/raid1/www/Hosts/bankrupt/TCREUR_Public/211202.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, December 2, 2021, Vol. 22, No. 235

                           Headlines



G R E E C E

MYTILINEOS: S&P Alters Outlook to Positive, Affirms 'BB-' ICR


I R E L A N D

AQUEDUCT EUROPEAN 6-2021: Fitch Rates Class E Tranche 'BB-(EXP)'
AQUEDUCT EUROPEAN 6-2021: S&P Assigns Prelim BB- Rating to E Notes
AVOCA CLO XXV: Fitch Assigns Final B- Rating on Class F Tranche
FROST CMBS 2021-1: S&P Assigns B (sf) Rating to Class GBP-F Notes
HARVEST CLO XXVII: Fitch Assigns Final B- Rating to Class F Tranche

PENTA CLO 10: Fitch Assigns Final B- Rating to Class F Tranche


I T A L Y

TIRRENIA: Judge Orders Seizure of Onorato Armatori Assets


K A Z A K H S T A N

KAZTRANSGAS: S&P Alters Outlook to Positive, Affirms 'BB' ICR


N E T H E R L A N D S

MV24 CAPITAL: S&P Affirms 'BB' Rating on $1.1BB Sr. Secured Notes


N O R W A Y

PROSAFE: Majority of Norwegian Creditors Back Restructuring Plan


S P A I N

GRUPO ANTOLIN: S&P Alters Outlook to Negative, Affirms 'B' ICR


S W E D E N

SWEDEN: Real Estate Bankruptcies Down 54% in November 2021


U N I T E D   K I N G D O M

CARILLION PLC: Official Receiver Lodges Claim Against KPMG
GLOBO PLC: FCA Launches Legal Action Against Two Former Top Execs
JAD JOINERY: Owes Creditors Nearly GBP1 Million, Report Shows
LONDON WALL 2021-02: S&P Puts Prelim B- Rating to X and S Notes
NEWDAY FUNDING 2021-3: Fitch Puts Final B+ Rating to  Cl. F Notes


                           - - - - -


===========
G R E E C E
===========

MYTILINEOS: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Greek industrial company
Mytilineos to positive from stable and affirmed its 'BB-' long-term
rating on the company.

S&P's positive outlook reflects a potential upgrade in the coming
12 months as the company transitions to a much larger EBITDA base
and lower leverage.

After successfully tackling unprecedented volatile market
conditions in the last 18 months, Mytilineos is well positioned to
strengthen profitability further from 2022. The company's portfolio
turned out to be more resilient than expected during the pandemic
in 2020 and with the recent hike of energy prices. In each of the
past two years, the company's diversification into different
industries has turned out to be very beneficial. S&P said, "We
expect the company to finish 2021 with EBITDA of about EUR350
million, supported by EBITDA of about EUR150 million from its
metallurgy division and about EUR130 million from its power
division, up from EUR315 million overall EBITDA in 2020 (EUR136
million from metallurgy and EUR157 million from power)."

S&P said, "On the back of the current market conditions and the
company's progress with its ongoing projects, we have revised
upward our EBITDA for 2022 to EUR500 million-EUR550 million (from a
previous projection of EUR340 million-EUR360 million), with a
further upside starting in 2023. In our view, once the markets
stabilize and the execution risks subside, the company should be
able to generate material cash flows and reduce its leverage,
supporting a higher rating.

"We expect "build-operate-transfer" (BOT) projects to support
another important cash flow stream in the coming years. Earlier
this year, the company announced the sale of its second BOT
project, this time in Romania, and a project financing agreement of
a solar project in Australia. These projects are a teaser for
future BOT projects the company plans to conduct, in which it
builds sustainable energy projects (mainly solar farms) and divests
them. The company believes that its in-house engineering and
construction (E&C) capabilities together with the healthy demand
for sustainable energy could translate into an important growth
engine. The company has a pipeline of some 50 projects in 11
countries, which it expects will contribute between EUR250
million-EUR300 million in the coming three years."

The positive outlook reflects a potential upgrade in the coming 12
months, subject to the commissioning of Mytilineos' current
projects and the establishment of a longer track record with its
E&C business.

S&P said, "Under our current base-case scenario, we expect the
company to report EBITDA of EUR500 million or more in 2022,
compared to EUR350 million in 2021. If it achieves the level of
profit that we forecast, the company's adjusted debt to EBITDA
would improve to about 2.5x (after excluding EUR150 million of
cash)."

Some of the conditions supporting a higher rating include:

-- Finalizing the combined cycle gas turbine (CCGT) plant in
mid-2022, with some contribution in the second half of the year,
and more significant contribution starting in 2023.

-- Establishing a longer track record with its BOT initiatives,
including limitation on the total exposure.

-- Stronger credit metrics, taking into account the company's
capex and dividend needs. S&P said, "For example, at times of peak
investments, we see an adjusted debt to EBITDA of 2x or better.
Once the company has completed its growth phase, and started
generating material positive free operating cash flow (FOCF), we
see an adjusted debt to EBITDA of 2.0x-2.5x as supporting a higher
rating. Based on the current capex pipeline, we assume that the
company will move from a growth phase to a sustainable phase by the
end of 2022."

-- Other conditions include maintaining adequate liquidity and
Mytilineos sustaining its competitive position in each of its
divisions.

S&P could revise the outlook to stable if it sees profitability
falling short of the company's targeted EUR550 million in 2022 or
the company increased its capex program sustainably, leading to an
adjusted debt to EBITDA of 3x or more by the end of 2022.

Other drivers could include:

-- Undertaking a debt-funded acquisition with no immediate
earnings contributions.

-- Deficiencies in the company's BOT business model.




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

AQUEDUCT EUROPEAN 6-2021: Fitch Rates Class E Tranche 'BB-(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Aqueduct European CLO 6-2021 Designated
Activity Company expected ratings.

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

           DEBT                               RATING
           ----                               ------

Aqueduct European CLO 6-2021 DAC

A                                 LT AAA(EXP)sf    Expected Rating
B-1                               LT AA+(EXP)sf    Expected Rating
B-2                               LT AA+(EXP)sf    Expected Rating
C                                 LT A-(EXP)sf     Expected Rating
D                                 LT BBB-(EXP)sf   Expected Rating
E                                 LT BB-(EXP)sf    Expected Rating
Participating Term Certficates    LT NR(EXP)sf     Expected Rating
Z-1                               LT NR(EXP)sf     Expected Rating
Z-2                               LT NR(EXP)sf     Expected Rating
Z-3                               LT NR(EXP)sf     Expected Rating

TRANSACTION SUMMARY

Aqueduct European CLO 6-2021 Designated Activity Company is a
securitisation of mainly senior secured obligations (at least 90%)
with a component of senior unsecured, mezzanine, second-lien loans
and high-yield bonds. Note proceeds will be used to fund a
portfolio with a target par of EUR400 million. The portfolio will
be actively managed by HPS Investment Partners CLO (UK) LLP. The
collateralised loan obligation (CLO) has a five-year reinvestment
period and a nine-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.33.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
63.02%.

Diversified Portfolio (Positive): The indicative top 10 obligor
limit and fixed-rate asset limit for the expected rating analysis
is 22.5% and 7.5%, respectively. The transaction also includes
various concentration limits, including a maximum exposure to the
three largest Fitch-defined industries in the portfolio at 40.0%.
These covenants ensure that the asset portfolio will not be exposed
to excessive concentration.

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

Reduced Risk Horizon (Neutral): Fitch's analysis of the matrices is
based on a stressed-case portfolio with an eight-year WAL. Under
the agency's CLOs and Corporate CDOs Rating Criteria, the WAL used
for the transaction stress portfolio was 12 months less than the
WAL covenant to account for structural and reinvestment conditions
after the reinvestment period, including the OC tests and Fitch
'CCC' limitation passing after reinvestment.

RATING SENSITIVITIES

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

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

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

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and a 25% increase of the recovery rate at all rating
    levels, would lead to an upgrade of up to two notches for the
    rated notes, except the class A notes, which are already the
    highest rating on Fitch's scale and cannot be upgraded.

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

BEST/WORST CASE RATING SCENARIO

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

AQUEDUCT EUROPEAN 6-2021: S&P Assigns Prelim BB- Rating to E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Aqueduct European CLO 6-2021 DAC's class A, B-1, B-2, C, D, and E
notes. At closing, the issuer will issue unrated subordinated and
class Z notes.

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

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

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.

  Portfolio Benchmarks
                                                         CURRENT
  S&P Global Ratings weighted-average rating factor      2922.45
  Default rate dispersion                                 414.27
  Weighted-average life (years)                             5.53
  Obligor diversity measure                               112.09
  Industry diversity measure                               18.92
  Regional diversity measure                                1.33

  Transaction Key Metrics
                                                         CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                           0.00
  Covenanted 'AAA' weighted-average recovery (%)           34.63
  Covenanted weighted-average spread (%)                    3.65
  Covenanted weighted-average coupon (%)                    5.00

S&P said, "Our preliminary ratings reflect our assessment of the
collateral portfolio's credit quality, which has a weighted-average
rating of 'B'. We consider that the portfolio will be
well-diversified on the effective date, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the actual weighted-average spread of 3.65%, the covenanted
weighted-average coupon of 5.00%, the covenanted weighted-average
recovery rate for the 'AAA' rating level, and the actual
weighted-average recovery rate for all other rating levels. 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.

"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.

"Following the application of our structured finance sovereign risk
criteria, the transaction's exposure to country risk is limited at
the assigned preliminary ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our 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 A, B-1, B-2, C, D, and E notes. Our credit and cash flow
analysis indicates that the available credit enhancement for the
class B-1 and B-2 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.

"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."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
manufacturing or marketing of weapons of mass destruction, illegal
drugs or narcotics, pornographic materials, payday lending,
electrical utility with carbon intensity greater than 100gCO2/kWh,
unregulated hazardous chemicals, ozone-depleting substances,
endangered or protected wildlife, thermal coal, civilian firearms,
tobacco, opioid manufacturing, non-certified palm oil, private
prisons. 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.    CREDIT         INTEREST RATE*
           RATING    AMOUNT    ENHANCEMENT
                   (MIL. EUR)      (%)

  A        AAA (sf)   242.00     39.50    Three/six-month EURIBOR
                                          plus 0.96%

  B-1      AA (sf)     24.00     31.00    Three/six-month EURIBOR
                                          plus 1.75%

  B-2      AA (sf)     10.00     31.00    2.00%

  C        A (sf)      42.00     20.50    Three/six-month EURIBOR
                                          plus 2.10%

  D        BBB- (sf)   26.00     14.00    Three/six-month EURIBOR
                                          plus 3.10%

  E        BB- (sf)    18.00      9.50    Three/six-month EURIBOR
                                          plus 6.35%

  Z        NR           7.20       N/A    N/A

  Sub      NR          48.40       N/A    N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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

AVOCA CLO XXV: Fitch Assigns Final B- Rating on Class F Tranche
---------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XXV DAC's final ratings.

    DEBT                    RATING                PRIOR
    ----                    ------                -----

Avoca CLO XXV DAC

A XS2400440645       LT AAAsf     New Rating    AAA(EXP)sf
B-1 XS2400440728     LT AAsf      New Rating    AA(EXP)sf
B-2 XS2400441379     LT AAsf      New Rating    AA(EXP)sf
C XS2400441452       LT Asf       New Rating    A(EXP)sf
D XS2400441536       LT BBB-sf    New Rating    BBB-(EXP)sf
E XS2400441965       LT BB-sf     New Rating    BB-(EXP)sf
F XS2400442005       LT B-sf      New Rating    B-(EXP)sf
Subordinated Notes   LT NRsf      New Rating
XS2400442187

TRANSACTION SUMMARY

Avoca CLO XXV DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of corporate-rescue
loans, senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Net proceeds from the notes have been used to
fund a portfolio with a target par of EUR400 million. The portfolio
is actively managed by KKR Credit Advisors (Ireland) Unlimited
Company. The collateralised loan obligation (CLO) has a 4.4-year
reinvestment period and an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.88.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
62.95%.

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices: one effective at closing corresponding to a top-10
obligor concentration limit at 20%, a fixed-rate asset limit to 10%
and an 8.5-year WAL; and one that can be selected by the manager at
any time from one year after closing as long as the portfolio
balance (including defaulted obligations at their Fitch collateral
value) is above target par and corresponding to the same limits of
the previous matrix, apart from a 7.5-year WAL.

The transaction also includes various concentration limits,
including a maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.4-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

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

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Avoca CLO XXV DAC

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

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

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

FROST CMBS 2021-1: S&P Assigns B (sf) Rating to Class GBP-F Notes
-----------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Frost CMBS 2021-1
DAC's class GBP-A, GBP-B, GBP-C, GBP-D, GBP-E, GBP-F, EUR-A, EUR-B,
EUR-C, EUR-D, and EUR-E notes. At closing, Frost CMBS 2021-1 also
issued unrated class GBP-X and EUR-X notes.

The issuer used the note proceeds to purchase a loan secured by
three cold storage facilities in the U.K., Germany, and France from
Goldman Sachs Bank Europe SE.

The loan consists of two facilities—a British pound sterling and
a euro facility. The borrower has used the sterling facility to
refinance existing debt on the U.K. asset, which is in Wakefield,
near Leeds. Payments due under the sterling facility primarily fund
the issuer's interest and principal payments due under the sterling
notes.

The euro facility refinanced existing debt on the two other
properties in Rheine, Germany, and Argentan, France. Payments due
under the euro facility primarily fund the issuer's interest and
principal payments due under the euro notes. The borrowers are
ultimately owned by NewCold, which is a cold storage platform
managed by Westport Capital—the loan sponsor.

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 was issued and retained
by Goldman Sachs Bank USA.

The loan provides for cash trap mechanisms set at 68.77% for the
loan-to-value (LTV) ratio of the combined facilities, or minimum
debt yield set at 8.74%. The loan would default if the LTV ratio
exceeds 76.27% or if the debt yield falls below 7.71% and if that
default is not cured.

The loan has an initial term of three years with two one-year
extension options available subject to the satisfaction of certain
conditions. The loan is interest-only in its first year, followed
by scheduled amortization of 1.0% of principal in year 2.
Thereafter, amortization may be payable provided certain
performance-related triggers are not met.

S&P's ratings address Frost CMBS 2021-1's ability to meet timely
interest payments and principal repayment no later than the legal
final maturity in November 2033. 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.

Ratings

  CLASS    RATING    AMOUNT (GBP/EUR)

  Sterling notes


  GBP-A    AAA (sf)     45,000,000

  GBP-B    AA- (sf)     16,000,000

  GBP-C    A- (sf)      13,000,000

  GBP-D    BBB- (sf)    13,000,000

  GBP-E    BB- (sf)     15,500,000

  GBP-F    B (sf)        6,951,000

  GBP-X1   NR              100,000

  GBP-X2   NR              100,000

  GBP-X3   NR              100,000

  Euro notes

  EUR-A    AAA (sf)     45,000,000

  EUR-B    AA- (sf)     15,500,000

  EUR-C    A- (sf)      12,200,000

  EUR-D    BBB- (sf)    12,100,000

  EUR-E    BB (sf)       6,596,000

  EUR-X1   NR              100,000

  EUR-X2   NR              100,000
  
  EUR-X3   NR              100,000



HARVEST CLO XXVII: Fitch Assigns Final B- Rating to Class F Tranche
-------------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXVII DAC final ratings.

    DEBT                         RATING               PRIOR
    ----                         ------               -----

Harvest CLO XXVII DAC

A XS2400776477            LT AAAsf    New Rating    AAA(EXP)sf
B1 XS2400776634           LT AAsf     New Rating    AA(EXP)sf
B2 XS2400776980           LT AAsf     New Rating    AA(EXP)sf
C XS2400777103            LT Asf      New Rating    A(EXP)sf
D XS2400777368            LT BBBsf    New Rating    BBB(EXP)sf
E XS2400777525            LT BB-sf    New Rating    BB-(EXP)sf
F XS2400777871            LT B-sf     New Rating    B-(EXP)sf
Sub Notes XS2400778259    LT NRsf     New Rating    NR(EXP)sf
Z XS2400778093            LT NRsf     New Rating    NR(EXP)sf

TRANSACTION SUMMARY

Harvest CLO XXVII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
will be used to purchase a portfolio with a target par of EUR400
million. The portfolio is actively managed by Investcorp Credit
Management EU Limited. The collateralised loan obligation (CLO) has
a 4.6-year reinvestment period and an 8.5-year weighted average
life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 26.24.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
62.59%.

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices: one effective at closing, corresponding to a top-10
obligor concentration limit at 21%, a fixed-rate asset limit at
7.5% and an 8.5-year WAL; and another that can be selected by the
manager at any time one year after closing, as long as the
portfolio balance (including defaulted obligations at their Fitch
collateral value) is above target par and corresponding to the same
limits of the previous matrix apart from a 7.5-year WAL. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration

Portfolio Management (Positive): The transaction has a 4.6-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

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

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

No published financial statements relied upon in the rating
analysis

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

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

DATA ADEQUACY

Harvest CLO XXVII DAC

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

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

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

PENTA CLO 10: Fitch Assigns Final B- Rating to Class F Tranche
--------------------------------------------------------------
Fitch Ratings has assigned Penta CLO 10 DAC final ratings.

    DEBT                             RATING              PRIOR
    ----                             ------              -----

Penta CLO 10 DAC

A XS2401707877               LT AAAsf     New Rating   AAA(EXP)sf
B-1 XS2401707950             LT AAsf      New Rating   AA(EXP)sf
B-2 XS2401708339             LT AAsf      New Rating   AA(EXP)sf
C XS2401708412               LT Asf       New Rating   A(EXP)sf
D XS2401708255               LT BBB-sf    New Rating   BBB-(EXP)sf
E XS2401708925               LT BB-sf     New Rating   BB-(EXP)sf
F XS2401709063               LT B-sf      New Rating   B-(EXP)sf
Subordinated XS2401708842    LT NRsf      New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Penta CLO 10 DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Partners Group. The
collateralised loan obligation (CLO) has a five-year reinvestment
period and a nine-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B'/'B-' category. The
Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.87.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
64.40%.

Diversified Asset Portfolio (Positive): The transaction will have a
Fitch test matrix corresponding to a top 10 obligors' concentration
limit of 16% and a maximum fixed rate asset limit at 5%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

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

Cash Flow Modelling (Neutral): Fitch's analysis is based on a
stressed-case portfolio with an eight-year WAL. The WAL used for
the transaction stress portfolio was 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period, including passing the
over-collateralisation and Fitch 'CCC' limitation tests.

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Penta CLO 10 DAC

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

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

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



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

TIRRENIA: Judge Orders Seizure of Onorato Armatori Assets
---------------------------------------------------------
Lucca de Paoli at Bloomberg News, citing Ansa newswire, reports
that a Milan judge ordered the seizure of EUR20 million of assets
from an Onorato Armatori unit.

Administrators of Tirrenia filed the request to seize the assets,
Bloomberg relates.

Tirrenia, formerly state owned, is an insolvent company whose
assets were bought by beleaguered ferry operator Moby in 2011,
Bloomberg discloses.

According to Bloomberg, Ansa said Moby parent Onorato Armatori has
transferred EUR210 million from the subsidiary, preventing it from
paying EUR180 million agreed for the acquisition.



===================
K A Z A K H S T A N
===================

KAZTRANSGAS: S&P Alters Outlook to Positive, Affirms 'BB' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on KazTransGas (KTG) and its
core operating subsidiary Intergas Central Asia JSC (ICA) to
positive from negative, and affirmed the 'BB' ratings.

The positive outlook reflects S&P's view that the likelihood of
state support might improve in the next 12 months, as well as the
possibility that KTG's funds from operations (FFO) to debt might
improve closer to 45% on a sustainable basis, despite plans to
increase capital expenditure (capex).

S&P said, "KTG has become the direct subsidiary of Samruk-Kazyna
(BBB-/Stable/A-3), and our rating on KTG is no longer constrained
by the credit quality of its previous parent, KMG (BB/Negative/--).
On Nov. 9, 2021, the transaction to transfer the 100% shares of KTG
to Samruk-Kazyna was completed, and we no longer incorporate the
risks related to KMG's performance and leverage into our rating on
KTG. The transaction was conditional on the consent to be provided
by the holders of both KTG's and KMG's public debt. The new parent,
Samruk-Kazyna, is a fully state-owned vehicle established in 2008
by presidential decree to manage almost all Kazakhstan's
state-owned corporate assets, including KMG, KEGOC, KTZ,
Kazakhtelecom, and many others. We equalize the ratings on
Samruk-Kazyna with those on Kazakhstan (BBB-/Stable/A-3). At the
same time, we view Samruk-Kazyna as the government's tool to
coordinate and manage the corporate sector, with limited
centralized financial resources available, and we expect any state
support to KTG to flow from the state rather than from
Samruk-Kazyna. This is similar to our approach for other rated
Samruk-Kazyna subsidiaries, namely KTZ, KEGOC, KMG, and
Kazakhtelecom."

S&P currently thinks there is moderately high likelihood of
extraordinary government support for KTG.This is based on its
assessment of the company's:

-- Important role for Kazakhstan, given its strategic importance
as the monopoly gas supplier in the service area, and ICA's status
as the national trunk gas pipeline operator; and

-- Strong link with the government via full ownership of KTG by
its new parent, 100% state‐owned Samruk-Kazyna.

S&P said, "We think the role of KTG for the government might
increase as the company takes on wider responsibilities in the gas
industry. At the moment, KTG benefits from its national gas
operator status which, among other things, means the company is
nominated to purchase associated gas from oil producers at
favorably low fixed prices and resell to customers with a margin.
As we understand, KTG is in the process of obtaining the wider
status of national gas company, which would mean it will be
responsible for the whole sector, from preemptive rights to develop
domestic gas fields, to transportation, maintaining regional gas
infrastructure, and exercising initiatives on gasification of
Kazakhstan cities. At the same time, we highlight there are some
uncertainties at this stage, notably details of the strategic
governmental view over KTG's gas exploration and production
activities, new investment mandates, and the future dividend
policy. We also would expect to see more details on KTG's
medium-term plans for gas infrastructure development, financial
policies with leverage targets, and potential dividend payout."

The company is to undertake two large investment projects in
2021-2022. S&P anticipates KTG will bear heavy investments into two
gas pipeline projects in 2021-2022:

-- The construction of a looping at Makat-North Caucasus pipeline
for Kazakhstani tenge (KZT) 100 billion (about $230 million);

-- And the second line of the Beineu-Zhanaozen pipeline (KZT180
billion).

S&P said, "That said, in our base case we envisage a material
growth of total capex in these two years, to KZT180 billion in 2021
and KZT300 billion-KZT320 billion in 2022, from just KZT72 billion
in 2020. We think that due to these large capex levels FOCF will
likely be heavily negative next year. At the same time, we
highlight that the company has accumulated ample cash balances
(KZT393 billion as of Sept. 30, 2021), which alleviate the
investments pressure and reduce the need in raising external debt.
In addition, any state funds injections aimed at these projects
would also indicate a potentially higher level of support available
for KTG.

"Although KTG's 2021 results are boosted by the one-off gain of the
purchase gas price adjustment, we expect 2022-2023 credit metrics
to be adequate thanks to healthy EBITDA and anticipated release of
the guarantee over Beineu-Shymkent liabilities. In 2022 and 2023,
we think the credit metrics will be adequate for the rating and
'bb' stand-alone credit profile (SACP), with FFO to debt of about
25%-30%, despite the capex ramp-up. We expect 2021 EBITDA to be
high (about KZT300 billion–KZT310 billion), but not
representative of KTG's future performance. In the first half of
2021, there was an arbitrage dispute in favor of KTG requiring
recalculation of the company's gas purchasing prices down for some
periods. As a result, the company's cost of gas sold was adjusted
down by $240 million, leading to much-higher-than-normal EBITDA for
the first half of 2021 of KZT229 billion compared with KZT93
billion generated for the similar period of 2020. We do not expect
KTG will pay any extra dividend on this one-off income, which
therefore helps to reduce net debt. We expect KTG's normalized
EBITDA will be about KZT160 billion-KZT180 billion (including
dividends from Asian Gas Pipeline LLP).

"As we understand, the company is actively engaged in managing some
of the liabilities at Beineu-Shymkent Gas Pipeline LLP (BShP) 50:50
joint venture, which could result in KTG's release of the financial
guarantee over BShP's debt. If realized, these steps might improve
KTG's FFO to debt compared with our base case (to above 45%).

"The positive outlook reflects potential rating upside depending on
the evolution of KTG's role for Kazakhstan and the government's
strategy with regards to the company, which may lead us to reassess
the likelihood of extraordinary support available for the company.
In addition, rating upside could materialize if KTG's stand-alone
financial metrics improve, with FFO to debt close to 45% on a
sustainable basis, and if the company's financial policy,
investment plans, and dividend targets are supportive of
maintaining the metrics at that level. This might, for example,
happen in case of an equity injection from the state or parent
(aimed at capex financing) and refinancing of BShP's liabilities
leading to less recourse to KTG."

Downside scenario

S&P would revise the outlook to stable if it sees KTG's role for
the government will remain at the current level, meaning mostly gas
transit and trading operations. For the SACP, upside might become
limited if KTG assumes a much higher level of investments and
potentially dividends, for instance into gas exploring and
production activities, upgrade of regional gas infrastructure, or
gasification of cities.




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

MV24 CAPITAL: S&P Affirms 'BB' Rating on $1.1BB Sr. Secured Notes
-----------------------------------------------------------------
On Nov. 30, 2021, S&P Global Ratings affirmed its 'BB' issue-level
rating on MV24 Capital B.V.'s (MV24 or the project) $1.1 billion
6.748% senior secured notes.

The stable outlook reflects its expectation that the asset will
operate at a minimum of 96% availability in the next 24 months and
conduct seven maintenance stoppage days per year, leading to a DSCR
of about 1.3x.

The rating reflects the contracted nature of the asset, which
results in very stable and predictable cash flows. The rating is
one notch above the rating on the weakest of the revenue
counterparties, Petrobras, because S&P believes that there are
economic incentives for the owners of the oilfield to continue oil
production, even during financial distress. This reflects its view
of the essential service the project provides to the oil
production, which generates cash flows to the owners of the field,
combined with the asset's unique characteristics that were designed
to operate in the Tupi field; that is, it's a difficult asset to
replace. The field is under the first quartile of its cash-cost,
with an oil break-even cost below $20 per barrel of oil
equivalent.

S&P said, "Therefore, we cap the rating on MV24 at one notch above
the rating on Petrobras. Our analysis also incorporates the
operational risk inherent to oil production, limited to activities
of light process and oil storage, that is, excluding activities of
a subsea wellhead; the benefit of a long-term, availability-based
charter agreement that eliminates market risk; and the operator's
experience that has maintained 96.7% average availability of the
asset since it started operations in October 2014.

"Our base-case scenario, which assumes 96% average availability and
the prices included in the charter agreement, adjusted by higher
U.S. CPI reflecting our updated macroeconomic forecast of 4.5% in
2021, 3.9% in 2022, 2.4% in 2023, and 2.1% from 2024 onward,
resulting in a slightly higher minimum annual DSCR of 1.27x in 2032
and an average DSCR of 1.4x throughout the notes' term. In our
view, the project's resilience under a downside-case scenario
supports MV24's strength, given its low exposure to price
variations due to its availability-based payments. These factors
result in a higher adjusted preliminary operations phase
stand-alone credit profile (SACP) of 'bb+' from the previous 'bb',
while the project's SACP is limited at 'bb' considering the cap at
one notch above the rating on Petrobras.

"Finally, the rating on the project's notes is higher than that on
Brazil, given that we believe the project would be able to pass a
sovereign stress scenario. This is principally due to the exporting
nature of the asset, smooth debt payments, and existence of debt
reserve accounts. Although the vessel operates in Brazil, the
documentation of the transaction defines that payments are
deposited in offshore accounts, all cash is held offshore, and
revenue and costs are denominated in U.S. dollars, offsetting the
foreign-exchange conversion risk. We didn't apply the typical cash
haircut because all cash is held offshore, invested under permitted
investment-grade securities."




===========
N O R W A Y
===========

PROSAFE: Majority of Norwegian Creditors Back Restructuring Plan
----------------------------------------------------------------
Luca Casiraghi at Bloomberg News reports that the requisite
majority of Prosafe's Norwegian creditors approved its
restructuring plan, according to a company statement.

The plan mirrors Singapore's scheme of arrangement proposal,
Bloomberg notes.

Headquartered in Norway, Prosafe is an owner and operator of
offshore accommodation vessels, known for delivering safe and
efficient operations in some of the most challenging offshore
environments worldwide.




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

GRUPO ANTOLIN: S&P Alters Outlook to Negative, Affirms 'B' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B' long-term issuer credit and issue ratings on Grupo
Antolin.

The negative outlook reflects the company's low operating
visibility caused by the prolonged volatility in car production and
cost inflation that could lead to prolonged weakness in the group's
credit metrics.

Weaker volumes and cost inflation will delay the improvement in
Grupo Antolin's credit metrics. The sharp revenue decline in the
third quarter broadly followed the 25% auto production contraction
in its main markets, namely Europe (51% of 2020 sales) and North
America (34%), notably affected by the rapid and sudden production
decline from volume-driven original equipment manufacturers
(OEMs)--its main customers--while the mix of product sold was also
unfavorable. The sharp raw material and transportation cost
inflation and operating leverage effects depressed reported EBITDA
margin to 3.2% compared with 8.6% last year. S&P said, "We now
anticipate the company will generate only modest revenue growth of
0%-2% in 2021, with adjusted EBITDA broadly in line with last
year's EUR191 million. This is much weaker compared with our May
2021 forecast revenue growth of 9%-11% and EBITDA of EUR240
million-EUR280 million, and will likely result in adjusted leverage
of about 9x compared with 5.9x in our previous base-case scenario,
and slightly up from 8.3x in 2020. For 2022, we project revenue
will increase by 6%-8%, broadly in line with our estimate for
global auto production growth, along with our adjusted EBITDA
margin expanding to 8%-9% in 2022 (5.5%-6.5% after deducting
capitalized development costs) from 6.5%-7.5% (4%-5%) in 2021 due
to improved fixed-cost absorption and more stable raw material
prices, as well as some benefits from the company's new cost saving
plan (EUR50 million annual target). This would result in adjusted
debt to EBITDA of about 6x in 2022, as per our estimate, above our
current 5.5x downside threshold for the rating. Moreover, we expect
OEM order visibility to remain low, with the supply chain
disruptions caused by the semiconductor and other component
shortages unlikely to abate before second-half 2022. In our view,
any additional setbacks with respect to volume recovery, passing
through higher input costs or achieving efficiency gains, would
further delay the recovery in credit metrics."

S&P said, "Weak performance means covenant pressure is back, but we
anticipate Grupo Antolin will amend its covenants if needed. We
project the weaker operating performance will also result in tight
covenant cushion against the 4.0x and 3.5x net leverage
requirements of its main debt facilities for year-end 2021 and
2022, respectively. Our base-case scenario assumes that the company
will further draw about EUR50 million under its factoring lines
(excluded from covenant debt) to achieve net covenant leverage of
about 3.8x for fourth-quarter 2021. We also understand that it will
seek temporary covenant waivers or relaxation on its senior
facilities agreement (SFA) and European Investment Bank (EIB) loan
for testing periods in 2022. We assess the probability that these
efforts will happen in a timely fashion as high, which is key to
our affirmation. We view Grupo Antolin's relationships with its
core lender group as sound, as demonstrated by its ability to
obtain covenant waivers and relaxations between the second quarter
of 2020 and 2021. That said, although we consider it unlikely at
this stage, any delay or failure to amend its financial covenants
could result in greater rating downside. The SFA includes an equity
cure period of 20 days in case of covenant breach and we estimate
that the hypothetical equity cure requirement would not exceed
EUR100 million. However, we have limited visibility as to the
readiness of the Antolin family, the group's ultimate shareholder,
to provide such support if needed.

"Our rating on Grupo Antolin remains supported by its resilient
FOCF and sizable liquidity cushion. We anticipate the company will
burn limited cash of up to EUR10 million in 2021 (before usage of
factoring) despite our weaker than previously anticipated adjusted
EBITDA of EUR170 million-EUR190 million and neutral working capital
requirements. Last year, Grupo Antolin generated adjusted FOCF of
EUR128 million, supported by a working capital reduction of the
same amount. In our view, the company's ability to reduce capital
expenditure (capex) as volumes decline also contribute to cash
preservation. For 2021, we anticipate that reported capex will not
be much higher than EUR200 million, down materially from the EUR300
million pre-pandemic mark. Overall, we anticipate Grupo Antolin
will maintain a solid liquidity buffer consisting of cash on hand
of over EUR300 million and a fully undrawn revolving credit
facility (RCF) of EUR200 million as it enters 2022. The absence of
any significant near-term maturities until 2026 further supports
this assessment.

