6.5x in 2022, this level of leverage remains somewhat high for a B2
CFR.

In addition to the high leverage, Moody's expects free cash flow
generation will be lower than initially anticipated due to higher
than anticipated expansion capex. Moody's-adjusted free cash flow
is likely to be close to breakeven in 2021 compared to the rating
agency's initial expectation of around EUR50 million. Moody's
forecasts free cash flow of EUR52 million in 2022.

The more aggressive expansion strategy than initially anticipated
by Moody's is somewhat offset by the new equity injection of around
EUR200 million, which reflects shareholders' commitment to the
business. Moody's expects shareholders to continue providing equity
support in the event of further material acquisitions. Financial
policy is a governance consideration under Moody's ESG framework.

DomusVi's rating continues to reflect (1) the company's leading
position in the fragmented French and Spanish nursing home markets,
which exhibit positive long-term demand prospects; (2) its good
track record of organic growth and integration of acquisitions; (3)
its good geographical and product diversification; and (4) the high
barriers to entry, including regulatory restrictions on the
creation of new beds through limited new greenfield
authorizations.

LIQUIDITY

Moody's views DomusVi's liquidity as adequate supported by EUR181
million of cash on balance sheet at closing of the transaction,
access to a fully undrawn EUR190 million RCF maturing in April 2026
and Moody's expectation that the company will generate positive
free cash flow (FCF) of around EUR65 million in the next 12 to 18
months.

RCF lenders benefit from a net leverage covenant, which is tested
only if the RCF is drawn by or more than 40% (springing covenant).
Moody's expect the company to have good capacity under the
covenant, if tested. The company does not have any refinancing
risks in the next 12 to 18 months; the next debt maturity will
occur in October 2026, when the senior secured term loan B of the
equivalent EUR1,920 million comes to maturity.

STRUCTURAL CONSIDERATIONS

The B3 ratings of the EUR1,920 million senior secured term loan B
and the EUR190 million RCF, one notch below the B2 CFR, reflect
their structural subordination to operating companies' liabilities,
including significant operating leases, because of the absence of
guarantees from operating subsidiaries and a weak security package
comprising pledges on shares, bank accounts, and intercompany
loans. The B2-PD probability of default rating, in line with the B2
CFR, reflects Moody's typical 50% corporate family recovery rate
assumption for a first lien bank debt structure only with a
springing covenant.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that continued
organic EBITDA growth and synergies from the integration of the
latest acquisitions will gradually lead to deleveraging towards
6.5x in the next 12 to 18 months and improving free cash flow
generation.

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

Over time, the ratings could be upgraded if DomusVi successfully
executes on its strategy and this sustainably leads to
Moody's-adjusted debt/EBITDA of around 6.0x or below (based on the
company's rent multiple of around 6x), EBITA/interest of above
2.0x, and free cash flow / debt of around 5%. An upgrade will also
be contingent on the company adopting a more prudent financial
policy, notably with respect to debt-funded acquisitions.

Conversely, the ratings could be downgraded if occupancy rates
remain well below pre-crisis levels or there are delays in
realizing merger synergies and other margin expansion initiatives,
such that these lead to the rating agency's expectation that
Moody's-adjusted debt/EBITDA will not reduce below 7.0x over the
next 12-18 months (based on the company's lease multiple of around
6.0x). Weak underlying free cash flow generation as well as
additional debt-funded acquisitions before leverage reduces to
level more commensurate with the B2 CFR, will also exert downward
pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

COMPANY PROFILE

HomeVi S.a.S. (DomusVi), headquartered in France, will become the
second-largest operator of nursing homes in France following the
contemplated acquisitions, and the largest operator of nursing
homes and mental care facilities in Spain. It also has a presence
in Portugal and, more recently, in Ireland and Germany. The
company, which is majority owned by funds advised by Intermediate
Capital Group plc, generated revenues of EUR1.6 billion in 2020.

HOMEVI SAS: S&P Affirms 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on France-based nursing home operator DomusVi Group and its 'B'
issue rating on the group's senior secured Term Loan B. The '4'
recovery rating is unchanged.

S&P said, "The stable outlook reflects our view that DomusVi's
increased scale and operating model should yield a materially
stronger EBITDA margin of 23.5%-24.5% in the next 12-18 months, and
adjusted debt to EBITDA of 7.0x in 2022 and comfortably below in
2023. We also consider that DomusVi will maintain adjusted
fixed-charge coverage of about 1.6x-1.8x and self-fund its high
capital expenditure (capex) over 2022-2023.

"We assume DomusVi's debt to EBITDA, as adjusted by S&P Global
Ratings, will improve toward 7.0x by end-2022 after peaking at
nearly 8.6x in 2021 (not pro-forma). HomeVi SAS, owner of DomusVi,
is issuing a EUR350 million add-on to its senior secured term loan
B, alongside EUR200 million equity, to finance two strategic
acquisitions in France and Germany. The acquisition in Germany
closed on Aug. 31, 2021, while the acquisition in France is still
pending regulatory approvals, with expected closing by the end of
November. The proposed acquisitions come with EUR96 million of
local debt (non-refinanced) and a relatively substantial IFRS-16
debt adjustment. As a result, we assume adjusted leverage will
temporarily rise to about 8.6x in 2021--pro forma the full
consolidation of the recent acquisitions, we estimate leverage of
around 7.5x. This compares with 8.3x in 2020 and our estimate of a
reducing to the higher end of the 6.5x-7.0x in 2022 under our base
case. This improvement will stem from absolute EBITDA growth. We
believe the enlarged perimeter, ongoing recovery of occupancy
rates, and tight cost control will yield adjusted EBITDA (pre lease
but after one-off items) of EUR440 million in 2021, versus EUR351
million the prior year, further expanding to EUR550 million in
2022. Although we assume gradual deleveraging to 7x in 2022 and
comfortably below in 2023, underpinning the 'B' ratings, the
proposed acquisitions prolong the deleveraging path more than we
previously anticipated. Moreover, the relatively high multiples
paid make the group increasingly reliant on a smooth and rapid
integration. As such, the credit metrics are at the weaker end for
our 'B' rating category, leaving reduced headroom for operational
underperformance against our base-case scenario or for sizable
debt-funded transactions in the next 12 months."

DomusVi's profitability will likely improve substantially over the
next 12-18 months. S&P Global Ratings-adjusted margins will likely
increase from 22.1% in 2020 to about 23.0%-24.0% in 2021 and
23.5%-24.5% in 2022. This will be supported by gradual recovery of
occupancy rates leading to better absorption of fixed costs, tight
cost control, and the margin accretive impact from proposed
acquisitions. S&P said, "At end-June 2021, DomusVi's French
occupancy rates reached 90.1%, still below the pre-pandemic levels
we saw in France (around 96%). Similarly, occupancy rates in Spain
stood at 87.2% at end-June, versus 95% before the pandemic.
Recovery has stemmed mainly from public beds that have already
reached normalized levels compared to private beds where occupancy
rates are still lagging. We assume their occupancy should now start
to catch-up as public beds are almost full. Our base case still
incorporates that occupancy rates should reach optimal levels by
end-2021 in France and end-2022 in Spain. At the same time, we
assume the group will benefit from materially lower
pandemic-related costs (around EUR10 million assumed in 2021
compared to close to EUR42 million in 2020) and better absorption
of fixed costs, especially in Spain where the group could not
adjust its staff levels to lower occupancy rates due to state
regulation." Besides, the proposed business additions will be
margin accretive, reflecting the French target's sound margins with
further upsides from cost synergies as both groups have strong
complementary footprint in southeast France and its average daily
rates that are below that of DomusVi standalone, as well as
Advita's positioning toward mainly privately funded services in
Germany. Advita is not a traditional nursing home operator as it
offers a range of services including shared accommodation (26% of
revenue), day care (24%), non-clinical intensive care (20%),
assisted living (16%) and outpatient care (14%). Advita residents
can select services based on their needs, such as catering and
medical and non-medical care, and they have longer average length
of stay compared to patients in a nursing home. Part of the
services provided are privately funded (depending on services and
level of resident dependency), which enhance the group's ability to
increase pricing, translating to higher profitability, compared
with care and medical services.

S&P said, "We assume negative free cash flow after lease payment in
2021 and 2022 due to large capex, followed by a strong rebound to
EUR100 million-EUR120 million in 2023 as relocation capex starts to
ease. Capex will likely reach EUR270 million-EUR275 million in 2021
before peaking at EUR295 million-EUR300 million in 2022. The
increase reflects the group's relocation program in France and
investments toward Greenfields opening in Spain, Ireland, and
Germany. DomusVi plans to gradually open nearly 51 new houses in
Germany, with occupancy rates steadily climbing to normalized
levels in the first three years of operations, supported by the
growing market and currently under-capacity status. While
maintenance capex is contained around 2.7% of revenue, the group is
undertaking a large relocation and refurbishing project of around
60 facilities in France. The plan is to capture additional organic
growth through better located facilities and transforming double
rooms in single rooms, and it will be financed mostly through sale
and leaseback. That said, our capex figure is not presented on a
net basis and excludes the proceeds from the sale and leaseback.
Our forecast also factors in annual working capital requirements of
about EUR5 million, reflecting relatively stable working capital in
France but some intra-year volatility in Spain, especially in the
Homecare segment." That said, the group's use of a factoring line
for public-sector contracts mitigates the potential fluctuations.
In addition, there was some delays in COVID-19-related funding in
2020-2021, mainly in Spain, which should normalize by year-end.

DomusVi's creditworthiness should improve on the back of increased
scale and improved earnings resilience thanks to the
diversification in the payer profile and reduced exposure to France
and Spain. Mergers and acquisitions contributed to about 55% of
total top-line growth over 2017-2019, with HomeVi successfully
expanding its footprint in its core markets of France and Spain. In
December 2020, the group entered the Dutch market through a
minority investment in the dementia care provider Martha Flora,
where it plans to become majority shareholder from 2022. By 2023,
the group also aims to increase its stake in the leading private
operator in Latin America, Acalis, where it invested in late 2018.
In January 2021, the group entered the Irish market through the
Trinity Care acquisition, and it now enters the German market with
the acquisition of Advita. DomusVi's main shareholders ICG
reiterated their commitment toward the business in July 2021 by
reinvesting in the group, while SRS (together with French
institutional co-investors such as MACIF, Bpifrance, Arkea Capital,
and Mérieux Equity Partners) significantly increased their stake
in the group's shares. They presented their Domus 2025 strategy,
which will leverage on the positive long-term trends in the
industry, including ageing population and increasing demand for
dependent care. The plan has a strong focus on growth opportunities
in new European geographies and adjacent services to the
traditional nursing homes business, such as psychiatry care offer
in Spain and non-medical homes. S&P said, "As such, we assume the
group will remain a leading consolidator in the European market,
targeting countries with supportive regulatory frameworks and
expanding through Greenfields especially in Germany, Spain, and
Ireland. Spending will be on quality of care and working
environment improvement, which will prepare the group for the
post-COVID-19 world. We note that some regions in Spain already
requested higher staff ratios for 2021 and 2022, funded by an
increase in average daily rates (ADR). This should support this
trend and benefit larger players such as DomusVi."

However, the rating is constrained by reliance on core markets and
fewer diversity of services compared to larger peers. Despite its
improved revenue and payor profile diversification, which will
reduce the effect of potential policy changes on its profitability,
DomusVi remains relatively reliant on the French and Spanish
markets (respectively 59% and 33% of revenue pro forma 2021).
Germany (6%), Ireland (2%) and Portugal (less than 1%) comprise the
remaining exposure. S&P views the group as positioned at the higher
end of our fair business risk category but still less diversified
than largest operators such as Korian (unrated), which is present
in post-acute care and psychiatry, or leading dialysis provider
Fresenius, which it regards as having a satisfactory business risk
profile. Moreover, a substantial portion of funding is out of the
pocket for private nursing home operators (about two-thirds in
France and for private beds in Spain, which represent 45% of
DomusVi's offering there) and therefore more exposed to economic
fluctuations that could temporarily pressure average daily rates,
although this has not been observed at the group's level.
Furthermore, S&P assumes increased volatility in the two coming
years in light of the COVID-19-related impacts on nursing homes
population. Constraints also stem from concerns around the more
transmissible variants and the uncertainty regarding the lasting
effect of antibodies that could put longer-term pressure on the
industry as well as cost structure evolution with potential
pandemic related costs that could last. This should be mitigated by
the planned vaccination campaign for a third dose of vaccination in
most European countries in fourth-quarter 2021 as well as the
long-term positive trends supported by ageing population and beds'
supply deficit versus demand in the group's main markets.

S&P said, "The stable outlook reflects our view that DomusVi's
performance will remain resilient in the COVID-19 environment,
reflecting quick recovery of occupancy rates due to the essential
nature of services provided and exposure to geographies with
positive underlying demand and favorable regulatory frameworks. Our
base-case projections imply that occupancy rates gradually
normalize to pre-pandemic levels by end-2021 in France and end-2022
in Spain, while the group maintains strong control over its cost
base, leading to material profitability improvement in the next
12-18 months."

This should be further supported by DomusVi's increased scale,
enabling it to realize synergies and maintain its track record of
fee adjustments and successful rolling out of new services as well
as improved geographical diversification benefitting earnings
stability.

S&P said, "In our base case, we assume the group will maintain an
adjusted fixed-charge coverage ratio of around 1.6x-1.8x and remain
self-funded despite high capex leading to negative cash flow in
2021-2022. This would correspond to deleveraging toward 6.5x-7x in
the next 12-18 months."

S&P could lower the rating if:

-- The company's operating performance did not improve materially
in the next 12 months-18 months, for example owing to an increasing
mismatch between reimbursement receipts, projected volume growth,
and operating costs, given DomusVi's high fixed-cost base. This
would correspond to the fixed-charge coverage ratio deteriorating
sustainably below 1.5x.

-- The group pursues a predominantly debt-funded acquisition
strategy that would delay deleveraging trajectory causing adjusted
debt to EBITDA to remain persistently above 7x.

-- FOCF turn negative on a sustainable basis.

S&P said, "Ratings upside could arise from profitability and FOCF
above our base case, alongside the use of internally generated cash
to reduce adjusted debt to EBITDA sustainably below 5x, with a
commitment to maintain this level and fixed-charge cover stabilized
at or above 2.2x. We believe this is unlikely, given that the
industry is consolidating.

"We could also raise the rating if the group reaches a
significantly larger scale in the elderly care industry across
several European countries. This would materialize as rising market
shares in existing businesses, and successful expansion into new
services and geographic areas, combined with a sizable increase in
absolute EBITDA, enable FOCF to rise significantly above what we
currently anticipate. This would also hinge on us gaining
visibility on the industry demand and cost structure in the post
COVID-19 world."




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

NOVEM GROUP: Fitch Ups LT IDR to BB- Then Withdraws Rating
----------------------------------------------------------
Fitch Ratings has upgraded German automotive supplier Novem Group
GmbH's (Novem) Long-Term Issuer Default Rating (IDR) to 'BB-' from
'B'. The Outlook is Stable. Fitch has simultaneously withdrawn all
ratings.

The upgrade of Novem reflects improved leverage metrics following
the refinancing of its senior secured notes in connection with its
IPO on the Frankfurt Stock Exchange on 19 July 2021. Fitch now
expects funds flow from operations (FFO) gross leverage to be 3.8x
at financial year ending March 2022 (previously 4.7x), which is
below Fitch's previous positive rating sensitivity of 4.5x.

The ratings reflect Fitch's expectations that Novem will continue
to generate healthy profitability and free cash flow (FCF). Fitch
partly bases this on the company´s proven resilience through the
pandemic, which Fitch believes is a result of its leading market
position in interior trim components towards the high-growth
premium automotive segment.

The ratings have been withdrawn for commercial reasons. Fitch will
no longer provide ratings or analytical coverage of Novem.

KEY RATING DRIVERS

Refinancing Improves Financial Structure: The redemption of Novem's
senior secured notes of EUR400 million through a combination of new
equity of EUR48 million, a new senior credit facility of EUR250
million, a new undrawn revolving credit facility (RCF) of EUR60
million and available cash has resulted in material deleveraging.
Fitch forecasts FYE22 FFO gross leverage at below Fitch's previous
positive rating sensitivity of 4.5x, resulting in today's upgrade.
Further, Fitch forecasts strong FCF will allow moderate
deleveraging to 3.1x in FY24, which is in line with the midpoint of
a 'BB' rating in Fitch's Ratings Navigator for Auto Suppliers.

Strong FCF Generation: Novem's operations are highly
cash-generative with mid-to-high single-digit FCF margins, which
are materially above Fitch's rating thresholds and stronger than
peers´. Fitch expects FCF in FY22 to be temporarily under pressure
from higher working capital on expected increasing inventory as a
result of the ongoing semiconductor shortage in the automotive
industry. Thereafter, Fitch forecasts FCF to stabilise on
materially lower interest costs on the new facilities, profitable
operations and low capex at around 4% of sales.

Resilience in Premium Market: Fitch believes that Novem's
outperformance of the global automotive market in the pandemic was
a result of the company's exposure to the premium automotive
market, which is more resilient to market downturns and has also
shown higher historical growth than the mass market. Further, Novem
benefits from strong demand for sport utility vehicles (SUVs),
which account for slightly more than half of its sales. Fitch
expects it to remain one of the main growth drivers in the
medium-to-long term.

Although Novem has been affected by the semiconductor shortage
Fitch believes the risk is lower for Novem than for mass-market
suppliers since Fitch expects original equipment manufacturers
(OEM) to prioritise their high-margin premium products.

Leading Niche Market Position: Fitch views Novem's position as the
largest global supplier within the niche decorative interior trims
as strong and sustainable. Despite the company's small scale
(revenue of around EUR600 million) compared with the Fitch-rated
universe of automotive suppliers, Novem enjoys a market share of
around 40% in this niche. Fitch believes that the company is firmly
positioned to modestly increase its market share as a supplier
within the premium SUV segment.

High Customer Concentration: Novem's customer concentration is
high, with the top-three customers accounting for around 75% of
total revenue, resulting in pronounced reliance on the commercial
development of these premium manufacturers. The focus on the
premium automotive market creates a naturally smaller client
universe for Novem, but Fitch believes that its strong and
long-term relationships with 16 customers and more than 100
supplied car platforms mitigate the company´s limited scale.

DERIVATION SUMMARY

Novem's business profile is commensurate with a weak 'BB' rating,
with a focus on the company's defensible niche leadership in
interior trims, medium value-added products, and good geographical
diversification. Its focus on the premium car market and resulting
higher customer concentration, combined with a narrower product
offering, compares unfavourably with more diversified suppliers
including Faurecia S.E. (BB+/Stable) and Tenneco Inc. (B+/Stable).
Novem's recovery from the pandemic has been strong and in line with
that of peers.

Despite its small scale, Novem shows sustainable industry-leading
profitability and its resulting strong cash flow generation is
supported by lower capex requirements than peers'. After the
refinancing, Novem's leverage is in line with higher-rated
Faurecia's and Fitch expects it to improve to a level that is
commensurate with the 'BB' rating category in the medium term.

