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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 26, 2021, Vol. 22, No. 231

                           Headlines



F R A N C E

CASTILLON SAS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
INOVIE GROUP: Fitch Affirms 'B' LT IDR, Outlook Stable
INOVIE GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Stable


I R E L A N D

BLACKROCK EUROPEAN V: Fitch Affirms B- Rating on Class F Notes
CIFC EUROPEAN V: Moody's Assigns B3 Rating to EUR11.9MM F Notes
CVC CORDATUS XVIII: S&P Assigns Prelim B- (sf) Rating on F-R Notes
DRYDEN 62 2017: Fitch Puts 'B-' Class F Notes Rating on Watch Pos.
DRYDEN 89 2020: Moody's Assigns B3 Rating to EUR16.3MM Cl. F Notes

DRYDEN 89 2020: S&P Assigns B- (sf) Rating on Class F Notes
HARVEST CLO XXIII: Fitch Places Class F Notes on Watch Positive
MADISON PARK VI: Moody's Affirms B3 Rating on EUR12.8MM F Notes
MADISON PARK XV: Fitch Affirms B- Rating on Class F Notes
TIKEHAU CLO IV: Fitch Affirms B- Rating on Class F Notes



N E T H E R L A N D S

NEW VAC INTERMEDIATE: Moody's Affirms Caa1 CFR, Outlook Now Pos.


S W I T Z E R L A N D

EUROCHEM GROUP: Moody's Hikes CFR to Ba1, Outlook Remains Stable


U N I T E D   K I N G D O M

DERBY COUNTY FOOTBALL: Mel Morris Comments on Administration
HIGHWAYS 2021: S&P Assigns Prelim BB+ (sf) Rating to Class E Notes
ORBIT ENERGY: Collapses Amid Surge in Wholesale Gas Prices
PUSH DOCTOR: On Verge of Administration Amid Sale Talks
QUINN INFRASTRUCTURE: Goes Into Administration, 200 Jobs Affected

ROLAND MOURET: Enters Administration, 84 Jobs Affected


X X X X X X X X

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace

                           - - - - -


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F R A N C E
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CASTILLON SAS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed Castillon SAS's ("Castillon"
or "the company") B2 corporate family rating and B2-PD probability
of default rating. Concurrently, Moody's has affirmed the B2 rating
on Castillon's EUR370 million (EUR300 million drawn, the instrument
cannot be drawn above that amount anymore and the remaining EUR70m
have been cancelled) senior secured term loan B, EUR265 million
proposed term loan B add-on facility, and EUR100 million senior
secured revolving credit facility (RCF). The outlook on all ratings
remains stable.

The affirmation of the company's ratings follows the
announcement[1] on October 25, 2021 that Castillon had crossed the
threshold of 90% of the share capital of Devoteam SA on October 21,
2021. The additional shares were acquired at a price of EUR168.5
per share, a premium of 28%. At the end of the tender offer
Castillon aims to launch a final squeeze-out of the remaining
shares. The tender offer will be fully financed by a fungible Term
Loan B add-on of up to EUR265 million.

RATINGS RATIONALE

Moody's considers the company's leverage to be high for its B2
rating. Following achievement of the final squeeze-out process and
completion of the proposed EUR265 million add-on facility, Moody's
estimates the company's fully consolidated (Moody's adjusted) gross
leverage will be around 6.3x for 2021 - above the downward trigger
of 6x - reducing to a range of 5.5x - 6.1x in the 12-18 month
forward view depending on different revenue growth scenarios. The
2021 pro forma projected Moody's gross leverage ratio represents a
significant increase in leverage compared with the rating agency's
previous estimates of trending below 5x in the 12-18 month forward
view. However, Moody's positively notes the company's cash
generative nature, with free cash flow (FCF)/gross debt estimated
at 4.7% - 6% in the 12-18 month forward view.

The company's B2 rating also reflects: (1) the high fixed costs and
limited scalability, as billable headcount must be increased to
grow revenue; (2) an undersupplied and highly competitive market
for skilled labor; (3) the fragmented technology consulting market
that is cyclically sensitive and fiercely competitive, which
strains billing rates, and; (4) the likelihood that the company
will make acquisitions, which present execution risks and could
pressure credit metrics depending on how they are financed and how
much and how quickly they are accretive to earnings.

The B2 CFR is supported by: (1) the company's specialization in
fast-growing digital transformation technologies; (2) its strategic
partnerships with leading providers of such technologies; (3) a
longstanding blue-chip client base that is reasonably well
diversified across industries; (4) its good cash flow generation,
supported by limited capital spending needs, and (5) management's
track record of successfully achieving growth and navigating
economic cycles and technological disruptions (as recently
evidenced by the company's performance during the Covid pandemic).

The B2 rating assumes that at the conclusion of the squeeze-out of
minorities, Castillon will own 100% of Devoteam SA, which is
management and KKR's objective. Once the tender process concludes,
Moody's will as usual assess any impact the executed documentation
and final transaction terms will have on Castillon's credit
profile.

LIQUIDITY

Castillon has good liquidity supported by around EUR90 million of
estimated cash to be available at closing of the transaction in
December 2021 and access to the EUR100 million RCF, which will be
undrawn at closing. The RCF includes a springing maintenance
covenant, tested quarterly if the net drawn amount is 40% of the
commitment and limiting net senior secured leverage to 7.0x LTM
EBITDA.

STRUCTURAL CONSIDERATIONS

The term loan and RCF are rated B2 in line with the CFR, reflecting
a 50% recovery rate and financial collateral customary in European
leveraged buy-out transactions (shares, bank accounts and
intercompany claims). Moody's views collateral mainly composed of
share pledges as a weak security package. The term loan will not
benefit from operating subsidiary guarantees due to legal
limitations, but ranks pari passu with the RCF with respect to
collateral enforcement proceeds under the intercreditor agreement
(ICA).

RATING OUTLOOK

The stable outlook reflects Moody's expectation that, over the next
12-18 months, Castillon will continue to generate a solid cash flow
and maintain good liquidity. It also reflects Moody's assumption
that Castillon will own 100% of Devoteam SA.

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

Moody's would consider upgrading Castillon's rating if:

revenue growth or operating margins recover faster than expected;

the company's ratio of Moody's-adjusted gross debt to EBITDA
declines sustainably below 4.5x;

the company's ratio of Moody's-adjusted free cash flow to gross
debt sustainably reaches the high single digits; and

the company has at least adequate liquidity.

Moody's would consider downgrading the company's rating if:

the recovery in revenue growth and operating margins is materially
below expectations;

the company's ratio of Moody's-adjusted gross debt to EBITDA will
remain above 6.0x;

the company's ratio of Moody's-adjusted free cash flow to gross
debt will remain below 5%;

the company's ratio of Moody's-adjusted EBITA to interest expense
will remain below 1.5x;

or the company does not have adequate liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

PROFILE

Devoteam SA is a French technology consulting firm based near Paris
and operating in 20 countries across Europe, the Middle East and
Africa. It advises corporate clients on the capabilities, selection
and customized uses and implementation of digital transformation
technologies, including social, mobile, analytical, cloud and
cybersecurity technologies. Stanislas and Godefroy de Bentzmann
founded Devoteam SA in 1995 and Devoteam SA has been listed since
1999 (Euronext: DVT). For the year 2020, Devoteam SA had revenue of
EUR770 million and company-adjusted EBITDA of EUR104 million.

INOVIE GROUP: Fitch Affirms 'B' LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Inovie Group's (Inovie) Long-Term Issuer
Default Rating (IDR) at 'B' with a Stable Outlook following the
announcement of a new term loan B (TLB) add-on. The EUR775 million
proceeds will be used to finance M&A, reimburse existing drawings
under a revolving credit facility (RCF) and, together with existing
cash, repay EUR332 million of quasi equity issued outside of the
restricted group.

Fitch expects to rate the enlarged senior secured TLB at 'B+' with
a Recovery Rating of 'RR3' upon completion of the add-on.

The 'B' IDR reflects the smaller scale of Inovie relative to rated
peers' and its high financial leverage, pro forma for its announced
M&A and contemplated changes in the capital structure. This is
compensated by its strong position in the highly regulated and
non-cyclical French lab-testing market and strong profitability.
Fitch's expectation of robust free cash flow (FCF) generation
implies sound deleveraging capabilities, albeit subject to the
group's future financial policy, including the profile and funding
of future acquisitions.

The Stable Outlook reflects Fitch's expectation that Inovie will
maintain some deleveraging capacity, with manageable execution
risks and adequate financial flexibility to implement its future
growth strategy.

KEY RATING DRIVERS

Sustainable Business Model: The rating reflects Fitch's view of
Inovie's sustainable business model in a defensive sector. The
group is the third-largest network of private medical-testing
laboratories in France, with a historical focus on south and
central France. Fitch expects Inovie to benefit from stable
non-Covid-19 revenue, high and resilient operating margins and
superior cash generation, due to a supportive
regulation-and-reimbursement regime, combined with strong barriers
to entry.

M&A to Drive Growth: In 2021 Inovie announced bolt-on acquisitions
worth close to EUR600 million. Fitch expects Inovie to continue to
build its market share in France and to capitalise on a sound and
focused M&A strategy, targeting smaller laboratories in its
existing and adjacent regions, where it can extract cost savings
from an enlarged business scale.

Subdued French Market Growth: Fitch assumes the non-cyclical and
highly regulated French private lab-testing market to show muted
growth (0%-2%) over the next three years, with volume increases
offset by lower prices. The market is rapidly consolidating but
still has multiple independent laboratories and small laboratory
chains.

