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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 12, 2021, Vol. 22, No. 198

                           Headlines



A R M E N I A

ARMECONOMBANK: Moody's Affirms 'B1' LongTerm Deposit Ratings


C Y P R U S

HELLENIC BANK: Moody's Gives (P)Caa1 Rating to EUR1.5BB EMTN Debt


F R A N C E

PROMONTORIA HOLDING: Moody's Alters Outlook on Caa1 CFR to Pos.


I R E L A N D

BAIN CAPITAL 2021-2: S&P Assigns B- Rating on Class F Notes
CARLYLE GLOBAL 2015-2: Moody's Hikes Class E Notes Rating to B1
[*] IRELAND: Corporate Insolvencies Down 36% in First Nine Months


K A Z A K H S T A N

TRANSTELECOM CO: S&P Affirms 'B' ICR, Outlook Stable


L U X E M B O U R G

LUXEMBOURG INVESTMENT: Moody's Assigns 'B2' CFR, Outlook Stable
LUXEMBOURG INVESTMENT: S&P Assigns Prelim. 'B' Issuer Credit Rating


R U S S I A

UNITED RESERVE: Bank of Russia Revokes Banking License


U N I T E D   K I N G D O M

CONNECT BIDCO: Moody's Alters Outlook on 'B1' CFR to Stable
DERBY COUNTY FOOTBALL: Appeals 12-Pt Deduction Amid Administration
GFG ALLIANCE: Rotherham Plant to Reopen Following Cash Injection
GFG ALLIANCE: To Launch Legal Action Over AIP Dunkirk Acquisition
METROCENTRE FINANCE: S&P Affirms & Then Withdraws 'CCC-' Rating

NMCN: Collapse May Delay Woodville Bypass Scheme
POLO FUNDING 2021-1: Moody's Gives B1 Rating to Class D Notes
POLO FUNDING 2021-1: S&P Assigns BB Rating to Class C Notes
SHACKLETON WINTLE: Enters Administration, 69 Jobs Affected

                           - - - - -


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A R M E N I A
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ARMECONOMBANK: Moody's Affirms 'B1' LongTerm Deposit Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed the B1 long-term local and
foreign currency deposit ratings of Armeconombank (Armenian Economy
Devt Bank) (AEB) and the NP short-term local- and foreign currency
deposit ratings. Moody's has also affirmed its b1 Baseline Credit
Assessment (BCA) and Adjusted BCA, Ba3 long-term and NP short-term
Counterparty Risk Ratings (CRR) and Ba3(cr) long-term and NP(cr)
short-term Counterparty Risk Assessments (CR Assessment). At the
same time Moody's has maintained the negative outlook on the bank's
long-term deposit ratings.

RATINGS RATIONALE

The affirmation of AEB's b1 BCA and its B1 long-term deposit
ratings reflects the bank's resilient performance through the
pandemic crisis, supported by its low level of problem loans and
solid profitability metrics. At the same time the continuing
negative outlook reflects increasing downside risk stemming from
the bank's weakening funding and liquidity profiles.

In recent years, AEB excessively increased its reliance on market
funds to fund its balance sheet growth. As of June 2021, market
funding accounted for 51% of the bank's tangible assets (44% in
2019 and 32% in 2017) and mainly comprised loans from international
financial institutions (IFIs), interbank loans and funding under
repo transactions. AEB's customer deposit base has been decreasing
since 2019 and accounted for only 39% of the bank's total
liabilities. At the same time, AEB's stock of liquid assets has
been also decreasing in recent years as a result of elevated asset
encumbrance. Moody's estimates that unencumbered liquid assets
accounted for around 22% of total assets at June 30, 2021 (23.6% in
2020 and 26% in 2018).

In addition, the bank's BCA is constrained by its moderate
(compared to its local and regional peers) capital position with
tangible common equity ratio (TCE ratio) of 11.6% as at June 30,
2021 (10.5% in 2020 and 13% in 2017).

At the same time AEB's BCA is supported by the bank's consistently
low level of problem loans and recently strengthened profitability
metrics. For the first six months of 2021, AEB reported net profit
of AMD 2.14 billion which translated into annualized net
income/tangible asset ratio of 1.3% (1.2% in 2020 and 0.9% in
2019). However, improving profitability trend will not likely
sustain in the next 12-18 months due to elevated pressure on the
bank's net interest margin during the first six months of 2021,
reflecting the system-wide trend in interest rates.

Despite the fact that AEB has consistently reported low level of
problem loans of around 1% of gross loans, the bank's asset quality
will remain challenged by high exposure to risky small and
medium-sized enterprises (SME) and consumer lending which together
accounted for around 50% of gross loans. Still high albeit
gradually declining exposure to foreign-exchange loans (around 37%
of gross loans) also remains an additional risk factor for AEB's
asset quality.

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

AEB's long-term deposit ratings are not likely to be upgraded in
the next 12-18 months given the negative outlook. However, the
outlook could be changed to stable if the bank were to materially
strengthen its liquidity profile, reduce its reliance on market
funding and maintain solid asset quality and profitability. At the
same time, the deposit ratings could be downgraded if the bank
fails to strengthen its liquidity and funding profiles which will
remain weaker compared to those of local and regional peers.

Negative rating pressure could also emerge from weakening in AEB's
capitalization and/or significant deterioration in asset quality.

LIST OF AFFECTED RATINGS

Issuer: Armeconombank (Armenian Economy Devt Bank)

Affirmations:

Long-term Counterparty Risk Ratings, affirmed Ba3

Short-term Counterparty Risk Ratings, affirmed NP

Long-term Bank Deposits, affirmed B1, outlook remains Negative

Short-term Bank Deposits, affirmed NP

Long-term Counterparty Risk Assessment, affirmed Ba3(cr)

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

Baseline Credit Assessment, affirmed b1

Adjusted Baseline Credit Assessment, affirmed b1

Outlook Action:

Outlook remains Negative

PRINCIPAL METHODOLOGY

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




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C Y P R U S
===========

HELLENIC BANK: Moody's Gives (P)Caa1 Rating to EUR1.5BB EMTN Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional (P)Caa1
long-term ratings to Hellenic Bank Public Company Ltd's senior
unsecured preferred (senior unsecured), senior unsecured
non-preferred (junior senior unsecured) and subordinated Tier 2
ratings under its EUR1.5 billion Euro Medium Term Note (EMTN)
Programme.

Moody's assignment of the ratings at the (P)Caa1 level reflects the
rating agency's expectation that Hellenic Bank will have a limited
volume of junior debt to differentiate between these debt classes,
over the next couple of years. The ratings are placed one notch
below Hellenic Bank's b3 standalone Baseline Credit Assessment
(BCA), using the expected balance sheet of the bank at failure,
under Moody's Advanced LGF analysis. They capture Moody's banking
methodology, as it is applied to countries subject to the European
Union's (EU) Bank Recovery and Resolution Directive (BRRD) like
Cyprus, and incorporates the Cypriot legal framework's preference
to all bank deposits relative to senior unsecured creditors.

RATINGS RATIONALE

HELLENIC BANK PUBLIC COMPANY LTD

Hellenic Bank's senior unsecured, junior senior unsecured, and
subordinated Tier 2 EMTN programme ratings of (P)Caa1 are placed
one notch below the level of its b3 BCA, in line with the de facto
scenario in Moody's Advanced LGF analysis and using the expected
balance sheet of the bank at failure.

The ratings capture Moody's banking methodology, as it is applied
to countries subject to the EU's BRRD like Cyprus, that is
considered to operate an Operational Resolution Regime. As a
result, the rating agency applies its Advanced LGF analysis,
considering the risks faced by the different debt and deposit
classes across the liability structure should the bank enter
resolution. The analysis assumes a residual Tangible Common Equity
of 3% for the bank and post-failure losses of 13% of tangible
banking assets, a 25% runoff in junior wholesale deposits, a 5%
runoff in preferred deposits and 26% of junior deposits over total
deposits. These are in line with Moody's standard assumptions for
banks having a Macro Profile of "Weak+" or lower.

In Cyprus, the law provides preference to all bank deposits —
including junior corporate and institutional deposits — relative
to senior unsecured creditors, establishing full depositor
preference — in insolvency and by extension in resolution —
over senior unsecured debt instruments, rather than junior deposits
ranking pari passu with senior unsecured claims. Accordingly,
Moody's relies on its de facto scenario to determine the notches of
each instrument in the bank's liability structure.

Using the above assumptions as inputs, Hellenic Bank's senior
unsecured, junior senior unsecured and subordinated Tier 2 EMTN
programme rating of (P)Caa1 are placed one notch below the level of
the bank's BCA, in line with the de facto scenario in Moody's
Advanced LGF analysis. Meanwhile, Hellenic Bank's long-term deposit
ratings are higher at B1, reflecting a likely lower
loss-given-failure for deposits.

Moody's does not incorporate any government support to Hellenic
Bank's ratings, reflecting the government's historically low
willingness to support the bank, as illustrated in its
recapitalisation in March 2013 with the participation of its
creditors, including depositors.

The rating level also reflects Hellenic Bank's upcoming
MREL-eligible debt issuances. Moody's expects the bank to issue its
first debt instrument that complies with the Single Resolution
Board's MREL requirement later in 2021. The bank will need to issue
debt equivalent to at least 5% of Risk-Weighted Assets (RWAs), to
meet its binding minimum MREL requirement of 24.1% of RWA by
year-end 2025. Given the relatively low issuance volumes of senior
unsecured debt, as well as limited issuance of junior senior
unsecured and subordinated debt protecting this debt class, senior
unsecured debt will still suffer high loss-given-failure over the
next couple of years, given the rating agency's expectations.
Accordingly all ratings are aligned at the (P)Caa1 8level.

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

Any upgrade to Hellenic Bank's BCA of b3, would lead to an upgrade
in all classes of debt under the programme. The bank's ratings may
also be upgraded following the buildup of larger loss-absorption
buffers following Moody's expectations of changes to the bank's
liability structure or if Moody's concludes that a lower portion of
the bank's liabilities is at a risk of loss in a resolution.

Hellenic Bank's B1 long-term deposit ratings have a positive
outlook indicating there is little downwards pressure on other
ratings as well.

LIST OF AFFECTED RATINGS

Issuer: Hellenic Bank Public Company Ltd

Assignments:

Junior Senior Unsecured Medium-Term Note Program, Assigned
(P)Caa1

Subordinate Medium-Term Note Program, Assigned (P)Caa1

Senior Unsecured Medium-Term Note Program, Assigned (P)Caa1

PRINCIPAL METHODOLOGY

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




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

PROMONTORIA HOLDING: Moody's Alters Outlook on Caa1 CFR to Pos.
---------------------------------------------------------------
Moody's Investors Service has affirmed Promontoria Holding 264
B.V.'s (WFS) Caa1 corporate family rating, Caa1-PD probability of
default rating and Caa1 guaranteed senior secured notes due 2023.
The outlook was changed to positive from stable.

The outlook change to positive reflects the continued improvement
of WFS' credit metrics with the high likelihood that the company
will outperform Moody's previous 12-18 month expectation. The
limited track record of positive free cash flow (FCF) and the
near-term debt maturities, however, remain key constraints to the
rating.

RATINGS RATIONALE

The rating action reflects the material improvement in operating
performance during the first half of 2021 and Moody's expectation
that WFS will likely outperform the rating agency's previous 12-18
month assumptions set in March 2021. Moody's anticipates the
company's adjusted EBITDA to reach 2019 levels in 2021, supported
by the continuous recovery in cargo volumes and ongoing
productivity initiatives. Moody's adjusted leverage is expected to
improve to below 5.0x by 2022, pro forma for the latest acquisition
of Pinnacle Logistics, and to around 7.0x before taking into
account the operating leases adjustment. The improvement is driven
by the expected topline growth in the mid-to-high single digit
percentage points with relatively stable margins in 2022 compared
with 2021.

The positive outlook also reflects the stronger liquidity position
than Moody's anticipated on the back of the stronger operating
performance; continuous focus on working capital management; lower
non-recurring costs than historical levels; and the additional PSP
funds, which represented around EUR100 million in H1 2021, of which
EUR83 million was in the form of grants.

The company continues to benefit from its strong position in the
air cargo business, which is complemented by its trucking network
across Europe; relatively high barriers to entry given the limited
supply of on-airport warehouses; good geographical diversification;
and relatively stable client base with high contract renewal rates.
The latest acquisition of Pinnacle Logistics, a provider of
primarily express cargo handling services for the aviation market
in the U.S., also increases its exposure to the fast growing
e-commerce operations.

Conversely, the Caa1 rating is constrained by the company's limited
track record of generating positive FCF, excluding the impact of
government support programs, which creates uncertainty on its
ability to maintain and improve its liquidity position over time.
FCF has been constrained by WFS' high cost of debt, history of
large non-recurring expenses, coupled with relatively low margins
and moderate working capital and capex needs. Moody's expects the
negative FCF (pre-PSP funds) to persist over 2021 and 2022,
although the continued productivity improvement initiatives, strong
working capital management and a decrease in non-recurring costs
could enable WFS to turn around FCF to positive levels in 2023. The
company faces some refinancing risks, given that the RCF matures in
April 2023 and the senior secured notes in August 2023. The
company's core cargo business is also exposed to economic and
international trade cyclicality with high competition.

Governance risks mainly relate to the company's private-equity
ownership, which tends to tolerate a higher leverage, a greater
propensity to favour shareholders over creditors as well as a
greater appetite for M&A to maximise growth and their return on
investment. However, Moody's does not expect any material
debt-funded acquisitions or shareholder-friendly actions over the
near term.

LIQUIDITY

WFS' liquidity profile is adequate despite the expected negative
FCF over the next 12-18 months. The liquidity is supported by the
strong cash on balance sheet, before the pro forma effect of the
acquisition of Pinnacle Logistics, of EUR211 million as of June
2021 and access to EUR75 million unused revolving credit facility
(RCF). The remaining EUR25 million RCF is used for
letter-of-credit. The company also has access to committed and
uncommitted factoring facility lines. The RCF has one springing
covenant test of 8.25x net senior secured leverage when the RCF is
drawn by more than 40%. Moody's expects the company to maintain
sufficient headroom under this covenant.

While the acquisition of Pinnacle Logistics, funded through
internal cash and RCF drawdown, reduces WFS' liquidity position by
around EUR75 million, the liquidity still provides sufficient
buffer to support its operations over the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The EUR660 million senior secured notes are rated in line with CFR
given that the notes account for the majority of the debt. The
notes and the EUR100 million super senior RCF share the same
security package and guarantor coverage, but the notes rank junior
to the RCF upon enforcement under the provisions of the
intercreditor agreement. The security includes share pledges,
intragroup receivables and certain bank accounts.

RATING OUTLOOK

The positive outlook reflects the potential for the rating to be
upgraded over the next quarters should there be a sustainable
improvement in WFS' FCF generation capabilities on the back of the
expected continued improvement in credit metrics. The outlook also
reflects Moody's expectation that the company will maintain an
adequate liquidity profile and proactively address the 2023
maturities.

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

Upward pressure could develop if the continued strong operating
performance leads to a sustainable improvement of WFS' FCF
generation capabilities; Moody's adjusted EBITA/interest is
maintained above 1.0x; and Moody's adjusted EBITA margin increases
well above 8.0%. An upgrade would also require the company to
maintain an adequate liquidity and proactively address the
near-term maturities.

Downward pressure could develop if Moody's adjusted EBITA/interest
falls below 1.0x on a sustained basis, or if FCF remains negative
for an extended period of time, leading to a significant
deterioration of its liquidity profile. A failure to address the
2023 maturities well in advance could also lead to a negative
rating action.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Paris, France, WFS is a global aviation services
company, principally focused on cargo handling and ground handling,
with a small presence in transport infrastructure management and
services. The company operates across 22 countries through 173
airport locations and serves over 270 major airlines worldwide.




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I R E L A N D
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BAIN CAPITAL 2021-2: S&P Assigns B- Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to Bain
Capital Euro CLO 2021-2 DAC's class A, B-1, B-2, C, D, E, and F
notes. At closing, the issuer will also issue unrated subordinated
notes.

The preliminary ratings assigned to Bain Capital Euro CLO 2021-2's
notes reflect S&P's assessment of:

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

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

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

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

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

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

The portfolio's reinvestment period will end approximately 4.7
years after closing, and the portfolio's maximum average maturity
date will be 8.5 years after closing.

S&P said, "On the effective date, we expect that 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. As
such, we have not applied any additional scenario and sensitivity
analysis when assigning ratings to any classes of notes in this
transaction.

"In our cash flow analysis, we used the EUR375.00 million target
par, a weighted-average spread (3.75%), the reference
weighted-average coupon (4.00%), and the covenanted
weighted-average recovery rates as indicated by the issuer. 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 indicates that the available credit enhancement
for the class B-1 to D notes could withstand stresses commensurate
with higher ratings than those we have assigned. However, as the
CLO will be in its reinvestment phase starting from closing, during
which the transaction's credit risk profile could deteriorate, we
have capped our preliminary ratings assigned to the notes.

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

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

"We expect the issuer's legal structure to be bankruptcy remote, in
line with our legal criteria (see "Asset Isolation And
Special-Purpose Entity Methodology," published on March 29, 2017).

"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 E notes.

"The class F notes' current break-even default rate (BDR) cushion
is -0.24%. Based on the portfolio's actual characteristics and
additional overlaying factors, including our long-term corporate
default rates and the class F notes' credit enhancement, this class
is able to sustain a steady-state scenario, in accordance with our
criteria." S&P's analysis further reflects several factors,
including:

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

-- S&P's model-generated BDR at 'B-' rating level is 28.57% (for a
portfolio with a weighted-average life of 5.50 years) versus 17.05%
if we were to consider a long-term sustainable default rate of 3.1%
for 5.50 years.

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

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

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

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

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes to five of the 10 hypothetical scenarios we looked at in
"How Credit Distress Due To COVID-19 Could Affect European CLO
Ratings," published on April 2, 2020. The results shown in the
chart below are based on the actual weighted-average spread,
coupon, and recoveries.

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

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries
(non-exhaustive list): the manufacturing or marketing of
controversial weapons or thermal coal production. 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."

  Prelim. ratings

  CLASS   PRELIM.       PRELIM.    CREDIT          INTEREST RATE
          RATING        AMOUNT     ENHANCEMENT
                      (MIL. EUR)     (%)
  A       AAA (sf)      228.80     38.99   Three/six-month EURIBOR

                                           plus 1.02%
  B-1     AA (sf)        25.90     28.48   Three/six-month EURIBOR

                                           plus 1.70%
  B-2     AA (sf)        13.50     28.48   2.05%
  C       A (sf)         26.30     21.47   Three/six-month EURIBOR

                                           plus 2.15%
  D       BBB (sf)       25.10     14.77   Three/six-month EURIBOR

                                           plus 3.40%
  E       BB- (sf)       19.90      9.47   Three/six-month EURIBOR

                                           plus 6.22%
  F       B- (sf)         9.80      6.85   Three/six-month EURIBOR

                                           plus 8.85%
  M-1     NR             36.00      N/A    N/A
  M-2     NR              0.50      N/A    N/A

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


CARLYLE GLOBAL 2015-2: Moody's Hikes Class E Notes Rating to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Carlyle Global Market Strategies Euro CLO 2015-2
Designated Activity Company:

EUR25,800,000 Refinancing Class B Senior Secured Deferrable
Floating Rate Notes due 2029, Upgraded to Aaa (sf); previously on
Jan 20, 2021 Upgraded to Aa2 (sf)

EUR24,000,000 Refinancing Class C Senior Secured Deferrable
Floating Rate Notes due 2029, Upgraded to A1 (sf); previously on
Jan 20, 2021 Upgraded to A3 (sf)

EUR24,900,000 Refinancing Class D Senior Secured Deferrable
Floating Rate Notes due 2029, Upgraded to Ba1 (sf); previously on
Jan 20, 2021 Affirmed Ba2 (sf)

EUR12,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to B1 (sf); previously on Jan 20, 2021
Affirmed B2 (sf)

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

EUR238,225,000 (Current Outstanding Amount EUR 108,408,965)
Refinancing Class A-1A Senior Secured Floating Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jan 20, 2021 Affirmed Aaa (sf)

EUR5,275,000 (Current Outstanding Amount EUR 2,400,492)
Refinancing Class A-1B Senior Secured Fixed Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jan 20, 2021 Affirmed Aaa (sf)

EUR30,350,000 Refinancing Class A-2A Senior Secured Floating Rate
Notes due 2029, Affirmed Aaa (sf); previously on Jan 20, 2021
Upgraded to Aaa (sf)

EUR10,550,000 Refinancing Class A-2B Senior Secured Fixed Rate
Notes due 2029, Affirmed Aaa (sf); previously on Jan 20, 2021
Upgraded to Aaa (sf)

Carlyle Global Market Strategies Euro CLO 2015-2 Designated
Activity Company, issued in August 2015, and refinanced in
September 2017 is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans.
The portfolio is managed by CELF Advisors LLP. The transaction's
reinvestment period ended in September 2019.

RATINGS RATIONALE

The rating upgrades on the Class B, C, D and E Notes are primarily
a result of the significant deleveraging of the Class A-1A and A-1B
Notes following amortisation of the underlying portfolio since the
last rating action in January 2021.

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

The Class A-1A and A-1B Notes have paid down by approximately
EUR80.5 million (33.8%), EUR1.8 million (33.8%) respectively since
the last rating action in January 2021 and EUR129.8 million
(54.5%), EUR2.9 million (54.5%) respectively since closing. As a
result of the deleveraging, over-collateralisation (OC) has
increased across the capital structure. According to the note
valuation report dated September 2021 [1] the Class A, Class B,
Class C, Class D and Class E OC ratios are reported at 159.7%,
140.3%, 126.0%, 113.97% and 108.8% compared to December 2020 [2]
levels of 143.8%, 130.4%, 120.0%, 110.9% and 106.8%, respectively.
Moody's notes that the September 2021 [3] principal payments are
not reflected in the reported OC ratios.

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

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

Performing par and principal proceeds balance: EUR262.65 million

Defaulted Securities: EUR1.94 million

Diversity Score: 38

Weighted Average Rating Factor (WARF): 3192

Weighted Average Life (WAL): 3.91 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.60%

Weighted Average Recovery Rate (WARR): 45.79%

Par haircut in OC tests and interest diversion test: 0.32%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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


[*] IRELAND: Corporate Insolvencies Down 36% in First Nine Months
-----------------------------------------------------------------
Laura Slattery at The Irish Times reports that corporate
insolvencies have fallen this year, down 36% in the first nine
months compared to the same period in crisis-struck 2020, according
to Deloitte.

However, the accountancy giant warned that the full impact of
Covid-19 restrictions on the Irish economy has still to
materialize, The Irish Times notes.

A total of 278 insolvencies were recorded between January 1st and
September 30th, Deloitte said, down from 431 in the first nine
months of last year, The Irish Times relates.

Some 109 of this year's insolvencies occurred during the third
quarter, up sharply on the second three months of the year when
there were 58, The Irish Times notes.

According to The Irish Times, Deloitte said the expected removal of
Government supports in the months ahead may crystallize the "true
economic impact" of the pandemic on small and medium-sized
enterprises (SMEs) revealed in the first half of 2022 and beyond.

"We are still in a position where Covid supports and creditor
forbearance are probably holding back the tide on corporate
insolvencies," The Irish Times quotes David Van Dessel, financial
advisory partner at Deloitte, as saying.

Mr. Van Dessel welcomed the introduction of the Small Company
Administrative Rescue Process, which gives SMEs that are viable but
have fallen into financial difficulty an alternative to the
examinership process, The Irish Times recounts.

The services sector once again recorded the highest number of
corporate insolvencies this year, with 129, representing 46% of the
total, The Irish Times discloses.

Within services, financial services companies accounted for 28 in
the third quarter, or half of the services sector insolvencies in
that period, while there were 21 insolvencies in the third quarter
in the health, fitness and beauty sector, according to The Irish
Times.

The construction sector recorded the second-largest number of
insolvency appointments in the third quarter, with 21, The Irish
Times states.  There have been 52 insolvencies in construction in
the first nine months of the year, up 16% on the same period in
2020, The Irish Times notes.

The hospitality sector has recorded the joint-third-highest level
of insolvencies so far in 2021 at 26, representing 9% of the total,
which was "surprisingly lower" than the level of insolvencies this
sector recorded in the same period in 2020, when there were 70, The
Irish Times relates.

Only two of the hospitality insolvencies this year have been pubs,
The Irish Times discloses.

The retail sector has also recorded 26 insolvencies so far in 2021,
though only six of these were in the third quarter, according to
The Irish Times.  This compares with 88 retail insolvencies in the
first nine months of 2020, The Irish Times states.




===================
K A Z A K H S T A N
===================

TRANSTELECOM CO: S&P Affirms 'B' ICR, Outlook Stable
----------------------------------------------------
S&P Global Ratings affirming its 'B' rating on Kazakh telecom
operator TransTeleCom Co. JSC.

The stable outlook indicates that S&P expects TransTeleCom's
adjusted debt to EBITDA to decline to 3.5x-4.5x and its free
operating cash flow (FOCF) to debt to be about 5% in the next 12
months.

S&P Global Ratings expects TransTeleCom's credit metrics will
gradually recover in 2021-2023 after the dip in 2020 caused by the
purchase of new data centers. TransTeleCom acquired seven new data
centers from the supplier owned by Russian Sberbank in 2020. S&P
said, "We treat the resulting long-term accounts payables now due
to this supplier as debt, in line with our criteria, because the
benefits of ownership are already accruing to the company.
Therefore, TransTeleCom's adjusted leverage rapidly increased in
2020 to 6.2x in 2020 from 2.7x in 2019. This is beyond our previous
estimate of about 3x. However, we expect TransTeleCom's adjusted
leverage to improve gradually in 2021-2022 as the company increased
data center capacity and cloud service business helps it increase
its revenue streams. We expect TransTeleCom's adjusted debt to
EBITDA to gradually decrease to about 4.5x in 2021 and 3.5x in
2022."

The earnings from the new data centers will reduce volatility in
TransTeleCom's IT segment and add some diversity to its operations.
S&P expects strong revenue growth of 40% in the IT segment in 2021,
thanks to the newly acquired data centers. TransTeleCom's IT
segment has been dependent on KTZ and other large customers. The
increase in recurring revenue and cash flows from the new data
centers should make the segment's contribution more stable because
revenue from Kazakhstan's railroad monopoly, KTZ, will be balanced
by long-term arrangements between TransTeleCom and government
agencies. Meanwhile, TransTeleCom's stable revenue streams from IT
projects with KTZ are likely to continue. S&P believes long-term
contracts with KTZ, as well as KTZ's remaining stake of 25% plus
one share in TransTeleCom, which allows it to retain veto rights
for some board decisions, should also provide revenue stability.
The expansion to data centers will also add some diversity in terms
of business and reduce customer concentration. IT services
contributed about 56% of total revenue. In our base case, we assume
about 40% of this will come from KTZ, down from about 60% in 2020.
Revenue growth in the telecommunications segment (44% of revenue in
2020) is predicted to be about 10%-12% in 2021-2022, capitalizing
on the expansion of TransTeleCom's long-haul fiber network and
growth in corporate broadband.

TransTeleCom's Top 10 customers represent 76% of revenue, implying
very high revenue concentration from KTZ and its other large
customers. TransTeleCom has a relatively small 4% market share in
Kazakhstan's overall telecoms market and concentration in two
segments--long-haul fiber backbone infrastructure, and IT services.
TransTeleCom also has a small market share in broadband services
(6%) and limited presence in the large mobile segment. The company
relies heavily on KTZ, which accounted for 50% of revenue and
EBITDA in 2020. The company is also exposed to Kazkakhstan's high
country risk.

TransTeleCom operates the largest nationwide long-haul fiber
network in Kazakhstan, comprising 16,000 km of trunk channels along
railways. Its business risk profile benefits from its leading
position in long-haul backbone networks and the fiber
infrastructure segment in Kazakhstan, as well as long-term
contracts with KTZ. This supports and ranks the company ahead of
competitors Kazakhtelecom and KazTransCom. TransTeleCom is
responsible for upgrading and maintaining KTZ's networks and
overall IT infrastructure.

TransTeleCom's network supports long-haul communication between
Europe and Asia, with the company benefitting from stable
international demand for intercountry telecom traffic. TransTeleCom
also benefits from Kazakhstan's geographic position--the country
provides one of the shortest routes between two continents.
TransTeleCom's long-haul and metro network covers more than 200
cities and all railway stations in Kazakhstan.

S&P said, "The stable outlook indicates that we expect TransTeleCom
to post sound revenue growth, and EBITDA margins to stabilize at
around 30% in 2021-2022. We expect TransTeleCom's debt to EBITDA
will decline to 3.5x-4.5x and its FOCF to debt to be 5% in the next
12 months.

"We may lower the rating if TransTeleCom's leverage remains higher
than 5x or adjusted FOCF remains negative because of weaker
operating performance or higher-than-expected capital expenditure
(capex).

"We may also lower the rating if the company's liquidity position
deteriorates. Deterioration in governance or a change in financial
policy because of a change in ownership might also lead to a
negative rating action.

"Rating upside could follow a substantial increase in scale and
better diversification, supporting a higher share of recurring
revenue streams from customers other than KTZ. We could also raise
the rating if the company reported sustainable debt reduction, with
debt to EBITDA declining and remaining below 2.0x and its FOCF to
debt improving and remaining above 10%."




===================
L U X E M B O U R G
===================

LUXEMBOURG INVESTMENT: Moody's Assigns 'B2' CFR, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default rating to Luxembourg Investment
Company 428 S.a r.l. ("Heubach Group" or "the company").
Concurrently, Moody's assigned B2 ratings to Heubach Group's
proposed senior secured debt instruments, comprising a CHF560
million equivalent, dollar-denominated Term Loan B and a $125
million revolving credit facility (RCF). The outlook is stable.

Luxembourg Investment Company 428 S.a r.l. is the designated
private equity-sponsored entity combining Clariant AG's pigments
business with German pigments producer Heubach GmbH. The CFR and
PDR have been assigned to this entity on account of its role as
holding company for the combined operations and as the entity that
will issue the annual audited consolidated financial statements.

RATINGS RATIONALE

The B2 CFR reflects Heubach Group's (i) position as the second
largest global player in the colorant solutions market, underpinned
by its global reach and proximity to customers; (ii) good product,
end-market and geographic diversification; (iii) long-standing
customer relationships with low degree of customer concentration;
and (iv) relatively moderate leverage for an equity-sponsored
transaction with an expectation of a swift deleveraging.

Despite the moderate leverage and expected deleveraging, Moody's
has positioned the rating at B2 to reflect (i) the exposure to
cyclical and competitive end-markets; still fragmented global
market structure with consolidation only having started to take
place; (ii) production concentration at the main site in Hoechst,
Germany, with the associated financial risk related to a
strengthening of the Euro; (iii) the absence of a track record of
the combined entity and the falling profitability of the legacy
operations in recent years, due to limited ability to pass on raw
material cost increases; and (iv) relatively low EBITDA margins in
the low teens in percentage terms compared to other chemical
companies.

Moody's assumes that that only CHF535 million equivalent of the
Term Loan B will be funded as the condition for the remaining CHF25
million equivalent related to an earn-out clause is not being
satisfied under Moody's base case. Under Moody's base case, Heubach
Group's financial performance is expected to benefit from moderate
growth across most end-markets largely in line with GDP. Moody's
expects the company's profitability to strengthen, driven by margin
improvement measures already initiated by Clariant AG (Clariant,
Ba1 stable) under Project Quantum and due to new synergies
identified by management. Despite material cash outflows associated
with the combination of the businesses and the delivery of the
planned synergies in 2022-23, Heubach Group's free cash flow (FCF)
is expected to be mildly positive in 2022. FCF is forecasted to
exceed CHF50 million from 2024 onwards.

As a result of synergies-related costs, which the rating agency
does not adjust for, Moody's-adjusted EBITDA is projected to
modestly decline to around CHF115 million in 2022 from expected pro
forma CHF125 million in 2021 before recovering to around CHF130
million in 2023. Moody's projects strong EBITDA growth to more than
CHF150 million in 2024. Accordingly, the rating agency expects
Heubach Group's Moody's-adjusted debt/EBITDA to temporarily
increase to 5.2x in 2022 from 4.7x in 2021 but to swiftly reduce to
around 3.5x by year-end 2024.

ESG CONSIDERATIONS

Governance considerations incorporated into Heubach Group's ratings
are predominantly related to its majority private-equity ownership.
Private equity sponsors tend to have tolerance for high leverage
and shareholder-friendly financial policies, including dividend
recapitalisation and the pursuit of acquisitive growth. In
addition, sponsor-owned firms' financial disclosure is often not as
timely or comprehensive as for publicly owned companies. However,
the company does not intend to do any debt-funded acquisitions and
does not envisage meaningful dividend payments in the near term.
The Transaction is expected to close by year-end 2021, following
which the associated integration and synergy initiatives are
expected to be actioned.

LIQUIDITY

Moody's expects Heubach Group to have an adequate liquidity
position. The assessment considers (i) the expected CHF40 million
equivalent starting cash balance at closing; (ii) expected cash
flow generation in the near term to cover funding needs; (iii)
access to a committed $125 million RCF (expected to be undrawn at
closing); and (iv) no material debt maturities before 2028.

The 5-year $125 million RCF contains a springing net leverage
covenant with an expected 35% EBITDA headroom, to be tested when
the facility's utilization is above 35%. Moody's projects moderate
temporary drawings of the RCF to cover seasonal working capital
outflows and expects the company to maintain comfortable covenant
headroom.

STRUCTURAL CONSIDERATIONS

Heubach Group's senior secured Term Loan B and RCF are rated B2 in
line with the CFR. The company has a simple capital structure with
only those two debt instruments and relatively small debt-like
pension and lease liabilities.

The senior secured debt instruments are guaranteed by subsidiaries
of the group and secured on a first-lien basis with significant
amount of assets owned by the group. However, the guarantees from
operating subsidiaries are expected to only represent around 55% of
group-wide EBITDA and around 71% of the company's total fixed
assets because of limitations around providing guarantees from
Indian subsidiaries. The loan documentation will contain
limitations on investments in, and the incurrence of indebtedness,
by non-guarantors.

RATING OUTLOOK

The stable rating outlook reflects the rating agency's expectation
that Heubach Group's will be able to swiftly deleverage from 2023
onwards driven by underlying earnings growth supported by the
successful delivery of synergies and cost efficiencies. The outlook
also incorporates Moody's expectation of sustained positive FCF
generation.

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

The ratings could be upgraded should Heubach Group's (1) Moody's
adjusted debt/EBITDA fall below 4.5x; (2) Moody's adjusted EBITDA
margin increases sustainably towards 15%; and if (3) its liquidity
position remains adequate.

Conversely, the ratings could be downgraded if (1) Moody's adjusted
debt/EBITDA increases above 6.0x; (2) Moody's adjusted EBITDA
margin falls to 10% or below; or if (3) Heubach Group's liquidity
position significantly weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

COMPANY PROFILE

Luxembourg Investment Company 428 S.a r.l. (Heubach Group) is a
leading global producer of organic and inorganic pigments emerging
from the combination of German based Heubach Group and the Pigments
Business of Clariant AG (Clariant, Ba1 stable). At the closing of
the transaction by December 31, 2021, Heubach will be owned 50.1%
by the US private equity sponsor SK Capital, 29.9% by Heubach GmbH
and 20% by Clariant AG. Heubach Group produces a variety of organic
and inorganic pigments, as well as pigment preparations in 19
facilities across Europe, the Americas, Asia and Africa. Pro forma
for the combination, the company generated revenue in excess of
CHF1 billion in 2020.


LUXEMBOURG INVESTMENT: S&P Assigns Prelim. 'B' Issuer Credit Rating
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' ratings to Heubach
Group's intermediate parent company Luxembourg Investment Company
437 Sarl and to the proposed up to Swiss franc (CHF) 560 million
term loan B (TLB) and to the $125 million RCF.

The stable outlook reflects S&P's view that Heubach will start
integrating Clariant Pigments smoothly, while continue its sales
recovery from the pandemic, with adjusted debt to EBITDA (leverage)
of about 5.2x-5.5x in 2021-2022.

Heubach, a German pigments manufacturer, in partnership with SK
Capital, is acquiring a majority of Clariant AG's pigments
business.

As part of this transaction, Heubach plans to raise a new term loan
B and revolving credit facility (RCF).

In June 2021, Heubach signed an agreement to acquire Clariant
Pigments. As part of the transaction, Heubach plans to issue:

-- A U.S. dollar-denominated TLB facility equivalent to up to
CHF560 million (including CHF25 million incremental earn-out
related debt); and

-- A $125 million RCF.

SK Capital, Heubach, and Clariant AG will also contribute CHF572
million of cash common equity. The proceeds will be used to fund
the buyout and pay the transaction fees. The transaction includes a
CHF50 million earn-out subject to performance conditions for
Clariant Pigments and the pro forma group. The earn-out would be
funded by half incremental debt and half equity. S&P said, "Under
our base-case scenario, we assume that the conditions of the
earn-out will not be met. If the earn-out is triggered, it would
add about 0.2x of additional leverage to the structure, but also
result in the company outperforming our base-case scenario with
higher-than-expected EBITDA." There is no rolled over debt in the
capital structure. The company expects to close the acquisition by
Dec. 31st, 2021.

S&P said, "The combined group will become a global leader in the
pigment market, in our view. Heubach Group (which will remain the
brand name following the acquisition) is the second-largest
manufacturer of organic and inorganic pigments globally, after DIC
Corporation. Besides holding market-leading positions in various
high-performance color pigment classes, the business is also a
leader in pigment preparations and non-toxic anti-corrosive
pigments. We expect these segments will see growth of about 3%-4%
per year through 2025, fueled by megatrends like population growth,
urbanization, and regulatory changes, along with an increasing
public focus on renewable materials, food security and safety, and
sustainability. While we note that the competition within the
pigment industry is fierce and the market is highly fragmented, the
consolidation trend may reinforce Heubach's competitive positioning
in the medium term. We also note its complementary portfolio of
businesses and products within the main pigment applications
(plastics, inks, and coatings).

"We believe that Heubach Group has a good size and scale, with over
CHF1 billion of annual sales. It also has a diverse geographic
exposure across Europe (about 45% of sales), the Americas (24%),
India and Middle East (14%) and Asia-Pacific (17%). We consider the
customer base diverse, with long tenor from its top 10 customers,
which represent 25% of the group's revenue, and a strong loyalty
track record, underpinned by Heubach's expertise in regulatory
compliance and product stewardship. We view the group's range and
breath of products a key strength, notwithstanding the exposure to
potentially cyclical sectors, notably industrials and
transportation.

"We believe that Heubach Group's synergy plans are ambitious. With
the acquisition Clariant Pigments, Heubach and SK Capital aim to
create a global leading pigment manufacturer. The business plan
includes important synergies in the manufacturing, commercial,
procurement, and administrative functions. Management have
identified about CHF53 million of probability-weighted synergies,
which already factor for corresponding execution risk. In the
medium term, we believe that Heubach will benefit from the
integration of Clariant Pigments. However, notwithstanding the
track record of the private-equity sponsor and management in
delivery of synergies, we factor in the execution and operational
risks that could emerge from these restructuring plans. The
business plan includes sizable operating costs of over CHF60
million to achieve these synergies, mainly in 2022 and 2023, which
we include in our calculation of profitability.

"The group's pro forma margins lag those of specialty chemical
peers. We forecast an adjusted EBITDA margin of about 9%-10% for
the combined group in the coming years, impaired by the stand-alone
integration costs and the costs to achieve synergies. These margins
are below 12%-20% average for the specialty chemical sector. We
note that Heubach's pro forma margins historically were in the
9%-11% range, hampered by suboptimal operating leverage and delays
in passing through raw materials costs amid challenging industry
conditions. That said, we acknowledge management's actions to
improve profitability in the recent years, with a more efficient
pass-through of raw material price increases, cost-base
rationalization, and improved procurement.

"We forecast adjusted leverage of 5.2x-5.5x on closing of the
transaction. While we view the company's financial profile as
highly leveraged, we believe that leverage is slightly lower than
other transactions we have seen in the sector. We also forecast
free operating cash flows (FOCF) of about CHF15 million-CHF20
million in 2022-2023.

"We believe financial sponsor ownership limits the potential for
leverage reduction over the medium term. Although we do not deduct
cash from debt in our calculation owing to Heubach's private-equity
ownership, we expect that cash could be partly used to fund bolt-on
mergers and acquisitions (M&A) or shareholder remuneration. In the
medium term, the financial sponsor's commitment to maintaining
financial leverage sustainably below 5.0x would be necessary for
rating upside considerations.

"The final ratings will depend on our receipt and satisfactory
review of all final documentation and final terms of the
transaction. The preliminary ratings should therefore not be
construed as evidence of the final ratings. If we do not receive
the final documentation within a reasonable time, or if the final
documentation and terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
revise the ratings. Potential changes include, but are not limited
to, utilization of the proceeds, maturity, size, and conditions of
the facilities, financial and other covenants, security, and
ranking.

"The stable outlook reflects our view that Heubach will start
integrating Clariant Pigments smoothly, while continue its sales
recovery from the pandemic, with adjusted leverage of about
5.2x-5.5x in 2021-2022."

S&P could lower the ratings if:

-- The group experienced margin pressure, for example due to
slower-than-anticipated pass-through of raw material prices to
customers, or due to operational issues from the integration of
Clariant Pigments, leading to limited or negative FOCF;

-- Adjusted debt to EBITDA remained above 6.5x over a prolonged
period;

-- Liquidity pressure arose; or

-- Heubach and its sponsor were to follow a more aggressive
strategy with regards to higher leverage or shareholder returns.

In S&P's view, the probability of an upgrade over our 12-month
rating horizon is limited, given the group's high leverage. For
this reason, S&P could consider raising the rating if:

-- Adjusted debt-to-EBITDA reduced consistently to below 5x;

-- Funds from operations (FFO) to debt increased consistently to
above 12%; and

-- Heubach management and financial sponsor showed commitment to
lowering and maintaining leverage metrics at these levels.




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

UNITED RESERVE: Bank of Russia Revokes Banking License
------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-2078, dated
October 8, 2021, revoked the banking license of Moscow-based
Joint-stock company United Reserve Bank (Registration No. 937;
hereinafter, United Reserve Bank).  The credit institution ranked
289th by assets in the Russian banking system.

The Bank of Russia made this decision in accordance with Clauses 6
and 6.1 of Part 1 of Article 20 of the Federal Law "On Banks and
Banking Activities", based on the facts that United Reserve Bank:

   -- violated federal banking laws and Bank of Russia regulations,
due to which the regulator repeatedly applied measures against it
over the past 12 months, which included restrictions on household
deposit-taking;

   -- failed to comply with Bank of Russia regulations on
countering the legalisation (laundering) of criminally obtained
incomes and the financing of terrorism.

United Reserve Bank focused on serving the interests of its
executives, owners and their related companies, which accounted for
a large portion of its loan portfolio.  The share of
low-quality loans in the outstanding debt of such companies was
significant.

The Bank of Russia appointed a provisional administration3 to
United Reserve Bank for the period until the appointment of a
receiver or a liquidator.  In accordance with federal laws, the
powers of the credit institution's executive bodies were
suspended.

Information for depositors:6 United Reserve Bank is a participant
in the deposit insurance system; therefore, its depositors will be
compensated for their deposits in the amount of 100% of the balance
of funds, but no more than a total of RUR1.4 million per depositor
(including interest accrued), taking into account the conditions
stipulated by Chapter 2.1 of the Federal Law "On the Insurance of
Deposits with Russian Banks".

Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency). Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (+7 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.




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

CONNECT BIDCO: Moody's Alters Outlook on 'B1' CFR to Stable
-----------------------------------------------------------
Moody's Investors Service has changed the outlook to stable from
negative for Connect Bidco Limited, the top-entity of the
ring-fenced group that owns Inmarsat Group Holdings Limited after
its acquisition in late 2019 by Connect Topco Limited (a joint
venture company formed by private equity groups Apax and Warburg
Pincus alongside Canada's CPPIB and Ontario Teachers' Pension Plan
Board), as well as for its rated subsidiaries.

At the same time, Moody's has affirmed the B1 corporate family
rating and B1-PD probability of default rating at Connect Bidco
Limited. The agency has also affirmed the B1 ratings for the
USD1.736,9 billion backed senior secured term loan B (due 2026),
USD2.075 billion backed senior secured notes (due 2026) and USD700
million of backed senior secured multi-currency revolving credit
facility (RCF, due 2024) issued by Connect Finco Sarl and Connect
U.S. Finco LLC.

The change of outlook to stable from negative reflects the recovery
in the group's operating performance in the first half of 2021 with
year-on-year revenue underlying growth of 11.2%, supported by
double-digit growth in Government and Aviation divisions as well as
mid-single digit growth in Maritime and Enterprise divisions. This
recovery was after a challenging 2020 which saw the group's total
revenue drop by -7.9% when Coronavirus hit the company's Aviation
division hard.

"We expect the Moody's adjusted gross leverage for Connect Bidco to
reduce to around 5.2x by the end of 2021 with potential for
continued de-leveraging in 2022/23 assuming the continuation of
healthy operating trends supporting EBITDA growth", says Gunjan
Dixit, a Moody's Vice President -- Senior Credit Officer and lead
analyst for Connect Bidco.

"The group's free cash flow (as calculated by Moody's) will remain
negative over 2021/22 due to high capex requirements related to the
delivery of the two combined L and Ka band I-6 satellites and the
three Ka satellites I-7, I-8 and I-9. We currently expect free cash
flow to turn positive from 2023 supported by the reduction in capex
investments", adds Ms. Dixit.

RATINGS RATIONALE

After declining by -3.4% in 2020, Maritime revenue (38.2% of H12021
total revenue) stabilized in the first half of 2021 and grew by
5.6% mainly helped by the new revenue from Speedcast International
Limited's customers acquired in January 2021. Excluding the new
Speedcast revenues, year-on-year revenue growth of 1.9% reflected
the strong growth in Fleet Xpress (FX), legacy product price
increases in 2020 and continued reduction in the ongoing loss of
Fleet Broadband (FB) customers to third party Very Small Aperture
Terminal (VSAT) services. Moody's expect modest revenue growth of
1-2% for the Maritime division to continue over the next 12-18
months.

After 5.8% increase in revenues in 2020, the Government division
(37.1% of H12021 revenues) saw solid revenue growth of 17.5% in
H12021. This growth was driven by the strong US Government revenues
which rose by 23% supported by new business, higher equipment sale,
expanded mandates and high stage payments on one large contract.
Outside the US, revenue increased by 5.5%, with growth in GX
revenue, partially offset by lower usage of L-band services.
Moody's expects this division to see high single digit growth over
the next 12-18 months.

Aviation segment (15.1% of H12021 revenues) whose revenue slumped
by -39.4% in 2020, saw its revenues increase by 16% in H12021
reflecting some recovery in the aviation industry. Core Aviation
revenue comprising of Business Aviation (BGS) and Aircraft
Operations and Safety services (AOS) have continued to recover and
were 25.2% higher than in H12020. In Flight Connectivity (21.3% of
Aviation segment H1 2021 revenue) however will continue to remain
pressured with revenues 8.9% lower than H12020 reflecting fewer
aircraft flying and lower installation activity. Moody's
conservatively expects this division's revenues to recover with
double digit growth yet remain behind 2019 levels in 2022.

Enterprise division (8.6% of H12021 revenues) which had revenue
growth of 1.0% in 2020, saw its revenue increase by 5.3% in H12021
driven by new lease contracts, and satellite phone handset sales.
However, market pressure on the legacy product remains and Moody's
expects this division to stay flat or see muted growth over the
next 12-18 months.

The agency currently expects the company's reported EBITDA (as
calculated by Inmarsat) to be in the range of 9%-11% higher in 2021
over 2020 reported EBITDA of USD665 million (excluding Ligado
contributions). This higher EBITDA is helped by tight cost control,
fewer Covid-19 related provisions, but somewhat offset by the
higher revenues, adverse currency movements and a return to more
normal business. Moody's expects healthy EBITDA generation to
continue over 2022/23.

In June 2020, Connect Bidco signed an amendment to the Cooperation
Agreement with Ligado under which Ligado paid USD700 million to
Inmarsat. This amendment reduced all future quarterly payments to
Inmarsat by 60%. In addition, the quarterly payments due between Q2
2020 and Q4 2022 were, together with all previously deferred
amounts deferred to January 1, 2023, at which date a payment of
USD395 million falls due. Connect Bidco returned USD570 million of
the sum received from Ligado to shareholders in Q1 2021 and has
also returned a further USD150 million to shareholders in Q32021.

Connect Bidco's free cash flow (as calculated by Moody's) is
expected to turn negative in 2021/22 as it has guided towards
capital expenditure of below USD400 million in 2021 and over USD500
million in 2022 before reducing materially from 2023. This high
capex will support the delivery of (1) the two combined L and Ka
band I-6 satellites; (2) the three Ka satellites I7,I-8 and I-9;
(3) the ORCHESTRA initiative which will be a first-of-its-kind
network that seamlessly integrates GEO, LEO and terrestrial 5G
network into one and will require an initial investment of USD100
million over 2021-2026; and (4) the ELERA initiative, a global
narrowband network that is suited for Internet of Things and global
mobility customers.

The Group's 1999 claim for a tax deduction for satellite launch
costs was heard at the Upper Tribunal which ruled in favour of HMRC
in March 2021. Inmarsat has subsequently applied directly to the
Court of Appeal for the case to be heard there, most likely in
2022. Moody's recognizes that the group has provided fully for the
potential cost of around USD120 million (comprising tax and
interest) which may consume cash in 2022/23.

Moody's adjusted gross leverage for Connect Bidco is likely to
improve to around 5.2x at the end of 2021 compared to 5.6x at the
end of 2020 (excluding the contribution from Ligado of USD33
million). Moody's expects gradual de-leveraging to continue over
2022/23 helped by EBITDA growth provided the company does not
declare further dividends and/ or engage in material debt-financed
acquisitions. In this regard, Moody's also recognizes company's
commitment to reduce their net reported leverage to below 4.0x over
the medium term. This ratio stood at 4.4x at the end of Q2 2021 on
calculating EBITDA on a last twelve month basis.

Moody's considers Connect Bidco's liquidity as sufficient. The
company had cash and cash equivalents of USD494 million at the end
of June 2021 the company's RCF for USD700 million was undrawn. The
cash on company's balance sheet should be sufficient to cover for
its cash needs beyond cash flow generated from operations in 2021.
Moody's does not expect the company to draw under its RCF in
2021/22. The RCF is constricted by a maintenance leverage covenant
(of 9.0x Senior Secured First Lien Net Leverage Ratio to be tested
when RCF is drawn by greater of USD280 million or 40% of the
outstanding commitments).

ESG CONSIDERATIONS

Companies within the Communications Infrastructure Industry such as
Inmarsat have overall low direct business exposure to environmental
risks. Moody's regards the coronavirus outbreak as a social risk
under the ESG framework, given the substantial implications for
public health and safety. The rating agency recognizes that
Inmarsat has some exposure to the usage-based mobility business of
satellite communications in the aviation sector which remains
affected by the restrictions imposed by various governments in view
of the pandemic.

On the governance front, Moody's factors in the potential risk
usually associated with private equity ownership which might lead
to a more aggressive financial policy and lower oversight compared
to publicly traded companies.

RATING OUTLOOK

The stable outlook reflects the recovery in the company's business
witnessed in the first half of 2021 and Moody's expectation of
healthy operating momentum to continue over the next 12-18 months
such that the company's gross leverage (Moody's adjusted) will
trend visibly below 5.5x.

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

Positive pressure could develop over time should (1) Inmarsat
demonstrate sustained solid revenue and EBITDA growth; (2) its
gross debt/EBITDA (Moody's-adjusted) decreases sustainably and
materially below 5.0x; and (3) the company reaches and sustains
positive free cash flows (FCF, Moody's adjusted) on a normalized
basis.

Downward ratings pressure would materialize if (1) Inmarsat's
revenue and EBITDA come under sustained pressure (2) its debt load
increases relative to EBITDA, such that its gross leverage
(Moody's-adjusted gross debt/EBITDA) rises materially above 5.5x;
and/ or (3) its free cash flow is likely to remain materially
negative beyond 2022. There would also be downward rating pressure
if the company's liquidity were to significantly deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Communications
Infrastructure Methodology published in August 2021.

LIST OF AFFECTED RATINGS

Issuer: Connect Bidco Limited

Affirmations:

Probability of Default Rating, Affirmed B1-PD

LT Corporate Family Rating, Affirmed B1

Outlook Actions:

Outlook, Changed To Stable From Negative

Connect Finco Sarl

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed B1

BACKED Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Actions:

Outlook, Changed To Stable From Negative

COMPANY PROFILE

Connect Bidco Limited is the top entity of the restricted group
that owns Inmarsat Group Holdings Limited (Inmarsat). Inmarsat is a
market leader in global mobile satellite services ("MSS"). The
company has an in-orbit fleet of 14 owned and operated satellites
in geostationary orbit and provides a comprehensive portfolio of
global mobile satellite services for customers on the move or in
remote areas for use on land, at sea and in the air. In its fiscal
year ended December 31, 2020, Connect Bidco reported revenue of
USD1,272.1 million and EBITDA of USD698.5 million.


DERBY COUNTY FOOTBALL: Appeals 12-Pt Deduction Amid Administration
------------------------------------------------------------------
BBC News reports that the Derby County Football Club has appealed
against the 12-point deduction it received for going into
administration.

The automatic punishment was triggered when the Rams officially
entered administration on Sept. 22, BBC relates.

According to BBC, the club is arguing the situation was caused by
the financial impact of the coronavirus pandemic, and therefore the
points deduction should not apply.

Derby are bottom of the Championship, on two points, seven adrift
of fourth-bottom Hull, BBC states.

The English Football League said the Rams' points total will
continue to reflect their deduction "at this current time", BBC
notes.

Without the deduction, Wayne Rooney's side would be 14th in the
table, BBC discloses.

                About Derby County Football Club

Founded in 1884, Derby County Football Club is a professional
association football club based in Derby, Derbyshire, England.  The
club competes in the English Football League Championship (EFL, the
'Championship'), the second tier of English football.  The team
gets its nickname, The Rams, to show tribute to its links with the
First Regiment of Derby Militia, which took a ram as its mascot.
Mel Morris is the owner while Wayne Rooney is the manager of the
club.  

On Sept. 22, 2021, the club went into administration.  The EFL
sanctioned a 12-point deduction on the club, putting the team at
the bottom of the Championship.  Andrew Hosking, Carl Jackson and
Andrew Andronikou, managing directors at business advisory firm
Quantuma, had been appointed joint administrators to the club.


GFG ALLIANCE: Rotherham Plant to Reopen Following Cash Injection
----------------------------------------------------------------
BBC News reports that Liberty Steel has secured a GBP50 million
cash injection which it says will safeguard 660 jobs at its plant
in Rotherham.

The deal is part of a wider restructure of GFG Alliance, Liberty's
owner, which was forced to seek funding when its key lender,
Greensill Capital, collapsed, BBC notes.

According to BBC, GFG Alliance said the cash would allow the
Rotherham plant to reopen this month after being closed since
spring.

"The injection of GBP50 million of shareholder funds into Liberty
Steel UK is an important step in our restructuring and
transformation," BBC quotes Jeffrey Kabel, GFG's chief
transformation officer, as saying.

"It will help to create sustainable value, ensure that Liberty has
the ability to raise and deploy capital quickly in the UK and
enable our businesses to demonstrate their potential and agree
long-term debt restructuring."

At the beginning of the year, Liberty Steel employed 3,000
steelworkers in the UK.

But its future was thrown into doubt when Greensill collapsed in
early March. GFG has been struggling to raise new financing since
then, while the majority of its workers have been on furlough.

In April, GFG approached the government for help, but the request
was rejected by Business Secretary Kwasi Kwarteng, BBC recounts.

GFG, one of the UK's largest industrial groups, is owned by
businessman Sanjeev Gupta.

A further 2,000 people work at other GFG steel sites in the UK, BBC
states.

GFG said the cash injection would allow Liberty Steel (LSUK) to
restart its electric arc furnace at Rotherham, BBC relates.

"Production ramp-up will commence in October 2021 with a plan to
reach 50,000 tonnes per month as soon as possible," it added.

"The restart of operations will enable colleagues to return to
work, setting the platform for LSUK's longer-term refinancing and
delivery of its plan to expand Rotherham's capacity, creating a two
million tonnes per annum green steel plant."


GFG ALLIANCE: To Launch Legal Action Over AIP Dunkirk Acquisition
-----------------------------------------------------------------
Anna Gross and Sylvia Pfeifer at The Financial Times report that
Sanjeev Gupta's GFG Alliance has said it will launch legal action
to block a "predatory" attempt by a US private equity group to take
control of Europe's largest aluminium smelter.

According to the FT, American Industrial Partners said that it had
acquired the Alvance smelter in Dunkirk and two other entities
after Mr. Gupta's metals conglomerate had defaulted on outstanding
loans.

On Oct. 5, however, GFG insisted that AIP's "stated position" that
the company was in default was "incorrect", the FT relates.

"AIP have resisted all efforts by GFG to make full repayment of its
debt, yet they claim GFG is in default," the FT quotes Mr. Gupta,
executive chair at GFG, as saying.  "This is a cynical and
predatory effort to try to acquire our business on the cheap."

With the price of aluminium at its highest level since 2007, the
smelter has been a crucial source of income for Mr. Gupta's
beleaguered metals and mining empire, and an attractive prospect
for his creditors, the FT notes.  The loss of the smelter would add
to the mounting struggles of Mr. Gupta, who has been attempting to
keep his business afloat after its main lender, Greensill Capital,
collapsed in March, the FT states.

AIP this year bought up most of the debt of the Dunkirk smelter,
which employs 630 people and produces 280,000 tonnes of the
lightweight metal each year, as well as the debt of an associated
mill in Belgium, the FT recounts.

According to the FT, GFG said that, although it had held talks with
AIP earlier in the year about a potential sale of the smelter, it
had terminated those discussions due to "certain concerns over the
negotiations, and the gross under-market valuation AIP put on the
business".

It subsequently entered into an agreement with Glencore to
refinance the asset, the FT states.  The metals trader already
owned a portion of the smelter's debt, the FT
notes.

GFG went on to claim that, despite the offers of refinancing, AIP
took further "aggressive action" to acquire Dunkirk's debt in the
secondary debt market, the FT discloses.

According to the FT, GFG said it "believes this was all part of a
premeditated plan to accelerate the debt payment with a view to
immediately enforcing its debt to acquire the assets on the cheap
through an aggressive loan-to-own practice common in so-called
'vulture' funds".

GFG declined to specify what form its legal action would takem the
FT notes.  Its threatened retaliation came as workers at the
smelter said they were "suspicious" about the intentions of AIP,
the FT relates.


METROCENTRE FINANCE: S&P Affirms & Then Withdraws 'CCC-' Rating
---------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC- (sf)' credit rating on
Metrocentre Finance PLC's (formerly Intu Metrocentre Finance PLC)
notes. At the same time, S&P has withdrawn the rating on the notes
at the issuer's request.

In June 2021, the total market value of the property was GBP411
million, resulting in a loan-to-value of 121%.

S&P said, "In our analysis, the notes did not pass our 'B-' rating
level stresses, because our whole loan loan-to-value ratio on this
class of notes is now 121% (the "S&P value" capped at the market
value of the property portfolio). 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. We now consider repayment of the notes to be dependent upon
favorable business, financial, and economic conditions and that the
notes face at least a one-in-two likelihood of default.

"We have therefore affirmed our rating on the notes at 'CCC- (sf)'.
At the same time, we have withdrawn the rating on the notes at the
issuer's request."

Metrocentre Finance is backed by a fixed-rate interest-only loan
secured on the Metrocentre (formerly Intu Metrocentre) regional
shopping center and associated retail park, in Gateshead, South
West of Newcastle in the U.K. Metrocentre was until recently owned
by Intu Properties PLC for nearly 25 years. The owner and former
manager of the shopping center, Intu Properties PLC, has now gone
into administration. As a result, the borrower has appointed a new
asset manager and property manager to manage the property daily.
The shopping center is one of Europe's largest covered shopping and
leisure destinations with over two million square feet of leasable
floor area, as well as multi-story car parks, comprising almost
10,000 spaces, and a bus/coach park.


NMCN: Collapse May Delay Woodville Bypass Scheme
------------------------------------------------
Lee Garrett at LeicestershireLive reports that NMCN, a construction
firm charged with building a multi-million pound bypass in North
West Leicestershire residents and commuters, has fallen into
administration.

NMCN, which was heading up the GBP13 million congestion-easing
bypass scheme for Woodville, plunged into administration, leaving
an end date for the major road scheme now firmly up in the air,
LeicestershireLive relates.

The move came after the Nottingham-based firm had suffered cash
flow issues through the height of the coronavirus pandemic, but
work on site had continued until the announcement of administration
with an original end date first predicted for the end of last
month, LeicestershireLive notes.

According to LeicestershireLive, Derbyshire County Council, which
funded the scheme, said efforts were now underway to get the vital
bypass completed quickly.

The multi-million pound scheme will also see the construction of
300 new homes and commercial units along the route of the bypass --
a move that is expected to create upwards of 3,000 jobs,
LeicestershireLive discloses.

The collapse is thought to put at least 80 jobs within NMCN's
building division at risk, LeicestershireLive states.


POLO FUNDING 2021-1: Moody's Gives B1 Rating to Class D Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by Polo Funding 2021-1 PLC:

GBP125.7M Class A Asset Backed Floating Rate Notes due September
2046, Definitive Rating Assigned Aaa (sf)

GBP29.3M Class B Asset Backed Floating Rate Notes due September
2046, Definitive Rating Assigned Aa1 (sf)

GBP27.2M Class C Asset Backed Floating Rate Notes due September
2046, Definitive Rating Assigned A3 (sf)

GBP16.7M Class D Asset Backed Floating Rate Notes due September
2046, Definitive Rating Assigned B1 (sf)

Moody's has not assigned a rating to the subordinated GBP10.4M
Class E Asset Backed Floating Rate Notes due September 2046 and
neither to the GBP15.7M Class X Asset Backed Floating Rate Notes
due September 2046.

RATINGS RATIONALE

The Notes are backed by a static pool of UK secured consumer loans
originated by Oplo HL Ltd (NR). This represents the first issuance
from this originator.

The portfolio consists of approximately GBP 209.61 million of loans
as of August 2021 pool cut-off date. The liquidity reserve fund
will be funded at closing and will represent 2.25% of the Class A
and B Notes balance at closing; it will be replenished through the
interest waterfall and it will amortise in line with current
balance of the two notes.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio, high excess spread, static
portfolio and counterparty support through the back-up servicer
(Equiniti Gateway Ltd (NR)), and independent cash manager
(Citibank, N.A., London Branch (Aa3(cr)/ P-1(cr)). However, Moody's
notes that the transaction features some credit weaknesses such as
exposure to higher risk borrowers and higher operational risk than
a typical UK deal because Oplo HL Ltd is a small and new, unrated
entity acting as originator and servicer to the transaction.
Various structural mitigants have been included in the transaction
structure such as a back-up servicer, as well as estimation
language and an independent cash manager.

The English law governed loans in the pool are backed by second or
subsequent ranking equitable mortgages on properties, obtained by
way of unilateral notice, while the Scots law governed loans are
secured by way of standard security. Although this provides the
option of recourse against the borrowers property via a court order
of sale, Oplo HL Ltd's current collection practices do not
typically pursue repossession. Instead relying on recovery methods
typically seen on defaulted unsecured consumer loans.

Moody's determined the portfolio lifetime expected defaults of 15%,
expected recoveries of 20% and Aaa portfolio credit enhancement
("PCE") of 36% 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 15% are higher than the EMEA
Consumer 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,
such as the product and short track record of the originator.

Portfolio expected recoveries of 20% are lower than the EMEA
Consumer 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 36% is higher the EMEA Consumer Loan ABS average and is
based on Moody's assessment of the pool which is mainly driven by:
(i) evaluation of the underlying portfolio, complemented by the
historical performance information as provided by the originator,
and (ii) the relative ranking to originator peers in the EMEA
Consumer loan market. The PCE level of 36% results in an implied
coefficient of variation ("CoV") of 28.7%.

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 to an upgrade or downgrade of the ratings:

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

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions; and (ii)
economic conditions being worse than forecast resulting in higher
arrears and losses.


POLO FUNDING 2021-1: S&P Assigns BB Rating to Class C Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to Polo Funding 2021-1
PLC's class A, B-Dfrd, and C-Dfrd notes. At closing, Polo Funding
2021-1 also issued unrated class D-Dfrd, E-Dfrd, and X-Dfrd notes,
and RC1 and RC2 certificates.

Polo Funding 2021-1 is a static RMBS transaction that securitizes a
portfolio of GBP209.6 million second-and-subsequent-ranking
consumer secured loans originated by Oplo HL Ltd.

The assets backing the notes are U.K. second- and
subsequent-ranking consumer secured loans with an average interest
rate of 12.3%.

The transaction benefits from liquidity provided by a liquidity
reserve fund, and principal can be used to pay senior fees and
interest on the class A and B-Dfrd notes (subject to conditions).

Credit enhancement for the rated notes consists of subordination
and excess spread.

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

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

"Our credit and cash flow analysis and related assumptions consider
the transaction's ability to withstand the potential repercussions
of the COVID-19 outbreak, namely, higher defaults. Considering
these factors, we believe that the available credit enhancement is
commensurate with the assigned ratings."

  Ratings

  CLASS       RATING*     CLASS SIZE (MIL. GBP)

  A           A+ (sf)       125.7
  B–Dfrd      A- (sf)        29.3
  C-Dfrd      BB (sf)        27.2
  D-Dfrd      NR             16.7
  E-Dfrd      NR             10.4
  X-Dfrd      NR             15.7
  RC1         NR              N/A
  RC2         NR              N/A

*S&P Global Ratings' 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 all other rated
notes. S&P's ratings also address timely interest on the rated
notes when the class B notes become most senior outstanding. Any
deferred interest is due at maturity.
N/A--Not applicable.
NR--Not rated.


SHACKLETON WINTLE: Enters Administration, 69 Jobs Affected
----------------------------------------------------------
Grant Prior at Construction Enquirer reports that Cheltenham-based
plumbing, heating and electrical specialist Shackleton, Wintle and
Lane Limited (SW&L) has gone into administration with the loss of
69 jobs.

Administrators at Mazars said the firm was brought down by the
impact of the pandemic, Construction Enquirer relates.

SWL has been in business since 1983 specializing in new build
housing schemes and bespoke property renovations.

According to Construction Enquirer, the GBP9.2 million turnover
company had seen strong profitability and year-on-year sales growth
of 10% in the first half of the year ended July 31, 2020, but the
impact of the Covid-19 lockdowns saw an almost complete shutdown of
the business resulting in losses of circa GBP400,000 during the
year.

The pandemic continued to make its mark during 2021, with global
material shortages, building materials price increases and a
shortage of labour meaning that the company was unable to meet
significantly increased demand for its services as restrictions
eased, Construction Enquirer states.  During this period sales
continued to fall and the company accrued further losses,
Construction Enquirer notes.



                           *********


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

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

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

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