KEY ASSUMPTIONS

-- Revenue growth of 4% in FY22 and around 6.5% in FY23-FY25.

-- EBITDA margin gradually improving towards 17.5% in FY24.

-- Negative working-capital requirements until FY25 based on
    expected increasing inventories.

-- Capex at 3.5% in FY22-FY23 and 4% FY24-FY25.

-- Dividends at 40% of net income from FY23.

-- No acquisitions for the next four years.

RATING SENSITIVITIES

Rating sensitivities are not applicable as the ratings have been
withdrawn.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At FYE21, Novem had EUR139 million cash and
cash equivalents on its balance sheet, including a Fitch adjustment
of EUR35 million for restricted cash and working-capital swings.
Post-IPO, liquidity is supported by an undrawn RCF of EUR60 million
(previously EUR75 million) and sustainably positive FCF
generation.

Debt Structure: Novem has a new post-IPO capital structure
consisting of a term loan of EUR250 million that replaces the fully
redeemed senior secured notes of EUR400 million, with maturity in
2024. As of 1Q22, Novem had drawn EUR49 million on its trade
receivables factoring facility, which is treated as debt in line
with Fitch's methodology.

ISSUER PROFILE

Novem has a leading position within the development of decorative
interior trims for the premium automotive industry. Founded in 1947
and based in Vorbach, Germany, the company has strong relations
with its main OEM customer base, which includes Daimler, BMW, Audi
among others.

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.



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I R E L A N D
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ALBACORE EURO I: Moody's Assigns B3 Rating to EUR9.2MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by
AlbaCore Euro CLO I Designated Activity Company (the "Issuer"):

EUR240,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR26,600,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR21,400,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR26,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR25,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR20,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR9,200,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

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

AlbaCore Capital LLP ("AlbaCore") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.4 years
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations.

On the Original Issue Date, the Issuer also issued EUR33,700,000 of
Subordinated Notes, which will remain outstanding.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

Methodology Underlying the Rating Action:

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

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

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

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

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

Par Amount: EUR400.0m

Diversity Score: 45*

Weighted Average Rating Factor (WARF): 2985

Weighted Average Spread (WAS): 3.72%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years

ALBACORE EURO I: S&P Assigns B- (sf) Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to AlbaCore EURO CLO
I DAC's class A, B-1, B-2, C, D, E, and F notes. At closing, the
issuer did not issue additional unrated subordinated notes in
addition to the EUR33.70 million of existing unrated subordinated
notes.

The transaction is a reset with an upsize in note balances of an
existing AlbaCore CLO I transaction, which originally closed in
July 2020. The issuance proceeds of the refinancing notes was used
to redeem the refinanced notes pay fees and expenses incurred in
connection with the reissue.

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

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

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor     2,883.36
  Default rate dispersion                                 573.33
  Weighted-average life (years)                             5.52
  Obligor diversity measure                               120.65
  Industry diversity measure                               20.49
  Regional diversity measure                                1.16

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
     derived from S&P's CDO evaluator                        'B'
  'CCC' category rated assets (%)                           2.28
  Covenanted 'AAA' weighted-average recovery (%)           35.11
  Covenanted weighted-average spread (%)                    3.72
  Covenanted weighted-average coupon (%)                    4.50

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio will be well-diversified on the
effective date, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow collateralized debt
obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread of 3.72%, the
covenanted weighted-average coupon of 4.50%, and the covenanted
weighted-average recovery rate at the 'AAA' rating level and the
actual weighted-average recovery rates for all the other rating
levels. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category. Our cash
flow analysis also considers scenarios where the underlying pool
comprises 100% of floating-rate assets (i.e., the fixed-rate bucket
is 0%) and where the fixed-rate bucket is fully utilized (in this
case, 20%).

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

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

"We consider the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

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

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

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to, the following: speculative
extraction of oil and gas, thermal coal mining, production or trade
in controversial weapons, hazardous chemicals, pesticides and
wastes, ozone depleting substances, endangered or protected
wildlife of which the production or trade is banned by applicable
global conventions and agreements, pornography or prostitution,
tobacco or tobacco-related products, gambling, subprime lending or
payday lending activities, and weapons or firearms. Accordingly,
since the exclusion of assets from these industries does not result
in material differences between the transaction and our ESG
benchmark for the sector, no specific adjustments have been made in
our rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS   RATING    AMOUNT    CREDIT         INTEREST RATE*
                  (MIL. EUR)  ENHANCEMENT (%)
  A       AAA (sf)   240.00     40.00    Three/six-month EURIBOR
                                              plus 1.08%
  B-1     AA (sf)     26.60     28.00    Three/six-month EURIBOR
                                              plus 1.75%
  B-2     AA (sf)     21.40     28.00    2.15%
  C       A (sf)      26.80     21.30    Three/six-month EURIBOR
                                         plus 2.20%
  D       BBB (sf)    25.20     15.00    Three/six-month EURIBOR
                                              plus 3.25%
  E       BB- (sf)    20.80      9.80    Three/six-month EURIBOR
                                              plus 5.96%
  F       B- (sf)      9.20      7.50    Three/six-month EURIBOR
                                              plus 8.54%
  Sub     NR          33.70       N/A    N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


HENLEY CLO V: Fitch Assigns Final B- Rating on Class F Tranche
--------------------------------------------------------------
Fitch Ratings has assigned Henley CLO V DAC final ratings.

    DEBT                     RATING              PRIOR
    ----                     ------              -----
Henley CLO V DAC

A XS2366718364        LT  AAAsf   New Rating    AAA(EXP)sf
B-1 XS2366718521      LT  AA+sf   New Rating    AA(EXP)sf
B-2 XS2366718877      LT  AA+sf   New Rating    AA(EXP)sf
C XS2366719099        LT  Asf     New Rating    A(EXP)sf
D XS2366719768        LT  BBB-sf  New Rating    BBB-(EXP)sf
E XS2366719339        LT  BB-sf   New Rating    BB-(EXP)sf
F XS2366719412        LT  B-sf    New Rating    B-(EXP)sf
Subordinated Notes    LT  NRsf    New Rating    NR(EXP)sf
XS2366719925

TRANSACTION SUMMARY

Henley CLO V DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Net proceeds from the notes have been used to
fund a portfolio with a target par of EUR400 million. The portfolio
is actively managed by Napier Park Global Capital Ltd (NPGC). The
transaction has a 4.6-year reinvestment period and an 8.5-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 26.92.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
61.47%.

Diversified Portfolio (Positive): The transaction includes four
Fitch matrices corresponding to two top 10 obligor concentration
limits at 18% and 26.5%, and two fixed-rate asset limits of 0% and
15%. The transaction also includes various concentration limits,
including a maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Positive): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Class B notes upgraded (Positive): The class B-1 and B-2 notes
ratings are one notch higher than their expected ratings,
reflecting lower pricing spreads and the application of the
recently published Exposure Draft: CLOs and Corporate CDOs Rating
Criteria. The class B notes show a passing result at the assigned
ratings for all matrix points.

Cash Flow Modelling (Neutral): The WAL used for the transaction's
stressed portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
post-reinvestment period, including the over-collateralisation test
and Fitch 'CCC' limit test post reinvestment, among others. This
ultimately reduces the maximum possible risk horizon of the
portfolio when combined with loan pre-payment expectations.

RATING SENSITIVITIES

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

-- An increase of the default rate (RDR) at all rating levels by
    25% of the mean RDR and a decrease of the recovery rate (RRR)
    by 25% at all rating levels will result in downgrades of no
    more than four notches, depending on the notes.

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly high
    levels of defaults and portfolio deterioration.

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels
    would result in an upgrade of up to five notches depending on
    the notes, except for the class A notes, which are already at
    the highest rating on Fitch's scale and cannot be upgraded.

-- At closing, Fitch used a standardised stressed portfolio
    (Fitch's stressed portfolio) that is customised to the
    portfolio limits as specified in the transaction documents.
    Even if the actual portfolio shows lower defaults and smaller
    losses (at all rating levels) than Fitch's stressed portfolio
    at closing, an upgrade of the notes during the reinvestment
    period is unlikely, given the portfolio's credit quality may
    still deteriorate, not only by natural credit migration, but
    also by reinvestments, and also because the manager has the
    possibility to update the Fitch collateral-quality tests.

-- After the end of the reinvestment period, upgrades may occur
    on better-than-initially expected portfolio credit quality and
    deal performance, leading to higher credit enhancement and
    excess spread available to cover losses in the remaining
    portfolio.

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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.

HENLEY CLO V: S&P Assigns B- (sf) Rating to EUR12MM Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Henley CLO V DAC's
class A, B-1, B-2, C, D, E, and F notes. At closing, the issuer
issued subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

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

  Portfolio Benchmarks
                                                      CURRENT
  S&P weighted-average rating factor                 3,002.98
  Default rate dispersion                              476.93
  Weighted-average life (years)                          5.59
  Obligor diversity measure                            100.44
  Industry diversity measure                            18.15
  Regional diversity measure                             1.16

  Transaction Key Metrics
                                                      CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                         B
  'CCC' category rated assets (%)                        2.20
  Covenanted 'AAA' weighted-average recovery (%)        34.37
  Covenanted weighted-average spread (%)                 3.85
  Covenanted weighted-average coupon (%)                 4.50

Rating rationale

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately 4.6 years after
closing.

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

S&P said, "In our cash flow analysis, we used the EUR400 million
target par amount, the covenanted weighted-average spread (3.85%),
the reference weighted-average coupon (4.50%), and the target
minimum weighted-average recovery rates as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

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

"Until the end of the reinvestment period on April 25, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

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

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

"Taking the above factors into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our ratings are commensurate with the
available credit enhancement for all the rated classes of notes.

