/raid1/www/Hosts/bankrupt/TCREUR_Public/211116.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Tuesday, November 16, 2021, Vol. 22, No. 223

                           Headlines



G E R M A N Y

LUFTHANSA: Repays Last of EUR9BB Bailout Ahead of Schedule


I R E L A N D

AVOCA CLO XIV: Moody's Ups Rating on EUR14.8MM Cl. F-R Notes to B1
DRYDEN 69 EURO: Fitch Rates Class F-R Tranche 'B-(EXP)'
FIDELITY GRAND 2021-1: Fitch Rates Class F Tranche 'B-(EXP)'
FLUTTER ENTERTAINMENT: S&P Affirms BB+ ICR, Alters Outlook to Pos.
HARVEST CLO XIX: Fitch Puts 'B-' Class F Notes Rating on Watch Pos.

JUBILEE CLO 2014-XII: Moody's Affirms B2 Rating on EUR15MM F Notes


N E T H E R L A N D S

TV BIDCO: S&P Alters Outlook to Stable, Affirms 'B+' LT ICR


P O R T U G A L

ARES LUSITANI: Fitch Rates Class D Tranche 'BB+(EXP)'


R U S S I A

BANK URALSIB: Fitch Affirms 'BB-' LT IDR, Outlook Stable
ENEL RUSSIA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable


S P A I N

CAIXABANK LEASINGS 3: Moody's Affirms B1 Rating on Serie B Notes


U N I T E D   K I N G D O M

LEMORE MANOR: Couples Left Out of Pocket Following Administration
PORTHART LTD: Director Faces 13-Year Ban Following Liquidation
S&M HUGHES: FSCS Repays GBP5.7MM+ on 95 Successful Claims
WEIR & MCQUISTON: Enters Administration, 90+ Jobs Affected

                           - - - - -


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G E R M A N Y
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LUFTHANSA: Repays Last of EUR9BB Bailout Ahead of Schedule
----------------------------------------------------------
William Wilkes at Bloomberg News reports that Deutsche Lufthansa AG
repaid the last of its EUR9 billion (US$10.3 billion) bailout ahead
of schedule, paving the way for the German government to sell its
stake in the airline group for a significant profit.

According to Bloomberg, a recovery in international travel and
successful refinancing measures allowed the airline to return the
taxpayer cash, it said in a statement on Nov. 12.  The state stands
to net close to US$1 billion in profit once it sells its 14%
holding over the next two years, Bloomberg discloses.

The outsize profit marks a victory for German finance minister Olaf
Scholz, who is poised to succeed Angela Merkel as chancellor once
coalition negotiations conclude, Bloomberg notes.  He and his
deputies drove a hard bargain in negotiations with Lufthansa,
mindful of bank bailouts during the financial crisis that
shouldered taxpayers with heavy losses, Bloomberg recounts.

For the airline, the repayment marks the latest step toward a
return to normal after the coronavirus pandemic grounded much of
its fleet and pushed it to the brink of bankruptcy in 2020,
Bloomberg states.  Lufthansa expects to restore 70% of its
pre-pandemic capacity next year as the crisis wanes and
intercontinental routes reopen, according to Bloomberg.

Still, the airline has borrowed heavily from private creditors to
replace the aid, Bloomberg notes.  Its plan to secure pay cuts for
its pilots has met with resistance from the powerful cockpit union,
Bloomberg relays.  Lufthansa reduced its fleet and committed to
investing less in new aircraft, moves that could leave its western
European empire vulnerable to cash-rich discounters like Ryanair
Holdings Plc and Wizz Air Holdings Plc, Bloomberg discloses.

Lufthansa, as cited by Bloomberg, said the rescue saved more than
100,000 jobs.  The debt secured in financial markets carries a
lower interest rate than government loans that were set to rise
steeply, Bloomberg notes.  State oversight also comes with strict
restrictions on M&A activity and executive pay, according to
Bloomberg.




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I R E L A N D
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AVOCA CLO XIV: Moody's Ups Rating on EUR14.8MM Cl. F-R Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Avoca CLO XIV Designated Activity Company:

EUR16,300,000 Class B-1R Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Nov 14, 2017 Definitive Rating
Assigned Aa2 (sf)

EUR48,500,000 Class B-2R Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Nov 14, 2017 Definitive
Rating Assigned Aa2 (sf)

EUR18,000,000 Class C-1R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to A1 (sf); previously on Nov 14, 2017
Definitive Rating Assigned A2 (sf)

EUR15,000,000 Class C-2R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to A1 (sf); previously on Nov 14, 2017
Definitive Rating Assigned A2 (sf)

EUR25,000,000 Class D-R Deferrable Mezzanine Floating Rate Notes
due 2031, Upgraded to Baa1 (sf); previously on Nov 14, 2017
Definitive Rating Assigned Baa2 (sf)

EUR14,800,000 Class F-R Deferrable Junior Floating Rate Notes due
2031, Upgraded to B1 (sf); previously on Nov 14, 2017 Definitive
Rating Assigned B2 (sf)

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

EUR274,400,000 Class A-1R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Nov 14, 2017 Definitive
Rating Assigned Aaa (sf)

EUR25,000,000 Class A-2R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Nov 14, 2017 Definitive
Rating Assigned Aaa (sf)

EUR25,700,000 Class E-R Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on Nov 14, 2017 Definitive
Rating Assigned Ba2 (sf)

Avoca CLO XIV Designated Activity Company, issued in June 2015 and
reset in November 2017, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by KKR Credit Advisors (Ireland)
Unlimited Company. The transaction's reinvestment period ends on
December 31, 2021.

RATINGS RATIONALE

The rating upgrades on the Class B-1R, B-2R, C-1R, C-2R, D-R and
F-R Notes are primarily a result of the transaction benefitting
from the shorter period of time remaining before the end of the
reinvestment period in January 2022. Moody's also considered the
rating sensitivity of the Class F Notes to collateral stress
scenarios.

The rating affirmations on the Class A1-R, A-2R and E-R Notes
reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization levels.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

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

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

Performing par and principal proceeds balance: EUR499,998,926

Diversity Score: 62

Weighted Average Rating Factor (WARF): 2894

Weighted Average Life (WAL): 4.79 years

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

Weighted Average Coupon (WAC): 5.19%

Weighted Average Recovery Rate (WARR): 46.17%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

DRYDEN 69 EURO: Fitch Rates Class F-R Tranche 'B-(EXP)'
-------------------------------------------------------
Fitch Ratings has assigned Dryden 69 Euro CLO 2018 DAC expected
ratings.

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

DEBT                RATING
----                ------
Dryden 69 Euro CLO 2018 DAC

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

TRANSACTION SUMMARY

Dryden 69 Euro CLO 2018 DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds will be used to redeem existing notes, which fund a
portfolio with a target par of EUR400 million. The portfolio will
be actively managed by PGIM Loan Originator Manager Limited and
co-managed by PGIM Limited. The collateralised loan obligation
(CLO) has a 4.7-year reinvestment period and a nine-year weighted
average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B'/'B-' category. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 26.2.

High Recovery Expectations: At least 90% of the portfolio will
comprise 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 61.03%.