Positive Near-Term Covid-19 Impact: While the initial lockdown
temporarily reduced the sales and profit margins of Inovie's
routine-testing business, this was more than offset in 2020 by
Covid-19 tests of around EUR200 million. Fitch expects Covid-19
test sales to increase above EUR400 million in 2021, due to a
supportive policy by the French government, which targeted a high
number of tests and fully reimbursed Covid-19 PCR test without the
need of a prescription or symptoms to get tested, unlike the
approach taken by other countries. France had also one of the most
generous reimbursement prices for the test, at around EUR73
including sampling cost, but in 3Q21 reimbursement price was
decreased to EUR35-EUR45 and tests are now reimbursed only to
vaccinated people.

Covid-19 Contribution to Decline Post-2021: Fitch forecasts a
drastic reduction in Covid-19 testing activity and profitability by
2023, driven by lower reimbursement prices and an expected decrease
in volumes, due to the successful rollout of a vaccination
programme across a large share of the population. Nonetheless Fitch
assumes that Covid-19 testing will remain an additional revenue
stream in the medium term, with margins broadly in line with the
group's EBITDA margin.

Some Diversification Benefits: Fitch views Inovie's diversification
in the specialty test (around 15% of non-Covid-19 revenue) as
beneficial, as these tests are less regulated (not included in the
budgetary scope governed by the triennial act) and offer long-term
growth opportunities. Fitch views Inovie as firmly placed to
withstand potential tariff pressure relative to smaller peers,
given its critical size and operational efficiencies.

Strong Cash Flow: Fitch expects Inovie's non-Covid-19 EBITDA margin
to expand towards 30% in 2021 and 32% by 2023. The higher margin
will mostly be driven by the agreed re-alignment of the salary of
partner biologists to market standards, optimisation of the ratio
of biologists per lab and a reduction of reagent costs. Fitch
expects this to increase FCF margin to the low teens, higher than
the levels achieved by Synlab and broadly similar to that of other
French peers.

Financial Policy Drives Rating Trajectory: Fitch expects Inovie's
buy-and-build M&A strategy to allow for satisfactory deleveraging,
subject to multiples paid for lab targets, and the financing mix
(including equity reinvested by biologists of acquired labs). Fitch
deems the EUR332 million special dividend used to repay quasi
equity as exceptional and justified by the very strong performance
since 3Q20, due to Covid-19 tests. Exceptionally high Covid-19 test
activity in 2021 will result in moderate leverage, but Fitch
expects funds from operations (FFO) adjusted gross leverage to
stabilise at 6.5x-7.0x over 2023-2025 once Covid-19 activity
normalises, with FCF generation applied to finance bolt-on
acquisitions.

DERIVATION SUMMARY

Inovie's 'B' IDR is in line with that of Laboratoire Eimer Selas
(Biogroup; B/Stable) and below that of Synlab AG (BB/Stable), which
are direct routine medical lab-testing peers. Inovie's
profitability, cash generation and leverage, as well as those of
direct peers, have benefited from Covid-19 related activity in 2020
and 2021, which Fitch expects to decrease in 2022 and to normalise
at much lower levels from 2023.

Inovie is smaller in scale and less diversified geographically than
its rated peers, making it highly exposed to the French market and
to potential reimbursement changes in the medium term. Synlab is
well-diversified across Europe, while Biogroup has expanded to
Belgium. Inovie's lack of geographical diversification is somewhat
compensated by a more diversified product offering, with around 15%
of its non-Covid-19 revenue derived from specialty testing.

Leverage at Inovie is lower than at Biogroup but much higher than
at Synlab. Synlab materially decreased its FFO adjusted gross
leverage to 3.5x, following its recent IPO. Fitch expects Inovie's
FFO adjusted gross leverage to be in line with a 'B' IDR, at
slightly below 7x in the medium term once Covid-19 activity
normalises. This compares with Fitch's expectation of Biogroup's 8x
FFO gross adjusted leverage in the medium term. In addition, Inovie
has witnessed less aggressive external growth over recent years,
which is characterised by more prudent financing, equity
partnerships with biologists and smaller targeted acquisitions.

Compared with IG global medical diagnostic peers such as Eurofins
Scientific S.E. (BBB-/Stable) and Quest Diagnostics Inc
(BBB/Stable), Inovie is smaller and geographically concentrated,
more exposed to the routine lab-testing market and has much higher
leverage.

Inovie's rating is supported by Fitch's expectation of strong
profitability and cash flow generation. Inovie's expected
profitability is higher than Synlab's and similar to that of French
peers.

KEY ASSUMPTIONS

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

-- Organic sales growth of non-Covid-19 business at 2.2% in 2021,
    1% in 2022 and 0.5% p.a. over 2023-2025;

-- Covid-19 revenue above EUR400 million in 2021, before
    normalising gradually in the following years (25% of 2021
    revenue in 2022, 15% in 2023 and 7% in 2024-2025);

-- Group EBITDA margin around 38% in 2021 and around 32% over
    2022-2025, with EBITDA margin of non-Covid-19 business at 30%
    in 2021, 31% in 2022 and 32% in 2023-2025. EBITDA margin of
    Covid-19 business at 50% in 2021, 40% in 2022 and 35% in 2023-
    2025;

-- Acquisitions for a total amount of EUR830 million over 2022-
    2025;

-- Annual bolt-on acquisitions assumed at a 10x EBITDA and 20%-
    financed with equity related to biologists reinvesting in the
    business;

-- Capex at 1.9% of revenue in 2021, followed by 2.5% to 2025;

-- Operating leases at 4% of revenue, excluding Covid-19 tests
    from 2021 onwards;

-- Taxes paid at 23% of EBITDA from 2022 to 2025;

-- EUR20 million working-capital outflow in 2021; no major swings
    in working capital in 2022-2025;

-- Dividend of EUR332 million in 2021 to repay convertible bond.
    No further dividend over the following four years;

-- EUR50 million earn-out paid to shareholders in 2022, purchase
    of put/call options of EUR10 million in 2021 and EUR20 million
    in 2023.

RECOVERY ANALYSIS ASSUMPTIONS

In Fitch's recovery analysis, Fitch follows a going-concern (GC)
approach as this leads to higher recoveries in bankruptcy than
liquidation.

Our assumptions are based on the completion of EUR775 million fully
fungible add-on TLB tranche and the repayment of EUR113 million of
drawn RCF.

-- GC EBITDA (post-announced acquisitions) estimated at EUR208
    million. Fitch's GC EBITDA includes the annualized
    contribution of acquisitions secured as of November 2021 and
    only includes a small long-term contribution from Covid-19
    tests. This level of EBITDA, which could be caused by lower
    reimbursement, would lead to materially lower FCF
    corresponding to a minimum level of earnings required to cover
    its cash debt service, tax, maintenance capex and trade
    working capital.

-- Distressed enterprise value (EV)/EBITDA multiple of 5.5x
    implies a discount of 0.5x against more geographically
    diversified and larger Synlab's and Biogroup's multiple of
    6.0x.

-- Committed RCF of EUR175 million assumed fully drawn upon
    default, in line with Fitch's Corporates Notching and Recovery
    Ratings Criteria.

-- EUR126 million of structurally higher-ranking senior debt at
    subsidiary level, ranking ahead of the RCF and TLB.

-- After deducting 10% for administrative claims from the
    estimated post-distress EV, Fitch's waterfall analysis after
    the transaction generates a ranked recovery for the senior
    secured debt (including RCF and TLB) in the 'RR3' band,
    indicating an expected 'B+' instrument rating for the enlarged
    TLB amount, with an expected waterfall generated recovery
    computation of 52%.

RATING SENSITIVITIES

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

-- A larger scale and/or increased product/geographical
    diversification, while maintaining EBITDA margin;

-- FFO adjusted gross leverage trending towards 6.0x on a
    sustained basis (pro-forma for acquisitions);

-- FFO fixed charge coverage above 3.0x on a sustained basis
    (pro-forma for acquisitions).

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

-- Loss of M&A target selection discipline leading to weak
    operating performance, continued dividend payment policy
    leading to increased leverage and/or adverse regulatory
    changes eroding profitability;

-- FFO adjusted gross leverage above 8.0x on a sustained basis
    (pro-forma for acquisitions);

-- FFO fixed charge coverage below 2.0x on a sustained basis
    (pro-forma for acquisitions);

-- FCF margin in low single digits 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: Fitch expects Inovie to have comfortable
liquidity following the issuance of the EUR775 million add-on TLB
and the payment of EUR332 million in dividends to repay quasi
equity. Fitch expects the group to have around EUR500 million in
readily available cash at end-2021. In addition, Inovie will have
EUR175 million in undrawn committed bank facilities maturing in
2027 and no other debt maturities until 2027.

Our expectation of consistently positive FCF generation also
enhances Inovie's liquidity profile and financial flexibility.

ISSUER PROFILE

Inovie operates the third-largest network of private
medical-testing laboratories in France. Established in 2009, Inovie
is a market leader in the French private medical laboratory testing
industry with a strong footprint in the south/centre of France. Its
activities include routine (85% of estimated FY21 revenues excl.
Covid-19) and specialty testing (15% of FY21 revenues excl.
Covid-19).

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.

INOVIE GROUP: Moody's Affirms 'B2' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
and the B2-PD probability of default rating of Inovie Group (Inovie
or the company). Concurrently Moody's affirmed the B2 rating of the
EUR1.547 billion senior secured term loan B rating (including the
proposed EUR775 million fungible add-on) and the B2 rating of the
EUR175 million senior secured revolving credit facility (RCF) all
issued at the level of Inovie Group. The outlook remains stable.

The proceeds from the proposed EUR775 million add-on and EUR141
million cash on balance will be used to fund a EUR332 million
distribution to the shareholders (repayment of quasi equity
instruments), finance acquisitions for EUR463 million and repay
drawing under the RCF.

RATINGS RATIONALE

The rating action reflects the following interrelated drivers

A shareholder friendly transaction which allows the company to
distribute EUR332 million to its financial shareholders less than a
year following the closing of the LBO after having generated around
EUR200 million of free cash flow (YTD September 2021)

A transaction which increases leverage to around 6.0x Moody's
adjusted debt / EBITDA pro forma for FY 2021 (including a
"recurring" COVID activity only)

The sound strategic rationale of the 2021 acquisitions which will
allow Inovie to reinforce its market position in the South of
France and enter new French regions of which overseas territories
e.g. La Réunion

The very strong year-to-date performance boosted by strong
tailwinds from COVID testing activity with like for like sales
increasing by 55% for YTD September 2021 period compared to last
year and the successful implementation of the transformation plan
(i.e. reduction of biologists' salaries and FTE) which allows the
company to significantly increase the margin of its core
(non-COVID) business

In 2021, Inovie secured nine acquisitions for a total cash outflow
of around EUR600 million, a high amount in the context of Inovie's
size and M&A history. The shareholders biologists which join
Inovie's structure will continue to run the day to day activities
of the operating entities. The current rating and outlook are based
on the expectation of a smooth integration of the announced
acquisitions.

2021 was a transformational year for Inovie as it implemented its
transformation plan, announced a high amount of M&A and managed an
unprecedented level of COVID activity. All these elements limit
Moody's ability to track, within reported financials, the
underlying performance of the company's core (non-COVID) business.

Beyond 2021, Moody's anticipates that the need for testing COVID-19
or other infectious diseases will likely remain but at levels -- in
terms of volume and price -- which will probably be significantly
lower than what the sector currently experiences. In France, tariff
on COVID-19 PCR testing has decreased since the beginning of the
year. However, the pandemic has highlighted the vital importance of
testing for public health, certainly a positive for the sector in
the medium-term.

Inovie's ratings are supported by (1) its size, market positioning
and network density in the South regions of France, (2) the
defensive nature and positive underlying fundamental trends for
demand for clinical laboratory tests, (3) a good EBITDA margin
level coupled with limited capex needs should translate into
positive free cash flow going forward, and (4) a strong management
team which holds a substantial ownership stake in the company.

The ratings are constrained by (1) the continuous tariff pressure
in the sector limiting organic growth and margin expansion even if
the triennial agreement provides some visibility, (2) the lack of
geographic diversification outside of France and hence the very
large exposure to one regulatory regime, (3) a high Moody's
adjusted leverage and (4) risk of future debt funded acquisitions.

OUTLOOK

The stable outlook reflects Moody's expectation that the operating
environment will remain favorable for the next quarters as the
additional volume from COVID tests will more than offset potential
disruptions on core volume as long as the pandemic persists. The
stable outlook also assumes that the company will successfully
integrate the high amount of acquisitions secured in 2021 and adopt
a measured approach when it comes to likely future bolt-on
acquisitions in terms of size, pace and acquisition multiple and
that funding will not translate into a Moody's adjusted debt /
EBITDA higher than 6.0x.

LIQUIDITY

Liquidity is good supported by (1) EUR161 million of cash on
balance expected for the end of 2021 post proposed transaction, (2)
full availability under the EUR175 million RCF post transaction,
(3) expectation of positive free cash flow in the next 12-18 months
and (4) long dated maturities with the senior secured term loan B
maturing in March 2028 and the RCF maturing in September 2027.

The debt structure includes a springing covenant (9.35x flat
requirement on Senior Net Leverage), with ample headroom, tested
only in case the RCF is drawn by more than 40%.

ESG CONSIDERATIONS

The environmental risk is considered low for the healthcare sector
in general and Inovie in particular.

Moody's views social risks to be high for the healthcare industry
given the highly regulated nature of the industry and the
sensitivity to demographic and societal pressures, including access
and affordability of healthcare services. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Governance risks for Inovie include any potential failure in
internal control that could result in a loss of accreditation or
reputational damage and, as a result, could harm its credit
profile. Inovie's financial policy is in line with that of similar
private equity-owned issuers as illustrated by its high leverage.
However, the ownership structure suggests a degree of stability in
financial policies since a substantial share of capital is owned by
management and other shareholder biologists. The rest is owned by
Ardian and Co-investors which own the majority at the holding
level. The senior management team is composed of Georges Ruiz, CEO,
and a team of five other managers.

STRUCTURAL CONSIDERATIONS

The senior secured term loan B (including the proposed fungible
add-on) and the RCF are pari passu and rated B2 in line with the
CFR. The instruments share the same security package and are
guaranteed by a group of companies representing at least 80% of the
consolidated group's EBITDA. The security package consists of
shares, bank accounts and intragroup receivables.

There is EUR129 million of debt directly issued by operating
entities. Moody's notes that there are typically limitations in the
enforcement of French guarantees hence the rating agency treats the
EUR129 million debt as structurally senior to the senior secured
term loan B and the RCF. The small size of this debt in comparison
to the overall debt quantum does not lead to a notching in Moody's
LGD model.

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

Upward rating pressure could arise over time if (1) the
Moody's-adjusted debt/EBITDA falls below 5.0x on a sustained basis;
(2) the Moody's-adjusted FCF/debt improves to 10% on a sustained
basis.

Downward rating pressure could develop if (1) leverage, as measured
by Moody's-adjusted debt/EBITDA, exceeds 6.0x on a sustained basis;
(2) the Moody's adjusted FCF/debt falls below 5% on a sustained
basis and (3) the company's liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.



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BLACKROCK EUROPEAN V: Fitch Affirms B- Rating on Class F Notes
--------------------------------------------------------------
Fitch Ratings has upgraded BlackRock European CLO V DAC's class B,
C, D and E notes and affirmed the class A-1, A-2, and F notes. The
class B through F notes have been removed from Under Criteria
Observation (UCO) and all notes maintain Stable Outlook.

     DEBT                RATING            PRIOR
     ----                ------            -----
BlackRock European CLO V DAC

A-1 XS1785483790   LT AAAsf    Affirmed    AAAsf
A-2 XS1793326718   LT AAAsf    Affirmed    AAAsf
B XS1785484335     LT AA+sf    Upgrade     AAsf
C XS1785485654     LT A+sf     Upgrade     Asf
D XS1785486207     LT BBB+sf   Upgrade     BBBsf
E XS1785486546     LT BB+sf    Upgrade     BBsf
F XS1785486462     LT B-sf     Affirmed    B-sf

TRANSACTION SUMMARY

BlackRock European CLO V DAC is a cash flow CLO mostly comprising
senior secured obligations. The transaction is actively managed by
BlackRock Investment Management (UK) Limited and will exit its
reinvestment period in October 2022.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of the recently updated Fitch CLOs and Corporate CDOs Rating
Criteria, stable performance of the transaction and a shorter risk
horizon incorporated into Fitch's stressed portfolio analysis. The
analysis was based on both current and stressed portfolios.

Stressed Portfolio Analysis: The rating actions are line with the
model implied ratings (MIRs) produced from Fitch's updated stressed
portfolio analysis, which applied the agency's collateral quality
matrix specified in the transaction documentation. The transaction
has four matrices but Fitch analysed two specifying the top-10
obligor limit of 18%, as the deal currently has a top-10 obligor
exposure of 12.2%, which is highly unlikely to increase beyond the
18% during the remaining reinvestment period. Fitch also 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. In addition, Fitch applied a
40bp haircut to the weighted average spread (WAS) since the manager
adds negative Euribor to the WAS calculation. The reported WAS is
4.11% while the WAS calculated for the portfolio is only 3.7%.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. As of the October 2021 trustee report, the
aggregate portfolio amount, when adjusted for trustee-reported
recoveries on defaulted assets, was 0.22% above the original target
par amount. The transaction is in compliance with all
collateral-quality, portfolio-profile and coverage tests. Exposure
to assets with a Fitch-derived rating (FDR) of 'CCC+' and below
(including unrated assets) is 4.94%.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at the 'B'/'B-' level. The
weighted average rating factor (WARF) as calculated by the trustee
is 32.94, which is below the maximum covenant of 35. The WARF as
calculated by Fitch under its updated criteria is 24.59.

High Recovery Expectations: Senior secured obligations comprise
94.48% 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 12.2%, and no obligor represents more than 1.44%
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 in the stressed portfolio will
    result in downgrades of no more than two 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.

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 in
    the stressed portfolio would result in upgrades of no more
    than five notches across the structures, except for the class
    A-1 and A-2 notes, which are already at the highest rating on
    Fitch's scale and cannot be upgraded.

-- Except for tranches already at the highest 'AAAsf' rating,
    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
    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

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
recognised statistical rating organisations 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.

CIFC EUROPEAN V: Moody's Assigns B3 Rating to EUR11.9MM F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the notes issued by CIFC European
Funding CLO V DAC (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR30,400,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR28,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR19,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR11,900,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned 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 80% ramped up 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.

CIFC Asset Management Europe Ltd ("CIFC") 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
4.75 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.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR35,300,000 Subordinated Notes due 2034 and
EUR35,300,000 Class Y Notes due 2034 which are not rated. The Class
Y Notes accrue interest in an amount equivalent to a certain
proportion of the subordinated management fees and its notes'
payment is pari passu with the payment of the subordinated
management fee.

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: 50

Weighted Average Rating Factor (WARF): 3153

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 45.00%

Weighted Average Life (WAL): 9.17 years

CVC CORDATUS XVIII: S&P Assigns Prelim B- (sf) Rating on F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to CVC
Cordatus Loan Fund XVIII DAC's class X-R, A-R, B-1-R, B-2-R, C-R,
D-R, E-R, and F-R notes. At closing, the issuer will also issue
unrated subordinated notes.

The preliminary ratings 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 transaction's legal structure, which S&P expects to be
bankruptcy remote.

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

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

The portfolio's reinvestment period will end approximately 4.6
years after closing, and the portfolio's maximum average maturity
date will be eight and a half years after closing.

  Portfolio Benchmarks
                                                          CURRENT
  S&P Global Ratings weighted-average rating factor      2,910.11
  Default rate dispersion                                  504.29
  Weighted-average life (years)                              4.89
  Obligor diversity measure                                122.69
  Industry diversity measure                                19.00
  Regional diversity measure                                 1.20

  Transaction Key Metrics
                                                          CURRENT
  Total par amount (mil. EUR)                               454.0
  Defaulted assets (mil. EUR)                                   0
  Number of performing obligors                               157
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                            3.26
  'AAA' weighted-average recovery (covenanted) (%)          34.84
  Covenanted weighted-average spread (%)                     3.80
  Reference weighted-average coupon (%)                      4.00

S&P said, "The portfolio is 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.

"In our cash flow analysis, we used the EUR454 million target par
amount, the covenanted weighted-average spread (3.80%), and the
actual weighted-average recovery rates. 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.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings.

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

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class X-R, A-R, B-1-R, B-2-R, C-R, D-R, E-R, and F-R notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to D-R notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our preliminary ratings
assigned to the notes.

"The class F-R notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates, we believe 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-R notes' available credit enhancement is in the
same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P's break-even default rate at the 'B-' rating level is
27.00% versus a portfolio default rate of 15.15% if it was to
consider a long-term sustainable default rate of 3.1% for a
portfolio with a weighted-average life of 4.89 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-R notes is commensurate with a
preliminary 'B- (sf)' rating.

-- The transaction securitizes a portfolio of primarily senior
secured leveraged loans and bonds, and it is managed by CVC Credit
Partners European CLO Management LLP.

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
X-R to E-R notes to five of the 10 hypothetical scenarios we looked
at in our publication, "How Credit Distress Due To COVID-19 Could
Affect European CLO Ratings," published on April 2, 2020.

"For the class E-R and F-R notes, 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."

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit or limit assets from being related to the following
industries: thermal coal extraction; controversial weapons;
hazardous chemicals, pesticides, ozone-depleting substances,
endangered or protected wildlife, of which production or trade is
banned by applicable global conventions; pornography or
prostitution; tobacco; predatory payday lending activities; weapons
or firearms; or opioids. 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 List

  CLASS    PRELIM.    PRELIM.     INTEREST RATE          CREDIT    

           RATING     AMOUNT                        ENHANCEMENT  
                    (MIL. EUR)                          (%)

  X-R      AAA (sf)     1.45     Three/six-month EURIBOR   N/A
                                 plus 0.40%

  A-R      AAA (sf)      277     Three/six-month EURIBOR   38.99
                                 plus 0.96%

  B-1-R    AA (sf)      29.9     Three/six-month EURIBOR   28.00
                                 plus 1.70%

  B-2-R    AA (sf)     20.00     1.95%                     28.00

  C-R      A (sf)       28.3     Three/six-month EURIBOR   21.76
                                 plus 2.15%

  D-R      BBB- (sf)    32.9     Three/six-month EURIBOR   14.52
                                 plus 3.15%

  E-R      BB- (sf)     21.5     Three/six-month EURIBOR    9.78
                                 plus 6.06%

  F-R      B- (sf)      13.7     Three/six-month EURIBOR    6.76
                                 plus 8.85%

  Sub Notes   NR       39.05     N/A                        N/A

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


DRYDEN 62 2017: Fitch Puts 'B-' Class F Notes Rating on Watch Pos.
------------------------------------------------------------------
Fitch Ratings has placed Dryden 62 Euro CLO 2017 B.V.'s class B, 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
    ----               ------                   -----
Dryden 62 Euro CLO 2017 B.V.

A XS1826185438    LT AAAsf   Affirmed           AAAsf
B XS1826185784    LT AAsf    Rating Watch On    AAsf
C XS1826186089    LT Asf     Rating Watch On    Asf
D XS1826186592    LT BBBsf   Rating Watch On    BBBsf
E XS1826186832    LT BBsf    Rating Watch On    BBsf
F XS1826186758    LT B-sf    Rating Watch On    B-sf

TRANSACTION SUMMARY

Dryden 62 Euro CLO 2017 B.V. is a cash flow CLO mostly comprising
senior secured obligations. The transaction is actively managed by
PGIM Limited and will exit its reinvestment period in January
2023.

KEY RATING DRIVERS

Potential Matrix Update: The manager has informed Fitch of their
intention to update their break-even weighted average recovery rate
(WARR) matrix. If there is no refinancing or reset of the
transaction or matrix update, Fitch expects to upgrade the ratings
within six months. The analysis was based on both current and
stressed portfolios.

Stress Portfolio Analysis: The rating actions mainly reflect the
impact of Fitch's recently updated CLOs and Corporate CDOs Rating
Criteria (reflecting, among others, a change in the underlying
default assumptions). 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. When analysing the matrix, Fitch applied a haircut of 1.5%
to the WARR as the calculation in the transaction documentation
reflects a previous version of the CLO criteria. This analysis
supports a model-implied rating of approximately one to two notches
above the current ratings under the updated criteria.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. As of the September 2021 trustee report, the
aggregate portfolio amount when adjusted for trustee-reported
recoveries on defaulted assets, is currently 0.58% over the
original target par amount. Collateral quality tests, coverage
tests and portfolio profile tests are all in compliance, with the
exception of senior secured loans and senior secured bonds
comprising 91.52% of the portfolio, below the minimum limitation of
92.50%. Exposure to assets with a Fitch-derived rating of 'CCC+'
and below (excluding non-rated assets) is 4.43% as calculated by
Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors at the 'B'/'B-' level. The
WARF as calculated by the trustee was 34.16, which is below the
maximum covenant of 35.00. Fitch calculates the WARF as 25.35 under
the updated criteria.

High Recovery Expectations: Senior secured obligations comprise
91.52% of the portfolio which is below the minimum limitation of
92.5%. 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 22.34%, and no obligor represents more than 3.00 %
of the portfolio balance as calculated by Fitch.

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 in the stressed portfolio would
    result in downgrades of up to two notches, depending on the
    notes.

-- Downgrades may occur if the build-up of the notes' credit
    enhancement (CE) 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 in
    the stressed portfolio would result in upgrades of up to five
    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
    amortisation that leads to higher CE 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

Dryden 62 Euro CLO 2017 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.

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.

DRYDEN 89 2020: Moody's Assigns B3 Rating to EUR16.3MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Dryden 89 Euro CLO
2020 DAC (the "Issuer"):

EUR264,300,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR28,750,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR17,350,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR26,850,000 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR12,150,000 Class C-2 Mezzanine Secured Deferrable Fixed Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR30,500,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR20,200,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR16,300,000 Class F Mezzanine Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the rating 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 100% ramped up 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.

PGIM Loan Originator Manager Limited ("PGIM") 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 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.

In addition to the eight classes of notes rated by Moody's, the
Issuer has issued EUR37,300,000 of Subordinated Notes 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: EUR450,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 3075

Weighted Average Spread (WAS): 3.90%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 41.50%

Weighted Average Life (WAL): 9 years

DRYDEN 89 2020: S&P Assigns B- (sf) Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to Dryden 89 Euro CLO
2020 DAC's class A to F European cash flow CLO notes. At closing,
the issuer issued unrated subordinated notes.

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

The portfolio's reinvestment period will end approximately 4.4
years and a non-call period 1.4 years after closing.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
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 transaction's legal structure, which is bankruptcy remote.

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

  Portfolio Benchmarks
                                                       CURRENT
  S&P weighted-average rating factor                  2,964.44
  Default rate dispersion                               406.85
  Weighted-average life (years)                           5.80
  Obligor diversity measure                              90.53
  Industry diversity measure                             19.81
  Regional diversity measure                              1.31

  Transaction Key Metrics
                                                       CURRENT
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         B
  'CCC' category rated assets (%)                         1.47
  Reference 'AAA' weighted-average recovery (%)          33.05
  Reference floating-rate assets (%)                      73.4
  Reference weighted-average spread (net of floors; %)    4.05

S&P said, "The portfolio is 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.

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.90%), and the
covenanted weighted-average coupon (4.50%) as indicated by the
collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
reference portfolio presented to us. 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.

"The portfolio is currently nearly 90% ramped up for closing, which
includes over 20% fixed-rate assets. For the portfolio profile
tests at the effective date, the maximum amount of fixed-rate
assets is 20%. If it exceeds this, an effective date rating event
may occur, at which point we may analyze the ratings based on the
fixed-rate percentage at that time.

"Our credit and cash flow analysis show that the class B-1, B-2,
C-1, C-2, and E notes benefit from break-even default rate (BDR)
and scenario default rate cushions that we would typically consider
to be in line with higher ratings than those assigned. However, as
the CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings on the notes.

"The class F notes' current BDR cushion is a negative cushion at
the current rating level. Nevertheless, based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook
we believe 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, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 28.93% (for a portfolio with a
weighted-average life of 5.80 years) versus 17.98% if it was to
consider a long-term sustainable default rate of 3.1% for 5.80
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 the
assigned 'B- (sf)' rating.