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

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

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by Napier Park Global
Capital Ltd.

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
tobacco, weapons, thermal coal, fossil fuels, and production of
pornography or trade in prostitution. Accordingly, since the
exclusion of assets from these industries does not result in
material differences between the transaction and our ESG benchmark
for the sector, no specific adjustments have been made in our
rating analysis to account for any ESG-related risks or
opportunities."

  Ratings List

  CLASS    RATING     AMOUNT     INTEREST RATE (%)   CREDIT
                    (MIL. EUR)                     ENHANCEMENT (%)
  A        AAA (sf)    234.00      3mE + 0.95        41.50
  B-1      AA (sf)      22.00      3mE + 1.75        29.75
  B-2      AA (sf)      25.00            2.10        29.75
  C        A (sf)       32.70      3mE + 2.30        21.58
  D        BBB- (sf)    25.30      3mE + 3.20        15.25
  E        BB- (sf)     21.00      3mE + 5.90        10.00
  F        B- (sf)      12.00      3mE + 8.55         7.00
  Sub      NR           35.20             N/A          N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.




=========
I T A L Y
=========

AUTOFLORENCE 2: Fitch Assigns BB(EXP) Rating on Class E Tranche
---------------------------------------------------------------
Fitch Ratings has assigned Autoflorence 2 S.r.l.'s asset-backed
securities expected ratings.

The assignment of final ratings is contingent on the receipt of
final documentation conforming to information already reviewed.

DEBT                  RATING
----                  ------
Autoflorence 2 S.r.l.

Class A    LT AA-(EXP)sf   Expected Rating
Class B    LT A(EXP)sf     Expected Rating
Class C    LT BBB+(EXP)sf  Expected Rating
Class D    LT BBB-(EXP)sf  Expected Rating
Class E    LT BB(EXP)sf    Expected Rating
Class F    LT NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

The transaction is a 12-month revolving securitisation of Italian
auto loans originated by Findomestic Banca S.p.A (Findomestic),
which specialises in consumer lending and is part of BNP Paribas
S.A. (BNPP, A+/Negative/F1).

KEY RATING DRIVERS

Historical Performance as Peers'

The securitised portfolio includes loans for the acquisition of
auto (new and used) and other vehicles (motorcycles and
recreational vehicles). Historical performance is broadly in line
with that of non-captive auto loans lenders in Italy. Asset
assumptions were derived for each product separately, reflecting
different performance expectations and product features. Fitch has
assumed base-case lifetime default and recovery rates of 3.2% and
20%, respectively, for the stressed portfolio.

Risk from Revolving Period Mitigated

Fitch has determined the composition of a stressed pool at the end
of the revolving period by combining the deal covenants on the
portfolio mix with the expected churn rate of the initial pool, and
has observed very limited migration to a worse-quality composition.
The transaction also envisages early amortisation triggers, which
Fitch deems as fairly loose compared with the portfolio's expected
performance.

Sequential Switch Softens Pro Rata

The class A to F notes can repay pro rata until a sequential
redemption event occurs such as cumulative defaults on the
portfolio exceeding certain thresholds or a principal deficiency
being recorded. Fitch believes the switch to sequential
amortisation is unlikely during the first four years after closing,
given Fitch's portfolio performance expectations compared with
defined triggers. The mandatory switch to sequential pay-down when
the outstanding collateral balance falls below a certain threshold
mitigates tail risk.

Payment Interruption Risk Mitigated

Principal can be drawn to cover senior fees and interest shortfall
on the class A to C notes; if principal drawings are insufficient
to cover shortfall and if interest on the class B and C notes is
not deferred, a liquidity reserve available to the class A to C
notes can be used. Class D and E interest is paid ultimately by the
legal final maturity of the notes unlike for the class A to C
notes, which receive timely interest payments when they are most
senior in the capital structure.

'AA-sf' Sovereign Cap

Italian structured-finance transactions are capped at six notches
above the rating of Italy (BBB-/Stable/F3), which is the case for
the class A notes. The Stable Outlook on the rated notes reflects
that of the sovereign Long-Term Issuer Default Rating (IDR).

RATING SENSITIVITIES

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

-- The class A notes' ratings are sensitive to changes in Italy's
    Long-Term IDR. An upgrade of Italy's IDR and the related
    rating cap for Italian structured-finance transactions,
    currently 'AA-sf', could trigger an upgrade of the class A
    notes' ratings if available credit enhancement is sufficient
    to mitigate higher rating stresses.

-- For the class B, C, D and E notes, an unexpected decrease in
    the frequency of defaults or increase in recovery rates that
    would produce smaller losses than the base case could result
    in positive rating action. For example, a simultaneous
    decrease in the default base case by 25% and increase in the
    recovery base case by 25% would lead to a two-notch upgrade of
    the class B notes, and a three-notch upgrade of the class C, D
    and E notes.

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

-- A downgrade of Italy's IDR and the related rating cap for
    Italian structured finance transactions, currently 'AA-sf',
    could trigger a downgrade of the class A notes' ratings.

-- Unexpected increases in the frequency of defaults or decreases
    in recovery rates that could produce larger losses than our
    base case and could result in negative rating action on the
    notes. For example, a simultaneous increase of the default
    base case by 25% and decrease of the recovery base case by 25%
    would lead to a one-notch downgrade on class A notes and a
    two-notch downgrade of the class B to E notes.

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 reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

ESG CONSIDERATIONS

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

AUTOFLORENCE 2: S&P Assigns Prelim B- (sf) Rating on E-Dfrd Notes
-----------------------------------------------------------------
S&P Global Ratings has assigned its preliminary credit ratings to
Autoflorence 2 S.r.l.'s asset-backed floating-rate class A, B, C,
D-Dfrd, and E-Dfrd notes. At closing, Autoflorence 2 will also
issue unrated class F notes.

This will be Findomestic Banca S.p.A's (Findomestic) second auto
loan transaction and the seventh ABS transaction S&P rate. The
underlying collateral comprises Italian loan receivables for new
and used cars and other vehicles, mainly motorcycles and campers.
Findomestic originated and granted the loans to its private
customers. The loans do not feature balloon payments.

The transaction will revolve for 12 months if no stop-revolving
triggers are hit. The transaction will have separate interest and
principal waterfalls. The interest waterfall will feature a
principal deficiency ledger mechanism, by which the issuer can use
excess spread to cure defaults.

A reserve will provide liquidity support to the class A, B, and C
notes only. The issuer will be able to use principal proceeds to
cure interest shortfalls for these classes of notes.

The notes will amortize pro rata, unless one of the sequential
amortization events occurs. From that moment, the transaction will
switch permanently to sequential amortization.

The assets will pay a monthly fixed interest rate, and the rated
notes pay one-month Euro Interbank Offered Rate (EURIBOR) plus a
margin subject to a floor of zero. The rated notes will benefit
from two interest rate swaps which, in S&P's opinion, will mitigate
the risk of potential interest rate mismatches between the
fixed-rate assets and floating-rate liabilities.

S&P said, "Our preliminary ratings on the class A, B, and C notes
address the timely payment of interest and ultimate payment of
principal. Our preliminary ratings on the class D-Dfrd and E-Dfrd
instead address the ultimate payment of interest and principal.

"The class E-Dfrd notes are not able to withstand our stresses at
'B' level. We believe the repayment of this class does not depend
on favorable conditions, as in a steady state scenario the issuer
would be able to meet its obligations under this class. We have
therefore assigned our preliminary 'B-' rating in line with our
criteria.

"Our structured finance sovereign risk criteria constrain our
preliminary ratings on the class C notes in this transaction. We
expect counterparty risk to be adequately mitigated in line with
our counterparty criteria. Our operational risk criteria do not cap
our ratings in this transaction."

  Preliminary Ratings

  CLASS     PRELIM. RATING*    PRELIM. AMOUNT (MIL. EUR)
  A           AA (sf)            437.500
  B           A (sf)              17.500
  C           BBB (sf)            15.00
  D-Dfrd      BB+ (sf)            10.00
  E-Dfrd      B- (sf)             10.00
  F           NR                  10.00

*S&P's preliminary ratings on the class A, B, and C notes address
the timely payment of interest and ultimate payment of principal,
while our preliminary ratings on the class D-Dfrd and E-Dfrd
address the ultimate payment of interest and principal no later
than the legal final maturity date.
NR--Not rated.




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

IRS-BANK: Bank of Russia Terminates Provisional Administration
--------------------------------------------------------------
On September 6, 2021, the Bank of Russia terminated the activity of
the provisional administration1 appointed to manage the credit
institution IRS-BANK (hereinafter, the Bank), 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 24, 2021, the Court of Arbitration of the City of Moscow
issued a ruling on the forced liquidation of the Bank.

The State Corporation Deposit Insurance Agency was appointed as a
receiver.

Further information on the results of the provisional
administration's activity is available on the Bank of Russia
website.

The provisional administration was appointed by virtue of Bank of
Russia Order No. OD-981, dated
May 28, 2021, following the revocation of the banking license from
IRS-BANK.

RFI BANK: Bank of Russia Terminates Provisional Administration
--------------------------------------------------------------
On September 6, 2021, the Bank of Russia terminated the activity of
the provisional administration appointed to manage the credit
institution RFI BANK JSC (hereinafter, the Bank), 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 24, 2021, the Court of Arbitration of the City of Moscow
issued a ruling on the forced liquidation of the Bank.

The State Corporation Deposit Insurance Agency was appointed as a
receiver.

Further information on the results of the provisional
administration's activity is available on the Bank of Russia
website.

