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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

          Wednesday, December 8, 2021, Vol. 22, No. 239

                           Headlines



B E L G I U M

TELENET GROUP: Fitch Affirms 'BB-' LT IDR, Outlook Stable


F R A N C E

CIRCET HOLDING: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable


G E R M A N Y

ADLER GROUP: S&P Affirms 'B+' LT ICR, Off CreditWatch Negative


I R E L A N D

FAIR OAKS IV: Moody's Assigns (P)B3 Rating to EUR10MM Cl. F Notes
MAN GLG III: Moody's Affirms B3 Rating on EUR10.4MM Class F Notes
TIKEHAU CLO VI: Moody's Assigns (P)B3 Rating to EUR11.6MM F Notes


I T A L Y

IMA INDUSTRIA: Moody's Assigns 'B2' CFR, Outlook Stable


P O R T U G A L

ARES LUSITANI: Fitch Assigns Final BB+ Rating to Class D Tranche


R U S S I A

GLOBAL PORTS: Moody's Upgrades CFR to Ba1, Outlook Remains Stable


S P A I N

ENCE ENERGIA: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
INVICTUS MEDIA: Fitch Lowers LT IDR to 'C'
PYMES SANTANDER 15: Moody's Ups Rating on EUR600MM B Notes to Caa2


S W I T Z E R L A N D

SYNGENTA AG: Moody's Ups CFR to Ba1, Placed on Review for Upgrade


T U R K E Y

TURKEY: Moody's Affirms B2 Issuer Rating, Outlook Remains Negative


U K R A I N E

DTEK RENEWABLES: S&P Lowers ICR to 'CCC+' on Liquidity Pressures


U N I T E D   K I N G D O M

CHARTERHOUSE COMMUNICATIONS: Key Media Acquires CEDAC Media
HC-ONE LTD: Paid Out at Least GBP4.8 Mil. to Owners Last Year
ONE ISLINGTON: Quantuma Completes Sale of Freehold
STON EASTON: Put Up for Sale for GBP6MM Following Administration
VIRGIN ACTIVE: Seeks New Chief Executive, Finance Director

YPG INVESTAR: Enters Administration Due to Funding Problems

                           - - - - -


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B E L G I U M
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TELENET GROUP: Fitch Affirms 'BB-' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Telenet Group Holding NV's Long-Term
Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook. Fitch
has also affirmed the group's senior secured debt at 'BB+'/'RR2'
and the Short-Term IDR at 'B'.

Telenet's rating takes into account a strong operating profile
reflected in its leading in-franchise market position, visible
revenue and cash flow, reasonable market structure and consistent
financial policy. Net debt/EBITDA leverage is managed at about 4x
and is more conservative than most of its 'BB-' rated telecom
peers; its forecast pre-dividend free cash flow (FCF) margin in the
low-to-mid teens is strong across the sector (investment grade and
sub-investment grade).

Potential rating vulnerabilities include likely market
consolidation and increased competitive pressure given Orange
Belgium's expected acquisition of Voo, the cable network in
Wallonia. The potential for a fourth mobile licence being awarded
in spectrum auctions next year lays the ground for increased mobile
competition. Telenet's plans to form a wholesale access network
(netco) with Fluvius could lead to a tightening of its downgrade
sensitivities once further detail are published.

KEY RATING DRIVERS

Strong Operating Profile: From a business risk perspective, Fitch
considers Telenet to be well-positioned within its rating. Its
market position, network quality, competitive intensity of its
market and key performance indicators (KPIs), all support a
stronger rating than its 'BB-' rating, which is effectively
anchored by its financial leverage. Data from the Belgian regulator
BIPT show that Telenet held strong market-leading positions in
fixed broadband (share approaching 60%) and video (close to 70%) in
Flanders and a share in the high teens in both in Brussels at 1
January 2021.

Belgium's telecoms markets are advanced with demand for convergent
services and high broadband speeds well developed (nearly 40% of
Belgium's mobile base are convergent customers; 66% of broadband
lines offer minimum speeds of 100Mbps). These trends support high
average revenue per user (ARPU) and fit well with Telenet's network
and commercial strategy.

Mature Telecoms Market: The Belgium telecom market is mature with
mobile penetration above 100% and broadband penetration of 91%
(data at December 2020). Market revenue in 2020 of EUR8.4 billion
was down by 2%, with retail revenue falling by a more muted 0.5%.
The national market has three main operators with Telenet competing
with Orange Belgium and the incumbent, Proximus. While Telenet has
virtually no fixed presence in Wallonia, it maintained a national
revenue share of 29%, which was flat in 2020.

Return to Growth: Recent years have seen the company come under
revenue pressure. In Fitch's view this has been driven by
competition made possible by regulated cable access, as well as the
pandemic in 2020. Following a rebased revenue decline of 2% in
2020, revenue in 9M21 was ahead 1% and the company is guiding to
growth for the full year. It has revised its medium-term operating
FCF (a proxy for EBITDA less capex) guidance to the mid-point of a
target compound annual growth rate of 6.5%-8% for 2018-2021. Given
the maturity of the business, Fitch takes a positive view of the
emphasis on cash flow growth.

Cash Flow, Financial Policy: Telenet generates solid cash flow and
has a well-established financial policy. Its pre-dividend FCF
margin in the low-to-mid teens is strong relative to the peer
group, including investment-grade carriers. This is underpinned by
the high margins in the cable business, while management are
consistent in managing costs and meeting published financial
targets. Its cash flow strength and financial policy are key
drivers for the rating.

Infrastructure Deals: Management has announced a strategic review
of its mobile towers. Separately, it has come to a non-binding
agreement with Fluvius, which owns the cable network in a third of
the Flanders region, which would create one netco for all of
Flanders. Fitch typically views tower disposals as a deleveraging
event as passive tower infrastructure has limited or no impact on
the business' operating profile.

Netco: The parameters or ownership of a netco transaction are
unclear. Telenet has said it will publish more details in spring
2022. Fitch assumes that any deal would initially involve Telenet
maintaining majority control, although this could fall to a
minority stake if financial sponsors are introduced later. Fitch
recognises the industry logic and investment return benefits of
creating one network for the whole of Flanders and introducing risk
partners to share in fibre upgrade costs.

Implications for Sensitivities: A sizeable minority in the access
network has implications for cash flow fungibility to what is any
telecom's most strategic asset. Examples of this include Telecom
Italia S.p.A. (BB+/Stable), where Fitch tightened its leverage
downgrade threshold by 0.2x to reflect a weakened operating profile
following the sale of a 42% stake in FiberCop. Fitch has also
guided to a likely 0.2x tightening of PPF Telecom Group B.V.'s
(BBB-/Stable) threshold if a sale of a minority in CETIN Group N.V.
(BBB/Stable) goes ahead.

In the absence of other arguments, these cases are likely to serve
as precedents if Telenet proceeds with a netco, although the scale
of any tightening would depend on exact transaction parameters.

Market Consolidation in Wallonia: Orange Belgium has announced
exclusive negotiations with the owner of Voo in a transaction
valuing Voo at EUR1.8 billion, which should it proceed would be
subject to regulatory approval and potential remedies. Telenet had
also taken part in the bidding process. A transaction consolidating
Orange Belgium's national mobile scale and its existing (wholesale
access based) broadband business with Voo is likely to increase
competitive market pressures. Integration and the upgrade
investment needed on the Voo network may limit this impact in the
near term. Telenet's missing out on the asset also limits how it
may position itself nationally.

DERIVATION SUMMARY

Telenet's ratings are driven by its strong operating profile, which
is underpinned by a strong network footprint in Flanders, scaled
operations with strong cash generation and a sustainable
competitive position. This enables Telenet to support a leveraged
balance sheet. The company's targets net debt/EBITDA leverage in
the mid-point of a 3.5x-4.5x range. This is higher than its western
European investment-grade telecom peers but moderately tighter than
similarly rated cable peers, such as VMED O2 UK Limited
(BB-/Stable) and UPC Holding BV (BB-/Negative). It has an equally
strong operating profile to that of NOS, S.G.P.S., SA (BBB/Stable),
with the higher leverage accounting for Telenet's lower rating. Its
revenue visibility and pre-dividend FCF margins are strong across
the sector - both investment and sub-investment grade.

KEY ASSUMPTIONS

-- Rebased revenue to grow less than 1% in 2021-2025;

-- Fitch-defined EBITDA margin, before IFRS16 impact, stable at
    about 45% of sales;

-- Accrued capex/sales ratio of 18% in 2021-2025 (excluding
    spectrum payments and amortisation of broadcasting rights);

-- Common dividend payments of EUR300 million a year;

-- Share buyback programme of EUR45 million in 2021.

RATING SENSITIVITIES

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

-- Positive rating action is unlikely in the medium term unless
    the management pursues a more conservative financial policy.

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

-- A weaker operating environment due to increased competition
    from either mobile or cable wholesale leading to a larger
    than-expected market share loss and decrease in EBITDA.

-- Funds from operations (FFO) net leverage consistently over
    5.2x and FFO interest coverage trending below 4.0x (2019:
    4.6x).

-- A change in financial or dividend policy leading to new,
    higher leverage targets.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity Profile: As of end-September 2021, Telenet had
cash balance of EUR194 million. It has a strong liquidity position
supported by positive cash-flow generation and undrawn credit
facilities of EUR530 million due 2026. Telenet has a long-dated
debt maturity profile, with no significant debt maturities until
2028.

ISSUER PROFILE

Telenet is a fixed-mobile convergent telecoms operator in Belgium.
It operates a hybrid-fibre coaxial cable network in Flanders, the
northern part of the country, and Brussels, and has a nationwide
mobile network. It is the national telecoms market number two and
has a leading in-franchise market share in Flanders in fixed
broadband and video.

ESG CONSIDERATIONS

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



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F R A N C E
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CIRCET HOLDING: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit and
issue ratings to Circet Holding SAS and the term loan B and
revolving credit facility (RCF) issued by Circet Europe SAS. S&P
revised its recovery rating on the senior secured debt to '3' from
'4'.

S&P said, "Our stable outlook reflects that Circet's revenue and
EBITDA will continue to increase on planned fiber deployments, 5G
program launches, recurring maintenance services, and integration
of the acquisitions, with adjusted leverage remaining below 5x on
average.

"We expect Circet's adjusted debt to EBITDA will continue to
improve below 5.0x by 2022, at about 4.6x, after a peak of about
4.9x in 2021 (not pro forma). The company is issuing a EUR150
million add-on to the senior secured TLB and drawing EUR187 million
under the RCF, alongside sellers' equity reinvestment of around
EUR297 million, to acquire KPGCo and an infrastructure service
company in Continental Europe. We expect that the debt and
transaction will close in 2022, thereby not affecting 2021 ratios.
We anticipate that adjusted leverage will reach 4.9x in 2021
(compared with the previous assumption of 5.1x) following good
trading performance, and will fall to 4.6x in 2022 (pro forma;
versus 4.2x) under our base-case scenario. This will be due to
absolute EBITDA and free operating cash flow (FOCF) growth from the
enlarged perimeter and sustained industry demand.