Diversified Asset Portfolio: The transaction will have multiple
matrices based on fixed-rate obligation limits. The transaction
will also have various concentration limits, including the 10
largest obligors limit and the maximum exposure to the three
largest (Fitch-defined) industries in the portfolio at 45%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management: The transaction has a 4.7-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.

The difference between the maturity date and the WAL test date is
3.9 years. This may restrict the transaction's ability to extend
its WAL date by 12 months during a partial refinancing under
Fitch's methodology. Fitch would apply a stress if the difference
between the maturity date and the WAL test date was less than three
years.

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, as well as to
assess their effectiveness, including the structural protection
provided by excess spread diverted through the par value and
interest coverage tests

Fitch's analysis of the matrices is based on a stressed-case
portfolio with an eight-year WAL. Fitch determined the
transaction's structure and reinvestment conditions after the
reinvestment period, including satisfaction of the coverage tests
and Fitch WARF test, were sufficient to reduce the WAL used for the
transaction's stress portfolio by 12 months under the agency's CLOs
and Corporate CDOs Rating Criteria.

RATING SENSITIVITIES

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

-- An increase of the rating default rate (RDR) at all rating
    levels by 25% of the mean RDR and a 25% decrease of the
    recovery rate at all rating levels would lead to a downgrade
    of up to four notches for the notes.

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

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and a 25% increase of the recovery rate at all rating
    levels, would lead to an upgrade of up to four notches for the
    notes, except 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
    in case of a better-than-initially expected portfolio credit
    quality and deal performance, leading to higher credit
    enhancement and excess spread available to cover for 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

Financial statements were not used in the analysis

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

Dryden 69 Euro CLO 2018 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.

FIDELITY GRAND 2021-1: Fitch Rates Class F Tranche 'B-(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned Fidelity Grand Harbour CLO 2021-1 DAC
expected ratings.

The assignment of final ratings is contingent on final documents
conforming to the information used for the analysis.

DEBT                             RATING
----                             ------
Fidelity Grand Harbour CLO 2021-1 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

Fidelity Grand Harbour 2021 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, second-lien loans, first-lien,
last-out loans and high-yield bonds. The portfolio will be actively
managed by Fidelity Investments Limited. The transaction has a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL). The note proceeds will be used to fund a portfolio with a
target par amount is EUR400 million.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.47.

High Recovery Expectations (Positive): Senior secured obligations
comprise 90% of the portfolio. Fitch views the recovery prospects
for these assets as more favourable than for second-lien, unsecured
and mezzanine assets. The Fitch weighted average recovery rate
(WARR) of the identified portfolio is 64.09%

Diversified Portfolio (Positive): The limits for the 10 largest
obligors and maximum fixed-rate assets for the transaction's Fitch
matrix are 21.0% and 12.5%, respectively. The transaction also
includes various concentration limits, including the maximum
exposure to the three largest Fitch-defined industries in the
portfolio at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

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

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

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fidelity Grand Harbour CLO 2021-1 DAC

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.

FLUTTER ENTERTAINMENT: S&P Affirms BB+ ICR, Alters Outlook to Pos.
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Irish betting and gaming
group Flutter Entertainment PLC to positive from stable, while
affirming its 'BB+' issuer credit rating and its 'BBB-' rating on
the company's senior secured debt.

The positive outlook indicates the possibility of an upgrade if
Flutter's operating performance and free operating cash flow (FOCF)
remain robust and leverage steadily reduced, resulting in the S&P
Global Ratings-adjusted debt-to-EBITDA ratio staying sustainably
below 3.0x in line with management's financial policy targets,
assuming a manageable impact of U.K. regulatory changes and a
gradual decline of consolidated losses in the U.S. through 2023.

The outlook revision follows Flutter's settlement of the Kentucky
case and progress toward the company's target of reported group
leverage at 1x-2x in the medium term.

At the end of September 2021, Flutter agreed to pay $200 million,
in addition to a $100 million superseded bond was already paid, to
settle a long-running lawsuit with the Commonwealth of Kentucky. As
part of the settlement, Flutter withdrew its petition to the U.S.
Supreme Court for a judicial review of the case. In 2020, the
Kentucky State Supreme Court ordered the company to pay about $1.3
billion, which we saw as substantial, related to unlicensed gaming
activity of two The Stars Group (TSG) entities before 2013 that
resulted in losses for Kentucky citizens. Flutter became TSG's
owner in 2020. It has already paid the agreed settlement (which
translates into GBP220 million), which was in line with S&P's
initial forecasts. Therefore, there is no material impact on
Flutter's leverage, which we forecast at 3.1x-3.4x at year-end
2021. S&P also understands no further action will be taken by the
Commonwealth of Kentucky. The case has effectively been dismissed
and no further claims of this nature are pending against Flutter or
its subsidiaries in the U.S. In any case, a similar claim in any
other state would now be statute barred.

Flutter has shown robust performance so far in 2021, with customer
momentum continuing in the first half. Despite starting from a high
base in first-half 2020, due to increased gaming during the first
lockdown measures, the group's revenue increased by 30% year on
year in first-half 2021. This solid trend continued in the third
quarter. Revenue growth was largely spurred by a sustained
pandemic-led increase in demand for Flutter's online platforms and
an expanding customer base in the U.S. after the legalization of
online sports betting in several states, with Flutter currently
operating sports betting in 12 states. S&P said, "We anticipate
demand growth will moderate in the future. In addition, increasing
taxes in Germany, temporarily unfavorable betting outcomes in
fourth-quarter 2021, and losses in the U.S. due to high marketing
and promotion costs will soften EBITDA this year and next. For 2021
and 2022, we project EBITDA at GBP850 million-GBP900 million and
GBP1,000 million-GBP1,200 million respectively on an S&P Global
Ratings-adjusted basis, compared with pro forma EBITDA of about
GBP1,100 million in 2020."

Flutter's business fundamentals continue to support a stronger
growth trajectory than that of European peers with physical
locations.Since the group generates over 90% of its EBITDA through
online gaming and sports betting, S&P expects it to have stronger
long-term growth prospects than peers operating at physical venues.
This is further supported by increasing legalization of online
offers in some jurisdictions and changing customer habits (even
before the pandemic), resulting in a structurally larger European
online market. With strong brands such as PokerStars, which
operates globally, and several regionally strong brands like Sky
Bet, Paddy Power, Betfair, Sportsbet, and Fanduel, S&P believes
Flutter will benefit from the positive market conditions,
translating into growth of the customer base and sales. Flutter is
already present as a sports betting operator in 12 U.S. states and
expects to launch in an additional nine states over the next 18
months. However, there remains typically high marketing and
promotional costs associated with opening in new states. That said,
Flutter's expected launch in large states, including New York,
Massachusetts, and Ohio, will considerably increase the group's
customer base, which Flutter expects will result in the U.S.
business turning profitable by 2023 on an EBITDA basis as its
operations in more mature and larger states move toward breakeven
or profitability.

Regulatory risks continue to cloud Flutter's earnings and cash
generation prospects from 2022 onward. In S&P's view, strengthening
regulatory restrictions and increasing taxes are clouding earnings
visibility for Flutter in the near term. In July 2021, the new
German tax on online poker and virtual slots came into force,
taxing 5.3% of the turnover online gaming providers make. For 2021,
Flutter will see its EBITDA reduced by GBP15 million-GBP25 million
as a result. The U.K. regulator is also considering restrictions on
a range of measures, including focused at player protections. While
the U.K. regulator has not announced precise measures, we expect a
white paper with draft recommendations to be released in 2022. Once
implemented, S&P believes these measures could ultimately also
decrease Flutter's earnings in the U.K. in 2022-2023 depending on
their scope. Since the U.K. and Ireland represent around 50% of the
group's EBITDA at year-end 2020, a material change in U.K.
regulation can have an impact on Flutter's metrics beyond its
current base-case assumptions. The precise financial impact of
possible new regulation remains uncertain at this stage.

Flutter's stated financial policy is a supportive rating factor and
a potential Fanduel IPO may enhance ratings upside, albeit credit
metrics are still outside the group's target. Flutter has publicly
committed to achieving company-adjusted leverage of 1.0x-2.0x in
the medium term, which currently translates into S&P Global
Ratings-adjusted leverage of up to 2.5x. S&P said, "We understand
the company will prioritize deleveraging ahead of mergers,
acquisitions, and dividend distributions in 2022 and 2023. These
factors are credit supportive in our view, and we anticipate
Flutter will use substantial portions of its FOCF of GBP350
million-GBP400 million in 2021 and over GBP600 million in 2022 to
repay existing debt, bringing leverage down to 2.4x-2.7x by 2022.
In addition, an IPO of a minority stake in Fanduel remains an
option for the company. Although Flutter is currently in
arbitration with Fox Corp. regarding the valuation of an option to
purchase an 18.6% share in Fanduel, we understand the IPO
transaction remains under review by Flutter's board following with
Amy Howe's appointment as Fanduel's new CEO. That said, we see a
possible IPO as unlikely before midyear 2022."

S&P said, "The positive outlook indicates the potential for an
upgrade within the next 12 months if Flutter continues to show
improving operating performance and progress toward its financial
policy target of company-adjusted leverage below 2x in the medium
term, which is in line with our base case of adjusted leverage
staying comfortably and sustainably below 3x by year-end 2022. This
would likely require a manageable impact on credit metrics from
U.K. regulatory proposals, as well as U.S. business losses in line
with our forecasts and decreasing toward 2023. In our base case, we
assume substantial FOCF being partly used for debt repayment and
exclude any impact from a potential Fanduel IPO."

S&P could raise the rating on Flutter in the next 12 months if

-- The group manages to reduce leverage to below 3.0x on a
sustained basis, as shown by strong operating performance across
its well-established markets and improved profitability on the
U.S.;

-- Cash generation translates into FOCF to debt well above 15%;

-- In S&P's view, the potential impact from regulatory changes in
the U.K. will not materially delay the group from achieving such
cash flow and leverage ratios; and

-- Flutter displays a financial policy commitment to maintain
these ratios.

Separately, S&P could also consider an upgrade if an IPO of
Flutter's minority stake in Fanduel occurred and Flutter used some
of the proceeds to pay down debt, thereby reducing leverage to well
below 3.0x on an S&P Global Ratings-adjusted basis, accompanied by
a commitment to maintain these metrics.

S&P could revise the outlook to stable if Flutter is unable to
reduce leverage to below 3.0x. This could happen if Flutter:

-- Experiences a substantially higher impact from regulatory
changes in the U.K. or elsewhere than we already incorporate in
S&P's base case.

-- Is unable to approach breakeven in the U.S., and those
operations remain a drain on the group's cash flows.

-- Were to pursue a more aggressive financial policy, for example
with sooner return to generous dividends or larger mergers and
acquisitions.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Risk management, culture, and oversight

HARVEST CLO XIX: Fitch Puts 'B-' Class F Notes Rating on Watch Pos.
-------------------------------------------------------------------
Fitch Ratings has placed Harvest CLO XIX DAC's class B-1, B-2, C,
D, E, and F notes on Rating Watch Positive (RWP) and removed them
from Under Criteria Observation (UCO). Fitch has affirmed the class
A notes with Stable Outlook.

     DEBT                    RATING               PRIOR
     ----                    ------               -----
Harvest CLO XIX DAC

A XS1802400983     LT AAAsf    Affirmed           AAAsf
B1 XS1802401106    LT AAsf     Rating Watch On    AAsf
B2 XS1802401528    LT AAsf     Rating Watch On    AAsf
C XS1802401957     LT Asf      Rating Watch On    Asf
D XS1802402252     LT BBBsf    Rating Watch On    BBBsf
E XS1802402765     LT BBsf     Rating Watch On    BBsf
F XS1802402500     LT B-sf     Rating Watch On    B-sf

TRANSACTION SUMMARY

Harvest CLO XIX DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is in its reinvestment period
and the asset manager is actively managing the portfolio.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
(including, among others, a change in the underlying default
assumptions). The analysis was based on both current and stress
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. This analysis
supports a model-implied rating of approximately one to two notches
above the current ratings under the most recent criteria. When
analysing the matrix, Fitch applied a haircut of 1.5% to the
weighted average recovery rate (WARR) as the calculation of the
WARR in transaction documentation reflects a previous version of
the CLO criteria.

Fitch has placed the class B-1 to F notes on RWP as although the
model-implied ratings are above the current ratings, the issuer has
indicated that it intends to amend the matrix and the definition of
"Fitch Rating Factor" and "Fitch Recovery Rate" in line with
Fitch's updated CLOs and Corporate CDOs Rating Criteria published
on 17 September 2021. If there is no refinancing or reset of this
transaction and no matrix update, Fitch expects to upgrade the
ratings when it resolves the RWP within six months.

Stable Asset Performance: The transaction metrics indicate stable
asset performance. The transaction is currently 1.15% under par. It
is passing Fitch's weighted average rating factor (WARF), weighted
average life (WAL), Fitch's WARR, portfolio profile tests and
coverage tests. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below is 6.74%.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B/B-' category. The
WARF as calculated by the trustee was 34.56, which is below the
maximum covenant of 35.00. The WARF as calculated by Fitch under
the latest criteria is 25.96.

High Recovery Expectations: Senior secured obligations comprise
99.41% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 14.52%, and no obligor represents more than 2.06%
of the portfolio balance.

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 2 notches, depending on the notes.

-- Downgrades may occur if build-up of the notes' credit
    enhancement following amortisation does not compensate for a
    larger loss expectation than initially assumed due to
    unexpectedly high levels of defaults and portfolio
    deterioration. Fitch will update the sensitivity scenarios in
    line with the view of its leveraged finance team.

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 5 notches across
    the structure, 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
    in the event of better-than-expected portfolio credit quality
    and deal performance, leading to higher credit enhancement and
    excess spread available to cover for 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

Harvest CLO XIX 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.

JUBILEE CLO 2014-XII: Moody's Affirms B2 Rating on EUR15MM F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Jubilee CLO 2014-XII DAC:

EUR 32,000,000 Class B1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Mar 22, 2021 Upgraded to
Aa1 (sf)

EUR25,000,000 Class B2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Mar 22, 2021 Assigned Aa1 (sf)

EUR29,500,000 Class C Deferrable Mezzanine Floating Rate Notes due
2030, Upgraded to A1 (sf); previously on Mar 22, 2021 Affirmed A2
(sf)

EUR25,500,000 Class D Deferrable Mezzanine Floating Rate Notes due
2030, Upgraded to Baa1 (sf); previously on Mar 22, 2021 Affirmed
Baa2 (sf)

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

EUR304,000,000 Class A Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Mar 22, 2021 Assigned Aaa
(sf)

EUR34,000,000 Class E Deferrable Junior Floating Rate Notes due
2030, Affirmed Ba2 (sf); previously on Mar 22, 2021 Affirmed Ba2
(sf)

EUR15,000,000 Class F Deferrable Junior Floating Rate Notes due
2030, Affirmed B2 (sf); previously on Mar 22, 2021 Affirmed B2
(sf)

Jubilee CLO 2014-XII DAC, originally issued in May 2014, partially
refinanced in January 2017, reset in October 2017 and again
partially refinanced in March 2021 is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Alcentra
Limited. The transaction's reinvestment period ended in October
2021.

RATINGS RATIONALE

The rating upgrades on the Class B1, B2, C and D Notes are
primarily a result of the transaction having reached the end of the
reinvestment period in October 2021.

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a lower WARF than it had assumed at the
last rating action in March 2021.

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

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

Performing par and principal proceeds balance: EUR490.19 million

Diversity Score: 59

Weighted Average Rating Factor (WARF): 2898

Weighted Average Life (WAL): 4.51 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.58%

Weighted Average Recovery Rate (WARR): 44.36%

Par haircut in OC tests and interest diversion test: 0.45%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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



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

TV BIDCO: S&P Alters Outlook to Stable, Affirms 'B+' LT ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on TV Bidco B.V. to stable
from negative and affirmed its 'B+' long-term issuer credit rating
on the company.

The stable outlook reflects S&P's expectation that over the next 12
months TV Bidco's operating performance will remain robust, with
revenue growth largely offsetting increased content costs such that
S&P Global Ratings-adjusted EBITDA margin will remain well above
30% and the company will generate substantial free operating cash
flow (FOCF) of around EUR120 million-EUR130 million per year. This
will translate into S&P Global Ratings-adjusted leverage declining
to about 4.5x in 2021 and 4.0x in 2022.

Revenue will regain its prepandemic level by end-2021 and continue
to moderately grow thereafter.

S&P said, "After a 5% decline in 2020, we estimate TV Bidco's
revenue will grow by 4.0%-7.0% per year in 2022-2023. The decline
in 2020 was caused by a severe drop in TV advertising revenue in
the first half of the year, as advertisers rapidly cut or postponed
their budgets amidst COVID-19 restrictions. However, the company
has reported that over the first nine months of 2021 TV advertising
revenue was already slightly above the comparable period of 2019,
showing faster-than-expected recovery. In 2022-2023, we forecast
revenue growth will be fostered by the expansion of carriage and
subscription fees, as the company intends to acquire new sport
rights and renegotiate its carriage fee deals, as well as invest
significantly in the development of Voyo, its subscription video on
demand (SVOD) platform. We view positively TV Bidco's strategy to
expand its digital video on demand services, with the objective of
increasing its subscribers base from about 200,000 in 2021 to above
1 million by 2025--only considering subscribers in Czech Republic
and Slovakia, Voyo's two main markets. We estimate this would
increase total subscription fees from about EUR10 million to above
EUR55 million over the same period, supporting the group's revenue
growth. That said, we expect that investment in Voyo will put some
pressure on adjusted EBITDA margins in our forecast horizon, given
the incremental content, staff, and marketing costs necessary to
support its expansion.

"Increasing content costs will improve programming offering, but
dilute margins. To support growth, we expect TV Bidco will invest
in content, improving programming quality and broadening its offer,
including new sports content. This will translate in content costs
increasing to above EUR300 million by 2023 from about EUR214
million in 2020. The increase in programming costs, together with
the additional costs linked to the development of Voyo, will cause
S&P Global Ratings-adjusted EBITDA margin to decline to 33%-35% in
2022-2023, from about 37% in 2020-2021, despite the cost savings
from de-listing the business and management functions
simplification following acquisition by PPF Group in 2020.

"Voluntary debt repayments in excess of annual amortization will
accelerate deleveraging to about 4x in 2022. We understand TV Bidco
intends to make some advanced repayments on its EUR1.1 billion
senior secured loan, including EUR110 million already completed in
2021 and our assumption of about EUR110 million in 2022, above the
EUR55 million mandatory annual loan amortization that we previously
included in our base case. Assuming operating performance recovers
in line with our expectations, S&P Global Ratings-adjusted leverage
will decline to about 4.5x in 2021 and about 4.0x in 2022, from
about 5.0x in 2020 pro forma. After these repayments, we expect TV
Bidco will maintain reported debt of about EUR850 million over the
medium term, in line with its objective to decrease reported net
leverage in order to comply with a financial covenant that has a
stepping-down net leverage threshold and to be able to distribute
more dividends to the parent company. We assume the group will
generate sufficient FOCF which we estimate at EUR120 million-EUR130
million per year in 2021-2023 and will use part of it to repay
debt. As such, we expect it will keep adjusted FOCF to debt
sustainably above 10%. That said, we think the company could start
distributing significant dividends from 2023, once net reported
leverage falls below 3.25x, leading to a deterioration of its
discretionary cash flow to debt ratio in the medium term.

"The group's earnings remain dependent on volatile TV advertising
revenue, constraining the rating. We view TV Bidco's position as
weaker than that of its larger and better diversified global peers
in the media industry. This takes into account its smaller scale,
operations in modestly sized addressable TV advertising markets in
Central and Eastern Europe, dependence on TV advertising revenue,
and lack of business diversification. Despite the progressive
growth of carriage and subscription fee revenue, we expect volatile
TV advertising will continue generating about 75%-80% of total
EBITDA, potentially causing volatility in its operating performance
and credit metrics compared with larger, more diversified,
international peers. We also believe that the traditional TV
advertisement market is facing structural challenges and increasing
competitive pressure from online streaming services and the rapid
growth of online and digital advertising. Although these risks are
so far less pronounced in the markets where TV Bidco operates, in
the medium term they could weigh on the profitability of the
company's main business line.

"Leading position in Central and Eastern markets, supported by its
focus on local content. TV Bidco enjoys leading positions and TV
audience shares in all the five markets where it operates--Czech
Republic, Romania, Slovak Republic, Bulgaria, and Slovenia--owning
strong and highly recognized media brands. We believe its
competitive position is supported by this region's preference for
local content, which for now limits the penetration of global
streaming video on demand services, such as Amazon Prime and
Netflix." Focus on local content, which represents more than 60% of
TV Bidco's programming costs, also underpins the company's
above-average profitability. S&P Global Ratings-adjusted EBITDA
margin progressively improved to above 35% in 2019-2021, from about
23% at the end of 2015, as the company reduced reliance on U.S.
content in favor of local productions.

There is a limited risk of volatility in TV Bidco's credit ratios
stemming from potential movement in foreign exchange rates. The
EUR1.1 billion senior secured term loan is denominated in euros,
while the group generates the majority of its revenue, earnings,
and cash flow in local currencies--mostly Czech koruna and Romanian
leu--which could weaken against the euro. That said, S&P forecasts
TV Bidco's EBITDA interest coverage will be above 6x in 2021-2023,
which provides material headroom against the potential increase in
cash interest payments due to foreign currency movements.

S&P said, "The stable outlook reflects our expectation that over
the next 12 months TV Bidco's operating performance will remain
robust, with revenue growth largely offsetting increased content
costs such that S&P Global Ratings-adjusted EBITDA margin will
remain well above 30% and the company will generate substantial
FOCF of about EUR120 million-EUR130 million per year. This will
translate into S&P Global Ratings-adjusted leverage declining to
about 4.5x in 2021 and 4.0x in 2022.

S&P could lower the rating on TV Bidco if adjusted debt to EBITDA
rises above 5.0x or if adjusted FOCF to debt falls sustainably
below 10%. This could happen if:

-- The group's competitive position weakens, for example if it is
unable to adjust its business model to structural challenges in the
linear TV broadcasting industry, or programming costs and
investment in business growth increase more than we forecast,
weakening profitability and FOCF;

-- The group follows a more aggressive financial policy,
prioritizing acquisitions or shareholder returns over
deleveraging.

In S&P's view, a rating upgrade is unlikely over the short term.
Over the longer term we could raise the rating if adjusted debt to
EBITDA declined sustainably below 3.5x and FOCF to debt increased
above 15%, with dividends not exceeding FOCF. The upgrade would
also hinge on the group's financial policy being targeted at
maintaining such improved credit metrics.



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

ARES LUSITANI: Fitch Rates Class D Tranche 'BB+(EXP)'
-----------------------------------------------------
Fitch Ratings has assigned Ares Lusitani - STC, S.A./Pelican
Finance No.2 expected ratings.

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

DEBT             RATING
----             ------
Ares Lusitani - STC, S.A. / Pelican Finance No. 2

A    LT AA-(EXP)sf     Expected Rating
B    LT A(EXP)sf       Expected Rating
C    LT BBB+(EXP)sf    Expected Rating
D    LT BB+(EXP)sf     Expected Rating
E    LT NR(EXP)sf      Expected Rating
X    LT NR(EXP)sf      Expected Rating

TRANSACTION SUMMARY

The transaction is a static securitisation of unsecured consumer
and auto loans originated in Portugal by Caixa Económica Montepio
Geral, Caixa economica bancaria, S.A. (BM; B-/Negative/B) and
Montepio Crédito (MC, part of the BM group). This is the second
Fitch-rated securitisation from these originators, after Pelican
Finance No.1, which fully repaid in 2021.

KEY RATING DRIVERS

Asset Assumptions Reflect Mixed Portfolio: The securitised
portfolio was originated by MC (56.2%) and BM (43.8%). MC's
sub-pool only includes passenger car loans, and BM's sub-pool is
largely composed of unsecured consumer loans. Fitch calibrated
separate asset assumptions for each originator, reflecting
different performance expectations.

Fitch has assumed base case lifetime default and recovery rates of
6.4% and 45.5%, respectively, for the blended portfolio, given the
historical data provided by the originators, Portugal's economic
outlook and the originators' underwriting and servicing
strategies.

Pro Rata Amortisation: The class A to E notes will be repaid pro
rata unless a sequential amortisation event occurs, including
cumulative defaults on the portfolio in excess of certain
thresholds or a principal deficiency recorded on the class E
notes.

Under a base case scenario, Fitch views a switch to sequential
amortisation as unlikely during the first years after closing,
given portfolio performance expectations compared with defined
triggers. The tail risk posed by the pro rata paydown is mitigated
by the mandatory switch to sequential amortisation when the
portfolio balance falls below 10% of its initial balance.

Servicing Disruption Risk Mitigated: Fitch views servicing
disruption risk as mitigated by the liquidity provided by a cash
reserve equal to 1% of the class A to D notes' outstanding balance,
which would cover senior costs and interest on these notes for more
than three months, a period Fitch views as sufficient to implement
alternative arrangements and maintain payment continuity on the
notes. Moreover, the transaction benefits from a warm back-up
servicing agreement with HG PT S.A. available from the closing
date.

Interest Rate Risk Broadly Offset: The transaction benefits from an
interest rate cap agreement that hedges the interest rate mismatch
arising from 59.3% of the portfolio balance paying a fixed interest
rate and the floating-rate notes. The interest rate cap is based on
a predefined scheduled notional amount that covers the fixed-rate
share of the portfolio and operates a strike rate of 3%.

RATING SENSITIVITIES

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

-- For the class A notes, a downgrade of Portugal's Long-Term
    Issuer Default Rating (IDR) that could decrease the maximum
    achievable rating for Portuguese structured finance
    transactions.

-- Long-term asset performance deterioration such as increased
    delinquencies or reduced portfolio yield, which could be
    driven by changes in portfolio characteristics, macroeconomic
    conditions, business practices or the legislative landscape.

Expected impact on the notes' rating of increased defaults (class
A/B/C/D):

-- Increase base case defaults by 10%: 'A+sf'/'A
    sf'/'BBBsf'/'BB+sf'

-- Increase base case defaults by 25%: 'Asf'/'BBB+sf'/'BBB
    sf'/'BBsf'

-- Increase base case defaults by 50%:
    'BBB+sf'/'BBBsf'/'BB+sf'/'B+sf'

Expected impact on the notes' rating of decreased recoveries (class
A/B/C/D):

-- Reduce base case recovery by 10%: 'A+sf'/'Asf'/'BBBsf'/'BB+sf'

-- Reduce base case recovery by 25%: 'A+sf'/'A-sf'/'BBBsf'/'BBsf'

-- Reduce base case recovery by 50%: 'A+sf'/'BBB+sf'/'BBB
    sf'/'B+sf'

Expected impact on the notes' rating of increased defaults and
decreased recoveries (class A/B/C/D):

-- Increase base case defaults by 10%, reduce recovery rate by
    10%: 'A+sf'/'A-f'/'BBBsf'/'BBsf'

-- Increase base case defaults by 25%, reduce recovery rate by
    25%: 'A-sf'/'BBBsf'/'BB+sf'/'B+sf'

-- Increase base case defaults by 50%, reduce recovery rate by
    50%: 'BBBsf'/'BB+sf'/'BB-sf'/'CCCsf'

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

-- For the class A to D notes, credit enhancement ratios increase
    as the transaction deleverages able to fully compensate the
    credit losses and cash flow stresses commensurate with higher
    rating scenarios.

-- The class A notes could only be upgraded up to 'AAsf', six
    notches above the current Portuguese IDR. Changes to the
    sovereign IDR could increase or decrease the maximum
    achievable ratings for the notes.

Expected impact on the notes' rating of decreased defaults and
increased recoveries (class A/B/C/D)

-- Decrease base case defaults by 10%, increase recovery rate by
    10%:'AAsf'/'A+sf'/'A-sf'/'BBBsf'

-- Decrease base case defaults by 25%, increase recovery rate by
    25%:'AAsf'/'AAsf'/'A+sf'/'A-sf'

-- Decrease base case defaults by 50%, increase recovery rate by
    50%:'AAsf'/'AAsf'/'AAsf'/'AAsf'

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

Ares Lusitani - STC, S.A. / Pelican Finance No. 2

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

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Fitch conducted a review of a small targeted sample of the
originator's origination files and found the information contained
in the reviewed files to be adequately consistent with the
originator's policies and practices and the other information
provided to the agency about the asset portfolio.

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

ESG CONSIDERATIONS

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



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

BANK URALSIB: Fitch Affirms 'BB-' LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed PJSC Bank Uralsib's Long-Term Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook.

KEY RATING DRIVERS

Uralsib's IDR is driven by its intrinsic credit strength, as
expressed by its Viability Rating (VR). The ratings reflect
Uralsib's moderate franchise, reasonable risk appetite since the
beginning of the bank's financial rehabilitation in 2015, limited
volume of unreserved impaired assets, sound IFRS-based core
capitalisation and good liquidity. The VR also factors in tight,
albeit improved, regulatory capital ratios and only moderate
recurring pre-impairment operating profitability relative to
potential asset-quality risks.

Impaired loans (Stage 3, and purchased or originated
credit-impaired) reduced to 9% of gross loans at end-1H21 from 11%
at end-1H20, owing to write-offs and recoveries. Impaired loans
were only 63% provisioned by specific loan loss allowances given
recovery prospects, and the net exposure made up a limited 10% of
Fitch Core Capital (FCC) at end-1H21. Stage 2 loans saw a notable
reduction to 1% of gross loans at end-1H21 from 10% at end-1H20,
mainly owing to the repayment of two lumpy exposures. Non-core
investment properties made up a marginal 1% of total assets, or a
low 6% of FCC.

Recurring pre-impairment operating profit improved to 4.3% of
average gross loans in 1H21 (annualised) from 2.7% in 2020, owing
to wider margins and lower operating costs. Return on average
equity (ROAE) was a good 16% in 1H21 (annualised), boosted by a
large reversal of impairment provisions (3.4% of average gross
loans, annualised). Fitch expects Uralsib's weak cost efficiency
(as reflected by a cost-to-income ratio of 69% in 1H21) to continue
undermining bottom-line results and ROAE to remain in the single
digits.

The IFRS-based FCC was a good 16.5% of regulatory risk-weighted
assets (RWAs) at end-1H21. The equity-to-assets ratio was even
stronger at 19.7%, owing to a very conservative 111% regulatory
RWAs density.

Regulatory capitalisation is tight, with a total capital ratio of
11.2% at end-1H21 (end-1H20: 9.9%). This is mainly because
fair-value gains on low-yield funding from the Deposit Insurance
Agency (DIA), which Uralsib received as part of the rehabilitation
procedure, are not reflected in local accounting. The bank complied
with the minimum regulatory ratios at end-1H21 and did not have
recourse to the waiver from the Central Bank of Russia on
non-compliance during the rehabilitation procedure. However, the
regulatory total capital ratio had a modest 0.7pp safety margin
above the minimum 10.5% requirement including buffers. According to
Uralsib's management, the bank will aim to improve the cushion over
minimum requirements including buffers to at least 1pp in the
medium term.

Uralsib is predominantly deposit-funded (76% of total liabilities
at end-1H21). Concentration is low with the 20 largest deposits
making up 9% of the total. The carrying value of deposits from the
DIA made up 11% of Uralsib's liabilities. The liquidity cushion
covered a very comfortable 62% of customer deposits at end-1H21.

Uralsib's Support Rating Floor (SRF) of 'No Floor' captures the
bank's limited systemic importance, as reflected by a marginal 0.5%
share in the banking system assets.

RATING SENSITIVITIES

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

-- An upgrade of Uralsib's ratings would require an improvement
    of the bank's regulatory capital ratios consistently above
    150bp over minimum requirements including buffers, while
    maintaining stable profitability and a currently conservative
    risk appetite.

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

-- Material asset-quality deterioration in combination with
    bottom-line losses for a few consecutive semi-annual reporting
    periods weighing on the bank's capitalisation could result in
    negative pressure on the rating.

BEST/WORST CASE RATING SCENARIO

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

ESG CONSIDERATIONS

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

ENEL RUSSIA: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed Enel Russia PJSC's Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'. The
Outlook is Stable.

The affirmation reflects Fitch's expectation that the company will
be able to reduce leverage after it increases above the rating
sensitivities in 2021-2023 due to capex on wind and modernisation
projects for gas plants, a weakening of EBITDA following
Reftinskaya coal plant sale in 2019 and phase-out of capacity sales
under capacity supply agreements (CSA) in 2020. Fitch expects this
to be gradually offset by commissioning the newly constructed
renewable capacity under renewables CSAs along with modernisation
CSAs over 2021-2025, which would support predictability of cash
flows in the medium term. The Stable Outlook reflects Fitch's
expectation of deleveraging after the 2021 peak (around 4.0x),
trending towards 2.5x by 2023.

The company is subject to execution risk, as its projects are at
different stages, but this is mitigated by the Enel group's
expertise. The company commissioned Azov wind farm (90MW) in May
2021, which was only a short delay from the initially scheduled
date at end-2020.

KEY RATING DRIVERS

Credit Metrics Weakening Temporary: Fitch expects funds from
operations (FFO) net leverage to be above Fitch's negative rating
sensitivity in 2021-2023 due to high capex, lower EBITDA and
Fitch's expectations that all new wind capacities will be
commissioned by end-2024 and modernisation projects be completed by
end-2025. The commissioning of renewables capacities under CSAs
would support EBITDA in absolute terms and improving
predictability. Increasing EBITDA and reducing capex would support
gradual deleveraging to below 2.5x from 2024, in Fitch's view,
which is a key driver for the affirmation and Stable Outlook.

Our expectations are based on total capex of EUR0.5 billion for
wind projects until 2024, CSA modernisation capex of RUB11 billion
until 2025 and maintenance capex of about RUB2.4 billion annually
on average as well as zero dividend payment in 2021, RUB3 billion
in 2022 and in 2023 (postponed from 2021) and dividend payout ratio
of 65% of net income from 2023 onwards.

EBITDA Weakness Temporary: Fitch forecasts Fitch-calculated EBITDA
to decrease to about RUB7 billion in 2021 (about RUB8 billion in
2020) before gradually increasing following commissioning of
renewable projects in 2021-2024 that benefit from capacity payments
under renewables CSAs. Azov wind farm (90MW) was commissioned in
May 2021 (initially scheduled for end-2020) and started to receive
renewables CSA payments from June 2021. The company expects to
commission Kola wind farm (201MW) in April 2022 and another 71MW in
July 2024. This should improve EBITDA and cash flows and shift the
company's business mix to renewables projects, which Fitch
forecasts to account for over a third of EBITDA in 2023.

Supportive Renewable CSAs Tariffs: Similar to thermal generation in
Russia, the renewables CSAs envisage stable earnings and a
guaranteed return for capacity sold under the approved tariff
mechanism with a favourable base rate of return of 12%, adjusted
according to Russian bond yields. CSA tariffs for wind projects are
untested but Fitch expects them to be 8x higher than capacity
auction tariffs. Similar to rated Russian peers, capacity sales
under the CSA mitigate the company's exposure to market risk,
support stable cash flow generation and enhance its business
profile.

Modernisation Projects: In 2019, thermal power units of 330MW
(rising to 370MW after further investments) were selected at
modernisation CSA auctions, with expected commissioning over
2022-2025 and a base rate of return of 14%, adjusted according to
Russian bond yields. The consistent application of the CSA
framework, modernisation CSAs and auctions on the competitive
capacity market over a six-year period adds to cash-flow
predictability. Fitch estimates that more than half of the
company's EBITDA will derive from some form of contracted capacity
in the medium term.

FCF to Remain Negative: Fitch expects free cash flow (FCF) to
remain negative over 2021-2023, reflecting high capex and dividend
outflows before FCF turns neutral or slightly positive following
capex moderation and improved operating cash flows. Negative FCF
will add to funding requirements.

9M21 EBITDA Declined: Enel Russia reported revenue of RUB35 billion
in 9M21 (up by about 10% yoy) and Fitch-calculated EBITDA of about
RUB5 billion (down by 22%). EBITDA was mainly affected by lower
capacity sales due to the termination of thermal CSAs for 829MW
units in 2020. The latter was only partially compensated by the
commencement of renewables CSA for 90MW unit from June 2021.
Fitch-calculated EBITDA is expected to be around RUB7 billion in
2021 before gradually increasing following commissioning of
renewable projects and modernisation of existing assets.

DERIVATION SUMMARY

Following the disposal of Reftinskaya power station, Enel Russia
will be comparable in scale with Public Joint Stock Company
Territorial Generating Company No. 1 (TGC-1; BBB/Stable; Standalone
Credit Profile (SCP) bbb-) but smaller than PJSC Mosenergo
(BBB/Stable; SCP bbb-). Fitch expects its business profile to
benefit from newly constructed renewable capacity under renewables
CSAs along with modernisation CSAs, which would support cash flow
predictability in the medium term. This would make Enel Russia's
business profile more akin to that of TGC-1 and only slightly
weaker than that of Mosenergo.

Fitch forecasts a deterioration of Enel Russia's credit metrics
during the intensive capex phase and business transformation but
expect a gradual improvement thereafter. Enel Russia has a record
of strong financial performance compared with Russian peers. Enel
Russia's IDR does not incorporate any parental support from its
ultimate majority shareholder, Enel S.p.A. (A-/Stable), due to
Fitch's assessment of weak links, while those of Mosenergo and
TGC-1 incorporate a one-notch uplift to the companies' SCPs of
'bbb-'.

KEY ASSUMPTIONS

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

-- Russian GDP of 2%-4.3% and inflation of 4.1%-6.2% in 2021-
    2025;

-- Power price to grow above inflation in 2021 and in line with
    gas price over 2022-2025;

-- Regulated electricity tariffs to increase in line with
    inflation annually up to 2025;

-- Gas tariff indexation of 3%-5% a year over 2021-2025;

-- Capex in line with management expectations for wind projects,
    CSA modernisation capex of RUB11 billion until 2025 and
    maintenance capex of about RUB2.4 billion annually on average;

-- Zero dividend payment in 2021, RUB3 billion in 2022 and in
    2023 (postponed from 2021) and dividend payout ratio of 65% of
    net income from 2023 onwards;

-- Azov wind farms (90MW) commissioning in 2021, Kola wind farm
    (201 MW) commissioning in 2022 and Rodnikovsky wind farm
    (71MW) commissioning in 2024.

RATING SENSITIVITIES

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

-- Implementation of business transformation and completion of
    wind and modernisation projects leading to a recovery in
    EBITDA;

-- Continuous record of a supportive regulatory framework,
    coupled with Enel Russia's strong financial profile and
    disciplined financial policy resulting in FFO net leverage
    declining below 2.0x and FFO interest coverage rising above
    6.0x.

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

-- Failure to show a clear deleveraging path towards 2.5x by
    2023;

-- Generous dividend distributions or an ambitious capex
    programme leading to a weakening of the financial profile,
    with FFO net leverage rising above 2.5x and FFO interest
    coverage falling below 5x on a sustained basis;

-- Negative FCF on a sustained basis.

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

Comfortable Liquidity, No FX Debt: At end-9M21, cash and
equivalents stood at RUB8 billion together with mostly uncommitted
unused credit facilities of RUB47 billion (available for more than
a year, but including RUB2 billion of committed wind-projects
funding) are sufficient to cover short-term debt maturities of RUB7
billion and Fitch-expected negative FCF of about RUB8 billion in
the next 12 months. Considering the recently drawn project
financing at opco level, Fitch believes that any material debt
issued at parent level would be structurally subordinated, with a
potential notch down from the IDR. The current credit facilities
include loan agreements with the largest local banks, international
bank subsidiaries and an international development bank. Fitch
expects funding from these banks to be available to the company.
Debt is fully rouble-denominated. The company continues to hedge
most of its foreign-currency capex.

ISSUER PROFILE

PJSC Enel Russia is a power generating company and a subsidiary of
Enel Group in Russia. The company provides electricity and heat
supply to both industrial enterprises and domestic consumers. The
company's strategy is focused on technological profile
diversification to reduce the carbon footprint, and on efficiency
and reliability of gas-fired power plants.

SUMMARY OF FINANCIAL ADJUSTMENTS

Impairment loss in respect of construction in progress was excluded
from EBITDA, allowance for expected credit losses of trade and
other receivables was included in EBITDA

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.



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

CAIXABANK LEASINGS 3: Moody's Affirms B1 Rating on Serie B Notes
----------------------------------------------------------------
Moody's Investors Service has upgraded the rating of the Serie A
Notes in CAIXABANK LEASINGS 3, FONDO DE TITULIZACION. The rating
actions reflect the increased level of credit enhancement as well
as the correction of the coupon input values of the fixed rate
Notes used in the cash flow models.

Moody's affirmed the rating of the Serie B Notes that had
sufficient credit enhancement to maintain their current rating.

EUR1573.8M Serie A Notes, Upgraded to Aa1 (sf); previously on Feb
12, 2021 Upgraded to Aa2 (sf)

EUR256.2M Serie B Notes, Affirmed B1 (sf); previously on Feb 12,
2021 Affirmed B1 (sf)

The maximum achievable rating is Aa1(sf) for structured finance
transactions in Spain.

RATINGS RATIONALE

The upgrade of Serie A Notes is prompted by: (i) the increase in
credit enhancement for the affected tranche; and (ii) the
correction of the coupon input values of the fixed rate Notes used
in the cash flow model. Previously, coupons of 0% were modelled for
both Serie A and Serie B instead of 0.75% and 1.0% respectively.
The correction of the inputs has a minor negative impact. However,
the sequential amortization of the Notes has led to an increase in
the credit enhancement available in CAIXABANK LEASINGS 3, FONDO DE
TITULIZACION outweighing the impact of the input error. For
instance, the credit enhancement for Serie A Notes has increased to
37.8% in September 2021 from 29.2% since the last rating action in
February 2021.

Moody's affirmed the rating of the Serie B Notes in CAIXABANK
LEASINGS 3, FONDO DE TITULIZACION that had sufficient credit
enhancement to maintain their current rating. In particular, the
strong performance of the portfolio generates excess spread to a
level which offsets the negative impact of the input error.

Counterparty Exposure

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as servicer or account bank.

Moody's assessed the default probability of the transaction's
account bank providers by referencing the bank's deposit rating.
The ratings of the notes are constrained by the issuer account bank
exposure.

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:

Factors or circumstances that could lead to an upgrade of the
ratings include: (i) a decrease in sovereign risk; (ii) performance
of the underlying collateral that is better than Moody's expected;
(iii) an increase in the Notes' available credit enhancement; and
(iv) improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (i) an increase in sovereign risk; (ii)
performance of the underlying collateral that is worse than Moody's
expected; (iii) deterioration in the Notes' available credit
enhancement; and (iv) deterioration in the credit quality of the
transaction counterparties.



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

LEMORE MANOR: Couples Left Out of Pocket Following Administration
-----------------------------------------------------------------
Lizzie May at MailOnline reports that police were called to a
historic wedding venue when angry brides who were left thousands of
pounds out of pocket demanded refunds after the manor house went
into administration.

According to MailOnline, around one hundred couples were left
without their deposits and the emotional cost of losing their big
days after 17th century manor house Lemore Manor cancelled the
weddings without warning.

The picturesque venue, based in Eardisley, Herefordshire, went into
voluntary liquidation last month, MailOnline relates.

But the brides and grooms-to-be who planned to have their special
day at Lemore claim they have not been reimbursed a penny by the
company, MailOnline states.

This has left some losing tens of thousands of pounds of
life-savings, MailOnline notes.


PORTHART LTD: Director Faces 13-Year Ban Following Liquidation
--------------------------------------------------------------
The Insolvency Service on Nov. 15 disclosed that Muneef Ihsan, 26
from Rotherham, was director of three companies between 2019 and
2020.  All three, Porthart Ltd, Bargain Basement 90 Ltd and
Bargains Basement 90 Ltd, were registered at the same residential
address in Rotherham, and were each placed into voluntary
liquidation by Muneef Ihsan in September 2020.

The liquidations triggered an investigation by the Insolvency
Service, which found that Muneef Ihsan opened a bank account for
each company in June 2020, after the pandemic began, for the sole
purpose of fraudulently obtaining three GBP50,000 Covid-19 Bounce
Back Loans.

As there was no evidence that any of the companies had ever traded,
none of them were eligible for the loans, which the government made
available for genuine firms that were struggling keep going during
lockdown.

Upon receiving the funds, Ihsan made cash withdrawals from each of
the companies' bank accounts totalling GBP24,342.  He then set
about transferring the remainder of the Bounce Bank Loan funds to
companies controlled by Mahir Towid Ul Haque, who he described as
"a close friend", as well as other third parties.

Mahir Towid Ul Haque (21), also from Rotherham, was appointed
director of Hiitness Ltd in May 2020, which Ul Haque claimed was an
online sports good retailer.

The company was placed into voluntary liquidation by Ul Haque in
November 2020, which again resulted in an investigation by the
Insolvency Service.

Investigators uncovered that similar to Muneef Ihsan, Ul Haque
opened a bank account for the company in June 2020 and took out a
GBP50,000 Covid-19 Bounce Back Loan.

Further enquiries established that Ul Haque used the loan funds by
purchasing a Rolex watch, transferred GBP16,050 to his personal
account, withdrew GBP8,410 in cash from the company bank account
and transferred GBP12,500 to other third parties.

There was no evidence that the Bounce Back Loan had been used for
the benefit of Hiitness Ltd or that it had ever traded during Ul
Haque's time as a director of the business.

The Secretary of State accepted disqualification undertakings from
both directors, with Muneef Ihsan banned for 13 years, and Mahir
Towid Ul Haque banned for 6 years.

The pair cannot, directly or indirectly, be involved in the
promotion, formation or management of a company without the
permission of the court.

Robert Clarke, Chief Investigator for the Insolvency Service,
said:

"Abuse of Covid-19 support schemes, which have provided essential
financial assistance to millions by helping businesses trade during
the pandemic and protecting jobs, cannot be tolerated.

"The Insolvency Service has sent out a clear message that where a
company is being used to facilitate fraudulent activity, action
will be taken to remove the directors from the corporate arena for
a lengthy period of time."


S&M HUGHES: FSCS Repays GBP5.7MM+ on 95 Successful Claims
---------------------------------------------------------
Amy Austin at FTAdviser reports that the Financial Services
Compensation Scheme has paid out more than GBP5.7 million on 95
successful claims against a collapsed firm which advised British
Steel clients.

According to FTAdviser, in total, the lifeboat scheme has received
137 claims to date against S&M Hughes Limited, which trades as
Crescent Financial.  Of these, 33 are in progress and 9 were
unsuccessful, FTAdviser notes.

S&M Hughes entered default back in August 2020 after it was placed
into liquidation in September 2019, FTAdviser recounts.

The firm was told to cease all regulated activities by the
Financial Conduct Authority in May 2019 and sold its client book to
Portfolio Financial Consultancy in July of the same year, FTAdviser
discloses.

At the time, Portfolio told FTAdviser it would not be taking on S&M
Hughes's liabilities as part of the deal and the money paid would
be used to fund any future claims against the advice given to its
clients.

The latest statement from its liquidators, published on Companies
House last month (October 28), showed the joint liquidators had
identified an overdrawn director's loan account, FTAdviser relays.

The liquidators then sought advice from their solicitors, Clarke
Willmott, regarding the validity of the potential claims against
the director of the firm, FTAdviser relates.

The offer was accepted and the settlement consisted of an upfront
payment of GBP190,000, with a further GBP185,000 to be paid on a
deferred basis, according to FTAdviser.

In September, the FSCS said it had paid out GBP21.5 million to
members of the British Steel Pension Scheme who were wrongly
advised to transfer their defined benefit pensions, FTAdviser
recounts.

It had so far made 482 decisions, including decisions to reject a
claim, with an uphold rate of 88%, FTAdviser states.

The average compensation amount has been GBP50,000 per claim but
the overall payout could grow significantly as it still has claims
to process, according to FTAdviser.


WEIR & MCQUISTON: Enters Administration, 90+ Jobs Affected
----------------------------------------------------------
Ross Thomson at Daily Record reports that more than 90 people have
lost their jobs after a leading Wishaw-based engineering company
was plunged into administration.

Blair Milne and James Fennessey, partners with Azets, have been
appointed joint administrators of mechanical and electrical
contracting specialist, Weir & McQuiston (Scotland) Limited, Daily
Record relates.

The family-owned business provided a full portfolio of mechanical
and electrical design, installation, maintenance, testing and
consultancy services for the commercial, industrial and residential
sectors.

It has now ceased trading with immediate effect and unfortunately
93 employees have been made redundant, Daily Record discloses.

According to Daily Record, the joint administrators will market the
assets for sale including work in progress and plant and equipment,
and are encouraging interested parties to make contact as soon as
possible.

They will also focus on working closely with the Redundancy
Payments Office and PACE to minimise the impact on staff affected
by the closure, Daily Record notes.

The administration was caused by unsustainable cash flow problems
stemming from wafer thin margins in the construction sector, the
cessation of construction activity and the widely reported problems
with labour and materials shortages, Daily Record states.



                           *********


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-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

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