The provisional administration was appointed by virtue of Bank of
Russia Order No. OD-1040, dated June 4, 2021, following the
revocation of the banking license from RFI BANK JSC.




===========
S E R B I A
===========

BEOGRADSKA INDUSTRIJA: DL-Holding to Assume Ownership of Factory
----------------------------------------------------------------
Radomir Ralev at SeeNews reports that German company DL-Holding
plans to launch a project for the construction of a business park
in Belgrade, the Serbian Chamber of Commerce said.

According to SeeNews, the Serbian Chamber of Commerce said in a
press release on Sept. 1 DL-Holding will assume the ownership of
the factory of insolvent brewer Beogradska Industrija Piva (BIP) in
Belgrade after signing an agreement to acquire the company in
consortium with Serbian car dealer Auto Cacak for RSD2.09 billion
(US$21 million/EUR17.8 million).

BIP was declared insolvent in 2015, SeeNews recounts.  Several
attempts to sell the company have failed since then, SeeNews
notes.



SERBIA: Fitch Affirms 'BB+' LT Foreign Currency IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Serbia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook.

KEY RATING DRIVERS

Serbia's rating is supported by a credible macroeconomic policy
framework, relatively low inflation, somewhat higher foreign
exchange reserves, and stronger governance, human development and
GDP per capita compared with 'BB' medians. Economic resilience to
the pandemic shock, a limited increase in public debt, and Fitch's
confidence in fiscal consolidation prospects also support the
rating and Stable Outlook. Set against these factors are Serbia's
greater share of foreign-currency denominated public debt, higher
net external debt, and persistently wider current account deficit
than peer group medians, as well as a high degree of banking sector
euroisation.

Fitch has revised up its GDP growth forecast for 2021 to 6.3% on
the back of a strong rebound in domestic demand in 1H21, above the
'BB' median of 4.7%. There has been a fast Covid-19 vaccination
rollout, at 86 doses per 100 people, but recent progress has
stalled due to vaccination scepticism, and the potential for
economic restrictions to contain a new wave represents a risk to
Fitch's forecast. Fitch projects GDP growth moderates to 4.4% in
2022 and 3.9% in 2023, slightly above Fitch's assessment of the
trend rate, which is constrained by unfavourable demographics and
weak total factor productivity growth.

Inflation rose to 3.3% in July, from 1.1% in January, mainly due to
supply-side pressures with core inflation more stable at 2.0%, and
Fitch projects a moderation to an average 2.6% in 2022-2023, within
the target band. Inflation has averaged 2.0% over the last seven
years, below the 'BB' median of 2.9%.

Fitch anticipates a steady reduction in the general government
deficit in 2021-2023, following last year's large stimulus package,
which drove a 7.9pp widening to 8.1% of GDP. The deficit narrowed
sharply in 1H21 to 1.3% of GDP (annualised), with tax revenues up
21% yoy, and large expenditure under-execution. Fitch forecasts a
full-year deficit of 5.5% of GDP, which assumes new discretionary
fiscal spending partly related to next year's elections and a
marked acceleration of capital execution, but still below the
government's target of 6.9%. Fitch projects the general government
deficit narrows to 3.2% in 2022 as support measures are unwound and
to 1.9% in 2023, and expect fiscal rules will be developed under
the new IMF Policy Coordination Instrument (PCI), targeting a
medium-term deficit of below 1% of GDP.

Financing conditions have improved, with the inclusion of three
benchmark bonds in the JP Morgan Emerging Market Index helping
revive demand for domestic debt, which could be further supported
by potential access to Euroclear settlement in 2022. There has been
continued strong demand for Serbian Eurobonds, which Fitch expects
will comprise near 60% of full-year financing, and the single
treasury account reserve had risen to 4.5% of GDP at end-August,
from 3.2% a year earlier.

Fitch forecasts general government debt/GDP to peak at 59.5% in
2021 (having increased 5.4pp last year to 58.2%) and gradually
decline to 57.7% at end-2023, broadly in line with the projected
'BB' median of 57.0%. The average maturity of government debt has
lengthened to 6.7 years from 6.1 at end-2019 and the
foreign-currency share of debt reduced 2pp to 69%, but is well
above the peer group median of 51%.

Foreign exchange reserves rose to EUR14.6 billion at end-July, from
EUR13.5 billion at end-2020, and above the pre-pandemic level. Net
external debt is projected to fall 6.6pp in 2021 to 28.6% of GDP,
but still compares unfavourably with the peer group median of
18.4%. The current account deficit narrowed 2.6pp in 2020 to 4.3%
of GDP and to 1.7% of GDP (annualised) in 1H21, and Fitch forecasts
a widening to average 3.7% of GDP in 2022-2023 due to higher
repatriation of foreign company earnings and stronger import
growth. However, Fitch projects this continues to be more than
covered by average net FDI inflows of 5.9% of GDP in 2021-2023, and
foreign exchange reserves rise from 6.1 months of current external
payments at end-2021, to 6.6 at end-2023, above the 'BB' median of
5.2 months.

Fitch expects broad policy continuity, with consolidation of the
macroeconomic framework helped by the renewal of the IMF PCI, but
much more limited progress on structural reforms. As anticipated, a
new 30-month PCI was agreed in June, which includes measures to
enhance public financial management, strengthen SOE governance, and
develop capital markets. President Vucic and his SNS party are
overwhelming favourites to win presidential and parliamentary
elections scheduled by April 2022.

The opposition is highly fragmented and the outcome of their
negotiations with the government over electoral processes and media
representation is uncertain, but Fitch's base case is for
opposition participation in the elections. While there could be a
repeat of widespread protests around the election, Fitch does not
expect this would threaten the stability of the administration or
economic confidence.

Progress towards EU accession has remained slow, with no new areas
opened since 2019. The revised EU process of bringing together
technical competencies into clusters has been operationalised this
year, with one cluster agreed. Fitch expects a long delay to the
target EU accession date of 2025, with rule of law and relations
with Kosovo the main constraints. Entrenched vested interests are
likely to hold back measures on freedom of expression, judicial
reform, anti-corruption, and organised crime, and EU standards in
these areas could be higher than for previous accession countries.
Last September's US brokered agreement was a step towards
normalising economic relations with Kosovo, but there has since
been a lack of tangible progress towards a sustainable settlement
which is unlikely to change ahead of next year's general election.

The Serbian banking sector's sound credit metrics have weathered
the pandemic well. The sector has remained liquid, credit growth
has been robust at 8.5% yoy in July, the common equity Tier 1 ratio
broadly flat at 21.4%, and 84% of the sector (by assets) is
foreign-owned, reducing contingent liability risk. The
non-performing loan (NPL) ratio continued a downward trend to 3.6%
in June, from 4.1% at end-2019 (and 17% at end-2016). The coverage
ratio has remained high at 58%, and Fitch expects only a modest
increase in the NPL ratio in 2H21 as pandemic support measures are
unwound. The share of deposits in foreign currency fell to 60% in
June, from 63% at end-2019, but compares unfavourably with the 'BB'
median of 18%.

ESG - Governance: Serbia has an ESG Relevance Score of '5' for both
Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in
Fitch's proprietary Sovereign Rating Model (SRM). Serbia has a
medium WBGI ranking, at the 49th percentile, reflecting a moderate
level of rights for participation in the political process,
moderate institutional capacity, established rule of law and a
moderate level of corruption.

RATING SENSITIVITIES

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

-- Public Finances: A sustained increase in general government
    debt/GDP over the medium term - for example, due to a
    structural fiscal loosening and/or weaker GDP growth prospects
    - or a sharp rise in the interest burden and government
    indebtedness due to currency depreciation.

-- External Finances: An increase in external vulnerabilities,
    for example, from acute financing pressures or a worsening of
    imbalances, leading to a fall in FX reserves, higher external
    debt and interest burden.

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

-- Public Finances: General government debt/GDP returning to a
    firm downward path over the medium term, for example, due to a
    post-coronavirus-shock fiscal consolidation.

-- Macro: An improvement in medium-term growth prospects, for
    example, from structural reforms, increasing the pace of
    convergence in GDP per capita with higher rated peers.

-- External Finances: Reduction in external vulnerabilities, for
    example, from a smaller share of foreign currency government
    debt, lower banking sector euroisation, and a fall in overall
    net external debt/GDP.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Serbia a score equivalent to a
rating of 'BB+' on the Long-Term FC IDR scale.

Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final Long-Term Foreign-Currency IDR.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch's criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

BEST/WORST CASE RATING SCENARIO

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

KEY ASSUMPTIONS

-- The global economy performs broadly in line with Fitch's latest
Global Economic Outlook published on 15 June 2021;

-- Fitch assumes that EU accession talks will remain an important
policy anchor.

ESG CONSIDERATIONS

Serbia has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver with a high
weight. As Serbia has a percentile below 50 for the respective
Governance Indicator, this has a negative impact on the credit
profile.

Serbia has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Serbia has a percentile rank above 50 for the
respective Governance Indicators, this has a positive impact on the
credit profile.

Serbia has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI are relevant to the rating and a rating driver. As Serbia has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Serbia has an ESG Relevance Score of '4' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Serbia, as for all sovereigns. As Serbia has
a fairly recent restructuring of public debt in 2004, this has a
negative impact on the credit profile.

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



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

FTPYME TDA 4: Moody's Affirms C Rating on EUR29.3MM Class D Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of one note in
FTPYME TDA CAM 4, FTA. The rating action reflects the increased
level of credit enhancement for the affected Notes.

