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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

          Tuesday, December 7, 2021, Vol. 22, No. 238

                           Headlines



F R A N C E

GRANDIR GROUP: S&P Assigns 'B-' Rating, Outlook Positive


I R E L A N D

BARINGS EURO 2018-1: Moody's Affirms B1 Rating on EUR15MM F Notes
BARINGS EURO 2021-3: Fitch Rates Class F Tranche 'B-(EXP)'
CAIRN CLO XII: Fitch Rates Class F-R Notes 'B-(EXP)'
CAIRN CLO XII: Moody's Assigns (P)B3 Rating to EUR12MM Cl. F Notes
HAYFIN EMERALD VIII: S&P Assigns Prelim B- (sf) Rating to F Notes

OAK HILL V: Moody's Assigns (P)B3 Rating to EUR12MM Class F Notes
[*] IRELAND: Small Cos. Can Apply for Fast-Track Rescue Process


I T A L Y

ZONCOLAN BIDCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable


N E T H E R L A N D S

SYNCREON INTERMEDIATE: S&P Withdraws 'B-' LT Issuer Credit Rating


R U S S I A

JSC ROLF: Moody's Lowers CFR to B1, Under Review for Downgrade


S P A I N

HAYA REAL ESTATE: S&P Downgrades ICR to 'CCC-', Outlook Negative
IBERCAJA BANCO: Fitch Assigns BB+ Rating to Sr. Preferred Notes


S W E D E N

PERSTORP AB: S&P Alters Outlook to Stable, Affirms 'B-' ICR
SEREN BIDCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable


U N I T E D   K I N G D O M

BULB ENERGY: UK Households' Energy Bills Expected to Rise Further
DERBY COUNTY FOOTBALL: Search for New Owner Continues
DEVON AND CORNWALL: Goes Into Voluntary Liquidation
FINSBURY SQUARE 2021-1: Fitch Affirms CCC Rating on Class D Notes
HARBOUR NO.1: S&P Assigns B- (sf) Rating to Class F-Dfrd Notes

HIGH STREET GROUP: Set to Go Into Administration
WYVERN FURNITURE: Enters Administration, 100+ Jobs Affected


X X X X X X X X

[*] Dechert Elects 31 New Partners from Around the World

                           - - - - -


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F R A N C E
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GRANDIR GROUP: S&P Assigns 'B-' Rating, Outlook Positive
--------------------------------------------------------
S&P Global Ratings assigns 'B-' ratings to French childcare
provider The Grandir Group SAS and its senior secured debt.

The positive outlook reflects S&P's expectation that the group will
generate at least break-even free operating cash flow (FOCF) after
lease payments and restructuring expenses in 2021, and positive
FOCF of EUR10 million-EUR15 million in 2022, such that our adjusted
FOCF to debt metric exceeds 5% by year-end 2022.

On completion of the Liveli acquisition, Grandir will become the
largest private childcare provider in France, albeit with a limited
share of the overall market. The childcare market is highly
fragmented in all regions where Grandir operates. In France, where
Grandir generates about 70% of its revenue, the top-five private
players represent only 9% of the total market, which includes
state-owned and not-for-profit nurseries. With close to 400
nurseries, 12,000 seats, and EUR200 million of revenue in France in
2020, Grandir is the second largest player behind Babilou Family
SAS (B-/Stable/--) and benefits from good brand recognition,
supported by high service quality. In July 2021, Grandir started
exclusive negotiations to acquire Sodexo's childcare
activities--Liveli--the fourth largest private operator in France
with about 290 nurseries, 7,000 seats, and EUR125 million in
revenue in 2020. This acquisition is expected to close in the first
quarter of 2022, making Grandir a leading private player in France,
with a 22% share of the private childcare sector, but less than 4%
of the country's childcare market. Grandir will also be co-leader
of the Canadian market, the combined group's second largest country
of operations.

S&P said, "We believe Grandir's growth strategy through greenfield
expansion and acquisitions will constrain its deleveraging
prospects.We anticipate that Grandir's S&P Global Ratings-adjusted
debt to EBITDA will be around 6.2x at year-end 2021. Grandir's
proposed capital structure comprises a EUR350 million term loan B,
of which EUR50 million will be drawn at closing of the Liveli
acquisition in the first quarter of 2022. If the acquisition does
not go through, this additional EUR50 million will not be used,
although this is not our central scenario. In our model, we assume
the acquisition will be concluded in the stipulated time. The
capital structure also includes a EUR75 million undrawn revolving
credit facility (RCF) and EUR21 million in bilateral lines.
Including our assumption of about EUR190 million of lease
liabilities in 2021 (EUR305 million with Liveli), our adjusted debt
figure is about EUR510 million (EUR675 million with Liveli). We
exclude the shareholder loans from our debt metrics since we view
them as non-debt. We typically believe that financial sponsor
Infravia, Grandir's controlling shareholder, has low interest in
deleveraging the company. It has invested a large amount of equity
to acquire Grandir, with total equity value representing more than
65% of the total enterprise value, and we believe it will
contemplate market consolidation and expansion opportunities to
bolster the return on its investment.

"Grandir's cash flow generation will also be hampered by growth
capital expenditure (capex).Because we expect Grandir will consider
consolidating its market presence, we assume it will spend EUR10
million-EUR15 million per year on greenfield expansion in 2021 and
2022. This is in addition to about EUR15 million of maintenance and
IT capex per year. These investments will constrain the group's
FOCF over the next two years. Although Grandir has tight working
capital management, which allows it to mitigate the negative impact
from the timing of French subsidy payments, we anticipate that
Grandir's FOCF after lease payments will be close to breakeven in
2021 and moderately positive in 2022 at EUR10 million-EUR15
million.

"Despite its growth strategy, Grandir's scale and geographic
diversification still lags those of some peers we rate. Even after
acquiring Liveli, which will bring the group's revenue beyond
EUR550 million in 2022, we project that Grandir will remain 2x
smaller than U.S. peers Bright Horizons Family Solutions and KUEHG
Corp. We believe scale supports profitability and the ability to
absorb fixed costs, while acting as a barrier to entry in
fragmented markets. In particular, having a nationwide footprint is
a key competitive advantage for large corporate clients that book
seats for their employees' children. To that extent, Grandir's
brokerage business, which relies on a network of 1,300 partner
nurseries, is a capex-efficient way to expand coverage. Grandir has
a moderate presence outside France (about 30% of revenue). Pro
forma the acquisition of Liveli, Grandir operates in the U.S. and
Canada (13% of revenue), the U.K. (9%), Germany (6%), and Spain
(1%). It is comparably less diversified than Babilou, which
generates less than 40% of revenue in France (pro forma recent
acquisitions). Grandir's strategy is to focus on selected countries
with supportive macroeconomic and regulatory environments where it
can achieve critical mass.

"Grandir's presence in subsidized markets and its
employer-sponsored model in France support revenue stability and
predictability. In France, Grandir operates essentially a B2B
(business to business) model, whereby corporations, municipalities,
or state-owned organizations book seats in Grandir's nurseries for
their employees' children. The fixed annual fees paid by the B2B
customers represent half of the group's revenue in France and come
on top of parents' contribution and state subsidies, which are
based on occupancy levels. Contracts with corporate clients have a
three-to-five-year term, and five-to-seven years for public
organizations, with very high renewal rates. Grandir bears limited
risk of client concentration because its five largest B2B clients
represent less than 5% of revenue. Grandir operates in regulated
and subsidized markets, further supporting business resiliency.
Although operating in such markets exposes the company to
regulatory risks, we believe Grandir is present in countries where
governments are generally supportive. This was demonstrated during
the pandemic, when public support in the form of subsidies during
lockdowns or furlough mechanisms, mitigated most of the pandemic's
impact on profitability. In the U.K., a B2C (business to customer)
market, Grandir's EBITDA declined by about 45% in 2020; however,
this market represents only 15% of the group's total EBITDA.