Until the end of the reinvestment period on April 18, 2026, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

S&P said, "Under our structured finance sovereign risk criteria, we
consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned ratings.

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

"We consider that the transaction'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 F notes.

"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 our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020.

"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 E notes "Criteria For Assigning 'CCC+', 'CCC',
'CCC-', And 'CC' Ratings," published on Oct. 1, 2012))."

Environmental, social, and governance (ESG) credit factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
production or marketing of controversial weapons; production of
nuclear weapons or thermal coal production; the extraction of
thermal coal, fossil fuels from unconventional sources; extraction
of petroleum via fracking; the production of or trade in
pornography, adult entertainment, or prostitution; and the sale or
promotion of marijuana. 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."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it is managed by PGIM Loan
Originator Manager Ltd.

  Ratings List

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

  A       AAA (sf)    264.30      3mE + 1.00       41.25
  B-1     AA (sf)      28.75      3mE + 1.75       31.02
  B-2     AA (sf)      17.35            2.00       31.02
  C-1     A (sf)       26.85      3mE + 2.15       22.36
  C-2     A (sf)       12.15            2.45       22.36
  D       BBB- (sf)    30.50      3mE + 3.35       15.58
  E       BB- (sf)     20.20      3mE + 6.16       11.09
  F       B- (sf)      16.30      3mE + 8.82        7.47
  Sub     NR           37.30        N/A              N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.


HARVEST CLO XXIII: Fitch Places Class F Notes on Watch Positive
---------------------------------------------------------------
Fitch Ratings has placed Harvest CLO XXIII 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 XXIII DAC

A XS2112469791     LT AAAsf    Affirmed           AAAsf
B-1 XS2112470021   LT AAsf     Rating Watch On    AAsf
B-2 XS2112470450   LT AAsf     Rating Watch On    AAsf
C XS2112470708     LT Asf      Rating Watch On    Asf
D XS2112471185     LT BBB-sf   Rating Watch On    BBB-sf
E XS2112471425     LT BB-sf    Rating Watch On    BB-sf
F XS2112471854     LT B-sf     Rating Watch On    B-sf

TRANSACTION SUMMARY

Harvest CLO XXIII DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is actively managed by
Investcorp Credit Management EU Limited and will exit its
reinvestment period in October 2024.

KEY RATING DRIVERS

Potential Matrix Update: The manager has informed Fitch of their
intention to update their break-even weighted average recovery
rating (WARR) matrix. If there is no refinancing or reset of this
transaction and no matrix update, Fitch expects to upgrade the
ratings within six months. The analysis was based on both current
and stressed portfolios.

Stress Portfolio Analysis: The rating actions mainly reflect the
impact of Fitch's recently updated CLOs and Corporate CDOs Rating
Criteria. 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. When analysing the matrix, Fitch applied a haircut of 1.5%
to the WARR as the calculation of it in the transaction
documentation reflects a previous version of the CLO criteria. This
analysis supports a model-implied rating of approximately one to
two notches above the current ratings under the updated criteria.

Stable Asset Performance: The transaction metrics indicate a stable
asset performance. As of the October 2021 trustee report, all
collateral quality, portfolio profile and coverage tests are in
compliance. Exposure to assets with a Fitch-derived rating of
'CCC+' and below (excluding non-rated assets) is 2.59% as
calculated by Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B/B-' level. The
Fitch weighted average rating facto (WARF) as calculated by the
trustee was 33.81, which is below the maximum covenant of 34.00.
The WARF as calculated by Fitch under the updated criteria is
25.63.

High Recovery Expectations: The portfolio consists of 97.15% senior
secured obligations, as reported by the trustee. 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 13.96%, and no obligor represents more than 1.66%
of the portfolio balance, as calculated by Fitch.

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 in the stressed portfolio will
    result in downgrades of no more than two 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 in
    the stressed portfolio would result in an upgrade of no more
    than five 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

Harvest CLO XXIII 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.

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.

MADISON PARK VI: Moody's Affirms B3 Rating on EUR12.8MM F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Madison Park Euro Funding VI DAC:

EUR34,800,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aa1 (sf); previously on Apr 29, 2021 Affirmed Aa2
(sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aa1 (sf); previously on Apr 29, 2021 Affirmed Aa2 (sf)

EUR25,400,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to A1 (sf); previously on Apr 29, 2021
Affirmed A2 (sf)

EUR22,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Baa1 (sf); previously on Apr 29, 2021
Affirmed Baa2 (sf)

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

EUR 237,300,000 Class A Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Apr 29, 2021 Definitive
Rating Assigned Aaa (sf)

EUR29,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Apr 29, 2021
Affirmed Ba2 (sf)

EUR12,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed B3 (sf); previously on Apr 29, 2021
Affirmed B3 (sf)

Madison Park Euro Funding VI DAC issued in June 2015 and refinanced
in April 2021, is a collateralized loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Credit Suisse Asset Management Limited. The
transaction's reinvestment period ended in October 2021.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2, Class C and Class
D Notes are primarily a result of the benefit of the transaction
having reached the end of the reinvestment period in October 2021.

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 analyzed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in April 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: EUR396.9m

Defaulted Securities: EUR2.5m

Diversity Score: 57

Weighted Average Rating Factor (WARF): 2889

Weighted Average Life (WAL): 4.62 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.70%

Weighted Average Coupon (WAC): 4.55%

Weighted Average Recovery Rate (WARR): 43.99%

Par haircut in OC tests and interest diversion test: none

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 analyzing.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the:

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-collateralization 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 analyzed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

MADISON PARK XV: Fitch Affirms B- Rating on Class F Notes
---------------------------------------------------------
Fitch Ratings has affirmed all classes of notes issued by Madison
Park Euro Funding XV DAC and removed them from Under Criteria
Observation (UCO). The Rating Outlook remains Stable on the notes.

     DEBT                RATING            PRIOR
     ----                ------            -----
Madison Park Euro Funding XV DAC

A-1 XS2135367964   LT AAAsf    Affirmed    AAAsf
A-2 XS2135649866   LT AAAsf    Affirmed    AAAsf
B XS2135367535     LT AAsf     Affirmed    AAsf
C XS2135364607     LT Asf      Affirmed    Asf
D XS2135366727     LT BBB-sf   Affirmed    BBB-sf
E XS2135366305     LT BB-sf    Affirmed    BB-sf
F XS2135365836     LT B-sf     Affirmed    B-sf

TRANSACTION SUMMARY

The transaction is a cash flow collateralized loan obligation
backed by a portfolio of mainly European senior secured leveraged
loans and bonds. The transaction is actively managed by Credit
Suisse Asset Management LLC and will exit its reinvestment period
in October 2024.

KEY RATING DRIVERS

CLO Criteria Update and Cash Flow Modelling: The rating actions
mainly reflect the impact of Fitch's recently updated CLOs and
Corporate CDOs Rating Criteria, a shorter risk horizon incorporated
into Fitch's stressed portfolio analysis, and stable performance of
the transaction.

Intended Matrix Update: The manager has informed Fitch of their
intention to amend the Fitch collateral quality matrix. As a result
of the matrix amendment, the weighted average recovery rate (WARR)
in the collateral quality test will be lowered to be in line with
the break-even WARR, at which the current ratings would still pass.
Fitch has performed a stressed portfolio analysis based on the
break-even WARR matrix and the model-implied ratings (MIR) are in
line with the current ratings, leading to their affirmation. The
only exception to this is the class F notes, which was affirmed at
'B-sf' on the basis that it is in line with Fitch's rating
definition. The class F note passes the actual portfolio analysis
and a stressed portfolio analysis based on weighted average rating
factor (WARF) and weighted average spread that are close to the
current portfolio.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The largest issuer and largest
10 issuers per Fitch's current portfolio analysis represent 1.51%
and 12.9% of the portfolio, respectively.

Stable Asset Performance: As of the October 2021 trustee report,
the transaction is passing all collateral quality, portfolio
profile, and coverage tests. Exposure to assets with a
Fitch-derived rating (FDR) of 'CCC+' and below is reported by the
trustee at 1.3% compared with the 7.5% limit. There are no
defaulted assets in the portfolio.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors to be at the 'B'/'B-' rating level. The trustee
calculated Fitch WARF was 33.88 as of the October 2021 investor
report, marginally under the maximum limit of 34.50. The Fitch
calculated WARF is 25.27 after applying the recently updated CLO
Criteria.

High Recovery Expectations: 99.2% of the portfolio comprises senior
secured obligations. Fitch views the recovery prospects for these
assets as being more favorable than for second-lien, unsecured and
mezzanine assets. The Fitch WARR of the current portfolio is
reported by the trustee at 64.70%, compared with the covenant
minimum of 64.10%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The largest issuer and largest
10 issuers per Fitch's current portfolio analysis represent 1.51%
and 12.9% of the portfolio, respectively.

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 up to
    three notches, depending on the notes;

-- Downgrades may occur if the build-up of the notes' credit
    enhancement (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 in
    the stressed portfolio would result in upgrades of up to five
    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, leading to higher CE
    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

Madison Park Euro Funding XV 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.

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.

TIKEHAU CLO IV: Fitch Affirms B- Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has affirmed the current ratings of Tikehau CLO IV
DAC and maintained the Stable Rating Outlook. The class B-1 through
F notes have been removed from Under Criteria Observation (UCO).

     DEBT                RATING            PRIOR
     ----                ------            -----
Tikehau CLO IV DAC

A-1 XS1850277838    LT AAAsf   Affirmed    AAAsf
A-2 XS1857740077    LT AAAsf   Affirmed    AAAsf
B-1 XS1850278133    LT AAsf    Affirmed    AAsf
B-2 XS1850278992    LT AAsf    Affirmed    AAsf
B-3 XS1857740408    LT AAsf    Affirmed    AAsf
C-1 XS1850279610    LT Asf     Affirmed    Asf
C-2 XS1857740820    LT Asf     Affirmed    Asf
D XS1857935164      LT BBBsf   Affirmed    BBBsf
E XS1850280204      LT BBsf    Affirmed    BBsf
F XS1850280469      LT B-sf    Affirmed    B-sf

TRANSACTION SUMMARY

Tikehau CLO IV DAC is a cash-flow collateralized loan obligation
(CLO) backed by a portfolio of mainly European senior secured
leveraged loans and bonds. The transaction is actively managed by
Tikehau Capital Europe Limited and will exit its reinvestment
period in January 2023.

KEY RATING DRIVERS

CLO Criteria Update and Cash Flow Modelling: The rating actions
mainly reflect the impact of the recently updated Fitch CLOs and
Corporate CDOs Rating Criteria, a shorter risk horizon incorporated
into Fitch's stressed portfolio analysis, and stable performance of
the transaction.

Intended Matrix Update: The manager has informed Fitch of their
intention to amend the Fitch Test Matrix. As a result of the matrix
amendment, the weighted-average recovery rate (WARR) in the
collateral quality test will be lowered to be in line with the
break-even WARR at which the current ratings would still pass.
Fitch has performed a stressed portfolio analysis based on the
break-even WARR matrix and the model-implied ratings (MIR) are in
line with the current ratings, leading to their affirmation. The
only exception to this is the class F notes, which were affirmed at
'B-sf' on the basis that is in line with Fitch's rating definition.
The Class F notes pass the actual portfolio analysis and a stressed
portfolio analysis based on WARF and WAS that are close to the
current portfolio.

Stable Asset Performance: The transaction metrics indicate stable
asset performance. As of the Oct. 29, 2021 trustee report, the
transaction currently reports a 0.43% target par loss, a slight
deterioration from the last review in February 2021. It is passing
all coverage tests and portfolio profile tests but is marginally
failing the Moody's WARF test. Exposure to Fitch 'CCC' obligations
excluding non-rated assets is 4.5%, as calculated by Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B'/'B-' level. The
WARF calculated by the trustee was 33.5, which is below the maximum
covenant of 34.0. The WARF as calculated by Fitch under the updated
criteria is 25.1.

High Recovery Expectations: Senior secured obligations comprise
99.7% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. As reported by the trustee, the
top 10 obligor concentration is 14.9% and no obligor represents
more than 2.1% 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 rate (RRR)
    by 25% at all rating levels in the stressed portfolio will
    result in downgrades of up to four notches, depending on the
    notes.

-- Downgrades may occur if the build-up of the notes' credit
    enhancement (CE) following amortization 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 in
    the stressed portfolio would result in an upgrade of up to
    five 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, or amortization that
    leads to higher CE 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

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.



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

NEW VAC INTERMEDIATE: Moody's Affirms Caa1 CFR, Outlook Now Pos.
----------------------------------------------------------------
Moody's Investors Service affirmed the Caa1 corporate family rating
and the Caa1-PD probability of default rating of New VAC
Intermediate Holdings BV (VAC or the company) as well as the Caa1
ratings of the $30 million backed senior secured revolving credit
facility (RCF) and the $225 million backed senior secured
first-lien term loan borrowed by VAC Germany Holdings GmbH, a
Germany domiciled wholly owned subsidiary of VAC. The outlook on
VAC and VAC Germany Holdings GmbH was changed to positive from
stable.

RATINGS RATIONALE

The change of the outlook to positive and the affirmation of VAC's
Caa1 CFR and Caa1-PD PDR recognise the company's recent progress in
deleveraging and its ability to sustain recently recovered
profitability despite inflationary pressures, mainly related to
material inputs such as nickel, cobalt and rare earth minerals, and
some supply chain constraints. The rating action further takes into
consideration Moody's expectation that over the next 12-18 months
VAC will continue to expand its Moody's-adjusted EBITDA and will
generate modestly positive free cash flow (FCF) on the back of
increased sales volumes and further implementation of cost
efficiency measures. This expectation increases the likelihood that
the company will continue its deleveraging trajectory and increase
cash flow generation through 2022 towards a level commensurate with
a B3 rating, including Moody's-adjusted debt/EBITDA decreasing to
below 7.0x.

As of September 30, 2021, VAC's Moody's-adjusted debt/EBITDA
decreased to 13.5x from slightly under 25.0x in 2020 driven by
EBITDA expansion. During the first nine months of 2021, the
company's revenue and company-adjusted EBITDA expanded by 17% and
58%, respectively, driven by increased demand for the company's
products across all end markets, and in particular electrification
of transportation, solar energy and industrial automation. The
expansion of the company-adjusted EBITDA was further supported by a
recovery in profitability with company-adjusted EBITDA margin
reaching 17% (9m2020: 13%) as a result of better absorption of
fixed costs, cost savings and restructuring initiatives. The 2021
EBITDA margin is stronger than VAC's previous peak margin 16% in
2018.

In the first nine months of 2021, VAC's order intake showed a
strong 64% year-on-year growth driven by the surge in demand for
electric vehicles and related charging infrastructure, industrial
drivers and alternative energy generation. As of November 2021, the
company's order backlog was nearing EUR300 million, a record high
level for the past four years, which provides good visibility into
top line development for 2022. Notwithstanding these signs of
improvement, a higher rating would require more evidence of VAC's
ability to convert its large order intake into sales as well as
expectations for a sustainable recovery in earnings beyond 2021
that would allow VAC to materially reduce its financial leverage to
below 7.0x Moody's-adjusted debt/EBITDA.

The agency expects VAC's leverage to improve to around 11.0x by
end-2021 and further decline to 7.0x-7.5x range in 2022. Moody's
forecast assumes that demand conditions will remain solid as seen
in recent months, however, with some cooling off in the order
intake compared to recent high levels as well as potential for
modest delays in order execution prompted by customers or general
supply chain constraints.

The Caa1 rating continues to be constrained by the company's high
Moody's-adjusted leverage, partly because of sizeable pension
obligations which account for around 45% of Moody's-adjusted debt,
and its modest size.

At the same time, VAC's good market position in special magnetic
materials and components which are often core for its customers'
products, good margins as cost initiatives take hold and the
expectation of long-term growth in end-markets continue to support
its credit profile.

LIQUIDITY

VAC's liquidity is adequate. As of September 30, 2021, the company
had EUR43 million of cash, which is further supported by EUR20
million available under a term loan until November 2022 and a fully
available $30 million (EUR26 million equivalent) RCF until March
2023. Moody's expects these liquidity sources, together with funds
from operations of over EUR45 million from Q4 2021 through the end
of 2022, to accommodate seasonal working capital swings, and
planned capital spending of around EUR34 million (including R&D
spending and lease payments), as well as upcoming debt maturities
of around EUR5 million and final settlement of the cross-currency
swap.

The available RCF is subject to a springing leverage covenant of
5.35x, to be tested if drawings exceed 35% of the facility. Moody's
expects the company to be compliant with its covenant (which is
based on leverage as defined by the company and excluding pension
liabilities). No significant debt repayments are due until 2025
when the company's term loans mature.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects Moody's expectation that VAC will be
able to maintain its recently restored profit margins, continue to
reduce leverage, generate modest positive free cash flow and that
the company will maintain at least adequate liquidity.

STRUCTURAL CONSIDERATIONS

VAC's capital structure comprises a $225 million backed senior
secured first-lien term loan and a $30 million RCF, which rank pari
passu with each other, and a EUR70 million (currently EUR50 million
drawn) senior secured first-lien term loan. The EUR70 million loan
is borrowed by a subsidiary outside of the restricted group of the
rated instruments but shares largely the same security package and
is guaranteed by the same operating companies. In addition, the
EUR70 million loan benefits from a pledge over certain land that is
not accessible to the original lenders, which makes it rank first
in the priority of claims in an enforcement scenario. Given the
size of the loan (currently EUR50 million drawn) and respective
pledge amount, both the revolver and the original term loan
comprise most of the debt in the capital structure before giving
effect to the pension, which aligns the instruments' ratings with
the CFR. However, in the event the drawings on the new facility
increase or the value of respective security increases, the
instruments' ratings could be notched down from the CFR rating,
reflecting the more material proportion of higher ranking debt,
including trade payables, which are aligned with the most senior
material debt class.

VAC Germany Holdings GmbH (the German borrower) and New VAC US LLC
(the US borrower) hold instrument ratings that are consistent with
the CFR. Under a default scenario, Moody's expects the recovery of
the backed senior secured bank credit facilities to be in line with
that represented by the CFR partly because of the guarantee from
New VAC Intermediate Holdings BV.

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

The ratings could be upgraded if the company's Moody's-adjusted
EBITA margin increases sustainably above 8%, its Moody's-adjusted
gross debt/EBITDA reduces below 7.0x on a sustained basis, and the
company generates meaningful positive FCF and maintains an adequate
liquidity profile with sufficient covenant headroom at all times.

The ratings could be downgraded if the company's FCF remains
negative for a prolonged period of time or its liquidity weakens,
including tightening covenant headroom under the revolving credit
facility.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

New VAC Ultimate Holdings BV (VAC) is the top holding company in
the organization structure and is owned by Apollo Global
Management. The Caa1 CFR is under the guarantor of the issued debt
New VAC Intermediate Holdings BV. This entity lies below New VAC
Ultimate Holdings BV, which in turn is the indirect parent of the
co-borrowers VAC Germany Holding GmbH and New VAC US LLC.

The company focuses on special magnetic materials and components,
and serves key global markets, including automotive systems,
industrial automation and the medical community. Headquartered in
Hanau, Germany, the company reports in euros. The company operates
manufacturing facilities in the Americas, Europe and Asia. In the
twelve months that ended September 2021, VAC generated revenue of
EUR379 million and EBITDA (as adjusted by the company) of EUR64.7
million.



=====================
S W I T Z E R L A N D
=====================

EUROCHEM GROUP: Moody's Hikes CFR to Ba1, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded EuroChem Group AG (EuroChem
or the company) corporate family rating to Ba1 from Ba2 and
probability of default rating to Ba1-PD from Ba2-PD. Concurrently,
Moody's upgraded to Ba2 from Ba3 the $700 million backed senior
unsecured notes issued by EuroChem Finance DAC and guaranteed by
the parent company, EuroChem, and Mineral and Chemical Company
EuroChem JSC, a holding company for most of the Russian
subsidiaries. The outlook on both entities remains stable.

RATINGS RATIONALE

The upgrade of EuroChem ratings reflects the company's
substantially improved operating and financial performance
underpinned by favourable fertiliser market conditions and its
strengthened business profile, which also enhances the company's
sustainability through the market cycles.

In particular, the successful ramp-up of its 1.0 million tonnes
(MT) ammonia plant in 2020 and one of the two new potash
facilities, Usolskiy mine, with 2.3 MT capacity in 2021 increased
EuroChem's operating scale and business diversification into
high-margin potash products, making it one of the few global
producers with capacity in all three types of fertilisers. The
launch of these projects also helped the company to achieve
self-sufficiency in both potash and ammonia, reinforcing its sound
profitability and sustainability to the inherent industry
cyclicality, which has historically been supported by its
vertically integrated business model, access to low-cost natural
gas supplies in Russia, tight cost control, and the weak rouble.

Along with growth in sales volumes and profitability from the new
projects, the company's operating and financial performance remains
supported by the strong fertiliser market with the unprecedented
surge in prices in the second half of 2021, which, along with
record crop prices, has been driven by (1) tight supply and limited
inventories across the key regions, (2) global energy crisis with a
major hike in gas prices in Europe and Asia, which, in particular,
forces closures of the European nitrogen capacities; (3) Chinese
export restrictions in favour of domestic supplies; and (4)
expected economic sanctions against one of the leading potash
producers, Belaruskali. Although some price correction may emerge
towards H1 2022 from the current record-high levels, average prices
in 2022 will also likely remain strong, subject to normal weather
conditions and no other major market disruptions.

As a result, although EuroChem has embarked on a new investment
cycle with more than $3.5 billion to be spent in 2021-23 on its
large development projects including a new $1.4 billion ammonia and
urea plant as well as the ongoing development of its Usolskiy and
Volgakaliy potash projects, the robust growth in EBITDA will allow
the company to retain and grow its positive free cash flow (FCF).
In addition, deleveraging will be underpinned by EuroChem's plans
to reduce debt level in absolute terms under its debt portfolio
optimisation programme. Overall, Moody's expects the company's
Moody's-adjusted debt/EBITDA to decrease to below 2.5x in 2021-22
(2.5x in H1 2021) and sustain at or below 3.0x through the market
cycles.

EuroChem's financial profile remains supported by its fairly
conservative internal financial policy target of net debt/EBITDA of
1.5x-2.5x (excluding project finance funding and the shareholder
loan) through the cycle. While the company has not been paying
dividends since 2015, in the current robust market conditions
Moody's cannot rule out its potential decision to distribute some
extra cash to the shareholder in some form, which, however, should
remain comfortably within the company's financial policy and not
strain its credit profile.

In addition, the rating action takes into account EuroChem's
improved liquidity on the back of its strong cash flow generation
amid the current robust fertiliser market as well as the company's
ability to successfully secure funding for its large new ammonia
and urea project well in advance. Overall, the company's projected
positive FCF for the next 12 months, together with its cash
reserves of around $1.3 billion and committed long-term facilities
(including the recently signed project financing deal) available as
of the end of September 2021, will be sufficient to cover its
substantial debt service requirements between Q4 2021 and Q3 2022
including the planned debt prepayments. EuroChem's liquidity also
remains supported by its proven access to long-term external
funding, which will continue to allow the company to proactively
address its liquidity needs.

At the same time, EuroChem's rating factors in (1) its
susceptibility to the cyclicality of the global fertiliser market;
(2) the execution risks associated with its large development
projects, including the ramp-up of the complex potash facilities;
and (3) the corporate governance risks related to the company's
concentrated ownership structure, although partly offset by its
fairly conservative financial policy and board structure. The
rating also factors in the company's exposure to Russia's
(Government of Russia, Baa3 stable) macroeconomic, regulatory and
operating environment, given the fact that most of its assets are
in Russia.

ESG CONSIDERATIONS

The chemicals sector is among the sectors that have very high
environmental risks. As a producer of minerals and commodity
chemicals and an owner and operator of mines, EuroChem is exposed
to (1) tightening of environmental regulations or government
policies, particularly related to carbon transition, waste and
pollution and water management, which may drive increase in costs
and a reduction in global fertiliser consumption over time; and (2)
high mining risks, such as flooding and fire, which could involve
additional costs and investments. At the same time, EuroChem
follows environmental standards that ensure compliance with legal
requirements under Russian and European laws, and technical
standards, and Moody's does not expect the company's environmental
spending to have a significant impact on its credit metrics over
the next two-three years.

Governance risks are an important consideration, because governance
weaknesses can lead to a deterioration in a company's credit
quality, while governance strengths can benefit a company's credit
profile. Following a 10% share buyback from the company's former
CEO, Dmitry Strezhnev executed in August 2019, the sole control
over the company has been transferred to Andrey Melnichenko. While
such a highly concentrated ownership structure is not uncommon
among EuroChem's domestic peers, it is typically associated with
higher corporate governance risks and lower visibility into the
company's corporate actions in the long term, which could be
damaging for its credit profile. At the same time, Moody's also
takes into account the fact that the company adheres to a fairly
conservative financial policy and leverage targets, as well as its
shareholder's historically prudent approach to dividend payouts.
The risk of concentrated ownership is also mitigated by an absolute
majority of independent directors on the company's board (four out
of a total of seven members).

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Moody's expectation that
EuroChem's strong market position and cost competitiveness, coupled
with gradual reduction of debt in absolute terms amid strong market
conditions will allow the company to maintain its Moody's adjusted
debt/EBITDA at or below 3.0x through the market and investment
cycles. Moody's also expects the company to preserve more prudent
liquidity management proactively addressing upcoming debt
maturities, while continue leveraging its proven access to
long-term external funding, as well as maintaining a sufficient
liquidity buffer in for the form of cash or committed credit
lines.

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

The rating is unlikely to be upgraded in the short term. Over time,
an upgrade to investment grade category would require the company
not only to deliver on financial targets, but also build a track
record of prudent financial and liquidity management, and exhibit
characteristics of an investment grade issuer in terms of
transparency and disclosure, corporate governance and financial
policies. More specifically, an upward rating pressure could emerge
if the company (1) sustainably delivers on its large development
programme including the complex potash projects, demonstrating
efficient conversion of investments into earnings and cash flow
growth, (2) builds a track record of prudent financial policy,
efficient debt management (including consistent debt reduction in
absolute terms) and balanced shareholder returns, with
Moody's-adjusted debt/EBITDA sustained at below 2.5x and retained
cash flow/debt well above 25%, demonstrating resilience through a
period of industry stress, and (3) maintains sound liquidity.

Moody's could downgrade the rating in case of a decline in the
company's operating performance or its shift to a more aggressive
financial policy, such that its Moody's-adjusted debt/EBITDA
increases above 3.5x on a sustained basis. The agency could also
downgrade the rating if the company's liquidity or liquidity
management deteriorates.

STRUCTURAL CONSIDERATIONS

The backed senior unsecured notes are issued by EuroChem's
subsidiary, EuroChem Finance DAC, and guaranteed by the parent
company, EuroChem, and Mineral and Chemical Company EuroChem JSC, a
holding company for most of the Russian subsidiaries. The backed
senior unsecured notes represent the general unsecured and
unsubordinated obligations of EuroChem, ranking pari passu with all
of its other unsecured and unsubordinated indebtedness, and are
subordinated to the unsecured debt obligations at the level of or
guaranteed by operating subsidiaries.

The Ba2 backed senior unsecured bond rating is notched down from
EuroChem's Ba1 CFR, primarily reflecting the notes' structural
subordination, given that a large portion of the company's debt
comprises senior unsecured bank loans at the level of the parent
company, which benefits from guarantees granted by operating
subsidiaries. The backed senior unsecured notes have guarantees
from the two holding companies without any significant contribution
to the group's consolidated EBITDA and assets.

PRINCIPAL METHODOLOGY

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

Domiciled in Switzerland, EuroChem Group AG is one of the world's
leading vertically integrated and diversified fertiliser business.
The company is among the largest producers of nitrogen and
phosphate fertilisers globally, while has also recently diversified
into potash production. It also produces iron ore as a by-product
and industrial products and has a wide distribution and logistics
network. The beneficiary owner of EuroChem is Andrey Melnichenko,
who indirectly holds a 90% stake in the company. The remaining 10%
of the company's share capital is represented by treasury shares.
In the 12 months that ended June 30, 2020, the company generated
revenue of around $7.5 billion and Moody's-adjusted EBITDA of $2.6
billion.



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

DERBY COUNTY FOOTBALL: Mel Morris Comments on Administration
------------------------------------------------------------
Richard Cusack at DerbyshireLive reports that Mel Morris believes
Derby County would not be bottom of the Championship and in
administration if plans suggested by a fan-led review into the
governance of football were already in place.

Tracey Crouch, the MP for Chatham and Aylesford, released the
findings of her review on Nov. 24 and they have proposed that an
independent regulator oversees the funding clubs receive with EFL
clubs set to see more Premier League cash, DerbyshireLive relates.

According to DerbyshireLive, it is too late for Derby, who are in
administration after Mr. Morris took the decision two months ago in
the hope it would speed up a takeover of the Pride Park club.

               About Derby County Football Club

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

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


HIGHWAYS 2021: S&P Assigns Prelim BB+ (sf) Rating to Class E Notes
------------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to
Highways 2021 PLC's class A, B, C, D, and E notes. At closing,
Highways 2021 will also issue unrated class X1 and X2 notes.

The issuer will use the note proceeds to purchase a loan secured by
eight motorway service area properties located in the U.K. from
Goldman Sachs Bank USA.

The loan has been advanced to Blackstone Infrastructure Partners
and Arjun Infrastructure Partners to facilitate the acquisition of
a portfolio of eight motorway service stations across the U.K.

To satisfy U.S., EU, and U.K. risk retention requirements, an
additional amount corresponding to 5.0% of outstanding principal
balance of each class of notes at closing will be issued and will
be retained by Goldman Sachs Bank USA.

The loan provides for cash trap mechanisms set at 64.3% for the
loan-to-value (LTV) ratio or if there is a material tenant default
or insolvency. Cash will also be trapped if the debt yield falls
below 9.4% after March 2023. The loan would default if the LTV
ratio exceeds 74.31% and if that default is not cured. This default
covenant only applies, however, if Blackstone, alone or together
with Applegreen PLC, no longer own a 50% economic interest in the
borrower.

The loan has an initial term of two years with three one-year
extension options available subject to the satisfaction of certain
conditions. The loan is interest-only in its entire term.

S&P said, "Our preliminary ratings address the issuer's ability to
meet timely interest payments and principal repayment no later than
the legal final maturity in December 2031. Should there be
insufficient funds on any note payment date to make timely interest
payments on the notes (except for the then most senior class of
notes), the interest will not be due but will be deferred to the
next interest payment date (IPD). The deferred interest amount will
accrue interest at the same rate as the respective class of notes.

"Our preliminary ratings on the notes reflect our assessment of the
collateral's historic and projected performance, the
issuer/borrower loan's terms, the transaction's structure, and an
analysis of counterparty and operational risks."

  Preliminary Ratings

  CLASS    PRELIMINARY    PRELIMINARY
             RATING*      AMOUNT (GBP)

  A         AAA (sf)       159,600,000

  B         AA (sf)         26,300,000

  C         A+ (sf)         28,300,000

  D         BBB+ (sf)       32,400,000

  E         BB+ (sf)        15,359,000

  X1        NR               N/A

  X2        NR               N/A

*S&P's preliminary ratings address timely interest payments and of
principal repayment no later than the legal final maturity in
December 2031.
NR--Not rated.
N/A--Not applicable.


ORBIT ENERGY: Collapses Amid Surge in Wholesale Gas Prices
----------------------------------------------------------
BBC News reports that the regulator Ofgem has said two more energy
suppliers have gone bust amid the surge in gas prices.

According to BBC, Entice Energy and Orbit Energy, which have about
5,400 and 65,000 customers respectively, ceased trading on Nov.
24.

The two firms are the latest companies to go under as higher
wholesale gas prices have made price promises by suppliers to
customers undeliverable, BBC notes.

Ofgem said new suppliers would be found for the two companies'
customers, BBC relates.

Households have been advised to wait until a new supplier is
appointed before thinking about switching company, BBC discloses.



PUSH DOCTOR: On Verge of Administration Amid Sale Talks
-------------------------------------------------------
Mark Kleinman at Sky News reports that one of Britain's most
prominent digital GP advice platforms is on the brink of
administration, putting at risk millions of pounds of taxpayers'
money.

Sky News has learnt that Push Doctor, whose services are available
to nearly six million people across the UK, could fall into
insolvency in the next few days.

According to Sky News, city sources said on Nov. 25 that BDO, the
accountancy firm which has been advising Push Doctor on funding
options, was in talks with Square Health, a privately owned
healthcare services provider, about a sale.

A deal could be structured as a pre-pack administration -- through
which a company is sold without its previous financial liabilities
-- although efforts were continuing on Nov. 25 to secure a solvent
deal, Sky News notes.

Boots, the UK's biggest pharmacy chain, and Babylon-the New
York-listed digital health app, are also understood to have
explored offers for Push Doctor in recent weeks, Sky News states.


QUINN INFRASTRUCTURE: Goes Into Administration, 200 Jobs Affected
-----------------------------------------------------------------
Grant Prior at Construction Enquirer reports that staff at Quinn
Infrastructure Services are looking for new jobs after the firm
called in administrators.

The Enquirer understands staff were sent home last week and
administrators from John P Fisher are now in charge of the
company.

The firm specialised in building and maintaining electrical,
mechanical, fire, fibre, building fabric and ancillary power
engineering services for the UK Rail and utilities networks.

It claimed a directly employed workforce of 200 with a head office
in the City of London and regional offices in Birmingham and
Manchester, The Enquirer relates.

Latest accounts for the firm for the year to November 2019 show a
pre-tax loss of GBP5.1 million from a turnover of GBP10.7 million,
The Enquirer discloses.


ROLAND MOURET: Enters Administration, 84 Jobs Affected
------------------------------------------------------
Jacob Thorburn at Daily Mail reports that the designer behind one
of fashion's most iconic modern dresses once worn by Meghan Markle
and Victoria Beckham has placed his luxury fashion house into
administration.

Roland Mouret, 60, designer of the 'Mouret Galaxy dress' and a
close personal friend of the Duchess of Sussex, has closed his
flagship Mayfair store in London and calling in creditors.

The luxury brand's 84 devastated employees have been left without
jobs -- with the company telling shocked staff that coronavirus was
to blame for the firm's rapid fall from grace.

As administrators and removal workers were pictured inside the
Mayfair store on Nov. 25, one worker admitted that the shutdown had
come "super abruptly".





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

[*] BOOK REVIEW: Bankruptcy and Secured Lending in Cyberspace
-------------------------------------------------------------
Author: Warren E. Agin
Publisher: Bowne Publishing Co.
List price: $225.00
Review by Gail Owens Hoelscher

Red Hat Inc. finds itself with a high of 151 5/8 and low of 20 over
the last 12 months! Microstrategy Inc. has roller-coasted from a
high of 333 to a low of 7 over the same period! Just when the IPO
boom is imploding and high-technology companies are running out of
cash, Warren Agin comes out with a guide to the legal issues of the
cyberage.

The word "cyberspace" did not appear in the Merriam-Webster
Dictionary until 1986, defined as "the on-line world of computer
networks." The word "Internet" showed up that year as well, as "an
electronic communications network that connects computer networks
and organizational computer facilities around the world."
Cyberspace has been leading a kaleidoscopic parade ever since, with
the legal profession striding smartly in rhythm. There is no
definition for the word "cyberassets" in the current
Merriam-Webster. Fortunately, Bankruptcy and Secured Lending in
Cyberspace tells us what cyberassets are and lays out in meticulous
detail how to address them, not only for troubled technology
companies, but for all companies with websites and domain names.
Cyberassets are primarily websites and domain names, but also
include technology contracts and licenses. There are four types of
assets embodied in a website: content, hardware, the Internet
connection, and software. The website's content is its fundamental
asset and may include databases, text, pictures, and video and
sound clips. The value of a website depends largely on the traffic
it generates.

A domain name provides the mechanism to reach the information
provided by a company on its website, or find the products or
services the company is selling over the Internet. Examples are
Amazon.com, bankrupt.com, and "swiggartagin.com." Determining the
value of a domain name is comparable to valuing trademark rights.
Domain names can come at a high price! Compaq Computer Corp. paid
Alta Vista Technology Inc. more than $3 million for "Altavista.com"
when it developed its AltaVista search engine.

The subject matter covered in this book falls into three groups:
the Internet's effect on the practice of bankruptcy law; the ways
substantive bankruptcy law handles the impact of cyberspace on
basic concepts and procedures; and issues related to cyberassets as
secured lending collateral.

The book includes point-by-point treatment of the effect of
cyberassets on venue and jurisdiction in bankruptcy proceedings;
electronic filing and access to official records and pleadings in
bankruptcy cases; using the Internet for communications and
noticing in bankruptcy cases; administration of bankruptcy estates
with cyberassets; selling bankruptcy estate assets over the
Internet; trading in bankruptcy claims over the Internet; and
technology contracts and licenses under the bankruptcy codes. The
chapters on secured lending detail technology escrow agreements for
cyberassets; obtaining and perfecting security interests for
cyberassets; enforcing rights against collateral for cyberassets;
and bankruptcy concerns for the secured lender with regard to
cyberassets.

The book concludes with chapters on Y2K and bankruptcy; revisions
in the Uniform Commercial Code in the electronic age; and a
compendium of bankruptcy and secured lending resources on the
Internet. The appendix consists of a comprehensive set of forms for
cyberspace-related bankruptcy issues and cyberasset lending
transactions. The forms include bankruptcy orders authorizing a
domain name sale; forms for electronic filing of documents;
bankruptcy motions related to domain names; and security agreements
for Web sites.

Bankruptcy and Secured Lending in Cyberspace is a well-written,
succinct, and comprehensive reference for lending against
cyberassets and treating cyberassets in bankruptcy cases.



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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.


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