"The negative outlook reflects the low visibility for Grupo
Antolin's revenue and profitability caused by the prolonged
volatility in car production and input cost inflation. We
anticipate this could result in prolonged weakness in the group's
credit metrics and tight covenant headroom through 2022.

"We could lower the rating by one notch in the next 12 months if
reduced auto production volume and cost inflation not passed
through to customers resulted in our adjusted debt to EBITDA and
adjusted funds from operations (FFO) to debt remaining well above
5.5x and below 12%, or if adjusted FOCF remained consistently below
2%. Although unlikely, an increasing probability of a covenant
breach under the company's debt facilities could likely lead to
steeper rating downside over the near term.

"We could revise our outlook to stable if Grupo Antolin regains
operating visibility from increasing and more predictable order
volumes, successful management of input cost inflation, and other
cost efficiency measures, such that adjusted debt to EBITDA
progressively decreases below 5.5x by end-2022, with adjusted FFO
and FOCF to debt above 12% and 2%, respectively. A stable outlook
would also require at least 15% covenant headroom under the debt
facilities."




===========
S W E D E N
===========

SWEDEN: Real Estate Bankruptcies Down 54% in November 2021
----------------------------------------------------------
Veronica Ek at Bloomberg News reports that bankruptcies for Swedish
real estate companies fell by 54% in November compared with the
same month a year ago, credit reference agency UC says in emailed
statement.

Meanwhile, bankruptcies within the hotels and restaurants industry
rose by 17%, Bloomberg states.

According to Bloomberg, bankruptcies within two sectors that were
badly hit during the pandemic, retail and transportation, continue
to decrease compared with 2020.

Retail bankruptcies declined by 2%, while bankruptcies within the
transportation industry dropped by 23%, Bloomberg discloses.



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

CARILLION PLC: Official Receiver Lodges Claim Against KPMG
----------------------------------------------------------
Jack Sidders at Bloomberg News, citing the Sunday Times, reports
that the U.K. government agency charged with liquidating Carillion
Plc has lodged a claim at the high court against auditor KPMG.

According to Bloomberg, the newspaper reported the official
receiver has accused KPMG of negligence in its audit of the U.K.
contractor and quantified claims of about GBP250 million (US$336
million) in dividends and advisory fees paid between 2014 and
2017.

It said full details of the legal claim are expected to be made
public before the end of the year, Bloomberg notes.

KPMG says Carillion's board and management are solely responsible
for the failure as they set the strategy and ran operations, the
Sunday Times reported, citing a source close to the auditor,
Bloomberg relates.  

KPMG was paid GBP29 million to audit Carillion over 19 years and
signed off on the company's accounts nine months before its
collapse, Bloomberg discloses.

GLOBO PLC: FCA Launches Legal Action Against Two Former Top Execs
-----------------------------------------------------------------
Kadhim Shubber and Dan McCrum at The Financial Times report that
the Financial Conduct Authority has launched a High Court legal
action against two former top executives at Globo, the UK mobile
technology company that collapsed into administration in 2015
following accusations of accounting fraud.

According to the FT, the UK markets watchdog filed a lawsuit
against Costis Papadimitrakopoulos, Globo's founder and chief
executive, and Dimitris Gryparis, who was chief financial officer.
The case comes six years after the FCA began investigating the
company, the FT notes.

Globo had been listed on London's Aim, the UK's lightly regulated
market for smaller public companies.  It raised more than GBP100
million in sales of stock and debt, and at their peak the group's
shares were valued at more than GBP300 million, the FT notes.

The business had been founded in 1997 and claimed to sell software
used by more than 300,000 companies to manage employee mobile
phones, but collapsed when questions were raised about its revenue
and profits, the FT recounts.

Mr. Papadimitrakopoulos resigned in October 2015 along with Mr.
Gryparis after notifying the board about "certain matters regarding
the falsification of data and the misrepresentation of the
company's financial situation", Globo told the market that month,
the FT discloses.

The company also disclosed at the time that it had made reports to
law enforcement authorities in the UK, Greece and Cyprus, and that
the FCA had launched an investigation, the FT notes.

Globo collapsed after publication of a report by the New York hedge
fund Quintessential Capital Management, which claimed the company
was "massively overstating its revenue and profit by generating
fictitious sales invoices from shell companies [posing as]
legitimate clients", the FT relates.

The FT also found that companies Globo claimed as significant
customers on its website included a Mumbai laptop-repair shop which
had never heard of it.

At the time of its collapse, Globo was audited by Grant Thornton
and claimed cash reserves of GBP104 million in various foreign
subsidiaries, the FT relays.  According to the insolvency
administrator's report, the UK holding company failed with
GBP180,000 cash in its bank accounts.  A year later only GBP33,000
had been recovered, primarily from a VAT refund, the FT discloses.

In 2018, the Financial Reporting Council, which regulates auditors,
closed its investigation into Grant Thornton over its Globo audits
without taking any action, the FT recounts.


JAD JOINERY: Owes Creditors Nearly GBP1 Million, Report Shows
-------------------------------------------------------------
Rhoda Morrison at Edinburgh Evening News reports that
Edinburgh-based construction firm JAD Joinery which recently filed
for liquidation owes its creditors nearly GBP1 million, according
to a newly published report.

According to Edinburgh Evening News, the Interim Liquidators'
Report, published by Interpath, shows that the construction
business owes its creditors GBP999,077.47.

Founded in 2002, JAD Joinery was a multi-accredited construction
and interior fit-out contractor providing turnkey solutions.

Companies House records showed that JAD director Steven McKenzie
resigned from his post on June 3, 2021, Edinburgh Evening News
relates.  Just a few weeks later on July 15, 2021, Alistair
McAlinden and Blair Nimmo, of Interpath Advisory, were appointed as
interim liquidators for the firm, Edinburgh Evening News recounts.
In 2017 McKenzie's previous firm Poseident Limited was also
liquidated, Edinburgh Evening News relays, citing companies house
records.

Now creditors have spoken out to criticize the company and its
directors for leaving local businesses and suppliers in the lurch,
Edinburgh Evening News discloses.

The Interpath report also showed that company accounts suggested
that director Steven McKenzie owed the company an astonishing
GBP170,000, Edinburgh Evening News relays.

According to Edinburgh Evening News, the report goes on to say,
"However, Mr. McKenzie disputed certain elements believing he owed
approximately GBP72,000.  We reviewed the Company's records and
various documents provided by Mr McKenzie.  Having regard to the
cost and time required to pursue the full debt via legal action, we
sought to reach a commercial settlement with Mr. McKenzie.  After
many discussions and email exchanges, we agreed to accept GBP60,000
in full and final settlement of the director's loan account.

The report continued, "GBP20,000 was duly paid on 29 July 2021 and
the remained is due to be received in monthly instalments.  The
Liquidator(s) will monitor receipt of the monthly payments as they
fall due.  If payments are not forthcoming, the Liquidator(s)
reserve the right to take legal action to collect the debt in the
future."


LONDON WALL 2021-02: S&P Puts Prelim B- Rating to X and S Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to London Wall Mortgage
Capital PLC's Series Fleet 2021-02 notes.

London Wall Mortgage Capital PLC - Series Fleet 2021-02 is an RMBS
transaction that securitizes a portfolio of BTL mortgage loans
secured on properties in England and Wales.

This transaction is the fifth securitization under the London Wall
Mortgage Capital PLC program.

The loans in the pool were originated between 2015 and 2021 by
Fleet Mortgages Ltd., a nonbank specialist BTL lender.

Fleet Mortgages has recently been acquired by Starling Bank Ltd.
and the business will now be regulated and adhere to Prudential
Regulatory Authority (PRA) standards

The transaction includes a portion of loans that were originally
securitized in the Series Fleet 2016-01 transaction.

S&P considers the collateral to be prime based on the overall
historical performance of Fleet Mortgages' BTL mortgage book, the
conservative underwriting criteria, and the absence of loans in
arrears in the securitized pool.

Of the pool, none of the mortgages have an active payment holiday
due to the COVID-19 pandemic, and less than 0.5% by current balance
have had a historical payment holiday that has expired.

The pool has limited seasoning, and there is a relatively high
exposure to Greater London (53.0%).

Principal can be used to pay senior fees and interest on the class
A notes subject to various conditions.

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

At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer entered into a security deed with the security trustee at
the time of program establishment and granted security over all of
its assets in favor of the security trustee.

S&P said, "There are no rating constraints in the transaction under
our counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote. We
also consider each series within the program to be segregated."

Fleet Mortgages is the servicer in this transaction.

S&P said, "We have tested the sensitivity of the ratings to
stressed spread compression assuming a higher prepayment rate,
potentially compressing the excess spread available. The assigned
ratings can withstand these stresses.

"We have previously analyzed assets originated by Fleet Mortgages
under the following transactions: Canada Square Funding 2019-1 PLC,
Canada Square Funding 2020-1 PLC, Canada Square Funding 2020-2 PLC,
Canada Square Funding 2021-1 PLC, Canada Square Funding 2021-2 PLC,
and London Wall Mortgage Capital PLC - Series Fleet 2021-01."

Preliminary Ratings

  CLASS    PRELIMINARY RATING*    AMOUNT (MIL. GBP)

  A             AAA (sf)            223.047
  B-Dfrd        AA- (sf)             17.207
  C-Dfrd        A- (sf)               8.285
  D-Dfrd        BBB (sf)              3.824
  E-Dfrd        BB (sf)               2.549
  Z-Dfrd        NR                    2.549
  X-Dfrd        B-                   10.300
  S-Dfrd        B-                    2.549

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes, and the ultimate
payment of interest and principal on the other rated notes.
NR--Not rated.
TBD--To be determined.


NEWDAY FUNDING 2021-3: Fitch Puts Final B+ Rating to  Cl. F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned NewDay Funding Master Issuer Plc -
Series 2021-3 notes final ratings. The Outlooks are Stable. Fitch
has simultaneously affirmed all existing series with Stable
Outlooks.

Asset performance has been healthy during the pandemic. There have
only been small increases in delinquencies and charge-offs so far.
Charge-offs have remained below Fitch's 18% charge-off steady
state, with yield and monthly payment rate (MPR) being relatively
stable, and converging back to pre-pandemic levels. There will be
short-term performance fluctuations. As the furlough scheme is
reaching its end, Fitch expects delinquencies and charge-offs to
increase as unemployment rises. However, Fitch does not expect the
stress on the trust performance to be long term.

         DEBT                          RATING           PRIOR
         ----                          ------           -----

NewDay Funding Master Issuer Plc

2018-2 Class A1 65120BAA1       LT AAAsf     Affirmed   AAAsf
2018-2 Class A2 XS1882673434    LT AAAsf     Affirmed   AAAsf
2018-2 Class B XS1882673780     LT AAsf      Affirmed   AAsf
2018-2 Class C XS1882674085     LT Asf       Affirmed   Asf
2018-2 Class D XS1882674754     LT BBBsf     Affirmed   BBBsf
2018-2 Class E XS1882675306     LT BBsf      Affirmed   BBsf
2019-1 Class A XS2001273668     LT AAAsf     Affirmed   AAAsf
2019-1 Class B XS2001274559     LT AAsf      Affirmed   AAsf
2019-1 Class C XS2001274393     LT Asf       Affirmed   Asf
2019-1 Class D XS2001275101     LT BBBsf     Affirmed   BBBsf
2019-1 Class E XS2001275879     LT BBsf      Affirmed   BBsf
2019-1 Class F XS2001276257     LT B+sf      Affirmed   B+sf
2019-2 Class A 65120KAA1        LT AAAsf     Affirmed   AAAsf
2019-2 Class B XS2052209256     LT AAsf      Affirmed   AAsf
2019-2 Class C XS2052209413     LT Asf       Affirmed   Asf
2019-2 Class D XS2052209769     LT BBBsf     Affirmed   BBBsf
2019-2 Class E XS2052210189     LT BBsf      Affirmed   BBsf
2019-2 Class F XS2052210346     LT B+sf      Affirmed   B+sf
2021-1 Class A1 XS2296139798    LT AAAsf     Affirmed   AAAsf
2021-1 Class A2 65120LAA9       LT AAAsf     Affirmed   AAAsf
2021-1 Class B XS2296139954     LT AAsf      Affirmed   AAsf
2021-1 Class C XS2296140028     LT Asf       Affirmed   Asf
2021-1 Class D XS2296140291     LT BBBsf     Affirmed   BBBsf
2021-1 Class E XS2296140374     LT BBsf      Affirmed   BBsf
2021-1 Class F XS2296140457     LT B+sf      Affirmed   B+sf
2021-2 Class A1 XS2358473374    LT AAAsf     Affirmed   AAAsf
2021-2 Class A2 65120LAB7       LT AAAsf     Affirmed   AAAsf
2021-2 Class B XS2358473887     LT AAsf      Affirmed   AAsf
2021-2 Class C XS2358474000     LT Asf       Affirmed   Asf
2021-2 Class D XS2358474182     LT BBBsf     Affirmed   BBBsf
2021-2 Class E XS2358474422     LT BBsf      Affirmed   BBsf
2021-2 Class F XS2358474778     LT B+sf      Affirmed   B+sf
2021-3 Class A1 XS2399701171    LT AAAsf     New Rating AAA(EXP)sf
2021-3 Class A2 XS2399701338    LT AAAsf     New Rating AAA(EXP)sf
2021-3 Class B XS2399700280     LT AAsf      New Rating AA(EXP)sf
2021-3 Class C XS2399700520     LT Asf       New Rating A(EXP)sf
2021-3 Class D XS2399790927     LT BBBsf     New Rating BBB(EXP)sf
2021-3 Class E XS2399805972     LT BBsf      New Rating BB(EXP)sf
2021-3 Class F XS2399827943     LT B+sf      New Rating B+(EXP)sf
VFN-F1 V1 Class A               LT BBB-sf    Affirmed   BBB-sf
VFN-F1 V1 Class E               LT BBsf      Affirmed   BBsf
VFN-F1 V1 Class F               LT B+sf      Affirmed   B+sf
VFN-F1 V2 Class A               LT BBBsf     Affirmed   BBBsf
VFN-F1 V2 Class E               LT BBsf      Affirmed   BBsf
VFN-F1 V2 Class F               LT Bsf       Affirmed   Bsf

TRANSACTION SUMMARY

The series 2021-3 notes issued by NewDay Funding Master Issuer Plc
are collateralised by a pool of non-prime UK credit card
receivables. NewDay is one of the largest specialist credit card
companies in the UK, where it is also active in the retail credit
card market. However, the co-brand retail card receivables do not
form part of this transaction.

The collateralised pool consists of an organic book originated by
NewDay Ltd, with continued originations of new accounts, and a
closed book consisting of two legacy pools acquired by the
originator in 2007 and 2010. NewDay started originating accounts
within the legacy pools, albeit in low numbers, in 2015. The
securitised pool of assets is beneficially held by NewDay Funding
Receivables Trustee Ltd.

KEY RATING DRIVERS

Non-Prime Asset Pool: The portfolio consists of non-prime UK credit
card receivables. Fitch assumes a steady-state charge-off rate of
18%, with a stress on the low end of the spectrum (3.5x for
'AAAsf'), considering the high absolute level of the steady-state
assumption and lower historical volatility in charge-offs.

As is typical in the non-prime credit card sector, the portfolio
had low payment rates and high yield. Fitch assumed a steady-state
MPR of 10% with a 45% stress at 'AAAsf', and a steady state yield
of 30% with a 40% stress at 'AAAsf'. Fitch also assumed a 0%
purchase rate in the 'Asf' category and above, considering that the
seller is unrated and the reduced probability of a non-prime
portfolio being taken over by a third party in a high-stress
environment.

Coronavirus Impact: Charge-offs and delinquencies have so far been
resilient to the impact of the coronavirus pandemic, aided by
payment deferment and furlough measures. The share of the portfolio
subject to payment holidays (as part of their regular forbearance
measures) has now reduced substantially from an initial peak, and
with furlough schemes recently phased out. Fitch expects a moderate
rise in unemployment translating into some performance
deterioration into 2022.

Nevertheless, Fitch has maintained its steady-state assumptions at
their existing levels, as Fitch does not expect any deterioration
to be a long-term trend. Fitch also considers the fact that
charge-offs have remained below the steady-state in recent years,
and that NewDay has applied stricter lending criteria since the
onset of the pandemic.

Variable Funding Notes Add Flexibility: The structure employs a
separate Originator VFN, purchased and held by NewDay Funding
Transferor Ltd (the transferor), in addition to Series VFN-F1 and
VFN-F2 providing the funding flexibility that is typical and
necessary for credit card trusts. It provides credit enhancement to
the rated notes, adds protection against dilution by way of a
separate functional transferor interest and meets the UK and US
risk retention requirements.

Key Counterparties Unrated: The NewDay Group will act in several
capacities through its various entities, most prominently as
originator, servicer and cash manager. The degree of reliance is
mitigated by the transferability of operations, agreements with
established card service providers, a back-up cash management
agreement and a series-specific liquidity reserve.

RATING SENSITIVITIES

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

Rating sensitivity to increased charge-off rate:

-- Increase steady state by 25% / 50% / 75%

-- Series 2021-3 A: 'AAsf' / 'AA-sf' / 'A+sf'

-- Series 2021-3 B: 'A+sf' / 'Asf' / 'A-sf'

-- Series 2021-3 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'

-- Series 2021-3 D: 'BB+sf' / 'BBsf' / 'BB-sf'

-- Series 2021-3 E: 'B+sf' / 'Bsf' / N.A.

-- Series 2021-3 F: 'Bsf' / N.A. / N.A.

Rating sensitivity to reduced monthly payment rate (MPR):

-- Reduce steady state by 15% / 25% / 35%

-- Series 2021-3 A: 'AAsf' / 'AA-sf' / 'A+sf'

-- Series 2021-3 B: 'A+sf' / 'Asf' / 'A-sf'

-- Series 2021-3 C: 'A-sf' / 'BBB+sf' / 'BBBsf'

-- Series 2021-3 D: 'BBB-sf' / 'BB+sf' / 'BBsf'

-- Series 2021-3 E: 'BB-sf' / 'BB-sf' / 'B+sf'

-- Series 2021-3 F: 'B+sf' / 'Bsf' / 'Bsf'.

Rating sensitivity to reduced purchase rate:

-- Reduce steady state by 50% / 75% / 100%

-- Series 2021-3 D: 'BBBsf' / 'BBB-sf' / 'BBB-sf'

-- Series 2021-3 E: 'BB-sf' / 'BB-sf' / 'BB-sf'

-- Series 2021-3 F: 'B+sf' / 'B+sf' / 'Bsf'

No rating sensitivities are shown for the class A to C notes, as
Fitch is already assuming a 100% purchase rate stress in these
rating scenarios.

Rating sensitivity to increased charge-off rate and reduced MPR:

-- Increase steady-state charge-offs by 25% / 50% / 75% and
    reduce steady-state MPR by 15% / 25% / 35%

-- Series 2021-3 A: 'AA-sf' / 'A-sf' / 'BBBsf'

-- Series 2021-3 B: 'Asf' / 'BBBsf' / 'BB+sf'

-- Series 2021-3 C: 'BBBsf' / 'BB+sf' / 'BB-sf'

-- Series 2021-3 D: 'BBsf' / 'B+sf' / 'Bsf'

-- Series 2021-3 E: 'B+sf' / N.A. / N.A.

-- Series 2021-3 F: N.A. / N.A. / N.A.

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

Rating sensitivity to reduced charge-off rate:

-- Reduce steady state by 25%

-- Series 2021-3 B: 'AAAsf'

-- Series 2021-3 C: 'AA-sf'

-- Series 2021-3 D: 'A-sf'

-- Series 2021-3 E: 'BBB-sf'

-- Series 2021-3 F: 'BBsf'

The class A notes cannot be upgraded given the notes are already
rated at 'AAAsf', which is the highest level on Fitch's rating
scale.

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

NewDay Funding Master Issuer Plc

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

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

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

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.


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *