/raid1/www/Hosts/bankrupt/TCREUR_Public/211109.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Tuesday, November 9, 2021, Vol. 22, No. 218

                           Headlines



B E L A R U S

BELARUS: Fitch Affirms 'B' LT Foreign Currency IDR, Outlook Neg.


F R A N C E

ACCOR SA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
GFG ALLIANCE: French Authorities Open Probe Into Gupta Empire
SECHE ENVIRONNEMENT: Fitch Gives BB Rating to EUR300MM Unsec Notes


G E R M A N Y

LUFTHANSA: Posts Quarterly Profit for First Time Since Pandemic
NORDEX SE: Moody's Withdraws 'B3' Corporate Family Rating


I R E L A N D

ALME LOAN IV: Moody's Affirms B2 Rating on EUR12.65MM F-R Notes
PORTMAN SQUARE 2021-NPL1: Moody's Assigns (P)Ba1 Rating to B Notes


I T A L Y

ALMAVIVA SPA: Moody's Withdraws B2 CFR Following Debt Repayment
PLANET HOLDING: Competitive Bidding for Shares Set for Nov. 30
RED & BLACK AUTO: Moody's Gives Ba2 Rating to EUR21MM Cl. D Notes


M A C E D O N I A

NORTH MACEDONIA: Fitch Affirms 'BB+' Foreign Curr. IDR, Outlook Neg


R U S S I A

YUKOS OIL: Part of US$50-Bil. Judgment Overturned


U N I T E D   K I N G D O M

BELL GROUP: Appoints Madison Pacific as Trustee for Bonds
OEP BUILDING: Pre-pack Insolvency Procedure Saves 88 Jobs
TECHNIPFMC PLC: S&P Affirms 'BB+' ICR & Alters Outlook to Stable

                           - - - - -


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B E L A R U S
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BELARUS: Fitch Affirms 'B' LT Foreign Currency IDR, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed Belarus's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B' with a Negative Outlook.

KEY RATING DRIVERS

Belarus's ratings balance high income per capita, an improved
economic policy framework and a clean debt repayment record against
low foreign exchange reserves, subdued growth prospects, government
debt highly exposed to foreign-currency (FC) risks, a weak banking
sector, high external indebtedness and weak governance indicators
relative to rating peers. The Negative Outlook reflects
vulnerabilities that have been elevated by the post-election
political crisis and aggravated by waves of sanctions that pose
risks to macroeconomic and financial stability. These risks more
than offset temporary improvements in some credit metrics partly
supported by higher prices and production of key commodity
exports.

Economic performance so far in 2021 has surpassed Fitch's
expectations and macroeconomic stability has been maintained
despite the imposition of further sanctions. The outperformance
reflects a supportive external environment, with prices and
production of key energy, chemical and mineral products all rising,
while the IT sector continued to make a notable contribution to
growth despite concerns over the departure of skilled personnel
following the political events of 2020. Fitch expects full-year
growth of 2.1%, compared with Fitch's 0.7% projection at Fitch's
previous review (in May). The pandemic poses a modest downside risk
to growth and the vaccination rate is low, but as with 2020, the
authorities have shied away from restrictions that have a
meaningful impact on economic activity.

Fitch forecasts growth to slow to 0.3% in 2022 as base effects
dissipate and the impact of sanctions intensifies. Sanctions put on
Belarus in 2020 were broadened after the forced landing in Minsk of
an Athens-Vilnius flight in May and have since been subject to
further iterations. There remain gaps in the sanctions that have
mitigated their near-term impact. Belarusian companies will over
time feel the effects of the loss of investment goods, which tend
to be sourced from the EU. In addition, uncertainty about the reach
of US sanctions, reputational risks, and the trajectory of future
sanctions will act as a major drag on growth.

Fitch's baseline is that there will not be the political actions
necessary for a de-escalation of sanctions over Fitch's forecast
period. The president's grip on the domestic political scene
appears to have tightened. Repression of domestic opposition and
civil society groups has increased and space for dissenting views
has seemingly been eliminated. After a sharp drop in 2020, World
Bank Governance Indicators (WBGI) are likely to deteriorate further
in 2021. Foreign-based opposition has marshalled international
pressure on the authorities but has little influence on the ground
and the government appears united. A referendum on a new
constitution that could formalise revised power structures is due
by the end of February 2022. The government continues to tighten
its relationship with Russia.

Pressure on the external sector continues to ease, although the
sovereign's external position remains relatively strained.
International reserve assets increased by USD1.0 billion to USD8.5
billion over the first nine months of the year due to the special
drawing rights allocation from the IMF and a current account
surplus that has outweighed modest deposit outflows, and the ruble
has appreciated modestly. The current account has benefited from
higher revenue from key commodity exports and sluggish consumption
dampening import growth and Fitch forecasts a surplus of 0.7% of
GDP in 2021. For 2022 and 2023, Fitch forecasts the current account
to return to deficit due to an easing of prices for key exports,
higher transportation costs and more subdued growth in IT service
exports.

The improved reserve position puts Belarus in a good position to
meet its near-term FC funding requirements, although CXP coverage
at end-2021 is projected at 2.1 months ('B' median 4.9). Total FC
sovereign debt repayments in 2022 are USD3.23 billion. Around
one-third is due to Russia, 17% to China and 11% to the Eurasian
Fund for Stabilisation and Development (EFSD); a further third are
bonds on the domestic and Russian markets, which Fitch assumes can
be rolled over. The authorities are anticipating another lending
programme with the EFSD, which together with budget FC revenues
should cover the gap. Meeting FC funding needs in 2023 will be more
challenging as repayments reach USD4 billion, including an USD800
million Eurobond maturing in February. Sanctions effectively
prevent issuance on major international markets.

The central bank appears to have preserved recent gains in policy
credibility in the face of some political pressure earlier in the
year, although it has also benefited from balance of payments
movements. The policy rate was raised twice (by a combined 150bp)
in response to rising inflation (which hit a five-year high of
10.2% in September), but it remains negative in real terms on an
ex-post basis after several years of large positive real rates.
Inflation expectations are reasonably contained and renewed deposit
dollarisation is not evident. Administered prices will slow the
pass through from global price moves and keep inflation around
double digits for most of 2022, after which inflation should ease,
but exchange rate pressures could re-emerge. Fitch forecasts
inflation to average 8.5% between 2021 and 2023, double the
forecast 'B' median of 4.3%.

General government finances in 2021 have benefited from improved
economic growth. Over the first nine months at the state budget
level, tax revenues were well above budgetary projections, while
spending was slightly below planned levels. Fitch has revised its
general government deficit projection to 3.2% of GDP from 5.1% in
May. General government finances were hit by an SOE debt
restructuring in the first quarter with a budgetary cost of 1% of
GDP. There have been no similar subsequent transactions. Government
debt including guarantees is forecast to fall to 44% of GDP in 2021
owing to exchange rate appreciation (around 90% of government debt
is FC denominated).

The 2022 budget projects a narrowing of the deficit to 2.4% of GDP
(from 3% in 2021), in line with Fitch's forecast. Revenues will be
impacted by a less buoyant external environment and lower growth.
Excise duties have been raised and measures to close tax loopholes
introduced as the government aims to recoup losses from the Russian
oil tax manoeuvre. The authorities view spending control as a key
way to preserve macroeconomic stability, with healthcare one of the
few areas to see a notable increase. Fitch assumes capital spending
will be adjusted in the event of revenue shortfalls. However, Fitch
expects the oil tax manoeuvre, weak growth and supporting
sanctions-affected SOEs to increase pressure on public finances
over the medium term. Fitch projects government debt/GDP (including
guarantees) at 45.7% at end-2023, well below the forecast peer
median of 70.3%.