EUR38M Class C Notes, Upgraded to A3 (sf); previously on Nov 6,
2020 Upgraded to Baa3 (sf)

Moody's has also affirmed the ratings of Class B Notes and Class D
Notes in FTPYME TDA CAM 4, FTA as it has sufficient credit
enhancement to maintain the current rating:

EUR66M (Current Outstanding Amount EUR21.1M) Class B Notes,
Affirmed Aa1 (sf); previously on Nov 6, 2020 Affirmed Aa1 (sf)

EUR29.3M Class D Notes, Affirmed C (sf); previously on Nov 6, 2020
Affirmed C (sf)

FTPYME TDA CAM 4, FTA is an ABS backed by small to medium-sized
enterprises (ABS SME) loans located in Spain. This deal closed in
2006 and was originated by Caja de Ahorros del Mediterraneo
("CAM"), part of Banco Sabadell, S.A. (Baa2/P-2).

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranche.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of the transaction has slightly improved since last
rating action in November 2020. Total delinquencies have decreased
in the past year, with 90 days plus arrears currently standing at
0.31% of current pool balance. Cumulative defaults currently stand
at 7.99% of original pool balance up from 7.93% a year earlier.

Moody's maintained its default probability on current balance and
recovery rate assumptions, as well as portfolio credit enhancement
("PCE"), due to observed pool performance in line with
expectations.

For FTPYME TDA CAM 4, FTA the current default probability is 21.5%
of the current portfolio balance and the assumption for the fixed
recovery rate is 52.5%. Moody's has decreased the CoV to 42.1% from
42.4%, which, combined with the revised key collateral assumptions,
corresponds to a portfolio credit enhancement of 26%.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

For instance, Class C Notes credit enhancement has increased to
35.9% from 27.2% since the last rating action in November 2020.

Counterparty Exposure

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicer or account bank.

Principal Methodology

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2021.

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.



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

ALBA 2007-1 PLC: Fitch Affirms CCC Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has upgraded ALBA 2006-2 Plc's class F notes and Alba
2007-1 Plc's class E notes and affirmed the remaining 11 tranches.
Fitch has also removed two tranches from Rating Watch Positive
(RWP).

       DEBT                     RATING            PRIOR
       ----                     ------            -----
ALBA 2007-1 plc

Class A3 XS0301721832     LT  A+sf    Affirmed    A+sf
Class B XS0301706288      LT  A+sf    Affirmed    A+sf
Class C XS0301707096      LT  A+sf    Affirmed    A+sf
Class D XS0301708060      LT  A+sf    Affirmed    A+sf
Class E XS0301708573      LT  A-sf    Upgrade     BBB+sf
Class F XS0301708813      LT  CCCsf   Affirmed    CCCsf

ALBA 2006-2 plc

Class A3a XS0271529967    LT  A+sf    Affirmed    A+sf
Class A3b XS0272876623    LT  A+sf    Affirmed    A+sf
Class B XS0271530114      LT  A+sf    Affirmed    A+sf
Class C XS0271530544      LT  A+sf    Affirmed    A+sf
Class D XS0271530973      LT  A+sf    Affirmed    A+sf
Class E XS0271531435      LT  BBB+sf  Affirmed    BBB+sf
Class F XS0272877514      LT  Bsf     Upgrade     CCCsf

TRANSACTION SUMMARY

The transactions are backed by non-conforming and buy-to-let (BTL)
residential mortgages originated by Money Partners Holding Limited,
Kensington Group plc and Paratus AMC Limited (GMAC).

KEY RATING DRIVERS

Insufficient Data Caps Ratings: Fitch continues to cap the notes'
ratings at 'A+sf' as it does not consider the collateral
information it received to be sufficiently detailed to support high
investment-grade ratings ('AAsf' and 'AAAsf' category), as outlined
in the Global Structured Finance Rating Criteria and the UK RMBS
Rating Criteria. Fitch generally applies assumptions in cases of
missing collateral information. However, in this instance a large
volume of material information was not available and therefore
Fitch did not consider the analysis significantly robust to support
ratings in the high investment-grade category.

Missing Collateral Information: The agency has not received
complete loan level data for loans substituted into the pool
post-closing or current information regarding certain key
parameters of all the mortgages in the pool. For loans submitted to
the pool post-closing, key static data items were missing
including, but not limited to, original loan balance, adverse
credit history and borrower employment status. For all loans in the
pool Fitch did not receive information for key data items
including, but not limited to, annual rental income for buy to let
loans, the number of months loans are in arrears and the current
interest rate type of loans. Fitch used information available at
closing for certain fields. Rental income was assumed to be zero
for all the BTL loans.

Coronavirus-related Alternative Assumptions: Fitch applied
alternative coronavirus assumptions to the owner-occupied loans in
the mortgage portfolio (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 of the
portfolio assumptions of 1.3x for Alba 2006-2 and Alba 2007-1 and
no impact at 'AAAsf' for both 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.

Increased Credit Enhancement (CE): The notes have non-amortising
reserves and are 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.
Although the notes are amortising pro-rata, this has led to a
gradual increase in CE, which supported the affirmations and
upgrades.

Stable Performance: Arrears remain limited across the transactions,
with three-month plus arrears under 5.6% in both transactions.
There were some increases during the pandemic, but on the last
interest payment dates the figures were converging to pre-pandemic
levels.

Interest-only (IO) Maturity Exposure: Fitch has limited the upgrade
on Alba 2006-2's class F notes, as the interest only (IO) loans
maturity schedule shows 6.6% and 5.6% maturity dates near the legal
final maturity for Alba 2006-2 and Alba 2007-1, respectively.
Consequently, there is potential exposure to the maturity dates of
these IO loans being extended.

Alba 2007-1 Class F Rating Constrained: The current portfolio
balance for Alba 2007-1 is lower than the notes' balance as of the
June 2021 investor report. As no information has been received on
what constitutes this difference, Fitch has assumed that the
unbalance is due to defaulted loans, for which no recovery benefit
was given. The class F notes' rating is also constrained by IO
maturity exposure so Fitch does not expect to take positive rating
action following receipt of updated information.

ESG Relevance

The transactions have an ESG Relevance score of '5' for Data
Transparency and Privacy due to lack of or inconsistent data that
caps maximum achievable ratings, which has a negative impact on the
credit profile, and it is highly relevant to the rating, resulting
in a cap on the ratings.

RATING SENSITIVITIES

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

-- Further deterioration in the performance of the mortgage pools
    could be caused by declines in economic activity and a
    withdrawal of government support schemes. Additionally, the
    ratings may be sensitive to the resolution of the Libor-rate
    exposure on the assets and notes. For example, if material
    basis risk is introduced, the ratings could be negatively
    affected. A 15% increase in the WAFF and a 15% decrease in the
    WARR would result in downgrades of up to three notches for
    Alba 2006-2 and Alba 2007-1.

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 potential 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 six notches for
    Alba 2006-2 and two notches for Alba 2007-1.

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

ALBA 2006-2 plc, ALBA 2007-1 plc

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 ALBA 2006-2
plc, ALBA 2007-1 plc 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, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

ALBA 2006-2 plc has an ESG Relevance Score of '5' for Data
Transparency & Privacy due to lack of or inconsistent data, which
has a negative impact on the credit profile, and is highly relevant
to the rating, resulting in caps maximum achievable ratings.

ALBA 2006-2 plc 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 rating[s] in
conjunction with other factors.

ALBA 2006-2 plc 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
rating[s] in conjunction with other factors.

ALBA 2007-1 plc has an ESG Relevance Score of '5' for Data
Transparency & Privacy due to lack of or inconsistent data , which
has a negative impact on the credit profile, and is highly relevant
to the rating, resulting in caps maximum achievable ratings.

ALBA 2007-1 plc 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 rating[s] in
conjunction with other factors.

ALBA 2007-1 plc 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
rating[s] 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.

ALTERA INFRASTRUCTURE: Fitch Raises IDR to 'CCC+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Altera Infrastructure L.P.'s (Altera)
Issuer Default Rating (IDR) to 'CCC+' from 'C' and upgraded the
senior unsecured notes (2023 Notes) rating to 'CCC-'/'RR6' from
'C'/'RR4'. The Rating Outlook is Stable.

The announced exchange offer for third-party-held 2023 Notes did
not reach the 80% tender condition, and consequently expired
without exchange. The remaining 2023 Notes held by Brookfield
Business Partners L.P., as well as other Brookfield-provided
unsecured facilities, did exchange for new 2026 secured PIK notes.
The outstanding 2023 Notes are structurally subordinate to the 2026
PIK Notes.

Altera's ratings reflect expectations for cash flow stability
supported by medium-to-long-term, fixed-fee contracts with large
counterparties. This is contrasted against the lumpy and quite
binary nature of the company's floating production, storage and
offloading (FPSO) vessel contracts, high leverage and significant
structural subordination. The ratings acknowledge Brookfield as a
supportive sponsor, which provides operational and financial
benefits to Altera.

KEY RATING DRIVERS

Exchange Implications: Altera will benefit from approximately $50
million in annual cash interest savings from the exchange of
Brookfield-provided unsecured debt for the 2026 PIK Notes. This is
in addition to roughly $30 million in annual cash savings from the
cancelation of preferred share dividend payments. However, existing
third-party holders of the 2023 Notes are now further subordinated
to an incremental approximately $699 million of debt. Additionally,
there are payment restrictions within the new 2026 PIK Notes
indenture that could limit the cash available to be distributed up
to the Altera-level. Consequently, Fitch views the prospects for
recovery for the 2023 Notes to be significantly reduced, versus
pre-exchange.

Upcoming Maturity in Focus: Altera Shuttle Tankers L.L.C.
(ShuttleCo) has a $250 million unsecured bond coming due in August
2022 that represents the next major refinancing the company needs
to complete. This will likely take place after the company extends
the $70 million Brookfield-provided revolver at ShuttleCo, maturing
in February 2022. Fitch views this refinancing as achievable and
would look to its successful close on reasonable terms as positive
for the credit, despite it being a large transaction for the
Scandinavian market.

The Need to Redeploy, or Otherwise Extract Value: Altera currently
has three FPSO vessels in lay-up and has a large FPSO vessel coming
off contract in mid-2022. To reduce leverage and bring metrics more
in-line with sustainability, Altera needs to sign contracts for
redeployment/upgrade and redeployment or sell its currently laid-up
and/or soon-to-be-laid-up FPSO vessels for sufficient value.

The market for FPSO vessels is supportive right now, with expected
demand outpacing current supply and newbuilds taking multiple years
to construct, and Fitch recognizes real opportunities for the Knarr
and Voyageur vessels to be redeployed. However, until contracts are
signed for these vessels, Fitch's assumptions remain that the
Voyageur is in lay-up over the forecast period and the Knarr is not
redeployed or sold after the current contract conclusion. Contract
agreements or sale for sufficient value would improve Altera's
credit profile, in Fitch's view.

Significant Structural Subordination: Altera's capital structure
has a significant amount of secured debt at the vessel level, as
well as intermediate holdco debt, making Altera-level debt
structurally subordinate to over $3 billion in subsidiary-level
debt. The structurally superior debt encumbers nearly all vessels
and holds first-lien secured interests in those vessels, or equity
interests in the subsidiaries holding the vessels in the cases of
the intermediate holdcos. The company receives distributions from
two non-consolidated JVs, which had just over $250 million in debt
outstanding at June 30, 2021 (Altera's proportionate share). Vessel
operating performance difficulties or cash flow disruptions could
negatively affect the ability to service obligations at the Altera
level.

Stability Through Contracts: The FPSO, shuttle tanker and FSO
businesses operate under long-term, fixed-fee contracts, for the
most part. FPSO and FSO, as well as time and bareboat charter
shuttle tanker contracts are akin to take-or-pay contracts in the
pipeline space and provide Altera with very good revenue
visibility. While the contracts of affreightment (COA) have volume
uncertainty, Altera's historical utilization has been very
consistent, supporting steady expected future cash flows. The
majority of Altera's businesses, outside of the above discussed
laid-up FPSO vessel recontracting risks, are covered by a
combination of these supportive contracts at present, and Fitch
views that revenue base as stable. There has been and likely will
continue to be some variability in results as these contracts
expire and need to be renewed/extended or vessels need to be
redeployed (or sold).

Strong Counterparties: Fitch estimates that investment-grade
customers make up approximately 70% of Altera's revenue. Given the
high percentage of strong credit quality counterparties, Altera's
risk of lost revenue due to customer default is remote. This risk
is further mitigated by the ability to redeploy shuttle tankers and
towage vessels relatively quickly without incurring significant
additional costs.

Supportive Sponsor: Fitch believes Brookfield to be a supportive
sponsor of Altera. Financial support is most recently evidenced by
the exchange transaction, where Brookfield will forego a cash-paid
coupon for a non-cash PIK coupon on nearly $700 million in debt, to
support Altera's ongoing liquidity needs. Earlier in 2021,
Brookfield extended the maturity and increased the amount available
under unsecured credit facilities it provided Altera.

Additionally, back in 2017, Brookfield made a large equity
investment and repurchased/cancelled expensive preferred units.
Fitch views the potential added flexibility afforded by being a
Brookfield controlled/owned entity as being relatively positive for
Altera's credit profile. However, Altera's ratings do not reflect
any explicit notching from Brookfield.

DERIVATION SUMMARY

Altera is unique among Fitch's publicly rated Midstream coverage
given its niche marine focus. From an operating perspective,
Altera's FPSO and shuttle tanker segments compare to midstream
pipeline transportation and gathering assets. Furthermore,
operations within Altera's FSO segment compare with more
conventional oil and liquids storage peers. Currently, roughly 70%
of Altera's revenue is contracted under intermediate to long-term,
take-or-pay like contracts with large counterparties. Additionally,
roughly 15% of the company's revenue comes from shuttle tankers
operating in the North Sea under volume-exposed, intermediate-term
contracts of affreightment.

The average contract life, as of March 31, 2021, for Altera's FPSO
business is 2.4 years (inclusive of JVs and exclusive of extension
options), 6.4 years for its shuttle tankers operating under time
charters, 1.9 years for its shuttle tankers operating under COAs
and 1.7 years for the FSO business. As such, Altera's contract
tenor compares less favorably to higher rated midstream energy
peers Cheniere Energy Partners, L.P. (CQP; BB/Positive) and Prairie
ECI Acquiror LP (Prairie; B+/Stable). Additionally, CQP benefits
from generating essentially all of its revenue from take-or-pay
style contracts. Fitch views CQP's undiversified cash flows in LNG
export as a stronger business than Altera's offshore offerings,
and, as the most significant player in the U.S. LNG export market,
CQP features size and scale advantages.

Fitch estimates that roughly 70% of Altera's consolidated revenue
comes from investment-grade counterparties. This is consistent with
several of Fitch's 'B' category rated midstream-focused service
providers, where investment-grade counterparty exposure ranges from
40% to 80%. Altera's counterparty credit profile compares less
favorably with CQP, where counterparty exposure is entirely
investment-grade, but more favorably versus Prairie.

Debt held at Altera is structurally subordinate to a significant
amount of operating subsidiary and intermediate holdco level debt,
both on a secured and unsecured basis, similar to CQP and Prairie.
Leverage at Altera, on a consolidated basis (defined below), is
expected to be above 7.0x in 2022, due in large part to an expiring
FPSO contract, similar to Prairie but higher than CQP.

KEY ASSUMPTIONS

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

-- Oil production/development in the North Sea, offshore Brazil
    and off the East Coast of Canada consistent with the Fitch
    price deck, such as the 2022 Brent price of $55 per barrel and
    long-term Brent price of $53 per barrel, respectively;

-- Currently contracted shuttle tanker, FPSO and FSO vessels
    produce cash flows consistent with contract parameters over
    the respective contract terms;

-- FPSO and UMS vessels currently in lay-up remain unutilized
    over the forecast period or until sold;

-- The Knarr, Voyageur Spirit, Varg and Piranema Spirit FPSO
    vessels are not redeployed over the forecast period and do not
    garner enough value through sale to repay related debt;

-- Utilization rates in the North Sea shuttle tanker COA pool to
    remain near 80%;

-- Newly issued 2026 PIK Notes held by Brookfield receive 11.5%
    PIK interest;

-- No preferred share dividend payments are made over the
    forecast period;

-- Overall indebtedness decreases from current levels over the
    forecast period, driven largely by amortization of vessel
    level debt;

-- Altera successfully refinances its major FPSO and shuttle
    tanker vessel-level debt to better match current contract
    expirations and/or after signing new contracts.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Altera Infrastructure L.P. would
be reorganized as a going-concern in bankruptcy rather than
liquidated.

Fitch assumes a 10% administrative claim.

In its recovery analysis, Fitch assumes a mid-cycle Going Concern
(GC) EBITDA of approximately $375 million and a default due to an
inability to refinance unsecured debt. Altera's GC EBITDA
assumption reflects a lower overall activity level in the regions
where Altera operates due to sustained low oil prices. The current
GC EBITDA estimate is lower than the previous recovery exercise
completed in August 2021. The decrease results from reduced FPSO
vessel recontracting assumptions.

An EV multiple of 6x is used to calculate a post-reorganization
valuation and is in line with recent reorganization multiples for
the energy sector, including three cases in the last five years
from the midstream sector in the U.S.

RATING SENSITIVITIES

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

-- FFO interest coverage above 4.0x and consolidated leverage,
    defined as total consolidated debt inclusive of 50% equity
    treatment of preferred equity and exclusive of non
    consolidated JV debt divided by consolidated EBITDA inclusive
    of cash distributions from non-consolidated JVs, below 7.0x on
    a sustained basis;

-- The contracting for redeployment of the Knarr FPSO vessel,
    following the conclusion of its current contract in mid-2022,
    or a sale of that vessel at a value in excess of existing debt
    on that vessel;

-- ShuttleCo successfully refinances its unsecured bonds due
    August 2022 and overall liquidity improves.

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

-- The commencement of another transaction process that Fitch
    would deem a DDE;

-- FFO interest coverage below 3.0x;

-- Consolidated leverage, defined previously, above 8.0x on a
    sustained basis;

-- Lack of pro-active action to address expiration of the
    revolving credit facility and upcoming maturities;

-- Sustained inability to recontract expiring FPSO or shuttle
    tanker contracts or extract sufficient value through a vessel
    sale;

-- Impairments to liquidity.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: Altera's liquidity consists of cash reserves of
$241 million as of June 31, 2021. The terms of certain financings
at subsidiaries of Altera cause the $241 million of cash to be
deemed by Fitch as not entirely readily available. Fitch calculates
readily available cash at the Altera level to be approximately $50
million. At the end of the second quarter of 2021, Altera was fully
drawn on the $225 million unsecured credit facilities provided by
its sponsor, Brookfield. However, with the exchange transaction,
these facilities were exchanged for 2026 PIK Notes. As such, there
is presently not a revolver at the Altera-level. Additionally,
while a Brookfield-provided $70 million unsecured credit facility
remains at ShuttleCo, it was fully drawn as of June 31, 2021.

Altera also has two secured revolving credit facilities at the
subsidiary level; however, these two facilities are fully drawn.
The two secured revolvers function more similarly to term loans or
mortgages, where the entire amount is borrowed upfront, and
amortizations of principal and interest are expected over the loan
life.

Beyond the current newbuild program (discussed below), ongoing
maintenance capital requirements are minimal (approximately $20
million to $40 million per year) and along with working capital
needs can be handled by Altera's ongoing operations, in Fitch's
view.

Altera's credit facilities contain certain financial covenants. The
company is in compliance with these covenants, and Fitch expects it
to remain in compliance with them over the forecast period.

Altera is proceeding through the final leg of a seven-vessel
shuttle tanker newbuild program that is expected to cost
approximately $970 million in total. Six of the seven vessels have
been delivered to Altera and are currently in operation. The
newbuild vessels are fully contracted, and Altera has successfully
secured all financing necessary to complete construction. The last
vessel is expected to be delivered in early 2022, and, once in
operation, these newbuilds are expected to improve Altera's cash
generating ability (through contracts signed at higher day rates).

Altera depends on the strength of the ship-finance and
fleet-finance markets. Fitch believes that Altera will be able to
refinance its subsidiary debt when due. Presently, Altera's
maturity schedule is manageable with less than $30 million in
secured debt maturing through the first quarter of 2022. This is in
addition to $200 million to $300 million in scheduled annual
vessel-level amortization. These obligations are serviced prior to
any upstream distributions being made to intermediate holdcos and
parent entities. Fitch believes required vessel amortization can be
handled with cash generated from operations.

ISSUER PROFILE

Altera is a limited partnership established under the laws of the
Republic of the Marshall Islands and headquartered in the UK. The
company owns and operates marine vessels that service offshore oil
producers in the North Sea, Brazil and the East Coast of Canada.

SUMMARY OF FINANCIAL ADJUSTMENTS

As per Fitch's 'Corporate Hybrids Treatment and Notching Criteria'
cross-sector criteria, Fitch treats the relevant securities for
Altera as 50% debt and 50% equity. Referenced leverage metrics are
adjusted as follows: consolidated balances and flows are used;
preferred shares are given 50% debt credit, 50% equity credit;
distributions from investees accounted for under the equity method
of accounting are included in EBITDA and equity earnings from these
entities are excluded; debt held at unconsolidated JVs is
excluded.

ESG CONSIDERATIONS

Altera Infrastructure L.P. has an ESG Relevance Score of '4' for
Group Structure due to an extremely complex group structure with
significant structural subordination, which has a negative impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.

Altera Infrastructure L.P. has an ESG Relevance Score of '4' for
Financial Transparency due to limited transparency on ship level
financings, which has a negative impact on the credit profile, and
is relevant to the rating 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.

BOLTON WANDERERS: Settles Debts with Unsecured Creditors
--------------------------------------------------------
Jon Robinson at BusinessLive reports that Bolton Wanderers have
settled their debts with the unsecured creditors who were owed
money when the club were bought out of administration two years
ago.

The League One side were snapped up by Football Ventures (Whites)
Ltd after they entered administration in March 2019 due to a GBP1.2
million unpaid tax bill, BusinessLive recounts.

In a message to supporters, chairman Sharon Brittan paid tributes
to the efforts of the EFL, Jason Elliott of Cowgill's, Paul
Appleton of Begbies Traynor Group and the club's former chief
operating officer Andrew Gartside, BusinessLive relates.

According to BusinessLive, a club statement read: "Bolton Wanderers
FC is delighted to confirm that it has now met its obligations and
agreed settlement arrangements with its unsecured creditors
pertaining to Football Ventures (Whites) Ltd acquiring the club
from the administrators two years ago.

"From the outset, the process has been led by chairman Sharon
Brittan and it now allows the club to focus on an exciting future
ahead."


COUNTYROUTE (A130) PLC: S&P Affirms 'CCC+' Rating on Junior Debt
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' rating on U.K. toll road
operator CountyRoute (A130) PLC's senior secured debt and its
'CCC+' rating on its junior debt. The recovery rating on the senior
debt remains at '1', indicating its expectation of 90% recovery in
the event of a default; and its recovery rating on the junior debt
remains '6', indicating its expectation of negligible recovery in
the event of a default.

The negative outlooks on both ratings take into consideration
CountyRoute's reliance on its cash-funded reserves to service the
senior debt, while servicing of the junior debt will be deferred
until the debt's maturity in 2026, depending on favorable
conditions for repayment.

Special-purpose vehicle CountyRoute used the proceeds of the senior
and junior debt it issued in 2004 to refinance debt taken to
design, build, finance, and operate the 15-kilometer A130 bypass
that runs from Chelmsford to Basildon in southeast England under a
30-year concession agreement with the Essex County Council.
Construction was completed in 2003. The refinancing amended the
project's debt-service schedule.

The project is partly exposed to traffic risk, since 45%-55% of the
revenue comprises shadow toll payments based on the road's usage,
and the remaining portion is linked to the road's availability.

S&P said, "Increasing mobility supports traffic recovery, but we
expect CountyRoute to still rely on its cash-funded reserves to
service its senior debt. Although about 45% of the project's
revenue is based on the road's availability, and therefore not
subject to traffic volume risk, we believe revenue will return to
2019 levels only in 2023 due to the impact of the COVID-19 pandemic
on the economy and traffic patterns. Consequently, we expect the
project will be unable to generate enough cash flows to cover its
semi-annual debt payments, leading to debt-service coverage ratios
(DSCRs) below 1.0x until at least March 2022. During these periods,
we expect that the project will service its senior debt with
existing liquidity reserves.

"Because of the project's strong liquidity position, we believe
senior creditors are unlikely to exercise their right to demand
early repayment of the debt. The pandemic's hit to cash flow led to
forward-looking DSCRs below the default level of 1.05x, which we
anticipate will last until September 2023 under our base case. "In
addition, there is still an outstanding event of default under the
senior debt finance documents, triggered by a junior debt service
payment being made in error in March 2016. That said, we regard as
positive that CountyRoute has extra liquidity, provided by trapped
cash reserves resulting from junior and distribution lock-up
covenant breaches since 2016, which together with the DSRA total
about £13 million in cash."

Traffic performance is improving, fueled by heavy trucks, but
uncertainties linked to coronavirus variants and potential
permanent traffic losses cloud recovery prospects. Traffic on the
A130 has been increasing throughout 2021, even with the
pandemic-related lockdown measures imposed at the beginning of the
year. Heavy vehicle traffic, which represent about 30% of traffic
on the road, has proven more resilient to COVID-19 disruptions, and
recovered to 2019 levels in July 2021. On the other hand, light
vehicle traffic, which comprises the bulk of traffic, is still
about 20% lower than in the first half of 2019 although up strongly
in the past three months and with volumes 5%-10% below 2019 levels
on a monthly basis. S&P expects changes to road users' preferences,
post-pandemic patterns--such as working from home and online
shopping--and potential pandemic-related restrictions to affect the
pace of traffic growth. Consequently, it anticipates a full
recovery only by the beginning of 2023.

S&P said, "The acquisition of John Laing--CountyRoute's owner--is
still in progress, we don't anticipate any impact on our ratings at
this stage. In May 2021, John Laing announced that it had reached
agreement with KKR on the terms for a cash acquisition of the
company. This transaction has already been approved by John Laing's
board of directors and is pending regulatory approvals. Closing is
expected before the end of 2021. We'll be closely monitoring
developments during the next few months, but we don't anticipate
that our ratings on CountyRoute's debt would be affected by the new
sponsors."

Outlook

Senior debt

The negative outlook for the next 12 months takes into
consideration the uncertainties on traffic recovery, in particular
for light vehicles, since virus variants could lead to new
social-distancing measures. Additionally, the project is dependent
on its cash-funded reserve accounts, which if fully depleted in
less than three years, could lead us to lower our rating on the
senior debt.

S&P could revise the outlook to stable if the project is able to
display DSCRs of at least 1.0x until the senior debt matures, which
could be a consequence of better traffic performance or a lifecycle
budget linked to the project's cash flow generation.

Junior debt

The negative outlook in the next 12 months reflects an increased
risk that the release of cash to the reserve accounts may not be
sufficient to repay the junior debt in full at maturity, including
interest on all deferred payments. This could occur, for example,
if traffic volumes are noticeably lower than S&P's base-case
projections, and the project uses the reserve accounts more than it
anticipates to support senior debt service over the remaining life
of the debt.

S&P could revise the outlook to stable if it expects the project to
have access to a solid and stable liquidity base at the time it
needs to service the junior debt.


DAWSONS: Arranged Musical Buys Business Out of Administration
-------------------------------------------------------------
Ben Butler at Insider Media reports that jobs have been safeguarded
following the sale of a historic North West musical instrument
retailer, but 48 workers have been made redundant after it went
into administration.

Dawsons Music & Sound, which was founded in Warrington more than
120 years ago, operated online and via six retail stores in
Manchester, Liverpool, Chester, Leeds, Reading and Belfast.

Administrators were appointed on Sept. 1 and immediately following
their appointment, part of the company's business and assets was
sold to Arranged Musical Options Ltd., Insider Media relates.

The business will continue to trade from one store in Chester, as
well as retaining its warehouse facility in Haydock, Insider Media
discloses.  A total of 18 members of staff have transferred to
Arranged Musical Options Ltd as part of the sale, Insider Media
notes.

However, due to the closure of its remaining operations, 48 members
of staff have been made redundant on the appointment of the joint
administrators Neil Morley and Howard Smith from Interpath
Advisory, Insider Media states.

According to Insider Media, Interpath said tough trading conditions
exacerbated by the impact of Covid-19 on high street footfall and
supply issues had impacted the business.

The business and assets of Dawsons were acquired by Dawsons Music &
Sound Ltd after an earlier administration in May 2020, Insider
Media recounts.




                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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