"We anticipate that Circet's profitability will weaken only
slightly over the next three years but should improve to previous
levels from 2023. The group's EBITDA (S&P Global Ratings-adjusted)
will likely increase more than 37% in 2021 (compared with 30%
previously assumed) and about 30% in 2022 (20%), fueled by
acquisitions and subsequent revenue growth--including the full
consolidation of entities acquired over the past 18 months, the
planned acquisitions in 2022, and resulting synergies. We expect
adjusted EBITDA margin will slightly weaken over the forecast
period, at below 15% against below 17%, because of the acquired
companies' relatively weaker margins and other exceptional costs.
We also forecast revenue will continue increasing organically on
planned fiber-to-the-home (FTTH) deployments in Germany, the U.K.,
Ireland, Belgium, the Netherlands, and Luxembourg (Benelux); 5G
program launches across Europe; recurring maintenance services; and
ramp-up of new activities in Continental Europe and the U.S.
starting in 2022."

The acquisition in the U.S. opens up a large addressable market
with a supportive growth outlook, while the European entry will
diversify Circet into another growing European market. The entry to
the U.S. market will more than double Circet's addressable market
to $59 billion (Europe plus North America) from about $24 billion
(only Europe). The group expects strong growth in wireless
activities from 5G upgrades and fixed-wireless deployment,
significant FTTH deployment as it expects a demand boost from the
U.S. government's infrastructure spending targeted on increasing
digital access and cable operators deploying fiber deeper into
their networks, and increasing outsourcing activity from major
operators. The entry in a new Continental Europe market will allow
Circet to benefit from significant growth from 5G and FTTH
deployment, despite competing against four other telecom
infrastructure providers.

U.S.-based KPGCo generated $324 million of revenue in 2020. Its
activities are organized around two divisions: Services (FTTH
construction and wireless deployment and maintenance) and products
(sourcing, inventory management, and logistics of telecom
equipment). It employs around 1,900 people, of which 900 are in the
service division. Circet expects to acquire a majority (67%) stake
in the services division, alongside sellers, while taking a
minority stake (33%) in the products business, which the sellers
would continue controlling. KPGCo activities comprise about
one-third wireless and two-thirds wireline (FTTH). It is a key
partner with all network operators, with AT&T expected to
contribute 32% to revenue in 2021, followed by Verizon (23%) and
T-Mobile (13%). It has nine sites across the U.S. (Pennsylvania,
Indiana, Minnesota, Georgia, Kansas, Texas, California, and Oregon)
and five in Canada.

S&P said, "Our stable outlook reflects that Circet's revenue and
EBITDA will continue to increase on planned FTTH deployments, 5G
program launches, recurring maintenance services, and integration
of acquisitions. We expect adjusted leverage to remain consistently
below 5x, while available cash and solid FOCF should provide
sufficient headroom for bolt-on acquisitions.

"We could lower our rating if adjusted leverage increases
sustainably above 5x, or if we believe Circet's competitive
advantage and customer relationships would weaken significantly.
This could happen amid increased competition that accentuates
pressure on prices from customers or subcontractors, with volume
growth not materializing or the group facing major contract or
customers losses. It could also result from a more aggressive
financial policy than we anticipate in our base-case scenario, for
instance, through debt-financed transformative acquisitions or
dividend recapitalization.

"An upgrade during our outlook horizon is unlikely because of
Circet's appetite for acquisitions and its maximum reported
leverage tolerance of 4.5x (translating into an adjusted debt to
EBITDA of 4.5x-5.0x). However, we could upgrade the company if
adjusted debt to EBITDA remains sustainably below 4.0x, with a
financial commitment to maintain this level, while it continues
diversifying its customer base and maintains profitability
levels."




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G E R M A N Y
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ADLER GROUP: S&P Affirms 'B+' LT ICR, Off CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit
ratings on German real estate investor Adler Group S.A. (Adler) and
its subsidiary Adler Real Estate AG. At the same time, S&P removed
the ratings from CreditWatch, where it had placed them with
negative implications on Oct. 11, 2021. S&P has also affirmed its
'BB-' issue ratings on Adler's senior unsecured debt.

On Dec. 1, 2021, Adler announced that it had signed a final sale
and purchase agreement (SPA) to sell 15,500 residential and
commercial units to LEG Immobilien SE (LEG), generating net cash
proceeds of EUR800 million. S&P expects the transaction to close by
the end of December 2021.

Adler also announced the sale of a 7% stake in Brack Capital
Properties N.V. (BCP) to LEG, and granted LEG an irrevocable tender
commitment for all its remaining BCP shares until Sept. 30, 2022,
for a total of about EUR850 million.

S&P said, "The SPA with LEG and Adler's use of the EUR800 million
of cash proceeds for debt reduction alleviate our concerns about
its short-term liquidity position. Adler has announced that it has
signed the final SPA to sell about 15,362 residential and 185
commercial units to LEG for EUR1.3 billion (adjusted for deferred
tax and capital expenditure [capex]) in December 2021. We
understand that the company will use the proceeds from the
transaction to repay its secured bank loans, leaving it with net
cash proceeds of about EUR800 million. We believe this will help
Adler meet its liquidity needs until the third quarter of 2022. We
still believe that Adler's access to the capital markets remains
challenging, and that the company remains dependent on the
successful execution of further asset sales to meet its medium- to
long-term liquidity needs.

"We expect that Adler's exposure to property development will
increase in the short term due to the sale of a substantial part of
its yielding portfolio. The company has announced the sale of
EUR1.3 billion (adjusted for deferred tax and capex) of yielding
assets as part of its strategic review; signed a letter of intent
to sell another EUR1 billion of assets to an alternative investment
firm and sold a 7% stake in BCP; and granted LEG an irrevocable
tender commitment for all its remaining BCP shares until Sept. 30,
2022. We understand that pro forma the sale, the value of the
yielding portfolio could drop to close to EUR5.3 billion-EUR5.5
billion from EUR9.1 billion as of Sept. 30, 2021, and the value of
the development projects to around EUR3.5 billion-EUR3.8 billion
from EUR4.1 billion as of the same date. Adler will retain some of
the development projects as build-to-hold assets and sell some of
them. In our view, the sale will significantly increase the
company's exposure to property development, as we expect the base
of development assets to increase to about 35%-40% of the total
portfolio from 25%-30% currently. That said, we understand that
Adler would like to dispose of a large part of the development
assets over the next 12-18 months, while retaining the yielding
portfolio. This would reduce its exposure to property development
over time. We view property development as more volatile than rent
collection, reducing the stability and predictability of the
company's cash flow as a result." The uncertainty around the
operational performance of the company's development projects, and
the risks surrounding construction remain key aspects of our
current business risk profile assessment.

Adler reported a solid operating performance in the third quarter
of 2021 for its portfolio of standing assets, but most of its
financial and trade receivables remain outstanding. The operating
performance of Adler's yielding assets was in line with the
performances of its German peers. Adler reported solidly positive
like-for-like rental growth of 3.9% in the first nine months of
2021, and good like-for-like growth in the portfolio value of 8.7%.
The German residential market has favorable supply and demand
trends and good prospects for occupancy and like-for-like rental
income. That said, S&P understands that Adler has not yet received
most of its receivables, and still had around EUR563 million of
receivables outstanding as of Sept. 30, 2021, most of which relate
to projects it has sold in previous years and to loans it has
provided to minority shareholders.

S&P said, "Our updated base case is in line with our assessment of
Adler's aggressive financial risk profile. Our updated base case
reflects the recent sale of LEG's yielding assets and approximately
EUR1.0 billion of further asset sales in 2022. We assume that Adler
will use a large part of the net proceeds to reduce leverage, in
line with its strategy. Given the high uncertainty around the sale
of the BCP stake, our base case does not yet take any benefits of
this sale into account. In our view, Adler's S&P Global
Ratings-adjusted ratio of debt to debt plus equity will improve to
52%-54% versus our previous assumption of close to 60% in next 12
months, thanks to the reduction we expect in leverage. However,
Adler's debt to EBITDA and EBITDA interest coverage could remain
relatively weak, at around 23x-24x and 1.4x-1.6x, respectively, as
we expect a loss of revenue and EBITDA from the disposal of
yielding assets and delayed EBITDA generation from current
development projects after delivery. This is because most of these
projects are build-to-hold, and we understand that they will only
be completed over the next seven-to-eight years and require
material capital investments in the next few years.

"We have affirmed our 'BB-' issue ratings on Adler's senior
unsecured debt, including the bonds issued by Adler Real Estate.
The issue ratings remain one notch above the issuer credit rating.
We perform our recovery analysis at a consolidated group level,
including Adler Real Estate and Consus. Our recovery analysis on
Adler is unchanged, and we expect recovery prospects to remain
above 75%, reflecting the consolidated group's robust yielding
asset base and the limited amount of prior-ranking debt. The
recovery rating therefore remains '2'.

"The negative outlook reflects our view of the uncertainty around
the operational performance of Adler's development projects, as
well as Adler's successful execution of its strategic review,
including the disposal of some of the development projects. The
negative outlook also reflects our view of the execution risk
relating to Adler's current construction projects and the
refinancing of its debt maturities in a timely manner in the fourth
quarter of 2022 and 2023.

"We could lower the ratings on Adler and Adler Real Estate if the
company does not manage to execute its strategic review, including
the disposal of some of its development projects, in next 12-18
months, or if Adler disposes of significant amounts of its yielding
assets, which would increase or maintain its high reliance on
development activities. This could trigger a change in the criteria
we apply to rate the company.

"A negative rating action may also occur if Adler does not manage
to collect its outstanding receivables within the stated time
frame, or experiences any cancellations or delays in its
development projects, which could put pressure on the credit
metrics. We could also take a negative rating action if the company
faces difficulties in refinancing its debt maturities well ahead of
time, meaning that its liquidity headroom would deteriorate further
in our calculations.

"We could revise the outlook to stable if Adler manages to complete
its strategic review, including the disposal of some of its
development projects; collect its outstanding receivables in a
timely manner; and deliver its current construction projects within
the stipulated time frame."




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I R E L A N D
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FAIR OAKS IV: Moody's Assigns (P)B3 Rating to EUR10MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Fair Oaks
Loan Funding IV Designated Activity Company (the "Issuer"):

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

EUR41,000,000 Class B Senior Secured Floating Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR23,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR21,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

EUR10,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be approximately 87.5% 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 5.2 month ramp-up period in
compliance with the portfolio guidelines.

Fair Oaks Capital Ltd 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. Additionally, the
issuer has the ability to purchase loss mitigation loans using
principal proceeds subject to a set of conditions including
satisfaction of the par coverage tests.

