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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, December 31, 2021, Vol. 22, No. 256

                           Headlines



A R M E N I A

UNIBANK OJSC: Moody's Affirms B2 LongTerm Deposit Ratings


A U S T R I A

INNIO GROUP: Moody's Affirms B3 CFR, Alters Outlook to Stable


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: Moody's Affirms B2 CFR, Outlook Stable
NANOGATE SE: Agrees to Sell Austrian Subsidiary to Investor
[*] GERMANY: Corporate Insolvencies Down in 2020 Despite Pandemic


I R E L A N D

BRIDGEPOINT CLO 3: Moody's Rates EUR12MM Class F Notes 'B3'
CABINTEELY PARK: Moody's Rates EUR12MM Class F Notes 'B3'
CAIRN CLO XII: Moody's Rates EUR12MM Class F Notes 'B3'
FIDELITY GRAND 2021-1: Moody's Rates EUR12MM Class F Notes 'B3'
HAYFIN EMERALD VIII: Moody's Rates Class F Notes 'B3'

MADISON PARK EURO XIV: Moody's Rates EUR15.5MM Class F-R Notes 'B3'
NASSAU EURO I: Moody's Rates EUR10.5MM Class F Notes 'B3'
NORDIC AVIATION: Files for Chapter 11 to Facilitate Restructuring
PALMER SQUARE 2022-1: Moody's Rates EUR10.8MM Class F Notes 'B3'
ROCKFORD TOWER 2021-2: Moody's Rates Class F Notes 'B3'

TIKEHAU CLO VI: Moody's Rates EUR 11.6MM Class F Notes 'B3'
TORO EUROPEAN 7: Moody's Affirms B3 Rating on Class F Notes


I T A L Y

ALITALIA: Handling Business Unit Put Up for Sale
ELROND NPL 2017: Moody's Lowers Rating on Class B Notes to Caa3
[*] Moody's Takes Action in 3 Italian RMBS Serviced by Unicredit


M A C E D O N I A

SKOVIN: Board Submits Proposal to Enter Bankruptcy Procedure


N E T H E R L A N D S

SIGMA HOLDCO: Moody's Affirms B2 CFR, Alters Outlook to Negative


P O L A N D

CYFROWY POLSAT: Moody's Puts Ba1 CFR on Review for Downgrade


R U S S I A

EUROPLAN LEASING: Moody's Assigns Ba1 CFR, Outlook Stable
RUSSIAN REGIONAL: Moody's Affirms Ba2 Bank Deposit Ratings


S P A I N

BANCAJA 9: Moody's Hikes Rating on EUR23MM Class D Notes 'Caa1'


T U R K E Y

RONESANS GAYRIMENKUL: Moody's Lowers CFR to Caa1, Outlook Neg.


U N I T E D   K I N G D O M

GO-AHEAD GROUP: Moody's Puts Ba1 CFR, On Review for Downgrade
VICTORIA PLC: Moody's Affirms B1 CFR, Alters Outlook to Stable
VIOLA MONEY: Enters Special Administration


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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A R M E N I A
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UNIBANK OJSC: Moody's Affirms B2 LongTerm Deposit Ratings
---------------------------------------------------------
Moody's Investors Service has affirmed the B2 long-term local- and
foreign-currency deposit ratings of Unibank OJSC (Unibank).
Concurrently, the rating agency affirmed the bank's baseline credit
assessment (BCA) and adjusted BCA of b3, its long-term Counterparty
Risk Assessment (CR Assessment) of B2(cr), long-term Counterparty
Risk Ratings (CRR) of B2, the Not Prime short-term local- and
foreign-currency CRR and deposit ratings and the Not Prime(cr)
short-term CR Assessment. The outlook on the bank's long-term
deposit ratings remains stable.

RATINGS RATIONALE

The affirmation of Unibank's ratings with a stable outlook reflects
Moody's expectation that the bank's standalone credit profile will
remain weak, but broadly stable over the next 12-18 months
supported by stabilized operating environment and economic
conditions in Armenia (Ba3 stable).

Unibank's b3 BCA reflects its consistently high level of problem
loans, low level of problem loans coverage by loan loss reserves
(LLR) and limited regulatory capital buffer in absolute terms
relative to the minimum regulatory requirements. At the same time
the bank's BCA remains underpinned by its ample liquidity cushion
and limited reliance on market funding.

In the first nine months of 2021, Unibank's problem loans (Stage 3
loans) accounted for around 19% of gross loans, while the coverage
of problem loans by LLRs remained low at around 30%. Moody's
expects problem loans to marginally decline but remain high in the
next 12-18 months. Moody's also believes that if the recovery value
of problem loans is lower than Unibank's current expectations, it
could create substantial risks for its earnings and, ultimately,
its capital cushion.

Unibank reported net income of AMD 749 million in Q3 2021 (AMD 768
million in Q3 2020) which translated to a modest net income to
tangible assets ratio of 0.4%. Moody's expects the bank's bottom
line profitability to remain weak in the next 12-18 months because
the bank will continue to build additional loan loss provisions
which will consume most of its pre-provision income.

Moody's expects Unibank's Tangible Common Equity ratio to remain
broadly stable at around 10-11% in the next 12-18 months. However,
the bank's capital position will remain challenged by the large gap
between problem loans and loan loss reserves and by its limited
regulatory capital buffer in absolute terms relative to the minimum
regulatory requirements of AMD30 billion.

At the same time. Unibank's BCA remains underpinned by its good
deposit taking franchise, limited reliance on market funding and
ample liquidity profile. Unibank's customer accounts grew by 14.5%
in 9M2021 and accounted for around 85% of its total liabilities
while its liquid assets amounted to around 30% of total assets.

Moody's maintains its assumption of a moderate likelihood of
government support for Unibank's deposits. This assumption results
in a one-notch uplift of the bank's B2 long-term local and foreign
currency deposit ratings from the BCA of b3. The rating agency's
assessment is based on Unibank's significant market share of
customer deposits in Armenia.

The outlook on Unibank's ratings remains stable, indicating that
Moody's does not expect material changes in the bank's credit
fundamentals and that the bank's weaknesses in its solvency profile
will remain balanced by its ample liquidity and stable funding.

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

Unibank's BCA could be upgraded in case of a material reduction of
problem loans along with significant increase in problem loans
coverage by LLRs, sustained improvements in profitability and
significant increase of its regulatory capital relative to
regulatory minimum. Negative pressure on Unibank's ratings could
develop if the bank fails to strengthen its asset quality metrics
and sustain its profitability trend. In addition, Unibank's BCA
could be downgraded if its credit costs significantly erode its
profitability and the capital buffer. A material weakening of
Unibank's market positions, leading us to revise Moody's assessment
of the Armenian government's willingness to support the bank, would
also negatively affect its deposit ratings.

LIST OF AFFECTED RATINGS

Issuer: Unibank OJSC

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed b3

Baseline Credit Assessment, Affirmed b3

Long-term Counterparty Risk Assessment, Affirmed B2(cr)

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Ratings, Affirmed B2

Short-term Counterparty Risk Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed B2, Outlook Remains
Stable

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Remains Stable



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A U S T R I A
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INNIO GROUP: Moody's Affirms B3 CFR, Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating (CFR) and B3-PD probability of default rating (PDR) of INNIO
Group Holding GmbH (INNIO or the company). Concurrently, the rating
agency has affirmed the B3 ratings of the EUR1,314 million
equivalent backed senior secured first lien term loan, the $225
million backed senior secured first-lien revolving credit facility
(RCF) and affirmed the Caa2 rating of the EUR261 million equivalent
backed senior secured second-lien term loan. The outlook has been
changed to stable from negative.

RATINGS RATIONALE

The change of the outlook to stable from negative and ratings
affirmation reflect the company's progress in 2021 in improving its
profitability and leverage reduction despite ongoing supply chain
bottlenecks, a significant price increase for the company's raw
materials (steel, copper, aluminium, rare earth minerals) and
persistently soft demand in the oil and gas end market. The rating
action also takes into account Moody's expectation that INNIO's
credit metrics will continue to improve over the next 12-18 months
with Moody's-adjusted debt/EBITDA declining to 7.0x-7.5x in 2022 on
a moderate growth in sales and profitability in the underlying
business remaining close to or higher than in the pre-pandemic
2019.

As of 30 September 2021, INNIO's Moody's-adjusted debt/EBITDA
decreased to 8.7x, albeit still high, from 13.6x in 2020 driven by
EBITDA expansion. During the first nine months of 2021, the
company's Moody's-adjusted EBITDA expanded by 65% to nearly €200
million from around €120 million during the same period last
year. The increase in earnings was mainly driven by strong
performance of more profitable aftermarket services segment, which
generally has contribution margins between 40%-50% compared with
23%-32% in the new equipment business. During the first nine months
of 2021, revenue from services business grew by 16%, more than
offsetting still soft demand in the oil and gas end-market that
drove total new equipment sales down by 7%. As a result, the share
of aftermarket sales in total revenue increased to over 60% in the
first nine months of 2021 from 55% in the same period last year.
Services business is more profitable and more resilient to supply
chain disruptions than new equipment business, as a result the
ongoing supply chain bottlenecks and logistical slowdowns did not
have a significant impact on INNIO's top line and earnings. To
date, INNIO has been able to manage materials cost inflation by
passing most of the price increases to its customers across all
business segments. Moody's-adjusted EBITDA growth was further
supported by the decrease in the company's unusual cost items, for
which Moody's does not give credit, such as carve-out related
expenses and restructuring costs. In the first nine months of 2021,
these adjustments amounted to EUR34 million from EUR57 million a
year ago.

The currently strong order backlog of around EUR2.7 billion
provides good visibility into the company's topline development
over the coming quarters. Moody's forecasts INNIO's revenue to grow
by 10%-13% in 2022 from around EUR1.4 billion estimated for full
2021. The increase in revenue will be mostly driven by increased
sales of new equipment in the distributed power segment
(Jenbacher). However, total revenue from new equipment sales will
still remain below 2019, primarily because of still weak demand
from the oil and gas market. Increased sales of new equipment will
change sales mix and, thus, will result in some erosion of
profitability. However, Moody's-adjusted EBITDA margin is expected
to be around 17%-18% in 2022 compared with around 20% in the first
nine months 2021. This is also supported by further reduction in
restructuring and other one-off costs to around EUR30 million on a
run-rate basis from around EUR50 million in 2021. As a result,
Moody's-adjusted debt/EBITDA will decrease to 7.0x-7.5x, which is
in line with the requirements for the B3 rating category. The
agency's forecast assumes that demand conditions will remain solid
and the company will not pay any dividends or make significant
debt-funded acquisitions, but will focus on deleveraging instead.
The downside risks to the forecast are related to ongoing supply
chain bottlenecks, which if become more severe, will have a
significant impact on INNIO's ability to execute on its solid order
backlog, particularly in the new equipment business. High leverage
leads to high interest payments, which is one of the main drivers
of a muted free cash flow (FCF) generation despite the improving
profitability and increasing turnover, thereby limiting the
company's ability to reduce its high debt load considerably.

INNIO's B3 rating factors in (1) the company's leading market
position, (2) its long history of offering reliable products that
serve diversified end-markets and benefiting from barriers to
entry; (3) the mission-critical nature of its product offerings;
(4) the structural long-term shift to renewables, which drives
demand for the products of Jenbacher, one of its brands; (5) its
high revenue share of service business, which is a key contributor
to the high margins generated; and (6) its well-invested asset
base.

At the same time, the rating takes into account (1) the company's
currently high Moody's-adjusted leverage of 8.7x debt/EBITDA as of
September 2021, though expected to decline 7.0x-7.5x in 2022; (2)
exposure to the cyclical swings of the oil and gas upstream
business through its brand Waukesha (about 17% of total revenue and
19% of the group's contribution margin) and (3) ongoing carve-out
and restructuring costs that weigh on the company's profitability
and FCF, though expected to gradually phase out in the
medium-term.

LIQUIDITY

INNIO has good liquidity. As of 30 September 2021, the company's
liquidity comprised EUR123 million in cash supported by EUR176
million availability under its $225 million (equivalent to EUR194
million) long-term committed RCF and funds from operations of over
EUR200 million that Moody's expects the company to generate from Q4
2021 through the end 2022. These liquidity sources will comfortably
accommodate the company's cash needs over the same period. The cash
requirements are largely for working cash, which is typically 3% of
annual sales, seasonal working capital swings, planned capital
spending of around €120 million (including R&D spending and lease
principal payments), as well as upcoming debt maturities of less
than EUR5 million. No significant debt repayments are due until
2025 when the company's backed senior secured first-lien term loan
and RCF mature.

The available RCF is subject to a springing senior secured net
leverage covenant of 9.0x, to be tested if drawings exceed 40% of
the facility. Moody's expects the company to comply with its
covenant.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that over the next
12-18 months INNIO will be able to gradually increase its profit
margins, reduce leverage to 7.0x-7.5x, generate positive FCF in
mid-double digits range and that the company will maintain its good
liquidity.

STRUCTURAL CONSIDERATIONS

The rating of INNIO's EUR1,314 million equivalent backed senior
secured first-lien term loan and that of the €194 million
equivalent RCF is in line with the CFR at B3, the subordinated
EUR261 million equivalent backed senior secured second-lien term
loan is rated at Caa2. The credit facilities, which also include a
$140 million first-lien multi-currency guarantee facility, benefit
from a guarantor package including upstream guarantees from
operating subsidiaries, representing at least 80% of group EBITDA.
The instruments are secured by a security package including shares,
bank accounts, and material structural intercompany receivables
with priority given to the first-lien credit facilities against the
second-lien facility.

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

The ratings could be upgraded if the company's gross debt/EBITDA
decreases well below 7.0x on a sustainable basis and the company
generates strong FCF as indicated by FCF/debt above 5% on a
sustained basis.

The ratings could be downgraded if the company's profitability
deteriorates below low double-digit Moody's-adjusted EBITA margin
on a sustained basis, its leverage sustainably exceeds 8.0x
debt/EBITDA, interest cover falls below 1.0x EBITA/interest, the
company generates sustainably negative FCF or its liquidity
weakens. Indications of a move towards a more shareholder-friendly
financial policy could also trigger a negative rating action.

COMPANY PROFILE

INNIO Group Holding GmbH (INNIO), is a holding company that heads
the distributed power business carved out from General Electric
Company's (Baa1 negative) Power division in 2018. The group, owned
by funds advised by Advent International, is headquartered in
Austria.

It offers mission-critical solutions for power generation and gas
compression. INNIO sells its products under two well-known brands:
Jenbacher, which accounts for around 83% of the group revenue (in
the first nine months of 2021) and offers reciprocating gas engines
for distributed power generation, serving peak load power and
backup power needs, an area that has become increasingly important
with the shift of energy production to renewable sources; and
Waukesha, which accounts for around 17% of the group revenue and is
active in the field of gas compression for the natural gas
industry. Waukesha's engines are used for the production and
transmission of natural gas and on-site power generation for oil
and gas producers.

In the 12 months ended 30 September 2021, the company generated
around EUR1.4 billion of revenue and company-adjusted EBITDA of
around EUR324 million.




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G E R M A N Y
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CHEPLAPHARM ARZNEIMITTEL: Moody's Affirms B2 CFR, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook of Cheplapharm Arzneimittel GmbH's ("Cheplapharm") ratings.
At the same time, Moody's has affirmed the company's B2 corporate
family rating (CFR), its B2-PD probability of default rating, and
the B2 ratings on its guaranteed senior secured notes due 2027 and
2028 and on its senior secured bank credit facilities.

RATINGS RATIONALE

The change of outlook to stable and affirmation of the B2 ratings
reflect a more moderate pace of debt-funded acquisitions in the
past year and smooth integration to date of the large acquisitions
announced in Q4 2020. Moody's also expects that Cheplapharm's
credit metrics will meet the requirements for a B2 rating over the
next 12 to 18 months, including a Moody's-adjusted gross debt /
EBITDA between 4.5x and 5.5x.

In 2021, Cheplapharm performed in line with its guidance and
continued to successfully integrate acquisitions closed in late
2020 and early 2021, which included, among others, product
portfolios from AstraZeneca plc (A3 negative) and Takeda
Pharmaceutical Company Limited (Baa2 positive). While there
continue to be risks associated with integrating acquisitions,
Moody's expects the company will grow Moody's-adjusted EBITDA to
about EUR 650 million in 2021 compared with EUR 370 million in
2020, resulting in Moody's-adjusted gross leverage of around 4.5x
by year-end 2021, down from 7.1x at the end of 2020.

Moody's expects Cheplapharm will continue to engage in M&A over the
coming years, potentially at a more moderate pace as seen in 2021,
and ensure that, if M&A leads to increases in gross leverage, that
this will be temporary and that leverage will comfortably return to
below 5.5x within 12-18 months.

Cheplapharm's B2 rating continues to reflect its good therapeutic
and geographical diversity; a good track record in the timely
transfer of marketing authorizations from pharmaceutical companies
for products acquired; and the generation of strong cash flow from
operations (CFO) and free cash flow (FCF), supported by the
company's asset light business model.

The B2 rating remains constrained by the company's structural
earnings decline in its existing off-patent product portfolio,
which prompts the company to make ongoing product acquisitions to
maintain or grow revenues; its relatively short track record of
working with well-recognized pharmaceutical companies; an
aggressive financial policy, with multiple debt-funded acquisitions
undertaken in recent years, which increased its gross debt sharply
to EUR 2.8 billion at the end of September 2021 from EUR 0.9
billion at the end of 2018.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Cheplapharm
will continue to successfully deliver on the integration of its
acquired portfolio of drugs in the next 12 to 18 months and operate
with credit ratios commensurate with the B2 rating. Moody's also
expects that the company will continue to generate strong CFO to
offset rising debt levels.

LIQUIDITY

Cheplapharm's liquidity is adequate. It had EUR65 million of cash
on balance sheet at the end of September 2021 and around EUR197
million available under its EUR450 million senior secured revolving
credit facility (RCF). There are no significant debt maturities
before 2025 when the existing EUR 980 million senior secured Term
Loan B will become payable. Moreover, Moody's forecasts that
Cheplapharm will generate about EUR300 million of Moody's-adjusted
FCF (before acquisitions) over the next 12 months, which could be
used to partly cover future acquisitions.

ESG CONSIDERATIONS

Governance is the most important ESG consideration for Cheplapharm
because its credit quality relies on its ability to purchase the
right products at the right price and on the integration of
acquisitions made in order to support its growth strategy, and
because of its tolerance for high leverage, which has resulted in a
sharp increase in debt in recent years. Well-established
acquisition criteria and management's experience nevertheless
mitigate acquisition integration risk. Cheplapharm has also
instigated measures to improve its governance through, for
instance, the establishment of an external advisory board.

Moody's views social risk as high for pharmaceutical companies, but
Cheplapharm is less exposed to this risk than peers. Its product
portfolio essentially comprises off-patent drugs that have been on
the market for many years, which reduces the risk of product safety
issues and of abrupt price declines from regulatory changes.

STRUCTURAL CONSIDERATIONS

The capital structure comprises a EUR980 million senior secured
term loan B, three tranches of EUR500 million, EUR575 million and
USD500 million guaranteed senior secured notes, as well as a EUR450
million senior secured RCF. All these debt instruments rank pari
passu and have the same security package, which includes a
first-priority pledge over Cheplapharm Arzneimittel GmbH's shares
as well as pledges over bank accounts and intercompany receivables.
Moody's views this security package as relatively weak and
therefore considers these debt instruments as unsecured in its loss
given default analysis.

Cheplapharm's Moody's-adjusted debt also includes a shareholder
loan for which the company can choose to pay interest in cash, and
which offers some loss absorption in a default scenario. The small
size of this instrument (around EUR 30 million) does not lead to an
uplift of the senior secured instrument rating from the CFR.

Moody's used a family recovery rate of 50% appropriate for a debt
structure comprising bank and bond debts.

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

A positive rating action would require that Cheplapharm maintains
its Moody's-adjusted (gross) debt/EBITDA ratio below 4.5x and its
cash flow from operations (CFO)/debt ratio above 15% on a sustained
basis. An upgrade would also require the company to show commitment
to more moderate acquisitions in terms of size and in their
financing to ensure that the company limits the impact on credit
metrics.

Conversely, Moody's may downgrade Cheplapharm's rating if it does
not maintain a Moody's-adjusted debt/EBITDA ratio pro forma
acquisitions comfortably below 5.5x, or if its CFO/debt ratio
declines below 10% for a prolonged period. Failing to maintain
adequate liquidity, including a well spread debt maturity profile,
could also trigger a rating downgrade.

COMPANY PROFILE

Headquartered in Greifswald, Germany, Cheplapharm Arzneimittel GmbH
(Cheplapharm) is a family-owned company focused on the marketing of
off-patent, branded, prescription and niche drugs. Its business
model relies on its ability to buy products with sufficient
earnings potential at the right price, and the outsourcing of its
production and distribution to reliable third parties.
Cheplapharm's asset-light operations enable it to generate high
cash flow, which it reinvests into new products, offsetting the
structural earnings decline in its existing portfolio. The group
owns a portfolio of more than 125 products that it distributes in
over 145 countries. It generated EUR 793 million in revenue and EUR
484 million in EBITDA, on a reported basis, in the nine months
ended 30 September 2021. Cheplapharm is 50:50 owned by Sebastian
Braun (Co-CEO of the group) and Bianca Juha (Chief Scientific
Officer).

NANOGATE SE: Agrees to Sell Austrian Subsidiary to Investor
-----------------------------------------------------------
Nanogate SE on Dec. 20 disclosed that it has contractually agreed
to sell its subsidiary Nanogate Electronic Systems GmbH (Neudoerfl,
Austria) to an investor.

As part of the transaction, Nanogate is selling 100% of the shares
in the Group's last remaining operating company.  The purchase
price, which has been agreed not to be disclosed, will go to the
insolvency estate of Nanogate SE and will be used to satisfy
creditors.  The transaction is expected to be closed in the next
few weeks.

As a result, the Nanogate Group no longer has any operating
business.  As part of the insolvency in self-administration, it is
planned to wind up and dissolve Nanogate SE and the subsidiaries
that are also insolvent (liquidation).  As already announced,
trading in Nanogate shares on the Frankfurt Stock Exchange is
expected to end at the close of trading on February 4, 2022.

In June 2020, Nanogate SE filed for insolvency in
self-administration (protective shield proceedings).  As part of
the restructuring, the core business and other subsidiaries were
sold. It is planned to wind down and dissolve Nanogate SE and the
subsidiaries that are also insolvent (liquidation).  In this
context, Nanogate SE's listing on the Basic Board of Frankfurt
Stock Exchange is expected to be terminated with effect from the
close of trading on February 4, 2022.

[*] GERMANY: Corporate Insolvencies Down in 2020 Despite Pandemic
-----------------------------------------------------------------
Despite the massive shock triggered by the coronavirus pandemic and
what were, at times, very stringent containment measures, the
number of corporate insolvencies dropped substantially in 2020, the
Bundesbank writes in its Monthly Report.  This was due in part to
the temporary suspension of the obligation to file for insolvency,
which is subject to certain conditions.  Additionally, various
government support measures were introduced during the crisis to
stabilise enterprises' financing situations.  Thus, the Bank's
economists note, the insolvency figures since the onset of the
coronavirus crisis partly reflect the influence of government
financial support measures, which eased the pressure on firms to
file for insolvency.

Importance of temporary legislative changes
The temporary suspension of the obligation to file for insolvency
in particular will have been a factor in the number of insolvencies
filed.  This change in the law meant that enterprises which had
encountered difficulties due to the coronavirus pandemic were not
required to file for insolvency if they became insolvent or
overindebted during a specific period in 2020.  While the
suspension of the filing obligation sent insolvency numbers sharply
lower, there was also an exceptionally sharp drop in the figure for
2020 as a whole (15,800), which was nearly 16% down on the previous
year's figure.

Figures differ significantly across sectors
Some services sectors in particular saw a reduction in insolvency
filings as well despite a sharp drop in sales, the Bundesbank's
experts write.  The risk that firms are suppressing insolvencies
will probably be particularly high in these cases.  Some of these
sectors normally account for a considerable share of insolvencies
in Germany, numerically speaking.  The production sector, by
contrast, showed relatively moderate decreases.

Considerable drops in sales in some sectors
As a result of the shock, German enterprises' sales shrank on
average by less than half as much as they did during the financial
and economic crisis in 2009, the Bundesbank writes in its Monthly
Report.  Some sectors fared noticeably better than others, however.
Export-driven sectors like carmakers and mechanical engineering,
and industries hit hard by travel constraints and physical and
social distancing requirements, such as aviation and accommodation
and food service activities, registered very heavy drops in sales.
Construction and some parts of the retail trade, on the other hand,
saw their sales figures skyrocket.

Enterprises' liquidity positions under pressure
The coronavirus shock meant that enterprises found it quite a
challenge to preserve their liquidity in 2020.  Pandemic
containment measures or social and physical distancing requirements
led to business operations or production in some just-in-time
sectors being cut back considerably or grinding to a halt
altogether.  To boost liquidity, fiscal policymakers rolled out
extensive financial assistance packages for months in which sales
were down. Enterprises themselves took comprehensive action as well
to shield their liquidity.  All these measures drove enterprises'
liquidity levels significantly higher, but they also pushed up
their long-term debt, according to the experts.  On balance,
enterprises did a relatively good job of absorbing the shock from
the coronavirus pandemic.




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I R E L A N D
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BRIDGEPOINT CLO 3: Moody's Rates EUR12MM Class F Notes 'B3'
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Bridgepoint CLO 3
Designated Activity Company (the "Issuer"):

EUR 248,000,000 Class A Senior Secured Floating Rate Notes due
2036, Definitive Rating Assigned Aaa (sf)

EUR 42,000,000 Class B Senior Secured Floating Rate Notes due 2036,
Definitive Rating Assigned Aa2 (sf)

EUR 24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned A2 (sf)

EUR 28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned Baa3 (sf)

EUR 19,200,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned Ba3 (sf)

EUR 12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2036, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 50% ramped up as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with the
portfolio guidelines.

The effective date determination requirements of this transaction
are weaker than those for other European CLOs because satisfaction
of the Caa concentration limit is not required as of the effective
date. Moody's also believes that the absence of any requirement to
satisfy the Caa concentration limit as of the effective date could
give rise to a more barbelled portfolio rating distribution.
However, Moody's concedes that satisfaction of (i) the other
concentration limits, (ii) each of the coverage test and (iii) each
of the collateral quality test can mitigate such barbelling risk.
As a result of introducing relatively weaker effective date
determination requirements, the CLO notes' outstanding ratings
could be negatively affected around the effective date, despite
satisfaction of the transaction's effective date determination
requirements.

Bridgepoint Credit Management Limited ("Bridgepoint") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a half year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer issued EUR 34,700,000 Subordinated Notes due 2036 which will
not be 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.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

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

Par Amount: EUR 400,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2981

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.20%

Weighted Average Recovery Rate (WARR): 43.75%

Weighted Average Life (WAL): 7.75 years (*)

(*) Moody's has assumed a WAL of 7.75 years instead of the 7.6
years it would normally model as according to the transaction
documentation the WAL computation for the purpose of the test will
be rounded up to the nearest 0.25 years.

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints, exposures to countries with LCC of
A1 to A3 cannot exceed 10% and obligors cannot be domiciled in
countries with LCC below A3.


CABINTEELY PARK: Moody's Rates EUR12MM Class F Notes 'B3'
---------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Cabinteely Park CLO
DAC (the "Issuer"):

EUR 246,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

EUR 31,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned Aa2 (sf)

EUR 10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned Aa2 (sf)

EUR 24,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned A2 (sf)

EUR 28,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa3 (sf)

EUR 21,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Ba3 (sf)

EUR 12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped 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 approximately 7 month ramp-up period in compliance with
the portfolio guidelines.

The effective date determination requirements of this transaction
are weaker than those for other European CLOs because satisfaction
of the Caa concentration limit is not required as of the effective
date. Moody's believes that the absence of any requirement to
satisfy the Caa concentration limit as of the effective date could
give rise to a more barbelled portfolio rating distribution.
However, Moody's concedes that satisfaction of (i) the other
concentration limits, (ii) each of the par coverage tests and (iii)
each of the collateral quality tests can mitigate such barbelling
risk. As a result of introducing relatively weaker effective date
determination requirements, the CLO notes' outstanding ratings
could be negatively affected around the effective date, despite
satisfaction of the transaction's effective date determination
requirements.

Blackstone Ireland Limited ("Blackstone") 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 years reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer has issued EUR 31,200,000 Subordinated Notes due 2034 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.

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.


CAIRN CLO XII: Moody's Rates EUR12MM Class F Notes 'B3'
-------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Cairn CLO XII
Designated Activity Company (the "Issuer"):

EUR 244,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR 44,000,000 Class B Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR 24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR 29,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR 20,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR 12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 92% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The Effective Date has to occur prior to 1 April
2022.

Cairn Loan Investments II LLP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR35.25 million of Subordinated Notes which are
not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2021.

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

Par Amount: EUR 400,000,000

Diversity Score(*): 48

Weighted Average Rating Factor (WARF): 2952

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 7.5 years

(*) The covenanted base case diversity score is 49, however Moody's
has assumed a diversity score of 48 as according to the transaction
documentation the diversity score will be rounded up to the nearest
whole number whereas the methodology states that it is rounded down
to an integer.

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.


FIDELITY GRAND 2021-1: Moody's Rates EUR12MM Class F Notes 'B3'
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the Notes issued by Fidelity Grand
Harbour CLO 2021-1 DAC (the "Issuer"):

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

EUR34,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

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

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned A2 (sf)

EUR25,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Definitive Rating Assigned Baa3 (sf)

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

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

RATINGS RATIONALE

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

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

FIL Investments International ("FIL") 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 ½-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

In addition to the seven classes of Notes rated by Moody's, the
Issuer will issue EUR 31,750,000 Subordinated Notes due 2034 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.

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: EUR 400,000,000.00

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2867

Weighted Average Spread (WAS): 3.65%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.50%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

HAYFIN EMERALD VIII: Moody's Rates Class F Notes 'B3'
-----------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued Hayfin Emerald CLO
VIII DAC (the "Issuer"):

EUR218,500,000 Class A-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

EUR25,500,000 Class A-2 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

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

EUR25,200,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned A2 (sf)

EUR27,800,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned Baa3 (sf)

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

EUR10,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 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 5.5- month ramp-up period in compliance with the
portfolio guidelines.

Hayfin Emerald Management LLP will manage the CLO. It will direct
the selection, acquisition and disposition of collateral on behalf
of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 5.1-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer has issued EUR30.9 million of Subordinated Notes which are
not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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.

MADISON PARK EURO XIV: Moody's Rates EUR15.5MM Class F-R Notes 'B3'
-------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Madison
Park Euro Funding XIV DAC (the "Issuer"):

EUR324,400,000 Class A-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR47,700,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR37,250,000 Class C-1-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR31,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

EUR25,750,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Ba3 (sf)

EUR15,400,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

As part of this refinancing, the Issuer has extended the weighted
average life by one year to 7.07 years. It has also amended the
definition of "Adjusted Weighted Average Rating Factor" and minor
features. In addition, the Issuer has amended the base matrix and
modifiers that Moody's has taken into account for the assignment of
the definitive ratings.

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

Credit Suisse Asset Management Limited ("CSAM") will continue to
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's two-year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations and credit improved obligations.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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.

NASSAU EURO I: Moody's Rates EUR10.5MM Class F Notes 'B3'
---------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Nassau Euro CLO I
DAC (the "Issuer"):

EUR 217,000,000 Class A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR 25,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR 10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR 23,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR 21,900,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR 17,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR 10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)


RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 50% 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 month ramp-up period in compliance with the portfolio
guidelines.

Nassau Corporate Credit (UK) LLP ("Nassau") will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a half year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR 29,550,000 Subordinated Notes due 2034 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.

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.


NORDIC AVIATION: Files for Chapter 11 to Facilitate Restructuring
-----------------------------------------------------------------
Nordic Aviation Capital Designated Activity Company, together with
its subsidiaries ("NAC" or  the "Company"), the world's largest
regional aircraft lessor, on Dec. 19 disclosed that it has entered
into a Restructuring Support Agreement (the "RSA" or the
"Agreement") with its equityholders and lenders holding over 73% of
NAC's approximately $6.3 billion in debt obligations (collectively,
the "RSA Parties").  

The terms of the RSA establish the framework for a consensual and
comprehensive financial restructuring that will restructure the
Company's debt obligations, provide additional capital through a
new equity rights offering, and best position NAC for future growth
and success as global economic and industry conditions continue to
improve.  

To implement the financial restructuring, the Company has filed
voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in
the United States Bankruptcy Court for the Eastern District of
Virginia.

The RSA contemplates a consensual and comprehensive restructuring
of the Company's debt obligations (including the conversion of a
substantial amount of the group's debt to equity) with an infusion
of $537 million in additional capital through a $337 million new
equity rights offering and a new $200 million revolving credit
facility.  The Company has obtained an additional $170 million
debtor in possession financing facility from its existing creditors
to help fund operations during the Chapter 11 process.  The
additional capital will serve to support the Company's liquidity
position and its plans to pursue growth in purchasing aircraft.
Additionally, the RSA provides the Company with a stable platform
to allow NAC to continue satisfying substantially all of its
obligations to its employees, customers, and suppliers, as well as
provide lease management services and deliver aircraft throughout
the Chapter 11 process.

In conjunction with the petitions, NAC has filed a series of
motions, which, once approved by the Court, will enable the Company
to operate its business in the ordinary course throughout the
Chapter 11 process.  These motions will also allow NAC to continue
to honor obligations to its employees, customers, and suppliers on
previously agreed upon schedules and terms.

Following its emergence from the Chapter 11 process, the
reorganized NAC will be majority-owned by its largest creditors,
who are committed to the Company's long-term success and will
invest substantial new equity capital in the business.

Martin Moller, Founder of NAC, and the Company's existing
shareholders are supportive of this transition in ownership. A
newly reconstituted Board of Directors will be appointed upon
emergence.

"NAC is taking this proactive step in the U.S. because we believe
it is the most efficient and effective way to implement a
consensual and comprehensive financial restructuring," said Justin
Bickle, Vice Chairman of NAC and Chairman of its Restructuring
Committee.  "With the strong support we've received from our
lenders to date, we are pleased to be entering the Chapter 11
process with a restructuring support agreement in place to
implement the financial restructuring of the Group that will
position NAC for future growth and success as industry conditions
continue to improve."

Martin Moller, former Chairman and Founder of Nordic Aviation
Capital, commented "As my 30-year chapter with NAC comes to a
close, I am comforted to see the significant support demonstrated
by the lenders and their confidence in NAC's business model. I have
the utmost confidence in the Company's resilience and ability to
continue to serve customers in a sustainable manner throughout this
process and beyond."

Norman C.T. Liu, President & CEO of NAC said, "This is a positive
first step to position NAC for longer term success and provides
financial resources to develop the business.  Our aim is to
maintain our leadership position in regional aircraft leasing and
expand into adjacent single aisle areas.  During the Chapter 11
process, the NAC team will work hard to serve our many airline
customers.  I would also like to thank our employees for their
dedication and our many business partners for their support."

Additional Information

Additional information about the Company's Chapter 11 cases,
including access to Court filings and other documents related to
the restructuring process, is available at
https://dm.epiq11.com/nac or by calling NAC's restructuring
information line at +1-503-597-7711 (international) or
1-855-654-0899 (toll free in the U.S.).

Kirkland & Ellis LLP is serving as the Company's restructuring
counsel, Clifford Chance LLP and William Fry LLP are serving as
legal counsel, Ernst & Young is serving as restructuring advisor,
and Rothschild & Co is acting as investment banker.

                  About Nordic Aviation Capital

Nordic Aviation Capital is the leading regional aircraft lessor
serving almost 70 airlines in approximately 45 countries.  Its
fleet of 475 aircraft includes ATR 42, ATR 72, De Havilland Dash 8,
Mitsubishi CRJ900/1000, Airbus A220 and Embraer E-Jet family
aircraft.

On Dec. 17, 2021, Nordic Aviation Capital Pte. Ltd., NAC Aviation
17 Limited, NAC Aviation 20 Limited, and Nordic Aviation Capital
A/S each filed petitions seeking relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Va.).  On Dec. 19, 2021, Nordic
Aviation Capital Designated Activity Company and 112 affiliated
companies also filed petitions seeking Chapter 11 relief.  The lead
case is In re Nordic Aviation Capital Designated Activity Company
(Bankr. E.D. Va. Lead Case No. 21-33693).

Judge Kevin R. Huennekens oversees the cases.

The Debtors tapped Kirkland & Ellis and Kutak Rock, LLP as
bankruptcy counsel and the law firms of Clifford Chance, LLP,
William Fry, LLP and Gorrissen Federspiel as corporate counsel.
N.M. Rothschild & Sons Limited, Ernst & Young, LLP and
PricewaterhouseCoopers, LLP serve as the Debtors' financial
advisor, restructuring advisor and tax advisor, respectively.  Epiq
Corporate Restructuring, LLC is the claims and noticing agent.


PALMER SQUARE 2022-1: Moody's Rates EUR10.8MM Class F Notes 'B3'
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Palmer Square
European CLO 2022-1 DAC (the "Issuer"):

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)

EUR35,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aa2 (sf)

EUR5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned A2 (sf)

EUR27,200,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned Baa3 (sf)

EUR20,400,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned Ba3 (sf)

EUR10,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
unsecured senior obligations, second-lien loans, mezzanine
obligations and high yield bonds. The portfolio is expected to be
95% ramped as of the closing date and to comprise of predominantly
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the 6 month
ramp-up period in compliance with the portfolio guidelines.

Palmer Square Europe Capital Management LLC ("Palmer Square") 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 or credit improved obligation.

In addition to the seven classes of notes rated by Moody's, the
Issuer issued EUR 33,500,000 of Subordinated Notes which are not
rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

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

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

Par Amount: EUR 400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.75%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 or below cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.


ROCKFORD TOWER 2021-2: Moody's Rates Class F Notes 'B3'
-------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to the Notes issued by Rockford Tower
Europe CLO 2021-2 DAC (the "Issuer"):

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

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aaa (sf)

EUR40,400,000 Class B Senior Secured Floating Rate Notes due 2035,
Definitive Rating Assigned Aa2 (sf)

EUR29,600,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned A2 (sf)

EUR24,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2035, Definitive Rating Assigned Baa3 (sf)

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

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

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be about 97.5% 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 six month ramp-up period in compliance with the
portfolio guidelines.

Rockford Tower Capital Management, L.L.C. ("Rockford") will manage
the CLO. It will direct the selection, acquisition and disposition
of collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a half-year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

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 12.5% or EUR 250,000 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 EUR 33,200,000 Subordinated Notes due 2035 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.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

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

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

Par Amount: EUR 400,000,000

Diversity Score(*): 53

Weighted Average Rating Factor (WARF): 2892

Weighted Average Spread (WAS): 3.73%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 43.11%

Weighted Average Life (WAL): 8.5 years

(*) The covenanted base case diversity score is 54, however Moody's
has assumed a diversity score of 53 as, according to the
transaction documentation, the diversity score will be rounded up
to the nearest whole number whereas the methodology states that it
is rounded down to an integer.

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 or below cannot exceed 10%, with
exposures to LCC of Baa1 to Baa3 further limited to 5% and obligors
cannot be domiciled in countries with LCC below Baa3.

TIKEHAU CLO VI: Moody's Rates EUR 11.6MM Class F Notes 'B3'
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to debt issued by Tikehau CLO VI DAC
(the "Issuer"):

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

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

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

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

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

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

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

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 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 EUR 35,600,000 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.

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: EUR 400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3025

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

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

TORO EUROPEAN 7: Moody's Affirms B3 Rating on Class F Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Toro
European CLO 7 DAC (the "Issuer"):

EUR192,000,000 Class A Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR16,000,000 Class B-1 Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR14,950,000 Class B-2 Secured Fixed Rate Notes due 2034,
Definitive Rating Assigned Aa2 (sf)

EUR21,300,000 Class C Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned A2 (sf)

EUR21,350,000 Class D Secured Deferrable Floating Rate Notes due
2034, Definitive Rating Assigned Baa3 (sf)

At the same time, Moody's affirmed the outstanding notes which have
not been refinanced:

EUR1,750,000 Class X Secured Floating Rate Notes due 2034, Affirmed
Aaa (sf); previously on Dec 17, 2020 Definitive Rating Assigned Aaa
(sf)

EUR22,400,000 Class E Secured Deferrable Floating Rate Notes due
2034, Affirmed Ba3 (sf); previously on Dec 17, 2020 Definitive
Rating Assigned Ba3 (sf)

EUR7,450,000 Class F Secured Deferrable Floating Rate Notes due
2034, Affirmed B3 (sf); previously on Dec 17, 2020 Definitive
Rating Assigned B3 (sf)

RATINGS RATIONALE

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

As part of this refinancing, the Issuer has extended the weighted
average life by 9 months. In addition, the Issuer has also amended
the base matrix and modifiers that Moody's took into account for
the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of secured senior loans and senior secured
bonds and up to 7.5% of unsecured senior loans, second-lien loans,
high yield bonds and mezzanine loans.

Chenavari Credit Partners LLP will continue to manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
remaining reinvestment period which will end in February 2024.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations and
credit improved obligations.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the Notes in order of seniority.

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.



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

ALITALIA: Handling Business Unit Put Up for Sale
------------------------------------------------
In accordance with the extraordinary administration procedure
applying to Alitalia - Societa Aerea Italiana S.p.A. (hereafter the
"Company under EA"), Avv. Gabriele Fava, Avv. Giuseppe Leogrande,
Prof. Avv. Daniele Umberto Santosuosso, the Extraordinary
Commissioners intend to transfer the handling business unit of the
Company under EA, as better described and identified in the full
version of the call for submission of offer for the acquisition of
the business unit performing handling activities divided into two
lots (hereafter the
"Call") published on the website
https://www.amministrazionestraordinariaalitaliasai.com.

Therefore, by way of this notice (hereafter, the "Notice"), the
Extraordinary Commissioners of the Company under EA invite the
interested entities to submit their offer for the acquisition of
the handling business unit according to the terms, conditions and
procedures set out in the full version of the Call.

This Notice does not constitute a public offer, within the meaning
of article 1336 of the Italian Civil Code, nor a request for
collecting public savings, pursuant to article 94 et seq. of
Legislative Decree 24 February 1998, no. 58.


ELROND NPL 2017: Moody's Lowers Rating on Class B Notes to Caa3
---------------------------------------------------------------
Moody's Investors Service hasdowngraded the ratings of Class A and
B Notes in Elrond NPL 2017 S.r.l. ("Elrond"). The rating action
reflects slower than anticipated cash-flows generated from the
recovery process on the non-performing loans (NPLs).

EUR464M Class A Notes, Downgraded to B2 (sf); previously on Mar 25,
2020 Downgraded to Ba3 (sf)

EUR42.5M Class B Notes, Downgraded to Caa3 (sf); previously on Mar
25, 2020 Downgraded to Caa1 (sf)

RATINGS RATIONALE

The rating action is prompted by slower than anticipated cash-flows
generated from the recovery process on the NPLs.

Slower than anticipated cash-flows generated from the recovery
process on the NPLs:

As of June 2021 Cumulative Collection Ratio, based on collections
net of legal and procedural costs, was at 67% meaning that
collections are coming significantly slower than anticipated in the
original Business Plan projection. Indeed, through the 30 June 2021
collection period, eight collection periods since closing,
aggregate collections net of legal and procedural costs and
servicing fees were EUR 238.69 million versus original business
plan expectations of EUR 353.93 million. Cumulative gross
collections as per 2021 Updated Business Plan are 28% down from
original business plan expectations.

PV Cumulative Profitability Ratio, for which we observe a declining
trend, stood at 133%, however it only refers to closed positions
while the time to process open positions and the future collections
on those remain to be seen.

In term of underlying portfolio, the reported GBV stood at EUR 1.04
billion as of June 2021 down from EUR 1.40 billion at closing.
Borrowers are mainly corporates (around 86%) and the underlying
properties for Secured positions, under Moody's classification, are
mostly concentrated in Sicily and Lombardy (about 70%).

Elrond was underperforming the special servicer's original
projection already at the time of previous rating action in March
2020, but performance has continued to deteriorate since then. This
portfolio has a higher borrower concentration than other Italian
NPLs securitisations. About 13% of the pool Gross Book Value
("GBV") is concentrated on the top 10 obligors, which increases
potential performance volatility.

Moody's notes that the advance rate, the ratio between the size of
the most senior tranche in the transaction and its GBV, stood at
25.26% as of July 2021. The transaction does not include interest
deferral triggers.

NPL transactions' cash flows depend on the timing and amount of
collections. Due to the current economic environment, Moody's has
considered additional stresses in its analysis, including a 6 to
12-month delay in the recovery timing.

Moody's has taken into account the potential cost of the GACS
Guarantee within its cash flow modelling, while any potential
benefit from the guarantee for the senior Noteholders has not been
considered in its analysis.

The action has considered how the coronavirus pandemic has reshaped
Italy's economic environment and the way its aftershocks will
continue to reverberate and influence the performance of NPLs.
Moody's expects the public health situation to improve as
vaccinations against COVID-19 increase and societies continue to
adapt to new protocols. But the virus will remain endemic, and
economic prospects will vary -- starkly, in some cases -- by region
and sector.

Moody's regards regard the coronavirus outbreak as a social risk
under our ESG framework, given the substantial implications for
public health and safety.

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) the recovery process of the non-performing
loans producing significantly higher cash-flows in a shorter time
frame than expected; (2) improvements in the credit quality of the
transaction counterparties; and (3) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) significantly lower or slower cash-flows
generated from the recovery process on the non-performing loans due
to either a longer time for the courts to process the foreclosures
and bankruptcies, a change in economic conditions from our central
scenario forecast or idiosyncratic performance factors. For
instance, should economic conditions be worse than forecasted and
the sale of the properties generate less cash-flows for the issuer
or take a longer time to sell the properties, all these factors
could result in a downgrade of the ratings; (2) deterioration in
the credit quality of the transaction counterparties; and (3)
increase in sovereign risk.


[*] Moody's Takes Action in 3 Italian RMBS Serviced by Unicredit
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five notes
and affirmed the ratings of eight notes in three Italian RMBS deals
currently serviced by UniCredit S.p.A. The rating action reflects
better than expected collateral performance and the increased
levels of credit enhancement for the affected notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain the current ratings on the affected
notes.

Issuer: Capital Mortgage S.r.l. (Capital Mortgages Series 2007-1)

EUR1736M Class A1 Notes, Affirmed Aa3 (sf); previously on Mar 1,
2021 Upgraded to Aa3 (sf)

EUR644M Class A2 Notes, Affirmed Aa3 (sf); previously on Mar 1,
2021 Upgraded to Aa3 (sf)

EUR74M Class B Notes, Upgraded to Baa1 (sf); previously on Mar 1,
2021 Affirmed B2 (sf)

EUR25.35M Class C Notes, Upgraded to Ba3 (sf); previously on Mar 1,
2021 Upgraded to Caa1 (sf)

Issuer: Cordusio RMBS - UCFin S.r.l.

EUR1735M Class A2 Notes, Affirmed Aa3 (sf); previously on Apr 24,
2020 Affirmed Aa3 (sf)

EUR75M Class B Notes, Affirmed Aa3 (sf); previously on Apr 24, 2020
Affirmed Aa3 (sf)

EUR25M Class C Notes, Affirmed Aa3 (sf); previously on Apr 24, 2020
Affirmed Aa3 (sf)

EUR48M Class D Notes, Upgraded to Aa3 (sf); previously on Apr 24,
2020 Upgraded to A2 (sf)

Issuer: Cordusio RMBS Securitisation S.r.l. - Series 2007

EUR738.6M Class A3 Notes, Affirmed Aa3 (sf); previously on Mar 1,
2021 Affirmed Aa3 (sf)

EUR71.1M Class B Notes, Affirmed Aa3 (sf); previously on Mar 1,
2021 Affirmed Aa3 (sf)

EUR43.8M Class C Notes, Affirmed Aa3 (sf); previously on Mar 1,
2021 Affirmed Aa3 (sf)

EUR102M Class D Notes, Upgraded to A1 (sf); previously on Mar 1,
2021 Upgraded to Baa2 (sf)

EUR19.5M Class E Notes, Upgraded to A3 (sf); previously on Mar 1,
2021 Upgraded to Ba2 (sf)

Maximum achievable rating is Aa3 (sf) for structured finance
transactions in Italy, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by a decreased key collateral
assumption, due to better than expected collateral performance and
an increase in credit enhancement for the affected tranches.

Revision of Key Collateral Assumption

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transactions has continued to improve since
the last rating action. Total delinquencies have decreased with 90
days plus arrears currently standing at, respectively, 0.38%, 1.33%
and 0.92% of current pool balances for Capital Mortgage S.r.l.
(Capital Mortgages Series 2007-1), Cordusio RMBS - UCFin S.r.l. and
Cordusio RMBS Securitisation S.r.l. - Series 2007. Cumulative
defaults currently stand at, respectively, 14.25%, 6.30% and 5.56%
of the original pool balances for Capital Mortgage S.r.l. (Capital
Mortgages Series 2007-1), Cordusio RMBS - UCFin S.r.l. and Cordusio
RMBS Securitisation S.r.l. - Series 2007, marginally up from,
respectively, 14.16%, 6.15% and 5.52% at the time of previous
rating action.

Moody's decreased the expected loss assumption to, respectively,
9.20%, 3.45% and 2.70% for Capital Mortgage S.r.l. (Capital
Mortgages Series 2007-1), Cordusio RMBS - UCFin S.r.l. and Cordusio
RMBS Securitisation S.r.l. - Series 2007 as a percentage of
original pool balance from, respectively, 9.40%, 3.50% and 2.90%
due to the overall improving performance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
at its current levels of 11.00% for Cordusio RMBS - UCFin S.r.l.
and decreased the MILAN CE to 12% and 9% from 14.5% and 10% for
Capital Mortgage S.r.l. (Capital Mortgages Series 2007-1) and
Cordusio RMBS Securitisation S.r.l. - Series 2007, respectively.

Increase in Available Credit Enhancement

Trapping of excess spread led to the increase in the credit
enhancement available in these transactions. Additional elements
contributing to such an increase include non-amortizing reserve
funds and sequential amortization for Cordusio RMBS Securitisation
S.r.l. - Series 2007 and Cordusio RMBS - UCFin S.r.l. and some
replenishment of the reserve fund thanks to a recent repurchase of
some previously defaulted or quasi-defaulted loans for Capital
Mortgage S.r.l. (Capital Mortgages Series 2007-1).

For instance, the credit enhancement on Class B and Class C Notes
in in Capital Mortgage S.r.l. (Capital Mortgages Series 2007-1)
increased to 14.26% and 7.49% from 7.37% and 1.27% since the last
rating action; the credit enhancement for Class D Notes in Cordusio
RMBS - UCFin S.r.l. increased to 21.31% from 13.44% since the last
rating action; the credit enhancement for D and Class E Notes in
Cordusio RMBS Securitisation S.r.l. - Series 2007 increased to
13.51% and 9.41% from 9.18% and 5.63% since last rating action.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see "Moody's Approach to Rating RMBS Using the MILAN
Framework" for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

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

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

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




=================
M A C E D O N I A
=================

SKOVIN: Board Submits Proposal to Enter Bankruptcy Procedure
------------------------------------------------------------
SeeNews reports that North Macedonia-based wine maker Skovin said
on Dec. 28 its board of directors has decided to submit a proposal
to a local court to enter a bankruptcy procedure.

According to SeeNews, the company said in a bourse filing, Skovin's
board of directors proposed opening a bankruptcy procedure because
a bank account of the company has been blocked for more than 45
days.

Skovin booked a net loss of MKD732,000 (US$13,400/EUR11,900) in the
first nine months of 2021, compared to a net loss of MKD32.9
million in the same period a year earlier.

Skovin is a unit of North Macedonia-based forwarding company
Fersped.



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

SIGMA HOLDCO: Moody's Affirms B2 CFR, Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on the ratings of Sigma Holdco BV ("Upfield"), the parent
company of Upfield B.V., a global manufacturer of food spreads.
Concurrently, Moody's has affirmed the company's corporate family
rating (CFR) of B2, the probability of default rating (PDR) of
B2-PD, the B2 backed senior secured ratings on the first lien term
loan facility and on the revolving credit facility ("RCF") borrowed
by Upfield B.V., and the Caa1 backed senior unsecured ratings on
the EUR685 million and the $525 million equivalent backed senior
unsecured notes issued by Sigma Holdco BV.

"The negative outlook reflects the company's weaker than expected
operating performance in 2021 and the challenge posed by the spike
in commodity prices, which might limit any significant improvement
in profitability over the next 6 to 12 months, delaying any
recovery in credit metrics," says Paolo Leschiutta, a Moody's
Senior Vice President and lead analyst for Sigma Holdco BV.

"We recognize that the company has successfully reduced its
restructuring costs and improved its cash flow generation in 2021.
However, leverage is very high for the rating at around 12.8x on a
Moody's adjusted basis as of September and failure to pass on price
increases to customers and to improve profitability could lead to
further downward pressure on the rating over the next 12 to 18
months," added Mr. Leschiutta.

RATINGS RATIONALE

Moody's views the company's leverage as very high (12.8x on a
Moody's adjusted basis for the LTM ended September 2021) and well
above prior expectations.

The company's operating performance during the third quarter of
2021 was weaker than what Moody's had initially anticipated, making
any recovery in credit metrics over the next 12 to 18 months more
challenging. In addition, the current commodity price increases
might slow down any material improvement in margins. Failure to
show good progress in improving financial leverage towards 8.5x
over the next 12 to 18 months is likely to lead to further downward
pressure on the ratings.

The weak operating performance in 2021 was to some extent explained
by the impact of the Coronavirus pandemic and the significant spike
in commodities prices. However, the company was able to reduce its
restructuring costs through September 2021 and deliver on its cost
saving programme, while it mitigated part of the input cost
inflation with pricing initiatives.

Moody's expects Upfield's profitability to suffer in the short term
because of the current high commodity prices. Although higher costs
will eventually be passed through to customers, this might take
some time and ultimately negatively affect volumes, hindering the
company's effort to improve its underlying profitability. As a
result, Upfield's credit metrics are likely to remain weaker for
longer than anticipated, with only limited headroom to absorb any
potential further deviation. In Moody's view, Upfield will be
challenged to significantly improve its financial leverage by year
end, which Moody's now anticipates will be around 10.0x.

On the positive side, the rating continues to be supported by the
company's strong business profile, reflecting its significant scale
and strong portfolio of brands, leading global market position and
extensive geographical diversification.

Moody's recognizes its strong cash flow generation potential and
the fact that up to November 2021, the company had repaid €200
million drawings under its RCF, indicating improving cash
generation throughout the year, albeit the company still has to
demonstrate an ability to generate positive free cash flow on a
sustainable basis.

Moody's also recognizes the company's success in stabilizing its
topline since the carve out from Unilever PLC (Unilever, A1
stable), the completion of the very complex separation from
Unilever, and the progress made on achieving its value creation
efficiencies delivering €186 million of savings up to September
2021 out of the original €200 million target.

Furthermore, Moody's understands that the company has some
additional levers to offset the higher raw material costs. These
include further cost efficiencies, more profitable product mix and
product innovation.

LIQUIDITY

In Moody's view, the company's liquidity remains adequate, albeit
availability under its RCF remains modest (€223 million available
out of a total of €700 million) and its cash on balance sheet
(EUR176 million as of September 2021) is not large for a company of
this size.

More positively, Moody's recognizes that availability under the
revolver has recently improved, covenant headroom remains
satisfactory (Net senior secured leverage stood at 6.47x as of
September 2021 against a maximum of 8.5x), and free cash flow
generation should turn positive next year on the back of lower
restructuring costs. Furthermore, Moody's also expects further debt
repayments in the coming months, which should free additional
availability under the company's RCF.

The company does not have material debt maturities until 2025, when
most of its senior debt matures.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the uncertainties around the
company's ability to improve its operating performance and reduce
its financial leverage in a timely manner. Failure to demonstrate
operating margin improvements, lower restructuring costs, and
ability to weather the current commodity price inflation and to
generate positive free cash flow in 2022 with financial leverage on
a Moody's adjusted gross debt to EBITDA basis reducing towards 8.5x
in 2022, could lead to further downward pressure on the rating.

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

Positive pressure on the rating over the next two years is unlikely
but could materialize if the company (1) demonstrates solid topline
growth with improving profitability, leading to (2) material and
sustainable positive free cash flow generation; and (3) an adjusted
gross debt/EBITDA below 7.0x on a sustainable basis.

Conversely, negative pressure on the rating could materialize if
(1) free cash flow generation remains negative over the next 12 to
18 months; (2) the company fails to substantially improve its
operating margins (from 22.7% on a company's normalized EBITDA
basis as of September 2021) while further reducing its
restructuring costs (well below the €150 million indicated for
2021); (3) it fails to show progress in reducing its adjusted
gross/EBITDA towards 8.5x over the next 18 months, with further
improvement thereafter; or (4) its EBITA interest coverage ratio
drops below 1.5x.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Sigma Holdco BV

Probability of Default Rating, Affirmed B2-PD

LT Corporate Family Rating, Affirmed B2

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Issuer: Upfield B.V.

BACKED Senior Secured Bank Credit Facility, Affirmed B2

Outlook Actions:

Issuer: Sigma Holdco BV

Outlook, Changed To Negative From Stable

Issuer: Upfield B.V.

Outlook, Changed To Negative From Stable

COMPANY PROFILE

With revenue of EUR2.75 billion and a company reported normalized
(i.e. excluding restructuring costs) EBITDA of EUR638 million as of
September 2021 on a LTM basis, Upfield is a global manufacturer of
food spreads, primarily producing margarine, which accounted for
around 86% of its 2020 turnover. The group also produces other
products including creams, vegetable cooking oils and other
spreadable products. Upfield is geographically diversified across
both developed (representing around 82% of turnover) and emerging
markets, with no material concentration risk in any one market. Its
largest markets are the US, Germany, UK, Netherlands and Canada.




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CYFROWY POLSAT: Moody's Puts Ba1 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
Ba1 corporate family rating (CFR) and the Ba1-PD probability of
default rating (PDR) of Cyfrowy Polsat S.A. ("Polsat" or "the
company"), a leading media and telecom company in Poland. The
outlook has changed to ratings under review from stable.

The action follows the announcement on December 20, 2021 [1] that
Polsat has reached a preliminary agreement for the acquisition of a
67% equity stake in PAK Polska Czysta Energia sp. z o.o. ("PAK"), a
company operating in renewable energy sources and green hydrogen
production and application, for PLN800 million plus net debt of
PLN355 million. This 67% stake is sold by ZE PAK S.A., which is 66%
owned by Mr Zygmunt Solorz, Polsat's controlling shareholder. In
addition, Polsat has agreed to acquire a 67% stake in Port Praski
Sp. z o.o. ("Port Praski"), a real estate project in Warsaw, for
PLN879 million less net cash balance of PLN167 million. Both
acquisitions will be funded using Polsat's existing cash and are
expected to complete in the first half of 2022.

Over the period 2022-26, Polsat also aims to invest PLN5 billion in
order to achieve a total of 1,000 MW of clean energy generation
capacity, and PLN500 million in green hydrogen technologies.

"We have placed Polsat's rating on review for downgrade to reflect
the company's decision to relax its financial policy in order to
accommodate these investments, which will likely lead to a
prolonged deterioration in credit metrics to levels not consistent
with the current Ba1 rating," says Ernesto Bisagno a Moody's Vice
President - Senior Credit Officer and lead analyst for Polsat.

The review will focus on (1) the positive and negative implications
for Polsat's risk profile of the announced acquisitions, including
business diversification, growth potential opportunities but also
the risks of entering into new activities where the company had no
prior experience (although PAK will provide additional expertise),
(2) the timeline for increased earnings contribution and the
potential for improved operating returns, (3) the company's plans
to finance the increased investment programme, and (4) the
assessment of Polsat's more relaxed financial policy and any debt
reduction measures that the company could consider to accelerate
deleveraging.

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

Moody's has placed Polsat's ratings on review for downgrade to
reflect the potential deterioration of the company's credit metrics
following its proposed acquisition of PAK and Port Praski for
approximately PLN1.7 billion, and the plan to invest an additional
PLN5.5 billion in renewable energy over 2022-26.

Moody's notes the increased execution risk associated with these
transactions, as Polsat is entering into new businesses such as
energy and real estate where it has limited prior experience. This
is partially offset by the need for increased renewable energy
capacity in Poland, which is incentivized by a
contract-for-difference support scheme, set up and funded by the
government. Renewable installations which are awarded a support
contract by way of an auction, receive subsidies for up to 15
years, which provides additional earnings visibility.

Moody's has factored into its decision to place Polsat's ratings on
review for downgrade the governance considerations associated with
the company's (1) financial strategy and risk management, as the
company is shifting its strategic focus to new areas where it has
limited expertise, while it has relaxed its financial policy
targets, (2) board structure, given the related party transaction
for the acquisition of a 67% stake in PAK, and (3) organizational
structure, given the increased complexity of the group, as it will
be fully consolidating entities that will not be fully owned.

The potential deterioration in Polsat's financial profile reflects
a more relaxed financial policy which indicates a higher leverage
tolerance. Following the announcement, the company indicated that
it will deviate from achieving a net leverage target below 2.0x at
least until 2024.

In addition, in Q4 2021, the company has started a buy-back
programme for up to PLN2.9 billion of which approximately PLN2.4
billion was bought in 2021, with a potential PLN500 million
remaining over the period 2022-26. While the programme is funded
through existing cash resources, it will reduce the company's
headroom for debt repayment.

Over the period 2022-23, Moody's expects modest revenue and EBITDA
growth driven by higher ARPU owing to upselling of products, a
rebound in mobile pricing driven by 5G popularization and
additional EBITDA growth from the acquired assets. Polsat guided
that it expects around PLN500 million - PLN600 million of
incremental recurring EBITDA by 2026.

Moody's anticipates that Polsat's operating cash flow will benefit
from higher earnings, although in 2022 it will be constrained by
the tax payment owed on the PLN7.1 billion proceeds received in
2021 from the towers disposal.

Because of the incremental investment programme of PLN5.5 billion
(around PLN1.1 billion each year over 2022-26), capex intensity
will increase and therefore Polsat's Moody's adjusted free cash
flow (after dividends but before spectrum payment) will be negative
in 2022 (pro forma for PLN 1.1 billion of additional capex), also
due to the tax payment, and will improve towards PLN200 million --
PLN300 million in 2023.

Depending on how the investment plan will be funded, Polsat's
Moody's adjusted gross debt to EBITDA could increase materially and
only return to below 3.0x by 2024. This exceeds the 2.5x maximum
leverage tolerance level for the Ba1 rating.

Prior to placing the ratings on review, Moody's said that upward
rating pressure was unlikely and would require gross debt/EBITDA
remaining below 2.0x, and retained cash flow (RCF)/gross debt
remaining consistently above 35%.

Prior to placing the ratings on review, Moody's said that rating
downward pressure could develop if Moody's-adjusted gross
debt/EBITDA remains above 2.5x or if RCF/gross debt remains below
30%.

LIQUIDITY

Polsat's liquidity is adequate, supported by a large cash balance
of PLN6.1 billion as of September 2021 (pro-forma for the PLN1.4
billion share buyback completed in Q4) and a long-term debt
maturity profile (with average PLN800 million of debt repayments
per year until the maturity of the senior facility agreement in
2024), and ample covenant headroom.

The company has access to a PLN1.0 billion revolving credit
facility available until September 2024, which includes maintenance
financial covenants of 3.8x for secured leverage (0.4x at September
2021), 4.5x for total leverage (0.65x at September 2021) and 1.1x
for debt service cover (7.0x at September 2021).

As of September 2021, the revolving facility was fully utilized. A
combination of the company's cash balance and internally generated
cash flow will allow Polsat to more than cover its financial needs
over the next 12-18 months. However, the company has a debt
maturity wall in 2024.

LIST OF AFFECTED RATINGS

On Review for Downgrade:

Issuer: Cyfrowy Polsat S.A.

Probability of Default Rating, Placed on Review for Downgrade,
currently Ba1-PD

LT Corporate Family Rating, Placed on Review for Downgrade,
currently Ba1

Outlook Action:

Issuer: Cyfrowy Polsat S.A.

Outlook, Changed To Rating Under Review From Stable

COMPANY PROFILE

Polsat is one of Poland's largest companies and one of the leading
media and telecom groups in the Central and Eastern European
region. Polsat is the largest pay-TV provider in Poland and one of
the leading satellite platforms in Europe, one of Poland's leading
private broadcasters in terms of both audience and advertising
market shares and one of the four largest telecommunication
operators in Poland offering fixed and mobile broadband in
fiber/LTE/5G. In 2020, Polsat reported consolidated revenue of
PLN12 billion and EBITDA of PLN4.2 billion.




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EUROPLAN LEASING: Moody's Assigns Ba1 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a Ba1 long-term corporate
family rating (CFR) to PJSC LC Europlan (Europlan Leasing). The
outlook on Europlan Leasing is stable.

This is the first time that Moody's has assigned ratings to
Europlan Leasing.

RATINGS RATIONALE

Europlan Leasing Ba1 CFR reflects (1) the company's leading
position in the niche auto leasing market in Russia; (2) its
high-quality underlying leasing assets; (3) very strong
profitability and sound capital position. At the same time the
assigned CFR is constrained by rapid asset growth in recent years,
high reliance on wholesale secured funding and relatively low
coverage of debt maturities by cash and cash equivalents.

Europlan Leasing is a leading company in Russian auto leasing. The
company focuses on B2B financial leasing, predominantly to SMEs and
leases passenger cars and commercial vehicles.

Moody's expects Europlan Leasing's profitability to remain strong
in the next 12-18 months supported by its robust interest margins,
increasing revenue diversification due to growing share of
non-interest income, low cost of risk and strengthened operating
efficiency.

Europlan Leasing demonstrated track record of strong (through the
cycle) profitability with an average net income % average managed
assets of around 7% in 2018-H2021. In the six months ended 30 June
2021, the company reported net income of RUB 3.8 billion (47%
increase from RUB 2.6 billion reported in H1 2020) which translated
to annualized net income % average managed assets of around 7% (
6.8% in 2020).

Moody's expects Europlan Leasing's capital adequacy to remain
robust and broadly stable in the next 12-18 months as its strong
internal capital generation will be largely offset by asset growth
and dividend payouts. The company's Tangible Common Equity %
Tangible Managed Assets was around 16% as of the end of June 2021,
down from 17.3% in 2020 and will remain above 15% in the next
several years.

Asset quality will remain a key credit strength for Europlan
Leasing in the next 12-18 months with problem loans (defined as
Stage 3 finance lease agreements and receivables on cancelled lease
agreements) decreasing to 0.7% of the gross lease portfolio as of
30 June 2021 from 1.3% in 2020. Moody's expects Europlan Leasing
asset quality to remain strong because of its effective risk
management, low exposure to residual value risk, good granularity
and liquidity of its leasing assets.

Europlan Leasing's funding and liquidity profiles reflect its high
reliance on market funds and low debt maturities coverage because
of limited cash buffer. However, the company's liquidity position
benefits from its high quality liquid assets under lease contracts
with strong and predictable contractual cash flows. Europlan
Leasing relies on wholesale funds constituting of two main sources:
bank loans and local bonds issuance with significant reliance on
secured funding (share of secured funding was around 43% as of 30
June 2021). Moody's expects the refinancing risk to be manageable
over the next 12-18 months because Europlan Leasing has sufficient
financial flexibility and will continue to benefit from good access
to market funding in the domestic market.

ESG CONSIDERATIONS

Moody's said, "In line with our general view of finance companies,
Europlan Leasing has low exposure to environmental risks. Its lease
contracts are of relatively short tenor, therefore it is not
significantly exposed to any changing emission standards for
passenger cars and commercial vehicles. Please see our
environmental risks heat map for further information. Europlan
Leasing have a moderate exposure to social risk, given that Moody's
regard the pandemic as a social risk under its environmental,
social and governance (ESG) framework because of the substantial
implications for public health and safety. Governance is highly
relevant for Europlan Leasing, as it is to all participants in the
financial services industry. Corporate governance weaknesses can
lead to a deterioration in a company's credit quality, while
governance strengths can benefit its credit profile. The company
has not shown any governance shortfall in recent years."

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

Europlan Leasing CFR could be upgraded if there is a significant
improvement in the operating environment; if the company maintains
its strong profitability and asset quality metrics and
strengthening its financial flexibility and increasing debt
maturities coverage. Europlan Leasing CFR could be downgraded if
its asset quality, profitability and liquidity profile materially
deteriorate. In addition, negative rating action could be driven by
Europlan Leasing's increasing risk appetite evidenced by its rapid
asset growth, which would exert pressure on its capital levels.

Headquartered in Moscow, Russian Federation, Europlan Leasing
reported consolidated total assets of RUB 146.2 billion, equity of
RUB 24 billion under unaudited IFRS in Q3 2021.


RUSSIAN REGIONAL: Moody's Affirms Ba2 Bank Deposit Ratings
----------------------------------------------------------
Moody's Investors Service has affirmed the following global scale
ratings and assessments of Russian Regional Development Bank
(RRDB): its Baseline Credit Assessment (BCA) at ba3 and Adjusted
BCA at ba2, its long-term local and foreign currency bank deposit
ratings at Ba2, its long-term Counterparty Risk (CR) Assessment at
Ba1(cr) and its long-term Counterparty Risk Ratings (CRRs) at Ba1.
The outlook on the bank's global scale long-term deposit ratings
and the overall issuer outlook remain stable.

Concurrently, Moody's affirmed RRDB's short-term deposit ratings
and CRRs at Not Prime and its short-term CR Assessment at Not
Prime(cr).


RATINGS RATIONALE

The affirmation of RRDB's ratings reflects its solid solvency and
liquidity position balanced against remaining high single-name
concentrations, and its business and funding dependence on the
controlling parent, PJSC Oil Company Rosneft (Rosneft, Baa3
stable).

RRDB demonstrated good financial performance and resilience to the
recent economic downturn with reported sound asset quality metrics.
The share of problem loans (defined as Stage 3 and purchased or
originated credit impaired under IFRS-9) amounted to 1.6% of gross
loans as of 30 September 2021, according to the bank's management
data down from 1.9% as of year-end 2020 under audited IFRS. The
coverage of problem loans by loan-loss reserves improved to 139% as
of Q3 2021 from 90% in 2019. Sound asset quality indicators are
underpinned by the bank's focus on lending to large Russian
blue-chip corporates, and low exposure to the sectors most
vulnerable to the coronavirus pandemic. The bank's retail loan book
(7.8% of gross loans) is primarily disbursed to key corporate
customers' employees.

At the same time, RRDB's business model results in remaining high
single-name credit concentrations with the 20 largest borrowers
accounting for 66.7% of the bank's total credit exposures and 276%
of its shareholders' equity. In addition, the bank demonstrated
rapid loan growth by 25% in the nine months 2021 posing potential
seasoning risk.

As of September 30, 2021, RRDB's net loan portfolio accounted for
51% of total assets. The rest of the bank's assets were mainly
represented by cash and cash equivalents (18%), securities
(predominantly corporate bonds) -- 19.4%, due from banks (including
reverse repo transactions) -- 9.3%. Reverse repo transactions also
bear concentrations.

The bank's capital position with tangible common equity-to
risk-weighted assets at 13.1% as of 30 September 2021 provides a
robust buffer for absorbing unexpected credit losses with. In case
of need it can be supported by parental capital injections.

RRDD has sound profitability with reported net income of RUB11.8
billion, translating into annualized return on average assets of
1.3% in the first nine months 2021 (2020: 1.3%). The financial
results were underpinned by recovery in loan-loss provisions at
0.2% of average gross loans amid economic revival in Russia,
increase in fees & commission income, and lower cost of funding
thanks to significant inflow of current accounts in the deposit
base.

RRDB's deposit base exhibits high single-name concentrations, while
its solid buffer of liquid assets offsets the risk of deposit
volatility. Rosneft's and other related-party deposits accounted
for 35% of the customer deposits as of the end 30 September 2021.

HIGH AFFILIATE SUPPORT

RRDB's Ba2 deposit ratings are based on its BCA of ba3 and a high
probability of affiliate support from its controlling parent, PJSC
Oil Company Rosneft (Baa3 stable). This assessment is based on
Rosneft's ultimate majority ownership, a history of capital
injections and the strategic fit as reflected in the bank's
involvement in the treasury and settlement services for Rosneft and
its affiliates.

OUTLOOK STABLE

The stable outlook on RRDB's long-term deposit ratings reflects the
bank's balanced risk profile and Moody's expectation that the
bank's financial profile over the next 12-18 months will remain
stable, supported by the stable operating environment, bank's
robust loss absorption and ample liquidity.

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

The bank's ratings could be upgraded in case of strengthening of
its credit profile with material reduction in the single-name
concentrations while maintenance of sound asset-quality and robust
loss absorption capacity, or in case of higher assessment of
affiliate support.

Moody's could downgrade RRDB's ratings or change the rating outlook
to negative if the bank's financial fundamentals and loss
absorption capacity erode substantially, or if Rosneft's propensity
or ability to provide support weakens significantly.

LIST OF AFFECTED RATINGS

Issuer: Russian Regional Development Bank

Affirmations:

Adjusted Baseline Credit Assessment, Affirmed ba2

Baseline Credit Assessment, Affirmed ba3

Long-term Counterparty Risk Assessment, Affirmed Ba1(cr)

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Ratings, Affirmed Ba1

Short-term Counterparty Risk Ratings, Affirmed NP

Long-term Bank Deposit Ratings, Affirmed Ba2,Outlook Remains
  Stable

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

  Outlook, Remains Stable



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S P A I N
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BANCAJA 9: Moody's Hikes Rating on EUR23MM Class D Notes 'Caa1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Notes in
BANCAJA 9, FTA. The upgrades reflect the increased levels of credit
enhancement and better than expected collateral performance for the
affected Notes.

EUR1700M Class A2 Notes, Affirmed Aa1 (sf); previously on Mar 4,
2021 Affirmed Aa1 (sf)

EUR52M Class B Notes, Upgraded to Aa2 (sf); previously on Mar 4,
2021 Upgraded to A1 (sf)

EUR25M Class C Notes, Upgraded to Baa2 (sf); previously on Mar 4,
2021 Upgraded to Ba1 (sf)

EUR23M Class D Notes, Upgraded to Caa1 (sf); previously on Mar 4,
2021 Upgraded to Caa3 (sf)

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The upgrades of the ratings of the Notes are prompted by the
increase in credit enhancements for the affected tranches. The
credit enhancement of the upgraded tranches increased as follows
since the previous rating action in March 2021: for Classes B, C
and D to 19.08%, 11.42% and 4.37% from 17.16%, 10.25% and 3.88%
respectively.

Moody's affirmed the rating of the Class of Notes that had
sufficient credit enhancement to maintain its current rating.

Key Collateral Assumption Revised

As part of the rating actions, Moody's reassessed its lifetime loss
expectation and recovery rate for the portfolio reflecting its
collateral performance to date.

The performance of the transaction has continued to be stable since
the last rating actions. The 90 days plus arrears have decreased to
1.06% in September 2021 from 1.63% in December 2020. Cumulative
defaults remained largely unchanged and currently stand at 8.05% as
a percentage of the original pool balance.

Moody's maintained its expected loss assumption, at 3.75% as a
percentage of the original pool balance.

Moody's has also reassessed loan-by-loan information as a part of
its detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has revised the MILAN CE assumption to
13%.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see "Moody's Approach to Rating RMBS Using the MILAN
Framework" for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

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 the Notes'
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.




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RONESANS GAYRIMENKUL: Moody's Lowers CFR to Caa1, Outlook Neg.
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) to Caa1 from B2 and the USD300 million senior
unsecured notes due 2023 to Caa2 from B3 issued by Ronesans
Gayrimenkul Yatirim A.S. (RGY or the company), one of the largest
retail focused commercial property company in Turkey. The outlook
remains negative.

RATINGS RATIONALE

The downgrade of RGY's CFR to Caa1 reflects Moody's view that the
company's credit profile has weakened well beyond its initial
expectations following the significant weakening that has occurred
in the Turkish lira relative to the Euro (29% since 30 June 2021)
and dollar (31% since 30 June 2021). This will make it more
expensive to service and repay its Euro and dollar denominated debt
which comprise around 80% of total debt. Moody's expect RGY's net
leverage (measured as net debt/ EBITDA) to be around 15x in 2022
and fixed charge cover (EBITDA/ interest expense) to be close to
1x. While RGY's rental income hedging policy provides protection
over the short term, it does not shield its foreign currency debt
exposure against future lira weakness beyond 12 months.

Rent collections have benefitted from improved tenant trading
helped by no trading restrictions since June 2021, however the
operating environment in Turkey remains fragile. A resurgence of
infections from new covid-19 variants in Turkey that result in
government imposed mobility restrictions and the unpredictable
political and policy environment in the country leading to ongoing
Lira volatility could make it more difficult to refinance its debt
maturities in 2023, including the USD300 million bond maturity due
April 2023. Under such a scenario, debt may be redeemed in a manor
that is considered a distressed exchange and therefore a default
under Moody's definitions. Over the past few years RGY debt
maturities have been manageable at around EUR50 million per year
with EUR250 million successfully refinanced in 2021. The company
has been able to refinance its secured debt facilities at or near
maturity but at lower debt amounts to maintain adequate
loan-to-value ratios.

The Caa1 CFR incorporates RGY's (1) predominant exposure to the
retail sector, limited number of properties and geographic
concentration in Turkey (Government of Turkey, B2 negative); (2)
exposure to currency risks stemming from the mismatch between
foreign currency debt and Turkish lira rental income; (3) uncertain
political and macroeconomic environment; (4) high risk of new
covid-19 variants leading to further mobility restrictions; and (5)
the largely encumbered property portfolio and dominant secured debt
class in the capital structure, equating to 72% of total debt
outstanding.

At the same time, the rating reflects (1) the high-quality retail
property portfolio in prime locations with good access to public
transport across Turkey; (2) cash flow from contractual rental
income, underpinned by a diversified tenant base with a long
weighted average lease expiry profile of 5.7 years; (3) a track
record of high occupancy rates of around 95.6%; and (4) no
development risk.

The Caa2 instrument rating on the USD300 million senior unsecured
notes is one notch below the CFR, reflecting their unsecured
position relative to the significant amount of secured debt in the
capital structure as well as the decline of the unencumbered asset
cover, measured as unencumbered assets to unsecured debt.
Unencumbered assets comprise mostly land, offices and two retail
shopping centres, with the remaining 10 shopping centres
encumbered.

ESG CONSIDERATIONS

RGY has historically benefitted from a supportive shareholder base
which Moody's expects to continue. The company is a subsidiary of
Ronesans Emlak Gelistirme Holding A.S. and GIC holdings (GIC) which
together own 95.6% of the shares. GIC's partnership with RGY is
more than 10 years old and involves 3 joint venture agreements (50%
each partner). Additionally, GIC's support is reflected by the
absence of a dividend distribution requirement and a EUR25 million
shareholder loan granted during 2019.

LIQUIDITY

RGY's liquidity profile is weak for the next 12-18 because the
company has a sizeable amount of debt maturing in 2022 of EUR133
million and 2023 of EUR469 million equivalent, of which EUR264
million USD equivalent is the senior unsecured bond due in April
2023. EUR90 million of the debt due in 2022 comprise of a joint
ventures with GIC and is secured by a large shopping mall, leading
to some refinancing comfort.

The company's liquidity is supported by expected cash balances
around EUR100 million by year end with additional EUR45 million of
readily available bond repurchases. Despite the significant
increase in cost of debt Moody's expects a slight positive free
cash flow (FCF) in 2022 driven by forward hedges currently EUR25
million in the money, very limited capital expenditure and no
requirement to pay dividends. The company has a portfolio of
non-core disposable assets valued at EUR104 million which could be
sold, but timing on disposals is uncertain.

RGY's financial covenants were waived and relaxed in February 2021
but the current Lira volatility increases the risk of further
covenant breaches. Moody's views the interest coverage covenant,
which was reset at 1.35x and will be tested again in 2022, as the
most at risk to be breached. However, covenant breaches are likely
to be mitigated by covenant resets or equity cure.

RATING OUTLOOK

The negative outlook reflects Moody's view that the very high
leverage and low interest coverage ratios will hinder the company's
ability to refinance its 2023 debt. Additionally, weak metrics
provide limited headroom to navigate further setbacks, caused by
ongoing depreciation of the lira or temporary closures of shopping
malls.

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

RGY's rating could be upgraded under a stable macro-economic
environment and liquidity strengthens with greater certainty around
refinancing plans on the bond. A rating upgrade is also contingent
upon improved credit metrics with fixed-charge cover sustainably
above 1.0x.

RGY's rating could be downgraded if liquidity becomes inadequate as
a result of not addressing the 2022 and 2023 debt in timely manner.
A downgrade could also be triggered by a deterioration in
performance amid new covid 19 variants that lead to further
mobility restrictions in Turkey.

CORPORATE PROFILE

Ronesans Gayrimenkul Yatirim A.S. (RGY) is one of the largest
retail focused commercial property owner and manager in Turkey with
a total portfolio value of EUR1.8 billion (stake adjusted for JV's)
as of June 2021. The property portfolio comprises of 12 dominant
shopping centers of which three are a 50/50 joint venture with GIC;
and 4 offices. It also has 9 land bank plots for future development
opportunities valued at EUR138 million. RGY is a subsidiary of
Ronesans Emlak Gelistirme Holding A.S. (100% owned by Ronesans
Holding A.S. which holds investments in construction, energy and
property ownership and development) which holds 74.2% of RGY and
GIC holding 21.4% with management holding the balance.

For the 12 months ending 30 June 2021, Moody's adjusted revenue
amounted to TRY894 million (EUR97 million), while Moody's Adjusted
EBITDA, was TRY469 million (EUR51 million).




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

GO-AHEAD GROUP: Moody's Puts Ba1 CFR, On Review for Downgrade
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of GBP250
million backed senior unsecured notes due July 2024 of The Go-Ahead
Group plc (Go-Ahead) to Ba1 from Baa3 and maintained the rating on
review for downgrade. Moody's also assigned a corporate family
rating (CFR) of Ba1 and a probability of default rating (PDR) of
Ba1-PD to Go-Ahead. All ratings are on review for downgrade.

RATINGS RATIONALE

The rating action follows Go-Ahead's announcement on December 9,
2021 [1] that its audited financials for the fiscal year ending on
3 July 2021 will not be published until the end of January 2022. It
also reflects the announcement that the accounting and legal
independent review regarding the Southern franchise found that
serious errors were made by London & South Eastern Railway Ltd
(LSER, 65% owned by Go-Ahead) with respect to its engagement with
the Department for Transport (DfT).

This is the second time that the publication of the audited
financial statements has been postponed. Based on public
disclosure, the delay is due to the complex nature of the
independent legal and accounting report which the auditor
(Deloitte) needs to review. As a result of the delay in the
publication of financials, Moody's understand that Go-Ahead
obtained waivers from its bank lenders for the requirement to
publish its accounts within a specified period of time. Also, on
the 4th of January, Go-Ahead will be in violation of its
information requirement under its bond documentation; the company,
however, expects to cure this breach within the permitted 30-day
grace period upon the publication of accounts. Another consequence
of the delays of the audited financial statements is that
Go-Ahead's shares will be suspended from trading on the 4th of
January until its accounts are published in line with FCA
information requirements.

The rating action reflects the uncertainty created by the delay in
publication of Go-Ahead's annual accounts for the most recent
fiscal year as well as the outcome of the independent review whose
details have not been made public; in Moody's view, such
uncertainty is incommensurate with an investment grade rating.

Despite these risks, Moody's maintains its view that Go-Ahead's
solid performance during the pandemic positions it well for the
expected recovery. The financial impact of the franchise loss on
Go-Ahead's credit metrics is limited since the LSER contract was
scheduled to expire in October 2021. The company has maintained
good credit metrics, owing in large part to government support for
the transportation industry during the pandemic. Go-Ahead has
continued to generate good cash flow with RCF/net debt at 39.1% for
fiscal year ended June 2020 and 67.5% for the last twelve months
ending January 2021. Its FFO coverage also remained robust with
22.1x for fiscal year ended June 2020 and 27.4x for the last twelve
months ending January 2021. At the same time, the company's
leverage measured as debt/EBITDA is moderate at 2.4x for fiscal
year ended June 2020 and 1.6x for the last twelve months ending
January 2021.

The rating remains on review for downgrade. Moody's review of the
rating will continue to focus on the company's governance
especially in relation to the reasons which have led to the failure
to renew LSER's franchise, Go-Ahead's efforts to repair its
reporting and governance processes, the reputational impact of such
event on future business, as well as the financial implications of
a possible penalty. Moody's will also continue to assess the impact
on Go-Ahead's reputation and its future ability to attract bus and
rail management contracts in the UK or overseas.

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

Given the uncertainty resulting from the delay in publication of
the audited financial statements and the confirmed weak control
environment affecting an important subsidiary of the group, Moody's
believes that an upgrade within the next 12-18 months is unlikely.
Nevertheless, if the outcome of the DfT investigation does not
result in material fines and if there is no observed impact to the
company's ability to retain existing and generate new business,
Moody's could stabilise the rating outlook of Go-Ahead.

Conversely, Moody's could downgrade the ratings of Go-Ahead further
if the DfT investigation results in large fines that would
materially increase the agency's medium-term leverage expectations.
A downgrade could also arise from challenges growing the core bus
and rail businesses, on the back of the DfT investigation, both in
the UK and overseas, as a result of a change in the perception of
Go-Ahead by a variety of government counterparties with which the
company regularly interacts. An ongoing pattern of reporting or
governance-related challenges would also be viewed negatively.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

As a public transport operator, Go-Ahead helps alleviate some
environmental pressures by reducing individual automobile travel;
still, it is a fuel-consuming company and the issues of emissions
control and transitioning to low carbon fuels are important, along
with regulation and public focus in this area. Go-Ahead is making
good progress by transitioning its fleet to electric vehicles where
possible and targeting zero emissions by 2035.

The spread of coronavirus worldwide and the related quarantines and
economic downturn is the key social consideration currently for
most companies globally; the public transportation sector has been
significantly negatively affected by the pandemic. Apart from
pandemic-related issues, the public transportation sector is also
highly regulated in many regions with respect to health and safety
and labour relations. Go-Ahead has a good track record of safe
operations.

From the governance perspective, Go-Ahead is currently experiencing
senior management transition with the recent retirement of the CEO
and recent unexpected departure of the CFO following the
non-renewal of the LSER franchise. Although a new CEO and interim
CFO are in place, they have joined a company going through a
challenging transition.

LIQUIDITY

The company had GBP115 million of unrestricted cash and GBP136
million of availability on its revolving credit facility as of
January 2, 2021. Go-Ahead has no debt maturities until 2024. On
January 4, 2022, the company will be in breach of its information
requirements under the bond documentation which it will need to
cure within the allowed 30 days grace period. Moody's also notes
the presence of a net leverage and EBITDA coverage covenants in
Go-Ahead's revolving credit facilities. Positively, Go-Ahead
suspended its dividends in 2020 and 2021 although the company
indicated that it expected to reinstate dividend payments as it saw
prudent.

STRUCTURAL CONSIDERATIONS

Go-Ahead's GBP250 million bond due in 2024 is rated Ba1. The rating
is in line with the CFR and benefits from guarantees from a number
of Go-Ahead group companies which ensures that bondholders are not
structurally subordinated to providers of the current bank loan
facilities to the Go-Ahead group and are an important factor for
the rating.

COMPANY PROFILE

Go-Ahead is a UK-based and FTSE listed bus and rail operator. It is
largely focused on the domestic market and has three core segments:
London bus, UK regional bus and UK rail. For the last twelve months
ending January 2021, Go-Ahead generated revenues of GBP4.0 billion
and an EBITDA of GBP590 million (inclusive of IFRS 16).

VICTORIA PLC: Moody's Affirms B1 CFR, Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed B1 corporate family rating
(CFR), B1-PD probability of default rating and B1 rating of EUR250
million and EUR500 million backed senior secured notes issued by
Victoria plc (Victoria or the company), a leading supplier of
flooring products. The outlook on all ratings is changed to stable
from negative.

RATINGS RATIONALE

The change in outlook reflects improving operating performance
achieved by Victoria this year with like-for-like revenue growing
by 30% in the H1 fiscal 2022 ended September and Moody's adjusted
leverage pro-forma for the acquisitions reducing to around 4x. The
performance has been strong across all the company's segments,
including soft flooring and ceramic tiles, although with somewhat
weaker comparables in H1 fiscal 2021 (March to September 2020) when
like-for-like sales were down by 13% due to the impact of the
pandemic. Moody's expects the company to retain the positive
momentum in sales, although margins will likely see some headwinds
from the cost inflation over the next 12 months.

The company also achieved good progress with its acquisitions plan
signing eight deals with total EV of around GBP440 million and LTM
EBITDA of around GBP65 million over the last 12 months. The largest
transaction includes acquisition of Balta's (LSF9 Balta Issuer S.a
r.l., B3 stable) rugs and UK carpets business, a GBP30-35 million
EBITDA segment, which will allow Victoria to increase its market
share in the UK soft flooring market and achieve some synergies in
production and procurement. The numerous acquisitions create a
degree of execution risks and may distract the management from the
core business, however, the risk is mitigated by a solid track
record of transformational M&As and their successful integration.

Moody's notes that average acquisition multiple pre-synergies of
6x-7x is relatively low and estimates that Victoria uses
approximately 40/60 equity/debt funding mix, which effectively
reduces the company's Moody's adjusted leverage. Following the
strong organic growth in H1 fiscal 2022 and pro-forma for the
acquisitions Victoria's Moody's adjusted leverage has improved to
around 4x -- a solid level for the current B1 rating.

Victoria's B1 CFR reflects: (1) leading positions within the
fragmented European soft flooring and ceramic tiles markets; (2)
focus on independent retail channels with greater customer
diversity and pricing power; (3) low exposure to the new
construction segment; and (4) solid cash flow generation ability.

The rating also reflects the company's (1) rapid pace of change
through a recent history of transformative acquisitions; (2)
activities in mature markets with limited growth and competitive
pressures; (3) sale of consumer discretionary items with exposure
to the economic cycle; and (4) raw material and currency
exposures.

LIQUIDITY

The company's liquidity is good with GBP167 million of cash on the
balance sheet as of end September, as well as fully undrawn GBP120
million revolving credit facility (RCF) due February 2026. The
company also plans to issue GBP150 million preferred shares to fund
the acquisition from Balta. Moody's expects the company to generate
positive free cash flows of approximately GBP50 million over the
next 12 months. The RCF is subject to a net leverage springing
covenant that is tested when the RCF is over 40% (i.e. GBP48
million) drawn.

STRUCTURAL CONSIDERATIONS

The company's backed senior secured notes are rated B1, in line
with the B1 CFR. A GBP120 million super senior RCF ranks ahead of
the backed senior secured notes. There is also other debt within
the company's financial structure, largely relating to pension
obligations and deferred consideration. Security largely comprises
share pledges and a debenture over assets in the UK and Australia,
and guarantees are provided from material companies representing at
least 80% of turnover, EBITDA and gross assets.

RATING OUTLOOK

The stable outlook assumes that the company will continue to
deliver positive organic growth in revenues and solid positive cash
generation. It assumes that recent acquisitions will be integrated
successfully. The outlook also assumes that the company will focus
on adhering to its financial policy of maintaining net reported
leverage at below 2.0x on a steady state basis and below 3.0x to
finance acquisitions.

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

An upgrade in the ratings would require a further period of growth
in revenues and profitability. Quantitatively the ratings could be
upgraded if Moody's-adjusted leverage reduces towards 3.5x, with
EBIT / interest improving towards 3x and the company maintaining
satisfactory liquidity.

The ratings could be downgraded if Moody's-adjusted leverage is
sustained above 5x, if free cash flow / debt reduces towards zero
for a prolonged period, or if liquidity concerns arise.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

The company is LSE listed and subject to the UK Corporate
Governance Code. The company's Board includes six members,
including four non-executive directors. Geoffrey Wilding, the
Executive Chairman, and Zachary Sternberg, a non-Executive Director
and co-founder of the Spruce House Partnership, represent two
largest shareholders who jointly own 38.2% of the company's
shares.

COMPANY PROFILE

Victoria plc was founded in 1895 in the United Kingdom, and is an
international designer, manufacturer and distributor of flooring
products across carpets, ceramic tiles, underlay, luxury vinyl
tile, artificial grass and flooring accessories. Victoria is listed
on AIM in London with a market capitalisation of GBP1.4 billion
million (as of 15 December 2021). In LTM September 2021 pro-forma
for the acquisitions the company generated GBP1.3 billion of
revenue and GBP197 million of company adjusted EBITDA.


VIOLA MONEY: Enters Special Administration
------------------------------------------
Viola Money (Europe) Limited (Viola) is an authorised electronic
money institution, authorised by the FCA under the Electronic Money
Regulations 2011 (EMRs).

On December 21, 2021, a special administration order was made by
the Court in relation to Viola under the Payment and Electronic
Money Institution Insolvency Regulations 2021 and Edward George
Boyle and James Robert Bennett of Interpath Advisory have been
appointed as joint special administrators.  The special
administration process includes provisions to facilitate the return
of customer funds by the special administrators.

The application for the special administration was made by the FCA
and follows requirements imposed on Viola on December 14, 2021,
which required it to cease all regulated electronic money and
payment services.  These requirements were imposed because we
identified a number of serious concerns around the way that Viola
operated its business and prevented the firm from dealing on behalf
of its clients.  

Viola's special administrators are responsible for managing claims
against the firm and distributing funds back to customers where
possible.  The special administrators are required to provide a
report to creditors within 8 weeks of their appointment which will
include details of their proposals and how customers should make a
claim.

If you have any questions regarding the special administration
process, please refer to the special administrators' website which
answers a number of frequently asked questions or contact the
special administrators directly by email or telephone. 

Joint special administrators contact details:

Website: Interpath Advisory
Email: Vmoney@interpathadvisory.com
Telephone:  +44 (0) 203 989 2733.




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

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today. Albert Waldo
Snoke was director of the Grace-New Haven Hospital in New Haven,
Connecticut from 1946 until 1969. In New Haven, Dr. Snoke also
taught hospital administration at Yale University and oversaw the
development of the Yale-New Haven Hospital, serving as its
executive director from 1965-1968. From 1969-1973, Dr. Snoke worked
in Illinois as coordinator of health services in the Office of the
Governor and later as acting executive director of the Illinois
Comprehensive State Health Planning Agency. Dr. Snoke died in April
1988.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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written permission of the publishers.

Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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                * * * End of Transmission * * *