Bank deposits showed more resilience to the recent round of
sanctions than to the political events of 2020. FC deposits
continue to drift down, but local currency deposits are up so far
this year, reflecting higher interest rates. Credit growth has been
sluggish (1.9% yoy in September) owing to caution from both
borrowers and lenders. Banks retain sufficient access to external
financing, with financing largely relationship based. Newly
sanctioned banks have not faced financing pressures. Non-performing
loans have edged up 5.6% from 5.0% at the start of the year, and
Fitch believes asset quality is weaker than reported when assessed
in terms of IFRS 9 impaired.

ESG - Governance: Belarus has an ESG Relevance Score (RS) of '5'
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in
Fitch's proprietary Sovereign Rating Model. Belarus has a low WBGI
ranking at 24th percentile, reflecting the high concentration of
power in the hands of President Lukashenko who has been in office
since 1994, a relatively low level of rights for participation in
the political process, moderate institutional capacity and a
moderate level of corruption. Belarus's WBGI ranking deteriorated
the most of all Fitch-rated sovereigns in 2020 as the indicators
captured the political instability resulting from the August 2020
presidential election.

RATING SENSITIVITIES

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

-- External Finances: External financing pressures and erosion of
    international reserves, for example due to failure to secure
    adequate external financing.

-- Macro and Structural: Macroeconomic and financial instability
    precipitated by domestic political unrest or economic policy
    missteps, and reflected in, for example, rapid bank deposit
    outflows.

-- Public Finances: Rapid increase in government debt/GDP, for
    example from exchange rate shocks, further weakening of growth
    prospects and/or crystallisation of contingent liabilities.

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

-- External Finances: Sustained reduction of pressures on the
    banking sector liquidity and international reserves, for
    example, due to reduced political uncertainty.

-- Public Finances: A decline in government debt/GDP supported by
    sustained post-coronavirus fiscal consolidation over the
    medium term and higher growth.

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

Fitch's proprietary SRM assigns Belarus a score equivalent to a
rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

-- External finances: -1 notch, to reflect a high gross external
    financing requirement, low net international reserves,
    sanctions that effectively bar primary sovereign issuance on
    major international capital markets and close financial, trade
    and economic links with Russia, which are vulnerable to
    changes in bilateral relations. Belarus's net external
    debt/GDP is high.

-- Fitch has removed the -1 notch for macro as political
    pressures on economic policy have abated and recent gains in
    economic policy credibility have been preserved through recent
    shocks. In addition, Fitch considers that very weak medium
    term growth prospects relative to peers are adequately
    captured in the SRM.

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

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

Belarus has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Belarus has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

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

Belarus has an ESG Relevance Score of '4' for International
Relations and Trade, as its close economic linkages, dependence on
bilateral financial support and complex relationship with Russia
leaves it vulnerable to changes in Russian policy, which is
relevant to the rating and a rating driver with a negative impact
on the credit profile.

Belarus has an ESG Relevance Score of '4[+]' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Belarus, as for all sovereigns. As Belarus
has a track record of 20+ years without a restructuring of public
debt, which is captured in Fitch's SRM variable, this has a
positive impact on the credit profile.

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




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

ACCOR SA: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Accor SA's Long-Term Issuer Default
Rating (IDR) at 'BB+'. The Outlook is Stable.

The affirmation recognises Accor's leading market position,
worldwide diversification and strong financial flexibility with
solid liquidity headroom, which should enable Accor to navigate the
elongated recovery phase post-Covid-19.

Repeated pandemic waves during 2021 have delayed expected
deleveraging. From 2022, Fitch expects the pace of recovery to
accelerate, especially for leisure demand, as mobility restrictions
are lifted and vaccination roll-out progresses. Accor has committed
to streamlining its cost structure and aligning it with an
asset-light business model. Fitch expects these savings, together
with other cash preservation measures, to drive deleveraging to a
level consistent with its rating category. Combined with an
expected conservative financial policy, this deleveraging
trajectory supports the Stable Outlook.

KEY RATING DRIVERS

Long-Lasting Pandemic Delays Deleveraging: Even with a satisfactory
summer season, Fitch expects 2021 credit metrics will remain highly
disrupted. Fitch expects no meaningful deleveraging before 2023,
which should be the first year approaching (but not reaching)
pre-pandemic performance. From 2023, Fitch assumes a normalisation
of trading conditions, although Fitch factors in a permanent loss
of a proportion of business travel, resulting from some bias in
corporates' policies towards virtual meetings. Fitch expects a
continued focus on post-dividend free cash flow (FCF) generation
and a conservative financial policy to support deleveraging.

Cash Flow Generation Back in 2023: Fitch expects Accor's EBITDA
margin to remain negative in 2021 and significantly below
normalised levels in 2022, resulting from the legacy of an
asset-heavy structure combined with a somewhat slow recovery of
international business travel, before recovering towards 20-21% by
2023. Fitch expects Accor to have the capacity to progressively
adapt its cost base in line with its announced restructuring plan
(the Reset plan) to limit negative EBITDA in 2021, before it starts
to normalise.

FCF generation will still be largely affected in 2021, but should
significantly rebound from 2023, on the back of moderate capex
needs and an assumed return to dividend distributions compatible
with the deleveraging path.

Liquidity Remains Strong: Accor entered the pandemic with a very
high liquidity cushion. This cash reserve (in the form of cash on
balance sheet and access to a revolving credit facility; RCF) has
enabled the group to withstand the crisis, and will remain
comfortable in 2022. The absence of imminent debt maturities
reinforces the liquidity position. Fitch expects Accor to continue
adapting its use of cash to the still highly volatile circumstances
and to maintain a cautious financial policy, focusing on cash
preservation, which underpins the Stable Outlook.

Asset-Light Transformation Ongoing: Accor's business model is
mostly asset-light (96% of room portfolio) after the sale of Orbis
in February 2020. The abrupt collapse of revenues in 2020 revealed
that Accor's cost structure has not yet adapted to this business
model, and led Accor to implement the Reset plan. This plan is
expected to generate EUR200 million recurrent savings from 2023,
and implementation is so far on track. Once complete, the fee
nature of the asset-light model will help mitigate EBITDA
volatility in a cyclical sector, which remains subject to sharp
moves in occupancies and pricing.

Diversification Will Boost Recovery: Accor's economy segment
(including all Ibis brands) has historically demonstrated better
resilience during crises. As of end-June 2021, 41% of Accor's
portfolio was in the economy segment, where revenue per available
room (RevPAR) variations have outperformed the rest of Accor's
categories since the beginning of the pandemic. Global
diversification will also aid Accor's recovery, as restrictions
differ by continent.

DERIVATION SUMMARY

Accor's IDR is several notches above that of most European
competitors such as NH Hotel Group S.A. (B-/Negative), due to its
larger scale and diversification across segments and geographies.
Accor's size of system network remains smaller than the major
global peers, such as Marriott International Inc. and
Intercontinental Hotel Group by number of rooms, but it has wider
geographical diversification after having consistently expanded
across continents, including in Asia.

Accor is less profitable and more leveraged than Hyatt Hotels
Corporation (BBB-/Negative) and more leveraged than Whitbread PLC
(BBB-/Stable). Fitch expects Accor's profitability to improve to
levels that are more in line with those of asset-light hotel
operators in the medium term, given the group's ongoing
business-model transformation.

KEY ASSUMPTIONS

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

-- Revenue decreasing by around 50% in 2021 and 25% in 2022
    versus 2019, driven by RevPAR pressures across all regions;

-- Negative EBITDA in 2021, turning to positive only in 2022 with
    margin recovering towards 21% by end-2023;

-- Capex at EUR150 million in 2021, followed by average EUR200
    million per year thereafter;

-- Suspended dividend payments for 2021 and 2022;

-- EUR220 million pending one-off costs in 2021-2022 to optimize
    the cost structure and EUR175 million for a marketing plan;

-- Neutral working capital in 2022 with progressive positive
    reversal of deferral to owners from FY22;

-- EUR100 million allocated to the special purpose acquisition
    company project;

-- EUR50 million outflow in 2023 and 2024 for bolt-on
    acquisitions.

RATING SENSITIVITIES

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

-- Lodging market sustainable recovery, enabling rapid recovery
    of RevPAR and fees to pre-crisis levels, coupled with
    successful implementation of the cost-cutting plan;

-- Lease-adjusted net debt/EBITDAR (adjusted for variable leases)
    trending towards 3.5x coupled with contained medium-term
    shareholder distribution and M&A activity;

-- Lease-adjusted EBITDAR/gross interest plus rents above 2.5x;

-- Low to mid-single digit FCF margin.

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

-- A deeper and longer economic disruption as part of, or
    following, the Covid-19 crisis than currently modelled by
    Fitch, leading to a meaningful delay in normalisation of
    operations;

-- Lease-adjusted net debt/EBITDAR (adjusted for variable leases)
    sustainably above 4.5x;

-- Lease-adjusted EBITDAR/gross interest plus rents of below
    1.8x;

-- Continuing negative FCF.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Accor had EUR1.5 billion of readily available
cash at end-September 2021 in addition to its undrawn RCF of EUR1.2
billion (maturing in June 2025) and EUR560 million RCF, also
undrawn. None of these lines contains any conditions precedent to
drawdown and the EUR1.2 billion RCF has a covenant holiday until
June 2022 while the EUR560 million RCF has no covenants. This
supports the current rating through Fitch's forecast downturn
scenario, along with Accor's ability to adapt its financial
policies, capex and M&A plans to preserve financial flexibility.

Accor's refinancing in 2019 extended its debt maturity profile with
no relevant maturities before 2023.

Ring-fenced AccorInvest: Accor will continue to own 30% of
AccorInvest until at least mid-2023, but the latter's debt is fully
ring-fenced and Accor is not liable for it.

ISSUER PROFILE

Accor is a global player in the hotel industry and the European
leader, with a portfolio of more than 760,000 rooms. 96% of the
rooms under management or franchise contracts and 45% of the rooms
were in Europe in 2020. Main brands include Ibis, Novotel, Mercure
and Pullman.

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.


GFG ALLIANCE: French Authorities Open Probe Into Gupta Empire
-------------------------------------------------------------
Anna Gross in Paris, Robert Smith and Sylvia Pfeifer at The
Financial Times report that French authorities have opened an
investigation into Sanjeev Gupta's business empire, deepening the
challenge facing the UK metals magnate once hailed as the "saviour
of steel".

The Paris Prosecutor's Office told the FT it was probing Mr.
Gupta's French operations over allegations of "misuse of corporate
assets" and "money laundering".

France is home to several important assets in the GFG Alliance, the
collection of plants and smelters Mr. Gupta amassed during a
multibillion-dollar acquisition spree financed by Greensill
Capital, the FT discloses.  Greensill's collapse in March plunged
GFG into crisis and triggered investigations in Germany and by the
UK's Serious Fraud Office, the FT recounts.

According to the FT, Paris prosecutors said they launched their
probe in July after suspicious activities were reported by public
officials. They declined to provide details of the investigation.

GFG, as cited by the FT, said it was "not aware of any such
investigation and refutes any suggestion of wrongdoing in its
French operations".

Officials also reported GFG's use of EUR25 million from the Dunkirk
smelter to pay off litigation costs that stemmed from a dispute
with Rio Tinto over the original purchase, the FT relays, citing
people briefed on the matter.

According to French law, misuse of corporate assets is when one or
more directors make use of the goods or credit of a company in "bad
faith", either for personal gain or in the interests of another
business they own.

The people added that use of funds from the French business to
settle the litigation costs was seen as a "misuse of corporate
assets" that purely "benefited the shareholder", the FT notes.

The people said a further case reported by officials relates to
whether all of an €18m French government-backed loan given to
Liberty Aluminium Poitou, part of the GFG empire, from Greensill's
now-insolvent German banking subsidiary, was deployed at the plant,
the FT relates.

According to the FT, French media reported earlier this year that
the Poitou loan was being investigated by local prosecutors, but
that case has now been wrapped into the wider probe by Paris
prosecutors.

GFG said in a statement that it had "abided by all the rules and
invested EUR45 million of shareholder funds into French downstream
assets, including Poitou, while under our ownership", according to
the FT.


SECHE ENVIRONNEMENT: Fitch Gives BB Rating to EUR300MM Unsec Notes
-------------------------------------------------------------------
Fitch Ratings has assigned French waste management company Seche
Environnement S.A.'s (BB/Stable) EUR300 million senior unsecured
sustainability-linked notes a final 'BB' rating.

The notes are due in November 2028 with a coupon of 2.250%. They
have been issued under the sustainability-linked financing
framework. The coupon of the notes is adjusted depending on defined
reductions of Seche's greenhouse gas emissions (GHG) in France, and
on defined increases of GHG emissions avoided by the group's
recycling activities in France.

The net proceeds are being used to repay existing debt and for
general corporate purposes. The final rating is in line with the
expected rating assigned on 25 October 2021 and follows the receipt
of documents conforming to information previously received.

KEY RATING DRIVERS

Instrument Rating in Line with IDR: The rating on the senior
unsecured sustainability-linked notes is in line with Seche's 'BB'
Long-Term Issuer Default Rating (IDR), as the notes constitute
senior unsecured obligations and will rank pari passu in right of
payment with all other existing and future senior indebtedness that
is not expressly subordinated in right of payment to the notes.

The holdco, Seche Environnement S.A., has no business operations
but holds more than 70% of the consolidated debt after the
issuance. Seche's ratio of prior-ranking debt to consolidated
EBITDA is well within the maximum threshold allowed by Fitch's
criteria to avoid notching down the senior unsecured rating at the
holdco for structural subordination. Fitch recognises management's
commitment to gradually move towards a more centralised funding
structure.

Tempered Business Risk: Seche's IDR reflects its smaller size than
peers, its exposure to more volatile industrial clients and the
partial lack of revenue predictability, due to the uncontracted
business. Rating strengths include its strong position in the niche
markets of hazardous waste treatment in France, a long record of
stable profit margins and leverage metrics, and resilience
throughout the pandemic.

Stable Profitability and Leverage: Seche has a history of stable
profitability and leverage ratios, despite being exposed to
economic conditions and industrial activity. The company maintains
a conservative financial policy applied consistently, which
includes a publicly stated net debt/EBITDA target below 3.0x. Fitch
expects funds from operations (FFO) net leverage to remain around
4.1x during 2021-2024 (including Fitch-assumed M&A), which is
commensurate with Seche's stated policy. The company's history of
financial stability, particularly during the recent expansion
phase, is a key factor supporting the rating.

DERIVATION SUMMARY

Fitch views Luna III S.a.r.l (Luna or Urbaser; BB(EXP)/Stable) as
Seche's closest peer, followed by local waste management operators
such as FCC Servicios Medio Ambiente Holding, S.A.U. (BBB-/Stable)
and Averda Holdings International Limited (BB-/Stable). Seche's
smaller scale, lower share of contracted revenue and higher
exposure to industrial customers drive the lower debt capacity
compared with Luna. However, this is mitigated by Seche's lower
leverage metrics and exposure to activities with higher barriers to
entry due to stricter regulations.

Compared with integrated global leaders such as Veolia
Environnement S.A. (BBB/Stable) and Suez S.A., Seche is
significantly smaller and lacks geographical and product
diversification. Seche also has higher exposure to industrial
customers and is not present in low-risk water activities, which is
credit positive for Veolia and Suez. However, it benefits from
higher profit margins and stronger leverage metrics. Overall, the
difference in ratings reflects Séché's weaker business risk that
is not entirely offset by a slightly better financial profile.

KEY ASSUMPTIONS

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

-- Issuance of EUR300 million of senior unsecured notes in 2021,
    with maturity date in 2028;

-- Revenue growth of 7% on average per year to 2024, primarily
    driven by higher healthy pricing; environment and bolt-on
    acquisitions;

-- EBITDA margin (Fitch-defined) averaging 17% over 2021-2024;

-- Capex on average at 11% of revenue on average during 2021-
    2024;

-- Working capital at 12% of revenue during 2021-2024;

-- Stable dividends and minority interest payments to 2024;

-- M&A: acquisition of Osis IDF in 2022. Additional M&A outflows
    of EUR35 million per year for 2023-2024, which is not in
    Seche's business plan.

RATING SENSITIVITIES

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

-- Deleveraging leading to FFO net leverage below 3.7x and FFO
    interest coverage above 4.5x on a sustained basis, and
    consistent free cash flow (FCF).

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

-- FFO net leverage above 4.4x and FFO interest coverage below
    3.5x and consistently negative FCF.

-- Increased earnings volatility within Seche's business
    portfolio, to the extent the changes are not adequately offset
    by lower financial risk. This could arise from material
    changes to regulatory framework (towards less supportive
    regulations) or a material increase in exposure to cyclical
    sectors among its industrial clients or to emerging countries.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Healthy Liquidity: As of 30 June 2021, Seche had readily available
cash of EUR134 million and committed undrawn facilities EUR150
million maturing in July 2023. In Fitch's rating case Fitch expects
the post-dividend FCF to remain positive. This means that Seche can
cover scheduled debt maturities of EUR230 million for 2021-2023
without resorting to additional debt issuance.

Seche's EUR300 million senior unsecured notes are earmarked for the
repayment of EUR255 million of existing debt, for general corporate
purposes, and to cover transaction-related fees and prepayment
costs. After the refinancing, the company's material debt
maturities fall due after 2025.

ISSUER PROFILE

Seche is engaged in the collection, treatment and storage of waste,
as well as the recovery of energy and materials. It generated 82%
of its 2020 revenue with industrial clients and environmental
service companies; and the remaining 18% with local authorities.




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

LUFTHANSA: Posts Quarterly Profit for First Time Since Pandemic
---------------------------------------------------------------
Joe Miller at The Financial Times reports that Lufthansa beat
analysts' expectations to post a quarterly profit for the first
time since the pandemic, becoming the second major European airline
to benefit from the travel recovery as international borders
reopen.

The German airline, which is in the process of slimming down its
business and is axing more than 30,000 staff, eked out earnings of
EUR17 million before interest and taxes for the three months to the
end of September, the FT discloses.  In the previous quarter,
Lufthansa booked a loss of more than EUR950 million, the FT
states.

According to the FT, the Frankfurt-based carrier said that,
although the 19.6 million passengers it had carried in the latest
quarter represented 46% of pre-crisis 2019 levels, new bookings had
surged to 80% of pre-pandemic norms.

However, it reiterated that overall it still expected to operate
just 70% of its pre-pandemic capacity in 2022, the FT notes.

Last month, Lufthansa completed a capital increase of more than
EUR2.1 billion, with which it intends to repay fully the bailout it
received from Berlin in the summer of 2020, the FT recounts.

The rescue package meant the government took a 16% stake in the
company, which Lufthansa's management are keen to see reduced, the
FT relays.

According to the FT, the company, which has a higher cost base than
many of its competitors, has made significant progress in its
restructuring efforts.


NORDEX SE: Moody's Withdraws 'B3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Nordex SE.

At the time of withdrawal the ratings for Nordex were B3 corporate
family rating, B3-PD probability of default rating and B3 EUR275
million guaranteed senior unsecured global notes. The outlook has
been withdrawn from previously negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Headquartered in Germany, Nordex SE (Nordex) is one of the leading
manufacturers of onshore wind turbine generators, holding a top
four position globally (excluding Chinese companies). During the
twelve months to June 2021 Nordex generated revenue of EUR5.3
billion, with a cumulated installed base of more than 35 gigawatts.
In 2020 the company generated around 91% of its revenue from the
sale of turbines, while the rest comes from its service business,
which involves providing maintenance, efficiency upgrades of
turbines and repair services to its installed base.




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

ALME LOAN IV: Moody's Affirms B2 Rating on EUR12.65MM F-R Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by ALME Loan Funding IV DAC:

EUR43,600,000 Class B-R Senior Secured Floating Rate Notes due
2032, Upgraded to Aa1 (sf); previously on Jan 16, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR28,200,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Jan 16, 2018
Definitive Rating Assigned A2 (sf)

EUR24,250,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on Jan 16, 2018
Definitive Rating Assigned Baa2 (sf)

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

EUR275,900,000 Class A-R Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Jan 16, 2018 Definitive
Rating Assigned Aaa (sf)

EUR35,200,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jan 16, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,650,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Jan 16, 2018
Definitive Rating Assigned B2 (sf)

ALME Loan Funding IV DAC, issued in January 2016, and refinanced in
January 2018 is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Apollo Management International LLP. The
transaction's reinvestment period will end in January 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-R, C-R and D-R Notes are
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in January
2022.

The affirmations on the ratings on the Class A-R, E-R and F-R 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.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the refinancing in January 2018.

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: EUR450.75 million

Diversity Score: 56

Weighted Average Rating Factor (WARF): 3345

Weighted Average Life (WAL): 4.95 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.55%

Weighted Average Recovery Rate (WARR): 45.96%

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

Methodology Underlying the Rating Action:

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


Counterparty Exposure:

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

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the 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:

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. Moody's tested for a possible
extension of the actual weighted average life in its analysis. The
effect on the ratings of extending the portfolio's weighted average
life can be positive or negative depending on the notes'
seniority.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


PORTMAN SQUARE 2021-NPL1: Moody's Assigns (P)Ba1 Rating to B Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Portman Square 2021-NPL1 Designated Activity
Company:

EUR[ ]M Class A Mortgage Backed Floating Rate notes due October
2061, Assigned (P)A1 (sf)

EUR[ ]M Class B Mortgage Backed Floating Rate notes due October
2061, Assigned (P)Ba1 (sf)

Moody's has not assign a rating to the subordinate EUR[ ]M Class Z
Mortgage Backed Rate notes due October 2061.

The subject transaction is a static cash securitisation of
non-performing loans (NPLs) and re-performing loans (RPLs) extended
to borrowers in Ireland. This transaction represents the first
securitisation transaction from Panelview Designated Activity
Company (Panelview) backed by NPLs in Ireland. The portfolio is
serviced by Mars Capital Finance Ireland DAC ("Mars", NR). CSC
Capital Markets (Ireland) Limited ("CSC") has been appointed as
back-up servicer facilitator in place to assist the issuer in
finding a substitute servicer in case the servicing agreement with
Mars is terminated.

RATINGS RATIONALE

Moody's ratings reflect an analysis of the characteristics of the
underlying pool of NPLs and RPLs, sector-wide and servicer-specific
performance data, protection provided by credit enhancement, the
roles of external counterparties, and the structural integrity of
the transaction.

In order to estimate the cash flows generated by the pool Moody's
has split the pool into RPLs and NPLs. Moody's has classified as
re-performing certain assets that have shown a consistent payment
ratio and have an LTV low enough to incentivize borrowers to meet
their monthly payments.

In analysing the loans classified as RPLs, Moody's determined a
MILAN Credit Enhancement (CE) of 55.0% and a portfolio Expected
Loss (EL) of 24.0%. The MILAN CE and portfolio EL are key input
parameters for Moody's cash flow model in assessing the cash flows
for the RPLs.

MILAN CE of 55.0%: this is above the average for other Irish RMBS
transactions and follows Moody's assessment of the loan-by-loan
information taking into account the historical performance and the
pool composition including: (i) the Moody's-calculated weighted
average indexed current loan-to-value (LTV) ratio of 69% of the
RPLs pool; and (ii) the inclusion of restructured loans.

Portfolio expected loss of 24.0%: This is above the average for
other Irish RMBS transactions and is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account (i)
the historical collateral performance of the loans to date, as
provided by the seller; (ii) the current macroeconomic environment
in Ireland and (iii) benchmarking with similar Irish RMBS
transactions.

In order to estimate the cash flows generated by the NPLs, Moody's
used a Monte Carlo based simulation that generates for each
property backing a loan an estimate of the property value at the
sale date based on the timing of collections.

The key drivers for the estimates of the collections and their
timing are: (i) the historical data received from the servicer;
(ii) the timings of collections for the secured loans based on the
legal stage of each loan; (iii) the current and projected property
values at the time of default; and (iv) the servicer's strategies
and capabilities in foreclosing on properties and maximizing
recoveries.

Hedging: As the collections from the pool are not directly
connected to a floating interest rate, a higher index rate payable
on the Notes would not be offset by higher collections from the
NPLs. The transaction therefore benefits from an interest rate cap,
linked to trhee-month EURIBOR. The notional of the interest rate
cap is equal to the closing balance of the Class A and B Notes. The
cap expires in October 2024.

Coupon cap: The transaction structure features coupon caps that
apply on the interest payment date falling after the cap provider
expiration. The coupon caps limit the interest payable on the Notes
in the event interest rates rise and only apply following the
expiration of the interest rate cap.

Transaction structure: Class A Notes size is 33.75% of the total
collateral balance with 66.25% of credit enhancement provided by
the subordinated Notes. The payment waterfall provides for full
cash trapping: as long as Class A Notes are outstanding, any cash
left after replenishing the Class A Reserve Fund will be used to
repay Class A Notes.

The transaction benefits from an amortising Class A Reserve Fund
equal to 8.25% of the Class A Notes outstanding balance. The Class
A Reserve Fund can be used to cover senior fees and interest
payments on Class A Notes. The amounts released from the Class A
Reserve Fund form part of the available funds in the subsequent
interest payment date and thus will be used to pay servicer fees
and/or to amortise Class A Notes. The Class A Reserve Fund would be
enough to cover around 40 months of interest on the Class A Notes
and more senior items, assuming EURIBOR of 0.5%.

Class B Notes benefit from a dedicated Class B interest Reserve
Fund equal to 6% of the Class B Notes balance at closing, which can
only be used to pay interest on Class B Notes. The Class B Interest
Reserve Fund is sufficient to cover around 24 months of interest on
Class B Notes, assuming EURIBOR of 0.5%. Unpaid interest on Class B
Notes is deferrable with interest accruing on the deferred amounts
at the rate of interest applicable to the respective Note.

Servicing disruption risk: CSC is the back-up servicer facilitator
in the transaction and will help the issuer to find a substitute
servicer in case the servicing agreement with Mars is terminated.
Moody's expects the Class A Reserve Fund to be used up to pay
interest on Class A Notes in absence of sufficient regular
cashflows generated by the portfolio early on in the life of the
transaction. It is therefore likely that there will not be
sufficient liquidity available to make payments on the Class A
Notes in the event of servicer disruption. The insufficiency of
liquidity in conjunction with the lack of a back-up servicer mean
that continuity of Note payments is not ensured in case of servicer
disruption. This risk is commensurate with the rating assigned to
the Notes.

The principal methodology used in these ratings was "Non-Performing
and Re-Performing Loan Securitizations Methodology" published in
April 2020.

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

Factors that may lead to an upgrade of the ratings include that the
recovery process of the NPLs produces significantly higher cash
flows realized in a shorter time frame than expected.

Factors that may cause a downgrade of the ratings include
significantly less or slower cash flows generated from the recovery
process on the NPLs compared with Moody's expectations at close due
to either a longer time for the courts to process the foreclosures
and bankruptcies, a change in economic conditions from Moody's
central scenario forecast or idiosyncratic performance factors.

For instance, should economic conditions be worse than forecasted,
falling property prices could result, upon the sale of the
properties, in less cash flows for the Issuer or it could take a
longer time to sell the properties. Therefore, the higher defaults
and loss severities resulting from a greater unemployment,
worsening household affordability and a weaker housing market could
result in downgrade of the ratings. Additionally, counterparty risk
could cause a downgrade of the ratings due to a weakening of the
credit profile of transaction counterparties. Finally, unforeseen
regulatory changes or significant changes in the legal environment
may also result in changes of the ratings.




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

ALMAVIVA SPA: Moody's Withdraws B2 CFR Following Debt Repayment
---------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating and the B2-PD probability of default rating of AlmavivA
S.p.A. The stable outlook has also been withdrawn.

At the time of withdrawal, the company had no rated debt
outstanding.

RATINGS RATIONALE

The rating action follows the repayment of AlmavivA's EUR250
million senior secured notes due October 2022 on November 3, 2021
with proceeds from the issuance of new EUR350 million senior
secured notes due 2026, unrated by Moody's.

Moody's has decided to withdraw the ratings because AlmavivA's debt
previously rated by Moody's has been fully repaid.

LIST OF AFFECTED RATINGS

Withdrawals:

Issuer: AlmavivA S.p.A

LT Corporate Family Rating, Withdrawn , previously rated B2

Probability of Default Rating, Withdrawn , previously rated B2-PD

Outlook Actions:

Issuer: AlmavivA S.p.A

Outlook, Changed To Rating Withdrawn From Stable

COMPANY PROFILE

Headquartered in Rome, AlmavivA is among the top providers of IT
services solutions in Italy, the third-largest company in CRM
services in the country and the second-largest CRM operator in
Brazil. The company provides a broad range of IT and CRM services,
primarily to the media and telecom sectors, and to local and
central public authorities. The company also operates Almawave, an
artificial intelligence technology company active in speech
recognition, text analytics technology and big data. The company
has approximately 45,000 employees, mainly in Italy and Brazil.

AlmavivA is majority owned by AlmavivA Technologies S.r.l.
(95.11%), which belongs to the founding Tripi family. For the 12
months that ended June 2021, AlmavivA generated EUR890 million of
revenue and EUR131 million of EBITDA (on a Moody's-adjusted
basis).


PLANET HOLDING: Competitive Bidding for Shares Set for Nov. 30
--------------------------------------------------------------
Under Bankruptcy no. 79/2020, Maurizio Gili, the receiver of Planet
Holding Ltd., has ordered a competitive procedure for the sale of
the shareholding held in the company consisting of
159,895 ordinary shares with a nominal value of GBP0.01 each.

The competitive bidding for the sale shall take place before the
Receiver at his office in Turin, at Via E. Perrone no. 14, on
November 30, 2021, at 12:00 p.m.

Bids must be no lower than the starting price of EUR255,832.

Anyone wishing to participate in the competitive procedure must
submit a bid at the receiver's office by 12:00 p.m. on November 29,
2021, in accordance with the conditions indicated in the sale.  The
bid (enclosed in an envelope) must be accompanied, as security, by
a non-transferable bank draft payable to Bankruptcy no. 79/2020 for
an amount equal to 30% of the bid price.

The methods, conditions and terms of the competitive procedure are
indicated in the notice of sale available on the following
websites: www.asteimmobili.it, www.astalegale.net,
www.tribunale.torino.it, www.astetribunali24.it as well as on the
public sales portal.


RED & BLACK AUTO: Moody's Gives Ba2 Rating to EUR21MM Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes to be issued by Red & Black Auto Italy S.r.l.:

EUR945M Class A Asset Backed Floating Rate Notes due December
2031, Definitive Rating Assigned Aa3 (sf)

EUR15M Class B Asset Backed Floating Rate Notes due December 2031,
Definitive Rating Assigned Baa1 (sf)

EUR19M Class C Asset Backed Floating Rate Notes due December 2031,
Definitive Rating Assigned Baa3 (sf)

EUR21M Class D Asset Backed Floating Rate Notes due December 2031,
Definitive Rating Assigned Ba2 (sf)

Moody's has not assigned a rating to the subordinated EUR 5M Class
J Asset Backed Fixed Rate and Variable Return Notes due December
2031.

RATINGS RATIONALE

The Notes are backed by a pool of Italian prime auto loans
originated by Fiditalia S.p.A.. This represents the first issuance
out of the Red & Black Auto Italy S.r.l. issuer.

The portfolio of assets amounts to approximately EUR1,000 million
as of September 30, 2021 pool cut-off date. The Reserve Fund will
be funded to 0.5% of the rated Notes balance at closing and the
total credit enhancement from subordination for the Class A Notes
will be 5.5%, and could increase up to 12.0% on an ongoing basis
given the initial sequential repayment period.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at 0.5% of the rated Notes balance. However, Moody's
notes that the transaction features some credit weaknesses such as
an unrated sub-servicer (Fiditalia) and a structure which allows
for periods of pro rata payments under certain scenarios. Various
mitigants have been included in the transactions structure as a
backup sub-servicer, appointed at closing, which will substitute
the sub-servicer upon termination of the sub-servicer's mandate.

The portfolio of underlying assets was distributed through dealers
to private individuals (85.0%) and self-employed borrowers (15.0%)
to finance the purchase of new (55.0%) and used (45.0%) for private
consumption purposes. As of September 30, 2021, the portfolio
consists of 106,073 auto finance contracts to 105,778 borrowers
with a weighted average seasoning of around 1.74 years. The
contracts have equal instalments during the life of the contract
without any larger balloon payment at maturity.

Moody's determined the portfolio lifetime expected defaults of 2%,
expected recoveries of 15% and Aa3 portfolio credit enhancement
("PCE") of 10% 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 cash flow model to rate Auto
ABS.

Portfolio expected defaults of 2% is in line with the EMEA Auto ABS
average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historic
performance of the book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

Portfolio expected recoveries of 15% is lower than the EMEA Auto
ABS average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historic
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

PCE of 10% is in line with the EMEA Auto ABS average and is based
on Moody's assessment of the pool which is mainly driven by: (i)
the strength of the originator, (ii) the relative ranking to
originator peers in the EMEA market, and (iii) the weighted average
original loan-to-value of 83.3% which is in line with the sector
average. The PCE level of 10% results in an implied coefficient of
variation ("CoV") of 81%.

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 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 (b) the risk
of increased swap linkage due to a downgrade of the swap
counterparty ratings, and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.

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.




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

NORTH MACEDONIA: Fitch Affirms 'BB+' Foreign Curr. IDR, Outlook Neg
-------------------------------------------------------------------
Fitch Ratings has affirmed North Macedonia's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB+' with a
Negative Outlook.

KEY RATING DRIVERS

North Macedonia's ratings are supported by favourable governance
and human development indicators relative to the 'BB' median, and a
credible and coherent macroeconomic and financial policy mix
consistent with the longstanding exchange rate peg to the euro. The
EU accession process helps to anchor policy and support exports and
FDI inflows. These factors are balanced against others, including
the economy's small size and high exposure to exchange rate risk,
for example due to the banking sector's euroisation and a high
share of government debt denominated in foreign currency, and high
structural unemployment, reflecting skill mismatches and a large
informal economy.

The Negative Outlook reflects moderating but still material
downside risks to the growth outlook, including the evolution of
the pandemic, and path of public debt, together with uncertainty
regarding the consistency of the government's fiscal consolidation
strategy and growth targets in the context of the delayed approval
of new fiscal rules.

Political uncertainty has recently increased due to the resignation
of Prime Minister Zoran Zaev as head of government and leader of
the governing SDSM party after significant losses in the second
round of local elections. Parliament will consider the PM's
resignation, and if accepted, move on with the formation of a new
coalition government that has a narrow majority in parliament.

Although Fitch does not expect a significant departure from
long-standing economic policies and commitment to EU integration,
the new coalition government will likely re-assess its policy
priorities and its political space for reaching a negotiated
solution to Bulgaria's EU accession veto given the new political
scenario. Nevertheless, the main opposition party, VMRO-DPMNE, has
called for early elections; the last elections were held in July
and the next elections are not scheduled until 2024.

The dispute with Bulgaria (partly over the account of historical
figures and of North Macedonia's language) continues to delay the
agreement on the framework for EU negotiations and it is not clear
when formal negotiations could start. Resolution remains dependent
on Bulgarian domestic politics, but also on current political
developments in North Macedonia. A protracted delay will not only
likely lead to reduced reform momentum but could also weigh on
support for EU accession.

Fitch forecasts that growth will reach 4.1% in 2021 and 4.3% in
2022 before easing to 3.9% in 2023, slightly above the projected
3.5% for the 'BB' median, as still favourable economic conditions
in key export markets and host countries of overseas workers will
benefit exports and remittances. Domestic credit availability,
continued wage growth, albeit at a more moderate pace, and public
investment will support domestic demand.

The still uncertain evolution of the pandemic in North Macedonia
and key trading partners as well as global supply disruptions
impacting the car industry, among others, could represent
challenges to the recovery. The government has secured vaccine
supply from a variety of sources but its vaccination campaign, as
in many other countries in the region, has run against vaccination
hesitancy. At the end of October, 38% of the target population was
fully vaccinated.

Fitch has not significantly upgraded Fitch's view on medium-term
growth prospects based on the recently launched Growth Acceleration
Plan (GAP). The impact of the plan will depend on sustained
improvements in meeting public investment targets, the government's
ability to crowd in private investment and the development of
institutional capacity and coordination mechanisms to support
timely, transparent and efficient execution of investment
projects.

Although the government revised up its 2021 budget deficit to 6.5%
of GDP (from 4.9%), Fitch has only moderately increased Fitch's
deficit forecast to 6.1% of GDP (from 5.8% in May) due to strong
revenue growth and the expectation of some level of expenditure
under-execution as in previous years. The government's 2022 budget
proposal is in line with the 2022-2026 fiscal strategy, which
projects the budget deficit declining to 4.3% and 3.5% of GDP in
2022-2023, before reaching 2.2% of GDP by 2026. The risks to the
government strategy are derived from lower growth than the
government's forecast (averaging 5.3% between 2022-2026) and
failure to contain current spending.

Fitch forecasts the government deficit to decline to 5.0% of GDP in
2022 and 4.1% in 2023, above the 4.0% and 3.5% forecast for the
'BB' median. Fitch's forecasts assumes lower revenue growth in in
line with Fitch's growth forecasts, as well as under-execution in
planned public investment. The government expects public investment
to increase from 2.4% of GDP in 2020 to 6% by 2026, a challenging
task despite the recent improvements in expenditure monitoring and
execution.

The new organic budget law has yet to be approved by parliament.
The adoption of the law could provide an anchor for fiscal
consolidation through the introduction of a revamped fiscal
framework including a formal fiscal rule and the formation of a
fiscal council. Nevertheless, Fitch considers that its credibility
will depend on its capacity to improve policy predictability
(including the application of escape clauses), stabilise government
debt over the medium term, and its consistency with the
government's GAP.

Having risen by 10pp in 2020, the general government debt ratio
will increase to 53% of GDP in 2021 and to 55.3% by 2023, close to
the projected 'BB' median of 57%. Government guarantees account for
a further 8.2% of GDP (the majority are road projects), none of
which have previously been called. Although 76% of government debt
is foreign-currency denominated, it is predominantly in euros (73%
of total) and exchange rate risk is mitigated by the credibility of
the exchange rate peg.

Near-term external risks are mitigated by improved international
reserves levels, external financing availability and moderate
current account deficits. Fitch expects the current account deficit
to equal 3.4% of GDP, as stronger domestic demand recovery and
higher energy imports will be partly balanced by a strong export
rebound and continued strength in remittances. The deficit will
ease to 3% of GDP by 2023 and Fitch expects net FDI to recover to
3.1% of GDP by 2022, fully financing the current account deficit.

International reserves reached EUR3.7 billion in September, and
Fitch forecasts them to remain relatively stable in 2022-2023,
maintaining adequate reserve coverage (average 4.7 months of CXP)
although lower than peers (6.9 months). North Macedonia's external
liquidity, measured by the ratio of the country's liquid external
assets to its liquid external liabilities, forecast at 204% in
2022, is stronger than peers (173%) and risks are further mitigated
by the extension of the EUR400 million repo facility with the ECB
until March 2022.

Inflation has increased to 3.7% in September, while the National
Bank of North Macedonia maintains an accommodative monetary stance
with a policy rate at 1.25%. Monetary policy will likely remain
accommodative in the absence of increased inflation expectations
translating into increased FX demand in the local market. The 'de
facto' peg to the euro remains well-entrenched.

The banking sector has maintained strong fundamentals despite the
pandemic shock and the phasing out of financial sector relief
measures. It is adequately capitalised (total capital ratio of
17.3% and common equity Tier 1 ratio of 15.9% at in mid-2021) and
profitability (return on average equity of 12.6%) as well as low
non-performing loans (3.4%), despite almost complete withdrawal of
the payment moratorium. Deposit dollarisation remains relatively
high at 42%, but the pandemic shock has not reversed the declining
trend over the past decade.

ESG - Governance: North Macedonia has an ESG Relevance Score of
'5+' for both Political Stability and Rights and for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption, as is the case for all sovereigns. These scores reflect
the high weight that the World Bank Governance Indicators (WBGI)
have in Fitch's proprietary Sovereign Rating Model. North Macedonia
has a medium WBGI ranking, at the 53rd percentile, reflecting a
moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

RATING SENSITIVITIES

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

-- Public Finances: Materially higher than forecast general
    government debt/GDP over the medium term, for example, due to
    a weak economic recovery or greater structural fiscal
    loosening.

-- Structural: Adverse political developments that affect
    governance standards, the economy and EU accession progress.

-- External Finances: An increase in external vulnerabilities,
    for example due to a larger widening of the current account
    deficit net of FDI exerting pressure on foreign currency
    reserves and/or the currency peg against the euro.

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

-- Public Finances: Greater confidence that general government
    debt/GDP will stabilise in the medium term, for example, due
    to economic recovery and post-coronavirus-shock fiscal
    consolidation.

-- Structural: Further improvement in governance standards,
    reduction in political and policy risk, and progress towards
    EU accession.

-- Macro: An improvement in medium-term growth prospects, for
    example through implementation of structural economic reform
    measures.

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

Fitch's proprietary SRM assigns North Macedonia a score equivalent
to a rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

-- Macro: +1 notch, the positive notch adjustment offsets the
    deterioration in the SRM output driven by the pandemic shock,
    including from the growth volatility variable. The
    deterioration of the GDP growth and volatility variables
    reflects a very substantial and unprecedented exogenous shock
    that has hit the vast majority of sovereigns, and Fitch
    currently believes that North Macedonia has the capacity to
    absorb it without lasting effects on its long-term
    macroeconomic stability.

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

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

North Macedonia has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As North
Macedonia has a percentile rank above 50 for the respective
Governance Indicator, this has a positive impact on the credit
profile.

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

North Macedonia has an ESG Relevance Score of '4[+]'for Human
Rights and Political Freedoms as the Voice and Accountability
pillar of the World Bank Governance Indicators is relevant to the
rating and a rating driver. As North Macedonia has a percentile
rank above 50 for the respective Governance Indicator, this has a
positive impact on the credit profile.

North Macedonia has an ESG Relevance Score of '4[+]' for Creditor
Rights as willingness to service and repay debt is relevant to the
rating and is a rating driver for North Macedonia, as for all
sovereigns. As North Macedonia has track record of 20+ years
without a restructuring of public debt and captured in Fitch's SRM
variable, this has a positive impact on the credit profile.

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




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

YUKOS OIL: Part of US$50-Bil. Judgment Overturned
-------------------------------------------------
Jake Rudnitsky, April Roach and Irina Reznik at Bloomberg News
report that Russia succeeded in overturning part of a judgment for
a record US$50 billion to former shareholders of Yukos Oil Co.,
meaning the 16-year legal saga that raged between the Kremlin and
the owners of what was once Russia's biggest oil company is set to
continue.

According to Bloomberg, the ruling by the Netherlands' highest
court on Nov. 5 overturned a prior opinion into the bankruptcy of
Yukos.  The Dutch Supreme Court said in a judgment that a lower
court should review one ground of the case again, Bloomberg
relates.

The 2003 arrest of Russia's richest man, Mikhail Khodorkovsky, and
subsequent seizure of Yukos for back taxes marked a watershed in
the early days of Vladimir Putin's presidency as he sought to
reestablish the Kremlin as the country's undisputed center of power
after the chaotic post-Soviet transition, Bloomberg recounts.

After a Dutch arbitration court ordered Russia to pay the damages
in 2014, former Yukos shareholders sought to seize assets in
countries including France, Belgium, the U.S. and India, Bloomberg
notes.  In Belgium and France, state assets that had been frozen
were unblocked following Russian protests, Bloomberg states.

The Kremlin has said it isn't bound to pay the largest arbitration
award ever, Bloomberg relays.

GML, a holding company belonging to former Yukos shareholders, has
said the ex-owners may target state-owned Rosneft PJSC, which took
over most of Yukos' assets and operates globally, if they are
successful, according to Bloomberg.

GML initiated its case in 2005 under the Energy Charter Treaty, an
international agreement that in part regulates investments in the
energy industry, Bloomberg relates.  Russia signed but never
ratified the treaty. Bloomberg says.

The shareholders, as cited by Bloomberg, said they would study the
ruling, insisting they were “confident that the Court of Appeal
in Amsterdam will dismiss the baseless allegations raised by the
Russian Federation.”

The Russian prosecutor general's office said in a statement that
the Dutch Supreme Court should have rejected the arbitration award
in its entirety, Bloomberg discloses.




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

BELL GROUP: Appoints Madison Pacific as Trustee for Bonds
---------------------------------------------------------
Pursuant to Clause 25 of the Bond Trust Deeds and in accordance
with the resolutions passed by Bondholders on July 7 and July 22,
2021, and September 15, 2021, Bell Group N.V. (in liquidation) (in
bankruptcy) (the "Issuer") has appointed Madison Pacific Trust
Limited as Trustee for the following bonds:

   -- A$175,000,000 10 percent. Guaranteed Convertible
      Subordinated Bonds due 1997 - XS0000001247

   -- GBP75,000,000 5 percent. Guaranteed Convertible Subordinated
      Bonds due 1997 - GBP0040901711

Unconditionally guaranteed on a subordinated basis by The Bell
Group Ltd (in liquidation)

The contact details for the Trustee are as follows:

         Madison Pacific Trust Limited
         54th Floor, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong

Email: agent@madisonpac.com (for the attention of Jonathan Hatch).

The contact details for the Issuer are as follows:

         Bell Group NV (in liquidation) (in bankruptcy)
         Troika Holdings BV, Managing Director
         P.O. Box 3089
         Curacao
         tmeganok@troika.an


OEP BUILDING: Pre-pack Insolvency Procedure Saves 88 Jobs
---------------------------------------------------------
Builders' Merchant News reports that a pre-pack insolvency
procedure at OEP Building Services, a Lancaster-based modular
construction company, has saved the jobs of all 88 staff.

According to Builders' Merchant News, following the appointment of
administrators from Dow Schofield Watts, the company's staff and
key contracts have been transferred to a sister company.

The company had suffered cashflow problems due to the impact of
Covid, and a series of other challenges including the closure of
key customers and suppliers, Builders' Merchant News relates.

OEP's UK-manufactured pods proved popular with clients concerned
about the impact of Brexit, and the business grew rapidly,
Builders' Merchant News discloses.  However, from 2019 onwards the
company suffered a series of challenges, including the collapse of
a key customer, a dispute with its insurance company over a
pay-out, and, following the onset of the pandemic, a five-week
closure of its factory and the cancellation of a GBP4 million
contract, Builders' Merchant News notes.

The company also suffered the loss of a major loan facility
following the collapse of its peer-to-peer lender and two suppliers
going into administration, one of which being its sub-contract
manufacturing partner, Builders' Merchant News recounts.  While the
company was able to step up production in Lancaster, it was further
hit by sharp rises in materials costs on its fixed-price projects,
Builders' Merchant News states.


TECHNIPFMC PLC: S&P Affirms 'BB+' ICR & Alters Outlook to Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating and
revised its outlook to stable from negative on U.K.-based oilfield
services and equipment provider TechnipFMC PLC. S&P also affirmed
its 'BB+' issue-level rating on the company's unsecured guaranteed
notes and 'BB' issue-level rating on its unsecured notes without
guarantees.

The outlook revision reflects S&P's expectation of improved credit
measures over the next two years.

S&P said, "We expect the recent surge in commodity prices will
drive an increase in investment by oil and gas producers in 2022
and beyond, which will lead to improved demand for the services and
products offered by companies like TechnipFMC. We expect global
exploration and development spending to increase in the
low-double-digit percentage range in 2022 and that the supportive
price environment will also lead to an increase in longer-term
offshore project awards, which will support a more sustained
improvement in margins and credit measures for TechnipFMC.

"The company currently derives about 85% of its revenues from its
subsea segment, where the majority of revenues are sourced from
longer-term projects. Although we anticipate subsea revenues will
be slightly lower in 2022 given the lag time between project awards
and revenues, we expect order intake to improve from 2021 levels
which will benefit future years and add to the company's current
backlog, which stood at about $7 billion as of Sept. 30, 2021. We
anticipate increased revenues from the company's shorter-cycle
surface business segment will offset potential revenue declines
from subsea in 2022, as onshore activity and pricing improves,
leading to flat revenues on a total company level. Nonetheless, as
a result of overall cost and pricing improvements, we expect total
company S&P Global Ratings-adjusted EBITDA margins will improve to
around 13% in 2022, from about 12% in 2021. We expect average FFO
to debt of about 35%-40% and debt to EBITDA of about 2.1x-2.2x over
the next two years, with credit measures also benefiting from lower
net debt compared with at the time of the Technip Energies N.V.
spin."

Net debt will likely improve through further monetization of
Technip Energies shares.

TechnipFMC completed the spin-off of its E&C business, Technip
Energies, to shareholders on Feb. 15, 2021. The company initially
held a 49.9% stake in Technip Energies post-spin, but has since
reduced its stake to about 12.3% through various transactions which
raised more than $900 million in proceeds. S&P said, "The company
has earmarked the proceeds to primarily be applied to gross debt
reduction, which we view as a necessary step in progressing to a
higher credit rating. The company has reduced its post-spin gross
debt by about $365 million, including the repayment of about $200
million in credit facility borrowings and a tender of about $165
million of its unsecured notes due 2026 which was completed in the
third quarter 2021. We expect the company will prioritize further
gross debt reduction in 2022, including the repayment of about $175
million in notes that mature in June 2022 and possible additional
debt tenders. We expect Technip will monetize its remaining Technip
Energies stake, which has a market value of about $350 million,
within the next 12 months, although this is not included in our
current projections given there are no announced transactions at
this time."

S&P said, "The stable outlook reflects our view that TechnipFMC's
cash flow leverage metrics will show improvement over the next 12
to 24 months and remain appropriate for the rating, with FFO to
debt in the 35%-40% range. We expect the company will maintain a
conservative financial policy in order to further improve leverage,
and that positive free operating cash flow (FOCF) and any proceeds
from the monetization of its remaining stake in Technip Energies
will primarily be applied toward balance sheet strengthening.

"We could lower the rating if FFO to debt approached 20% for a
sustained period, which would most likely occur if offshore oil and
gas activity does not improve in line with our expectations or if
the company is unable to improve margins in line with our
expectations. We could also take a negative rating action if the
company, contrary to our expectations, reinstated a large dividend
or share repurchase program before improving leverage measures.

"We could raise the rating if TechnipFMC brings FFO to debt to
around 60% for a sustained period, which would most likely occur if
offshore activity strengthens ahead of our expectations, leading to
stronger revenue growth and improved margins, while the company
continued to maintain a conservative financial policy.
Alternatively, we could raise the rating if we revised our
assessment of TechnipFMC's business risk profile upward, while the
company maintains FFO to debt well above 45%."



                           *********


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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