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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, November 12, 2021, Vol. 22, No. 221

                           Headlines



F R A N C E

IDEMIA GROUP: Fitch Affirms 'B' LT IDR, Outlook Negative


G E R M A N Y

DEUTSCHE LUFTHANSA: S&P Rates 2023/2027 Sr. Unsecured Notes 'BB-'


G R E E C E

GRIFONAS FINANCE 1: Fitch Lowers Class C Debt Rating to 'B-'


I R E L A N D

ACCUNIA EURO I: Fitch Raises Class F Notes Rating to 'B+'
BAIN CAPITAL 2021-2: S&P Assigns B- Rating on Class F Notes
BARINGS EURO 2014-2: Fitch Raises Class F-R Debt Rating to 'BB-'
CAIRN CLO IX: Fitch Raises Class F Notes Rating to 'B+'
JUBILEE CLO 2014-XII: Fitch Raises Class F-R Debt Rating to 'B+'

MAN GLG I: Fitch Raises Rating on Class F-R Notes to 'B+'
ROCKFORD TOWER 2021-2: Moody's Assigns (P)B3 Rating to Cl. F Notes
SOUND POINT VII: Fitch Gives 'B-(EXP)' Rating on Class F Debt
SOUND POINT VII: Moody's Assigns (P)B3 Rating to EUR15MM F Notes


N E T H E R L A N D S

E-MAC PROGRAM 2006-III: Fitch Affirms CCC Rating on 2 Note Tranches
INDY DUTCH: S&P Rates New EUR125MM Incremental Term Loan 'B'
INTERMEDIATE DUTCH: Fitch Affirms 'B+' LT IDR, Outlook Stable


R O M A N I A

CET GOVORA: Chimcomplex Borzesti Wins Tender for Assets


S L O V E N I A

GORENJSKA BANKA: Fitch Puts 'BB-' LT IDR on Watch Evolving


U N I T E D   K I N G D O M

BROWN AND MASON: Involved in Legal Dispute Over Luxury Project
CAFFE NERO: High Court Tosses Landlord's Bid to Overturn CVA
CASTELL PLC 2021-1: S&P Assigns B- Rating on Cl. F-Dfrd Notes
POUNDSTRETCHER: Executive Chairman Nadir Lalani Steps Down
SMALL BUSINESS 2021-1: Moody's Gives (P)Ba3 Rating to Cl. D Notes

TRINITY HOMES: Obtains Court Protection From Creditors
[*] UK: Corporate Insolvencies in Scotland Up 29.4% in 3rd Qtr.


X X X X X X X X

[*] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles

                           - - - - -


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F R A N C E
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IDEMIA GROUP: Fitch Affirms 'B' LT IDR, Outlook Negative
--------------------------------------------------------
Fitch Ratings has affirmed IDEMIA Group SAS's (IDEMIA) Long-Term
Issuer Default Rating (IDR) at 'B' and the senior secured debt
ratings assigned to the term loan B (TLB) and the revolving credit
facility (RCF) at 'B+'/'RR3'. The Outlook remains Negative.

The maintenance of the Negative Outlook on IDEMIA's IDR reflects
Fitch's expectation that funds from operations (FFO) gross leverage
will remain above its downgrade threshold of 7.0x in 2022 despite a
healthy recovery in revenue and EBITDA in 2021. Negative free cash
flow (FCF) is a drag on the ratings and Fitch expects it to turn
moderately positive only from 2022, subject to a continuing
post-pandemic market recovery and progress on the company's cost
efficiency programme.

KEY RATING DRIVERS

High Leverage: Fitch expects IDEMIA's funds from operations (FFO)
gross leverage to be at 8.7x at end-2021 and gradually decline in
2022-2024. The company was adversely affected by the Covid-19
pandemic in 2020 but was able to contain the damage with a timely
response and good geographic and business diversification. In 2021
it returned to growth with 9M21 revenue demonstrating a 3.5%
increase yoy on a like-for-like basis and a significant improvement
in margins. However, the recovery is not sufficiently strong to
reduce the leverage to below the downgrade threshold in 2022. There
is still some uncertainty around the extent of positive market
momentum and continuing improvement in profitability, which are key
factors for IDEMIA's deleveraging.

Markets Recovery: Most of the markets in which IDEMIA operates are
recovering from the Covid-19 impact in 2020 which is evidenced by
company's healthy performance in 9M21. The Government Solutions
(GS) segment demonstrated 10% yoy organic growth during that
period, attributable to a recovery in air traffic in the US and
increased activity in services requiring personal presence which
suffered the most during the Covid-19-related restrictions (ID
documents). Developed markets, including the US, demonstrate better
performance due to their faster recovery from the pandemic, but
Fitch expects that the delayed recovery in emerging markets will
help IDEMIA to keep a strong momentum in 2022.

The Secured Enterprise Transactions (SET) segment was quite
resilient to the pandemic in 2020, declining by only 1% yoy
organically while in 2021 the segment accelerated, supported by
volumes growth in both payments and connectivity solutions,
selective price increases and improved contracts pipeline in
authentication.

Chip Shortage Crisis Neutral: The global chip shortage crisis does
not have a visible impact on IDEMIA's operations and margins. The
company has been proactive in managing the components inventory and
benefits from its large scale, allowing for better negotiating
position with the suppliers. IDEMIA is able to effectively pass
through the increased costs of the components to its customers
while a more selective approach to services and customer mix allow
for better profitability control. A shortage in components supply
make tech vendors like IDEMIA more valuable for customers who want
to stay with large and reliable providers, while a change of vendor
could present operational risks for their business.

Improving FCF Trend: Fitch expects IDEMIA to continue demonstrating
improvement in FCF generation, with moderately positive FCF from
2022. Fitch expects 2021 FCF to be modestly negative, partly due to
higher-than-usual cash tax payments attributable to active cash
extraction from selected operating subsidiaries. The main drivers
for positive FCF will be revenue growth, EBITDA margin improvement,
stable capex and a lack of large non-recurring expenses, which were
the main drag on FCF in 2017-2020. Fitch expects capex to normalise
at around 7.5% of revenues in 2022-2024.

Improving Earnings Quality: Fitch expects non-recurring costs to
decline in 2022-2024 which should support deleveraging. From 2021
Fitch treats most restructuring and transformation expenses as
recurring and include them in FFO as they are attributable to
cost-cutting projects and are likely to persist. Fitch sees them as
part of IDEMIA's continuing efforts to improve operational
efficiency with a view to standardisation, simplification and
digitalisation of business processes. Fitch expects these efforts
to lead to IDEMIA's Fitch-defined EBITDA margin to increase to 15%
in 2021 from 13% in 2020 and continue to gradually improve in
2022-2024.

Strong Market Positions: IDEMIA has strong market shares in all its
key segments, typically ranking first or second. The GOV segment's
solutions require an established reputation, a high level of
reliability and strong execution. In this segment IDEMIA benefits
from long-term contracts which provide good revenue visibility over
a three-five-year period. The Secure Enterprise Solutions (SET)
segment's products are more commoditised and the markets more
competitive, resulting in price and profitability pressures. The
company is tackling these challenges with new hi-tech products, a
more selective approach to the customer services mix and by
investing in technology at the early stages of adoption which has
substantial long-term growth potential.

Amend and Extend Neutral: The extension of TLB's maturities
performed in March 2021 is largely neutral for IDEMIA's credit
profile, as Fitch does not consider the refinancing risk high for
the company. At the same time, the extension comes at the cost of
higher cash interest which would put modest pressure on free cash
flow (FCF) from 2021.

DERIVATION SUMMARY

The ratings are supported by IDEMIA's strong global market
positions in identification, authentication, payment and
connectivity solutions.

IDEMIA's technology peers such as Nokia Corporation (BBB-/Stable),
Telefonaktiebolaget LM Ericsson (BBB-/Stable) and
STMicroelectronics N.V. (BBB/Stable) are rated in the
investment-grade category. Despite higher volatility in both
revenue and margins than IDEMIA, they have greater scale and
stronger cash flows as well as no or very low net leverage.

Fitch recognises the strong business position and technology
leadership of IDEMIA within its chosen markets but its smaller
scale and high leverage place its rating in the 'B' category.
Higher-rated FinTech companies such as Nexi S.p.A. (BB-/RWP)
benefit from leadership in their markets, strong growth prospects
and healthy cash flow generation. Similarly-rated European software
companies such as Dedalus SpA (B/Stable) and TeamSystem Holding
S.p.A (B/Stable) show higher margins, have a high share of
recurring revenues and demonstrate better deleveraging prospects
than IDEMIA and so higher leverage allowance for their rating
category.

IDEMIA is broadly comparable with the peers that Fitch covers in
its technology and credit opinions portfolios. It has slightly
higher leverage but benefits from market leadership in its core
operating segments, healthy liquidity and global diversification.

KEY ASSUMPTIONS

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

-- Low- to mid-single digit revenue growth in 2022-2024;

-- Fitch-defined EBITDA margin at 15% in 2021 gradually improving
    towards 17% by 2024, reflecting the impact of efficiency
    measures and a better business mix;

-- Capex on average at around 7.5% of revenues in 2022-2024;

-- All transformation programme costs are reflected above FFO;

-- No M&A from 2022.

KEY RECOVERY RATING ASSUMPTIONS

In conducting its bespoke recovery analysis, Fitch estimates that
IDEMIA's intellectual property, patents and recurring contracts, in
the event of default, would generate more value from a
going-concern restructuring than a liquidation of the business.

Fitch estimates post-restructuring EBITDA would be around EUR285
million. Fitch would expect a default to come from either a fall in
revenue and EBITDA from the loss of major contracts following
reputational damage, for example as a result of compromised
technology (leading to sustained high leverage and negative cash
flow) or from a major shift in technology usage making IDEMIA's
products obsolete.

Fitch has applied a 6x distressed multiple to post-restructuring
EBITDA to account for IDEMIA's scale, customer and geographical
diversification as well as exposure to secular growth in
biometric-enabled identification technology. The 6x multiple is
also around half the valuation paid for Morpho (12.4x), which in
Fitch's view, reflects an appropriate distressed valuation.

10% of administrative claims have been taken off the enterprise
valuation to account for bankruptcy and associated costs and the
company's revolving credit facility (RCF) is assumed to be fully
drawn under Fitch's criteria.

EUR36 million of prior-ranking debt at operating subsidiaries is
included in recovery analysis as IDEMIA's senior secured term loan
B (TLB) and RCF are structurally subordinated to debt at its
operating subsidiary.

Fitch's recovery expectation for senior secured lenders of the TLB
and the RCF is 63% (in line with a RR3) leading to a one-notch
uplift for the senior secured debt rating at 'B+'.

RATING SENSITIVITIES

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

-- FFO gross leverage below 7.0x combined with FFO interest cover
    of 3x and positive FCF could lead to a revision of Outlook to
    Stable;

-- FFO gross leverage below 5.0x combined with profitability
    improvement and sustainably positive FCF generation would lead
    to an upgrade to 'B+'.

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

-- FFO gross leverage sustainably above 7.0x without a clear path
    for deleveraging combined with negative FCF;

-- A material loss of market share or other evidence of a
    significant erosion of business or technology leadership in
    core operations.

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

Satisfactory Liquidity: IDEMIA has long-dated debt maturities, with
no material obligation falling due before 2026. It had EUR168
million of cash and EUR300 million RCF, of which EUR247 million was
undrawn, at end-3Q21 and overall liquidity is adequate. Fitch
expects liquidity to remain satisfactory as Fitch forecasts modest
positive FCF in 2022 growing in 2023 and 2024.

ISSUER PROFILE

IDEMIA, headquartered in France, is the result of the merger
between Oberthur Technologies and Morpho (the Security and Identity
Solutions division of French engineering and defence group Safran).
IDEMIA is a global leader in digital security solutions with
emphasis on identification, authentication and biometrics.

SUMMARY OF FINANCIAL ADJUSTMENTS

EUR25 million of cash on balance sheet is assumed to be not readily
available to account for intra-year working-capital changes.




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G E R M A N Y
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DEUTSCHE LUFTHANSA: S&P Rates 2023/2027 Sr. Unsecured Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings has assigned its 'BB-' issue rating to the
senior unsecured notes due 2023 and 2027 issued by Deutsche
Lufthansa AG (Lufthansa, BB-/Stable/B). Lufthansa issued the notes
under its EUR10.0 billion debt issuance program. S&P expects the
company will use the net proceeds for general corporate purposes,
including the repayment of existing debt.

S&P said, "We rate the notes at the same level as our long-term
issuer credit rating on Lufthansa. The recovery rating on the notes
is '3', indicating our expectation of meaningful recovery prospects
(50%-70%; rounded estimate: 65%) in the event of a payment default.
The issue rating and the recovery rating on the existing senior
unsecured debt are unchanged."




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G R E E C E
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GRIFONAS FINANCE 1: Fitch Lowers Class C Debt Rating to 'B-'
------------------------------------------------------------
Fitch Ratings has upgraded two tranches of Grifonas Finance No. 1
Plc and upgraded one. The class A and B notes have been removed
from Rating Watch Positive (RWP) and the class C notes from Rating
Watch Negative (RWN).

       DEBT                    RATING             PRIOR
       ----                    ------             -----
Grifonas Finance No. 1 Plc

Class A XS0262719320    LT BBB+sf    Upgrade      BBBsf
Class B XS0262719759    LT BBBsf     Upgrade      BBsf
Class C XS0262720252    LT B-sf      Downgrade    Bsf

TRANSACTION SUMMARY

The transaction comprises fully amortising residential mortgages
originated and serviced by Consignment Deposit & Loans Fund
(CDLF).

KEY RATING DRIVERS

Criteria Implementation: The rating actions and the removal from
Rating Watch follow the implementation of Fitch's European RMBS
Rating Criteria published on 19 July 2021. The upgrade of the class
A and B notes is mostly driven by changes to Greek house price
decline assumptions and to the foreclosed sale adjustment and
foreclosure timing assumptions for the country. The downgrade of
the class C notes mainly reflects that under the updated criteria
notes with a model-implied rating (MIR) lower than 'B-sf', Fitch
will determine a rating in the range of 'Csf' to 'B-sf' instead of
up to 'B+sf' under the previous criteria framework.

Credit Enhancement and Stable Asset Performance: The upgrade of the
class A and B notes also reflects Fitch's view that the notes are
sufficiently protected by credit enhancement (CE) and excess spread
to absorb the portfolio projected losses commensurate with the
higher rating scenarios. Fitch expects structural CE to increase in
the short to medium term for the class A and B notes given the
prevailing sequential amortisation. CE for the class B and C notes
relies more on the cash reserve held with Elavon Financial Services
DAC (AA-/Stable).

The Stable Outlooks on the notes reflect that asset performance has
been stable overall since the last surveillance review in December
2020, and Fitch expects this trend to continue. As at the June 2021
pool cut-off date, loans with over three monthly payments missed as
calculated by Fitch increased to 2.4% from 1.4%, but the servicer
reported that this was mainly due to a delay in the management of
payments of retired borrowers that were temporarily classified as
arrears.

The class A notes have been upgraded to the Greek Country Ceiling
level. The Stable Outlook reflects that on Greece's Long-Term
Issuer Default Rating (IDR).

Credit Support and Liquidity Mechanism: The transaction continues
to amortise sequentially as its non-amortising cash reserve is at
target, resulting in increasing credit support. Grifonas also
features a standby liquidity facility that provides adequate
liquidity to support the timely payment of the notes' interest and
senior expenses. The facility is non-amortising, due to breached
triggers, which could erode the transaction's available funds given
the associated commitment expenses expressed as an interest rate
charged on the facility amount. Interest due on the class C notes
is expected to be deferred over the next year when the 5%
cumulative default trigger will be breached (the ratio is currently
4.6%).

RATING SENSITIVITIES

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

-- Insufficient CE to fully compensate the credit losses and cash
    flow stresses associated with the current ratings scenarios.

-- For the class A notes, a downgrade of Greece's Long-Term IDR
    that could decrease the maximum achievable rating for Greek
    structured finance transactions. This is because the notes are
    rated at the maximum achievable rating, four notches above the
    sovereign IDR.

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

-- Continued stable asset performance and increasing CE could
    lead to further upgrades of the mezzanine tranche.

-- The class A notes are rated at the highest level on Fitch's
    scale and cannot be upgraded. However, an upgrade of Greece's
    Long-Term IDR could increase the maximum achievable rating for
    Greek structured finance transactions and lead to an upgrade
    of the notes, provided that CE is commensurate with higher
    rating stresses.

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

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools 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 pools ahead of the transaction'
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, Fitch's assessment of the
information relied upon for the agency's rating analysis according
to its applicable rating methodologies indicates that it is
adequately reliable.

ESG CONSIDERATIONS

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




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I R E L A N D
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ACCUNIA EURO I: Fitch Raises Class F Notes Rating to 'B+'
---------------------------------------------------------
Fitch Ratings has upgraded the class D, E, and F notes and affirmed
the class A, B-1, B-2, and C notes of Accunia European CLO I B.V.
Fitch also removed the class B-1, B-2, C, D, E, and F notes from
Under Criteria Observation (UCO) and revised the Rating Outlook to
Positive from Stable.

      DEBT                 RATING.           PRIOR
      ----                 ------            -----
Accunia European CLO I B.V.

A XS1966591452      LT AAAsf     Affirmed    AAAsf
B-1 XS1966593151    LT AA+sf     Affirmed    AA+sf
B-2 XS1966595016    LT AA+sf     Affirmed    AA+sf
C XS1966596683      LT A+sf      Affirmed    A+sf
D XS1966598382      LT BBB+sf    Upgrade     BBBsf
E XS1966599430      LT BB+sf     Upgrade     BB-sf
F XS1966599869      LT B+sf      Upgrade     Bsf

TRANSACTION SUMMARY

The transaction is a cash-flow collateralized loan obligation (CLO)
backed by a portfolio of mainly European leveraged loans and bonds.
The portfolio is managed by Accunia Fondsmaeglerselskab A/S and the
transaction exited its reinvestment period in May 2021.

KEY RATING DRIVERS

CLO Criteria Update

The upgrades mainly reflect the impact of the recently updated
Fitch CLOs and Corporate CDOs Rating Criteria (including, among
others, a change in the underlying default assumptions). The
upgrade analysis was based on a scenario which assumes a one-notch
downgrade on the Fitch Issuer Default Rating (IDR) Equivalency
Rating for assets with a Negative Outlook on the driving rating of
the obligor.

Deviation from Model-implied Rating

The assigned ratings for the class B-1, B-2, and F notes are one
notch lower than the model-implied ratings. The rating deviation
reflects the small breakeven default rate cushion at the
model-implied ratings, which could erode if the portfolio
performance deteriorated.

Limited Amortization

The class A notes have amortized EUR8.3 million since the
reinvestment period ended in May 2021. The transaction is currently
able to reinvest unscheduled principal proceeds and sale proceeds
from the sale of credit risk obligations and credit improved
obligations subject to certain restrictions. In the process of
reinvesting, the portfolio's quality may deteriorate towards the
covenant maximum weighted-average rating factor (WARF). In Fitch's
view, the breakeven default rate cushion at the upgraded ratings is
sufficient to mitigate the risk of portfolio deterioration due to
trading activity.

The Positive Outlook on the class B-1, B-2, C, D, E, and F notes
reflects Fitch's expectation of continued deleveraging and
improvement in credit enhancement across all rated notes.

Portfolio Performance

Asset performance has been stable since last review in July 2021.
As per the report dated Oct. 4, 2021, the transaction is passing
all coverage tests and collateral quality tests except for weighted
average life (WAL) test. Exposure to assets with a Fitch-derived
rating (FDR) of 'CCC+' and below was 7.2% if excluding unrated
assets, below the 7.5% test limit. There are no defaulted
obligations reported in the portfolio.

Asset Credit Quality

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category for the transaction. The
Fitch WARF reported by the trustee was 34.1 in the Oct. 4, 2021
monthly report, below the maximum covenant of 35.0. The
Fitch-calculated WARF under the updated Fitch CLOs and Corporate
CDOs Rating Criteria was 26.0.

Asset Security

Senior secured obligations make up 93.7% of the portfolio. Fitch
views the recovery prospects for these assets as more favorable
than for second-lien, unsecured and mezzanine assets. The Fitch
WARR of the current portfolio is 64.5% as per the most recent
report, equal to the minimum test limit of 64.5%.

Portfolio Concentration

The portfolio is well-diversified across obligors, countries and
industries. The trustee reports that the top 10 obligors represent
18.2% of the portfolio balance with no obligor accounting for more
than 2.7%. The top-Fitch industry and top three Fitch industry
concentrations are also within the defined limits of 17.5% and
40.0%, respectively.

RATING SENSITIVITIES

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

-- An increase of the default rate (RDR) at all rating levels by
    25% of the mean RDR and a decrease of the RRR by 25% at all
    rating levels 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 amortization does not
    compensate for a larger loss expectation than initially
    assumed due to unexpectedly high level of default 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 recovery rate (RRR) by 25% at all
    rating levels would result in an upgrade of up to three
    notches depending on the notes. Except for the class A notes,
    which are already at the highest 'AAAsf' rating, upgrades may
    occur in case of better than expected portfolio credit quality
    and deal performance, leading to higher credit enhancement and
    excess spread available to cover for losses on the remaining
    portfolio.

-- If asset prepayment is faster than expected and outweighs the
    negative pressure of the portfolio migration, this could
    increase credit enhancement and put upgrade pressure on the
    non-'AAAsf' rated 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.

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

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

DATA ADEQUACY

Fitch 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.

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.


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

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

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

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

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

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

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

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

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

S&P said, "On the effective date, we expect that the portfolio will
be well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs. As
such, we have not applied any additional scenario and sensitivity
analysis when assigning ratings to any classes of notes in this
transaction.

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

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

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

"The issuer's legal structure is bankruptcy remote, in line with
our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for the class A
to E notes.

"The class F notes' current break-even default rate (BDR) cushion
is -0.29%. Based on the portfolio's actual characteristics and
additional overlaying factors, including our long-term corporate
default rates and the class F notes' credit enhancement, this class
is able to sustain a steady-state scenario, in accordance with our
criteria." S&P's analysis further reflects several factors,
including:

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

-- S&P's model-generated BDR at 'B-' rating level is 28.59% (for a
portfolio with a weighted-average life of 5.50 years) versus 17.05%
if it was to consider a long-term sustainable default rate of 3.1%
for 5.50 years.

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

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

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

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

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

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

Environmental, social, and governance (ESG) factors

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

  Ratings

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

  A       AAA (sf)    228.80     38.99    Three/six-month EURIBOR
                                          plus 1.02%

  B-1     AA (sf)      25.90     28.48    Three/six-month EURIBOR
                                          plus 1.70%

  B-2     AA (sf)      13.50     28.48    2.05%

  C       A (sf)       26.30     21.47    Three/six-month EURIBOR
                                          plus 2.15%

  D       BBB (sf)     25.10     14.77    Three/six-month EURIBOR
                                          plus 3.40%

  E       BB- (sf)     19.90      9.47    Three/six-month EURIBOR
                                          plus 6.22%

  F       B- (sf)       9.80      6.85    Three/six-month EURIBOR
                                          plus 8.85%

  M-1     NR           36.00       N/A    N/A

  M-2     NR            0.50       N/A    N/A

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


BARINGS EURO 2014-2: Fitch Raises Class F-R Debt Rating to 'BB-'
----------------------------------------------------------------
Fitch Ratings has upgraded the class B-1-R, B-2-R, C-R, D-R, E-R
and F-R notes and affirmed the class A-1-R and A-2-R notes of
Barings Euro CLO 2014-2 DAC. Fitch also removed the class B-1-R,
B-2-R, C-R, D-R, E-R and F-R notes from Under Criteria Observation.
The Rating Outlooks for the class C-R, D-R, E-R and F-R notes are
revised to Positive from Stable. The Rating Outlooks for the other
classes remain Stable.

       DEBT                 RATING            PRIOR
       ----                 ------            -----
Barings Euro CLO 2014-2 DAC

A-1-R XS1613068789    LT AAAsf    Affirmed    AAAsf
A-2-R XS1613069241    LT AAAsf    Affirmed    AAAsf
B-1-R XS1613069670    LT AAAsf    Upgrade     AAsf
B-2-R XS1613071221    LT AAAsf    Upgrade     AAsf
C-R XS1613070926      LT A+sf     Upgrade     Asf
D-R XS1613072112      LT A+sf     Upgrade     BBBsf
E-R XS1613072971      LT BB+sf    Upgrade     BBsf
F-R XS1613073862      LT BB-sf    Upgrade     B-sf

TRANSACTION SUMMARY

Barings Euro CLO 2014-2 DAC is a securitization of mainly senior
secured loans with a component of senior unsecured, mezzanine and
second-lien loans. The portfolio is managed by Barings (U.K.)
Limited. The reinvestment period ends in May 2021.

KEY RATING DRIVERS

The analysis was based on the current portfolio and evaluated the
combined impact of amortization and performance since the last
review in February 2021 and the recently updated "Fitch CLOs and
Corporate CDOs Rating Criteria" (including, among others, a change
in the underlying default assumptions). In addition, Fitch
performed a scenario that assumes a one-notch downgrade on the
Fitch Issuer Default Rating (IDR) Equivalency Rating for assets
with a Negative Outlook on the driving rating of the obligor.

Transaction Deleveraging

The upgrade of the class B-1-R, B-2-R, C-R, D-R, E-R and F-R notes
reflects the deleveraging of the transaction since the last review
in February 2021. The class A-1-R and A-2-R notes have paid down by
approximately EUR22.7 million during the review period. Overall
credit enhancement (CE) have improved across all rated notes. The
Positive Outlooks on the C-R, D-R, E-R and F-R notes reflect the
possibility of upgrade with further deleveraging during the next
review.

Portfolio Performance

As per the trustee report dated Sept. 30, 2021, the transaction is
passing all the coverage tests but the Fitch weighted average
rating factor (WARF) test and weighted average life (WAL) test are
failing. Exposure to assets with a Fitch-derived rating of 'CCC+'
and below is 10.75% of the portfolio, exceeding the 7.5% limit.
There are four defaulted assets in the portfolio, with a total
principal balance of EUR10.6 million. The transaction has not
reinvested since the deal exited the reinvestment period in May
2021, and the failing collateral quality tests constrain the
transaction from reinvestment.

Asset Credit Quality

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category for the transaction. The
Fitch WARF reported by the trustee was 34.99 in the Sept. 30, 2021
monthly report, above the maximum covenant of 34.50. The Fitch
calculated WARF under the updated Fitch CLOs and Corporate CDOs
Rating Criteria is 25.86 as of Oct. 30, 2021.

Asset Security

Senior secured obligations make up 97.0% of the portfolio. Fitch
views the recovery prospects for these assets as more favorable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate (WARR) of the current portfolio is
63.10% as per the report, above the test limit of 62.20%.

Portfolio Concentration

As the transaction amortizes, the portfolio becomes more
concentrated. Although the concentration risk is increasing, this
is offset by pay down of the assets and increased credit
enhancement. Currently there are 170 assets from 146 obligors in
the portfolio. The trustee reports that the top 10 obligors
exposure is 18.51% and no obligor makes up more than 3.0% of the
portfolio balance.

RATING SENSITIVITIES

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

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

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

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels
    would result in an upgrade of up to three notches depending on
    the notes.

-- Except for the class A-1-R, A-2-R, B-1-R and B-2-R notes,
    which are already at the highest 'AAAsf' rating, upgrades may
    occur in case of better than expected portfolio credit quality
    and deal performance, leading to higher credit enhancement and
    excess spread available to cover for losses on 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

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.

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.


CAIRN CLO IX: Fitch Raises Class F Notes Rating to 'B+'
-------------------------------------------------------
Fitch Ratings has upgraded Cairn CLO IX B.V.'s class B-1 to F
notes, removed from Under Criteria Observation (UCO) and affirmed
the class A notes.

      DEBT                  RATING           PRIOR
      ----                  ------           -----
Cairn CLO IX B.V.

A XS1763156798      LT AAAsf     Affirmed    AAAsf
B-1 XS1763157333    LT AA+sf     Upgrade     AAsf
B-2 XS1763157929    LT AA+sf     Upgrade     AAsf
C XS1763158653      LT A+sf      Upgrade     Asf
D XS1763159206      LT BBB+sf    Upgrade     BBB-sf
E XS1763159388      LT BB+sf     Upgrade     BBsf
F XS1763159628      LT B+sf      Upgrade     B-sf

TRANSACTION SUMMARY

Cairn CLO IX B.V. is a cash flow CLO comprising of mostly senior
secured obligations. The transaction is currently in its
reinvestment period, and is actively being managed by Cairn Loan
Investments LLP.

KEY RATING DRIVERS

CLO Criteria Update: The rating action mainly reflects the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's stressed
portfolio analysis. The analysis considered modelling results for
the current and stressed portfolios. The stressed portfolio
analysis is based on Fitch's collateral quality matrix specified in
the transaction documentation and underpins the model-implied
ratings in this review.

The class B-1 to F notes have been upgraded, and the class A notes
have been affirmed in line with the model-implied ratings,
reflecting the criteria update and the transaction's stable
performance.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is passing Fitch's weighted
average rating factor (WARF), weighted average recovery rate
(WARR), and weighted average life (WAL) portfolio profile and
coverage tests. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below is 4.19%, as calculated by Fitch
excluding non-rated assets.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B' category. The WARF
as reported by the trustee was 33.48, which is below the maximum
covenant of 35. The WARF as calculated by Fitch under its current
criteria is 25.34.

High Recovery Expectations: The portfolio consists entirely of
first-lien senior secured obligations, as reported by the trustee.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 13.42%, and no obligor represents more than 1.88%
of the portfolio balance as calculated by Fitch.

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 transaction, 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 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

Cairn CLO IX B.V.

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.


JUBILEE CLO 2014-XII: Fitch Raises Class F-R Debt Rating to 'B+'
----------------------------------------------------------------
Fitch Ratings has affirmed the 'AAA' class A-RRR tranche, and has
upgraded and removed from Under Criteria Observation (UCO) class
B-1-RR, B-2-RRR, C-R, D-R, E-R and F-R notes issued by Jubilee CLO
2014-XII DAC. The Rating Outlook for the six upgraded classes was
revised to Positive from Stable, and the Rating Outlook on the
class A-RRR remains Stable.


       DEBT                   RATING            PRIOR
       ----                   ------            -----
Jubilee CLO 2014-XII DAC

A-RRR XS2307737937      LT AAAsf    Affirmed    AAAsf
B-1-RR XS1672950299     LT AA+sf    Upgrade     AAsf
B-2-RRR XS2307738158    LT AA+sf    Upgrade     AAsf
C-R XS1672951180        LT A+sf     Upgrade     Asf
D-R XS1672951776        LT BBB+sf   Upgrade     BBBsf
E-R XS1672952154        LT BB+sf    Upgrade     BB-sf
F-R XS1672952667        LT B+sf     Upgrade     B-sf

TRANSACTION SUMMARY

Jubilee CLO 2014-XII DAC is a cash flow collateralized loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by Alcentra Ltd. The
deal recently exited its reinvestment period in October 2021.

KEY RATING DRIVERS

CLO Criteria Update: The upgrades reflect mainly the impact of the
recently updated Fitch CLOs and Corporate CDOs Rating Criteria
(including, among others, a change in the underlying default
assumptions). The upgrade analysis was based on a scenario that
assumes a one-notch downgrade on the Fitch IDR Equivalency Rating
for assets with a Negative Outlook on the driving rating of the
obligor (Negative Outlook scenario).

Expected Transaction Deleveraging: The CLO recently exited its
reinvestment period and has limited ability to reinvest given its
investment criteria. In particular, the CCC test must be satisfied
upon any reinvestment after the reinvestment period. As of the
October 2021 investor report, the portfolio Fitch CCC test was
failing at 9.2%, exceeding the maximum test limit of 7.5%. While
the most recent report showed a negative cash balance of EUR8.9
million, Fitch expects deleveraging of A-RRR notes in the near
term.

The Positive Outlook on the six notes reflects this expectation.

Deviation from Model Implied Rating: The upgrades of the class
B-1-RR and B-2-RRR notes to 'AA+sf' and D-R notes to 'BBB+sf' are
deviations from Fitch's model-implied ratings of 'AAAsf' and
'A-sf', respectively. The one-notch deviation reflects limited
breakeven default rate cushions at the model-implied ratings in the
Negative Outlook scenario.

Stable Asset Performance: All coverage tests are passing, but the
Fitch CCC test, Moody's Caa test and the weighted average life
(WAL) test are showing small failures.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category for the transaction. The WARF
calculated by the trustee was 34.8, above the maximum covenant of
35.5. The Fitch-calculated WARF under the updated Fitch CLOs and
Corporate CDOs Rating Criteria was 30.

High Recovery Expectations: Senior secured obligations comprise
99.1% of the portfolio. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets.

Portfolio Well Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 15.2%, and no obligor represents more than 1.9% of
the portfolio balance.

RATING SENSITIVITIES

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

-- An increase of the RDR (recovery default rate) at all rating
    levels by 25% of the mean RDR and a decrease of the recovery
    rate (RRR) by 25% at all rating levels due to the Outlook
    Negative scenario would result in downgrades of up to five
    notches depending on the notes.

-- Downgrades may occur if the build-up of the notes' CE
    following amortization does not compensate for a higher loss
    expectation than initially assumed, due to unexpected high
    level of default 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 to
    the Outlook Negative scenario would result in an upgrade of up
    to three notches depending on the notes.

-- Except for the tranches already at the highest 'AAAsf' rating,
    upgrades may occur in case of better than expected portfolio
    credit quality and deal performance, and continued
    amortization that leads to higher credit enhancement and
    excess spread available to cover for losses on 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

Jubilee CLO 2014-XII 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.


MAN GLG I: Fitch Raises Rating on Class F-R Notes to 'B+'
---------------------------------------------------------
Fitch Ratings has upgraded Man GLG Euro CLO I DAC's class B-1 R-R
to F-R notes, removed from Under Criteria Observation (UCO) and
affirmed the class A-1 R-R and A-2 R-R notes.

       DEBT                   RATING            PRIOR
       ----                   ------            -----
Man GLG Euro CLO I DAC

A-1R-R XS1802407053    LT AAAsf     Affirmed    AAAsf
A-2R-R XS1807367278    LT AAAsf     Affirmed    AAAsf
B-1R-R XS1802407210    LT AA+sf     Upgrade     AAsf
B-2R-R XS1802407640    LT AA+sf     Upgrade     AAsf
C-R-R XS1802408028     LT A+sf      Upgrade     Asf
D-R-R XS1802408457     LT BBB+sf    Upgrade     BBBsf
E-R XS1802406675       LT BB+sf     Upgrade     BBsf
F-R XS1802406592       LT B+sf      Upgrade     B-sf

TRANSACTION SUMMARY

Man GLG Euro CLO I DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is currently in its
reinvestment period, and is actively being managed by GLG Partners
LP.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
and the shorter risk horizon incorporated in Fitch's stressed
portfolio analysis. The analysis considered modelling results for
the current and stressed portfolios. The stressed portfolio is
based on Fitch's collateral quality matrix specified in the
transaction documentation and underpins the model-implied ratings
in this review.

The class B-1R-R to F-R notes have been upgraded and class A-1 R-R
and A-2 R-R notes have been affirmed in line with the model-implied
ratings, reflecting the criteria update and the transaction's
stable performance.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is passing Fitch's weighted
average rating factor (WARF) and weighted average recovery rate
(WARR), and weighted average life (WAL) portfolio profile and
coverage tests. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below is 5.04% as calculated by Fitch excluding
non-rated assets.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B' category. The WARF
as calculated by the trustee was 33.51, which is below the maximum
covenant of 34.41. The WARF as calculated by Fitch under the latest
criteria is 25.01.

High Recovery Expectations: The portfolio consists of 98.74% senior
secured obligations as reported by the trustee.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 11.52%, and no obligor represents more than 1.35%
of the portfolio balance as calculated by Fitch.

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 transaction, 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 four notches, depending on the notes.

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

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels
    would result in an upgrade of no more than three notches
    across the structures, except for the class A notes, which are
    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

Man GLG Euro CLO I 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.


ROCKFORD TOWER 2021-2: Moody's Assigns (P)B3 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the Notes to be issued by Rockford
Tower Europe CLO 2021-2 DAC (the "Issuer"):

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

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

EUR40,400,000 Class B Senior Secured Floating Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR29,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR24,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR20,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be about 75% ramped as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with the
portfolio guidelines.

Rockford Tower Capital Management, L.L.C. ("Rockford") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a half-year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by 12.5% or EUR250,000 over the eight
payment dates starting from the second payment date.

In addition to the seven classes of Notes rated by Moody's, the
Issuer will issue EUR33,200,000 Subordinated Notes due 2035 which
are not rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR400,000,000

Diversity Score(*): 53

Weighted Average Rating Factor (WARF): 2854

Weighted Average Spread (WAS): 3.73%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 43.11%

Weighted Average Life (WAL): 8.5 years


SOUND POINT VII: Fitch Gives 'B-(EXP)' Rating on Class F Debt
-------------------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO VII Funding DAC
expected ratings.

The assignment of final ratings is contingent on the final
documents conforming to information already received.

DEBT                             RATING
----                             ------
Sound Point Euro CLO VII Funding DAC

A                     LT AAA(EXP)sf   Expected Rating
B-1                   LT AA(EXP)sf    Expected Rating
B-2                   LT AA(EXP)sf    Expected Rating
C                     LT A(EXP)sf     Expected Rating
D                     LT BBB-(EXP)sf  Expected Rating
E                     LT BB-(EXP)sf   Expected Rating
F                     LT B-(EXP)sf    Expected Rating
Subordinated Notes    LT NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Sound Point CLO VII Funding DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
corporate-rescue loans, senior unsecured, mezzanine, second-lien
loans and high-yield bonds. Net proceeds from the issuance will be
used to fund a portfolio with a target par of EUR500 million. The
portfolio is actively managed by Sound Point CLO C-MOA LLC. The
transaction has a 5.1-year reinvestment period and a 9.0-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.70.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
63.86%.

Diversified Portfolio (Positive): The indicative maximum exposure
of the 10 largest obligors for assigning the expected ratings is
21% of the portfolio balance and fixed-rate obligations are limited
to 12.5% of the portfolio. 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 5.1-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash-flow Modelling (Neutral): Fitch's analysis is based on a
stressed-case portfolio with an 8.0-year WAL, which is one year
shorter than the 9.0-year maximum WAL test covenant at closing.
Fitch views the tight reinvestment conditions post the reinvestment
period, such as the satisfaction of Fitch 'CCC' obligations limit,
coverage tests, and a linear step-down of the WAL test, effective
in restricting reinvestment should the transaction deteriorate.
This justifies a one-year WAL reduction in Fitch's analysis.

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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.

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.


SOUND POINT VII: Moody's Assigns (P)B3 Rating to EUR15MM F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by Sound
Point Euro CLO VII Funding DAC (the "Issuer"):

EUR307,500,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

EUR37,500,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

EUR12,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR31,300,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR37,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR25,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

EUR15,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

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

Sound Point CLO C-MOA, LLC, acting through its Second Management
Series ("Sound Point") will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's five year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR39,100,000 Subordinated Notes due 2035 which
are not rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR500,000,000

Score(*): 43

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 45%

Weighted Average Life (WAL): 9.0 years




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

E-MAC PROGRAM 2006-III: Fitch Affirms CCC Rating on 2 Note Tranches
-------------------------------------------------------------------
Fitch Ratings has upgraded E-MAC Program III B.V. Compartment NL
2008-I's class B, C and D notes and affirmed the others. Fitch has
also affirmed E-MAC Program B.V. Compartment NL 2006-III. All
tranches have been removed from Under Criteria Observation.

        DEBT                   RATING            PRIOR
        ----                   ------            -----
E-MAC Program B.V. Compartment NL 2006-III

Class A2 XS0274609923    LT Bsf      Affirmed    Bsf
Class B XS0274610855     LT Bsf      Affirmed    Bsf
Class C XS0274611317     LT Bsf      Affirmed    Bsf
Class D XS0274611747     LT CCCsf    Affirmed    CCCsf
Class E XS0275099322     LT CCCsf    Affirmed    CCCsf

E-MAC Program III B.V. Compartment NL 2008-I

Class A2 XS0344800957    LT AA+sf    Affirmed    AA+sf
Class B XS0344801765     LT A+sf     Upgrade     Asf
Class C XS0344801922     LT A+sf     Upgrade     A-sf
Class D XS0344802060     LT BBBsf    Upgrade     BB+sf

TRANSACTION SUMMARY

The E-MAC transactions are seasoned true-sale securitisations of
Dutch residential mortgage loans originated by GMAC-RFC Nederland
B.V. The successor company, CMIS Nederland B.V. is the servicer.

KEY RATING DRIVERS

Higher Recovery Rates Based on Updated Criteria: Fitch's updated
European RMBS Rating Criteria reduced house price decline
assumptions for the Netherlands. This has a positive impact on the
transactions, increasing the level of recoveries and reducing the
asset losses modelled in Fitch's analysis, driving the upgrades.

Additionally, the retirement of the Covid-19 stresses reduces the
foreclosure frequency applied in the analysis of tranches rated
below 'AAAsf' (see Fitch Retires EMEA RMBS Coronavirus Additional
Stress Scenario Analysis, Except UK Non-Conforming dated 22 July
2021).

Asset Maturity Risks: In 2006-III, Fitch identified assets with
maturity dates exceeding those of the notes. These loans currently
comprise 0.1% of the pool balance, down from 0.2% last year. The
2006-III notes were amortising sequentially as of the July 2021
cut-off date, but the transaction could switch back to pro-rata in
a benign economic environment, which would imply a loss for all
classes of notes equal to the balance of loans maturing after the
legal final maturity date.

Fitch also notes that a number of loans, representing 0.5% of the
pool balance, mature within the two years before the notes' legal
final maturity. These loans may not have time to be worked out
before the notes' final maturity date in case of late default.

Given the elevated risk to default if the asset performance
improves and the magnitude of loans maturing within the two years
up until notes' legal final maturity, Fitch has capped the ratings
of the class A to C to notes at 'Bsf'. Fitch considers the class D
notes bear a higher default risk as the notes may even suffer
losses in case of a sequential amortisation and therefore affirmed
the notes at 'CCCsf'. Fitch will review the caps once all assets
with maturity beyond the notes' legal maturity have exited the
pool.

Pro-Rata Structures Limit CE Build-Up: As of the July 2021 payment
date, 2006-III is paying sequentially while 2008-I is amortising
pro-rata. 2006-III has been paying sequentially since July 2019 as
the 60 days+ arrears trigger at 1.5% has been breached. 2008-I has
been paying pro-rata since October 2019 after the reserve fund
balance was replenished to its target level, with the exception of
the April 2021 payment date.

The transactions feature a target tranche thickness mechanism,
whereby the notes would amortise to maintain a certain tranche
thickness ratio between the class A to D notes in a pro-rata
amortisation. This means that the credit enhancement (CE) built-up
during a sequential period will be lost if the transaction switches
back to pro-rata amortisation. This feature has been factored into
the rating analysis to the extent that the relevant pro-rata
triggers are captured by Fitch's modelling assumptions.

Fitch notes that there are no conditions that would result in an
irreversible switch to sequential note amortisation after
amortisation has crossed a certain threshold, which is deemed to be
a non-standard structural feature. Where appropriate, Fitch has
thus assigned ratings that are different to those derived by its
cash flow model. This reflects the fact that ratings could be lower
if performance is better than assumed in the respective rating
scenarios and thereby principal payments continue to be pro-rata.

Excess Spread Notes at 'CCCsf': 2006-III's excess spread class E
notes in have been affirmed at 'CCCsf'. Principal redemption of
these notes is subordinate to the payment of subordinated swap
payments and extension margins on the collateralised notes in the
revenue waterfall. As the extension margin amounts have been
accruing and remain unpaid, full principal redemption of the excess
spread notes from interest receipts is unlikely. As long as these
amounts keep building up, Fitch caps the rating at 'CCCsf'.

The only other possibility that remains for class E notes to fully
amortise would be through the release of the reserve fund if it
builds up after significant performance deterioration (90+ arrears
above 2%) and the built-up amounts are then released after an
improvement in performance (90+ arrears fall below 2%).

Interest-only Concentration:The interest-only (IO) concentrations
in these transactions are 82% (2006-III) and 87% (2008-I) of the
outstanding portfolio and are high compared with other Fitch-rated
Dutch RMBS. According to Fitch's European RMBS Rating Criteria, a
50% weighted average foreclosure frequency (WAFF) is tested for the
peak concentration at 'AAAsf' level (lower WAFF assumptions are
applied at lower rating stresses) and the 'Bsf' WAFF to the
remainder of the pool.

However, and in contrast to previous reviews, the application of
the IO concentration WAFF did not result in model-implied ratings
that were more than three notches below the rating derived by
applying a WAFF produced by the standard criteria assumptions.
Therefore, Fitch only considered the standard criteria WAFF in its
rating analysis.

The KRDs listed in the applicable sector criteria, but not
mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

-- For 2006-III: Long-dated assets outstanding until closer to
    the notes' maturity could lead to downgrades of the class A to
    C notes.

-- For 2008-I: Adverse macroeconomic factors may affect asset
    performance. An increase in foreclosures and losses beyond
    Fitch's stresses may erode CE, leading to negative rating
    action.

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

-- For 2006-III: Prepayment of the assets with a maturity after
    the notes' maturity could lead to upgrades.

-- For 2008-I: Due to the lack of a hard switch-back to
    sequential amortisation, a slight increase in delinquencies
    and losses could be beneficial to the senior notes, as this
    could switch the transaction to sequential amortisation and
    lead to an increase in CE for those notes if amortization
    remains sequential until the notes are repaid.

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

E-MAC Program B.V. Compartment NL 2006-III, E-MAC Program III B.V.
Compartment NL 2008-I

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool[s] and the transaction[s]. 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 [E-MAC
Program B.V. Compartment NL 2006-III, E-MAC Program III B.V.
Compartment NL 2008-I] initial closing. The subsequent performance
of the transaction[s] 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

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.


INDY DUTCH: S&P Rates New EUR125MM Incremental Term Loan 'B'
------------------------------------------------------------
S&P Global Ratings assigned its 'B' rating to Indy Dutch Bidco
B.V.'s (d/b/a Nielsen IQ) proposed EUR125 million incremental term
loan. At the same time, S&P is assigning its 'B' ratings to the
proposed $945 million first-lien term loan and EUR670 million
first-lien term loan (including the incremental add-on). S&P
expects Nielsen IQ to utilize the net proceeds to pay down its
revolver and fund cash to the balance sheet for future merger and
acquisition purposes.

S&P's B issuer credit rating with a stable outlook reflects its
view that it expects adjusted leverage to be between 5x and 6x over
the next 12 months, within the thresholds set for the current
rating.

ISSUE RATINGS _RECOVERY ANALYSIS

Key analytical factors:

-- S&P's simulated default scenario contemplates a payment default
occurring in 2024 due to a decline in retail and consumer packaged
good sales stemming from an economic downturn, increased
competition that leads to pricing pressure, a disruption of
critical data processing capabilities and technologies, and
financial stress from high debt leverage.

-- S&P believes the company's lenders would pursue a
reorganization rather than a liquidation in a hypothetical default
due to its significant market share and data assets and the
capabilities of its platform.

-- Nielsen IQ 's proposed capital structure comprises a first-lien
credit facility, including a $350 million revolver due in 2026, a
$945 million first-lien term loan due in 2028, and a EUR670
first-lien term loan ($773 million USD equivalent) due in 2028.

-- S&P assumes six months of prepetition interest and that
amortization payments are made up until the year of default.

Simulated default assumptions:

-- Year of default: 2024
-- Jurisdiction/jurisdiction ranking assessment: U.S./Group A
-- EBITDA at emergence: $227 million
-- Implied enterprise value multiple: 6.5x

Simplified waterfall:

-- Gross enterprise value: $1.47 billion
-- Valuation split--obligors/nonobligors: 60%/40%
-- Net recovery value after administrative costs: $1.4 billion
-- Total value available to secured debt: $1.2 billion
-- Total first-lien debt: $2.0 billion
    --Recovery expectations: 50%-70% (rounded estimate: 65%)


INTERMEDIATE DUTCH: Fitch Affirms 'B+' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Intermediate Dutch Holdings (NielsenIQ) and its
associated subsidiaries Indy US Bidco, LLC and Indy Dutch Bidco
B.V. at 'B+'. Fitch has also affirmed the senior first-lien secured
rating at 'BB'/'RR2' of the existing term loan B tranches
(excluding the CAD tranche which is unrated) and the revolving
credit facility, which will be upsized. Additionally, Fitch has
assigned a 'BB'/'RR2' rating to the proposed incremental euro term
loan. The Rating Outlook is Stable.

The ratings and Outlook reflect NielsenIQ's still fairly
conservative leverage profile with total debt with equity credit to
operating EBITDA expected to be 4.8x at year end with the proposed
incremental term loan in conjunction with increased reliance on A/R
sales programs which Fitch treats as debt, compared with
approximately 4.2x at the time of Fitch initial rating earlier this
year.

KEY RATING DRIVERS

Still Modest Leverage Profile: Pro forma leverage of approximately
4.8x versus 4.2x at the time of Fitch's initial rating, remains
conservative for the rating category. Fitch's business services
data analytics navigator gross leverage 'B' threshold is 5.5x.
NielsenIQ's FCF-based leverage metrics remain more in line with the
'B' category, reflecting mid- to high-single digit capex intensity
in conjunction with weaker margins relative to business service
data analytics and processing (DAP) peers broadly. As a result,
NielsenIQ's navigator factor financial structure (assigned higher
importance) compares favorably with the high-'B'/low-'BB' rating
categories, affording the company flexibility to sustainably invest
in its capabilities through a cycle.

Increased M&A Focus: Nielsen has made four acquisitions since
becoming a standalone company. Each acquisition complements
NielsenIQ's existing dataset and customer base, while positioning
it to better capture important secular trends.

Label Insight is one of the most comprehensive data providers for
health and wellness consumer products. Cornerstone is a leading
price and promotion platform for CPG firms in North America and is
expected to help Nielsen standardize its analytics, providing
increased efficiency. Data Impact is a leading e-commerce
intelligence provider which will help its clients monitor, improve
and optimize their online product distribution. Rakuten
Intelligence provides a 1 million+ buying habits panel primarily
focused on e-commerce, broadening NielsenIQ's omnichannel consumer
coverage. The remaining proceeds of the proposed incremental term
loan borrowing is expected to fund future acquisitions.

Significant Cost Savings: Through its Project Rally initiative,
NielsenIQ has already executed approximately $138 million in cost
savings in fiscal 2021 and anticipates an additional $9 million in
the remainder of the year. The company had been targeting an
additional $170 million in additional cost savings within 24 months
and realized within 36 months. Management in conjunction with the
sponsor have upped that to $250 million. Fitch continues to
conservatively estimate NielsenIQ will improve its adjusted EBITDA
margin to high teens, still below management's target of 20% or
higher.

At approximately 17%, NielsenIQ's margin profile would in line with
Fitch's expectations for the RMS subsector, but well below the
roughly 40% average among broader DAP peers. Accordingly, Fitch
denotes NielsenIQ's profitability navigator factor to be of higher
importance given its relevance to the company's financial
structure. Fitch views its profitability profile as a limit to the
rating at current expected levels.

Improving Competitive Position: NielsenIQ saw its competitive
position erode, particularly in the U.S. NielsenIQ's principal U.S.
competitor IRI's Liquid Data platform was viewed as technologically
superior to NielsenIQ's offering. IRI entered into exclusive
contracts to provide purchase activity data for some of the largest
U.S. retailers. However, NielsenIQ has recently invested in
modernizing its Connect Platform and saw solid renewals by its
largest clients. NielsenIQ has significantly broader geographic
coverage than IRI, and accordingly generates nearly 75% of its
revenue outside of the U.S.

End-Market Concentration: NielsenIQ is more narrowly focused on
data measurement and analytics for the retail and consumer packaged
goods (CPG) markets. NielsenIQ's top-five customers represent about
15% of total revenue, and its top-10 customers represent about 20%.
However, Fitch expects retailers to increasingly rely on the use of
data to address growing competitive threats in the sector, such as
Amazon and growing e-commerce, although the company does partner
with Amazon and other major e-commerce and omnichannel retailers.
Additionally, CPG companies tend to be countercyclical, but growth
has been limited.

DERIVATION SUMMARY

Intermediate Dutch Holdings (d/b/a NielsenIQ) is comparable with
its main competitor and peer IRI Holdings (B/Stable). The company's
scale is roughly twice the size of IRI, but it has a lower
operating EBITDA margin and weaker growth. IRI's leverage profile
is materially higher than NielsenIQ.

While not a direct peer, NielsenIQ compares with Boost Parent, LP
(d/b/a Autodata; B-/Stable), which has smaller revenue scale but
stronger margins. Autodata has much higher leverage than NielsenIQ.
Another indirect peer, The Dun & Bradstreet Corporation
(BB-/Stable) has larger revenue scale, materially higher margins
and more conservative leverage.

Both NielsenIQ and IRI have margins that are lower than their
business services data & analytics peers due to the fact that they
acquire data continuously, reducing the traditional operating
leverage of these businesses.

KEY ASSUMPTIONS

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

-- Annual revenue growth of 1% to 2% reflecting improving U.S.
    market position, moderate China growth and one-point to two-
    point higher growth rates in other developed and developing
    markets;

-- Approximately one-point operating EBITDA margin expansion
    annually in fiscals 2021-2023, reflecting cost savings
    initiatives and lower data costs;

-- Capex of approximately $200 million-$220 million annually,
    cash taxes of 16%-17% of operating EBITDA, $13 million annual
    pension contributions, cash FX impact of mid- to high teens as
    a percentage of operating EBITDA and $100 million of costs to
    achieve cost savings;

-- No sponsor dividend contemplated. Proceeds from incremental
    term loan to repay outstanding $29 million revolver balance
    with remaining to be held as cash on the balance sheet to fund
    future tuck-in acquisitions.

KEY RECOVERY RATING ASSUMPTIONS

NielsenIQ's going-concern EBITDA is based on Fitch's estimated
operating EBITDA of $470 million for the LTM 9/30/21 preliminary
results. The going-concern EBITDA reflects deterioration resulting
from major customer losses and increasing competition for CPG
clients and the high operating leverage of the business and is
approximately 25% below the LTM figure.

An evaluation value (EV)/EBITDA multiple of 6.5x is used to
calculate a post-reorganization valuation, above the 5.5x median
TMT emergence EV/forward EBITDA multiple. The 6.5x multiple is
below recovery assumptions that Fitch employs for other data
analytics companies with high recurring revenue streams, and 1.5x
below IRI, NielsenIQ's chief competitor. The difference reflects
IRI's superior competitive positioning in the U.S. and the inherent
execution risk to NielsenIQ's cost reduction plan. The multiple is
further supported by Fitch's positive view of the data analytics
sector including the high proportion of recurring revenues, the
contractual rights to proprietary data and the inherent leverage in
the business model. Recent acquisitions in the data and analytics
subsector have occurred at attractive multiples in the range of
10x-20x+. Current EV multiples of public data analytics companies
trade in the 20x-30x range.

Fitch assumes a fully drawn revolver in its recovery analysis, as
credit revolvers are tapped as companies approach distress
situations. Fitch assumes a full draw on NielsenIQ's upsized $388
million revolver, which had a balance of $29 million at Sept. 30,
2021 that is expected to be repaid in conjunction with the
incremental term loan. NielsenIQ had total debt of approximately
$2.2 billion at Sept. 30, 2021 pro forma for the incremental term
loan. Fitch further assumes the A/R receivable sales facility is
super senior to the first lien claims.

The recovery analysis results in a 'BB'/'RR2' issue and recovery
ratings for the first-lien credit facilities, implying expectations
for 71%-90% recovery.

RATING SENSITIVITIES

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

-- FCF margin expected to be sustained at 3.5% or higher;

-- Cash flow from operations (CFFO) less capex/total debt
    expected to be sustained above 4.5%;

-- Organic revenue growth sustained above low-single digit
    potentially reflecting market share gains via successful
    Connect Platform roll-out and competitive wins against main
    competitor, and improved retention rates.

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

-- FCF margin expected to be sustained approaching neutral;

-- Gross leverage (defined as total debt with equity
    credit/operating EBITDA) expected to be sustained above 5x;

-- CFFO less capex/total debt expected to be sustained below
    2.5%;

-- Neutral to negative organic revenue growth potentially
    reflecting share losses, declining retention and increased
    competitive pressure or sustained end-market weakness.

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

Adequate Liquidity and Reasonable Debt Structure: Fitch believes
NelisenIQ's liquidity position is adequate, supported by $286
million of balance sheet and full availability under its $350
million revolving credit facility, at Sept. 30, 2021, pro forma to
the proposed incremental term loan, the proceeds of which will be
used to repay the $29 million revolver balance, with the remaining
proceeds being held to fund future M&A.

NielsenIQ's revolver has a springing maximum first-lien leverage
ratio of 5.4x, with a 35% springing covenant. Internally generated
cash flow will be sufficient to meet the 1% amortization on the now
$1.8 billion first-lien secured term loan. NielsenIQ's revolving
credit facility matures in 2026, and its term loan including the
incremental mature in 2028.

ISSUER PROFILE

NielsenIQ is a retail and consumer packaged goods (CPG) measurement
data, services and analytics provider acquired in March 2021 by
private equity firm Advent International from Nielsen Holdings
plc.




=============
R O M A N I A
=============

CET GOVORA: Chimcomplex Borzesti Wins Tender for Assets
-------------------------------------------------------
Nicoleta Banila at SeeNews reports that Romanian chemicals producer
Chimcomplex Borzesti SA Onesti said on Nov. 9 it has won a tender
for the sale of a package of assets owned by insolvent local heat
and electricity producer CET Govora worth EUR8.22 million (US$9.53
million).

According to SeeNews, Chimcomplex said in a filing to the Bucharest
Stock Exchange, BVB, the package consists of a 110 kV electrical
substation, equipment and installations for demineralized and
softened water production, a natural gas connection in the network,
a coal deposit as well as buildings and land.

CET Govora, located in Ramnicu Valcea, in southern Romania, is
insolvent since May 2016, SeeNews discloses.

Chimcomplex was founded in 1954 as a state-owned chemicals producer
and became a joint stock company in 1991.  Romanian Commercial
Services Group (SCR Group) became the main shareholder of
Chimcomplex in 2003.




===============
S L O V E N I A
===============

GORENJSKA BANKA: Fitch Puts 'BB-' LT IDR on Watch Evolving
----------------------------------------------------------
Fitch Ratings has placed Slovenia-based Gorenjska Banka d.d.,
Kranj's Long-Term Issuer Default Rating (IDR) of 'BB-' and
Viability Rating (VR) of 'bb-' on Rating Watch Evolving (RWE).
Fitch has also affirmed the bank's Short-Term IDR at 'B' and its
Support Rating (SR) at '5'.

The rating actions follow the announcement on 3 November 2021 that
Gorenjska Banka, together with its parent AIK Banka a.d. and Agri
Cyprus Europe Ltd, is a party to a sale and purchase agreement
signed with Sberbank Europe AG (SBEU) for the purchase of certain
of SBEU's Central and Eastern Europe subsidiaries, including
Slovenia-based Sberbank banka d.d (SBSI). The closing of the
transaction is subject to approvals by national and international
regulators as well as by national competition authorities, and is
expected to take place in 2022.

The RWE reflects uncertainty around the impact of this transaction
on Gorenjska Banka's credit profile given limited information
available on the structure of the transaction. In Fitch's view, it
is reasonable to expect that Gorenjska Banka may be directly
involved in purchasing SBEU's Slovenian subsidiary with a prospect
for the future merger of these institutions. The potential
acquisition of SBSI would be material for Gorenjska Banka given
SEBI's relatively large size.

Fitch will review the RWE once additional details become available
on the transaction structure that will enable the agency to
formulate an opinion about the likely direction of the ratings. If
Gorenjska Banka indeed purchases SBSI, Fitch would resolve the RWE
upon the completion of the transaction and the effective transfer
of ownership.

KEY RATING DRIVERS

IDRs and VR

Gorenjska Banka's IDRs are driven by its standalone financial
strength, as expressed by its VR. The RWE reflects uncertainty
around the impact of the transaction on Gorenjska Banka's credit
profile if the bank acquires SBSI. In Fitch's view, the acquisition
of SBSI would be positive for Gorenjska Banka's business profile as
it would almost double its market share to about 9%, creating the
third-largest bank in Slovenia, as well as improving its
geographical coverage of the country and foothold in lending to
households and SMEs.

Fitch would also consider the extent to which these benefits could
be offset by potential pressures on Gorenjska Banka's
capitalisation, given SBSI's relatively large size (SBSI's
risk-weighted assets were about EUR1 billion, compared with about
EUR1.2 billion at Gorenjska Banka at end-2020). A possible increase
in earnings volatility and the uncertain funding impact given
potential instability in SBSI's deposit base could also affect
Fitch's view of the transaction.

SR

The SR of '5' reflects Fitch's opinion that support from AIK, while
possible, cannot be relied on. This reflects Gorenjska Banka's
large size relative to AIK and Fitch's assessment that AIK's credit
quality could limit the ability of the parent to provide support,
given its exposure to Serbia (BB+/Stable), whose operating
environment Fitch assesses at 'bb-'.

At the same time, Fitch does not expect significant near-term
contagion risks from AIK for Gorenjska Banka. This is based on
AIK's reasonable reported financial metrics, limited reliance of
the subsidiary on funding from AIK and Fitch’s view that the
Slovenian regulator is sufficiently strong to prevent upstreaming
of capital or liquidity from Gorenjska Banka to AIK to the extent
it could put significant pressure on Gorenjska Banka's credit
profile.

RATING SENSITIVITIES

IDRs and VR

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

-- An upgrade would require a significant strengthening of the
    bank's franchise and overall business profile resulting from
    the transaction, while maintaining solid capital buffers, and
    profitability and asset-quality metrics close to current
    levels.

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

-- Upon the resolution of the Rating Watch, Gorenjska Banka's
    ratings will be downgraded if Fitch concludes that the
    benefits of stronger business profile are more than offset by
    weakening capitalisation, in particular if the buffers above
    the minimum regulatory requirements for common equity Tier 1
    ratio decrease substantially.

SR

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

-- An upgrade is unlikely, as it would require a material
    reduction in Gorenjska Banka's size relative to AIK and a
    material improvement of Fitch's assessment of AIK's credit
    quality.

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

-- A downgrade of Gorenjska Banka's SR is not possible, given it
    is currently the lowest SR on Fitch's scale.

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

Gorenjska Banka has an ESG Relevance Score of '4' for governance
structure, reflecting board independence issues given sizeable
direct and indirect related-party exposures with parent AIK. This
has a moderately negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

Other 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.




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

BROWN AND MASON: Involved in Legal Dispute Over Luxury Project
--------------------------------------------------------------
Ian Weinfass at Construction News reports that a demolition company
that was put into administration last year was involved in a legal
dispute over a contract on a GBP500 million luxury residential
development in Chelsea, it has emerged.

The GBP50 million-turnover Brown and Mason Limited and its parent
company, Brown and Mason Holdings Limited, owned by Terry Brown,
went into administration in September last year, Construction News
recounts.  Assets and contracts were bought by a separate company
called Brown and Mason Group Limited, which is controlled by Terry
Brown's son, Nick, which has stated it has no connection to the
former firms, Construction News discloses.

According to Construction News, a report by administrator
Cornerstone Business Recovery has revealed that a legal claim
totalling GBP9.9 million had been lodged against the original firm
over an alleged breach of contract.

Court papers seen by Construction News show that Brown and Mason
was the subject of a claim over its work on the luxury Chelsea
Waterfront development in central London.

It was hired in 2008 to carry out demolition and alteration works,
plant and asbestos removal at the former Lots Road Power Station,
which stood on the site, in a job worth GBP10 million, Construction
News relays.  A legal claim was submitted by a subsidiary of CK
Hutchison, the Hong Kong conglomerate formed from a merger of
developers Hutchison Whampoa and Cheung Kong, which alleged that
its project was delayed by more than a year after the demolition
firm failed to properly remove asbestos from the site, Construction
News notes.

It stated that materials containing asbestos remained "readily
identifiable on walls, steelwork, ceilings, columns, beams,
plinths, chimneys and other surfaces" after the job had supposedly
been completed in 2009, Construction News recounts.  It said the
site required additional removal works and architectural work as a
result, Construction News relays.

According to the claim, Brown and Mason denied breaching its
contract after being contacted by the developer in 2015, after
activities at the site had resumed following a six-year pause,
Construction News discloses.  The case was suspended in December
2020 as a result of Brown and Mason Limited entering
administration, Construction News relates.

The latest report from administrator Engin Faik at Cornerstone also
stated that he is investigating the restructure of the business,
which took place in January 2020, Construction News discloses.  At
that time, the original Brown and Mason became effectively dormant
and Brown and Mason Group Limited acquired the majority of its
assets, according to Construction News.

Mr. Faik has extended the administration period by a year, to
September 2022, Construction News notes.

In a previous report, he said the company had become concerned
about its finances in 2019, having found itself with insufficient
cash reserves to repay a GBP10 million loan plus £1m interest it
had taken from a firm called European Metal Recycling, and having
fully used its overdraft facility with Santander, Construction News
discloses.

It feared that, if creditors withdrew support or took enforcement
action, the company could collapse, triggering breaches of its
contracts and the loss of 400 jobs, Construction News relates.

In January 2020, the firm carried out the restructure with the full
agreement of Santander and European Metal Recycling, Construction
News relays, citing Mr. Faik.  The two remain its largest creditors
to date, claiming GBP5.5 million and GBP19.12 million respectively
during the administration, Construction News states.

Mr. Faik, as cited by Construction News, said in the latest report
that he continues to "investigate the 'restructure'". He added:
"Due to the sensitivity of these issues, I remain unable to
disclose further particulars at this juncture."

He said he was unable to meet with Terry Brown as part of the
administration process owing to a combination of Brown being ill
and COVID-19 restrictions, according to Construction News.


CAFFE NERO: High Court Tosses Landlord's Bid to Overturn CVA
------------------------------------------------------------
Louise Jennings, Esq., of Taylor Wessing, in an article for
Lexology, reports that the High Court recently dismissed a landlord
creditor's application to overturn a company voluntary arrangement
(CVA) initiated by coffee shop chain Caffe Nero.

The facts

In November 2020, Caffe Nero -- hit hard by the COVID-19 pandemic
-- proposed a CVA to creditors to compromise rent arrears (at 30p
in the GBP1) and reduce future rents for the company's premises.

Shortly before the electronic vote on the proposal was due to
close, EG Group (EG) offered to acquire Caffe Nero's parent company
and pay Caffe Nero's landlords' rent arrears in full. The directors
and CVA nominees declined to postpone the vote, the offer was
rejected and the CVA proposal approved.

A landlord of the company, backed by EG, challenged the CVA on
grounds of material irregularity and unfairness.  He claimed that
the directors and nominees should have postponed the vote to allow
creditors to consider EG's offer, and a modification to the CVA
reflecting the offer was ineffective because the majority of
creditors had already voted by the time the modification was made.

The decision

The court rejected the challenge and held that:

   * The directors and nominees had made a reasonable decision not
to postpone the vote to consider an uncertain and last-minute offer
as this could have caused the CVA to fail leading to a worse
overall outcome for creditors.

   * Electronic creditor voting is standard in CVAs and cannot be
postponed without a court order, which was not guaranteed and added
to the risk.

   * A modification to the CVA that is beneficial for the company
and its creditors, made before voting ends, will be effective.  Any
votes received in favour of the CVA before the modification will
count after the CVA has been modified.


CASTELL PLC 2021-1: S&P Assigns B- Rating on Cl. F-Dfrd Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Castell 2021-1
PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X1-Dfrd
notes. At closing, Castell 2021-1 issued unrated class G and X2
notes, as well as RC1 and RC2 residual certificates.

The assets backing the notes are U.K. second-ranking mortgage
loans. Most of the pool is considered prime, with 88.9% originated
under Optimum's prime product range. 3.0% of the pool refers to
loans advanced to borrowers under Optimum's "near prime" product,
with the remaining 8.1% loans advanced to borrowers under Optimum's
new "Optimum+" product. Loans advanced under the "near prime" or
"Optimum+" product range are categorized by lower credit scores and
potentially higher amounts of adverse credit markers, such as
county court judgments (CCJs), than those loans advanced under
Optimum's "prime" product range.

The transaction includes a 11.7% prefunded amount, expressed as a
percentage of the total deal size, where the issuer can purchase
additional loans from the closing date until the first interest
payment date (IPD), subject to eligibility criteria outlined in the
transaction documentation.

The transaction benefits from liquidity provided by a liquidity
reserve fund, and principal can be used to pay senior fees and
interest on the notes subject to various conditions.

Credit enhancement for the rated notes consists of subordination.

The transaction incorporates a swap with a fixed schedule to hedge
the mismatch between the notes, which pay a coupon based on the
compounded daily Sterling Overnight Index Average (SONIA), and the
loans, which pay fixed-rate interest before reversion.

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

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

Pepper (UK) Ltd. is the servicer in this transaction.

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

Of the pool, as of Sept. 30, 0.3% of the mortgage loans had a
historical payment holiday in place due to COVID-19.

  Ratings List

  CLASS              RATING

  A                  AAA (sf)
  B-Dfrd             AA (sf)
  C-Dfrd             A (sf)
  D-Dfrd             BBB (sf)
  E-Dfrd             BB (sf)
  F-Dfrd             B- (sf)
  G                  NR
  X1-Dfrd            BBB (sf)
  X2                 NR
  RC1 Certificates   NR
  RC2 Certificates   NR

  NR--Not rated.


POUNDSTRETCHER: Executive Chairman Nadir Lalani Steps Down
----------------------------------------------------------
Steve Farrell at The Grocer reports that Poundstretcher executive
chairman Nadir Lalani has left the business, according to documents
filed at Companies House.

Nadir Lalani, the founder of 99p Stores, resigned from
Poundstretcher on October 31, three years after his appointment,
The Grocer relates.

Poundstretcher launched a company voluntary arrangement (CVA)
rescue plan in July last year, in which the fate of hundreds of
stores depended on landlords accepting rent cuts, The Grocer
recounts.  The Grocer revealed in September this year that more
than 60 landlords had exercised their right under the CVA to
terminate the variety discounter's leases.

Poundstretcher's owners also recently bought stricken chain JTF
Mega Discount Warehouse from administrators, following the closure
of all 12 of its stores this summer, The Grocer discloses.  The
stores were acquired by Bargain Buys, a subsidiary of
Poundstretcher, in a deal paving the way for nine to reopen, The
Grocer notes.


SMALL BUSINESS 2021-1: Moody's Gives (P)Ba3 Rating to Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the debts to be issued by Small Business Origination
Loan Trust 2021-1 DAC (the Issuer):

GBP138.5M Class A Floating Rate Asset-Backed Notes due March 2030,
Assigned (P)Aa3 (sf)

GBP3.35M Class B Floating Rate Asset-Backed Notes due March 2030,
Assigned (P)A3 (sf)

GBP24.58M Class C Floating Rate Asset-Backed Notes due March 2030,
Assigned (P)Baa3 (sf)

GBP20.67M Class D Floating Rate Asset-Backed Notes due March 2030,
Assigned (P)Ba3 (sf)

Moody's has not assigned a rating to GBP25.13M Class E Floating
Rate Asset-Backed Notes due March 2030, GBP11.17M Class X Floating
Rate Asset-Backed Notes due March 2030 and GBP11.17M Class Z
Variable Rate Asset-Backed Notes due March 2030.

The transaction is a static cash securitisation of small business
loans originated through Funding Circle Ltd's ("Funding Circle")
online lending platform. The loans, which will be sold onto the
Issuer by Glencar European Investments Platform DAC ("Glencar"),
are granted to individual entrepreneurs and small and medium-sized
enterprises (SME) domiciled in UK. Funding Circle will act as the
Servicer and Collection Agent on the loans and Glencar will be the
retention holder.

RATINGS RATIONALE

The ratings of the notes are primarily based on the analysis of the
credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external counterparties
and the protection provided by credit enhancement.

In Moody's view, the strong credit positive features of this deal
include, among others:

(i) a static portfolio with a short weighted average life of around
1.5 years;

(ii) High seasoning of the portfolio compared to previous SBOLT's
transactions with a weighted average seasoning of around 21
months;

(iii) certain portfolio characteristics, such as:

a) high granularity with low single obligor concentrations (for
example, the top individual obligor and top 10 obligor exposures
are 0.18% and 1.69% respectively) and an effective number of
1,849;

b) the loans' monthly amortisation; and

c) the high yield of the loan portfolio, with a weighted average
interest rate of 10.13%.

(iv) the transaction's structural features, which include:

(a) a cash reserve funded at closing at 1.75% of the initial
portfolio balance, ramping to 2.75% of the initial portfolio
balance before amortising in line with the rated Notes; and

(b) a non-amortising liquidity reserve sized and funded at 0.25% of
the initial portfolio balance;

(c) an interest rate cap with a strike of 2% that provides
protection against increases on SONIA due on the rated Floating
Rate Asset-Backed Notes.

(v) no set-off risk, as obligors do not have deposits or derivative
contracts with Funding Circle.

However, the transaction has several challenging features, such
as:

(i) the limited performance history of Funding Circle as originator
and servicer. Although origination volumes grew rapidly during the
11 year operating history of Funding Circle, volumes was relatively
low in the first 4 years and its experience of a full economic
cycle has been limited;

(ii) moderately high industry concentrations as around 41% of the
obligors belong to the top two sectors, namely Services: Business
(21.74%) and Construction & Building (19.44%) and the high exposure
to individual entrepreneurs and micro-SMEs (around 57% of the
portfolio); and

(iii) the loans are only collateralized by a personal guarantee,
and recoveries on defaulted loans often rely on the realization of
this personal guarantee via cashflows from subsequent business
started by the guarantor.

(iv) Borrowers who had been directly affected by the COVID-19
pandemic were being offered a payment plan by Funding Circle,
whereby borrowers were granted a payment holiday or had their loan
maturity extended for up to six months. Certain borrowers of loans
classified as COVID Adjusted Performing Loans must meet certain
criteria before being included in the provisional loan portfolio.
These borrowers were excluded from the default definition. However,
if a borrower of a COVID Adjusted Performing Loan falls into
arrears, they will no longer be a COVID Adjusted Performing Loan
and will eventually be classified as defaulted provided that such
borrower is in arrears for more than 3 months.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 12.5%
over a weighted average life of 1.5 years (equivalent to a B2/B3
proxy rating as per Moody's Idealized Default Rates). This
assumption is based on:

(i) the available historical vintage data;

(ii) the performance of the previous transactions backed by loans
originated by Funding Circle; and

(iii) the characteristics of the loan-by-loan portfolio
information.

Moody's took also into account the current economic environment and
its potential impact on the portfolio's future performance, as well
as industry outlooks or past observed cyclicality of
sector-specific delinquency and default rates.

Default rate volatility: Moody's assumed a coefficient of variation
(i.e. the ratio of standard deviation over the mean default rate
explained above) of 47.11%, as a result of the analysis of the
portfolio concentrations in terms of single obligors and industry
sectors.

Recovery rate: Moody's assumed a 25% stochastic mean recovery rate,
primarily based on the characteristics of the collateral-specific
loan-by-loan portfolio information, complemented by the available
historical vintage data.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 47%.

As of September 30, 2021, the provisional loan portfolio of
approximately GBP223.5 million was comprised of 4,040 loans to
4,029 borrowers. All loans accrue interest on a fixed rate basis.
The average remaining loan balance stood at GBP55,301, with a
weighted average fixed rate of 10.13%, a weighted average remaining
term of 2.99 years and a weighted average seasoning of 1.74 years.
Geographically, the pool is concentrated mostly in the South East
(23.9%) and London (14.9%). Generally, the loans were taken out by
borrowers to fund the expansion or growth of their business and
each loan benefits from a personal guarantee from (typically) the
owner(s) of the business. Any loans more than 30 days delinquent or
defaulted (disregarding COVID Adjusted Performing Loans), as of the
loan portfolio cut-off date will be excluded from the final pool.

Key transaction structure features:

Cash Reserve Fund: The transaction benefits from a cash reserve
fund funded at closing at 1.75% of the initial portfolio balance,
ramping to 2.75% of the initial portfolio balance before amortising
in line with the rated Notes. The reserve fund provides both credit
and liquidity protection to the rated Notes.

Liquidity Reserve Fund: The transaction benefits from a separate,
non-amortising liquidity reserve fund sized and funded at 0.25% of
the initial portfolio balance. When required, funds can be drawn to
provide liquidity protection to the most senior rated Notes then
outstanding.

Counterparty risk analysis:

Funding Circle (NR) will act as Servicer of the loans and
Collection Agent for the Issuer. Equiniti Gateway Ltd (NR) will act
as a warm Back-Up Servicer and Collection Agent.

All of the payments on loans in the securitised loan portfolio are
paid into a Collection Account held at Barclays Bank PLC (A1 /
P-1). There is a daily sweep of the funds held in the Collection
Account into the Issuer Account, which is held with Citibank, N.A.,
London Branch (Aa3 / P-1), with a transfer requirement if the
rating of the account bank falls below A2 / P-1.

Principal Methodology:

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

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

The notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk, the level of credit enhancement and the United
Kingdom's country risk could also impact the notes' ratings.


TRINITY HOMES: Obtains Court Protection From Creditors
------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that two building
companies involved in the construction of rural housing have been
given the protection of the courts from their creditors.

Trinity Homes Ltd (THL), and a related company, Yeronga Ltd, are
involved in the construction of new housing units primarily in
rural parts of the State, including Wexford, Tipperary, Kerry and
Meath, The Irish Times states.

However, the two companies, which were established in 2014, are
currently insolvent and unable to pay their debts as they fall due,
The Irish Times discloses.

According to The Irish Times, the companies claim their
difficulties have been caused by various factors, including the
delay caused by the shut-down of building sites due to the
Covid-19 pandemic, an increase in the cost of building materials
and an inability to meet scheduled repayments on loans advanced to
them.

Another cause of difficulties arises out of an arrangement to buy
the shares of a former director of THL for EUR3 million, The Irish
Times notes.  It is accepted that, as part of that arrangement,
over EUR900,000 of THL's money was paid to the former director, The
Irish Times relays.

The court heard that THL accepts that this payment, which was made
because THL did not have sufficient distributable reserves,
breached company law and will have to be investigated, The Irish
Times recounts.

According to The Irish Times, the court heard that the companies'
main source of funding is through the Immigrant Investment
Programme, where non-EU/EEA citizens committing sums of over EUR1
million for three years are invested in Ireland. Persons who invest
in this programme can obtain residency in Ireland and ultimately
Irish citizenship.

The companies, which had been profitable between 2015 and 2019, had
borrowed over EUR11 million through this programme, The Irish Times
states.

Applications to have the companies placed in examinership, on the
basis that the companies have a reasonable prospect of survival if
certain steps are taken, came before both the High and Circuit
Courts last week, The Irish Times relays.

The companies, represented by John O'Donnell SC, and Ross Gorman BL
instructed by solicitor Graham Kenny, successfully petitioned the
Circuit Court for the appointment of experienced insolvency
practitioner John Walsh as interim examiner, according to The Irish
Times.

Separately, two firms that represent the companies' foreign
investors asked the High Court to appoint another insolvency
practitioner as interim examiner to THL, The Irish Times relates.

The two entities, Project Trinity Homes Ltd and Project Trinity
Homes 2 Ltd, which are represented by John Kennedy SC, are owed a
total of EUR9 million by the companies, The Irish Times discloses.
They claim they have concerns about the running of the building
firms and want an investigation, The Irish Times states.

That application came before Mr Justice Michael Quinn last week,
who declined to appoint an interim examiner while only one side was
represented in court, The Irish Times relays.  However, the judge
made certain directions in the case and adjourned the matter, The
Irish Times notes.

When the case returned before Mr Justice Quinn on Nov. 10, lawyers
for the companies and the investors argued about which court the
examinership should be before, The Irish Times states.

However, following what were at times robust exchanges between
counsel for the parties, the sides entered into out-of-court
discussions, The Irish Times relates.  Arising out of those talks,
it was agreed that the matter should go back before the Circuit
Court later this week, according to The Irish Times.


[*] UK: Corporate Insolvencies in Scotland Up 29.4% in 3rd Qtr.
---------------------------------------------------------------
Nick Drainey at The Scotsman reports that corporate insolvencies in
Scotland rose by 29.4% to 211 in period between July and September
this year, compared with 163 between April and June.

But even a lower than expected rate of insolvencies does not give
the true picture of an economy under pressure, The Scotsman notes.

According to The Scotsman, John Clarke, partner and insolvency
expert at Wright, Johnston & Mackenzie, says: "The gut reaction to
all of the chaos was that there was going to be lots [of
insolvencies] but the number of formal insolvencies remain pretty
low."  But he adds: "The number of insolvencies is not the same as
the number of businesses in difficulty, and there are lots of
businesses in difficulty for a whole variety of reasons, many
limping along just now.  Whether they will eventually survive is a
different matter."

He says businesses which have taken loans may "just be delaying a
problem", and other problems being encountered now society has
re-opened include staff shortages and rising costs, The Scotsman
notes.

"Wherever you go there seems to be people shortages these days.  If
you take the hospitality sector, over the last 18-plus months you
have been closed down for an extended period and then when you have
a re-opened a chunk of your staff who are probably on furlough have
either dropped out of the labour market or got jobs elsewhere."

Lucy McCann, restructuring and insolvency partner at law firm
Brodies, agrees that while some sectors have managed to cope
extremely well, it has been really tough for others, The Scotsman
relates.

"The raft of protections brought in by the UK Government via the
Corporate Insolvency and Governance Act 2020 and by the Scottish
Government via the Coronavirus (Scotland) Acts over the past 12 to
18 months have played a significant role in cushioning the impact
of Covid-19 on both businesses and individuals," The Scotsman
quotes Ms. McCann as saying.

But Ms. McCann has been impressed with the way corporate Scotland
has managed the pressures, saying: "The pandemic has seen major
innovation in terms of corporate restructuring, with the
introduction of restructuring plans and the corporate moratorium.
In addition, we have seen tactical deployment of measures such as
the prohibition on winding-up orders, which has provided some
businesses with a vital shield from their creditors."

Ms. McCann says for those struggling firms, Company Voluntary
Arrangements (CVAs) have been particularly popular over the past
12-18 months, especially in the retail and the casual-dining
sector, The Scotsman relates.

Mr. Clarke, meanwhile, says bigger companies such as major high
street retailers which have run into difficulties have had one
advantage of being able to use their "muscle" to "stand up to
landlords" when in a voluntary arrangement, The Scotsman notes.

So far, he says, not many SMEs have fallen into insolvency, The
Scotsman relays.  However, he says the risks are there, not least
from rising energy costs, and the financial situation of those you
do business with, according to The Scotsman.

Mr. Clarke urges struggling businesses not to be scared of taking
advice or help, rather than letting problems slip further, which
can damage personal health as well as making the financial
situation worse.

An objective review can look at steps which can be taken to
survive, which can include finding investors or even selling the
businesses, The Scotsman discloses.

According to The Scotsman, Mr. Clarke expects more insolvencies in
the coming months but cautions that the figures do not tell the
whole story.

Ms. McCann also anticipates tricky times ahead: "While the
temporary measures brought in by the government have been a
lifeline for many businesses, providing that all-important
'breathing space' until normal operations could resume, there are
others who now face a challenging period ahead, The Scotsman
relates.

"On September 30, the temporary suspensions on winding-up orders
was lifted, although certain conditions remain and must be
satisfied before petitions can be lodged to wind up a business.  We
have already seen an increase in creditor-led insolvencies.

"On March 31, 2022, the last of the temporary measures that prevent
landlords from winding up a business for arrears will be lifted.
It will be interesting to see the impact of this on tenants in the
commercial property market.  We also expect to see an increase in
creditor-led insolvencies when the petitioning debt level of
£10,000 is removed.

"During the pandemic many businesses have built up large amounts of
debt.  As government reliefs are lifted or tapered, the ability to
trade is really tested and the fault lines can show. For example,
the lifting of furlough adds to the amount to be paid in wages
which, for a long time, have been subsidised.  Bounceback loans
will need to be repaid.

"While the temporary measures are in place, businesses have
breathing space to try to find ways to repay their debts, for
example through new sources of financing, or by agreeing extended
repayment terms with creditors."

Ms. McCann agrees with Mr. Clarke that acting quickly is the key to
survival. She says: "There may still be options available even if
matters are quite advanced, so don't assume all is lost."

She also has a warning for directors to be aware they have a legal
responsibility to behave in accordance with their directors' duties
at all times, according to The Scotsman.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: The Sorcerer's Apprentice - Medical Miracles
-------------------------------------------------------------
Author: Sallie Tisdale
Publisher: BeardBooks
Softcover: 270 pages
List Price: $34.95
Order your own personal copy at http://is.gd/9SAfJR

An earlier edition of "The Sorcerer's Apprentice" won an American
Health Book Award in 1986. The book has been recognized as an
outstanding book on popular science. Tisdale brings to her subject
of the wide nd engrossing field of health and illness the
perspective, as well as the special sympathies and sensitivities,
of a registered nurse. She is an exceptionally skilled writer.
Again and again, her descriptions of ill individuals and images of
illnesses such as cancer and meningitis make a lasting impression.

Tisdale accomplishes the tricky business of bringing the reader to
an understanding of what persons experience when they are ill; and
in doing this, to understand more about the nature of illness as
well. Her style and aim as a writer are like that of a medical or
science journalist for leading major newspaper, say the "New York
Times" or "Los Angeles Times." To this informative, readable style
is added the probing interest and concern of the philosopher trying
to shed some light on one of the central and most unsettling
aspects of human existence. In this insightful, illuminating,
probing exploration of the mystery of illness, Tisdale also
outlines the limits of the effectiveness of treatments and cures,
even with modern medicine's store of technology and drugs. These
are often called "miracles" of modern medicine. But from this
author's perspective, with the most serious, life-threatening,
illnesses, doctors and other health-care professionals are like
sorcerer's trying to work magic on them. They hope to bring
improvement, but can never be sure what they do will bring it
about. Tisdale's intent is not to debunk modern medicine, belittle
its resources and ways, or suggest that the medical profession
holds out false hopes. Her intent is do report on the mystery of
serious illness as she has witnessed it and from this, imagined
what it is like in her varied work as a registered nurse. She also
writes from her own experiences in being chronically ill when she
was younger and the pain and surgery going with this. She writes,
"I want to get at the reasons for the strange state of amnesia we
in the health professions find ourselves in. I want to find clues
to my weird experiences, try to sense the nature of being sick."
The amnesia of health professionals is their state of mind from the
demands placed on them all the time by patients, employers, and
society, as well as themselves, to cure illness, to save lives, to
make sick people feel better. Doctors, surgeons, nurses, and other
health-care professionals become primarily technicians applying the
wonders of modern medicine. Because of the volume of patients, they
do not get to spend much time with any one
or a few of them. It's all they can do to apply the prescribed
treatment, apply more of it if it doesn't work the first time, and
try something else if this treatment doesn't seem to be effective.

Added to this is keeping up with the new medical studies and
treatments. But Tisdale stepped out of this problem-solving
outlook, can-do, perfectionist mentality by opting to spend most of
her time in nursing homes, where she would be among old persons she
would see regularly, away from the high-charged atmosphere of a
hospital with its "many medical students, technicians,
administrators, and insurance review artists." To stay on her
"medical toes," she balanced this with working occasional shifts in
a nearby hospital. In her hospital work, she worked in a neonatal
intensive care unit (NICU), intensive care unit (ICU), a burn
center, and in a surgery room. From this combination of work with
the infirm, ill, and the latest medical technology and procedures
among highly-skilled professionals, Tisdale learned that "being
sick is the strangest of states." This is not the lesson nearly all
other health-care workers come away with. For them, sick persons
are like something that has to be "fixed." They're focused on the
practical, physical matter of treating a malady. Unlike this
author, they're not focused consciously on the nature of pain and
what the patient is experiencing. The pragmatic, results-oriented
medical profession is focused on the effects of treatment. Tisdale
brings into the picture of health care and seriously-ill patients
all of what the medical profession in its amnesia, as she called
it, overlooks.

Simply in describing what she observes, Tisdale leads those in the
medical profession as well as other interested readers to see what
they normally overlook, what they normally do not see in the
business and pressures of their work. She describes the beginning
of a hip-replacement operation, the surgeon "takes the scalpel and
cuts -- the top of the hip to a third of the way down the thigh --
and cuts again through the globular yellow fat, and deeper. The
resident follows with a cautery, holding tiny spraying blood
vessels and burning them shut with an electric current. One small,
throbbing arteriole escapes, and his glasses and cheek are
splattered." One learns more about what is actually going on in an
operation from this and following passages than from seeing one of
those glimpses of operations commonly shown on TV. The author
explains the illness of meningitis, "The brain becomes swollen with
blood and tissue fluid, its entire surface layered with pus . . .
The pressure in the skull increases until the winding convolutions
of the brain are flattened out . . . The spreading infection and
pressure from the growing turbulent ocean sitting on top of the
brain cause permanent weakness and paralysis, blindness, deafness .
. . . " This dramatic depiction of meningitis brings together
medical facts, symptoms, and effects on the patient. Tisdale does
this repeatedly to present illness and the persons whose lives
revolve around it from patients and relatives to doctors and nurses
in a light readers could never imagine, even those who are immersed
in this
world.

Tisdale's main point is that the miracles of modern medicine do not
unquestionably end the miseries of illness, or even unquestionably
alleviate them. As much as they bring some relief to ill
individuals and sometimes cure illness, in many cases they bring on
other kinds of pains and sorrows. Tisdale reminds readers that the
mystery of illness does, and always will, elude the miracle of
medical technology, drugs, and practices. Part of the mystery of
the paradoxes of treatment and the elusiveness of restored health
for ill persons she focuses on is "simply the mystery of illness.
Erosion, obviously, is natural. Our bodies are essentially
entropic." This is what many persons, both among the public and
medical professionals, tend to forget. "The Sorcerer's Apprentice"
serves as a reminder that the faith and hope placed in modern
medicine need to be balanced with an awareness of the mystery of
illness which will always be a part of human life.



                           *********


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 * * *