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 EUR250,000.00 over eight payment dates,
starting from the second payment date.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR28,000,000 of Subordinated Notes, EUR1,000,000
of Class M Notes and EUR2,000,000 of Class Z 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 modelled 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: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2,875

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years

MAN GLG III: Moody's Affirms B3 Rating on EUR10.4MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Man GLG Euro CLO III Designated Activity Company:

EUR23.3M EUR Class B-1 Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Mar 16, 2021 Upgraded to
Aa1 (sf)

EUR10M EUR Class B-2-R Senior Secured Fixed Rate Notes due 2030,
Upgraded to Aaa (sf); previously on Mar 16, 2021 Assigned Aa1 (sf)

EUR32M EUR Class C Deferrable Mezzanine Floating Rate Notes due
2030, Upgraded to A1 (sf); previously on Mar 16, 2021 Affirmed A2
(sf)

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

EUR212M EUR Class A-R Senior Secured Floating Rate Notes due 2030,
Affirmed Aaa (sf); previously on Mar 16, 2021 Assigned Aaa (sf)

EUR18M EUR Class D Deferrable Mezzanine Floating Rate Notes due
2030, Affirmed Baa2 (sf); previously on Mar 16, 2021 Affirmed Baa2
(sf)

EUR19.8M EUR Class E Deferrable Junior Floating Rate Notes due
2030, Affirmed Ba2 (sf); previously on Mar 16, 2021 Affirmed Ba2
(sf)

EUR10.4M EUR Class F Deferrable Junior Floating Rate Notes due
2030, Affirmed B3 (sf); previously on Mar 16, 2021 Affirmed B3
(sf)

Man GLG Euro CLO III Designated Activity Company, issued in July
2017 and partially refinanced in March 2021, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by GLG
Partners LP. The transaction's reinvestment period ended in October
2021.

RATINGS RATIONALE

The rating upgrades on the Class B-1, B-2-R and C Notes are
primarily a result of the transaction reaching the end of its
reinvestment period in October 2021.

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

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

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

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

Performing par: EUR342,394,873.7

Defaulted Securities: 2,308,184.2

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2904

Weighted Average Life (WAL): 4.52 years

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

Weighted Average Coupon (WAC): 5.38%

Weighted Average Recovery Rate (WARR): 44.01%

Par haircut in OC tests and interest diversion test: None

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

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

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

TIKEHAU CLO VI: Moody's Assigns (P)B3 Rating to EUR11.6MM F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to debt to be issued by Tikehau CLO
VI DAC (the "Issuer"):

EUR248,000,000 Class A Notes due 2035, Assigned (P)Aaa (sf)

EUR27,000,000 Class B-1 Notes due 2035, Assigned (P)Aa2 (sf)

EUR13,000,000 Class B-2 Notes due 2035, Assigned (P)Aa2 (sf)

EUR24,000,000 Class C Notes due 2035, Assigned (P)A2 (sf)

EUR29,000,000 Class D Notes due 2035, Assigned (P)Baa3 (sf)

EUR19,800,000 Class E Notes due 2035, Assigned (P)Ba3 (sf)

EUR11,600,000 Class F Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six month ramp-up period in compliance with the
portfolio guidelines.

Tikehau Capital Europe Limited ("Tikehau") 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
4.6-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.

In addition to the seven classes of debt rated by Moody's, the
Issuer will issue EUR35,600,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the debt 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 debt's performance is subject to uncertainty. The debt's
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 debt's
performance.

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

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

Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3000

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years



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

IMA INDUSTRIA: Moody's Assigns 'B2' CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default rating to Italian automatic
production and packaging machinery manufacturer I.M.A. Industria
Macchine Automatiche S.p.A. ("IMA" or "group"). At the same time,
Moody's has withdrawn the B2 CFR and B2-PDR of Sofima Holding
S.p.A. ("Sofima"), a previous holding company of IMA, into which
Sofima merged after the take private by the Vacchi family and BC
Partners completed earlier this year.

Moody's further affirmed the B2 instrument ratings on the EUR830
million guaranteed senior secured notes and the EUR450 million
guaranteed senior secured floating rate notes due 2028, which had
been transferred to IMA after the merger. The outlook on the
ratings for both entities is stable.

RATINGS RATIONALE

The assignment of the B2 CFR to IMA and withdrawal of Sofima's CFR
follow the group's take private by the Vacchi family, holding an
around 55% stake in IMA, and BC Partners (45%) and the reverse
takeover of Sofima by IMA, upon which Sofima ceased to exist.

The B2 CFR and affirmation of the B2 instrument ratings further
recognize IMA's strong operating performance during the first three
quarters of 2021 (3Q 2021), as shown by a marked recovery in order
intake (up 23.8% yoy), sales (+11.9%) and reported EBITDA before
special items increasing to EUR185 million from EUR147 million for
the same period in the prior year. While the strongest momentum was
observed in the pharmaceutical business (sales up 15.7% yoy), which
was partly fueled by ongoing Covid-19 linked extra volumes, IMA's
order backlog rose across all business segments and reached an
accumulated EUR1.1 billion multi-year record level as of September
30, 2021. The sound topline growth further enabled IMA to expand
its Moody's-adjusted EBITA margin to around 13.5% for the 12 months
ended September 2021, from 12.7% in fiscal year 2020, and to
achieve solid positive Moody's-adjusted free cash flow (FCF).

Still, IMA's Moody's-adjusted leverage of 7.7x gross debt/EBITDA
remains high for its B2 rating, reflecting its substantial
Moody's-adjusted debt of over EUR2 billion at the end of September
2021. The group's adjusted debt includes significant payables for
acquisitions (EUR370 million in total), of which EUR240 million
relate to a purchase obligation by Sofima for a certain number of
IMA shares. Representing a significant addition to IMA's total
adjusted debt, however, the liability is subordinated and its final
maturity in September 2028, beyond the maturities of all other debt
of the group. That said, Moody's had already incorporated EUR310
million of PIK issued at a holding entity above the restricted
group (hence not included in Moody's-adjusted debt) when it
assigned it first-time ratings to IMA last year.

IMA's B2 CFR remains currently weakly positioned at this stage,
particularly due to its high Moody's-adjusted leverage, which the
rating agency expects to reduce towards its defined range for a B2
rating (5.5-6.5x debt/EBITDA) by 2023 only. This is offset to some
extent by IMA's resilient business profile, its strong
profitability and Moody's expectation of ongoing positive FCF over
the next two years.

The B2 CFR remains supported by IMA's (1) leading positions within
niches of the global packaging machinery market, namely
pharmaceuticals (47% of 2020 group revenue), tea, food & other
(47%), and tobacco (6%), with mostly resilient demand
characteristics, (2) sizeable higher-margin after-sales services,
which accounted for around 30% of group revenues in 2020 and add
further visibility since being largely non-discretional, (3)
balanced geographic footprint across Europe (55% of 2020 revenues),
North America (18%), Asia and the Middle East (18%), and other
regions (9%), (4) industry-leading and fairly stable profitability
with an average 14.7% Moody's-adjusted EBITA margin over 2017-2021,
(5) cutting-edge technical expertise and innovation, supporting
long-lasting client relationships, without reliance on any single
customer, (6) historical and forecast positive FCF thanks to
generally low capital spending given a high share of outsourcing of
basic components and certain assembly processes, and no dividend
payments, and (7) a highly experienced management team.

Other factors constraining IMA's rating comprise (1) the existence
of EUR310 million PIK notes outside of the restricted group, which
are not included in Moody's-adjusted debt ratios, while posing some
risk of cash leakage over time, (2) potential debt-funded
acquisitions, which frequently occurred in the past and remain a
key element of the group's strategy to obtain access to new
technologies, (3) some risk of underperformance of Moody's earnings
growth and de-leveraging expectations due to the ongoing pandemic,
although which has not materially adversely affected the group so
far, (4) sometimes uneven order intake, revenue and cash flow
patterns in line with customers' investment decisions, which can
also lead to periods of higher/lower capital spending needs, but
does not necessarily impact the general resilience of the
business.

LIQUIDITY

IMA's liquidity is adequate. This assessment is supported by
Moody's forecast of solid positive FCF generation, around EUR191
million of cash and cash equivalents and the group's fully
available EUR150 million super senior RCF (maturing 2027) as of
September 30, 2021. These funds are sufficient to repay IMA's short
term debt maturities (EUR184 million as of September 30, 2021),
including leases, certain acquisition related payables, and to
cover Moody's assumed 3% of sales working cash needs.

The super senior RCF is subject to a springing super senior net
leverage covenant, tested when the facility is drawn by more than
40%, net of cash balances. Moody's expects IMA to maintain
consistent compliance with the covenant.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that IMA's
operating performance will remain robust, with mid-single-digit
topline growth and broadly stable margins, supporting a gradual
de-leveraging towards 6.5x Moody's-adjusted debt/EBITDA over the
next two years. The outlook also factors in consistent positive
FCF, assuming no dividend payments, and no larger-scale debt
financed acquisitions.

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

Positive pressure on the rating would build, if IMA's (1)
historically resilient performance and Moody's-adjusted EBITA
margins at 14% or higher could be maintained, (2) leverage declined
to 5.5x Moody's-adjusted debt/EBITDA, (2) Moody's-adjusted FCF/debt
metrics improved into the high-single-digit percentages, (4)
liquidity strengthened to a solid level, all on a sustainable
basis.

An upgrade would also require the establishment of a financial
policy focused on de-leveraging, no debt-financed acquisitions or
shareholder distributions.

Downward pressure on the rating would evolve, if IMA's (1)
Moody's-adjusted EBITA margin declined towards 10%, (2) leverage
could not be reduced towards 6.5x Moody's-adjusted debt/EBITDA, (3)
FCF neared break-even.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Bologna, Italy, I.M.A. Industria Macchine
Automatiche S.p.A. is a worldwide leader in the design and assembly
of automated machines for the processing and packaging of
pharmaceuticals, food, tea, coffee and tobacco. The company
operates 48 manufacturing sites across nine countries and has a
sales network in about 80 countries. In the 12 months ended
September 2021, IMA generated revenues of EUR1.6 billion and EBITDA
(company-adjusted) of EUR288 million (17.9% margin) with more than
6,100 employees.

The group is owned by the Vacchi family, who holds a 55% stake in
IMA, and funds advised by private equity firm BC Partners, holding
an around 45% stake.



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

ARES LUSITANI: Fitch Assigns Final BB+ Rating to Class D Tranche
----------------------------------------------------------------
Fitch Ratings has assigned Ares Lusitani - STC, S.A./Pelican
Finance No.2 final ratings.

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

A PTLSNTOM0007   LT AA-sf   New Rating    AA-(EXP)sf
B PTLSNUOM0004   LT Asf     New Rating    A(EXP)sf
C PTLSNVOM0003   LT BBB+sf  New Rating    BBB+(EXP)sf
D PTLSNWOM0002   LT BB+sf   New Rating    BB+(EXP)sf
E PTLSNYOM0000   LT NRsf    New Rating    NR(EXP)sf
X PTLSNXOM0001   LT NRsf    New Rating    NR(EXP)sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

Asset Assumptions Reflect Mixed Portfolio: The securitised
portfolio was originated by MC (57.8%) and BM (42.2%). MC's
sub-pool only includes passenger car loans, and BM's sub-pool is
largely composed of unsecured consumer loans. Fitch calibrated
separate asset assumptions for each originator, reflecting
different performance expectations.

Fitch has assumed base-case lifetime default and recovery rates of
6.4% and 45.8%, respectively, for the blended portfolio, given the
historical data provided by the originators, Portugal's economic
outlook and the originators' underwriting and servicing
strategies.

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

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

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

Interest-Rate Risk Broadly Offset: The transaction benefits from an
interest-rate cap agreement that hedges the interest-rate mismatch
arising from 60.3% of the portfolio balance paying a fixed interest
rate and the floating-rate notes. The interest-rate cap is based on
a predefined scheduled notional amount that covers the fixed-rate
share of the portfolio and operates a strike rate of 3%.

RATING SENSITIVITIES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

-- Upgrade to the Portuguese sovereign IDR could increase the
    maximum achievable structured-finance ratings for the notes.
    The class A notes could only be upgraded up to 'AAsf', six
    notches above the Portuguese sovereign IDR.

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

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



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

GLOBAL PORTS: Moody's Upgrades CFR to Ba1, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded corporate family rating to
Ba1 from Ba2 and probability of default rating to Ba1-PD from
Ba2-PD of Global Ports Investments Plc (GPI or the company),
Russia's leading container port terminals operator. Concurrently,
Moody's has upgraded to Ba1 from Ba2 the ratings of the backed
senior unsecured notes issued by the company's 100%-owned financial
subsidiary Global Ports (Finance) Plc. The outlook on GPI and
Global Ports (Finance) Plc remains stable.

RATINGS RATIONALE

The upgrade of GPI's ratings reflects (1) strong improvement in the
company's credit metrics and reduction in absolute debt level, (2)
its sound operating and financial performance stemming from its
strong asset base and leading market position, and (3) favourable
market conditions. Moody's expects that GPI will maintain leverage
sustainably within the threshold for its Ba1 rating and adhere to
its prudent financial policy, adequately sizing shareholder
distributions and capital spending needs, and retain robust
liquidity.

GPI's leverage, measured as Moody's-adjusted net debt/EBITDA,
declined to 2.6x as of 30 June 2021 from 2.9x in 2020, 3.2x in 2019
and 3.5x in 2018 thanks to (1) resilient earnings, (2) reduction in
debt, supported by strong free cash flow (FCF), and (3) the
company's commitment to deleveraging. Net debt reduced to $554
million as of June 30, 2021 from $788 million as of year-end 2018
as the company generated $224 million in FCF over this period.
Moody's expects the company's leverage to reduce to or below 2.0x
through mid-2022 and remain around this level going forward which
will be in line with its financial policy. The rating agency also
expects the company's adjusted FFO/debt to increase above 20% in
2021-22 from the already solid 15% in 2019-20.

GPI's sound credit profile takes into account its very good
liquidity. Following the placement of RUB7.5 billion 5-year local
bond in November 2021, the company should have more than $275
million in cash now, which will be sufficient to redeem the
outstanding backed senior unsecured eurobond of $199 million in
January 2022. After that, GPI will have no debt maturities until
September 2023. In addition, the company should continue to
generate strong FCF in 2022-23 and has considerable available
long-term committed credit lines, which support its liquidity.

The rating action also factors in the company's resilient operating
performance despite the economic volatility during the pandemic.
Although GPI's revenue declined by 8% on a like-for-like basis
(excluding the change in accounting recognition of revenue) in 2020
because of the tight pricing, it rebounded by 7% in the first half
of 2021 thanks to better pricing conditions and modest volume
growth, and is likely to grow by 10% (on a like-for-like basis) in
2021. In the longer term, its revenue should continue to grow by a
low single-digit in percentage terms. EBITDA margin remains above
60% on a like-for-like basis, as it was in 2017-20. The company
generates strong cash flow thanks to good earnings, low capital
spending needs, given the already well-invested asset base, and
suspended dividends until the internal leverage target is met.
Although GPI may resume dividend payments in 2022, this will be
measured by its prudent financial policy.

Market fundamentals are supportive for the company. The Russian
container handling market remained almost flat in 2020 despite the
pandemic and grew by 8.0% in the first nine months of 2021. The
strong market growth and favourable pricing environment may persist
over the next 12 months, and stabilise at a more sustainable level
in 2023, once the strain in the global supply chain is resolved and
the pent-up consumer demand is exhausted. In addition, the
continuing growth in full container export throughput supports the
container handling market in the longer term because this
effectively reduces spare capacity and shifts the supply-demand
balance in favour of port operators.

GPI's rating also reflects its (1) strong competitive position and
strategic geographical location which help it consistently
outperform the market so far; (2) focus on operating efficiency and
tight cost controls; (3) some diversification into bulk cargo
operations; and (4) balanced ownership structure with established
corporate governance practices. At the same time, the rating
incorporates the company's (1) moderate scale in the global
context; (2) concentration in the competitive niche Russian
container market; and (3) exposure to the evolving regulatory,
legal and economic environment in Russia.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

GPI's credit profile has historically benefited from the strong
support and prudent approach of key controlling shareholders to the
company, reflected in (1) the establishment of solid corporate
governance practices and efficient port operation practices; and
(2) forgoing any shareholder distributions until the company meets
its leverage targets.

The acquisition of a 30.75% stake in GPI by Management Company
"Delo" LLC in April 2018, has not resulted in any material changes
to GPI's operating and financial policies, and further reinforced
the company's focus on operating efficiencies and business
optimisation.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will sustain its sound operating and financial performance and
continue adhering to its prudent financial policy, appropriately
sizing shareholder distributions. This should help the company
maintain its financial profile at a level commensurate with the
current rating.

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

Moody's does not anticipate a positive pressure on the rating to
develop in the medium term, given the company's size and
concentration on the competitive container handling market in
Russia. Over time, the rating agency could consider an upgrade if
the company were to (1) significantly increase the scale of its
operations and/or operational diversification thereby enhancing its
competitive position and operational resilience, while maintaining
robust profitability and financial metrics; (2) strengthen its
credit metrics, with its adjusted gross debt/EBITDA close to 2.0x
and funds from operations (FFO)/debt above 25% on a sustainable
basis; (3) maintain good liquidity; and (4) continue to adhere to
its prudent operating and financial policy, and corporate
governance standards.

Downward pressure on the rating could be exerted if the operating
environment and the competitive pressure in the Russian container
cargo market become significantly more challenging or GPI shifts to
more aggressive financial policies, translating into debt/EBITDA
deteriorating to above 3.0x and FFO/debt declining toward 15% or
below on a sustained basis. A substantial deterioration in the
company's liquidity will also put pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Ports Methodology published in May 2021.

Global Ports Investments Plc (GPI) is the largest container
terminal operator in Russia with strong positions in the Baltics
and Far East basins. GPI also handles marine bulk cargo, including
coal, scrap metal, fertilisers, ro-ro, and other services. In the
12 months that ended June 2021, GPI reported $430 million in
revenue and $211 million in Moody's-adjusted EBITDA.



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

ENCE ENERGIA: S&P Alters Outlook to Negative, Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Spain-based pulp producer
ENCE Energia y Celulosa (ENCE) to negative from stable and affirmed
its 'BB-' issuer credit rating on the company.

S&P said, "The negative outlook reflects the increased risk of a
potential multi-notch downgrade if we become certain that ENCE's
concession to operate the pulp mill in Pontevedra will be annulled.
We think such an event could result in the weakening of ENCE's
credit metrics, as well as the likely deterioration of its business
risk profile.

"The negative outlook stems from our understanding that a final
decision on the continuity of the Pontevedra's mill concession
could be reached in the coming 12 months. The extension of the
concession to operate the pulp mill in Pontevedra has faced legal
challenges since 2019 due to concerns from local organizations
about the use of the land where the mill's activities take place.
ENCE continues to defend the validity of this extension in the
Spanish courts. That said, we understand that a final ruling could
be issued within the next six to 18 months, contrary to our
previous expectation of a more prolonged process. If the resolution
of the dispute is unfavorable to ENCE, the company would need to
permanently shut down its Pontevedra pulp mill--which accounts for
about 40% of its total pulp capacity--and relocate its operations,
most likely to its other production facility in Navia.

"The potential shutdown of the mill would have a sizable effect on
ENCE's credit metrics and potentially on its business risk profile,
which could lead to a multi-notch downgrade. Capital expenditure
(capex) for the setup of a new line in Navia would amount to EUR450
million. We understand ENCE would partly fund these investments
with debt. Additionally, the company would incur other costs
totaling about EUR70 million for the dismantling of the Pontevedra
production site, layoffs, and breakup fees. We think this would
deteriorate ENCE's credit ratios to levels incommensurate for the
current rating level. The closure of the Pontevedra mill would also
hamper ENCE's scope and diversification. We think this could affect
our business risk profile assessment on the company. We do not rule
out that this could result in a downgrade of more than one notch.

The 'BB-' issuer credit rating on ENCE is supported by favorable
pricing conditions during 2021. The recovery in prices of bleached
hardwood kraft pulp (BHKP) during 2021 has supported the
improvement in profitability in the pulp business. This has been
partly offset by the negative impact of pulp price hedges arranged
in 2020 and by the increase in cash cost, which responds mainly to
higher wood costs. S&P said, "We expect profitability in the energy
business will be constrained by energy prices hedged last year at a
lower level and by the cap set by the regulatory collar.
Consequently, we forecast EBITDA margin of 13.0%-13.5% in 2021,
compared with 9.7% in 2020. We anticipate that funds from
operations (FFO) to debt will recover to 19% in 2021 from 11.1% in
2020 on the back of the positive pricing environment and the
regulatory collar compensation, which is not accounted for in
EBITDA and should reach EUR60 million in 2021."

S&P said, "We expect the energy business to support a modest
improvement in profitability in 2022. We understand that some of
ENCE's energy plants will not be subject to the regulatory collar
in 2022. We forecast that the current pricing environment will
extend until 2022 and will boost ENCE's energy business
profitability. However, we also anticipate a correction in BHKP
prices toward $880-$900/ton in 2022 and an upsurge in the cash cost
to about $400/ton, which will weigh on the company's EBITDA margin
and cash generation. We estimate EBITDA margins of about 14% and
FFO to debt of about 25% in 2022.

"The negative outlook reflects the potential for a downgrade if we
become certain that ENCE's concession to operate the pulp mill in
Pontevedra will be annulled. We think such an event could result in
the weakening of ENCE's credit metrics and the probable
deterioration of its business risk profile.

"We could lower our rating if the annulment of the Pontevedra mill
concession, or weakening market conditions, result in FFO to debt
below 15% and debt to EBITDA above 4.75x, on a sustained basis. We
could also lower the rating if we think the shutdown of the
Pontevedra mill will cause a deterioration in ENCE's business risk
profile.

"We could revise our outlook to stable if the final ruling
regarding the Pontevedra mill concession is favorable to ENCE,
while FFO to debt remains above 15%."

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

-- Social capital


INVICTUS MEDIA: Fitch Lowers LT IDR to 'C'
------------------------------------------
Fitch Ratings has downgraded Invictus Media S.A.U's (Imagina)
Long-Term Issuer Default Ratings (IDR) to 'C' from 'CC'. Fitch has
also downgraded Imagina's first-lien senior secured instrument
rating to 'CC' from 'CCC-'.

The downgrade follows the announcement this week that Imagina has
agreed a EUR620 million recapitalisation of the group. The
recapitalisation includes an initial EUR150 million equity
injection by all shareholders followed by a future capital
injection of EUR470 million by majority shareholder Orient Hontai
Capital. The new equity injection would be a positive development
for the company and its creditors in resolving its current
liquidity difficulties.

The proposals by the shareholders are contingent on creditor
approval. Fitch believes that the proposals, while still under
negotiation, will require some form of material change in terms
that would constitute a distressed debt exchange (DDE), according
to Fitch's criteria. The downgrade to 'C' is a procedural step in
Fitch's rating process. Fitch expects the company's new capital
structure to be re-rated to a higher rating level once this equity
injection is completed.

KEY RATING DRIVERS

Restructuring Likely: Fitch expects a restructuring of the current
capital structure to be inevitable over the next 12 months, given
Imagina's high indebtedness and lack of short-term liquidity.
During 2021, the company has missed amortisation payments on its
EUR300 million term loan A (TLAs) and interest payments across its
facilities. Fitch expects the equity proposals made by Orient
Hontai will require some form of change in terms that would
constitute a DDE under Fitch's criteria. If the proposals are
agreed by the creditors, Fitch would expect to downgrade Imagina to
'RD' (Restricted Default) once the equity injection has been
completed and then to re-rate the new capital structure.

New Equity Improves Liquidity: The proposals made by shareholders
will help to resolve short-term liquidity difficulties. Imagina has
been able to stretch working-capital terms with creditors over the
last year but Fitch expects this to reverse, leading to a
significant cash outflow this year. The proposals agreed include
EUR150 million cash to injected by all shareholders, which should
help to mitigate working -capital outflows and could also be used
for repayment of missed interest and amortisation payments.

Business Model Intact: Fitch believes that Imagina's strong
position in the sports audio-visual market, long-term relationship
with La Liga and content-production capabilities should mean a
return to EBITDA growth from 2021 onwards. The pandemic created a
highly unique disruption to the company's business model but does
not represent a future systemic threat to the industry. Imagina has
a solid contracted revenue base with leading market positions
yielding good organic deleveraging capacity beyond 2021.

DERIVATION SUMMARY

Fitch assesses Imagina using Fitch's Ratings Navigator for
diversified media companies and by benchmarking it against selected
Fitch-rated rights-management and content-producing peers, none of
which Fitch views as a complete comparator given Imagina's fully
integrated business model. Imagina's 'C' rating reflects Fitch's
expectation that its existing credit facilities will commence the
restructuring process following approval of the equity proposals.

Imagina has a strong competitive position, and stronger regional,
rather than global, sector relevance but this is offset by high
dependence on key accounts (in particular the International La Liga
contract), a lower free cash flow (FCF) base in 2020 relative to
peers' as a result of the pandemic and the Ligue de Football
Professionnel (LFP) settlement payable in France. Fitch believes
Imagina has a weaker business profile than Banijay Group SAS's
(B/Negative).

KEY ASSUMPTIONS

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

-- Revenue to increase in 2021 by 9.3% to just over EUR1.2
    billion as global lockdowns are lifted and all matches are
    played with a TV audience in the first half of the year and
    live attendance in the second half.

-- Fitch-defined EBITDA margin (after deducting lease expenses
    and excluding the LFP settlement) to improve to 12.6% in 2021,
    after a significant EBITDA loss in 2020 due to loss-making
    French football rights.

-- Capex around 4%-6% of sales in 2021 and 2022.

-- Working-capital outflow in 2021 of around 10% of revenue.

-- Non-recurring cash outflows in 2021 of around EUR42 million
    relate to the remainder of the LFP settlement and payment to
    previous shareholder Prisa.

-- Available liquidity resources fully drawn throughout 2021.

KEY RECOVERY ASSUMPTIONS

-- Fitch uses a going-concern (GC) approach for Imagina in our
    recovery analysis, assuming that the company would be a GC in
    the event of a bankruptcy rather than be liquidated.

-- A 10% administrative claim.

-- Post-restructuring GC EBITDA estimated at EUR111 million.

-- Fitch uses an enterprise value (EV) multiple of 4.5x to
    calculate a post-restructuring valuation.

-- These assumptions result in a recovery rate of 65% for the
    senior secured instrument rating within the 'RR3' range and a
    recovery rate of 0% for the second-lien instrument rating
    within the 'RR6' range, resulting in a one-notch uplift and
    one-notch reduction of the respective instruments from the
    IDR.

RATING SENSITIVITIES

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

-- Fitch will reassess Imagina's capital structure, cash flow and
    liquidity after the completion of the exchange offer, or if
    the offer is not completed, to determine its IDR and
    instrument ratings.

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

-- Fitch will downgrade Imagina to 'RD' if the exchange offer is
    completed and leads to a DDE.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Imminent Liquidity Crisis: At June-2021 Imagina had EUR114 million
in cash and equivalents and EUR1 million of undrawn credit
facilities. It is Fitch's expectation that working-capital outflows
in 2021 will absorb most of its existing liquidity reserves.
Thereafter Fitch expects modest EBITDA growth and from 2022 a
return to positive FCF generation.

ISSUER PROFILE

Imagina is a Spanish-based vertically integrated global sports and
media entertainment group operating across the entire value chain
from rights management through content production using own
audio-visual capabilities in production, broadcasting and
transmission.

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.

PYMES SANTANDER 15: Moody's Ups Rating on EUR600MM B Notes to Caa2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of three notes
and affirmed the ratings of three notes in FONDO DE TITULIZACION
PYMES SANTANDER 14 ("Pymes Santander 14") and FONDO DE TITULIZACION
PYMES SANTANDER 15 ("Pymes Santander 15"). The rating action
reflects the increased level of credit enhancement for the affected
Notes. Moody's also affirmed the ratings of the notes that had
sufficient credit enhancement to maintain current ratings on the
affected notes.

Issuer: FONDO DE TITULIZACION PYMES SANTANDER 14

EUR1941.5M (current outstanding amount EUR115.9M) Serie A Notes,
Affirmed Aa1 (sf); previously on Mar 9, 2020 Affirmed Aa1 (sf)

EUR258.5M Serie B Notes, Upgraded to Baa1 (sf); previously on Mar
9, 2020 Upgraded to Ba1 (sf)

EUR110M (current outstanding amount EUR55M) Serie C Notes,
Affirmed Caa3 (sf); previously on Mar 9, 2020 Affirmed Caa3 (sf)

Issuer: FONDO DE TITULIZACION PYMES SANTANDER 15

EUR2400M (current outstanding amount EUR2198.3M) Serie A Notes,
Upgraded to Aa3 (sf); previously on Jul 17, 2020 Confirmed at A2
(sf)

EUR600M Serie B Notes, Upgraded to Caa2 (sf); previously on Jul
17, 2020 Confirmed at Caa3 (sf)

EUR150M Serie C Notes, Affirmed Ca (sf); previously on Jul 17,
2020 Affirmed Ca (sf)

Pymes Santander 14 and Pymes Santander 15 are cash securitisations
of standard loans and credit lines granted by Banco Santander S.A.
(Spain) ("Santander", LT Deposit Rating: A2 Not on Watch / ST
Deposit Rating: P-1 Not on Watch) to small and medium-sized
enterprises ("SMEs") and self-employed individuals located in
Spain.

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of Pymes Santander 14 has remain stable during the
last year. Total delinquencies have slightly increased in the past
year, with 90 days plus arrears currently standing at 1.22% of
current pool balance. Cumulative defaults currently stand at 0.73%
of original pool balance up from 0.57% a year earlier.

The performance of Pymes Santander 15 has remain stable during the
last year. Total delinquencies have slightly increased in the past
year, with 90 days plus arrears currently standing at 0.37% of
current pool balance. Cumulative defaults currently stand at 0.10%
of original pool balance up from 0.03% a year earlier.

For Pymes Santander 14, the current default probability is 11.5% of
the current portfolio balance and the assumption for the fixed
recovery rate is 31%. Moody's has decreased the CoV to 37.3% from
41.0%, which, combined with the revised key collateral assumptions,
corresponds to a portfolio credit enhancement of 23%.

For Pymes Santander 15, the current default probability is 9% of
the current portfolio balance and the assumption for the fixed
recovery rate is 30%. Moody's has decreased the CoV to 42.5% from
47.5%, which, combined with the revised key collateral assumptions,
corresponds to a portfolio credit enhancement of 23%.

Moody's increased the default probability assumption to 11.5% from
10.5% in Pymes Santander 14 and to 9% from 8% in Pymes Santander
15. The increased default probability assumptions reflect the
updated portfolio breakdown including the current industry
concentration among other credit risk factors.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available in this transaction.

In the case of Pymes Santander 14, Serie A credit enhancement level
has increased to 83.7% from 39.7% observed at last rating action in
March 2020. Serie B credit enhancement has increased to 14.7% from
11.9% in the same period.

In the case of Pymes Santander 15, Serie A credit enhancement level
has increased to 26.8% from 25% observed at last rating action in
July 2020. Serie B credit enhancement has increased to 5.4% from 5%
in the same period.

Counterparty Exposure

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

Principal Methodology

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.



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

SYNGENTA AG: Moody's Ups CFR to Ba1, Placed on Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service upgraded Syngenta AG's Corporate Family
Rating to Ba1 from Ba2 and its Probability of Default Rating to
Ba1-PD from Ba2-PD. Concurrently, Moody's upgraded to Ba1 from Ba2
the guaranteed senior unsecured ratings assigned to its guaranteed
subsidiaries Syngenta Finance N.V. and Syngenta Finance AG and also
upgraded to (P)Ba1 from (P)Ba2 their guaranteed senior unsecured
MTN programme rating. All ratings, including the Not Prime other
short-term rating of Syngenta and the guaranteed commercial paper
from its guaranteed subsidiaries Syngenta Wilmington Inc. and
Syngenta Finance N.V. were placed on review for upgrade.

RATINGS RATIONALE

Syngenta's rating upgrade to Ba1 reflects the joint restructuring
of China National Chemical Corporation Limited (ChemChina, Baa2
stable) and Sinochem Group, ongoing steps to streamline the
Sinochem Holdings Corporation Ltd. (Sinochem Holdings or Sinochem
Holdings Group) and reduce leverage to more sustainable levels.
Both entities became subsidiaries of a newly set up holding
company, Sinochem Holdings Corporation Ltd. (Sinochem Holdings, not
rated), which was approved by the Central State-owned Asset
Supervision and Administration Commission. This is credit positive
for ChemChina and by extension also for Syngenta Group and Syngenta
AG because the combined Sinochem Holdings group has larger
economies of scale and increased diversity of the business
operations. Importantly, the new Sinochem Holdings combined group
has lower leverage than the legacy ChemChina on a stand-alone
basis. While ChemChina's debt is not guaranteed by Sinochem
Holdings and will not be absorbed by it immediately either, Moody's
assumes that ChemChina's debt will be refinanced by Sinochem
Holdings over time. This would result in less need for Syngenta AG
and Syngenta Group to upstream dividends to their parent company,
ChemChina, in order to support its parent's debt service. Moody's
previous Ba2 rating for Syngenta was constrained by ChemChina's
high debt level reflected in ChemChina's Baseline Credit Assessment
(BCA) of ba3, although the rating agency positioned Syngenta's
rating one notch above it, given the latter's strong business
profile and solid standalone financial profile.

The review for upgrade reflects that Moody's could further upgrade
Syngenta's ratings to Baa3 if the rating agency concludes that the
joint restructuring and the set-up of Syngenta Group, including
potential implementation of the long-planned Syngenta IPO,
sufficiently addresses the high legacy leverage at the parent
level. A successful IPO of Syngenta Group would improve it's
financial flexibility and help Sinochem Holdings deliver on plans
to reduce group leverage.

While not a key driver of today's rating action, Syngenta's strong
financial performance in H1 2021 and Moody's expectation of further
earnings growth is a supportive factor for the ratings upgrade.
Following the acquisition by ChemChina, Syngenta's stand-alone
credit profile remained relatively stable between 2017 and 2020 but
has improved notably in H1 2021. After a difficult 2019 with muted
overall sales growth mainly because of severe flooding in the US,
delayed planting and reduced acres, and record drought in
Australia, Syngenta achieved 5% sales growth in 2020 (13% growth
based on a constant exchange rate), compared with 2019. Sales
growth accelerated to 18% (16% growth based on a constant exchange
rate) in H1 2021 compared with H1 2020 with both segments growing
their sales although Crop Protection's sales growth was about twice
as high as Seeds'. Syngenta's Moody's adjusted EBITDA improved only
slightly by 3% to $2,337 million in 2020 compared with $2,267
million in 2019 but increased more materially by 13% to $2,638
million as of last twelve months (LTM) June 2021.

While Syngenta's deleveraging was held back in recent years by the
$1.4 billion acquisition of Nidera Seeds in 2018, a total of $1.5
billion of settlement payments for the MIR 162 Corn Litigation in
2018 and 2019 and dividend payments of $900 million in 2019 and
$700 million in 2020, the company's credit metrics improved notably
in H1 2021. Driven by the EBITDA growth, Syngenta's Moody's
adjusted debt/EBITDA metric improved to 4.1x as of LTM June 2021
from 4.9x in 2020. Moody's projects further sales and EBITDA growth
in H2 2021 and in 2022, which should lower Syngenta's Moody's
adjusted debt / EBITDA towards 3.5x at the end of 2022.

Syngenta's credit profile continues to benefit from its strong
product offerings, which underpin the group's solid positions in
the global crop protection and seeds markets, characterised by
robust long-term demand fundamentals and high barriers for generic
competitors.

ESG CONSIDERATIONS

ESG considerations are material for Moody's assessment as they
support the upgrade of Syngenta's ratings. The rating agency
expects Syngenta's exposure to governance risk to reduce following
the joint restructuring of ChemChina and Sinochem Group. Moody's
believes that the joint restructuring is a critical step towards
reducing group leverage to a more sustainable level and has reduced
the risk for Syngenta creditors that any potential action by its
owners could be detrimental to Syngenta's credit quality. Besides
the expected more conservative dividend policy that supports the
Ba1 ratings for the company, other governance aspects include the
legal exposure related to product liability lawsuits.

LIQUIDITY

Moody's views Syngenta's liquidity as adequate. Notably, the
company's exposure to the inherent seasonality of agricultural
activities leads to significant fluctuations in its working capital
requirements (and debt levels) throughout the year. A significant
build-up of working capital generally takes place during the winter
and spring seasons of the Northern Hemisphere, resulting in peak
commercial paper (CP) issuance in the first and second quarters of
the year before unwinding during the summer, as the group collects
receivables from farmers.

As of the end of June 2021, Syngenta had cash balances of $1.8
billion, as well as a $3.0 billion committed revolving credit
facility (RCF) maturing in 2024. During H1 2021, Syngenta also
entered into an additional committed $1 billion RCF with a 2 year
term. Both RCFs were undrawn at the end of June 2021. In addition,
Syngenta received in H1 2021 a credit facility of $1.5 billion,
which was provided by a subsidiary of the Syngenta Group. This
facility was drawn at $0.3 billion at the end of June 2021. The
company also has access to a $2.5 billion Global Commercial Paper
program which was drawn at around $0.2 billion at the end of June
2021. However, Commercial Paper drawdowns are higher during the
peak working capital season in April and May as indicated by the
average outstanding balance under the program of around $1.0
billion in 2020.

At the end of June 2021, Syngenta had short term financial
liabilities of around $2.9 billion. In November 2021, the company
issued CHF225 million of notes which mature in 2024. Together with
Moody's forecast of positive FCF (after dividends) in H2 2021 and
in 2022, Syngenta should have sufficient liquidity to meet its debt
maturities over the next 12-18 months.

RATIONALE FOR THE REVIEW

The review will focus on the impact of the changes to the
organisational structure of Syngenta AG's owners on Syngenta's
ratings. Any upgrade is likely conditional on progress in
streamlining the Sinochem Holdings Group structure, progress
towards a successful IPO, and an expectation that sufficient
proceeds will be applied to deleveraging.

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

An upgrade of Syngenta's Ba1 ratings to Baa3 will require Moody's
to conclude that the changes to the organisational structure of the
wider Sinochem Holdings Group fully mitigates the remote risk for
Syngenta creditors that any potential action by its owners could be
detrimental to Syngenta's credit quality so that the rating linkage
to the stand-alone credit quality of Sinochem Holdings can be
removed. A successful IPO of Syngenta Group would support such
conclusion as in Moody's view, an IPO would also strengthen
Syngenta Group's governance and reduce the probability of high
dividend pay-outs by Syngenta Group and by extension by Syngenta
AG.

A downgrade is unlikely in the light of the recent rating action
and would most likely be driven by an indication that the
increasing de-linkage of Syngenta's ratings from the stand-alone
credit quality is not justified. For example, any prolonged
increase in Syngenta's financial leverage that may result from
higher-than-expected dividend pay-outs to Syngenta Group or a
sizeable debt-funded acquisition, or both, could strain the Ba1
rating.

LIST OF AFFECTED RATINGS

Issuer: Syngenta AG

Upgrades, Placed on Review for further Upgrade:

Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD

LT Corporate Family Rating, Upgraded to Ba1 from Ba2

Issuer: Syngenta Finance AG

Upgrades, Placed on Review for further Upgrade:

BACKED Senior Unsecured Medium-Term Note Program, Upgraded to
(P)Ba1 from (P)Ba2

BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
from Ba2

Issuer: Syngenta Finance N.V.

Upgrades, Placed on Review for further Upgrade:

BACKED Senior Unsecured Medium-Term Note Program, Upgraded to
(P)Ba1 from (P)Ba2

BACKED Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
from Ba2

Placed on Review for Upgrade:

Issuer: Syngenta AG

Other Short term, currently NP

Issuer: Syngenta Finance N.V.

BACKED Commercial Paper, currently NP

Issuer: Syngenta Wilmington Inc.

BACKED Commercial Paper, currently NP

Outlook Actions:

Issuer: Syngenta AG

Outlook, Changed To Ratings Under Review From Stable

Issuer: Syngenta Finance AG

Outlook, Changed To Ratings Under Review From Stable

Issuer: Syngenta Finance N.V.

Outlook, Changed To Ratings Under Review From Stable

Issuer: Syngenta Wilmington Inc.

Outlook, Changed To Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Basel, Switzerland, Syngenta AG (Syngenta) is one
of the world's leading agriculture companies, with reported sales
of $14.3 billion and Moody's-adjusted EBITDA of $2.3 billion in
2020. Syngenta AG is a subsidiary of Syngenta Group and its
ultimate parent company is Sinochem Holdings.



===========
T U R K E Y
===========

TURKEY: Moody's Affirms B2 Issuer Rating, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed the Government of Turkey's
B2 long-term local and foreign currency issuer ratings as well as
the local and foreign currency senior unsecured ratings.
Concurrently, Moody's has affirmed the senior unsecured
foreign-currency shelf ratings at (P)B2. The backed
foreign-currency senior unsecured ratings of Hazine Mustesarligi
Varlik Kiralama A.S. have also been affirmed at B2. Hazine
Mustesarligi Varlik Kiralama A.S. is a special purpose vehicle
wholly owned by the Republic of Turkey which is used by the Turkish
Treasury to issue sukuk certificates. The outlook on Turkey and
Hazine Mustesarligi Varlik Kiralama A.S. remains negative.

The decision to affirm Turkey's B2 ratings balances the following
rating factors:

1. Irrespective of the current pressure on the currency, Turkey's
fundamental external vulnerability risk has declined because of a
lower current account deficit supporting a gradual rebuilding of
foreign-currency reserves on a gross and net basis.

2. Turkey's diversified private sector shows relative resilience
to currency volatility as the country's banks and corporates with
borrowings abroad are well hedged against the depreciation of the
currency, including by holding significant foreign-currency
deposits abroad.

3. Moody's expects that Turkey's public finances will remain
relatively robust, with public debt staying at around 40% of GDP in
2022. However, risks have increased as the sharp currency
depreciation will pressure the government's debt ratio due to a
large exposure to foreign currencies.

Despite the improvements noted above, the decision to maintain the
negative outlook predominantly reflects the elevated policy
unpredictability, in particular the central bank's monetary policy
stance that is the cause of pressure on the exchange rate and
volatile international capital flows.

The current economic policy stance will lead to significantly
higher inflation over the coming months, eroding households'
purchasing power and increasing the likelihood of a sharp slowdown
in growth despite lower interest rates. While fiscal policy has
remained prudent so far, the upcoming elections may lead to looser
fiscal policy in an effort to stimulate economic growth.
Alternatively, the authorities may push for large-scale credit
stimulus as seen in 2020, with negative implications for the
current account deficit.

Concurrent to the rating action, Turkey's local-currency country
ceiling remains unchanged at Ba3. The two-notch gap between the
local-currency ceiling and the sovereign rating mainly balances a
relatively limited government footprint in the economy with
unpredictable institutions and government actions, elevated
domestic and geopolitical political risks and significant external
imbalances. The foreign-currency ceiling remains unchanged at B2.
The two-notch gap between the foreign-currency ceiling and the
local-currency ceiling mainly reflects weak policy effectiveness as
well as a still relatively low level of foreign currency reserves.

RATINGS RATIONALE

RATIONALE FOR AFFIRMING THE RATINGS AT B2

FIRST DRIVER: LOWER CURRENT ACCOUNT DEFICIT AND IMPROVED RESERVE
POSITION REDUCE EXTERNAL VULNERABILITY

From a fundamental perspective, and despite the current pressure on
the exchange rate, Turkey's external vulnerability risk has
declined.

Firstly, the current account deficit has more than halved compared
to a year ago, running at around US$18.4 billion (2.4% of GDP) in
the twelve months to September, compared to a deficit of US$35.0
billion or 4.9% of GDP in 2020. At the same time, the
foreign-currency reserves have more than doubled to US$79.6 billion
as of November 26 compared to the trough reached in September 2020.
If gold reserves are included, reserves stand at US$119 billion.
Although the central bank has started to sell foreign currency in
the past few days, Moody's does not expect a repetition of last
year's depletion of reserves, given that reserves remain negative
to the tune of US$30 billion if bank reserve requirements and the
swaps between the central bank and the country's commercial banks
are deducted.

Secondly, while overall headline external refinancing needs are
large at around US$200 billion or 25% of GDP, more than half of the
total amount comes from stable sources of funding that do not
require confidence-sensitive market access. Trade credit and
non-resident deposits in the banking sector have been broadly
stable over the past years at between US$70-85 billion. Excluding
these and the central bank's swap lines with other central banks --
which have also been stable -- leaves market-reliant external
refinancing needs at a much more manageable level of around US$90
billion, equivalent to around 12% of GDP.

SECOND DRIVER: TURKEY'S PRIVATE SECTOR IS RELATIVELY RESILIENT AND
WELL PROTECTED AGAINST CURRENCY DEPRECIATION

The second driver for the affirmation of the ratings relates to
Turkey's large and diversified economy. The private sector remains
relatively resilient to the currency's depreciation and shows
overall improving conditions. Moody's expects that real GDP growth
will slow to around 4% in 2022, compared to this year's
extraordinary growth rate that Moody's estimates will come in at
around 11%. This is partly due to lower credit growth -- a positive
factor given that last year's huge credit impulse exacerbated
Turkey's structural external imbalance further. Instead of domestic
demand, exports will likely contribute more strongly to growth in
2022, benefitting from the weaker currency.

Turkish banks and large corporations -- the main borrowers abroad
-- are well protected against currency depreciation. The banking
sector overall has a broadly balanced FX position, including its
large foreign-currency deposits abroad of US$43 billion. The
corporate sector has significant external liabilities, but its
short-term FX position, defined as short-term assets minus
short-term liabilities, is estimated at a positive US$60 billion by
the central bank as of August 2021. Private banks have been
reducing their external debt consistently over the past years while
state banks remain relatively small external debtors, accounting
for 13% of total external debt and below 8% of GDP.

THIRD DRIVER: FISCAL ANCHOR REMAINS INTACT SO FAR BUT RISKS
INCREASE DUE TO CURRENCY SENSITIVITY OF PUBLIC DEBT

The third driver of the rating affirmation reflects Turkey's fiscal
metrics. So far, Turkey has maintained its strong fiscal anchor,
with a comparatively low budget deficit in 2020 despite the
coronavirus pandemic; Moody's estimates that the budget shortfall
was 4.2% of GDP for the general government and a smaller 3.5% of
GDP at the central government level last year. Budget execution
data for the first ten months of 2021 point to a further reduction
in the budgetary shortfall this year. Central government revenues
have grown strongly at over 34% compared to the same period a year
earlier, while spending growth has remained moderate; outside of
debt interest spending which has risen sharply this year, spending
growth has remained broadly stable in inflation-adjusted terms.

The currency depreciation -- by nearly 30% since the central bank
started to ease monetary policy in September -- will raise Turkey's
public debt ratio compared to Moody's earlier expectations.
FX-denominated and FX-linked debt now account for 60% of the
central government's debt, up from less than 40% in early 2018.
Moody's now expects the general government debt ratio to stand at
39.5% of GDP at year-end, similar to last year's ratio of 39.7%,
but around four percentage points of GDP higher than Moody's
expectation before the latest currency stress.

RATIONALE FOR MAINTAINING THE NEGATIVE OUTLOOK

The continuing negative outlook mainly reflects Turkey's
unpredictable policymaking. The central bank's cuts to its main
policy rate by 400 basis points since September despite high and
rising inflation are the key contributor to the current currency
stress. The frequent changes of senior staff at the central bank
further limits visibility on the authorities' willingness to deploy
policy tools to calm the situation.

In Moody's view, the current policy stance will lead to
significantly higher inflation over the coming months, eroding
households' purchasing power and increasing the likelihood of a
sharp slowdown in growth despite lower interest rates. While fiscal
policy has remained prudent so far, ongoing currency weakness would
negatively impact the public finances and raise the debt ratio.
Also, the upcoming elections may lead to a looser fiscal policy
stance in order to stimulate economic growth. Alternatively, the
authorities may push for large-scale credit stimulus again, as seen
in 2020, with negative implications for the current account
deficit.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Turkey's ESG Credit Impact Score is highly negative (CIS-4),
reflecting material exposure to a number of environmental and
social risks and a weak institutional environment.

Turkey's overall E issuer profile score is moderately negative
(E-3), reflecting exposure to environmental risks across a range of
categories, such as water supply, natural capital, and waste and
pollution. Turkey is vulnerable to water stress and it has seen
reductions in winter precipitation in the western part of the
country over the past half century, which can have an impact on the
quantity and quality of water in Turkey's rivers, which are an
important source of drinking water, irrigation, and power
generation.

Its S issuer profile score as also moderately negative (S-3). While
Turkey has a favourable demographic profile, youth unemployment is
high, labour force participation is low and informality is
widespread. High inflation is eroding living standards, adding to
social risks. While the government has undertaken a significant
programme of building "city hospitals" using PPP programmes, the
overall provision of basic services such as safe drinking water and
sanitation services to the population is uneven across the country
and weaker than in many other OECD countries.

Turkey's institutions and governance profile has deteriorated
steadily in recent years and has been a key driver of successive
downgrades to the sovereign's rating. This is captured by a highly
negative G issuer profile score (G-4).

GDP per capita (PPP basis, US$): 30,449 (2020 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 1.8% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 14.6% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -4.2% (2020 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -4.9% (2020 Actual) (also known as
External Balance)

External debt/GDP: 60.1%

Economic resiliency: ba1

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On November 30, 2021, a rating committee was called to discuss the
rating of the Turkey, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have increased somewhat. The issuer's
institutions and governance strength, have not materially changed.
The issuer's fiscal or financial strength, including its debt
profile, has not materially changed. The issuer's susceptibility to
event risks has not materially changed.

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

WHAT COULD CHANGE THE RATINGS UP

The outlook could return to stable if the currency stabilized and
maturing debt continued to be rolled over smoothly, indicating low
risk of market stress. A change in the monetary policy stance with
a focus on re-anchoring inflation expectations would also be
positive. The ratings could be upgraded if the improvements in the
external account continued apace and foreign-currency reserves were
rebuilt further. A reduction in the share of foreign-currency
linked government debt would also support a higher rating level.

WHAT COULD CHANGE THE RATINGS DOWN

The ratings would come under further downward pressure in a
scenario of further significant currency depreciation that
increases the risk of material deposit withdrawals from the banking
system, in contrast to the current trend of depositors switching to
dollar deposits but retaining savings in the banking sector. Signs
that the central bank was again using foreign-currency reserves in
a material fashion to stem downward pressure on the currency would
also be negative. Excluding reserves effectively borrowed from the
banking sector (in the form of required reserves and swaps with the
central bank), foreign-currency reserves remain negative. Lastly, a
change in the fiscal policy stance -- with materially higher
deficits resulting in a rising debt trend -- would be negative for
the ratings.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



=============
U K R A I N E
=============

DTEK RENEWABLES: S&P Lowers ICR to 'CCC+' on Liquidity Pressures
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Ukraine-Based Power Producer DTEK Renewables to 'CCC+' from 'B-'.

The stable outlook reflects S&P's view that DTEK has some
flexibility to manage its liquidity through short-term financial
support from its owner, deferring small parts of its capex, working
capital management, or other tools; thereby reducing uncertainty
about large capex, receivables collection, and political pressures
on its owner.

Ongoing construction of the Tiligul project has exhausted DTEK
Renewables' liquidity cushion. S&P said, "We understand that DTEK
Renewables remains committed to constructing its large 498 MW
Tiligul wind power project by October 2022, to take advantage of
favorable green tariffs. We believe the project can present
liquidity risks during construction and might indicate a relatively
aggressive financial strategy. We understand that, of the EUR578
million total expected project cost, about EUR311 million
(including EUR270 million of capex) has been already spent, leaving
DTEK Renewables with just EUR18 million in cash by the middle of
November 2021, plus $41.7 million in a debt-service reserve
account. We believe that on top of the company's ongoing operating
cash flow and additional revenue from gradual commissioning of wind
turbines (the first 126 MW are planned to be commissioned in
first-quarter 2022), the project will need additional financing."

S&P said, "DTEK Renewables relies on short-term liquidity sources,
which we view as an aggressive financial strategy. We estimate the
potential liquidity gap to be at least EUR70 million-EUR100
million. That figure may likely be higher, depending on
fluctuations in the offtaker's payments, repayment of historical
arrears, and ongoing progress with project execution, such as any
cost overruns. The company currently funds the project with
short-term shareholder loans and may have some flexibility for
capex deferrals, but we understand that it doesn't plan to put in
place any long-term financing and that it could be difficult for
Ukrainian issuers to approach capital markets. We believe that
access to funding for an emerging market issuer like DTEK
Renewables could be more difficult than for European peers, and may
be sensitive to the political situation of the company's ultimate
owner."

DTEK Renewables' ultimate owner faces political pressure. Ukraine's
president, Volodymyr Zelensky, has said that the ultimate owner of
DTEK Renewables, Rinat Akhmetov, may be implicated in a planned
coup in Ukraine, and blamed the broader DTEK group for the energy
crisis in the country. The company and its owner have officially
denied these charges. S&P said, "We understand that, at this stage,
this has not led to any debt acceleration. Still, the situation is
outside the company's control and could affect DTEK Renewables'
ability to collect receivables from government-related entities or
raise funding from banks, in our view."

S&P said, "Although DTEK Renewables currently continues to receive
ongoing payments for supplying energy, we see high uncertainty
about collecting historical receivables from state-owned offtakers.
We understand that the company's cash-collection rate from the
state-owned monopoly offtaker Guaranteed Buyer is about 80% on
average. This is a material improvement compared with first-half
2020 when the company faced material delays in payment collections,
and we understand that ongoing payments have continued even after
the president's recent statement. Until now, DTEK Renewables has
not been able to collect receivables related to energy supplied in
March-August 2020, and uncertainty regarding the outstanding amount
is increasing, in our view. In November 2021, state-owned company
Ukrenergo issued an $825 million government-guaranteed bond to
repay historical arrears to various energy suppliers--including
UAH3 billion (EUR97 million) to DTEK Renewables--through the
state-controlled energy offtaker Guaranteed Buyer. Still, although
Ukrainian regulations provide for pro-rata distribution of funds to
all renewable energy producers, DTEK Renewables was the only
company to have not received a payment. After the dismissal of
Guaranteed Buyer's CEO right after the bond issuance in November
2021, the new CEO stopped the transfer to DTEK Renewables and
escalated the issue to Ukraine's Cabinet of Ministers. We
understand that DTEK Renewables is considering an appeal to the
courts and applying other legal remedies in Ukraine and abroad, but
we believe it will likely take time and the outcome is currently
uncertain.

"We see a risk that the tight energy situation in Ukraine and
increasing political pressures may further affect payment
collections and the regulatory environment for DTEK Renewables.
This increases uncertainty about future payment collections for
DTEK Renewables. Ukraine has low coal and gas stocks, right before
the winter season; its low domestic electricity tariffs do not
cover soaring international prices for coal and gas; energy supply
has high social importance; and the track record of offtakers'
payment discipline has been uneven. We will monitor whether this
situation revives historical issues regarding payments to DTEK
Renewables or leads to any changes in Ukraine's energy sector
regulations or political pressure on energy producers or on DTEK
Renewables in particular.

"The stable outlook reflects our view that DTEK Renewables'
liquidity will likely remain weak because of continuing large capex
and uncertainty regarding receivables collection. It also reflects
our view that DTEK Renewables has some flexibility for capex
deferrals, shareholder support, working capital management, and
existing balances in its debt-service reserve accounts to cover
relatively small debt payments due in the next six-to-nine months.

"We could lower the rating on DTEK Renewables if we see material
risks of nonpayment in the next 12 months, for example, due to an
inability to defer capex or secure financing, aggravating issues
with payment collection or accelerating repayment of debt."

Rating upside could materialize if DTEK Renewables' liquidity
situation stabilizes. This would require liquidity needs for the
next 12 months to be broadly matched by liquidity sources, which
could be supported by a combination of the following:

-- DTEK Renewables secures significant funding for over 12 months
to cover liquidity gaps until construction of the Tiligul project
is completed;

-- Construction of Tiligul progresses well;

-- DTEK Renewables receives ongoing payments for its energy, and
historical arrears are covered; and/or

-- There is no debt acceleration or unexpected litigation.

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

-- Risk management, culture, and oversight




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

CHARTERHOUSE COMMUNICATIONS: Key Media Acquires CEDAC Media
-----------------------------------------------------------
Mortgage Introducer reports that CEDAC Media, owner of Mortgage
Introducer, Bridging Introducer and Specialist Finance Introducer,
has been sold to Key Media.

Mortgage Introducer (MI) was originally launched in 1998 by the
outgoing team as part of Charterhouse Communications.

When the 2008 crash occurred, that team bought the title when
Charterhouse Communications went into administration, Mortgage
Introducer relates.

The Mortgage Introducer editorial and sales team will remain in
place under the new ownership, Mortgage Introducer notes.



HC-ONE LTD: Paid Out at Least GBP4.8 Mil. to Owners Last Year
-------------------------------------------------------------
Gill Plimmer at The Financial Times reports that the UK's biggest
care home chain paid out at least GBP4.8 million to its owners last
year while it received additional government funding to support it
through the pandemic.

HC-One Ltd., which has 321 care homes and employs about 20,000
staff, called for local authority support in spring last year to
help it cope with the crisis and received GBP18.9 million from the
government's infection control fund, the FT relates.

It earns about GBP770 on average per bed per week from councils and
the NHS for state-funded residents and also has privately funded
customers, the FT discloses.

According to the FT, Nick Hood, analyst at Opus Restructuring,
which advises care businesses, said: "Any possibility that funds
are being diverted away from front-line care to reward offshore
investors will be a real public concern about a group, which relies
heavily on taxpayer funding for so many of its residents' fees."

HC-One was founded in 2011 from the collapse of Southern Cross --
then Britain's biggest care home operator.  The company was formed
by Chai Patel, a former owner of the Priory hospitals chain.

It is owned by a consortium of investors including private equity
firm Safanad, which took a majority stake this year, and Court
Cavendish, a management company run by Patel, the FT states.  It
also has a GBP540 million interest-only mortgage from Welltower, a
New York-listed property investor, the FT notes.

The GBP4.8 million relates to the year ending September 30 2020,
and, although it was initially suspended, was paid in May this
year, the FT discloses.  According to the FT, HC-One has said it
has not paid dividends to its investors since 2017 and that the
payout consists of a GBP3.1 million asset management fee to Court
Cavendish and other investors as well as GBP1.7 million of interest
on a third party loan.

Tracing the flow of money is difficult because HC-One has a complex
corporate structure, including a parent company and several other
subsidiaries in the Cayman Islands, the FT discloses.


ONE ISLINGTON: Quantuma Completes Sale of Freehold
--------------------------------------------------
Tony McDonough at Liverpool Business News reports that a GBP23
million student development in Liverpool that collapsed into
administration leaving investors out of pocket is now in the hands
of a new owner.

According to Liverpool Business News, business advisory firm
Quantuma has completed the sale of the freehold of One Islington
Plaza in Devon Street in the city's Knowledge Quarter.

Leases have also been returned to investors in the 317-unit scheme,
Liverpool Business News states.

Both the buyer and the value of the deal has not been disclosed by
Quantuma but it was reported by Place North West in January 2021
that London-based asset manager Grangemere had submitted a GBP1.44
million bid for the nine-storey property, Liverpool Business News
relates.

A special purpose vehicle (SPV) called the One Islington Plaza
company was incorporated in 2015 and contractor Ridgemere was
appointed to take on the project.  It was completed in October
2019, a year after originally scheduled, Liverpool Business News
notes.

The developer sold the apartments to individual investors who then
leased them back to the developer to manage the rentals.  Investors
were told to expect an 8% return on their money. However, the
COVID-19 pandemic saw students unable to return to the city and the
SPV collapsed into administration in November 2020, Liverpool
Business News relays.

Simon Campbell and Paul Zalkin were appointed joint administrators,
Liverpool Business News discloses.  Quantuma was appointed to
oversee the administration by the development's main creditor --
Lender Route Finance which was owed GBP4.3 milllion -- with a sale
of freehold and the return of leases agreed last month, according
to Liverpool Business News.


STON EASTON: Put Up for Sale for GBP6MM Following Administration
----------------------------------------------------------------
Katherine Price at The Caterer reports that Ston Easton Park hotel
in Somerset has been brought to market for GBP6 million after
falling into administration last year.

The four-red-AA-star, 23-bedroom property was forced to close its
doors last summer due to the impact of the Covid-19 lockdown, The
Caterer recounts.

With no income and the uncertainty of the future trading
environment, it was concluded that it would no longer be viable for
the business to continue, The Caterer notes.

Director Andrew Davis decided to place the company into
administration, with all 18 staff made redundant, The Caterer
relates.

The purchase would also include a Grade II-listed, three-bedroom
gardener's cottage and a Grade II*-listed coach house, The Caterer
discloses.


VIRGIN ACTIVE: Seeks New Chief Executive, Finance Director
----------------------------------------------------------
Mark Kleinman at Sky News reports that Virgin Active has kicked off
a search for a new chief executive and finance director seven
months after a hotly contested financial restructuring saved it
from collapse.

Sky News has learnt that one of Britain's biggest gym chains has
appointed Spencer Stuart, the headhunter, to identify a replacement
for Matthew Bucknall, the co-founder who returned to run the
business in 2017.

According to Sky News, industry sources speculated on Dec. 6 that
Mr Bucknall's successor might be recruited from, and based in,
South Africa, which is by far Virgin Active's biggest operating
market.

The company is also seeking a new finance chief to replace Jo
Hartley, who is joining the bicycles retailer Halfords next year,
Sky News discloses.

The chain came close to collapsing into administration earlier this
year, with a court ruling in May eventually paving the way for the
implementation of a so-called restructuring plan, Sky News
recounts.

The proposal, which was strongly opposed by some Virgin Active
landlords, involved Brait, Virgin Active's majority shareholder,
injecting additional capital into the business, Sky News notes.

Some club-owners argued that they were left shouldering a
disproportionate part of the financial pain from the deal, with a
number of its sites since switching to other operators, Sky News
states.

Virgin Active had seen its roughly 40 UK sites forced to close for
much of 2020 because of the COVID-19 crisis, Sky News discloses.

Launched in Britain in 1999, the group now has well over 200 clubs
in eight countries, including Australia, Botswana, Italy and South
Africa.

At the end of 2019, it had more than one million members
worldwide.

The pandemic's impact has been severe, however, resulting in
revenues halving in 2020 and a loss before interest, tax,
depreciation and amortisation of GBP42 million.

Virgin Active also saw 100,000 members leave during the year.


YPG INVESTAR: Enters Administration Due to Funding Problems
-----------------------------------------------------------
Tom Duffy at Liverpool Echo reports that two companies within a
Liverpool based property group have entered into administration.

YPG Investar Islington House Ltd and YPG Fabric Residence Ltd are
now both in administration, Liverpool Echo discloses.

Both companies were subsidiaries within the Liverpool based YPG
Group.

YPG Investar Islington House Ltd and YPG Fabric Residence Ltd are
both special purpose vehicles (SPVs) for two apartment schemes in
the city centre's Fabric district.

YPG managing director Ming Yeung said to Liverpool Echo: "In
relation to YPG Investar Islington House Ltd a lender forced us
into administration after a number of investors insisted on placing
UN1 notices on the title.

"This caused funding problems and resulted in the lender calling in
the administrator.

"At YPG Fabric Residence Ltd we entered into administration to
protect the company, investors and creditors after we missed the
long stop date (the completion date for the scheme) to finish the
scheme."

Administrators will now manage the affairs of both companies for
the foreseeable future, Liverpool Echo notes.  The process normally
ends with the company coming out of administration or being sold
off to pay off creditors who are owed money.

A report by FRP Advisory Trading Ltd has revealed that investors in
YPG Investar Islington House Ltd are owed around GBP7.2 million,
Liverpool Echo relays.

The report, made public last month, casts doubt on whether the
investors will recover their money, Liverpool Echo notes.

According to Liverpool Echo, it reads: "The administrators are
reconciling the position in relation to Investors' claims but
understand these are likely to total approximately GBP7.2 million.

"As noted above, the administrators have not included an estimated
outcome statement so as not to prejudice any future sale process.
Notwithstanding that, based on the amount currently outstanding to
secured creditors, the administrators believe that there will be a
shortfall in respect of the company's indebtedness to its secured
creditors.

"However the precise level of recoveries that will be made from the
company's assets is yet to be determined."

The report also reveals that YPG Investar Islington House Ltd owes
GBP4,154,091.02 to other creditors excluding investors. This
includes a debt of GBP3,904,244.05 to Cynegy Bank Ltd., Liverpool
Echo states.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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 * * *