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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, October 5, 2021, Vol. 22, No. 193

                           Headlines



D E N M A R K

NORDIC AVIATION: Silver Point, Sculptor Lead Debt Restructuring


F R A N C E

BOOST HOLDINGS: S&P Assigns Preliminary 'B' ICR, Outlook Stable


G E R M A N Y

ARAGON HOLDCO: S&P Assigns 'B' ICR, Outlook Stable


I R E L A N D

CARLYLE EURO 2021-2: Moody's Assigns (P)B3 Rating to Class E Notes
DRYDEN 89 EURO: Moody's Assigns (P)B3 Rating to Class F Notes
DRYDEN 89 EURO: S&P Assigns Prelim. B- Rating on Cl. F Notes
GLENBEIGH 2 ISSUER 2021-2: S&P Assigns B- Rating on Class F Notes


I T A L Y

GOLDEN BAR 2021-1: Fitch Gives Final 'BB+' Rating on Cl. E Debt


N E T H E R L A N D S

TRAVIATA BV: S&P Affirms 'B-' LongTerm ICR, Outlook Stable


P O R T U G A L

VIRIATO FINANCE 1: Moody's Assigns B2 Rating to EUR4.5MM E Notes


R U S S I A

NOVIKOMBANK JSCB: Moody's Affirms Ba3 LongTerm Deposit Ratings


S P A I N

FONCAIXA FTGENCAT 6: S&P Afffirms D Rating on Class D Notes
SANTANDER CONSUMER 2021-1: Moody's Gives Ba2 Rating to Cl. E Notes


S W E D E N

[*] SWEDEN: Bankruptcy Trend Not Yet Stabilized, UC Says


U N I T E D   K I N G D O M

AMIGO LOANS: S&P Lowers LongTerm ICR to 'CCC', Outlook Negative
ATOM MORTGAGE: Moody's Assigns Ba2 Rating to GBP52.7MM Cl. E Notes
BULB: Ovo Energy Prepares Bid as Funding Options Explored
CONVATEC GROUP: Moody's Assigns Ba2 Rating to New $500MM Notes
CONVATEC GROUP: S&P Rates New $500MM Fixed Sr. Unsec. Notes 'BB+'

DERBY COUNTY FOOTBALL: Set to Appoint Advisor to Administrators
FRY LAW: Enters Administration After Credit Facility Withdrawn
GFG ALLIANCE: AIP Acquires Alvance Smelter in Dunkirk
HELIOS FINANCE: S&P Lowers Class E Notes Rating to 'D'
MILLER HOMES: S&P Alters Outlook to Stable & Affirms 'B+ ICR

NMCN PLC: Files Notice of Intention to Appoint Administrators
ROLLS-ROYCE PLC: S&P Affirms 'BB-/B' ICRs, Off CreditWatch Negative
SGS FINANCE: S&P Gives 'CCCp' Rating on Series 1 to 3 Notes

                           - - - - -


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D E N M A R K
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NORDIC AVIATION: Silver Point, Sculptor Lead Debt Restructuring
---------------------------------------------------------------
Irene Garcia Perez at Bloomberg News reports that Silver Point and
Sculptor are leading the creditor group of Nordic Aviation Capital
that will take control of the aircraft lessor in a debt
restructuring, according to people familiar with the matter.

The turnaround deal will convert "a substantial amount" of the
group's debt into equity and give the company US$500 million of new
money, the company said in a statement, without naming individual
bondholders, Bloomberg relates.

Nordic Aviation Capital is an aircraft leasing company based in
Billund, Denmark.  NAC owns the world's largest fleet of smaller
regional aircraft.




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

BOOST HOLDINGS: S&P Assigns Preliminary 'B' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' preliminary long-term issuer
credit rating to French online office equipment distributor Boost
Holdings (Bruneau) and its 'B' preliminary issue rating to the
company's proposed EUR305 million term loan B (TLB), due 2028.

The stable outlook reflects S&P's expectations that Bruneau will
display modest revenue growth and stable profitability metrics over
the next year by maintaining its niche market position, supported
by continuous efforts to contain costs and a focus on marketing.

Bruneau's credit quality reflects its resilient online business,
good position in a fragmented, niche office equipment market, and
material free operating cash flow (FOCF).

S&P said, "We think that the company will maintain its established
position in the French office equipment online market, with good
results over the past 18 months building on its wide product
offering and commercial agility. We believe that Bruneau's business
will expand modestly in the medium term on the back of GDP growth
in its main market, favorable macroeconomic trends, some extension
of its businesses outside France, and a focus on delivering
high-quality customer services and marketing. That said, the online
market is very fragmented with several players catering for a wide
variety of businesses and needs. This is creating fierce
competition and we see new entrants or increased investment from
larger competitors as a risk moving forward." Importantly,
Bruneau's business generates material cash over the cycle, which is
critical for the rating. This is due to very limited capital
expenditure (capex) needs, since Bruneau is a pure online player
with limited investments required for its warehouses, and because
it also outsources some operations.

S&P said, "Bruneau's relatively small size and concentration in a
few countries but stable profitability and product diversification
underpin our business risk assessment. We estimate that Bruneau
will post annual adjusted EBITDA of about EUR80 million in
2021-2022, which is relatively small compared to some peers
(including Staples or Office Depot). Bruneau generates two-thirds
of its revenue in France, its historical core market. The company
has recently made some acquisitions in Spain and Italy, providing
limited diversification. We understand the company aims to further
diversify outside France but this could take time due to the focus
on integrating new entities. Bruneau's profitability is robust and
predictable relative to peers', with a 15% EBITDA margin on average
over the cycle, driven by the online model and targeting of a niche
customer group. Notably, its main customers are small and midsize
enterprises (SMEs) that do not organize tenders for their office
equipment and favor product availability and client servicing over
price. Furthermore, we consider the wide offering of a hundred
thousand products to enable Bruneau to adapt to potentially
volatile client needs." As an illustration, Bruneau posted robust
performance during the COVID-19 pandemic, translating in stable S&P
Global Ratings-adjusted EBITDA excluding perimeter effects in 2020.
This was thanks to its capacity to adapt the product offering to
evolving customer needs, including a rapid roll-out of sanitary and
safety products.

Bruneau's post-transaction capital structure, adjusted leverage of
about 5.5x on average, and private-equity ownership are key
considerations in our highly leveraged financial risk assessment.
With the completion of the transactions, the company's capital
structure will be straightforward with gross debt increasing to
about EUR400 million (excluding leases). S&P said, "This comprises
a EUR305 million TLB and a EUR93 million shareholder loan--even if
we recognize there are some equity-like features in it, which we
treat as debt, while the cash position should be minimal. Our
base-case assumption is that leverage will remain relatively stable
in the coming years at about 5.5x, assuming no dividend
distributions before 2024 and including the shareholder loan in our
debt calculation--excluding the loan adjusted leverage would be
about 4.5x. However, the company is owned by private-equity
shareholders (Towerbrook and Equistone), with management holding
about 18% of its shares, and we can't rule out earlier
distributions given it should remain cash generative and this is
permitted by the financial instruments if leverage (excluding the
shareholder loan) is below 3.75x. Such distributions would not
affect our rating since we don't factor the cash position in our
credit measures given the financial sponsor ownership. In addition,
we still treat the shareholder loan as debt, despite its
cash-preserving characteristics and clear subordination to the TLB,
because of the absence of a clear stapling clause and our
perception of the sponsor's financial policy."

S&P said, "The stable outlook reflects our expectations that
Bruneau will display modest revenue growth and stable profitability
metrics over the next year by maintaining its niche market
position, supported by continuous efforts to contain costs and a
focus on marketing.

"We anticipate the group will post annual adjusted EBITDA of about
EUR80 million and materially positive FOCF of more than EUR35
million, resulting in adjusted leverage of about 5.5x (including
the shareholder loan), while maintaining a comfortable liquidity
position.

"We could lower our ratings on Bruneau if the group's operating
performance is meaningfully below our expectations, leading
adjusted leverage to increase to 8x or more including the
shareholder loan and 7x or more excluding the loan. This could stem
from rapid deterioration of market share, or massive operating
disruptions. We estimate that annual EBITDA of EUR50 million,
together with a deterioration of the group's FOCF toward zero
without prospects of rapid improvement, could lead to rating
pressure.

"We note the existing instruments restrict additional debt,
acquisitions, and dividend distributions, which limits the risk of
higher leverage in the coming years.

"We see the possibility of a higher rating as remote in the next
year. However, an upgrade could be supported over time by much
lower leverage of well below 5x on an adjusted basis (including the
shareholder loan) and a clear commitment from shareholders to
maintain this level over time, alongside at least adequate
liquidity and material positive FOCF. This could also be supported
by much higher EBITDA, enhanced market positions, and more
geographical diversity in its operations."




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

ARAGON HOLDCO: S&P Assigns 'B' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Aragon
HoldCo GmbH, Amedes newly created parent company, and its 'B' issue
rating to the proposed EUR740 million term loan B (TLB).

The stable outlook indicates that Amedes will likely maintain S&P
Global Ratings-adjusted debt to EBITDA below 7.0x through its
investment cycle, consistent free operating cash flow (FOCF) of at
least EUR50 million per year, and a funds from operations (FFO)
cash interest coverage ratio above 2.2x.

Although much smaller than peers, Amedes has an established
position in the clinical diagnostic market, supported by its unique
positioning in endocrinology and gynecology. Amedes performs both
routine and specialty testing with an established, although small,
overall market share in Germany of 4%. The group has a unique
positioning in specialty testing covering 66% of gynecologists in
Germany and has an estimated market share of 20% in cytology.

The specialty testing (cytology but also genetics and pathology,
among others) do not necessarily support higher profitability
because of the more limited volumes performed. S&P said, "Still, we
view Amedes presence in specialty testing favorably because of its
unique expertise and the fact that these tests are less susceptible
to potential pricing cuts, which provides stability to the
earnings. However, we believe the tests remain a relatively narrow
channel and do not offset the group's geographic concentration and
its below-peers' profitability." Its EBITDA margin reached 25.5% in
2020 compared with 20.1% in 2019, supported by COVID-19 testing.

Single-payor risk is a constraining factor to the rating, but there
are some mitigants. The last pricing cut in Germany occurred in
April 2018. Given the low level of funding in Germany, a pricing
cut could happen again but should remain limited. Furthermore, S&P
highlights that Amedes' exposure to state health insurance (SHI) is
55%, underweighted compared with the market's 68% and the private
healthcare insurance in Germany has remained very stable.

S&P said, "We forecast financial leverage could increase toward
6.5x as early as 2022 as the demand for COVID-19 testing
dissipates. In 2020, the group benefitted from EUR73.9 million
revenue from COVID-19 testing, which has boosted profitability well
above historical levels and reduced financial leverage to 4.0x
compared with 6.5x in 2019. We anticipate continued tailwinds in
2021, which will support financial leverage at 6.0x. Nevertheless,
we forecast leverage will increase toward 6.5x by 2022, despite
continued benefits from COVID-19 testing and profitable growth of
the core testing business." The demand in the clinical diagnostic
market is stable, not only because of the fundamental drivers
(demographics, prevalence of chronic disease, preventive
diagnostics) but also because competitive risk remains relatively
limited.

Although the exposure to the physicians' rotation is no longer an
issue, Amedes remains a human capital-intensive business This is
not only because of its clinics business where doctors see patients
and refer them to have testing performed within Amedes
laboratories, inducing volumes in general laboratory, cytology, and
genetics; but also because of the business-to-business nature of
the German market, where doctors send samples to the laboratory of
their choice, whereas in countries like France, the patient (at
least for routine testing) usually choses the closest laboratory.
Still, S&P notes that the geographic overlap between Amedes and the
other testing labs in Germany, Synlab and Limbach, is very limited.
This reduces competitive risk in its view.

S&P said, "Large debt-funded mergers and acquisitions (M&A) are not
part of our central credit scenario. We understand from management
and the financial sponsors that the group will mainly focus on
bolt-on M&A using discretionary cash flows to increase the
franchise. Larger M&A would depend on the specific opportunity and
would be financed with additional equity. In either case, the
challenge would be to ensure sound integration and a good return on
capital because, while the diagnostic market remains
unconsolidated, the price of acquisitions has materially increased
over the past years.

"The stable outlook indicates that we expect Amedes to sustain
profitable growth while sustaining a prudent external growth
strategy. We forecast financial leverage to remain below 7x
throughout its investment cycle, along with FOCF of at least EUR50
million."

S&P's forecast assumes continuous benefits from COVID-19 testing in
2021, progressively reducing in 2022.

S&P could lower the rating if the group's credit metrics weaken,
including one or more of the following factors:

-- Deterioration of profitability, such as S&P Global
Ratings-adjusted debt to EBITDA increased above 7x; or

-- Deterioration of FFO cash interest coverage below 2x.

S&P believes these could most likely happen in case of a
combination of higher operating costs, combined with stagnation of
volumes, or in case the group found itself under competitive
pressure.

A positive rating action would require ability and commitment to
reduce the S&P Global Ratings-adjusted debt to EBITDA below 5x. S&P
believes this is unlikely, given the financial sponsor ownership.




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

CARLYLE EURO 2021-2: Moody's Assigns (P)B3 Rating to Class E Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Carlyle Euro
CLO 2021-2 DAC (the "Issuer"):

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2035,
Assigned (P)Aaa (sf)

EUR285,200,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

EUR29,000,000 Class A-2A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

EUR17,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR31,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A3 (sf)

EUR28,750,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR24,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

EUR13,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE
The rationale for the rating 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 senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% 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.

CELF Advisors LLP ("CM Acronym") 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 4.45 year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

In the case of Class X Notes, include the following paragraph:

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. Class
X Notes amortise by equal instalments of EUR333,333.34 over the six
payment dates starting on the 2nd payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR35.4 million of Subordinated Notes which are
not rated.

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 modelled 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 modelling assumptions:

Par Amount: EUR460,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 9 years


DRYDEN 89 EURO: Moody's Assigns (P)B3 Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Dryden 89
Euro CLO 2020 Designated Activity Company (the "Issuer"):

EUR264,300,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR28,750,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR17,350,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR26,850,000 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR12,150,000 Class C-2 Mezzanine Secured Deferrable Fixed Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR30,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR20,200,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR16,300,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the rating 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 senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped up 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 six month ramp-up period in compliance with the
portfolio guidelines.

PGIM Loan Originator Manager Limited ("PGIM") 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
four and half year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR37,300,000 of Subordinated Notes which are not
rated.

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: EUR450,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2985

Weighted Average Spread (WAS): 3.90%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 41.50%

Weighted Average Life (WAL): 9 years


DRYDEN 89 EURO: S&P Assigns Prelim. B- Rating on Cl. F Notes
------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Dryden 89
Euro CLO 2020 DAC's class A to F European cash flow CLO notes. At
closing, the issuer will issue unrated subordinated notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately 4.4
years and a non-call period 1.9 years after closing.

The preliminary ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

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

  Portfolio Benchmarks
                                                         CURRENT
  S&P weighted-average rating factor                    2,947.12
  Default rate dispersion                                 412.51
  Weighted-average life (years)                             5.39
  Obligor diversity measure                                98.90
  Industry diversity measure                               19.45
  Regional diversity measure                                1.25

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                           0.40
  'AAA' weighted-average recovery (%)                      33.98
  Floating-rate assets (%)                                 82.12
  Weighted-average spread (net of floors; %)                3.99

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.90%), and the
covenanted weighted-average coupon (4.50%) as indicated by the
collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
actual portfolio presented to us. 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 credit and cash flow analysis show that the class B-1, B-2,
C-1, C-2, D, and E notes benefit from break-even default rate (BDR)
and scenario default rate cushions that we would typically consider
to be in line with higher ratings than those assigned. However, as
the CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings on the notes.

"The class F notes' current BDR cushion is a negative cushion at
the current rating level. Nevertheless, based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook
we believe this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P analysis further reflects
several factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 28.72% (for a portfolio with a
weighted-average life of 5.39 years) versus 16.71% if it was to
consider a long-term sustainable default rate of 3.1% for 5.39
years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

S&P said, "Following this analysis, we consider that the available
credit enhancement for the class F notes is commensurate with the
assigned preliminary 'B- (sf)' rating.

"Until the end of the reinvestment period on April 4, 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.

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

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F 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 E notes "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published on Oct. 1, 2012."

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:
production or marketing of controversial weapons; production of
nuclear weapons or thermal coal production; the extraction of
thermal coal, fossil fuels from unconventional sources; extraction
of petroleum via fracking; the production of or trade in
pornography, adult entertainment, or prostitution; and the sale or
promotion of marijuana. 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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by PGIM Loan
Originator Manager Ltd.

  Ratings List

  CLASS   PRELIM.    PRELIM. AMOUNT   INTEREST RATE     CREDIT
          RATING       (MIL. EUR)        (%)       ENHANCEMENT (%)

  A       AAA (sf)       264.30       3mE + 1.00         41.25
  B-1     AA (sf)         28.75       3mE + 1.75         31.00
  B-2     AA (sf)         17.35             2.00         31.00
  C-1     A (sf)          26.85       3mE + 2.15         22.34
  C-2     A (sf)          12.15             2.45         22.34
  D       BBB- (sf)       30.50       3mE + 3.35         15.56
  E       BB- (sf)        20.20       3mE + 6.16         11.09
  F       B- (sf)         16.30       3mE + 8.82          7.46
  Subordinated  NR        37.30              N/A           N/A

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


GLENBEIGH 2 ISSUER 2021-2: S&P Assigns B- Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Glenbeigh 2
Issuer 2021-2 DAC's class A to F-Dfrd notes. At closing, the issuer
also issued unrated class Z notes and class S1, S2, and Y
instruments.

Glenbeigh 2 Issuer 2021-2 is a static RMBS transaction that
securitizes a portfolio of EUR584.8 million loans secured by
primarily interest only, buy-to-let residential assets.

The loans were originated primarily between 2006 to 2008 by
Permanent TSB PLC (PTSB), one of the largest financial services
groups in Ireland.

The securitized portfolio was sold to Citibank N.A. as part of a
wider loan sale in November 2020. The assets are serviced by Pepper
Ireland.

None of the loans in the pool have taken a payment holiday because
of the COVID-19 pandemic. Those loans were explicitly excluded in
the initial portfolio sale to Citibank.

The transaction features a liquidity and a general reserve fund to
provide liquidity in the transaction. Principal can also be used to
pay senior fees and interest on the most senior class outstanding.

At closing, the issuer used the issuance proceeds to purchase the
beneficial interest in the mortgage loans from the seller. The
issuer grants security over all of its assets in the security
trustee's favor.

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

  Ratings

  CLASS    RATING*    CLASS SIZE (%)§

  A        AAA (sf)     72.00
  B-Dfrd   AA (sf)       6.00
  C-Dfrd   A+ (sf)       4.00
  D-Dfrd   BBB+ (sf)     3.00
  E-Dfrd   BB+ (sf)      3.00
  F-Dfrd   B- (sf)       2.00
  Z        NR           10.00
  S1       NR             N/A
  S2       NR             N/A
  Y        NR             N/A

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes, and the ultimate
payment of interest and principal on the other rated notes.
Interest payments on the class B-Dfrd to F-Dfrd notes can continue
to be deferred once that class of notes becomes the most-senior
outstanding.
§As a percentage of 95% of the pool balance.
NR--Not rated.
N/A--Not applicable.




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

GOLDEN BAR 2021-1: Fitch Gives Final 'BB+' Rating on Cl. E Debt
---------------------------------------------------------------
Fitch Ratings has assigned Golden Bar (Securitisation) S.r.l. -
Series 2021-1 (GB) final ratings, as follows:

       DEBT                   RATING
       ----                   ------
Golden Bar (Securitisation) S.r.l. - Series 2021-1

Class A IT0005459224    LT AA-sf   New Rating
Class B IT0005459232    LT A+sf    New Rating
Class C IT0005459240    LT Asf     New Rating
Class D IT0005459257    LT BBB+sf  New Rating
Class E IT0005459265    LT BB+sf   New Rating
Class F IT0005459273    LT NRsf    New Rating

TRANSACTION SUMMARY

GB is a revolving securitisation of auto loans granted to
individuals (persone fisiche) and individual entrepreneur
borrowers, by Santander Consumer Bank S.p.A. (SCB). SCB is wholly
owned by Santander Consumer Finance, S.A. (A-/Stable/F2), the
consumer credit arm of Banco Santander, S.A. (A-/Stable/F2).

KEY RATING DRIVERS

Low Default Risk: Collateral is mostly made of auto loans granted
to consumer borrowers, with a minimal exposure to individual
entrepreneurs that represented less than 5% of the portfolio at
closing. The pool covenants during the revolving period allow for
new vehicles to make up at least 70%, while the share of used
vehicles is capped at 30%. Fitch's base-case default expectations
are set at 1.75% and 3.50%, respectively, for new and used vehicles
loans granted.

Revolving Period Risk Mitigated: Fitch has determined the
composition of a stressed pool at the end of the replenishment
period by combining the deal covenants on the portfolio mix with
the expected churn rate of the initial pool, and expects limited
migration to a worse-quality composition. Fitch considered the
presence of the revolving period when determining its default
multiple stresses.

Pro-rata Amortisation: The class A to E notes can repay pro rata
until a sequential redemption event occurs. In its base case
scenario, Fitch views the switch to sequential amortisation as
unlikely, given the portfolio loss expectations compared with
performance triggers. The mandatory switch to sequential pay-down
when the outstanding collateral balance falls below a certain
threshold successfully mitigates tail risk.

'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
senior notes reflects that on the sovereign Long-Term Issuer
Default Rating (IDR).

RATING SENSITIVITIES

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' rating.

-- Unexpected increases in the frequency of defaults or decreases
    in recovery rates could produce larger losses than Fitch's
    base case and 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 of the class A and E notes, a
    two notch downgrade of the class B and D notes and a three
    notch downgrade of the class C notes.

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

-- The class A notes' rating is 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' rating 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% could lead to a three-notch upgrade.

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

Golden Bar (Securitisation) S.r.l. - Series 2021-1

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

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.




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

TRAVIATA BV: S&P Affirms 'B-' LongTerm ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B- long-term issuer credit and
issue ratings on Traviata B.V. and its senior secured debt.

S&P believes that Axel Springer's (AS's) acquisition of U.S. news
provider Politico will foster long-term earnings growth but also
increase leverage, pushing holding company (holdco) Traviata B.V.'s
S&P Global Ratings-adjusted leverage above 9x in 2021.

The stable outlook indicates that Traviata has solid liquidity
buffers and will receive low but sustainable dividends of EUR60
million annually from AS given shareholders' general alignment,
although S&P notes Traviata's S&P Global Ratings-adjusted leverage
remains elevated at about 16x in 2022, or 8x excluding shareholder
loans.

S&P believes that Axel Springer's (AS) acquisition of U.S. news
provider Politico will foster long-term earnings growth but also
increase leverage, pushing holding company (holdco) Traviata B.V.'s
S&P Global Ratings-adjusted leverage above 9x in 2021.

AS's acquisition of Politico will increase Traviata's leverage
above S&P's previous expectations.

S&P said, "Following the planned acquisition of U.S.-based news
provider Politico by AS, Traviata's sole operating asset, we expect
AS's and Traviata's leverage will increase above our previous
expectations in 2021-2022, despite some asset disposals completed
this year. We expect Traviata's adjusted debt to EBITDA, on an
proportionate consolidation basis, will reach a high 9x-10x in 2021
(excluding shareholder loans), compared with 8.5x in 2020. In our
view, increasing debt at the AS level could constrain its otherwise
strong cash flows and ability to pay dividends, especially in times
of unexpected operating setbacks. That said, we expect Politico to
contribute to AS's long-term performance, with its track record of
double-digit annual sales growth, and somewhat increase the scale
and scope of operations. We also estimate Politico will contribute
about 6%-8% of AS's annual EBITDA in 2021."

Traviata's liquidity has improved but interest coverage could
remain thin in the coming years. In 2021, Traviata's liquidity
improved after it received a special dividend of about EUR194
million from AS. At June 30, 2021, it had a cash balance of about
EUR135 million and a fully undrawn EUR125 million revolving credit
facility (RCF). S&P said, "In our view, this is sufficient to pay
the annual interest of about EUR45 million over the next two years,
even without further dividends received. At the same time, we
expect Traviata to have low interest coverage of just below 1.5x in
2022-2023, given our expectation of EUR60 million-EUR70 million in
annual dividends from AS."

S&P said, "We estimate Traviata's leverage will remain very high
over the forecast period. We calculate Traviata's leverage on a
proportionate basis, including the pro-rata share of AS's earnings
and debt and Traviata holdco debt. We expect it to increase to 19x,
on an S&P Global Ratings-adjusted basis (including a EUR2.05
billion shareholder loan from Traviata's ultimate owners that we
treat as debt-like under our criteria), in 2021 following the
Politico acquisition and ongoing investments into AS's growth.
Although we include the shareholder loans in our adjusted debt
calculation, we acknowledge that they do not pay interest, are
subordinated, and mature after the remaining debt--in turn not
affecting our rating. Excluding these instruments, we estimate
adjusted leverage of about 9.0x-10x in 2021. In 2022, we expect S&P
Global Ratings-adjusted leverage to reduce to about 8.0x on the
back of strong revenue growth and lower investments in AS growth
projects."

Politico will complement AS's news offering and strengthen its
presence in U.S. markets. Politico is a provider of political news
and information through its website, newsletters, and subscription
services specializing in politics and policy. It draws about half
of its revenue from advertising and half from subscriptions. S&P
said, "In our view, Politico will complement AS's U.S. business,
which currently encompasses news operators Insider and Morning
Brew, and allow it to diversify into more general news content.
Politico's focus and in-depth expertise on the U.S. political
landscape position it well to attract audiences and increase
subscription revenue from professionals and enterprises, as well as
provide a high-quality targeted audience for advertisers. We also
expect some sales synergies in the long run. However, in our view,
AS's noncore asset disposals this year, including a minority share
in Airbnb, slower growth businesses such as those in eastern Europe
excluding Poland (RASMAG), and French classified media platform
CarBoatMedia, partly offset the benefits from the Politico
acquisition for the business."

AS's operating performance will remain robust, supporting its
earnings and cash flows. Despite the good operating performance,
rebound in advertising, and contribution from the Politico
acquisition, we expect S&P Global Ratings-adjusted EBITDA in 2021
to be broadly in line with 2020. This is given the asset disposals
in France and eastern Europe as well as investment in growth
initiatives that were delayed from 2020. Among others, these
investments include product enhancements and marketing initiatives
in the classified business and Idealo, as well as channel
investments in the news media segment for the BildTV launch. S&P
said, "Over the medium term, we expect AS's revenue and earnings
will increase sustainably, supported by organic growth, benefits
from these investments and lower one-off costs. We also expect its
cash generation to remain sound, allowing it to pay EUR120
million-130 million of dividends per year."

S&P said, "We view Traviata's funding structure as risky, because
it relies solely on AS dividends to service its debt. Following the
successful delisting and squeeze out of minorities in 2021,
Traviata now owns 48.5% of AS and we don't expect this to change
over the medium term. An equal share is held by founder Dr. Friede
Springer and CEO Dr. Dopfner, who pooled their voting rights. This
means Traviata only has joint control and, in the absence of a
minimum dividend in the shareholders' agreement, remains reliant on
joint decisions and an alignment of interests to achieve sufficient
dividend distributions and service interest on its debt." In
addition, the funding structure carries possible timing mismatch
risk because the dividend payment from AS and the interest payment
due on Traviata's term loan B (TLB) are not aligned. Depending on
the length of the mismatch, this timing issue could force Traviata
to draw on its RCF in the absence of sizeable cash on its balance
sheet.

The stable outlook balances Traviata's high adjusted leverage
against its adequate liquidity following the EUR194 million special
dividend that it received from AS in 2021. S&P expects that AS will
pay an ongoing annual dividend of at least EUR125 million from 2022
and Traviata's pro-rata share of this will be about EUR61 million.
The outlook also assumes general alignment among shareholders about
dividend policy and improving AS earnings from 2022.

S&P said, "We could lower the rating on Traviata if we perceive any
potential disagreement or misalignment among the main shareholders.
This could delay any decision or payment of dividends and lead us
to believe that Traviata's capital structure is unsustainable in
the long term or the risk of a conventional default has increased.

"We could raise the rating on Traviata if it reduces S&P Global
Ratings-adjusted leverage well below 7.0x (excluding shareholder
loans), while maintaining EBITDA interest coverage of above 1.5x on
a sustainable basis. This could occur if operating performance at
AS improves and dividend distributions increase sustainably,
allowing Traviata's debt to decrease materially. The upgrade would
also require Traviata's liquidity to remain sufficient."




===============
P O R T U G A L
===============

VIRIATO FINANCE 1: Moody's Assigns B2 Rating to EUR4.5MM E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes issued by Viriato Finance No. 1 ("the issuer"):

EUR114.0M Class A Floating Rate Asset Backed Notes due Oct 2040,
Definitive Rating Assigned Aa2 (sf)

EUR6.0M Class B Floating Rate Asset Backed Notes due Oct 2040,
Definitive Rating Assigned A2 (sf)

EUR12.0M Class C Floating Rate Asset Backed Notes due Oct 2040,
Definitive Rating Assigned Baa2 (sf)

EUR8.3M Class D Floating Rate Asset Backed Notes due Oct 2040,
Definitive Rating Assigned Ba2 (sf)

EUR4.5M Class E Floating Rate Asset Backed Notes due Oct 2040,
Definitive Rating Assigned B2 (sf)

Moody's has not assigned a rating to the Classes F Asset-Backed
Fixed Rate Notes, Class R Fixed Rate Notes and X Asset Backed Notes
due Oct 2040 amounting to EUR6.6M.

RATINGS RATIONALE

The transaction is a one year revolving cash securitisation of
Portuguese unsecured consumer loans originated by WiZink Bank,
S.A.U. -- Sucursal em Portugal (N.R.) (WiZink). The portfolio
consists of consumer loans used for undefined or general purposes.
WiZink will also acts as servicer in the transaction.

The portfolio of underlying assets consists of pre-approved loans
granted to clients with at least 6 months of credit history on
WiZink credit card. The loans are originated via phone or online
channels and they are all fixed rate, annuity style amortising
loans with no balloon loans, the market standard for Portuguese
consumer loans. The total outstanding balance of the definitive
pool is EUR150 million. As of September 13, 2021, the definitive
portfolio has 43,539 loans with a weighted average interest of
11.5%. The portfolio is highly granular with the largest and 10
largest borrower representing 0.02% and 0.18% of the pool,
respectively. The portfolio also benefits from a good geographic
diversification and good weighted average seasoning of 22 months.
No loans in grace period due to moratoriums will be securitised at
closing.

The transaction benefits from credit strengths such as an
artificial write-off, which traps the available excess spread to
cover any losses when the loan has been eight months in arrears,
the high weighted average interest rate of 11.5% and swap agreement
to hedge the interest rate mismatch risk provided by BNP Paribas.

However, Moody's notes that the transaction features some credit
weaknesses such as (i) a one year revolving structure which could
increase performance volatility of the underlying portfolio,
partially mitigated by early amortisation triggers, revolving
criteria both on individual loan and portfolio level and the
eligibility criteria for the portfolio, (ii) a complex structure
including interest deferral triggers for juniors notes, pro-rata
payments on all classes of notes after the end of the revolving
period, (iii) commingling risk partially mitigated by the transfer
of collections to the issuer account bank within two days and (iv)
operational risk as Wizink is an unrated entity, acting as servicer
in the transaction.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of consumer loans and the
eligibility criteria; (ii) historical performance provided on
WiZink total book; (iii) the credit enhancement provided by
subordination and excess spread; (iv) the liquidity support
available in the transaction by way of principal to pay interest
for classes A-C (and D-F when they become the most senior class)
and a dedicated liquidity reserve only for classes A-C; and (v) the
overall legal and structural integrity of the transaction.

MAIN MODEL ASSUMPTIONS

Moody's determined a portfolio lifetime expected mean default rate
of 8.5%, expected recoveries of 15.0% and a portfolio credit
enhancement Moody's ("PCE") of 24.0%. The expected defaults and
recoveries capture expectations of performance considering the
current economic outlook, while the PCE captures the loss we expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
its ABSROM cash flow model to rate consumer ABS transactions.

The portfolio expected mean default rate of 8.5% is higher than
recent Iberian consumer loan transaction average and is based on
Moody's assessment of the lifetime expectation for the pool taking
into account (i) historic performance of the loan book of the
originator, (ii) other similar transactions in the Iberian market
used as a benchmark, (iii) macroeconomic trends and (iv) other
qualitative considerations.

Portfolio expected recoveries of 15% is in line with recent Iberian
consumer loan average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations such as
quality of data provided.

The PCE of 24.0% is higher than other Iberian consumer loan peers
and is based on Moody's assessment of the pool taking into account
the relative ranking to originator peers in the Spanish consumer
loan market. The PCE of 24.0% results in an implied coefficient of
variation ("CoV") of 43%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in September
2021.

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

Factors or circumstances that could lead to an upgrade of the
ratings of the Notes would be (1) better than expected performance
of the underlying collateral; or (2) a lowering of Portuguese's
sovereign risk leading to an higher local currency ceiling cap.

Factors or circumstances that could lead to a downgrade of the
ratings would be (1) worse than expected performance of the
underlying collateral; (2) deterioration in the credit quality of
WiZink; or (3) an increase in Portuguese's sovereign risk.




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

NOVIKOMBANK JSCB: Moody's Affirms Ba3 LongTerm Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has affirmed the following global scale
ratings and assessments of Novikombank JSCB (Novikombank): its
Baseline Credit Assessment (BCA) and Adjusted BCA at b2, its
long-term local and foreign currency bank deposit ratings at Ba3,
its long-term Counterparty Risk (CR) Assessment at Ba2(cr) and its
long-term Counterparty Risk Ratings (CRRs) at Ba2. The outlook on
the bank's global scale long-term deposit ratings and the overall
issuer outlook were changed to positive from stable.

Concurrently, Moody's affirmed Novikombank's short-term deposit
ratings and CRRs at Not Prime and its short-term CR Assessment at
Not Prime(cr).

RATINGS RATIONALE

The outlook change to positive from stable recognizes the
improvement of Novikombank's asset quality metrics and capital
adequacy, which together with maintained healthy profitability
reduce solvency risks. The bank demonstrated resilience to the
adverse operating environment in 2020, when Russia's economy was
hit by the coronavirus pandemic and the oil price plunge.

The bank's asset quality metrics have been gradually improving,
despite the credit implications of the pandemic. The share of
problem loans (defined as Stage 3 and purchased or originated
credit impaired under IFRS-9) decreased to 7% of the bank's gross
loans as of June 30, 2021, from 7.5% as of December 31, 2020, while
the coverage of problem loans by loan loss reserves exceeded 100%
at the end of June 2021. The bank's exposure to the most vulnerable
sectors from the pandemic is immaterial with the share of retail
lending at less 2% of gross loans as of June 30, 2021. Novikombank
is mainly focused on corporate lending to companies from Russian
technological and machine-building sectors given its close ties
with State Corporation Russian Technologies (Rostec). At the same
time, this business model results in remaining high single-name
concentrations.

Novikombank's capital adequacy strengthened over the last two
years, supported by the bank's profitable performance and
capitalization of earnings. The bank's tangible common
equity/risk-weighted assets ratio improved to 9.5% as of June 30,
2021 from 8.5% as of year-end 2019. Despite the dividend payouts in
Q3 2021, the bank's regulatory Tier 1 ratio remained sound at 9.2%
as of August 1, 2021, above the minimum required level. Novikombank
demonstrated its capacity to consistently generate a return on
average assets exceeding 1.5%. Moody's expects the bank's capital
position to be maintained stable in the next 12-18 months
underpinned by healthy profitability, moderate loan growth, and
limited dividend payouts.

Novikombank's reliance on market funding is modest, with market
funds/tangible banking assets not exceeding 10% over the past five
years. The bank's funding base is mainly comprised of customer
deposits, which bear volatility given high single-name
concentrations with the predominant share of Rostec's subsidiaries.
Residual liquidity risks stemming from high single-name deposit
concentrations are mitigated by an ample liquidity buffer held by
the bank and good access to refinancing facilities on the interbank
market. As of June 30, 2021, 24% of tangible banking assets were
mainly allocated in cash, bank nostro accounts and terms deposits,
loans to banks, and unpledged repoable securities issued by Russian
government or the Central Bank of Russia.

HIGH GOVERNMENT SUPPORT

The bank's Ba3 deposit ratings are based on its BCA of b2 and a
high probability of support from the Government of Russia (Baa3
stable), which results in two notches of uplift from the bank's
BCA. Moody's believe that government support can be provided to the
bank in case of need, channeled through the bank's core
shareholder, Rostec, which has a 100% stake in Novikombank. This
assessment reflects the close and long-standing relationship
between Novikombank and Rostec, the solid track record of capital
support, and the treasury and settlement functions performed by the
bank for Rostec's entities and its counterparties.

OUTLOOK CHANGED TO POSITIVE FROM STABLE

Moody's changed the outlook on Novikombank's long-term deposit
ratings to positive from stable, which reflects expectations of
further improving asset quality metrics, maintained sound capital
adequacy and healthy profitability.

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

The bank's ratings could be upgraded in case of further
demonstrated improvement in asset quality, maintained solid capital
adequacy and profitability, as well as a more granular loan book
and deposit base.

Novikombank's downward rating action may follow if the Russian
government's capacity or propensity to render support were to
diminish or the bank's links with Rostec were to weaken. Moreover,
a large loan impairment that would be difficult to absorb through
pre-provision earnings would lead to a downward rating action.

LIST OF AFFECTED RATINGS

Issuer: Novikombank JSCB

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed b2

Baseline Credit Assessment, Affirmed b2

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

Long-term Counterparty Risk Assessment, Affirmed Ba2(cr)

Short-term Counterparty Risk Ratings, Affirmed NP

Long-term Counterparty Risk Ratings, Affirmed Ba2

Short-term Bank Deposit Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed Ba3, Outlook Changed To
Positive From Stable

Outlook Action:

Outlook, Changed To Positive From Stable

PRINCIPAL METHODOLOGY

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




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

FONCAIXA FTGENCAT 6: S&P Afffirms D Rating on Class D Notes
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on Foncaixa FTGENCAT
6, Fondo de Titulizacion de Activos' class AG, B, and C notes. At
the same time, S&P has affirmed its 'D (sf)' rating on the class D
notes.

S&P has used data from the May 2021 payment report and the June
2021 investor report to perform its credit and cash flow analysis.

Foncaixa FTGENCAT 6 is a single-jurisdiction cash flow CLO
transaction securitizing a portfolio of SME loans that CaixaBank,
S.A. originated in Spain. The transaction closed in July 2008 and
is currently amortizing.

Credit analysis

The underlying portfolio is relatively seasoned with a pool factor
(percentage of the pool's outstanding aggregate principal balance
compared with the closing date balance) of about 14%. According to
the servicer reports, cumulative defaults of 12 months account for
8.61% of the closing pool balance, up from 8.30% in our 2019
review.

S&P has applied our European SME CLO criteria to determine the
scenario default rates (SDRs)--the minimum level of portfolio
defaults that it expects each tranche to be able to withstand at a
specific rating level--using CDO Evaluator.

To determine the SDR, we adjusted the archetypical European SME
average 'b+' credit quality to reflect the following factors:
country, originator, and portfolio selection.

S&P said, "Under our criteria, we rank the originator in this
transaction in the moderate category. Taking into account Spain's
Banking Industry Country Risk Assessment (BICRA) score of 4 and the
originator's average annual observed default frequency, we applied
a downward adjustment of one notch to 'b' from the 'b+'
archetypical average credit quality.

"Given that there are no major differences in the securitized
portfolio's creditworthiness compared with the originator's entire
SME loan book, we did not perform further adjustments to the
average credit quality. As a result, our average credit quality
assessment of the portfolio was 'b', which we used to generate our
'AAA' SDR.

"We have calculated the 'B' SDR, based primarily on our analysis of
historical SME performance data and our projections of the
transaction's future performance, taking into account the
concentration of the portfolio. We have reviewed the originator's
historical default data, and assessed market developments,
macroeconomic factors, changes in country risk, and the way these
factors are likely to affect the loan portfolio's creditworthiness.
As a result of this analysis, our 'B' SDR is 17%.

"We interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with our European SME CLO criteria."

Cash flow analysis

S&P applied a weighted-average recovery rate (WARR) at each
liability rating level by considering the asset type and its
seniority, the country recovery grouping, and the observed
historical recoveries in this transaction. In a benign economic
environment, it expects the recoveries to be around 50%, in line
with the historical observations.

The class AG notes have paid down since our previous review (to
EUR81.61 million from EUR116.67 million). The reserve fund was
replenished (using excess spread) to EUR18.79 million from EUR17.66
million. As a result, the available credit enhancement for all
rated classes of notes increased.

S&P said, "We used the portfolio balance that the servicer
considered to be performing, the current weighted-average spread,
and the above weighted-average recovery rates. We subjected the
capital structure to various cash flow stress scenarios,
incorporating different default patterns and interest rate curves,
to determine the rating level, based on the available credit
enhancement for each class of notes under our European SME CLO
criteria."

Country risk

S&P said, "Our unsolicited long-term rating on Spain is 'A' and we
have performed our rating above the sovereign analysis under our
criteria to assess the transaction's ability to withstand a
sovereign default scenario. Under these criteria, we can rate a
securitization up to six notches above our foreign currency rating
on the sovereign if the tranche can withstand severe stresses."

Counterparty risk

Foncaixa FTGENCAT 6 is supported by an interest rate swap with
CaixaBank S.A. The swap provider hedges interest rate risk, covers
the weighted-average coupon on the notes, guarantees a spread of 50
basis points, and pays servicer replacement servicing fees.

S&P said, "Under our counterparty criteria, we consider the
combined strength of the contractual remedies to determine the
maximum supported rating on the structured finance notes for a
given derivative counterparty exposure. In a case where the
counterparty fails to replace itself within the remedy period after
its rating is lowered below the replacement trigger, the maximum
supported rating may remain above the counterparty's rating
depending on the strength of the collateral posting framework and
the issuer's ability to terminate the swap. Hence, in this
instance, even though the issuer did not replace CaixaBank when it
became an ineligible counterparty under the documentation, we rely
on the collateral posting commitment from CaixaBank to assess the
maximum supported rating.

"We have used the most recent information provided to us by the
swap counterparty, including the use of a volatility buffer of
3.9%, to classify the collateral framework as strong. We have
treated the swap as an "interest rate swap--floating-floating" and
approximated the remaining weighted-average life of swap to the
remaining weighted-average life of the portfolio (6.84 years) to
apply table 5 of our counterparty criteria.

"Under our counterparty criteria, the resolution counterparty
rating (RCR) on CaixaBank S.A. is the applicable rating type."
Therefore, the maximum rating supported by the swap counterparty is
the higher of:

-- The RCR plus five notches; and
-- The notes' unhedged rating plus three notches.

Operational risk and legal risk

Following the application of S&P's legal criteria, its "Global
Framework For Assessing Operational Risk In Structured Finance
Transactions," and "Methodology For Servicer Risk Assessment", it
has not applied any rating cap.

Rating rationale

S&P said, "Based on the above considerations, we consider the
available credit enhancement for the class AG notes to be
commensurate with a higher rating than that assigned, acknowledging
that there are ongoing macroeconomic factors that could affect
future performance. We have therefore raised to 'AA (sf)' from 'A-
(sf)' our rating on the class AG notes.

"The class C notes' interest deferral trigger of 7.80% has been
breached, and in our 'B' scenario the class B interest deferral
trigger of 10.00% will be breached. As a result, under our 'B'
scenario, the class B and C notes experience failure to pay timely
interest. However, this failure is no more than two consecutive
periods. Furthermore, both classes benefit from an increase in
credit enhancement and the cash flows on these notes are stronger
than at our previous review. We have therefore raised our ratings
on both the class B and class C notes by one notch. We no longer
consider that the repayment of the class B notes is dependent upon
favorable business, financial, or economic conditions. We have
therefore raised to 'B- (sf)' from 'CCC+ (sf)' our rating on the
class B notes. We still consider the repayment of the class C notes
to be dependent upon favorable business, financial, or economic
conditions. However, following the increase in credit enhancement,
we have raised to 'CCC+ (sf)' from 'CCC (sf)' our rating on the
class C notes.

"The class D notes are still deferring interest payments on the
notes, and therefore we have affirmed our 'D (sf)' rating on this
class of notes."

  Ratings List

  CLASS    RATING TO    RATING FROM   

  RATINGS RAISED
  AG       AA (sf)      A- (sf)       
  B        B- (sf)      CCC+ (sf)
  C        CCC+ (sf)    CCC (sf)

  RATING AFFIRMED  

  D        D (sf)


SANTANDER CONSUMER 2021-1: Moody's Gives Ba2 Rating to Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings to
the following classes of Notes issued by SANTANDER CONSUMER SPAIN
AUTO 2021-1, FONDO DE TITULIZACION ("SANTANDER CONSUMER SPAIN AUTO
2021-1, FT"):

EUR507.3M Class A Notes due June 2035, Definitive Rating Assigned
Aa1 (sf)

EUR33.3M Class B Notes due June 2035, Definitive Rating Assigned
A2 (sf)

EUR23.0M Class C Notes due June 2035, Definitive Rating Assigned
Baa3 (sf)

EUR5.7M Class D Notes due June 2035, Definitive Rating Assigned
Ba1 (sf)

EUR5.7M Class E Notes due June 2035, Definitive Rating Assigned
Ba2 (sf)

Moody's has not assigned any rating to the EUR5.8M Class F Notes
due June 2035.

RATINGS RATIONALE

SANTANDER CONSUMER SPAIN AUTO 2021-1, FT is a 15 months revolving
securitisation of auto loans granted by Santander Consumer Finance
S.A. (A2/P-1 Bank Deposits; A3(cr)/P-2(cr)) ("Santander Consumer")
to mostly private obligors in Spain. Santander Consumer is acting
as originator and servicer of the loans while Santander de
Titulizacion S.G.F.T., S.A. (NR) is the Management Company
("Gestora").

As of August 25, 2021, the portfolio comprised 54,458 auto loans
granted to obligors located in Spain, 97.95% of whom are private
individuals. The weighted average seasoning of the portfolio is 16
months and its weighted average remaining term is 67 months. Around
29.63% of the loans were originated to purchase new vehicles, while
the remaining 70.37% were made to purchase used vehicles.
Geographically, the pool is concentrated mostly in Andalucia
(24.46%), Catalonia (13.96%) and Comunitat Valenciana (10.62%). The
portfolio, as of its pool cut-off date, did not include any loans
in arrears.

Moody's analysis focused, amongst other factors, on, (i) an
evaluation of the underlying portfolio of loans; (ii) the
historical performance information of the total book and past ABS
transactions; (iii) the credit enhancement provided by the
subordination, the excess spread and the cash reserve; (iv) the
liquidity support available in the transaction, by way of principal
to pay interest, and the cash reserve; and (v) the overall legal
and structural integrity of the transaction.

According to Moody's, the transaction benefits from several credit
strengths such as the granularity of the portfolio, securitisation
experience of Santander Consumer and the significant excess spread.
However, Moody's notes that the transaction features a number of
credit weaknesses, such as a complex structure including, pro-rata
payments on Class A to E Notes from the first payment date. These
characteristics, amongst others, were considered in Moody's
analysis and ratings.

Hedging: As the collections from the pool are not directly linked
to a floating interest rate, a higher index payable on the floating
interest rate Class A to C Notes would not be offset with higher
collections from the pool. The transaction therefore benefits from
an interest rate cap, with Banco Santander S.A. (Spain) (A2/P-1
Bank Deposits; A3(cr)/P-2(cr)) as cap counterparty, where the
Issuer will be paid any positive difference between the Three-month
EURIBOR and the strike rate of 0.5% on a notional linked to the
scheduled amortization of the floating interest rate Class A to C
Notes.

Even if Moody's were not provided with a breakdown of vehicles by
emission standard, the securitised portfolio is exposed to approx.
51.7% diesel engines, the majority of which should be adhered to
the Euro 6 standards given the vehicle registration year.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
4.0%, expected recoveries of 35.0% and Aa1 portfolio credit
enhancement ("PCE") of 13.0% related to borrower receivables. The
expected defaults and recoveries capture Moody's expectations of
performance considering the current economic outlook, while the PCE
captures the loss Moody's expect the portfolio to suffer in the
event of a severe recession scenario. Expected defaults and PCE are
parameters used by Moody's to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in the ABSROM cash flow model to
rate Consumer ABS.

Portfolio expected defaults of 4.0% are in line with the Spanish
Auto Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator and in particular of
the sub-book filtered by the eligibility criteria of the
transaction, (ii) performance of the existing Auto deals previously
originated by Santander Consumer, (iii) benchmark transactions and
(iv) other qualitative considerations.

Portfolio expected recoveries of 35.0% are in line with the Spanish
Auto Loan ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i) historic
performance of the loan book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

PCE of 13.0% is in line with the Spanish Auto Loan ABS average and
is based on Moody's assessment of the pool taking into account the
relative ranking to originator peers in the Spanish Auto loan
market and the fact that the transaction is revolving for 15
months. The PCE of 13.0% results in an implied coefficient of
variation ("CoV") of 59.7%.

Principal Methodology:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
September 2021.

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

Factors that may cause an upgrade of the ratings include (i) a
significantly better than expected performance of the pool, (ii) an
increase in credit enhancement of the notes or (iii) an upgrade of
Spain's local country currency (LCC) rating.

Factors that may cause a downgrade of the ratings include (i) a
decline in the overall performance of the pool, (ii) the
deterioration of the credit quality of Santander or (iii) a
downgrade of Spain's local country currency (LCC) rating.




===========
S W E D E N
===========

[*] SWEDEN: Bankruptcy Trend Not Yet Stabilized, UC Says
--------------------------------------------------------
Charles Daly at Bloomberg News reports that September's data shows
that the bankruptcy trend in Sweden has not yet stabilized, credit
reference agency UC says in statement.

According to Bloomberg, 8 out of 10 industries demonstrated a
pickup in bankruptcies versus last year period.

In the transport industry, bankruptcies have picked up again and
increased in September by 43%, Bloomberg discloses.

However, YTD bankruptcies have so far decreased by 14% compared to
2020, Bloomberg notes.



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

AMIGO LOANS: S&P Lowers LongTerm ICR to 'CCC', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.K.-based guarantor lending company Amigo Loans Ltd. (Amigo) to
'CCC' from 'CCC+'. The outlook is negative. At the same time, S&P
affirmed its 'CCC+' issue rating on the senior secured bonds issued
by Amigo Luxembourg S.A. S&P assigned a recovery rating of '2' to
these bonds, indicating its expectation of substantial recovery
prospects (70%-90%; rounded estimate: 80%) in the event of a
payment default.

The downgrade reflects S&P's view of the greater likelihood that in
the next 12 months, Amigo could enter administration or another
insolvency process, or engage in a transaction it views as
distressed. The previous scheme of arrangement that Amigo put
forward in May 2021 was rejected. Now Amigo is working on a new
scheme to address the significant number of customer complaints
that it has received and that it expects in the future. With the
new scheme, Amigo is looking to assuage the judge's concerns that
the previous scheme did not allocate benefits and losses fairly
among the various stakeholders. A new scheme might be put to
customers and then the High Court by the end of the year. If the
scheme passes through the High Court, Amigo will need to focus on
gaining approval from the Financial Conduct Authority (FCA) to
recommence lending and raise new financing to support its growth in
the medium term. At the same time, the resumption of profitable
operations remains contingent on favorable trends in both complaint
volumes and write-downs of customer balances. Under an alternative
scenario, Amigo could initiate a managed winddown, repaying the
bondholders before the unsecured creditors from its residual
collections. In this scenario, lending would recommence from a new
legal entity within the group. Management has signaled that if the
group cannot secure approval for a scheme of arrangement, it will
likely enter administration or another insolvency process. This
would lead to a multi-notch downgrade of Amigo.

Despite the continued pressure on its operations and its unclear
future, Amigo has a solid liquidity position. Amigo reported
GBP201.2 million in cash as of June 30, 2021, up from GBP177.9
million on March 31, 2021, and in line with its strategy to build
liquidity buffers. Amigo's next semiannual coupon payment on its
GBP234.1 million of outstanding senior secured bonds is in January
2022. S&P believes that Amigo has sufficient liquidity to cover
this payment, and subsequently that it will depend on the outcome
of the regulatory review and on favorable trends in both
collections and the level of balance adjustments to redress
customer complaints. The increased amount of cash that Amigo has
accumulated by amortizing its loan book supports the recovery
prospects for the group's senior secured bonds.

Amigo's loan book remains vulnerable to market downturns. Amigo's
primary focus is on U.K. borrowers with low credit quality. As
such, the group is highly exposed to market downturns, which
precipitate sharp deteriorations in payment amounts. So far,
Amigo's collections have remained robust, at 82% of pre-pandemic
levels in March 2021, or GBP402.5 million, compared to GBP594
million in March 2020. Amigo has also confirmed that there are no
customers on payment holidays.

Uncertainty around customer complaints and Amigo's future weighed
on its full-year results for 2020. Amigo reported its full-year
results with a statutory loss before tax of GBP283.6 million
compared to the loss of GBP37.9 million it reported the year
before. This was primarily driven by the increase in complaint
expenses to GBP318.8 million in 2020 from GBP126.8 million the year
before. From April to June 2021, Amigo did not report any
additional customer-complaint provisions, and therefore it managed
to report a small profit after tax of GBP16 million in the three
months to June 30, 2021.

The FCA launched an investigation into Amigo's creditworthiness in
June 2020. This investigation covers the period from November 2018
to the present date. In the worst-case scenario, the FCA's ruling
could have an adverse impact on Amigo's liquidity, likely through
the imposition of a material fine. This could further impair
Amigo's liquidity position.

Amigo's management and governance, in S&P's opinion, continue to
weigh on the rating. There were no changes to the board or
ownership structure in the last year, but it will monitor the
stability of the board while it deals with regulatory and legacy
issues.

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

-- Consumer-related
-- Strategy, execution, and monitoring

Amigo's liquidity depends on favorable trends in complaints and
cash collections and a positive regulatory outcome.

S&P expects that Amigo's principal liquidity sources over the 12
months from September 2021, will be:

-- Cash of GBP229 million (we do not regard short-term investments
as cash); and

-- Net working capital inflows--the difference between cash
receipts and loan originations--assuming that Amigo resumes lending
in 2022.

S&P expects that Amigo's principal liquidity uses over the same
period will be:

-- Facility fees and coupon payments on the bonds; and
-- Cash outflows to resolve customer complaints.

Debt maturities

-- 2024: GBP234.1 million

S&P said, "The negative outlook reflects the likelihood that we
could lower our ratings on Amigo further if the group does not
manage to secure approval for the scheme of arrangement, resolve
the high amount of customer-complaint provisions on its balance
sheet, and commence new lending.

"We could lower the ratings in the next 12 months if Amigo is not
able to secure the approval of its new scheme of arrangement,
resume new lending, and raise new debt. If the scheme is not
approved, we could lower the rating by multiple notches, as such a
development would threaten the continuity of Amigo's business.

"We could revise the outlook to stable if Amigo demonstrates that
it is able to reduce the customer-complaint provisions on its
balance sheet, resume lending, and maintain sufficient liquidity.

"The long-term issue rating on Amigo's senior secured bonds is
'CCC+', one notch above the issuer credit rating.

"The recovery rating on the bonds is '2', reflecting our
expectation of substantial recovery (70%-90%; rounded estimate:
80%) in the event of a default. This rating is supported by the
group's cash levels and asset base.

"Our simulated default scenario contemplates a default in 2022,
assuming that Amigo is not able to continue operating on a
going-concern basis under a scheme of arrangement.

"We acknowledge that there are multiple possible default scenarios
and high uncertainty over Amigo's future operations. Therefore, the
ultimate default scenario could be different to the one presented.

"In calculating the assets available to support the group's
enterprise value, we apply a standard haircut to the loan book of
25% to reflect the potential decline in collections following
higher unemployment rates in the U.K.

"We also deduct the assets pledged to the asset-based
securitization facility from our estimate of the loan book, but
recognize that the cash collected from these loans will flow to
Amigo until new lending commences.

"We therefore give partial credit for cash in our analysis.

"We also assume that higher volumes of future claims and increased
complaint-uphold rates impact cash, resulting in our application of
a 50% haircut to cash of GBP201.2 million in our analysis."

-- Simulated year of default: 2022

-- Jurisdiction: Luxembourg

-- Net enterprise value after 5% administrative claims: GBP197.7
million

-- Collateral value available to secured creditors: GBP197.7
million

-- Secured debt*: GBP241.2 million

    --Recovery expectation: 70%-90% (rounded estimate: 80%)

*All debt amounts include six months of prepetition interest.


ATOM MORTGAGE: Moody's Assigns Ba2 Rating to GBP52.7MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the debt issuance of Atom Mortgage Securities DAC (the
"Issuer"):

GBP193.4M Class A Commercial Mortgage Backed Floating Rate Notes
due July 2031, Definitive Rating Assigned Aaa (sf)

GBP42M Class B Commercial Mortgage Backed Floating Rate Notes due
July 2031, Definitive Rating Assigned Aa3 (sf)

GBP37.2M Class C Commercial Mortgage Backed Floating Rate Notes
due July 2031, Definitive Rating Assigned A3 (sf)

GBP57.6M Class D Commercial Mortgage Backed Floating Rate Notes
due July 2031, Definitive Rating Assigned Baa3 (sf)

GBP52.7M Class E Commercial Mortgage Backed Floating Rate Notes
due July 2031, Definitive Rating Assigned Ba2 (sf)

Moody's has not assigned any ratings to the Class X Commercial
Mortgage Backed Notes due July 2031 of the Issuer.

Atom Mortgage Securities DAC is a true sale transaction backed by a
GBP391.2 million senior loan. The issuer will use the notes
proceeds to partly fund the liquidity reserve and to acquire the
senior loan granted by Bank of America Europe DAC, Morgan Stanley
Bank NA and Standard Chartered Bank to the borrower to finance the
acquisition of four business parks and two logistics properties in
the UK. Outside the securitization there will be a GBP98.1 million
mezzanine loan that is contractually and structurally subordinated
to the senior loan and secured by a second lien on the property.

RATINGS RATIONALE

The rating actions are based on: (i) Moody's assessment of the real
estate quality and characteristics of the collateral; (ii) analysis
of the loan terms; and (iii) the legal and structural features of
the transaction.

The key parameters in Moody's analysis are the default probability
of the securitised loan (both during the term and at maturity) as
well as Moody's value assessment of the collateral. Moody's derives
from these parameters a loss expectation for the securitised loan.
Moody's total default risk assumption is medium for the loan.

The key strengths of the transaction include: (i) good quality
properties with a Moody's property grade of 2.0 ; (ii) diversified
tenant base with partly strong tenants; (iii) low default risk
during the term; (iv) favourable market fundamentals for the
life-sciences sector; and (v) a strong sponsor, Brookfield Asset
Management, Inc. (Baa1 stable), a global real estate investment
manager.

Challenges in the transaction include: (i) the GBP98.1 million
mezzanine facility increases the overall leverage and combined with
the lack of amortization result in a medium default risk at
refinancing; (ii) lease roll-over exposure risk with leases
representing 62% of rental income expiring during the term of the
loan; (iii) no financial default covenants prior to a permitted
change of control; (iv) principal proceeds from property sales are
allocated fully pro rata allocation to the notes, which provides
for a lower cushion against increased concentration risk following
prepayments due to asset sales.

The Moody's Value is GBP521.3M (before Asset Swap as described in
the offering circular), or 16% lower than the underwriter's value.
The main driver for the variance is the higher cap rate used to
derive Moody's value. The Moody's LTV ratio for the securitised
loan is 75%, increasing to 94% including the mezzanine loan.
Moody's property grade of 2.0 (on a scale of 1 to 5 with 1 being
the best) for the underlying portfolio reflects a good quality
collateral pool. Especially the largest property, the Oxford
Business Park (42% of UW MV) is well positioned to become a key
life science location in Oxford. In addition, eight of the largest
10 tenants use their space as headquarter offices.

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in May 2021.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Main factors or circumstances that could lead to an upgrade of the
ratings are generally: (i) an increase in the property values
backing the underlying loan; or (ii) a decrease in the default
probability driven by improving loan performance or decrease in
refinancing risk.

Main factors or circumstances that would lead to a downgrade of the
ratings are generally: (i) a decline in the property values backing
the underlying loan; (ii) an increase in the default probability of
the loan driven by deteriorating loan performance or increase in
refinancing risk.


BULB: Ovo Energy Prepares Bid as Funding Options Explored
---------------------------------------------------------
Nathalie Thomas and David Sheppard at The Financial Times report
that Ovo Energy is preparing a bid for rival energy supplier Bulb
in a move that would consolidate the Bristol-based company's
position as one of the biggest electricity and gas providers in
Britain.

According to the FT, lossmaking Bulb has been working with its
bankers at Lazard to explore new sources of funding or a deal with
a rival supplier in a bid to secure its future, as Britain's energy
supply sector battles against record wholesale gas and power
prices.

The preparation of an offer for Bulb comes as Ovo, founded 12 years
ago by former City trader Stephen Fitzpatrick to challenge what
were known as the "Big Six" energy suppliers, remains hungry for
further expansion, the FT relays citing two people familiar with
the matter.

A deal for Bulb, which serves more than 1.5 million households,
would push Ovo's customer numbers to about 6 million, second only
to Centrica, the FT states.

But a bid from Ovo is not the only option on the table for Bulb,
according to people familiar with the discussions, who said Bulb
was still exploring other potential fundraising opportunities, the
FT notes.

Octopus Energy, which has also been connected with Bulb, is among
several companies to have requested access to a data room set up by
Lazard, the FT discloses.

However, people familiar with the discussions said Octopus chief
executive Greg Jackson, who last week secured a US$600 million
investment from Al Gore's sustainable investment fund, was unlikely
to table a formal offer, the FT says.

Bulb reiterated that it would "from time to time" look to "explore
various opportunities to fund our business plans", according to the
FT.


CONVATEC GROUP: Moody's Assigns Ba2 Rating to New $500MM Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 backed senior
unsecured rating to the proposed new notes to be issued by 180
Medical Inc., a wholly-owned operating subsidiary of UK-based
medical care products provider Convatec Group PLC (ConvaTec or the
company). The Ba2 corporate family rating and Ba2-PD probability of
default rating of Convatec Group PLC are unchanged and the outlook
on all ratings is stable.

The proposed $500 million offering marks ConvaTec's debut in the
public bond market. Proceeds from the notes will be used to prepay
an equivalent amount under ConvaTec's $900 million term loan B
facility, which matures in 2024.

RATINGS RATIONALE

The new backed notes are senior unsecured obligations of the
company and will rank pari passu with ConvaTec's existing loan
facilities whose transaction security (share pledge only) will be
released upon the notes placement. Both the notes and loan
facilities benefit from a rather comprehensive guarantor package
and, although term loan B lenders have access to a slightly larger
pool of revenues and assets by way of guarantees, Moody's does not
consider the difference to be material. In addition, the notes
issuer 180 Medical Inc. is an operating company closer to the asset
pool whereas the borrowing entity ConvaTec Finance Holdings Limited
is a holding company. As a result, the rating agency does not
believe that there is any structural seniority or subordination of
the new backed notes, hence they are rated in line with ConvaTec's
CFR.

ConvaTec's Ba2 CFR reflects (i) the company's good scale and
product diversification across multiple sub-segments within chronic
care medical products as well as its well geographic diversity,
(ii) its position among market leaders in several product
categories which benefit from low demand cyclicality and stable
annual market growth of around 4% on average, (iii) Moody's
expectation of sustained EBITDA growth from 2022 which, combined
with scheduled debt amortisation, will accelerate deleveraging
below 3.0x (based on Moody's adjusted gross debt/EBITDA) and (iv)
solid and consistent free cash flow (FCF) of about $200 million per
annum and its good liquidity profile.

Credit constraints mainly include (i) a limited track record of
EBITDA growth, (ii) social risks stemming from downward pricing
pressure as payors seek to rein in healthcare costs, particularly
in the more commoditised categories, (iii) ConvaTec's lack of
outright market leadership in any of its broad segments and (iv)
relatively lower margins compared to competitors and
similarly-rated companies in the medical devices sector.

Governance considerations most relevant to ConvaTec include
financial policies and risk management as well as management
credibility and track record. The rating agency believes that the
group's policies in terms of (i) leverage (management-adjusted net
leverage at or below 2.0x); (ii) shareholder remuneration (dividend
payout ratio of 35% - 45% of management-adjusted net income, of
which up to 30% is typically paid in scrips); and (iii)
acquisitions are relatively prudent. While the company's track
record still lacks consistent EBITDA growth, the current management
team is contributing to improvements in the company's credibility.
Moody's assessment of ConvaTec's governance also takes into account
the reduction in execution risks attached to the transformation
plan which is nearing substantial completion.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that ConvaTec will
generate sustained organic revenue growth broadly in line with its
markets, with EBITDA growing at least at the level of revenue from
2022. The outlook further assumes that the company will maintain
good liquidity and will not pursue debt-funded acquisitions or
increase its dividend payout ratio.

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

ConvaTec's ratings could experience positive pressure should (1)
the group record consistent organic growth in revenue and EBITDA
across its business lines, combined with a material improvement in
its Moody's adjusted EBITDA margin to at least 25%, and (2)
Moody's-adjusted gross debt/EBITDA sustainably decrease below 2.5x.
Maintenance of solid cash generation and prudent financial policies
would also be a pre-requisite to any positive rating action.

Conversely, ConvaTec's ratings could come under downward pressure
if (1) operating performance deteriorated, or (2) Moody's adjusted
gross debt/EBITDA was sustained materially above 3.5x, or (3)
FCF/debt fell sustainably below 10%, or (4) the group adopted a
more aggressive financial policy including breaches of its leverage
policy (management-adjusted net leverage at or below 2.0x),
debt-funded acquisitions or dividend payout ratio increases.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Medical Product
and Device Industry published in June 2017.

COMPANY PROFILE

Convatec Group PLC, headquartered in Reading, UK and listed on the
London Stock Exchange, is a global medical products provider
focused on therapies for the management of chronic conditions. The
company offers products in the areas of advanced wound care, ostomy
care, continence and critical care and infusion care. In the twelve
months ended June 2021, ConvaTec reported revenue of $2.0 billion
and EBITDA of $475 million.


CONVATEC GROUP: S&P Rates New $500MM Fixed Sr. Unsec. Notes 'BB+'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating and '3' (55%)
recovery rating to the proposed $500 million fixed senior unsecured
notes with an 8-year maturity date. The new notes will be issued by
180 Medical Inc. (Convatec's wholly owned subsidiary) and
guaranteed by a group of Convatec's subsidiaries including group
parent company, U.K. healthcare equipment manufacturer, Convatec
Group Plc (BB+/Positive).

The proceeds of the notes will be used for prepayment of part of
the existing $900 million Term Loan B bullet debt due October 2024.
After the transaction, the group's adjusted gross debt includes:
$555 million Term Loan A (amortizing), $400 million Term Loan B
(bullet), $500 million proposed senior unsecured debt, and about
$100 million-$110 million of other debts (including lease
liabilities and pensions).

S&P said, "In our view, the proposed transaction will improve the
group's debt maturity profile and will remain neutral for
Convatec's leverage metrics. We forecast S&P Global
Ratings-adjusted debt to EBITDA will be well placed in the
2.0x-2.5x range over the next couple of years with a gradual
deleveraging trend from 2020 metrics. Our forecasts include our
view that Convatec's sales in 2021 should be close to $2.0 billion,
with S&P-adjusted EBITDA margin in the low end of 21%-22% from
about 23% in 2020.

"After the transaction, we estimate that Convatec's liquidity will
be supported by the roughly $490 million cash and cash equivalents
on balance sheet and committed revolving credit lines of $200
million (fully undrawn) maturing in 2024. Finally, we estimate that
the company should have sufficient headroom under its existing
maintenance financial covenants on its total net leverage ratio
(below 3.5x, excluding permitted acquisition spikes), and ratio of
EBITDA to interest expenses (above 3.5x for any relevant period)."

Issue Ratings - Recovery Analysis

Key analytical factors

-- The proposed $500 million fixed senior unsecured notes are
rated 'BB+' with a '3' recovery rating. S&P's recovery expectations
in the event of default are in the 50%-70% range (rounded estimate
55%).

-- The recovery rating on the notes is supported by the lack of
priority ranking debt, while it is constrained by the large quantum
of pari-passu unsecured debt.

-- The default year is 2026 based on guidance for a 'BB+' rated
company.

-- S&P's hypothetical default scenario assumes significant
deterioration in the macro environment in key markets, significant
profitability declines due to higher competition and price
pressures, and higher transformational expenses due to material
operational issues.

-- S&P values Convatec group as a going concern, given the solid
market position, long-standing customer relationships, and good
sales diversification among mature and developing countries.

Simulated default assumptions

-- Year of default: 2026
-- Jurisdiction: United Kingdom

Simplified waterfall

-- Emergence EBITDA: approximately $145 million

   --Capital expenditure represents 2% of annual sales

   --Cyclicality adjustment is 0%, in line with the specific
industry sub-segment

   --25% operational adjustment

-- Multiple: 6.0x in line with the specific industry sub-segment

-- Gross recovery value: approximately $860 million

-- Net recovery value for waterfall after administrative expense
(5%): approximately $815 million

-- Estimated total senior unsecured debt: approximately $1,470
million

-- Recovery range: 50%-70% (rounded estimate 55%)

    --Recovery rating: 3

Note: All debt amounts include six months of prepetition interest
and assume 85% drawn on committed credit lines.


DERBY COUNTY FOOTBALL: Set to Appoint Advisor to Administrators
---------------------------------------------------------------
Amie Wilson at Derby Telegraph reports that Derby County Football
Club is set to appoint an advisor to the club's administrators as
the search for a new buyer continues.

According to Derby Telegraph, it is claimed by the Sun that Paul
Aldridge, who has previously worked for West Ham, Sheffield
Wednesday, Bolton Wanderers and French side Marseille, is set to
join as an advisor.

Derby's administrators are hoping to find a new owner before the
start of the January transfer window, however, if that is not the
case, then it is claimed that Aldridge will be tasked to help
should player sales be needed during the winter window, Derby
Telegraph discloses.

It is reported that he will be appointed to also advise Quantuma in
their search for a buyer for the club after the Rams were put into
administration by owner Mel Morris last month, Derby Telegraph
notes.

Entering administration saw Wayne Rooney's side given an automatic
12-point deduction by the EFL, latest results have seen the Rams
return to a positive points total, although they still do sit
bottom of the Championship table, Derby Telegraph states.

The report also says that manager Rooney and his squad will be paid
this month as Derby look to avoid any other potential problems with
the EFL, with another possible nine-point deduction hanging over
them due to an alleged breach of financial fair play rules,
according to Derby Telegraph.

It has been reported elsewhere that the club's Chief Executive
Stephen Pearce also remains with the club and is working closely
with the administrators in order to find a solution for the Rams,
Derby Telegraph relays.


FRY LAW: Enters Administration After Credit Facility Withdrawn
--------------------------------------------------------------
John Pring at Disability News Service reports that a disabled
lawyer who has taken scores of important disability discrimination
cases has spoken of his regret after his law firm was forced to
close because its credit facility was suddenly withdrawn.

According to Disability News Service, there has been concern among
disabled campaigners at Fry Law being forced into administration,
and the potential impact on the availability of legal firms willing
to take on disability discrimination cases.

There was also concern at the impact on disabled people who had
ongoing cases with Fry Law, although Fry said that all of them
should be taken on by other firms, Disability News Service notes.

He told Disability News Service that his company had traded
profitably ever since it was created in 2017, and he blamed a
complex series of factors for being forced into administration.

This included a "funding facility" that allowed him to set up the
company, but was withdrawn two years later, and the increased
demand for Fry Law's services at the start of the pandemic in March
2020, Disability News Service discloses.

It was also unable to complete court cases -- and so was not
receiving revenue from those cases -- because of widespread court
closures at the start of the pandemic, according to Disability News
Service.

Several law firms have been involved in proposals to buy Fry Law
over the last 15 months, and Fry said that the sudden cancellation
of one deal had been "catastrophic", leading to several Fry Law
consultants leaving without giving notice, Disability News Service
relates.

He said this left the firm "critically under resourced and subject
to floods of service level complaints as a result", while the
sudden withdrawal of funding by one of its creditors this summer
meant administration was the only option, with Fry Law having debts
of more than £100,000 that it was not able to pay, Disability News
Service recounts.

Mr. Fry, as cited by Disability News Service, said that all the
cases Fry Law had been dealing with would now be taken on by one of
a consortium of firms, including Simpson Millar, SSB and Clear
Law.


GFG ALLIANCE: AIP Acquires Alvance Smelter in Dunkirk
-----------------------------------------------------
Sylvia Pfeifer, Neil Hume and Robert Smith at The Financial Times
report that a US private equity group claims to have wrested
control of Europe's largest aluminium smelter from beleaguered
metals magnate Sanjeev Gupta.

According to the FT, American Industrial Partners said on Oct. 1 it
had acquired the Alvance smelter in Dunkirk and two other French
entities after Gupta's GFG Alliance failed to make payments on
outstanding loans.  AIP this year bought up a portion of the debt
at the Dunkirk smelter, as well as at an associated mill in
Belgium, the FT recounts.

Mr. Gupta had been hoping to finalize a rescue loan with commodity
trader Glencore, which had offered to refinance the debt across his
European aluminium business, the FT
notes.  The Dunkirk smelter produces 280,000 tonnes of the
lightweight metal each year.

GFG, as cited by the FT, said it "will defend its position and its
interests vigorously" and complained that it had offered "to repay
AIP debt through a committed third-party financing" only for the
private equity firm to use "its 'loan to own model' to orchestrate
an asset takeover for what is well below market value".

The loss of the smelter would be a blow for Gupta who has been
struggling to save his metals and mining empire after the collapse
of his main lender, Greensill Capital, in March, the FT notes.
With the price of aluminium trading at the highest level since
2007, the smelter will have been a lucrative source of income.

Mr. Gupta, the FT says, is in the middle of wider refinancing talks
for the rest of his empire, including in Australia and the UK.
Britain's Serious Fraud Office announced in May that it was
investigating GFG and its relationship with Greensill, the FT
discloses.

In a release, AIP said that it was now the "legal and beneficial
owner of three legal entities in France", which own and operate the
Dunkirk smelter, according to the FT.

GFG acquired the plant from Rio Tinto in 2018 for US$500 million
and it is the jewel in the crown of Alvance, its European aluminium
operation, the FT recounts.


HELIOS FINANCE: S&P Lowers Class E Notes Rating to 'D'
------------------------------------------------------
S&P Global Ratings lowered its credit rating to 'D (sf)' on Helios
Finance DAC (European Loan Conduit No.37) DAC's class E notes to 'D
(sf)' from 'B- (sf)'.

Full interest payments on the class E notes have not been made
since the November 2020 interest payment date (IPD). The loan was
transferred to special servicing after an event of default was
called. Since this time special servicing fees have been payable.

In March 2021, S&P published an article stating that it understood,
from its conversations with the special servicer, that the borrower
had agreed to pay the special servicer fees, which should cure the
shortfall. However, the timing of this payment remained unclear,
and it did not know if the interest shortfall would persist through
subsequent IPDs.

The interest shortfall primarily occurred because the issuer paid
the special servicer fees and associated costs. Under the senior
facility agreement, the borrower is liable for increased costs as a
result of a loan default, such as the special servicing fees and
associated costs. These fees continue to be paid by the issuer and
it is uncertain when these will be reimbursed by the borrower. The
liquidity facility cannot be drawn to pay interest shortfalls on
the class E notes.

Rating Rationale

S&P's ratings on this transaction address the timely payment of
interest, payable quarterly, and the payment of principal no later
than the legal final maturity dates, which is in May 2030.

On the February, May, and August 2021 IPDs, the class E notes did
not receive full interest. The interest shortfalls represent a
failure to pay timely interest, which S&P now believes is unlikely
to be repaid within 12 months of the initial shortfall, following
further conversations with the special servicer. S&P has therefore
lowered to 'D (sf)' its rating on the class E notes in line with
our criteria.

Environmental, social, and governance (ESG) factors

-- Health and safety.


MILLER HOMES: S&P Alters Outlook to Stable & Affirms 'B+ ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on U.K.-based homebuilder
Miller Homes Group Holdings PLC (Miller Homes) to stable from
negative and affirmed its 'B+' long-term issuer credit rating on
the company.

S&P said, "We have also affirmed our 'BB' issue rating on Miller
Homes' revolving credit facility (RCF) and our 'BB-' issue rating
on its senior secured notes. The recovery ratings are unchanged at
'1' and '2', respectively.

"The stable outlook reflects our view that Miller Homes will
continue to generate solid cash flows from its homebuilding
operations, supported by an EBITDA margin that we expect to be
around 18%-19%, debt to EBITDA well below 4x, and EBITDA interest
coverage well above 3x in the next 12 months.

"Our outlook revision reflects our view that strong revenue growth,
on the back of a higher completion rate and average selling price,
will support the recovery of Miller Homes' credit metrics.Following
the company's strong half-year results, we have updated our base
case to reflect our view that the company's revenues are likely to
exceed pre-pandemic levels in the next 12 months. This view is
supported by an improvement in the number of core completions
(excluding Miller Homes' joint ventures) to around 3,600-3,700,
compared with 3,328 in 2019 and 2,544 in 2020. Furthermore, Miller
Homes benefits from a strong increase of 15% in the average selling
price in the first half of 2021, to GBP280,000, driven by positive
price momentum, but also by an increase in the share of
higher-value homes. This should support Miller Homes' revenue
growth to around GBP1 billion in 2021, which translates into
year-on-year growth of around 50%. In the 12 months to June 2021,
Miller Homes' revenues totaled GBP972 million, an increase of 45.3%
year on year. Importantly, at the end of the second quarter of
2021, Miller Homes' forward sales stood at a record-high GBP707
million, 51% higher than in June 2020 and 92% higher than in June
2019. We factor in the fact that supply and demand remain favorable
in Miller Homes' operating regions, and that the company has
moderate exposure to government incentives like the help-to-buy
scheme, which now accounts for around 19% of private sales compared
to around 35% previously.

"We forecast a gradual recovery in the margins to pre-pandemic
levels, but cost inflation will likely be a key risk. In our
updated base case, Miller Homes' EBITDA margin recovers to around
18%-19% in the next 12 months, from 16.7% in 2020, as
pandemic-related costs subside. In the first half of 2021, Miller
Homes' adjusted EBITDA margin was 18.1%, calculated on a
last-12-month basis, supporting our base case. We forecast
volatility in the price of certain building materials as demand for
materials and logistics capacity exceeds supply. We believe that
cost inflation will be one of the biggest risks for Miller Homes in
the near term. That said, we believe that Miller Homes has the
capacity to accommodate some cost increases without having a
negative bearing on the ratings, as there is ample headroom under
our rating thresholds. Although Miller Homes operates in a very
fragmented, competitive, and volatile market, we believe that it
has some capacity to pass part of its costs on to homebuyers.

"Miller Homes' operating cash flows will be largely consumed by
investments in land, and we do not expect any material deleveraging
in the near term.In our updated base case, Miller Homes' adjusted
debt will remain broadly unchanged from year-end 2020 in the next
12-24 months, at around GBP460 million. This translates into
adjusted debt to EBITDA of around 2.5x in 2021, slightly declining
to around 2.3x in 2022 on the back of growing EBITDA. Miller Homes'
capital structure consists of GBP455 million of outstanding senior
secured bonds and a GBP151 million super senior revolving credit
facility (RCF) that remains undrawn. The capital structure also
includes a GBP49 million shareholder loan that we view as equity
since it is subordinated to all first- and second-lien debt,
matures at least six months after all the senior facilities, is
stapled to equity, and has no fixed cash-interest payments. We do
not forecast any material reduction in debt in the near term as we
expect that Miller Homes will use its cash flows mainly to maintain
its land bank. As of the end of June 2021, Miller Homes owned and
controlled land bank covering 4.1 years of operations, compared to
5.8 years at the end of 2020. In addition, Miller Homes has secured
an option to purchase land plots covering 10.8 years of
operations."

Miller Homes' funding and liquidity profile remains robust.The
company has adequate liquidity, supported by its cash balance of
roughly GBP227 million as of June 30, 2021. Miller Homes has a
fully undrawn GBP151 million RCF and no major debt maturities in
the next 24 months.

S&P said, "Our ratings factor in financial sponsor Bridgepoint's
controlling stake, which could lead to a more aggressive financial
policy in the future.Miller Homes' main shareholder is funds
managed by Bridgepoint. Although it is not our base case, we
believe that having a financial sponsor as the main shareholder
could eventually push the company toward a more aggressive
financial strategy, which would impair its credit metrics.

"The stable outlook on Miller Homes reflects our view that the
company will continue to generate solid cash flow from its
homebuilding operations, supported by an EBITDA margin of around
18%-19%. The outlook also takes into account Miller Homes' prudent
working capital management, including land procurement, which is in
line with market demand. We anticipate that adjusted debt to EBITDA
will be below 4x and that EBITDA interest coverage will stand well
above 3x in the next 12 months.

"We could lower the ratings if Miller Homes' credit metrics were to
weaken, with adjusted debt to EBITDA above 4x or EBITDA interest
coverage of 3x or less. This could result from lower demand for
family houses in the company's operating regions, combined with
significant cash outflows or working capital needs. We could also
lower the ratings if the company's liquidity were to weaken as a
result of significantly higher working capital outflows than we
expect over the next year, or if Bridgepoint were to change its
approach toward the company and impose a more aggressive financial
policy.

"The likelihood of an upgrade is remote. However, a positive rating
action could follow a material improvement in the scale and scope
of the business. We could also take a positive rating action if we
saw a significant change in the company's ownership and governance,
accompanied by a tighter financial policy commensurate with a
higher rating."


NMCN PLC: Files Notice of Intention to Appoint Administrators
-------------------------------------------------------------
nmcn plc ("nmcn" or "the Company" and, together with its
subsidiaries, "the Group") on Oct. 4 disclosed that the Board of
the Company, having taken advice, has concluded that the Company is
no longer able to continue trading as a going concern.  

Consequently, the directors of the Company and its subsidiary, nmcn
Sustainable Solutions Limited, have resolved to file with the court
notice of intention to appoint Helen Dale, Nigel Morrison and
Jonathan Roden of Grant Thornton UK LLP as administrators.  The
remaining companies in the Group are currently unaffected.

In June 2021, the Company and certain other members of the Group
entered into conditional agreements to recapitalise nmcn by way of
a GBP24.0 million fundraising with Svella plc ("Svella") and
certain other investors, together with a renegotiation of its
facilities with Lloyds Bank plc with up to a further GBP5.0 million
proposed to be raised through an open offer to existing
shareholders (the "Proposed Transaction").  

Completion of the Proposed Transaction was conditional upon, inter
alia, the publication of a prospectus and circular (the "Prospectus
and Circular") to seek the approval by shareholders of the
resolutions to be proposed at a general meeting to provide the
directors with the authorities to issue and allot new shares, and
to dis-apply statutory pre-emption rights.

In order to publish the Prospectus and Circular to convene the
general meeting the Company needed to finalise its annual report
for the financial year ended December 31, 2020 and publish its
audited financial statements for inclusion within the Prospectus
and Circular.

The Board, its advisers and Svella have worked tirelessly in the
intervening period. However, as previously notified, completing the
preparation of the Group's accounts has revealed further underlying
contractual issues with expected losses rising to GBP43 million. It
has now become apparent that the Company will be unable to approve
the audited financial statements in a timely manner to allow the
Proposed Transaction to complete within the required timeframe.
This in turn has led to significant liquidity issues for the Group
and particularly the Company, which unfortunately is now considered
to no longer be able to continue trading as a going concern.

Indicative offers have been received from certain parties for the
acquisition of certain of the trading operations and/or
subsidiaries of the Company on a going concern basis, and
discussions are ongoing with further parties which may lead to
indicative offers on a similar basis.

Following discussions with its advisers, it is expected that this
process will be conducted out of administration, to safeguard the
continuity of operations and employment, and consequently the
consideration receivable by the Company is unlikely to result in
any value for equity shareholders.

The Board of nmcn wishes to thank all of its shareholders,
customers and suppliers for their support over the years and
particularly Svella and those who had intended to participate in
the equity subscription that formed part of the Proposed
Transaction, which has had to be cancelled.

The suspension from listing of the Company's ordinary shares from
the premium listing segment of the Official List, which has been in
effect since June 29, 2021, will remain in place.  

Further announcements will be made by the Company as appropriate.


ROLLS-ROYCE PLC: S&P Affirms 'BB-/B' ICRs, Off CreditWatch Negative
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term issuer
credit ratings on Rolls-Royce PLC and removed them from CreditWatch
negative. S&P has also affirmed its 'BB-' issue rating on
Rolls-Royce's senior unsecured debt and removed it from CreditWatch
negative. The recovery rating is unchanged at '3' (rounded
estimate: 60%).

S&P said, "The stable outlook reflects our expectation that
Rolls-Royce will continue to deliver on its business strategy, grow
revenues, and improve profitability and cash flows. We also expect
that Rolls-Royce will use the proceeds from disposals to reduce S&P
Global Ratings-adjusted debt and strengthen its credit metrics
through 2022.

"Good progress on restructuring and cost-cutting measures mean that
Rolls-Royce has slowed the pace of cash burn, and we now forecast
positive FCF on an annualized basis for 2022. In our view,
Rolls-Royce is making progress in restructuring the business;
lowering headcount by approximately 8,000 employees (the target is
9,000); cutting capital expenditure (capex); and consolidating
production sites. Yet the extended period of pressure on
profitability and deeply negative FCF means that our adjusted
credit metrics for Rolls-Royce will effectively be nonmeaningful
for 2021. Management's guidance is that Rolls-Royce will post
negative FCF of about GBP2 billion for the full-year 2021. This is
a significant improvement on the negative GBP4.185 billion of FCF
that Rolls-Royce posted in 2020. However, now that flying hours are
recovering and Rolls-Royce has rightsized the business, we expect
Rolls-Royce's profitability and cash flows to improve materially in
2022. Management has previously guided that 80% of 2019 engine
flying hours over a full year could generate GBP750 million of FCF.
At this stage, however, given the gradual and uneven pace of
recovery in the wider civil aerospace industry, and in engine
flying hours, we view 2022 as the year that Rolls-Royce will begin
to generate positive FCF on an annualized basis. We see the target
of GBP750 million of FCF as more achievable in 2023, which
dovetails with our expectation of a recovery in international
travel once travel restrictions are lifted permanently.

"Rolls-Royce's strategy to raise about GBP2 billion from disposals
should bear fruit in 2022, and we expect that Rolls-Royce will use
the proceeds at an appropriate point to reduce the debt it raised
during the peak of the pandemic and deleverage. Rolls-Royce
recently announced that it has signed an agreement to sell ITP Aero
for approximately EUR1.7 billion to Bain Capital Private Equity,
which is leading a consortium of Spanish and Basque Country
companies, including SAPA and JB Capital. Rolls-Royce has also
reached agreements to sell three smaller businesses, Bergen
Engines, Civil Nuclear Instrumentation & Control, and AirTanker
Holdings, which means that management looks set to achieve its
target of realizing GBP2 billion of proceeds with which to
strengthen the balance sheet. We expect the Bergen Engines and
Civil Nuclear Instrumentation & Control disposals to close before
the end of 2021, with combined proceeds of about EUR150 million;
AirTanker Holdings in the first quarter of 2022, with proceeds of
about GBP190 million; and ITP Aero in the first half (H1) of 2022.
Although we do not have clear sight on precisely how management
will choose to use the disposal proceeds, we anticipate that it
will use a significant portion to reduce debt and deleverage, as
management has been clear for some time that strengthening the
balance sheet is a priority.

"The disposals will reduce Rolls-Royce's business perimeter, but at
this stage, we do not believe that they will cause us to revise our
assessment of the group's business risk profile downward. This is
because Rolls-Royce is still a diverse group that includes defense
(about 29% of underlying revenues in H1 2021) and power businesses
(about 22%). In addition, we expect the group's adjusted EBITDA
margin to recover to more than 10% in 2022, a level that supports
the existing business risk profile. We take positive note of the
fact that the operating performance of the defense business remains
robust, and recognize the recently awarded multi-billion U.S.
dollar contract to provide new engines for the B-52 Commercial
Engine Replacement Program. We also think that the power business
will continue to recover through 2022 as the end markets bounce
back.

"Global air traffic has begun what we expect will be a long and
uneven return to pre-pandemic levels. Domestic air travel across
the U.S. and Asia has rebounded strongly, alongside the increase in
COVID-19 vaccination rates and the lifting of COVID-19-related
restrictions, with traffic in July 2021 down only 15% relative to
2019 levels. The volume of domestic air travel in China has already
returned to pre-pandemic levels, and intra-European travel is
starting to recover, albeit with air traffic in Europe reaching
only 20%-25% of 2019 levels in January-July 2021. However, the
volume of long-haul international travel is still very low, or
about 26% of 2019 levels according to the International Air
Transport Association (IATA). We expect domestic travel to recover
first, followed by regional international travel and then long-haul
international travel. These trends will likely support higher
narrow-body production rates in the next year, although this is a
subsegment in which Rolls-Royce is not present. In addition, the
build rates for widebodies are not to likely increase until 2023,
after most international travel restrictions are lifted.

Rolls-Royce's management guides that the group continues to
outperform the IATA's forecasts for revenue passenger kilometers.
This is thanks to the group's favorable geographical mix, with a
strong share of the Asian market, which has recovered more quickly
than the European market, and its relatively young and efficient
installed engine fleet. Many airlines are prioritizing the
operation of their most efficient aircraft. Rolls-Royce is more
sensitive to flying hours than to how full the plane is, but the
two are highly correlated. Original equipment manufacturers Airbus
SE and Boeing Co. lowered production in 2020 in response to lower
demand from airlines as they downsized and restructured their
fleets. The deepest cuts were made to widebody production. S&P
forecasts that although the recovery is underway, Rolls-Royce will
receive less cash from flying hour invoices, exhibit lower engine
sales, and see subdued demand for aftermarket services versus
pre-pandemic levels through the rest of 2021 and 2022 at least.
There is a high correlation between the performance of
Rolls-Royce's civil aerospace business and that of its aero-engine
subsidiary ITP Aero, which has been affected by the same adverse
industry trends.

Proactive treasury management means that Rolls-Royce's liquidity
has remained strong throughout the pandemic, and, despite our
expectation that adjusted debt will peak in 2021, the group has no
term debt maturities until 2024. In the year to date, Rolls-Royce
has repaid its GBP300 million Covid Corporate Financing Facility
(CCFF) and EUR750 million of senior unsecured notes. Rolls-Royce
also fully drew down its GBP2 billion term loan that is 80% backed
by the U.K. government and matures in 2025. S&P said, "We forecast
that Rolls-Royce's adjusted debt will rise to about GBP6.8 billion
by Dec. 31, 2021, as the group has continued to burn cash, but that
adjusted debt will peak at this level and then begin to fall,
especially if and when Rolls-Royce applies the proceeds from
disposals to deleveraging. In terms of our adjustments to
Rolls-Royce's reported debt, we add about GBP2 billion of lease
liabilities and GBP555 million of pension obligations as of Dec.
31, 2020. We then net almost all of Rolls-Royce's cash to arrive at
our adjusted debt figure, except for about GBP250 million that we
consider unavailable for immediate debt repayment, in other words,
restricted or trapped cash."

Rolls-Royce has good cash balances and a proactive treasury policy,
coupled with a long-dated debt maturity profile. Strong liquidity,
and management's ongoing efforts to right-size the business, return
to positive FCF, make disposals, and strengthen the balance sheet,
support the ratings. S&P notes positively that Rolls-Royce's
management was already adept at operating in adverse conditions
before the pandemic because it had to prepare to navigate the
business through Brexit and remediate problems with the Trent 1000
engine.

S&P said, "The stable outlook reflects our expectation that
Rolls-Royce will continue to deliver on its business strategy, grow
revenues, and improve profitability and cash flows. We also expect
that the group will use the proceeds from disposals to reduce debt
and strengthen its credit metrics. We expect that through 2022,
Rolls-Royce will gradually raise its adjusted margins to more than
10%, with adjusted debt to EBITDA improving to below 5x. We expect
FCF to remain negative in 2021 and turn sustainably positive in
2022.

"We would lower the ratings if there were any further material,
unexpected, exceptional charges, impairments, or higher cash costs.
This could depress the recovery of Rolls-Royce's profitability and
cash flows through 2022. We could lower the ratings if Rolls-Royce
was unable to improve adjusted EBITDA margins to more than 10%,
debt to EBITDA remained in excess of 5x, and the group did not
manage to achieve at least breakeven FCF in 2022.

"We could raise the ratings if Rolls-Royce was to improve and
sustain profitability, with margins above 12%, debt to EBITDA below
4x, and FCF prospects above GBP0.5 million, all on a sustainable
basis. Liquidity would need to remain robust."


SGS FINANCE: S&P Gives 'CCCp' Rating on Series 1 to 3 Notes
-----------------------------------------------------------
S&P Global Ratings withdrew its credit ratings on SGS Finance PLC's
series 1, 2, and 3 notes, following which S&P assigned 'CCCp (sf)'
ratings to the same notes based on their new terms.

The issuer has requested a principal-only rating on the series of
notes as the new terms and conditions do not require interest on
the notes to be paid in a timely manner. S&P has reviewed the
transaction based on this request.

In June 2021, a new valuation was issued with a total market value
of GBP709.7 million for the four underlying properties, compared to
GBP1,275 million in June 2020 and GBP753.5 million in December
2020. As a result, the loan-to-value ratio has increased to over
200%.

S&P said, "Therefore, in our analysis, the notes did not pass our
'B' rating level stresses. Therefore, we applied our 'CCC' criteria
to assess if either a rating in the 'B-' or 'CCC' category would be
appropriate. According to our 'CCC' criteria, for structured
finance issues, expected collateral performance and the level of
credit enhancement are the primary factors in our assessment of the
degree of financial stress and likelihood of default. We performed
a qualitative assessment of the key variables, together with an
analysis of performance and market data, and we now consider
repayment of the notes to be dependent upon favorable business,
financial, and economic conditions and that it faces at least a
one-in-two likelihood of default."

Counterparty, operational, and legal risks are commensurate with
the ratings on the notes under its relevant criteria.

SGS Finance is a debt platform with the flexibility to raise
various debt types secured on ring-fenced collateral. The borrower
in the transaction uses the proceeds of its financing activities
(whether through borrowing from the issuer or through other forms
of third-party debt) to make loans to asset-owning companies within
the security group (consisting of the obligors and the borrower).
The notes are secured by four shopping centers located throughout
the U.K.: Lakeside, Braehead, Watford, and Victoria Centre in
Nottingham. Our ratings on this transaction address the payment of
principal no later than the legal final maturity dates, which are
between March 2028 (series 1) and September 2035 (series 3).

SGS Finance is a CMBS transaction that closed in March 2013,
followed by a tap issuance in November 2014. The transaction is
secured by four shopping centers located in the U.K.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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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