"The integration of Liveli will temporarily dilute the group's
profitability. We anticipate that the group's S&P Global
Ratings-adjusted EBITDA margin will decrease to about 18% in 2022,
from about 21% in 2021 for Grandir alone. Our adjusted EBITDA
figure includes EUR42 million of additions related to leases in
2022, which corresponds to our calculation of the average
lease-related expenses over 2021 and 2022. If we added back the
full lease-related expense pro forma Liveli, the adjusted EBITDA
margin would be 19.5%. Liveli's profitability is lower than
Grandir's because of its smaller scale and lower efficiency from
being part of a large conglomerate. The group will also incur
restructuring expenses that we include in our adjusted EBITDA
calculation. As it integrates Liveli, we believe Grandir can
improve its profitability through an increased commercialization
rate, better purchasing power, and more efficient absorption of
fixed costs from its overall larger scale. Yet this acquisition is
by far the largest Grandir has ever made, and its integration poses
execution risks that could delay margin recovery."

Long-term growth trends in the childcare market are favorable. The
market is supported by economic and demographic trends, such as an
increasing number of dual-earner households that require childcare
services. The increasing recognition of the importance of early
education is also fueling demand for high-quality care.
Furthermore, there is a significant supply-demand imbalance in the
countries where Grandir operates.

The ratings are line with the preliminary ratings S&P assigned on
Oct. 12, 2021.

Outlook

S&P said, "The positive outlook reflects our expectation that
Grandir will generate at least break-even FOCF after lease payments
in 2021, and positive FOCF of EUR10 million-EUR15 million in 2022,
such that our adjusted FOCF-to-debt metric exceeds 5% by year-end
2022. This will be supported by EBITDA growth of EUR5 million-EUR10
million per year as occupancy rates recover to prepandemic levels
in the U.K. and U.S., Canada in particular expands organically with
the ramp-up of recently opened centers, and Grandir successfully
integrates Liveli. We also anticipate that the group will maintain
S&P Global Ratings-adjusted debt to EBITDA of 6.0x-6.5x over the
same period.

"We could raise our ratings on Grandir if the group meets its
operational targets and integrates Liveli with no material
disruption, such that FOCF after lease payments and restructuring
or exceptional costs is close to EUR10 million-EUR15 million or
higher in 2022, and our adjusted FOCF-to-debt ratio for Grandir
exceeds 5% sustainably. We would also need to see the owners
balancing debt and equity as sources of acquisition funding to
maintain adjusted leverage in line with our expectations.

"We could revise the outlook to stable if, in the next 12 months,
Grandir's operating performance is weaker than we currently expect,
translating into lower FOCF after lease payments. This could occur,
for example, in the event of further pandemic-related disruptions,
including cancellation of corporate contracts or refund requests;
if the integration of Liveli proved to be more cumbersome than
expected; or if the group incurred material restructuring or other
exceptional expenses related to acquisitions.

"We could also revise the outlook to stable if the group pursues a
more aggressive financial policy, including, for example,
debt-funded acquisitions that resulted in persistently very high
leverage."




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I R E L A N D
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BARINGS EURO 2018-1: Moody's Affirms B1 Rating on EUR15MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Barings Euro CLO 2018-1 Designated Activity
Company:

EUR35.65M EUR Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jul 2, 2020 Affirmed Aa2
(sf)

EUR33.35M EUR Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Jul 2, 2020 Affirmed Aa2 (sf)

EUR33.5M EUR Class C Senior Secured Deferrable Floating Rate Notes
due 2031, Upgraded to A1 (sf); previously on Jul 2, 2020 Affirmed
A2 (sf)

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

EUR292.5M EUR Class A Senior Secured Floating Rate Notes due 2031,
Affirmed Aaa (sf); previously on Jul 2, 2020 Affirmed Aaa (sf)

EUR25M EUR Class D Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed Baa2 (sf); previously on Jul 2, 2020 Confirmed
at Baa2 (sf)

EUR27.5M EUR Class E Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed Ba2 (sf); previously on Jul 2, 2020 Confirmed at
Ba2 (sf)

EUR15M EUR Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed B1 (sf); previously on Jul 2, 2020 Confirmed at
B1 (sf)

Barings Euro CLO 2018-1 Designated Activity Company, issued in
March 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Barings (U.K.) Limited. The transaction's
reinvestment period will end in April 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2 and Class C Notes
are primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in April 2022.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last rating action in July 2020.

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: EUR487.9m

Defaulted Securities: EUR14.0m

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3285

Weighted Average Life (WAL): 4.44 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.77%

Weighted Average Coupon (WAC): 4.05%

Weighted Average Recovery Rate (WARR): 44.95%

Par haircut in OC tests and interest diversion test: 0.77%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the 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 following:

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

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

BARINGS EURO 2021-3: Fitch Rates Class F Tranche 'B-(EXP)'
----------------------------------------------------------
Fitch Ratings has assigned Barings Euro CLO 2021-3 DAC expected
ratings.

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

DEBT                            RATING
----                            ------
Barings Euro CLO 2021-3 DAC

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

TRANSACTION SUMMARY

Barings Euro CLO 2021-3 DAC is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. The note proceeds will be used to
fund an identified portfolio with a target par of EUR400 million.
The portfolio is managed by Barings (U.K.) Limited. The CLO
envisages a 4.5-year reinvestment period and an 8.5-year weighted
average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.0, which is lower than the indicative maximum Fitch
WARF at 26.5.

Strong Recovery Expectation (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 63.6%,
which is higher than the indicative minimum Fitch WARR at 61.5%.

Diversified Portfolio (Positive): The top 10 obligors limit and
maximum fixed rate asset limit is at 20% and 15%, respectively. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-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 is 12 months less than the WAL covenant to account
for strict reinvestment conditions after the reinvestment period,
including the OC tests and Fitch 'CCC' limit passing together with
a linearly decreasing WAL covenant. This ultimately reduces the
maximum possible risk horizon of the portfolio when combined with
loan pre-payment expectations.

RATING SENSITIVITIES

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

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

-- 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 25% reduction of the mean RDR across all ratings and a 25%
    increase in the RRR across all ratings would result in up to
    three notches upgrade across the structure except for 'AAA'
    rated 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 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 financial statement data has been received

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

Barings Euro CLO 2021-3 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.

CAIRN CLO XII: Fitch Rates Class F-R Notes 'B-(EXP)'
----------------------------------------------------
Fitch Ratings has assigned Cairn CLO XII DAC's refinancing notes
expected ratings.

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

DEBT              RATING
----              ------
Cairn CLO XII DAC

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

TRANSACTION SUMMARY

Cairn CLO XII 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 note issuance will be used
to redeem existing notes and buy additional assets. The portfolio
is actively managed by Cairn Loan Investments II LLP. The
collateralised loan obligation (CLO) envisages 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 in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.25.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
63.37%.

Diversified Portfolio (Positive): The indicative maximum exposure
of the 10 largest obligors for assigning the expected ratings is
20% of the portfolio balance and fixed-rate obligations are limited
to 5% of the portfolio. The transaction also includes various
concentration limits, including the maximum exposure to the three
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has a 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): Fitch's analysis is based on a
stressed-case portfolio with a 7.5-year WAL, which is one year
shorter than the 8.5-year maximum WAL test covenant at closing.
Fitch views the tight reinvestment conditions post the reinvestment
period, such as the satisfaction of Fitch 'CCC' obligations limit,
coverage tests, and a linear step-down of the WAL test, effective
in restricting reinvestment should the transaction deteriorate.
This justifies a one-year WAL reduction in Fitch's analysis.

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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

CAIRN CLO XII: Moody's Assigns (P)B3 Rating to EUR12MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Cairn CLO
XII Designated Activity Company (the "Issuer"):

EUR244,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR44,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aa2 (sf)

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

EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR20,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6-month ramp-up period in compliance with the portfolio
guidelines.

Cairn Loan Investments II LLP 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 4.5-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 six classes of notes rated by Moody's, the
Issuer will issue EUR35.25 million 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: EUR400,000,000

Diversity Score(*): 48

Weighted Average Rating Factor (WARF): 2935

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

HAYFIN EMERALD VIII: S&P Assigns Prelim B- (sf) Rating to F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Hayfin Emerald CLO VIII DAC's class A-1, A-2, B, C, D, E, and F
notes. At closing, the issuer will also issue unrated subordinated
notes.

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

The portfolio's reinvestment period will end approximately five
years after closing, and the portfolio's weighted-average life test
will be approximately nine years after closing.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

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

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

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

  Portfolio Benchmarks
                                                          CURRENT
  S&P Global Ratings weighted-average rating factor      2,747.79
  Default rate dispersion                                  549.39
  Weighted-average life (years)                              5.69
  Obligor diversity measure                                103.23
  Industry diversity measure                                22.15
  Regional diversity measure                                 1.40

  Transaction Key Metrics
                                                          CURRENT
  Total par amount (mil. EUR)                               400.0
  Defaulted assets (mil. EUR)                                   0
  Number of performing obligors                               113
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                            0.00
  'AAA' weighted-average recovery (%)                       34.67
  Covenanted weighted-average spread (%)                     3.70
  Reference weighted-average coupon (%)                      3.00

Loss mitigation loan mechanics

Under the transaction documents, the issuer can purchase loss
mitigation loans, which are assets of an existing collateral
obligation held by the issuer offered in connection with the
obligation's bankruptcy, workout, or restructuring, to improve its
recovery value.

The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. It receives no
credit in the principal balance definition. The cumulative exposure
to loss mitigation loans is limited to 10% of target par.

The issuer may purchase loss mitigation loans using either interest
proceeds, principal proceeds, or amounts in the collateral
enhancement account. The use of interest proceeds to purchase loss
mitigation loans are subject to (i) all the interest and par
coverage tests passing following the purchase, and (ii) the manager
determining there are sufficient interest proceeds to pay interest
on all the rated notes on the upcoming payment date. The use of
principal proceeds is subject to the transaction passing par
coverage tests and the manager having built sufficient excess par
in the transaction so that the principal collateral amount is equal
to or exceeds the portfolio's target par balance after the
reinvestment.

Rating rationale

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
primarily comprise 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 CDOs.

"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread of 3.70%, the reference
weighted-average coupon of 3.00%, and the covenanted
weighted-average recovery rates for 'AAA' rated notes. 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, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"At closing, we consider that the transaction's legal structure
will be bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicate that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher rating levels than those we have
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 assigned ratings on the notes.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A-1, A-2, B, C, D, E, and 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-1 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. The results
shown in the chart below are based on the actual weighted-average
spread, coupon, and recoveries.

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

Hayfin Emerald CLO VIII is a European cash flow CLO securitization
of a revolving pool, comprising euro-denominated senior secured
loans and bonds issued mainly by speculative-grade borrowers.
Hayfin Emerald Management LLP will manage the transaction.

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 certain activities,
including, but not limited to, tobacco products, controversial
weapons, civilian firearms, nuclear weapons, thermal coal,
prostitution, payday lending, and weapons of mass destruction.
Since the exclusion of assets related to these activities 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     SUB (%)     INTEREST RATE*
           RATING     AMOUNT
                     (MIL. EUR)
  A-1      AAA (sf)   218.50     39.00    Three/six-month EURIBOR
                                          plus 0.96%

  A-2      AAA (sf)    25.50     39.00    Three/six-month EURIBOR
                                          plus 1.25%§
  
  B        AA (sf)     44.00     28.00    Three/six-month EURIBOR
                                          plus 1.75%

  C        A (sf)      25.20     21.70    Three/six-month EURIBOR
                                          plus 2.40%

  D        BBB (sf)    27.80     14.75    Three/six-month EURIBOR
                                          plus 3.50%

  E        BB- (sf)    21.00      9.50    Three/six-month EURIBOR
                                          plus 6.33%

  F        B- (sf)     10.80      6.80    Three/six-month EURIBOR
                                          plus 8.96%

  Sub      NR          30.90       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 for class A-2 is capped at 2.15%.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.



OAK HILL V: Moody's Assigns (P)B3 Rating to EUR12MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Oak Hill European Credit Partners V Designated Activity Company
(the "Issuer"):

EUR500,000 Class X Senior Secured Floating Rate Notes due 2035,
Assigned (P)Aaa (sf)

EUR244,000,000 Class A Senior Secured Floating Rate Notes due
2035, Assigned (P)Aaa (sf)

EUR44,000,000 Class B Senior Secured Floating Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

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

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

RATINGS RATIONALE

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
class X Notes amortise by 25% over the first 4 payment dates
starting on the first payment date.

As part of this reset, the Issuer will amend the base matrix and
modifiers that Moody's will take into account for the assignment of
the definitive ratings.

As part of this refinancing, the Issuer will extend the
reinvestment period by 4.5 years and the weighted average life to
8.5 years. It will also amend certain concentration limits,
definitions including the definition of "Adjusted Weighted Average
Rating Factor" and minor features. The issuer will include the
ability to hold workout obligations. In addition, the Issuer will
amend the base matrix and modifiers that Moody's will take into
account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be 90% ramped as of
the closing date.

Oak Hill Advisors (Europe), LLP ("Oak Hill") will continue to
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 4.5 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 and credit improved obligations.

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:

Target Par Amount: EUR400million

Diversity Score(*): 51

Weighted Average Rating Factor (WARF): 2960

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 44.1%

Weighted Average Life (WAL): 8.5 years

[*] IRELAND: Small Cos. Can Apply for Fast-Track Rescue Process
---------------------------------------------------------------
Michael Brennan and Roisin Burke at Business Post report that small
companies hit by the pandemic will be able to apply this week for a
fast-track rescue process which could cost them EUR10,000 on
average instead of EUR100,000 for an examinership.

Robert Troy, the Minister of State for Trade Promotion, told the
Business Post that the ministerial order for the small company
rescue process would be signed on Wednesday, Dec. 8.




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

ZONCOLAN BIDCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Zoncolan Bidco SpA and its 'B' issue rating to the EUR375
million senior secured notes. The final documentation and structure
are in line with the initial terms S&P anticipated when it assigned
the preliminary ratings on Oct. 4, 2021.

S&P said, "The stable outlook indicates that we expect S&P Global
Ratings-adjusted debt to EBITDA to remain below 5x in
FY2022-FY2023, with adjusted free operating cash flow (FOCF) to
debt, incorporating discretionary growth capital expenditure
(capex), expected to remain below 5% and very close to breakeven
over the period.

"Our 'B' long-term issuer credit rating reflects Eolo's acquisition
by financial sponsor Partners Group and weak FOCF over
FY2022-FY2023 due to high capex. This is mitigated by our
expectation that peak leverage will remain below 5x at the end of
FY2022 and gradually reduce to about 4.3x-4.4x in FY2023 as a
result of continued topline and EBITDA growth amid supportive
economic conditions. Under our base case, FOCF to debt will remain
minimal, very close to breakeven and below 5% to FY2023,
constraining the rating and limiting Eolo's potential for further
deleveraging. This reflects high capex, scheduled leases, and
long-term incentive plan payments, along with the extension of its
26GHz and 28GHz spectrum licenses set to expire in 2022. Eolo's
current planned expansion capex assumption is discretionary and
factors in a degree of flexibility. That said, we see potential for
relatively high investments in future growth and developing Eolo's
infrastructure network to absorb most of its cash flow generation
to FY2023.

"Eolo's small scale is mitigated by its well-established position
in structurally underserved targeted service areas and its
relatively high profitability. Eolo has a well-established market
position in FWA broadband technology in rural and suburban areas in
Italy. With revenue of EUR187 million in FY2021, the company has a
small size and narrow focus relative to established integrated
players like Telecom Italia or convergent players across Europe.
This is further constrained by its single presence in the Italian
market, with only a small share of the overall national broadband
market (approximately less than 5%). Eolo's area of focus offers
significant opportunity for growth and increased broadband
penetration potential, as it typically includes municipalities
below 10,000 inhabitants with low population density in "grey II"
areas (where there are few existing broadband providers) and
"white" areas (where there are no current providers). That said,
FWA technology represents less than 9% of the Italian broadband
market in 2021. We note Eolo has a relatively high adjusted EBITDA
margin of 47% as of FY2021 and we expect margins to increase to
about 50% over the next two years, which supports our view of the
business. The improvement in profitability reflects increased
network and related scale effects. We expect a higher subscriber
base and slightly higher average revenue per user (ARPU) to improve
operational leverage and cover costs associated with network
deployment.

"The company has experienced rapid growth due to a successful
uptake in underpenetrated areas, with a solid execution track
record and low customer churn. Eolo benefits from a first mover
advantage, with an existing FWA network and ongoing investments to
expand broadband coverage and the density of its network within its
targeted areas across Italy. FWA is a fixed internet technology
that provides wireless access through radio frequencies (5Ghz and
28Ghz) between base transceivers mounted on transmission towers and
customer premises equipment (CPE) receivers, usually linked to an
external antenna located on the consumer's home and acting as a
radio terminal. Eolo has experienced a continuous increase in
demand for FWA solutions in rural areas. The operator mainly
competes with two or three players, currently limited to no
substitute from a technological standpoint because of the costs
associated with deploying the network or laying cable and fiber
wires. Between 2019 and 2021, Eolo's subscriber base increased by
49.6% due to low penetration of broadband and fiber in Italy,
reflecting technical challenges and the historically low focus on
broadband and fiber from incumbent telecommunications and cable
companies.

"We think Eolo is positioned to continue to benefit from rising
demand for bandwidth and higher FWA penetration. Eolo currently
operates on two main frequency spectrums, 5GHz and 28GHz, providing
broadband to 568,000 customers, mainly retail customers, with
30Mbps and 100Mbps speed offerings, and up to 1Gbps for selected
business-to-business (B2B) customers principally in the North of
Italy where Eolo has historically been present. We view Eolo's FWA
rollout strategy as prudent as the company will continue to focus
on small towns and villages that either do not currently have
network coverage or where competition is less intense and more
fragmented than in cities. These areas represent approximately 11.5
million potential household broadband connections, where Eolo can
increase its market share as it expands its network.

"The competitive landscape is set to evolve gradually, but we do
not expect a material impact in the medium term. We anticipate
Eolo's revenues to continue to increase by 15% in FY2022 and about
10% per year thereafter, reflecting its ongoing investments to
upgrade its infrastructure network from 5GHz to 28GHz bandwidth and
higher FWA broadband penetration. While we do not anticipate its
position and current offering to be meaningfully challenged in the
near term, we highlight a potential for increasing competition and
alternate solutions to start being deployed by incumbents and other
bandwidth providers as potential risks in the medium term. This may
include FWA-like offerings using 5G/4G mobile networks or the
gradual deployment of the superior fiber-to-the-home (FTTH)
technology in certain peripheral areas. The latter risk is bigger
but more remote, as these alternatives are currently more
capex-intense and less competitive, requiring a higher density of
investments and infrastructure. Although Eolo has started entering
into various wholesale partnerships with most of the national
operators, we think the recent entry of Iliad in Italy has added
more competitive pricing pressures on the established players
(Vodafone, Wind Tre, and TIM). Existing players with broader
financial flexibility may also start to become more aggressive in
closing the technological divide in Italy. In this context, Eolo's
ability to attract new subscribers, reduce customer churn, or grow
ARPU from existing subscribers may be hindered by its limited
offering, with the absence of bundled products or convergent
services in our view.

"Eolo has launched a EUR375 million senior secured notes issuance
to back Partners Group's acquisition of a 75% equity stake in the
company. The financing package includes the seven-year senior
secured notes recently issued by Zoncolan Bidco SpA and a EUR125
million 6.5-year super senior secured RCF, which is undrawn at the
transaction's closing. We note the new sponsor Partners Group and
current CEO and founder of Eolo, Luca Spada (whose controlling
vehicle holds the remaining 25% stake), have demonstrated a strong
equity commitment to Eolo, contributing EUR910 million in equity
and capping leverage just under 5.4x on an S&P Global
Ratings-adjusted basis at the closing of the transaction.

"The stable outlook indicates that we expect adjusted debt to
EBITDA to remain below 5x in FY2022-FY2023, with adjusted FOCF to
debt incorporating discretionary growth capex anticipated to remain
below 5% and very close to breakeven over the period.

"We could lower the rating if Eolo's adjusted EBITDA was
significantly lower than we expected, for example owing to lower
revenue growth and a reduced EBITDA margin due to higher operating
expenditures. Such a decline could also stem from increasing
competition, causing higher churn or price pressure combined with a
need for higher capex investment. This could increase adjusted
leverage above 5.5x or reduce FOCF further below breakeven without
prospects of a near-term recovery.

"We could raise the rating as a result of ongoing strengthening in
EBITDA and FOCF, enabling a ratio of adjusted debt to EBITDA below
4.5x, along with FOCF to debt comfortably above 5%."

An upgrade would also hinge on a more supportive financial policy,
especially the private equity sponsor's commitment to maintaining
leverage and credit metrics at a level commensurate with a higher
rating.




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

SYNCREON INTERMEDIATE: S&P Withdraws 'B-' LT Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'B-' long-term issuer credit
ratings on syncreon Intermediate B.V and syncreon Group B.V. At the
same time, it withdrew the 'B' issue rating on syncreon Group's
first out term loan and the 'CCC' issue rating on its second out
term loan.

The rating actions follow the completed acquisition of syncreon
NewCo. B.V., the parent entity of syncreon Intermediate B.V., by DP
World Logistics B.V. on Dec. 1, 2021. The withdrawal of the ratings
on syncreon's debt follows the repayment of all outstanding debt as
a result of the transaction.

At the time of the withdrawal, the ratings were on CreditWatch
positive, where they had been placed on Aug. 19, 2021 to reflect
the potential improved credit profile of syncreon under the DP
World Group as a result of this acquisition.




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

JSC ROLF: Moody's Lowers CFR to B1, Under Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has downgraded JSC ROLF's (ROLF)
corporate family rating and probability of default rating to B1 and
B1-PD from Ba3 and Ba3-PD, respectively. Concurrently, it placed
all the ratings on review for further downgrade. The outlook has
changed to ratings under review from stable.

The action follows the news[1] that on November 24 the general
prosecutor's office has issued a claim against the former owner of
ROLF and the company making them liable, on a joint and several
basis, to pay RUB12.85 billion. Moody's also understand that on
November 25 funds on some of the company's bank accounts were
blocked as security for the claim. The first court hearing is
scheduled for December 14, 2021.

The claim is connected with the criminal case against the former
owner and the company's managers dating back to 2019, when they
were accused of transferring RUB3.9 billion abroad under allegedly
faulty documentation. The funds were paid by the Russia-domiciled
LLC ROLF (name changed to JSC ROLF effective July 27, 2021) to a
Cyprus offshore holding company Panabel Limited as consideration
for the shares of ZAO "ROLF ESTATE", a company that owned
Moscow-based dealership centers, and transferred into a bank
account in Austria. The civil action, now directed at both the
owner and the company as a co-defender, envisages a claim of
RUB12.85 billion which also includes all dividend payments made by
ROLF to the controlling shareholder over the course of 2014-16.

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

The downgrade to B1 rating under review reflects Moody's view, that
the afore-described claim which now targets not only the former
ROLF owner, but the company itself as a co-defendant, creates a
situation of elevated uncertainty for ROLF, that could potentially
result in operating disruptions, heightened working capital
requirements, and liquidity constraints stemming from potentially
restricted access to attractively priced capital.

Funds on some of ROLF's bank accounts were blocked on 25 November
as security for the claim. Moody's notes that on 30 November ROLF
secured the requested amount -- comprising of cash reserve of
RUB5.5 billion and additional short-term bank funding of RUB7.4
billion - on its bank accounts and has applied for unblocking of
other accounts. The company believes that the deposit of requested
funding in the designated accounts should allow the company to
honour the remediation requirement and all the restrictions/arrests
associated with this claim should be lifted shortly. To date, the
action has not had a major disruptive effect on the company's
operations. Settlements with creditors have not been disrupted.
According to the company, ROLF's dealerships continue to operate
normally. They continue to issue cars to customers, sign new
contracts and service cars.

Despite the possibility of the current claim being settled swiftly
and with no major detriment to the company's operations, the recent
developments elevate Moody's concerns regarding whether 1) the
claimed amount is finite and no further actions will be taken
against the company, 2) there will be any other longer-term
consequences/developments associated with this claim or earlier
investigation, and 3) whether ROLF will be able to maintain
uninterrupted access to liquidity over the next 12 months, to be
able to timely service its debt obligations.

Moody's expects to resolve the review within the next three months.
The agency will focus on liquidity management, particularly the
company's ability to provide for timely and uninterrupted service
of public and bank debt, including RUB5.8 billion domestic bond
maturing in Q1 2022, as well as continued access to sufficient
committed backup liquidity covering at least 12 months of funding
deficit. The company's efforts to proactively remediate the
situation and bring it to a definitive and permanent settlement, as
well as its ability to restore its cash reserves, would be key for
confirming the rating at the current level.

ROLF's rating reflects the company's (1) strong market foothold
with leading position in the two most lucrative automotive markets
in Russia - Moscow and Saint Petersburg metropolitan areas, as well
as strong and diversified brand portfolio; (2) continuing focus on
efficiency improvements and cost controls; and (3)
rouble-denominated debt and diversified pool of lending banks. At
the same time, the rating takes into account ROLF's (1) exposure to
the highly volatile Russian car market; (2) relatively small size
compared with its rated global peers; (3) lack of geographical
diversification across Russian regions; and (4) exposure to
Russia's less-developed regulatory, political and legal framework.

OUTLOOK

The outlook on the ratings is under review.

The ratings are under review for downgrade. Moody's would confirm
the B1 rating if it received substantial evidence that the
company's operating and financial profile remained unscathed by the
investigation and court decision; and that necessary action has
been taken to achieve settlement that would make further claims and
negative action on behalf of the authorities unlikely. Maintenance
of strong liquidity would be a key requirement for confirmation.

Negative pressure on the rating would predominantly arise from more
severe than currently anticipated impact of the claim on the
company's operations and credit metrics, so that its (1)
Moody's-adjusted total debt/EBITDA were to rise above 3.0x on a
sustained basis, or (2) liquidity were to deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail
published in November 2021.

COMPANY PROFILE

ROLF is the largest retailer of foreign-branded cars in Russia,
including mass brands and premium market brands. The company
operates 59 showrooms in Moscow and Saint Petersburg. In the 12
months ended June 30, 2021, ROLF generated RUB322.8 billion in
revenue and RUB26.7 billion in adjusted EBITDA. The company is
ultimately controlled by a trust acting in the interest of the
Petrov family.



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

HAYA REAL ESTATE: S&P Downgrades ICR to 'CCC-', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Spain-Based
Haya Real Estate S.A.U. to 'CCC-' from 'CCC+' and its issue ratings
on the notes to 'CCC-'.

The negative outlook reflects the uncertainty surrounding the
refinancing of the notes, maturing in 2022, and the uncertainty
regarding contract renewals.

S&P said, "We view a heightened risk of near-term default, as
Haya's liquidity is insufficient to meet the maturing bullet debt.
Haya's cash balance has continued to increase to around EUR109
million as of third-quarter 2021 and we expect that this will
continue to grow by year end, supported by the recovery in
collections in the coming quarter. However, we do not expect the
company will have sufficient funds to meet the maturing debt
obligations totalling around EUR425 million. As a result, we have
lowered our liquidity assessment to weak from adequate.

"We expect continued deleveraging in the coming period but
uncertainty exists with regard to renewal of contracts. Haya's S&P
Global Ratings-adjusted debt to EBITDA peaked in 2020 at 9.4x given
the slower collections due to the pandemic and the revised contract
with Spain's government-owned "bad bank" SAREB. We expect that with
continued recovery in collections and volumes and improved
efficiencies driven from the transformation program in the coming
years, adjusted leverage could reduce below 6x in the months prior
to the maturity of the debt. However, we note that the current
terms of the SAREB contract expire in mid-2022, which presently
represents around 10%-15% of total revenues in 2021, and could
potentially hamper the deleveraging trend we expect.

"We understand the group are considering all refinancing options at
present. Our downgrade reflects that increased risk of default or
distressed exchange appears inevitable over the near term, absent
an unanticipated and significantly favorable change in Haya's
circumstances. The limited refinancing options, constrained
liquidity, contract uncertainty, and pending debt maturity could in
our view lead to the company taking steps we consider to be less
than the original promise, which we would view as tantamount to
default, resulting in a further downgrade.

"The negative outlook reflects that we could lower the rating in
the near term should Haya not make significant timely progress in
refinancing its debt. It incorporates our view that Haya's current
capital structure remains unsustainable, coupled with further
uncertainties with regards to material contract renewals in the
build up to any potential debt refinancing.

"We could lower our issuer credit rating on Haya and our issue
ratings on the notes to 'CC' if we believe a default is a virtual
certainty, which would likely occur if management announces a
potential restructuring event that we consider to be a distressed
exchange. We consider it a distressed exchange when the investor
receives less value than promised when the original debt was
issued, which is therefore tantamount to default.

"We could raise our rating on Haya if it successfully refinances
its secured notes without undertaking a debt exchange that we view
as a distressed exchange (selective default)."


IBERCAJA BANCO: Fitch Assigns BB+ Rating to Sr. Preferred Notes
---------------------------------------------------------------
Fitch Ratings has assigned Ibercaja Banco, S.A.'s inaugural senior
preferred (SP) notes a 'BB+' long-term rating.

KEY RATING DRIVERS

Ibercaja's SP debt is rated in line with the bank's Long-Term
Issuer Default Rating (IDR; BB+/Positive), reflecting Fitch's view
that the default risk of the notes is equivalent to that of the IDR
and that the obligations are viewed as having average recovery
prospects.

The SP notes will rank senior to any senior non-preferred (SNP)
debt or subordinated claims and pari passu with other senior
preferred liabilities.

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.

RATING SENSITIVITIES

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

-- The long-term SP debt rating would be downgraded if Ibercaja's
    Long-Term IDR is downgraded.

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

-- The long-term SP debt rating would be upgraded if Ibercaja's
    Long-Term IDR is upgraded.

-- The rating is also sensitive to a change in the bank's
    strategy to meet its resolution buffer requirements. The
    rating could be upgraded to a maximum of one notch above its
    IDR if the size of the combined buffer of junior and SNP debt
    is expected to sustainably exceed 10% of RWAs or if resolution
    requirements are expected to be met only with SNP debt and
    junior instruments.

BEST/WORST CASE RATING SCENARIO

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



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

PERSTORP AB: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook on Sweden-headquartered
specialty chemicals firm Perstorp AB to stable from negative and
affirmed its 'B-' issuer credit rating.

S&P said, "At the same time, we have affirmed our 'B-' issue level
rating on Perstorp's senior secured dual currency term loan B (TLB)
and maintained the '4' recovery rating, which indicates our view of
about 45% in the event of a payment default.

"The stable outlook reflects our expectation that Perstorp will
generate neutral to negative FOCF in the coming months due to
growth investments, but still maintain at least adequate
liquidity.

"Strong demand and tight supply condition on some of Perstorp's
products will lead to better-than-anticipated earnings, which
underpins our revision of the outlook. Perstorp reported stronger
first-nine-months of 2021 performance, with revenue up by 40% year
on year to SEK9.7 billion and EBITDA more than doubled to more than
SEK1.8 billion (compared with SEK871 million last year), thanks to
strong demand in all regions, robust price increases to protect
margins, and tight supply conditions for some of Perstorp's
products, particularly in the engineered fluids segment, which has
led to unit margin improvements. The reported EBITDA margin
(including nonrecurring items, mainly restructuring costs) improved
to 18.8% in the first nine months of 2021 from 12.1% last year.
Although we expect demand for Perstorp's products to continue
growing in 2022-2023, albeit at a slower pace, we assume unit
margins will decline as the positive impact from tight supply and
demand balance diminishes. Nevertheless, we now anticipate higher
forecast adjusted EBITDA of SEK2.0 billion-SEK2.2 billion in 2021
(from SEK1.2 billion-SEK1.3 billion previously) and declining
slightly to about SEK1.9 billion in 2022-2023, resulting in
leverage of 5x-6x in 2021-2023, lower than the 7x-8x we anticipated
previously.

"Higher input prices will remain in 2022, but we expect
management's active pricing efforts will keep it on an even keel.A
significant portion of Perstorp's raw material consumption is oil
and gas related products, prices for which have increased
significantly since early this year. Prices for key raw materials,
such as methanol, polyethylene, and ethylene, are up, particularly
in Europe, by 21%, 55%, and 29%, since last year on the back of
firm demand, a series of outages, and logistical issues that
tightened supply globally. We assume input prices will decline
gradually in 2022, but nevertheless remain above pre-pandemic
levels. Over the past few quarters, Perstorp has succeeded in
passing these costs through to customers, helping to defend margin.
We anticipate that management will continue its active pricing to
protect margin, but we also assume that the company's adjusted
EBITDA margins will decline to 14%-16% in 2022-2023, from about 17%
in 2021, due to lower unit margin.

"Nevertheless, notwithstanding our forecast of ongoing healthy
EBITDA in 2022-2023, FOCF will be constrained because of higher
capital expenditure (capex) and working capital requirements. We
forecast neutral to slightly negative FOCF in 2021 and 2022 before
turning positive to about SEK260 million in 2023 once investments
subside. Two key variables driving our forecast of weak FOCF in
2021 and 2022 are higher capex spending to support investments in
the pentaerythritol (penta) plant in India and working capital
requirements reflecting inflationary pressure and our assumption of
business growth. Reported capex was about SEK445 million in the
first nine months of 2021, implying less than 50% of the SEK900
million–SEK1 billion we previously assumed. However, we
anticipate there will be a spillover effect at the start of 2022,
which will continue to constrain FOCF generation.

"S&P Global Ratings believes the new omicron variant is a stark
reminder that the COVID-19 pandemic is far from over. Although
already declared a variant of concern by the World Health
Organization, uncertainty still surrounds its transmissibility,
severity, and the effectiveness of existing vaccines against it.
Early evidence points toward faster transmissibility, which has led
many countries to close their borders with Southern Africa or
reimpose international travel restrictions. Over coming weeks, we
expect additional evidence and testing will show the extent of the
danger it poses to enable us to make a more informed assessment of
the risks to credit. Meanwhile, we can expect a precautionary
stance in markets, as well as governments to put into place
short-term containment measures. Nevertheless, we believe this
shows that, once again, more coordinated, and decisive efforts are
needed to vaccinate the world's population to prevent the emergence
of new, more dangerous variants.

"The stable outlook reflects our expectation that Perstorp will
generate neutral to negative FOCF in the coming months, due to
growth investments, but maintain at least adequate liquidity.

"We could raise the rating if Perstorp posted adjusted debt to
EBITDA sustainably below 6x, while generating consistently positive
FOCF under normalized business conditions. This could be the case
once Perstorp completes the investments in its penta plant in India
on time and on budget, and the plant contributes to the further
strengthening of the company's EBITDA growth and margin
resilience."

Rating downside could be triggered by lingering negative FOCF,
which we think could stem from weaker-than-expected earnings,
unexpected working capital movements, or a capex program that was
not timely adjusted to a changing operational environment. Pressure
to liquidity would also lead to a downgrade.


SEREN BIDCO: S&P Assigns 'B' Long-Term ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to pest control service provider Seren Bidco AB (Anticimex) and its
'B' issue rating to the first-lien debt including the proposed
add-on facility. The recovery rating on the first-lien term loan is
'3', indicating its expectation of meaningful recovery prospects
(50%-70%; rounded estimate: 60%) in the event of a payment
default.

The stable outlook reflects S&P's view that continued organic
growth and a strong EBITDA margin should support a reduction in
leverage in 2022, with S&P Global Ratings-adjusted debt to EBITDA
of around 8x by the end of 2022 and sound free operating cash flow
(FOCF).

EQT Future and co-investors have closed the acquisition of
Sweden-Based pest control service provider Anticimex from EQT IV
via a newly formed entity, Seren Bidco AB. The transaction was
funded with an equity contribution of about Swedish krona (SEK) 43
billion, first-lien term debt totaling SEK16 billion, and SEK4.2
billion of privately placed second-lien debt.

S&P said, "The ratings are the same as our preliminary ratings,
which we assigned on July 12, 2021.There have been no material
changes to the financial documentation since our original review.
We have updated the additional borrowers to include Anticimex Inc.
and Anticimex Pty Ltd. within our analysis. For a detailed rating
rationale, see "Sweden-Based Pest Control Service Provider Seren
BidCo (Anticimex) Assigned Preliminary 'B' Rating; Outlook Stable,"
published July 12, 2021, on RatingsDirect. The SEK16 billion of
first-lien debt comprises SEK6.8 billion of euro-denominated debt,
SEK7.1 billion of U.S. dollar-denominated debt, and SEK2.0 billion
of Australian dollar-denominated debt.

"We have updated our base case to account for the proposed add-on
facility and Anticimex's performance in the third quarter of 2021.
Anticimex has been able to sustain its margins largely above its
targets thanks to a recovery in volumes in its core pest control
business and a continued contribution from disinfection services,
which increased during the pandemic. While revenues from
disinfection services have continued to decrease during 2021, they
have remained around one-third of their peak level, and thus
continue to support Anticimex's strong margins. However, the
increase in items affecting comparability during 2021 affects the
adjusted EBITDA margin more than the offsetting benefit from the
recovery in volumes and the contribution from disinfection
services. S&P said, "As such, we expect that the margin will be at
the lower end of the 23%-24% range that we guided in our original
base case for 2021. We acknowledge there are some one-off costs
that we expect to regularize in 2022." In addition, acquisition
activity has picked up during 2021, with almost 50 acquisitions
completed so far, around one-third more than in 2020, funded with
cash flow and RCF drawings. The proposed add-on of $350 million, to
be raised under Anticimex Inc., will repay the RCF drawings, and
the company will use the surplus cash to fund a strong pipeline of
acquisitions for 2022.

S&P said, "We anticipate that Anticimex's credit metrics will
weaken in 2021.We expect debt to EBITDA to increase by around one
turn in 2021 to 9.5x on a pro forma basis, but to fall to 8.0x in
2022 and below 7.5x by 2023. We expect interest coverage to remain
above 2.7x over the coming years. We calculate our leverage metrics
on a gross debt basis. From 2022, we expect that FOCF will rebound
above SEK1 billion, with interest coverage remaining above 2.7x
over the coming years.

"Increased leverage has tightened the headroom within the rating.
While we anticipate continued acquisitions under Anticimex's
operating model, a continued focus on debt-funded acquisitions
could put pressure on headroom at the 'B' rating.

"The stable outlook reflects our view that Anticimex will continue
to generate stable organic growth and a strong adjusted EBITDA
margin of about 23%, along with sound cash generation. We expect
that the company will reduce debt to EBITDA to around 8x by the end
of 2022."

S&P could lower the ratings if funds from operations (FFO) cash
interest coverage declined below 2x, or FOCF was negative on a
prolonged basis, which we think could heighten liquidity pressure.
This could happen if:

-- Anticimex incurred higher costs relating to acquisitions or
exceptional items, as the company faces increased acquisition
integration risk; or

-- Anticimex undertook aggressive transactions in the form of
larger debt-funded acquisitions or cash returns to shareholders
than S&P anticipates in its base case.

S&P said, "We could raise the ratings if Anticimex is able to
improve its market share and scale while continuing to diversify
geographically, grow its revenue base, and sustain its solid
margins. Additionally, we could raise the ratings if adjusted debt
to EBITDA improved toward 5x, with FFO to debt trending at about
12%, and a financial policy commitment from the financial sponsor
to support the metrics at these levels."




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

BULB ENERGY: UK Households' Energy Bills Expected to Rise Further
-----------------------------------------------------------------
Jonathan Browning and Rachel Morison at Bloomberg News report that
U.K. households, already bracing for their energy bills to rise by
"several hundred pounds," will see a further jump following the
collapse of Bulb Energy Ltd. and other suppliers, the regulator
said.

The U.K.'s energy crisis has led to the collapse of more than 24
suppliers and the first forced nationalization since 2008,
Bloomberg notes.  That will cost the average household an extra
GBP85 (US$112) next year, Bloomberg states.

According to Bloomberg, Ofgem said the collapse of Bulb Energy Ltd.
and other suppliers will add between GBP80 and GBP85 to energy
bills through 2022 and 2023, in its first public estimate of the
cost of the crisis.  Ofgem made the disclosure in a new legal
filing where it also warned that any large supplier taking over
Bulb's customers could have triggered competition concerns,
Bloomberg discloses.

A court appointed a special administrator to Bulb, the country's
seventh-largest supplier last month, with the government saying it
will put up GBP1.7 billion to support it, Bloomberg recounts.  In
its legal filing, Ofgem estimated that allowing Bulb to be rescued
by large supplier would cost GBP1.3 billion, Bloomberg relays.

Ofgem, as cited by Bloomberg, said that it decided to appoint a
Special Administrator for the first time in the energy industry
because of concerns that an existing supplier would struggle to
absorb Bulb's 1.7 million customers and a failed attempt could lead
to its own bankruptcy.

U.K. households will start paying the price of mass failures of the
nation's power and gas suppliers as soon as April, Bloomberg says.

Energy retailers are struggling after a four-fold increase in the
price of gas this year, Bloomberg relates.  Many smaller suppliers
have been caught out by being unhedged and are stuck supplying
energy to their customers at a lower price than they can buy it for
in the wholesale market, according to Bloomberg.

Ofgem's estimate is much lower than analyst estimates, Bloomberg
notes.  The costs associated with the collapse of suppliers
including Bulb stand at about GBP3.2 billion, Bloomberg relays,
citing analysis by Investec Bank Plc.  That's GBP120 a household,
on top of the increase in wholesale natural gas and power prices
that will be passed on as well, Bloomberg notes.


DERBY COUNTY FOOTBALL: Search for New Owner Continues
-----------------------------------------------------
Steve Nicholson, Matt Abbott and Matt Lee at Derby Telegraph report
that Derby County will have officially been in administration for
11 weeks on Wednesday, December 8, and the search for a new owner
continues.

Last week, the timescale that the club's administrators, Quantuma,
are "seeking to complete a sale" by was set as "late January 2022"
as joint administrator Carl Jackson stated that "good progress"
continues to be made, Derby Telegraph relates.

On the pitch, Wayne Rooney's side remain bottom of the Championship
after being deducted a total of 21 points for financial breaches
and going into administration, Derby Telegraph notes.

Derby administrators Quantuma provided the latest update in the
search for a buyer at the club on Friday, Dec. 3, Derby Telegraph
relays.

According to Derby Telegraph, Carl Jackson, joint administrator,
and CEO at Quantuma released the following statement.

"We are continuing to make good progress and are seeking to
complete a sale of Derby County Football Club in late January
2022," it reads.

"This is subject to the successful outcome of negotiations with key
stakeholders and interested parties which has always been the
case.

"By way of key matters still to resolve, later this month we expect
to have identified a preferred buyer and made progress with ongoing
discussions with HMRC, Middlesbrough Football Club and Wycombe
Wanderers FC.

"All these matters will determine the most appropriate exit route
from the Administration.

"We can confirm at this stage that exclusivity has not been granted
to any individual or group and we continue to have constructive
discussions with a number of Interested parties.

"In terms of funding, this has been secured by the administrators,
with a charge recently filed at Companies House.

"Day-to-day work to secure the future of this historic football
club continues and while there are no guarantees, we remain
confident of a positive outcome for the club."

Mr. Rooney responded to reports Derby could face liquidation unless
HMRC agree to slash the amount it is owed by the club, Derby
Telegraph notes.

The club's administrators, Quantuma, are due to meet with HMRC in
talks that are said to be crucial to the Rams' hopes of survival,
Derby Telegraph relays, citing the Daily Mail.

                 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.


DEVON AND CORNWALL: Goes Into Voluntary Liquidation
---------------------------------------------------
Lisa Letcher at CornwallLive reports that Launceston-based window
and glazing company Devon and Cornwall Windows Ltd. has gone bust
owing its customers thousands for products that had not been
delivered and work that had not yet been carried out.

The company closed down its in-store business, website, and social
media pages suddenly at the end of November sparking worry from
dozens of customers, CornwallLive discloses.

Now it has been confirmed in a letter to all known creditors that
the company has gone into voluntary liquidation as the directors
have appointed Exeter-based Begbies Traynor, an administration and
insolvency company, CornwallLive relates.

According to CornwallLive, the insolvency firm is asking all
creditors to provide proof of debt and to return it to the firm
with supporting documentation such as a contract, or proof of
payment.




FINSBURY SQUARE 2021-1: Fitch Affirms CCC Rating on Class D Notes
-----------------------------------------------------------------
Fitch Ratings has upgraded Finsbury Square 2021-1 Green plc's X2
notes to 'BB+sf' from 'BB-sf' and removed them from Rating Watch
Positive (RWP). All other notes have been affirmed.

        DEBT                 RATING            PRIOR
        ----                 ------            -----
Finsbury Square 2021-1 Green plc

Class A XS2352500636    LT AAAsf   Affirmed    AAAsf
Class B XS2352501360    LT AA-sf   Affirmed    AA-sf
Class C XS2352501527    LT Asf     Affirmed    Asf
Class D XS2352502509    LT CCCsf   Affirmed    CCCsf
Class X1 XS2352503903   LT BB+sf   Affirmed    BB+sf
Class X2 XS2352505197   LT BB+sf   Upgrade     BB-sf

TRANSACTION SUMMARY

Finsbury Square 2021-1 Green is a securitisation of owner-occupied
(OO) and buy-to-let (BTL) mortgages originated by Kensington
Mortgage Company Limited and backed by properties in the UK.

KEY RATING DRIVERS

Retired Covid-19 Stress Assumptions:

Fitch had placed the class X2 notes on RWP following its retirement
of coronavirus-related additional stress analysis scenario for both
the prime and buy-to-let sub-pools (see 'Fitch Retires UK and
European RMBS Coronavirus Additional Stress Scenario Analysis,
except for UK Non-Conforming'). The RWP is resolved as of this
review with the X2 notes being upgraded.

Stable Asset Performance:

Since the transaction closed in June 2021 asset performance has
been stable in terms of arrears levels with no repossessions. This
performance contributes to the affirmation of the collateralised
notes.

RATING SENSITIVITIES

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

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

-- Additionally, unanticipated declines in recoveries could also
    result in lower net proceeds, which may make certain note
    ratings susceptible to potential negative rating actions
    depending on the extent of the decline in recoveries. Fitch
    conducts sensitivity analyses by stressing both a
    transaction's base-case foreclosure frequency (FF) and
    recovery rate (RR) assumptions, and examining the rating
    implications on all classes of issued notes. Fitch tested a
    15% increase in weighted average (WA) FF and a 15% decrease in
    WARR. The results indicate downgrades of up to three notches
    for the notes.

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

-- Stable to improved asset performance driven by stable
    delinquencies and defaults would lead to increasing CE levels
    and, potentially, upgrades. Fitch tested an additional rating
    sensitivity scenario by applying a decrease in the WAFF of 15%
    and an increase in the WARR of 15%, which would lead to the
    subordinated notes being upgraded by up to two notches.

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.

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.

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

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

ESG CONSIDERATIONS

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

HARBOUR NO.1: S&P Assigns B- (sf) Rating to Class F-Dfrd Notes
--------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to Harbour No.1
PLC's class A1, A2-Dfrd, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd,
and G-Dfrd notes. Harbour No.1 also issued unrated class Z, R, and
X notes, and X and Y certificates.

Harbour No.1 is a static RMBS transaction that securitizes a
portfolio of £503.9 million owner-occupied and buy-to-let (BTL)
mortgage loans secured on properties in the U.K. from three
different subpools, namely MORAG, WALL, and MAQ, across 18
originators.

At closing, the issuer will purchase the beneficial interest in the
portfolio of U.K. residential mortgages from the seller (Isle of
Wight Home Loans Ltd.), using the proceeds from the issuance of the
notes and certificates. The issuer will grant security over all its
assets in favor of the security trustee.

The pool is well seasoned. Almost all the loans are first-lien U.K.
owner-occupied and BTL residential mortgage loans. The borrowers in
this pool may have previously been subject to a county court
judgement (CCJ; or the Scottish equivalent), an individual
voluntary arrangement, or a bankruptcy order prior to the
origination, and may be self-employed, have self-certified their
incomes, or were otherwise considered by banks and building
societies to be nonconforming borrowers. The loans are secured on
properties in England, Wales, Scotland, and Northern Ireland, and
were mostly originated between 2002 and 2008.

Of the preliminary pool, 36% is in arrears, with 25.6% of that
portion in severe arrears (90+ arrears). Of the pool, 33.6% is
considered reperforming. However, the average payment rate on most
of the late arrears loans has been consistently above 70% over
time. There is high exposure to interest-only and part and part
loans in the pool at 80.5%.

A general reserve fund provides credit support, and principal can
be used to pay senior fees and interest on the notes subject to
various conditions. A further liquidity reserve fund will be funded
to provide liquidity support to the classes A1 and A2-Dfrd notes.

Topaz Finance Ltd., Pepper (UK) Ltd., and Mars Capital Finance Ltd.
are the servicers in this transaction.

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.

"Our credit and cash flow analysis and related assumptions consider
the transaction's ability to withstand the potential repercussions
of the COVID-19 outbreak, namely, higher defaults and longer
recovery timing. Considering these factors, we believe that the
available credit enhancement is commensurate with the preliminary
ratings assigned. As the situation evolves, we will update our
assumptions and estimates accordingly."

  Preliminary Ratings

  CLASS     PRELIM. RATING*    CLASS SIZE (%)§

  A1          AAA (sf)           52.00
  A2-Dfrd     AA- (sf)           14.75
  B-Dfrd      A (sf)              7.00
  C-Dfrd      A- (sf)             3.00
  D-Dfrd      BBB- (sf)           6.25
  E-Dfrd      BB (sf)             4.50
  F-Dfrd      B- (sf)             3.50
  G-Dfrd      CCC-(sf)            3.00
  Z           NR                  6.00
  R           NR                  1.58
  X           NR                  1.50
  X certificate  NR                N/A
  Y certificate   NR               N/A

NR--Not rated.



HIGH STREET GROUP: Set to Go Into Administration
------------------------------------------------
Graeme Whitfield at BusinessLive reports that High Street Group,
the developer responsible for Newcastle's tallest building --
Hadrian's Tower, is applying to go into administration after a
series of reversals and criticism from investors, customers and
contractors.

According to Businesslive, the group, which was also developing
land next to St James' Park and on the Gateshead riverside, has
told investors that it will go to court in December to put its
parent company into administration.

Over the last two years, the company has twice seen its auditors
resign while its accounts are significantly overdue and a number of
its subsidiaries are facing being struck off, BusinessLive
relates.

It hit major difficulties during the coronavirus pandemic, saying
that a number of its institutional funders had withdrawn financing
for development schemes, BusinessLive discloses.

A number of its development sites have now been taken on by other
companies, but in a letter to High Street Group investors seen by
The Journal, chairman Gary Forrest says that progress is being made
on projects in Newcastle, Birmingham and elsewhere, BusinessLive
notes.

"The decision was made to place High Street Group Limited into
Administration.  This does not prevent the projects as listed above
from progressing.  It will also provide an extra layer of
protection to the investors, in that independent licensed
insolvency practitioners will be monitoring the projects and
providing regular reports to all Creditors," BusinessLive quotes
Mr. Forrest as saying.

"Upon completion of the projects, the funds generated through the
indemnities will be dispersed to the loan note holders by the
administrators."


WYVERN FURNITURE: Enters Administration, 100+ Jobs Affected
-----------------------------------------------------------
Anna Cooper at TheBusinessDesk.com reports that more than 100
redundancies were made as a result of Wyvern Furniture entering
administration.

The upholstery manufacturer based in Hartlebury, Worcestershire
appointed Diana Frangou and Chris Lewis of RSM Restructuring
Advisory LLP as joint administrators of Trade Business Limited
(trading as Wyvern Furniture) in October, TheBusinessDesk.com
relates.

RSM says an accelerated sales process was carried out, during which
trading was suspended, TheBusinessDesk.com discloses.  However, a
suitable buyer for the business and assets could not be found and
trading has ceased, TheBusinessDesk.com notes.

Therefore, 113 employees were immediately made redundant,
TheBusinessDesk.com states.  RSM says its strategy is ongoing and
the team have secured sales of the assets of the company and have
also enabled an occupant of part of the Wyvern site that resulted
in local employment opportunities, according to
TheBusinessDesk.com.

The company was negatively impacted by losses during the pandemic,
with a long closure during the first lockdown, TheBusinessDesk.com
discloses.  In addition, cost increases followed in the second half
of the year, alongside the loss of a key supply chain finance
facility following the failure of Greensil Capital,
TheBusinessDesk.com relays.  There was also a reduction in orders
and sales in the summer months, TheBusinessDesk.com states.

According to TheBusinessDesk.com, Diana Frangou, a restructuring
advisory partner at RSM and joint administrator, said "The cashflow
issues were such that following the lack of a buyer for the
business the director had no alternative other than to place the
company into Administration."




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

[*] Dechert Elects 31 New Partners from Around the World
--------------------------------------------------------
Dechert on Dec. 3, 2021, disclosed that a class of 31 lawyers from
around the world will be elected to the partnership, effective
January 1, 2022. The largest new partner class in recent firm
history, these extraordinarily diverse and talented lawyers span 11
offices in six countries on three continents, ranging from
Charlotte to Singapore, and encompass all the firm's dispute and
transactional practices.

"Over the years, Dechert has grown in size, and the needs of our
clients have grown in complexity," said Andy Levander, chair of the
firm's Policy Committee. "From data privacy and cryptocurrency to
cutting edge cross-border transactions to complex financial
instruments and game-changing litigation, our clients are facing an
unprecedented range of new issues. It takes a diverse, deeply
talented and highly specialized global team to help our clients
navigate these and other unique challenges. We're proud to welcome
these 16 women and 15 men from around the world to our partnership,
and we are confident that they will continue to deliver
extraordinary work for our clients."

"The size and breadth of this new class is a testament to our
successes in growing in our key practices and geographies," said
CEO Henry Nassau. "More importantly, it's also a testament to the
depth of the talent and commitment within our associate and counsel
ranks. Whether they began their careers as summer associates,
trainees, or joined the firm more recently, each of these 31
individuals have already demonstrated a commitment to high-quality
client service. We know that they will continue to raise the bar in
the years to come as both partners and leaders in our firm."

The full class of new partners includes:

   * Matthew J. Armstrong, New York, Finance and Real Estate
   * Linda Ann Bartosch, Philadelphia, Finance and Real Estate
   * Paul Bennett IV, Philadelphia, Corporate and Securities
   * Claire Bentley, London, Financial Services
   * Andrew H. Braid, Philadelphia, Employee Benefits
   * Julia Chapman, Philadelphia, Antitrust/Competition
   * May Chiang, New York, Trial, Investigations and Securities
   * George Davis, New York, Global Tax
   * Mark Dillon, Dublin, Financial Services
   * J. Ian Downes, Philadelphia, Labor
   * Cyril Fiat, Paris, Financial Services
   * Evan Flowers, London, Trial, Investigations and Securities
   * Timothy Goh, Singapore, Corporate and Securities
   * Nitya Kumar Goyal, Philadelphia, Finance and Real Estate
   * Elizabeth Ann Guidi, New York, Global Tax
   * Jacqueline Harrington, New York, Product Liability and Mass
Torts
   * David A. Herman, New York, Financial Restructuring
   * Jennifer Insley-Pruitt, New York, Intellectual Property
   * Carina Klaes-Staudt, Munich, Corporate and Securities
   * Angelina X. Liang, New York, Corporate and Securities
   * Melanie MacKay, Chicago, Trial, Investigations and Securities
   * Sarah E. Milam, New York, Finance and Real Estate
   * Ross L. Montgomery, London, Corporate and Securities
   * Daniel S. Mozes, Philadelphia, Corporate and Securities
   * Daniel Natoff, London, Trial, Investigations and Securities
   * Sophie Pele, Paris, Antitrust/Competition
   * Benjamin Sadun, Los Angeles, Product Liability and Mass Torts
   * Tyler Stevens, Charlotte, Finance and Real Estate
   * Anna Tomczyk, New York, Corporate and Securities
   * Lindsay Trapp, New York, Financial Services
   * Katherine Unger Davis, Philadelphia, Product Liability and
Mass Torts

                        About Dechert

Dechert is a global law firm with 22 offices around the world. It
advises on matters and transactions of the greatest complexity,
bringing energy, creativity and efficient management of legal
issues to deliver commercial and practical advice for clients.



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *