---

       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

          Wednesday, November 10, 2021, Vol. 22, No. 219

                           Headlines



F R A N C E

VEOLIA ENVIRONNEMENT: S&P Rates New EUR500MM Hybrid Security 'BB+'


G E O R G I A

TBC BANK: Fitch Gives Final 'B-' Rating on USD75MM AT1 Notes


G E R M A N Y

DEUTSCHE LUFTHANSA: S&P Alters Outlook on 'BB-/B' ICRs to Stable


I R E L A N D

VOYA EURO CLO IV: Fitch Assigns B-(EXP) Rating on Class F-R Debt
[*] Fitch Affirms Seapoint Park, Vesey Park and Willow Park Notes


L U X E M B O U R G

AZELIS HOLDING: S&P Withdraws 'B' LongTerm Issuer Credit Rating


N E T H E R L A N D S

OI EUROPEAN: S&P Assigns B+ Rating on New Unsecured Notes Due 2030


R U S S I A

LLC PIK-CORP: Fitch Assigns 'BB-' LT IDR, Outlook Stable
UZPROMSTROYBANK: S&P Alters Outlook on 'BB-/B' ICRs to Stable


S P A I N

UNICAJA BANCO: Fitch Gives 'B+(EXP)' Rating to Add'l Tier 1 Notes


U K R A I N E

NATIONAL POWER: Fitch Gives Final B Rating to USD825MM Yield Bond


U N I T E D   K I N G D O M

AFFINITI FINANCE: Enters Administration, Halts Operations
DERBY COUNTY FOOTBALL: Hearing on Point Deduction Appeal Adjourned
FARRINGDON MORTGAGES 2: Fitch Lowers Class B2a Debt Rating to 'BB'
LOOPSTER: Enters Administration After Failing to Secure Funding
NMCN PLC: Keltbray to Acquire Infrastructure Contracts, Assets

[*] UK: Corporate Insolvencies Up 26% in Third Quarter 2021

                           - - - - -


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

VEOLIA ENVIRONNEMENT: S&P Rates New EUR500MM Hybrid Security 'BB+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to the
proposed, undated, optionally deferrable, and deeply subordinated
EUR500 million hybrid capital security to be issued by France-based
utility Veolia Environnement S.A. (Veolia; BBB/Stable/A-2).

S&P said, "We consider the proposed security to have intermediate
equity content until its first reset date (February 2028) because
it meets our hybrid capital criteria in terms of its subordination,
perpetual nature, and optional interest deferability during this
period."

S&P arrived at its 'BB+' issue rating by notching-down from its
'BBB' long-term corporate credit rating (CCR) on Veolia. The
two-notch differential between the ratings reflects its notching
methodology, which calls for:

-- A one-notch deduction for subordination because the CCR on
Veolia is investment grade ('BBB-' or above); and

-- An additional one-notch deduction for payment flexibility to
reflect the optional interest deferral.

S&P said, "The notching of the proposed security reflects our view
that there is a relatively low likelihood that Veolia will defer
interest. If this view changes, we may significantly increase the
number of downward notches that we apply to the issue rating, and
we could do so more quickly than we take a rating action on the
CCR.

"In addition, in view of what we see as the intermediate equity
content of the proposed security, we allocate 50% of the related
payments on this security as a fixed charge and 50% as equivalent
to a common dividend, in line with our hybrid capital criteria. The
50% treatment (of principal and accrued interest) also applies to
our debt adjustment."

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

Although the security is perpetual, it can be called at any time
for tax, substantial repurchase, equity credit rating, or
accounting events. Furthermore, Veolia can redeem it for cash as of
the first call date and every five years thereafter. If any of
these events occur, the company intends to replace the instrument,
though it is not obliged to do so. S&P believes Veolia intends to
keep the security to strengthen its balance sheet.

The interest to be paid on the proposed security will increase by
25 basis points (bps) from February 2033, with a further 75-bp
increase in February 2048. S&P considers the cumulative 100 bps as
a material step-up that is currently unmitigated by any commitment
to replace the instrument at that time. This step-up provides an
incentive for Veolia to redeem the instrument on the call date.

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

S&P said, "In our view, Veolia's option to defer payment of
interest on the proposed security is discretionary. This means that
the company may elect not to pay accrued interest on an interest
payment date because it has no obligation to do so. However, any
outstanding deferred interest payment will have to be settled in
cash if Veolia declares or pays an equity dividend or interest on
equal-ranking securities, as well as if Veolia or its subsidiaries
redeem or repurchase shares or equal-ranking securities. This is a
negative factor in our assessment of equity content. That said,
it's acceptable under our rating methodology because once the
issuer has settled the deferred amount, it can choose to defer
payment on the next interest payment date."

Veolia retains the option to defer coupons throughout the
instrument's life. The deferred interest on the proposed security
is cash-cumulative and will ultimately be settled in cash.

KEY FACTORS IN S&P's ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed security (and coupon) is intended to be a direct,
unsecured, and deeply subordinated obligation of Veolia. The
proposed security ranks junior to all unsubordinated obligations,
ordinary subordinated obligations, and prets participatifs, and it
is only senior to common and preferred shares. However, as per
S&P's criteria, it only subtracts one notch for the deep
subordination.




=============
G E O R G I A
=============

TBC BANK: Fitch Gives Final 'B-' Rating on USD75MM AT1 Notes
-------------------------------------------------------------
Fitch Ratings has assigned JSC TBC Bank's USD75 million issue of
perpetual additional Tier 1 (AT1) notes a final long-term rating of
'B-'.

The assignment of the final rating follows the completion of the
issue and receipt of documents conforming to the information
previously received. The final rating is in line with the expected
rating assigned on 25 October 2021.

KEY RATING DRIVERS

The notes are rated three notches below TBC's Viability Rating (VR)
of 'bb-'. According to Fitch's Bank Rating Criteria, this is the
highest rating that can be assigned to deeply subordinated notes
with fully discretionary coupon omission issued by banks with a VR
anchor of 'bb-'. The notching reflects the notes' higher loss
severity in light of their deep subordination and additional
non-performance risk relative to the VR, given a high write-down
trigger and fully discretionary coupons.

The notes are perpetual, deeply subordinated, fixed-rate resettable
AT1 debt securities, which are expected to qualify as regulatory
AT1 capital. The interest rate was set at 8.894% per year at
issuance. The notes have a full coupon omission option at the
bank's discretion and full or partial write-down triggers if either
(i) the bank's common equity Tier 1 (CET1) capital adequacy ratio
(CAR) falls below 5.125% (versus a 4.5% Pillar 1 regulatory
minimum); or (ii) the bank becomes non-viable as defined by the
National Bank of Georgia (NBG) and requires extraordinary capital
support, or receives a public-sector injection of capital or
equivalent extraordinary support. The notes rank pari passu among
themselves and the bank's other AT1 subordinated obligations.

According to current banking regulation, the trigger for coupon
restrictions is a failure to meet Pillar 1, Pillar 2 plus the
combined buffer requirements (the sum of the conservation buffer,
counter-cyclical buffer and systemic risk buffer) or leverage ratio
requirement. These requirements were 11.2% for CET1, 13.5% for Tier
1 and 17.8% for total CAR and 5% for the leverage ratio at
end-1H21.

The risk of coupon restrictions is reasonably mitigated by TBC's
stable financial profile, healthy profitability, and reasonable
headroom over capital minimums, including buffers. At end-1H21,
TBC's capital ratios were 13.0% for CET1, 15.5% for Tier 1 and
19.6% for total CAR, with the headroom above the requirements the
lowest for the total CAR of 173bp. The leverage ratio was 12.3% at
the same date. The AT1 issue is expected to increase the bank's
Tier 1 and total CAR by about 120bp (when approved by the
regulator).

The notes will have no established redemption date. However, TBC
has an option to repay the notes in the three months prior to the
first coupon reset date in February 2027 and on every subsequent
interest payment date, subject to NBG approval.

RATING SENSITIVITIES

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

-- Upside for the notes is limited as per Fitch's criteria. The
    minimum notching of deeply subordinated instruments would
    increase to four notches, if the VR was upgraded to 'bb' from
    'bb-'.

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

-- The issue rating could be downgraded if TBC's VR was
    downgraded.

-- The issue ratings could also be downgraded if Fitch takes the
    view that non-performance risk has increased and widens the
    notching between TBC's VR and the issue's ratings. This could
    arise if the bank fails to maintain reasonable headroom over
    the minimum CAR (including buffers) or if the instrument
    becomes non-performing, i.e. if the bank cancels any coupon
    payment or at least partially writes off the principal. In
    this case, the AT1's rating would be downgraded based on
    Fitch's expectations about the form and duration of non-
    performance.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.




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

DEUTSCHE LUFTHANSA: S&P Alters Outlook on 'BB-/B' ICRs to Stable
----------------------------------------------------------------
S&P Global Ratings revised the outlook on Deutsche Lufthansa AG
(Lufthansa) to stable from negative. At the same time, S&P affirmed
the 'BB-/B' long- and short-term issuer credit ratings on
Lufthansa, the 'BB-' rating on the group's senior unsecured debt,
and the 'CC' rating on the junior subordinated debt.

Air traffic demand recovery for European airlines should accelerate
in 2022. In Europe, air passenger traffic in 2021 (as measured by
RPK) will reach only 30% of 2019 levels (at best). S&P said, "This
is the lower end of the 30%-50% range we published Feb. 18, 2021.
In 2022, the intra-Europe traffic will recover to 60%-75% of
pre-pandemic levels, Europe-North America traffic will rebound to
50%-65% of 2019-base, while Europe-Asia and North America-Asia
travel will continue lagging behind other regions, with 20%-25% of
pre-crisis levels, according to our base case. Our current
estimates are based on assumptions of no further prolonged
lockdowns or renewed border closures beyond those currently in
place."

After the sluggish first half of 2021, Lufthansa's recovery is
taking shape. In response to the delayed recovery in the
intra-European traffic and very low intercontinental demand during
that period, Lufthansa limited its capacity (available seat
kilometres [ASK]) to 21% and 29% of 2019 level in the first and
second quarters, respectively, while the 49% load factor was
significantly below the pre-pandemic level. With the start of
significant demand recovery for the short-haul leisure and holiday
destinations in July, Lufthansa built up the third-quarter capacity
to 50% of the pre-pandemic level and plans to deploy about 60% of
2019 ASK in the fourth quarter. For the full year, this translates
to 40% of 2019 levels and below our previous forecast of 50%-55%.
After incurring EUR915 million reported EBITDA loss (before results
of equity investments) in the first six months, Lufthansa's EBITDA
is likely to turn positive in the second year-half, fuelled by the
demand recovery, extraordinary strong performance of the cargo
business, and cost-savings measures (70% of the EUR3.5 billion
cost-savings target by 2024 was achieved to date). Nevertheless,
S&P expects EBITDA for the full year to only break-even compared
with its previous forecast of substantial EBITDA.

S&P said, "We anticipate the air traffic demand will continue
climbing in 2022 and contribute to the airline's financial
recovery. We envisage Lufthansa's operating performance improving
in 2022, driven by the continued recovery of the European
short-haul traffic and resumption in long-haul flights to North
America, which was one of its most profitable destinations before
the pandemic. Lufthansa plans to deploy 65% of its 2019 capacity in
first-quarter 2022 and ramp it up to 80% in the second half of the
year, encouraged by the recent pre-bookings trend of 80% of the
pre-pandemic level. This compares with our air passenger traffic
forecast for Lufthansa of up to 70% of the pre-pandemic level. We
factor in risks of slower demand recovery in business and corporate
travelling as compared with travelling for leisure and visiting
family and friends, and we do not exclude structural segment losses
in the medium term. We also anticipate a delayed and sluggish
recovery in Europe-Asia passenger traffic. The uncertainty about
the interplay between yields development, increased oil prices, and
potential inflationary pressure on consumer sentiment is only
partly captured in our forecasts and may exert additional pressure.
We now anticipate Lufthansa's EBITDA, as adjusted by S&P Global
Ratings, will rebound in 2022 to EUR2.0 billion-EUR2.5 billion.
This translates to S&P Global Ratings-adjusted funds from
operations (FFO) to debt of at least 6%, which is commensurate with
our rating guideline. That said, we do not expect Lufthansa to
generate positive free operating cash flow (FOCF; after leases)
given the planned capital expenditure (capex) increases up to the
annual EUR2.2 billion.

Repayment of silent participation I and good cash flow management
caps adjusted debt in 2021 at the previous year level, which
supports the recovery in credit metrics. S&P said, "The weak start
of the year and the EUR900 million deferred tax payments in the
second year-half should constrain operating cash flow in 2021,
albeit we expect it close to break-even, which is a material
improvement as compared to EUR2.4 billion negative in 2020, as the
revenue contribution increases and proactive working capital
management enhances the benefits of traffic recovery. At the same
time, we expect S&P Global Ratings-adjusted debt at end-2021
(carrying forward the pension obligation from Dec. 31, 2020) to not
exceed EUR15.9 billion, the level recorded at end-2020. This is
supported by the capital increase completed in October with the
total proceeds of EUR2.2 billion, EUR1.5 billion of which were used
to repay the outstanding drawing under silent participation I in
the same amount, which we treated as akin to debt under our hybrid
criteria. Lufthansa is also limiting the cash burn with another
year of subdued capex of EUR1.5 billion, versus EUR1.2 billion in
2020 and EUR3.7 billion in 2019."

S&P said, "We believe Lufthansa will enter 2022 with ample
liquidity. We forecast that Lufthansa following several rounds of
external funding measures (including recent capital increase) in
2021 will increase its cash on hand by year-end to about EUR6.6
billion, as compared to EUR5.5 billion recorded at end-2020." This,
along with about EUR1.5 billion undrawn amount under the company's
committed credit lines maturing beyond next 12 months (including
the Swiss and Belgian state aid, but excluding the silent
participations as they are planned to be cancelled by year-end), is
slightly above the company's new target liquidity range of EUR6
billion-EUR8 billion (considerably above the EUR2.3 billion minimum
liquidity target before the pandemic) and should provide Lufthansa
with ample headroom for unforeseen setbacks or operational
headwinds, as the traffic recovery is unfolding.

The planned cancellation of silent participation I and II by
Lufthansa does not alter our view on the airline's
government-related status. After the repayment of the EUR1.5
billion drawing under EUR4.5 billion silent participation I,
Lufthansa plans to repay the EUR1 billion silent participation II
and cancel both hybrid instruments, which were provided as part of
the German state aid package by the Economic Stabilization Fund, by
year-end. S&P said, "In our November 2020 review we anticipated
this early redemption of the hybrids, among others due to their
multiple material coupon step-ups. The German government stake in
Lufthansa share capital fell to 14% following the October capital
increase from initially 20%. We understand that the German
government can sell its stake six months after the capital increase
completion and must exit the shareholder structure of Lufthansa no
later than 24 months after the capital increase, provided that the
silent participations are repaid and contractual conditions are
met. The anticipated termination of the state aid package does not,
however, alter our view of the moderate likelihood of extraordinary
support Lufthansa could receive from the German government under a
stress scenario. This translates into one notch uplift from our
'b+' assessment of Lufthansa's stand-alone credit profile (SACP).
We base our view on the important role Lufthansa plays for the
German government, rather than its link, which we continue
assessing as limited."

S&P said, "The stable outlook reflects our expectation that the air
passenger traffic recovery will continue. Consequently, for
Lufthansa we expect its EBITDA to turn positive in the second-half
2021, increasing (but still well below pre-pandemic levels) in
2022. This should produce credit ratios supportive of the rating
with adjusted FFO to debt of at least 6% in 2022, with further
improvements thereafter. Furthermore, we consider a sustained solid
liquidity position, a critical and stabilizing rating factor."

Downside scenario

S&P said, "We could lower ratings if we expect credit ratios to
deteriorate materially, with adjusted FFO to debt returning to less
than 6% on a sustainable basis. This could occur if there is a
major resurgence of the pandemic, prompting renewed prolonged
lockdowns and deterioration in consumer confidence. In this
scenario, we might conclude that the fundamental risk
characteristics of the industry have worsened, particularly for
airlines that rely significantly on business and long-haul
international travel and reflect that in our assessment of business
risk.

"We could lower the rating if we revise down our assessment of the
likelihood of government support and Lufthansa's SACP does not
improve to 'bb-' in the meantime. This could occur if the
pandemic-related adverse effect on the industry eases, passenger
air traffic returns towards normal levels, and therefore the
rationale for government support diminishes, while the airline
stabilizes its financial position."

Upside scenario

S&P could raise the ratings if Lufthansa improves its adjusted FFO
to debt to 6%-12% and start generating a sustained positive FOCF
(after leases).




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

VOYA EURO CLO IV: Fitch Assigns B-(EXP) Rating on Class F-R Debt
----------------------------------------------------------------
Fitch Ratings has assigned Voya Euro CLO IV DAC reset expected
ratings.

DEBT               RATING
----               ------
Voya Euro CLO IV DAC

A-R     LT AAA(EXP)sf   Expected Rating
B1-R    LT AA(EXP)sf    Expected Rating
B2-R    LT AA(EXP)sf    Expected Rating
C-R     LT A(EXP)sf     Expected Rating
D-R     LT BBB-(EXP)sf  Expected Rating
E-R     LT BB-(EXP)sf   Expected Rating
F-R     LT B-(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Voya Euro CLO IV DAC is a securitisation of mainly senior secured
obligations (at least 92.5%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Net proceeds from the issuance of the notes will
be used to redeem existing notes (excluding the subordinated notes)
at the reset date and to fund additional collateral debt
obligations as the deal is being upsized to a target par amount of
EUR375 million. The portfolio is actively managed by Voya
Alternative Asset Management LLC. The transaction has a 4.5-year
reinvestment period and an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.38.

High Recovery Expectations (Positive): Senior secured obligations
comprise 92.5% of the portfolio. Fitch views the recovery prospects
for these assets as more favourable than for second-lien, unsecured
and mezzanine assets. The Fitch weighted average recovery rate
(WARR) of the identified is 64.4%

Diversified Portfolio (Positive): The limits for the 10 largest
obligors and fixed-rate assets for the transaction's Fitch matrix
are 26.5% and 5.0%, respectively. The portfolio is more diversified
than that modelled in the transaction's stressed-case portfolio
with 171 issuers versus 97 issuers. The transaction also includes
various concentration limits, including the maximum exposure to the
three largest Fitch-defined industries in the portfolio at 40%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Neutral): The WAL used for the transaction
stress portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
after the reinvestment period, including the OC tests and Fitch
'CCC' limitation and WARF test passing after reinvestment, among
other things. This ultimately reduces the maximum possible risk
horizon of the portfolio when combined with loan pre-payment
expectations.

RATING SENSITIVITIES

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

-- A 25% increase of the mean default rate (RDR) across all
    ratings and a 25% decrease of the recovery rate (RRR) across
    all ratings would result in downgrades of up to four notches
    across the structure.

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

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

-- A 25% reduction of the mean RDR across all ratings and a 25%
    increase in the RRR across all ratings would result in
    upgrades of no more than five notches across the structure,
    apart from the class A-R notes, which are already at the
    highest rating on Fitch's scale and cannot be upgraded.

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

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

Voya Euro CLO IV DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

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


[*] Fitch Affirms Seapoint Park, Vesey Park and Willow Park Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Seapoint Park CLO DAC, Vesey Park CLO
DAC and Willow Park CLO DAC. All tranches apart from the 'AAAsf'
rated notes have been removed from Under Criteria Observation
(UCO).

     DEBT                 RATING            PRIOR
     ----                 ------            -----
Willow Park CLO DAC

A-1 XS1699702038     LT AAAsf   Affirmed    AAAsf
A-2A XS1699702467    LT AAsf    Affirmed    AAsf
A-2B XS1699705056    LT AAsf    Affirmed    AAsf
B XS1699705304       LT Asf     Affirmed    Asf
C XS1699705643       LT BBBsf   Affirmed    BBBsf
D XS1699706021       LT BBsf    Affirmed    BBsf
E XS1699706294       LT B-sf    Affirmed    B-sf

Seapoint Park CLO DAC

A1 XS2066776431      LT AAAsf   Affirmed    AAAsf
A2A XS2066777082     LT AAsf    Affirmed    AAsf
A2B XS2066777751     LT AAsf    Affirmed    AAsf
B XS2066778486       LT Asf     Affirmed    Asf
C XS2066779294       LT BBBsf   Affirmed    BBBsf
D XS2066779880       LT BBsf    Affirmed    BBsf
E XS2066780201       LT B-sf    Affirmed    B-sf
X XS2066776357       LT AAAsf   Affirmed    AAAsf

Vesey Park CLO DAC

A-1 XS2133192646     LT AAAsf   Affirmed    AAAsf
A-2A XS2133193370    LT AAsf    Affirmed    AAsf
A-2B XS2133193966    LT AAsf    Affirmed    AAsf
B XS2133194345       LT Asf     Affirmed    Asf
C XS2133194857       LT BBB-sf  Affirmed    BBB-sf
D XS2133195235       LT BB-sf   Affirmed    BB-sf
E XS2133196555       LT B-sf    Affirmed    B-sf
X XS2133192489       LT AAAsf   Affirmed    AAAsf

TRANSACTION SUMMARY

The transactions are cash flow CLOs comprising of mostly senior
secured obligations. All three transactions are currently in their
reinvestment periods, and are actively managed by Blackstone
Ireland Limited.

KEY RATING DRIVERS

Fitch Test Matrix Update: The manager is in the process of updating
the Fitch test matrix and the definition of "Fitch Rating Factor"
and "Fitch Recovery Rate" in line with Fitch's updated CLOs and
Corporate CDOs Rating Criteria published on 17 September 2021. The
updated criteria together with the transactions' stable performance
has a positive impact on the ratings. As a result of the matrix
amendment, the collateral quality test for the weighted-average
recovery rate (WARR) will be lowered to be in line with the
break-even WARR, at which the current ratings would still pass.

Fitch has performed a stressed portfolio analysis on the updated
Fitch test matrix and the model-implied ratings are in line with
the current ratings, leading to their affirmation. The stressed
portfolio analysis was based on a weighted-average life (WAL)
haircut of 12 months less than the WAL covenant floored at six
years to account for structural and reinvestment conditions after
the reinvestment period, including the overcollateralisation tests
and Fitch 'CCC' limitation passing after reinvestment. Combined
with loan pre-payment expectations, this ultimately reduces the
maximum possible risk horizon of the portfolio.

Stable Asset Performance: The transactions' metrics indicate stable
asset performance. The transactions are currently 0.35%, 1.80% and
0.24% over par as calculated by the trustee. The transactions are
passing all coverage tests and portfolio profile tests, and under
the new matrices will be passing the collateral quality tests (with
the exception of the WAL of Willow Park failing at 4.7 years, which
is just above the maximum covenant of 4.65). Exposure to assets
with a Fitch-derived rating of 'CCC+' and below is 3.74%, 5.31% and
6.66%, as calculated by Fitch, excluding non-rated assets.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transactions' underlying obligors in the 'B'/'B-' category. The
portfolio weighted average rating factors (WARF) as calculated by
Fitch are 24.98, 25.44 and 24.79.

Diversified Portfolio: The portfolios are well-diversified across
obligors, countries and industries. The top 10 obligor
concentrations are 11.56%, 11.85% and 12.17%, and no obligor
represents more than 1.32%, 1.69% and 1.52% of the portfolio
balances.

Cash Flow Modelling: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transactions, and to assess
their effectiveness, including the structural protection provided
by excess spread diverted through the par value and interest
coverage tests.

RATING SENSITIVITIES

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

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

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

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels
    would result in an upgrade of no more than three notches
    across the structures, except for the class A-1 and X notes,
    which are already at the highest rating on Fitch's scale and
    cannot be upgraded.

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

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

Seapoint Park CLO DAC, Vesey Park CLO DAC, Willow Park CLO DAC

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

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




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

AZELIS HOLDING: S&P Withdraws 'B' LongTerm Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings had withdrawn its 'B' long-term issuer credit
rating on specialty chemicals distributor Azelis Holding S.a r.l.
at the company's request. The outlook was stable at the time of the
withdrawal.

Azelis successfully completed its IPO on Euronext Brussels with
total offering size EUR1.8 billion. The IPO was launched on Sept.
14, 2021, with first quote Sept. 22 and over-allotment option
closed Oct. 21, 2021. Key shareholders EQT Private Equity (through
its holding company Akita) and PSP Investments, are expected to
retain about 51% and 12% stakes, respectively.

As part of this process, Azelis has repaid all of its outstanding
syndicated debt as of Sept. 21, 2021. S&P therefore has withdrawn
its 'B' issue ratings on these debts together with the 'B' issuer
credit rating.




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

OI EUROPEAN: S&P Assigns B+ Rating on New Unsecured Notes Due 2030
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to O-I Glass Inc.'s subsidiary OI European Group
B.V.'s proposed senior unsecured notes due 2030. S&P expects the
proceeds from the notes to be used to repay the $310 million notes
due 2023 issued by the same entity, with additional amounts applied
to the entity's outstanding term loan A.

ISSUE RATINGS—RECOVERY ANALYSIS

Key analytical factors

-- S&P's simulated default scenario assumes a payment default in
early 2025 as a result of declining volume on tepid end-market
demand amid intensifying competition and weak economic conditions.
This also assumes product substitution and increasing input costs
that pressure margins and cash flow. Market conditions may inhibit
the ability to raise prices. As a result, cash flow is insufficient
to cover interest expense, required term loan amortization, working
capital, and capital expenditure requirements. Eventually the
company's liquidity and capital resources become strained to the
point it cannot continue to operate without a bankruptcy filing.
S&P assumes roughly 20% of this value relates to the U.S.
(Owens-Brockway Glass Container Inc.), 60% to foreign subsidiaries
(OI European Group B.V. and subsidiaries O-I Canada Corp., O-I
Europe Sarl), and 20% to Mexico subsidiaries, which roll up under
Owens-Brockway Glass Container Inc.

-- U.S. borrowings under Owens-Brockway Glass Container Inc.'s
credit facility benefit from a lien on most of O-I's domestic
assets (excluding mortgages on real estate and 35% of the equity in
its foreign subsidiaries). Direct borrowings by foreign
subsidiaries (under the $1.2 billion multicurrency revolver and
various term loan tranches) have additional guarantees and
collateral. S&P assumes the revolving credit facilities (a $300
million U.S. tranche and a $1.2 billion multicurrency facility) are
85% drawn at default, with half of the total revolving loans
borrowed abroad. A collection allocation mechanism would equalize
recovery rates for all bank tranches, despite the better guarantor
and collateral terms for the non-U.S. borrowings.

-- The senior notes issued by OI European Group B.V. have a
structurally senior claim to the non-U.S. enterprise value
(relative to U.S. debt), although this claim is unsecured and
effectively junior to the foreign secured borrowings.

-- The senior notes issued by Owens-Brockway have unsecured
guarantees by OI and its domestic subsidiaries.

Simulated default assumptions

-- Simulated year of default: 2025
-- EBITDA at emergence: $669 million
-- EBITDA multiple: 6x

Simplified waterfall

-- Valuation split--U.S./Mexico/other (%): 20/20/60

-- Net recovery value after administrative expenses (5%): $3.82
billion

-- Value of Mexican nonobligors (after estimated priority claims
of $40 million) available to U.S. creditors: $723 million (65%
collateral/35% unpledged)

-- Net value of other foreign subsidiaries (after estimated
priority claims of $300 million): $2.3 billion

-- Secured credit facility borrowings by foreign subsidiaries
(collateral): $1,083 million

-- OI European Group B.V. unsecured debt: $1.85 billion

    --Recovery expectations--full range/rounded estimate: 50%-70%;
rounded estimate: 50%

-- Net value of U.S. obligors (collateral after estimated priority
claims of $100 million): $663 million

-- Value available for first-lien claims (collateral + unpledged
share): $2.172 billion

-- Total credit facility claims (U.S. and foreign amounts): $2.214
billion

-- Value available to unsecured claims: $253 million

-- Owens-Brockway notes claims: $2.06 billion

-- Deficiency claim on secured facility: $42 million

-- Total unsecured claims: $2.1 billion

    --Recovery expectations: 10%-30%; rounded estimate: 10%

Notes: S&P said, "Debt amounts include six months of accrued
interest that we assume will be owed at default. Credit facility
collateral reflects a collection allocation mechanism that combines
the value from direct foreign (nonguarantor) credit facility
borrowings, domestic borrowings/collateral, and equity pledges in
nonguarantors. Cash flow revolver usage at default is assumed to be
85%. We generally assume debt maturing before our simulated default
is refinanced before maturity."




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

LLC PIK-CORP: Fitch Assigns 'BB-' LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has assigned Russian homebuilder LLC PIK-Corporation
a senior unsecured rating of 'BB-' (Long-Term Issuer Default Rating
BB-/Stable) and its bond financing vehicle PIK Securities
Designated Activity Company's (PIK DAC) proposed notes an expected
senior unsecured rating of 'BB-(EXP)'. The notes are guaranteed on
a senior unsecured debt-ranking basis by LLC PIK-Corporation.

The assignment of the bond's final rating is contingent on the
receipt of final documentation conforming to information already
received. Under the preliminary documents, PJSC PIK- specialised
homebuilder, the holding company of the group, may provide a senior
unsecured debt-ranking guarantee. If that is unlikely to be in
place when the bond is issued, this will be reflected in the final
rating at 'BB-'.

The notes, which will be used to finance the group's international
expansion, will rank pari passu with all other senior unsecured
debt of LLC PIK-Corporation, a 100%-owned sub-holding of PJSC
PIK-specialised homebuilder.

KEY RATING DRIVERS

Better Than Expected Performance: PIK's 2020 revenue grew 37% yoy,
driven by favourable market conditions for the homebuilding
industry in Russia despite the pandemic. Profitability remained
healthy with mid-teens average sales price growth. The EBITDA
margin was 24.5% and the FFO margin reached 19%. In 1H21 similar to
other large market players, PIK reported material revenue growth of
38% yoy, with healthy profitability that supports Fitch's
expectation of strong revenue and FFO generation in 2021.

Government Support of Residential Market: The group's customers
primarily rely on the mortgage market. PIK's share of sales backed
by purchasers' mortgage loans reached 76% in 2020 and 77% in 9m21.
To support the homebuilding industry during the pandemic the
government introduced a mortgage programme in April 2020 with a
subsidised interest rate of 6.5% for loans of up to RUB12 million.
However, on 01 July 2021 the limit was reduced to RUB3 million and
the interest rate has increased to 7%. In addition, the Central
Bank of Russia has gradually increased the refinancing rate from a
record low 4.25% (August 2020- mid-March 2021) to the current 7.5%,
which drives increased interest rates in the market. Nevertheless,
Fitch believes the volume of purchasers with mortgage loans will
remain high within PIK's portfolio as interest rates remain lower
than before 2020.

Increased Prices, Strong Demand: The Russian homebuilding industry
benefited from the pandemic in 2020 and 1H21 as the subsidised
mortgage rates and rouble depreciation during 2020 boosted demand.
The undersupplied market allowed homebuilders to increase sales
prices. PIK's average selling price growth was 15% yoy in 2020 and
25% yoy in 1H21 being slightly constrained in 3Q21 with average
selling price rise of 16%, a trend in line with the market. These
price increases helped PIK mitigate profitability reductions caused
by higher prices for building materials in 2021. Fitch views the
increase as unsustainable and expect it to stabilise in the short
term with only single-digit rises.

Moderate Leverage: PIK's FFO leverage improved to 1.9x as at
end-2020 (end-2019: 2.6x) backed by strong sales and solid FFO
generation. Fitch expects FFO leverage to increase to 2.3x at
end-2021, temporarily exceeding Fitch's negative rating sensitivity
of 2.0x, due to large working capital outflows driven by the
ongoing transition to the new escrow scheme. The new issuance will
only increase total debt by up to 10%, so will not materially
change Fitch's projections. Management expects that by 2023 most
projects will be executed under the escrow scheme, which should
normalise working capital volatility and improve leverage metrics.
Fitch's rating case indicates FFO leverage below 2.0x by 2023.

New Market Opportunities: PIK is gradually expanding its presence
in regions outside Moscow and certain international markets, as
well as construction of suburban housing and industrial parks. PIK
is active in the fee development business, which accounted for
about 13% of group revenues in 2020 and will likely contribute
about 17% in 2021-2024 on average.

Under this business, PIK charges construction fees, but typically
does not incur land purchase expenses. This part of the business
provides the group with stable but lower profitability than its
core business. Over 30% of the group's revenue is expected to be
driven by non-core business (including fee development) from 2022,
which Fitch views positively as it indicates earnings
diversification.

Leading Market Position: The group benefits from its strong market
share, solid record and experience. PIK is the largest homebuilder
in the fragmented Russian market. The group's construction volume
as at beginning of October 2021 of 5.9 million sqm is almost two
times higher than its closest peer, PSJC LSR Group (B+/Stable). PIK
successfully pioneered online sales of apartments in 2020. The
majority of PIK's sales are now online.

Concentrated Portfolio: About 80% of the group's portfolio by
selling area is concentrated on Moscow and the Moscow region. This
is the most lucrative residential market in Russia and is
characterised by higher disposable income and sustainable demand.
PIK primarily specialises in the construction of affordable mass
market residential areas using PIK-produced prefabricated parts.
Fitch views PIK's exposure to the mass-market segment as a
negative, as it can be vulnerable to macroeconomic swings.

Successful SPO: PIK raised RUB36.3 billion through a secondary
public offering (SPO), which closed on 1 October 2021. The group
will use the proceeds to repay debt and expand the business. The
transaction will not materially change the shareholding structure.
Fitch takes a positive view of the SPO as it should help PIK to
keep leverage metrics in line with Fitch's expectations.

DERIVATION SUMMARY

PIK Group is the largest residential developer in Russia. Its peers
include PJSC LSR Group, Miller Homes Group Holdings plc
(BB-/Stable), Neinor Homes, S.A. (BB-/Stable) and Berkeley Group
Holdings plc (BBB-/Stable). The operating and regulation
environments differ across EMEA, making direct comparison
difficult.

Under the newly implemented regulation the Russian homebuilders
fund land and construction costs mostly with debt and receives the
full amount of cash from homebuyers upon completion of the project.
This drives differences in cash flow volatility across EMEA markets
where the French market is considered to be the most regulated and
better for developers' cash flow cycle.

PIK is much bigger than LSR, Miller Homes and Neinor and the group
had a stronger financial profile with FFO gross leverage of 1.9x as
at end-2020 versus 4.5x of LSR, 3.6x of Neinor and 4.5x of Miller
Homes. Due to expected large working capital outflow Fitch expects
PIK's FFO gross leverage to temporarily exceed the negative
sensitivity of 2.0x in 2021-2022. Fitch expects this to fall below
2.0x by 2023 which would be commensurate with the 'BB' mid-point of
2.5x as per the EMEA Homebuilders Navigator and will be better than
LSR's leverage metrics.

KEY ASSUMPTIONS

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

-- Ongoing considerable revenue growth of about 24% yoy in 2021-
    2022. Further constrained revenue growth of 9% in 2023-2024;

-- EBITDA margin of about 22%-24% over 2021-2024;

-- Further large working capital outflow of over RUB120 billion
    in 2021, which will gradually improve from 2022 due to the
    switch to escrow accounts;

-- Issue of Notes of up to USD500 million due on 2026;

-- Dividends payment of RUB30 billion per year;

-- No M&A.

RATING SENSITIVITIES

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

-- Fitch-defined FFO gross leverage sustainably below 1.0x
    (netting escrow cash with relevant project development debt);

-- Sustainable improvement of financial metrics leading to EBIT
    margin above 25%.

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

-- Fitch-defined FFO gross leverage sustainably above 2.0x
    (netting escrow cash with relevant project development debt);

-- Deterioration of market environment leading to a decrease of
    the EBIT margin below 15%.

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

Good Liquidity: Fitch-defined readily available cash of RUB88
billion at end-2020 sufficiently covered debt repayments of RUB34
billion within the next 12 months. Fitch expects material negative
FCF in 2021 of about RUB82 billion, due to large working-capital
outflow, but Fitch takes into account that liquidity is supported
by off-balance sheet cash in escrow accounts, which is used for
debt repayment once the relevant project is commissioned. At
end-June 2021, cash in escrow accounts was RUB163 billion, up from
RUB90 billion reported at end-2020.

The company is currently not exposed to foreign-exchange (FX) risk,
as all debt is raised in Russian roubles. Following the Eurobond
issue Fitch expects FX risk to be hedged with future revenue
generation from international projects and by using hedging
instruments.

ISSUER PROFILE

PJSC PIK-specialised homebuilder is the leading homebuilder in
Russia, specialising in the mass-market segment primarily in Moscow
and Moscow region. The company's construction volume is almost
twice as large as its close peer, PJSC LSR Group's.

ESG CONSIDERATIONS

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch nets escrowed cash with relevant project development loans
drawn, given that escrowed cash is foremost dedicated to the
development loan. Fitch does not treat net excess escrowed cash as
nettable against debt elsewhere in the group. As at end-2020 Fitch
deducted RUB90,303 million from the debt.


UZPROMSTROYBANK: S&P Alters Outlook on 'BB-/B' ICRs to Stable
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Uzpromstroybank to stable
from negative and affirmed the 'BB-/B' long- and short-term
ratings.

S&P said, "We anticipate that Uzpromstroybank's key asset quality
metrics will gradually improve and not materially deviate from the
systemwide average by year-end 2021.We think that rapid
macroeconomic recovery in Uzbekistan, with expected GDP growth of
about 4.8% in 2021 and 5.2% in 2022, will likely support borrowers'
capacity to service their debt and allow the bank to reduce problem
assets in the coming months. We note that in first-half 2021 the
bank materially reduced the share of Stage 2 loans (under the
International Financial Reporting Standards [IFRS] classification)
to 10.1% of total loans from 29.3% at year-end 2020. This was due
to improved payment discipline at some large state-related entities
and commercial borrowers' gradual recovery after pandemic-related
stress. Although the reduction of nonperforming assets (NPAs) was
slower, with Stage 3 loans reducing to 6.2% of total loans from
6.7%, we understand that some of the largest problem borrowers have
already recovered their financial position and fully returned to
normal debt servicing in third-quarter 2021. Therefore, we forecast
NPAs under IFRS of 4.5%-5.0% at year-end 2021, which is in line
with our systemwide projections. Notably, Uzpromstroybank already
demonstrates better asset quality than some other large state-owned
banks under local reporting standards, with problem assets at 3.6%
versus the 5.8% system average on Oct. 1, 2021.

The bank will maintain an adequate capital position because risks
of high additional provisions or aggressive lending growth have
diminished. S&P said, "We forecast that Uzpromstroybank's
risk-adjusted capital (RAC) ratio will remain at 8.2%-8.3% by
year-end 2023, compared with 8.7% at year-end 2020. We think that
the bank's profitability will also recover with a return on average
equity of about 15% in 2021-2022 versus 1.8% in 2020, supported by
slowly increasing net interest margins and relatively low credit
loss provisions, which will unlikely exceed 100 bps of the loan
portfolio. The expected reduction in CoR reflects the gradual
improvement of the bank's asset quality and its quite conservative
provisioning in 2020, when its CoR was close to 3.4%. Although,
Uzpromstroybank's coverage of problem loans under IFRS is still
relatively low (just 35% as of mid-year 2021) compared with that of
international peers, it remains in line with other large
Uzbekistani banks and we don't think the provisioning policy will
change in the coming years. We note that, under the bank's new
strategy to 2023, management has reduced its appetite for lending
growth, which is likely to remain close to 10% over the forecast
horizon versus 30%-40% organic growth in previous years. In
addition, we expect that the bank will not pay dividends this year
but resume distributing 50% of its net income starting 2022."

The bank will maintain its solid business position and strong ties
with the government in the next two years, despite preparing for
privatization in 2024. S&P said, "Although the bank will prioritize
development in the small and midsize enterprise and consumer
finance segment by year-end 2023, we expect that business with
large corporate customers, including strategically important
government-related entities, will remain core to its business
model. Furthermore, we expect the bank will remain important for
the government and maintain close ties with it in coming
two-to-three years despite its privatization goal by year-end
2024."

S&P said, "The stable outlook on Uzpromstroybank reflects our view
that its adequate capital buffers, improving asset quality, and
solid business position in Uzbekistan will support the credit
profile in the coming 12 months.

"We could take a negative rating action in the next 12 months if,
contrary to our expectations, the bank's asset quality deteriorates
and remains sustainably worse than that of domestic peers."

A positive rating action is unlikely over the next 12 months
because it would require a similar rating action on the sovereign,
together with further improvement of the bank's stand-alone credit
profile.




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

UNICAJA BANCO: Fitch Gives 'B+(EXP)' Rating to Add'l Tier 1 Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Unicaja Banco S.A's (Unicaja;
BBB-/Negative) planned issue of additional Tier 1 (AT1) notes an
expected long-term rating of 'B+(EXP)'.

The assignment of the final rating is contingent upon the receipt
of final documents conforming to information already received.

KEY RATING DRIVERS

The notes will be perpetual, deeply subordinated, fixed-rate
resettable AT1 debt securities, with fully discretionary,
non-cumulative coupons. They will be subject to partial or full
write-down if Unicaja's consolidated common equity Tier 1 (CET1)
ratio falls below 5.125%.

The expected rating is four notches below Unicaja's 'bbb-'
Viability Rating (VR), which is the baseline notching for this type
of debt under Fitch's criteria. This notching reflects poor
recoveries due to the notes' deep subordination (two notches) as
well as incremental non-performance risk relative to the VR (two
notches), given fully discretionary coupon payments and the
write-down trigger. The notes also have mandatory coupon
restriction features, including where prohibited by the regulator
or where a coupon would exceed distributable items.

Unicaja maintains sound buffers above its regulatory capital
requirements. At end-September 2021, Unicaja's 14.9% consolidated
CET1 ratio was well above its 8.2% CET1 regulatory requirement.

RATING SENSITIVITIES

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

-- The AT1 notes' rating would be downgraded if Unicaja's VR was
    downgraded. The rating is also sensitive to adverse changes in
    its notching from Unicaja's VR, which could arise if Fitch
    changes its assessment of the probability of the notes' non
    performance relative to the risk captured in the VR. This may
    reflect a change in capital management in the group or an
    unexpected shift in regulatory capital requirements, for
    example.

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

-- The AT1 notes' rating is primarily sensitive to changes in
    Unicaja's VR. The rating would be upgraded if Unicaja's VR was
    upgraded.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

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.




=============
U K R A I N E
=============

NATIONAL POWER: Fitch Gives Final B Rating to USD825MM Yield Bond
-----------------------------------------------------------------
Fitch Ratings has assigned Private Joint Stock Company National
Power Company Ukrenergo's five-year guaranteed notes of USD825
million 6.875% yield bond a final senior unsecured rating of 'B'.

The notes are unconditionally and irrevocably guaranteed by the
state, represented by the Minister of Finance acting on the
instructions of the Cabinet of Ministers of Ukraine (B/Positive).
The proceeds of the expected notes are subject to repay accumulated
payables to guaranteed buyer, which will repay accumulated debts to
renewable producers.

KEY RATING DRIVERS

Notes' Rating Equalised With Guarantor: The guarantee provided to
the notes constitute direct, unconditional and unsecured
obligations of the guarantor and rank pari-passu with all other
unsecured debt. As a result of guarantee, the notes' rating is
equalised with the guarantor's rating. The state also guaranteed
all of Ukrenergo's debt at end-1H21, which allowed the company to
raise 15-20 year maturity debt from international financial
institutions (IFIs).

Weak Financials due to PSO: The faster-than-expected growth of
renewable capacity in Ukraine in 2019-2020 resulted in difficulties
for the guaranteed buyer to service its public service obligations
(PSO) under the feed-in tariff (FiT) regime. The PSO is assigned to
the guaranteed buyer, a state-owned enterprise (not part of
Ukrenergo) that is obliged to purchase all electricity from
producers of green electricity. This was not reflected in
Ukrenergo's transmission tariffs, causing EBITDA to decline to a
negative UAH26 billion in 2020 from a historical average of UAH4
billion.

2021 EBITDA Recovery Expected: Ukrenergo's EBITDA improved after
the regulator revised upward electricity transmission tariffs, as
well as reduced prices for existing renewables power stations and
for new renewable power plants to be commissioned in 2021 and
thereafter. This had a positive impact on 1H21 EBITDA and Fitch
expects the company to return toward historical EBITDA by end-2021.
Fitch believes continued state support will be essential in
addition to the planned external debt financing if free cash flow
remains significantly negative due to insufficient tariff increases
or increased capex.

Significant Payables: To resolve Ukrenergo's debt accumulation, the
National Energy and Utilities Regulatory Commission (NEURC)
increased the company's transmission tariff twice in 2020, to UAH
312.75 from UAH 155.4. Additionally, Ukraine has signed a
memorandum with renewable electricity producers to reduce their
FiT, which also supports the recovery of Ukrenergo. The total
amount of FiT accounts payable as of end-1H21 was UAH22.5 billion
(over USD800 million).

Covenant Breach: As a result of the decrease in revenues, Ukrenergo
has failed to comply with certain financial covenants under its
project agreements, including maintenance of the debt service
coverage ratio, liquidity ratio and debt-to-EBITDA ratio. As of
end-1H21, UAH11 billion of long-term borrowings were reclassified
as current liabilities, due to the company's failure to comply with
financial covenants. Ukrenergo has received waivers of the
financial covenants for UAH8 billion as of 30 June 2021 and is in
discussions to extend the waiver for the remainder of 2021.

FX Exposure: Ukrenergo has high exposure to foreign-exchange (FX)
fluctuations, due to the currency mismatch between debt and
revenue, as more than 60% of its debt at end-1H21 loans was
denominated in foreign currencies (US dollars and euros), while
most of its revenue is denominated in Ukrainian hryvnia. Further
hryvnia depreciation against major currencies may lead to
significant deterioration of the financial profile and put pressure
on covenants. However, as Ukrenergo operates under a cost-plus
tariff-setting mechanism it can initiate a revision of its tariffs
set by the regulator if its financial performance deteriorates due
to FX movements.

DERIVATION SUMMARY

N/A

KEY ASSUMPTIONS

Fitch assumes the guarantee to remain in place for the life of the
notes.

RATING SENSITIVITIES

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

-- The senior unsecured notes' rating is equalised with that of
    Ukraine. Any positive action on the sovereign rating will be
    reflected in the notes' rating.

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

-- Negative rating action on the sovereign rating will be
    reflected in the notes' rating. Any change or termination of
    the guarantee framework will lead to a reassessment of the
    notes' rating.

Rating Sensitivities for Ukraine (as of 6 August 2021):

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

-- Macro and External Finances: Increased external financing
    pressures, sharp decline in international reserves or
    increased macroeconomic instability, for example stemming from
    IMF programme disengagement due to deterioration in the
    consistency of the policy mix and/or reform reversals.

-- Public Finances: Persistent increase in general government
    debt/GDP, for example due to fiscal loosening, weak GDP
    growth, or currency depreciation.

-- Structural: Political/geopolitical shocks that weaken
    macroeconomic stability, growth prospects and Ukraine's fiscal
    and external position.

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

-- External Finances: Reduction in external financial
    vulnerabilities, for example due to a sustained increase in
    international reserves, strengthened external balance sheet,
    greater financing flexibility, or greater confidence in the
    ability to maintain IMF programme engagement and market
    access.

-- Public Finances: Sustained fiscal consolidation that places
    general government debt/GDP on a firm downward path over the
    medium term.

-- Macro and Structural: Increased confidence that progress in
    reforms will lead to improvement in governance standards and
    higher growth prospects while preserving improvements in
    macroeconomic stability.

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

Tight Liquidity: At end- 1H21, Ukrenergo had cash balances of
UAH5.6 billion, which were insufficient to cover short-term debt of
around UAH15.9 billion (UAH11 billion of IFIs loans were
reclassified as current liabilities, due to the company's failure
to comply with financial covenants). Ukrenergo's key existing
lenders are leading IFIs, including EBRD, EIB, KfW, and IBRD.
Ukrenergo will tap the capital market to fund its working-capital
deficit arising from imposed PSOs. During 1H21, the company raised
additional UAH10.3 billion of fully guaranteed loans from
state-owned banks to partially fund working-capital liabilities.

ISSUER PROFILE

Ukrenergo is the 100% state-owned (through Ministry of Energy)
national electricity transmission system owner and operator in
Ukraine. Ukrenergo also operates on behalf of the government the
PSOs to market participants, including independent renewable
electricity generators.




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

AFFINITI FINANCE: Enters Administration, Halts Operations
---------------------------------------------------------
John Hyde at The Law Society Gazette reports that administrators
have been appointed at one of the biggest legal funders in the UK,
at a time when the claims market continues to be in a state of flux
and uncertainty.

According to The Law Society Gazette, a London Gazette notice
states that Affiniti Finance Limited was placed into administration
on Nov. 4.  Andrew Hosking and Sean Bucknall of Quantuma Advisory
Limited have been appointed to handle the company's affairs, The
Law Society Gazette relates.

The Financial Conduct Authority register confirms that Affiniti
Finance Limited is in administration and has stopped taking on new
business, The Law Society Gazette notes.

There has been no statement from Affiniti Finance and the business
has not responded to requests for comment.  It is unclear at this
stage whether the company continues to trade and what will happen
to its multi-million pound funding agreements with various law
firms, The Law Society Gazette discloses.

According to the annual accounts for the year ending December 31,
the firm had an outstanding loan worth GBP18.3 million with
Fortress Lending Fund Subsidiary DAC secured by a fixed and
floating charge over the assets, The Law Society Gazette states.


DERBY COUNTY FOOTBALL: Hearing on Point Deduction Appeal Adjourned
------------------------------------------------------------------
Elias Burke at The Athletic reports that the hearing date for Derby
County Football Club's appeal against their 12-point deduction for
going into administration has been adjourned, the EFL confirmed on
Nov. 8.

Derby were docked 12 points for entering administration earlier
this season, the standard penalty applied by the EFL in such
situations, The Athletic relates.

The administrators of Derby County subsequently lodged an appeal
against the penalty, The Athletic discloses.

According to The Athletic, the results of their appeal had been
expected this month, but an EFL spokesperson said on Nov. 8: "The
EFL can confirm that the appeal hearing date in respect of the
sporting sanction imposed on Derby County for entering
administration has been adjourned."

The Athletic reported on Nov. 7 that Derby's confidence in their
appeal against the 12-point deduction is waning.

It is understood the administrators hoped that the EFL would be
more lenient on club finances given the global economic crisis due
to the COVID-19 pandemic, The Athletic notes.

However, the EFL can argue that many of Derby's financial
misgivings precede the pandemic.

It is thought they are also concerned that if they demonstrate
lenience to Derby it could create a slippery slope, with other
clubs using it as an excuse to adopt similar tactics, The Athletic
relays.

Derby currently sit bottom of the Championship, with six points
from their opening 17 fixtures, The Athletic 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.


FARRINGDON MORTGAGES 2: Fitch Lowers Class B2a Debt Rating to 'BB'
------------------------------------------------------------------
Fitch Ratings has downgraded one tranche of Farringdon Mortgages
No. 2 Plc, and affirmed two tranches.

        DEBT                  RATING            PRIOR
        ----                  ------            -----
Farringdon Mortgages No. 2 Plc

Class B1a XS0228712260    LT Asf   Affirmed     Asf
Class B2a XS0228712930    LT BBsf  Downgrade    Asf
Class M2a XS0228711882    LT Asf   Affirmed     Asf

TRANSACTION SUMMARY

The transaction contains a pool of residential mortgages originated
by Rooftop Mortgages, a non-conforming mortgage lender.

KEY RATING DRIVERS

Excessive Counterparty Exposure: The lack of a 10% sequential
switch back trigger, and high borrower concentration, cause a high
reliance of all notes' credit support on the cash reserve balance
especially during late portfolio stages.

As a result all the ratings are capped at the rating of the account
bank Danske Bank A/S (A/Stable/F1) due to excessive counterparty
exposure.

Elevated Senior Fees and Liquidity Fees: The transaction has
incurred increased senior fees and liquidity facility commitment
fees since April 2020. The increase in fees has led to drawings on
the reserve fund, which has been below target on the most recent
interest payment dates (IPDs). Fitch has reflected this increase in
its senior fee assumptions by equating them to the average costs
incurred in the last two years. In Fitch's modelling, this leads to
continue drawing of the cash reserve and increased credit risk for
the class B2a notes.

Interest-only Concentration: The transaction has a material
concentration (85.8%) of interest-only loans. Of these, 57.2%
mature between 2029 and 2031 (with 54.2% in the 2030). As per its
criteria, Fitch tested additional foreclosure frequency (FF)
assumptions for these loans. The results of the additional
foreclosure frequency assumption testing have not constrained the
notes' ratings.

FF Macroeconomic Adjustments: Fitch applied FF macroeconomic
adjustments to the owner-occupied non-conforming sub-pool because
of the expectation of a temporary mortgage underperformance (see
Fitch Ratings to Apply Macroeconomic Adjustments for UK
Non-Conforming RMBS to Replace Additional Stress).

With the government's repossession ban ended, there is still
uncertainty about borrowers' performance in the UK non-conforming
sector, where many borrowers have already rolled into late arrears
over recent months. Borrowers' payment ability may also be
challenged with the end of the Coronavirus Job Retention Scheme and
Self-employed Income Support Scheme. The adjustment is 1.58x at
'Bsf' while no adjustment is applied at 'AAAsf' as Fitch deems
assumptions sufficiently remote at this level.

ESG Consideration: Farringdon Mortgages No. 2 has an ESG Relevance
Score of '5' for Governance Impact related to transaction parties
due to the excessive counterparty exposure affecting senior notes
that prevents the notes from achieving a 'AAAsf' rating.

RATING SENSITIVITIES

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

-- Rating action onDanske Bank AS could impact the notes'
    ratings.

-- The transaction features a significant proportion of IO loans,
    with a high concentration between 2029 and 2031 (57.2% by
    collateral balance). If borrowers were unable to refinance
    these loans at maturity, increased foreclosures may result,
    with higher-than-expected losses incurred by the transaction.

-- The transaction's performance may be affected by changes in
    market conditions and economic environment. Weakening economic
    performance is strongly correlated to increasing levels of
    delinquencies and defaults that could reduce CE available to
    the notes.

-- Unanticipated declines in recoveries could also result in
    lower net proceeds, which may make certain notes susceptible
    to negative rating action depending on the extent of the
    decline in recoveries. Fitch conducts sensitivity analyses by
    stressing both a transaction's base-case FF and recovery rate
    (RR) assumptions, and examining the rating implications on all
    classes of issued notes. Under this scenario, Fitch assumed a
    15% increase in the weighted average (WA) FF and a 15%
    decrease in the WARR. The results indicate a multi-notch
    downgrade for the class B2a notes.

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE levels
    and potential upgrades. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the FF of 15%
    and an increase in the RR of 15%. The results indicate a
    multi-notch upgrade for the class B2a notes.

BEST/WORST CASE RATING SCENARIO

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

CRITERIA VARIATION

Fitch has applied a criteria variation for the class B2a notes'
rating. The model-implied ratings for the notes was lower than
'B-sf', so the class B2a notes should be downgraded to 'B-sf' or
below, according to the Rating Determination section of the UK RMBS
Rating Criteria.

Given the failures were due to immaterial interest shortfalls in a
scenario of high prepayments (unlikely for a seasoned collateral of
IO loans), Fitch concluded that the model-implied-rating excluding
such scenarios ('BBsf') was more appropriate for the class B2a
notes.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

Farringdon Mortgages No. 2 Plc

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pool[s] ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ESG CONSIDERATIONS

Farringdon Mortgages No. 2 Plc has an ESG Relevance Score of '5'
for Transaction & Collateral Structure due to due to the excessive
counterparty exposure, which has a negative impact on the credit
profile, and is highly relevant to the rating, resulting in a cap
on the notes' ratings at 'Asf'.

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.


LOOPSTER: Enters Administration After Failing to Secure Funding
---------------------------------------------------------------
Business Sale reports that Loopster, an online second-hand clothing
retailer backed by investment from the Development Bank of Wales,
has fallen into administration after a funding round failed to
reach its target.

The business was launched in Newport, Wales, in 2017 with the aim
of reducing the environmental impact of the fashion industry.

The company's plans for scaling up its operations were supported by
a seed funding round worth GBP500,000 last year, Business Sale
discloses.  This funding round included GBP250,000 in equity
investment from the Development Bank of Wales, the Welsh
Government's wholly-owned investment bank, Business Sale notes.

The investment enabled the company to improve its platform,
increase efficiencies and optimize its customer experience,
Business Sale states.  The business moved to new headquarters in
the Newport Business Centre and recorded strong revenue and order
growth.

This growth saw the company pass the milestone of over 12,000 items
of clothing sold since its launch and, with revenue growth of 400%
over the past year, it was projected to become a business with
multi-million-pound turnover, Business Sale relays.

On the back of this, the company sought to raise further equity
funding in order to continue its strong growth, Business Sale
Business Sale notes.  It launched a new fundraising on the
Crowdcube platform earlier this year, with the aim of raising a
further GBP500,000, Business Sale recounts.

If this target was met, the company would have secured further
matched investment from the Development Bank of Wales, Business
Sale relays.  However, the effort raised just under GBP400,000,
meaning that, under Crowdcube policy, none of the funding raised
could be secured, as the full amount was not met, according to
Business Sale.

After failing to secure the funding required for its next stage of
growth, Loopster's directors opted to put the business into
administration, Business Sale discloses.


NMCN PLC: Keltbray to Acquire Infrastructure Contracts, Assets
--------------------------------------------------------------
AggNet reports that Keltbray, specialist in construction,
demolition, decommissioning and remediation services, has agreed a
deal with administrators Grant Thornton UK LLP to acquire a
portfolio of infrastructure contracts and associated assets from
nmcn plc, who went into administration on October 6, 2021.

According to AggNet, the acquisition will extend the company's
service offerings in the strategically important infrastructure
sector, while at the same time protecting valuable jobs and
securing the futures of 117 employees, which is especially welcome
during these challenging post-pandemic times.

Equally important, the agreement ensures the continued delivery of
vital infrastructure projects across the UK, minimizing any adverse
delivery impacts on customers, AggNet notes.

Keltbray will assume responsibility for fulfilling these contracts
with immediate effect, providing services to valued customers,
including National Highways, as part of the Government's
infrastructure investment programme to level up the country by
building back better, AggNet discloses.


[*] UK: Corporate Insolvencies Up 26% in Third Quarter 2021
-----------------------------------------------------------
Consultancy.uk reports that the number of corporate insolvencies
seen across the UK rose by 26% in the third quarter of 2021.

According to new research, worse could be to come, as inflation and
supply-chain pressures bite in the absence of government Covid-19
support measures, Consultancy.uk notes.

Despite the continued financial crisis seen during the pandemic,
the number of administrations and receiverships initially plummeted
during 2021, Consultancy.uk discloses.  Interpath Advisory found
that a total of 301 companies fell into administration or
receivership from January to June 2021 -- down from 655 in the
first half of 2020 or 686 in the same period of 2019,
Consultancy.uk relates.

The fact that during its deepest recession in three centuries, the
UK was seeing fewer insolvencies, suggested the GBP80 billion of
emergency government-backed loans received by UK businesses during
the Covid-19 crisis have kept a huge number of firms on
life-support, Consultancy.uk states.

According to Consultancy.uk, with government measures such as the
furlough scheme having now closed, the UK has indeed seen a rise in
insolvencies -- though not by as much as some economists
anticipated. Analysis of notices in The Gazette by Interpath
Advisory reveals that a total of 155 companies fell into
administration or receivership from July to September 2021,
Consultancy.uk discloses.  While this is up from 123 in the second
quarter of 2021, it is still far fewer than the 243 seen during the
same period in 2020, and still at only 39% of pre-Covid-19 levels,
when compared to the 401 appointments of administrators in the
third quarter of 2019, Consultancy.uk states.

With that being said, the future forecast is looking increasingly
bleak, Consultancy.uk relays, citing Interpath Advisory's CEO,
Blair Nimmo.

According to Consultancy.uk, while support measures tailing off may
be behind many of the insolvencies currently being seen, growing
uncertainty around the global supply chain are only just starting
to bite.

"Against a backdrop of rising inflation costs and lessening
government support, there are signs that the level of insolvencies
are beginning to rise. We are yet to see the deluge of corporate
failures that many anticipated but, whilst the outlook remains
uncertain, I would expect to see filings continue to escalate, with
more momentum gathering into the New Year," Consultancy.uk quotes
Mr. Nimmo as saying.

Perhaps as a sign of what is to come, the construction and energy
sectors saw the largest rise in levels of administrations and
receiverships in the last quarter, Consultancy.uk states.  The
energy sector has directly been stung by recent spikes in wholesale
gas, coal and electricity prices to unprecedented highs -- pushing
nine UK energy firms to administration in recent months,
Consultancy.uk notes.  Following on, energy intensive industries
like the manufacturing sector have suffered a knock-on consequence
of this, while in the case of the construction sector it has
compounded other pressures, according to Consultancy.uk.

With the price of raw materials spiralling amid the UK's strained
import relations, 34 firms in construction appointed administrators
over the three months in question, Consultancy.uk discloses.



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *