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

                          E U R O P E

          Wednesday, January 26, 2022, Vol. 23, No. 13

                           Headlines



F R A N C E

OLYMPE SAS: S&P Assigns 'B' ICR on Proposed Refinancing


G E R M A N Y

LUFTHANSA: In Talks to Buy 40% Stake in ITA Airways
SPRINGER NATURE: Fitch Assigns First Time 'BB-' IDR, Outlook Sable


G R E E C E

NAVIOS MARITIME: S&P Upgrades ICR to 'B' on Improved Liquidity


I C E L A N D

WD FF LIMITED: Fitch Alters Outlook on 'B' LT IDR to Negative


I R E L A N D

BARINGS EURO 2015-1: Moody's Gives (P)B3 Rating to EUR12MM F Notes
BLACK DIAMOND 2015-1: Moody's Ups Rating on EUR9.5MM F Notes to B1
FAIR OAKS IV: Fitch Assigns Final B- Rating on Class F Notes
FAIR OAKS IV: Moody's Assigns B3 Rating to EUR10MM Class F Notes
OCP EURO 2017-2: Moody's Ups Rating on Class F Notes to B1

OTHECA GROUP: Successfully Exits Examinership
ST PAUL CLO III-R: Fitch Raises Class F-R Notes Rating to 'BB'


N E T H E R L A N D S

DELFT BV 2020: DBRS Raises Class F Notes Rating to BB(low)
JUBILEE PLACE 3: Moody's Assigns B1 Rating to EUR13.1MM X1 Notes
JUBILEE PLACE 3: S&P Assigns B- Rating on Class X2 Notes


S P A I N

IM ANDBANK 1: DBRS Finalizes BB(high) Rating on Class C Notes


S W E D E N

ASSEMBLIN FINANCING: Fitch Affirms 'B' LT IDR, Outlook Stable


S W I T Z E R L A N D

COVIS FINCO: Moody's Rates New $850MM Senior Secured Notes 'B2'


U N I T E D   K I N G D O M

ARGENT WEALTH: Goes Into Liquidation
BEAUMONT MORGAN: Enters Administration, 61 Jobs at Risk
CURTIN&CO: Enters Voluntary Liquidation, Owes More Than GBP750K
DERBY COUNTY FOOTBALL: Receives Formal Bid From Carlisle Capital
MONEYTHING: Administrator Awaits Outcome of Court Case

NORD GOLD: Fitch Raises LongTerm IDR to 'BB+', Outlook Stable
POLARIS PLC 2022-1: Moody's Assigns (P)B3 Rating to Class Z Notes
SANDWELL COMMERCIAL 2: Fitch Lowers Class C Notes Rating to 'C'
SHERWOOD PARENTCO: S&P Assigns 'B+' ICR, Outlook Stable
STONEGATE PUB: Fitch Affirms 'B-' LT IDR, Outlook Negative


                           - - - - -


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F R A N C E
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OLYMPE SAS: S&P Assigns 'B' ICR on Proposed Refinancing
-------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit rating to Olympe
SAS (Saverglass) and its 'B' issue level and '3' recovery ratings
to the proposed term loan B.

The stable outlook reflects S&P's view that Saverglass' liquidity
will improve post-refinancing and S&P Global Ratings-adjusted
EBITDA margin will recover to pre-pandemic levels, supporting
gradual deleveraging to about 5.5x in the next 12 months.

Saverglass is planning to issue a EUR500 million term loan B due in
2029, together with a EUR70 million revolving credit facility (RCF)
due in 2028 and a EUR60 million capital expenditure (capex)
facility due in 2029, to refinance its senior secured facilities
due in February and March 2023 as well as other debt.

The planned refinancing will mitigate refinancing risk and bolster
Saverglass' liquidity. The proposed EUR500 million term loan B will
repay the EUR301 million term loan B due in March 2023, fully drawn
EUR20 million RCF, and EUR50 capex facility both due in February
2023, as well as EUR25 million remaining of the French government
loan and about EUR14 million under the bilateral capex facility due
in March 2022. Furthermore, proceeds will finance a one-time
dividend payment to shareholders of about EUR100 million.
Saverglass also intends to raise a EUR70 million senior secured RCF
and a EUR60 million capex facility, which it plans to partially
draw to finance the construction of a new furnace in Mexico. S&P
now anticipates debt to increase to about EUR625 million in 2022
(including lease liabilities of about EUR52 million) from about
EUR480 million in 2021. Through the refinancing, the company will
address its near-term debt maturities, which would support
liquidity.

Operating performance and EBITDA margin will improve on strong
demand and normalizing exceptional costs, supporting gradual
deleveraging. In 2021, the company experienced strong demand and
record high order intakes in glass at growing prices, leading to
revenue growth of 17%-18% in 2021 to about EUR585 million. S&P
said, "We continue to anticipate strong demand in 2022 that,
together with increases in average selling prices, will lead to
growth in sales of 8%-9%. At the same time, amid an inflationary
environment with increased energy and transportation costs
constraining the S&P Global Ratings-adjusted EBITDA margin at
14.0%-14.5% in 2021 (from 18.5% in 2020), we anticipate the margin
to recover to about 18% in 2022 supported by full pass-through of
transportation costs to customers. We now expect adjusted EBITDA
could increase to about EUR115 million in 2022 compared with our
previous forecast of about EUR100 million and from EUR80
million-EUR85 million in 2021. In our view, despite increased debt,
higher revenue growth and improved profitability would pave the way
for gradual deleveraging, with adjusted debt to EBITDA decreasing
toward 5.5x in 2022 from 5.5x-6.0x in 2021."

S&P said, "We anticipate larger growth capex investment will weigh
on free operating cash flow (FOCF) for the next two years.The
company is experiencing strong demand and plans to build a second
furnace in Mexico to serve the demand locally. We now anticipate an
increase in capex of up to EUR125 million (from about EUR78 million
in 2021), of which EUR100 million-EUR105 million will be growth
capex. We expect the company will finance the capex plans partly
with excess cash and drawings under the RCF and capex facility.
However, we also expect significant FOCF outflows of EUR20
million-EUR40 million each year in 2022 and 2023, which will
constrain excess cash generation.

"The stable outlook reflects our view that Saverglass' liquidity
will improve post-refinancing, while S&P Global Ratings-adjusted
EBITDA margin recovers to pre-pandemic levels, supporting gradual
deleveraging to about 5.5x in the next 12 months.

"We could lower the rating if S&P Global Ratings-adjusted debt to
EBITDA increased sustainably above 7.0x while FOCF remains
negative.

"We could take a positive rating action if S&P Global
Ratings-adjusted debt to EBITDA sustainably remains at about 5.0x
and FFO to debt stays above 12% while FOCF also becomes and remains
positive. An upgrade would also require Saverglass to demonstrate a
more prudent financial policy and reduce leverage on a sustainable
basis under the financial sponsor ownership."

ESG credit indicators: E-2 S-2 G-3

Governance factors are a moderately negative consideration in our
assessment. S&P views financial-sponsor-owned companies with highly
leveraged financial risk profiles, such as Saverglass, as
demonstrating corporate decision-making that prioritizes the
interests of the controlling owners, typically with finite holding
periods and a focus on maximizing shareholder returns.

S&P said, "Environmental factors are a neutral consideration in our
credit rating analysis of Saverglass. In fact, glass production has
a high carbon footprint due to the energy intensive nature of the
process, but we see glass recyclability as positive; although glass
is not biodegradable, it can be recycled repeatedly without loss of
quality. We also believe that substitution risk from other
substrates is minimal in the wines and spirits market, which
Saverglass serves."




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G E R M A N Y
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LUFTHANSA: In Talks to Buy 40% Stake in ITA Airways
---------------------------------------------------
Michael Nienaber and Giuseppe Fonte at Reuters report that
Germany's flagship carrier Lufthansa is in talks to buy a 40% stake
in state-owned Alitalia's successor ITA Airways, two people
familiar with the negotiations said on Jan. 23, following a
newspaper report that a deal could be unveiled this week.

According to Reuters, the talks about a tie-up between Germany's
partly state-owned Lufthansa and ITA Airways are still ongoing with
all outcomes possible, one of the sources said on condition of
anonymity, adding the stake price was still under negotiation.

The second source said Lufthansa and ITA were in talks over a 40%
stake sale, but it could take longer than a few days to reach a
comprehensive deal, Reuters relates.

A Lufthansa spokesperson declined to comment, but reiterated an
earlier statement that the German carrier was open to the
possibility of a partnership with ITA, Reuters notes.

An ITA spokesperson, when asked for comment by Reuters on a
potential investment by Lufthansa, did not mention Lufthansa but
said that the airline's top management would present a strategic
plan to the company's board on Jan. 31.  A data room would then be
opened in the following days, he added, allowing a potential bidder
or partner to have access to key financial documents to assess the
value of the company, Reuters discloses.

Italian daily Il Foglio reported on Jan. 22 that the two companies
could present a deal on a 40% stake next week as they were very
close to agreeing over some key terms, such as the role of Rome's
Fiumicino airport as a hub for direct flights to Africa and some
routes to the Americas, according to Reuters.

Sources told Reuters on Jan. 12 that the Italian carrier was in
contact with Lufthansa, British Airways and United States-based
Delta Air Lines for an equity partnership, adding that formal talks
could start by the end of March.

Delta said on Jan. 13 it has no plans to invest in ITA, Reuters
relays.

The German government currently holds 14% of Lufthansa shares
following a bailout at the height of the coronavirus pandemic in
2020 and aims to sell its stake by October 2023 at the latest,
Reuters states.

The group was saved from bankruptcy by Germany, Switzerland,
Austria and Belgium with EUR9 billion (US$10.21 billion) in
financial support approved by the European Commission, Reuters
recounts.


SPRINGER NATURE: Fitch Assigns First Time 'BB-' IDR, Outlook Sable
------------------------------------------------------------------
Fitch Ratings has assigned Springer Nature AG & Co. KGaA (Springer
Nature) a first-time Long-Term Issuer Default Rating (IDR) of 'BB-'
with a Stable Outlook. Fitch has also assigned Springer Nature
Deutschland GmbH senior secured instrument ratings of 'BB+' with a
Recovery Rating of 'RR2', reflecting the application of the Fitch's
"Corporates Recovery Ratings and Instrument Ratings Criteria".

Springer Nature's ratings are based on the company's leading
position in the publication of science, technical and medical (STM)
content through its research segment, and the inherent resilience
of the academic publishing market, driven by growing research and
development funding. Fitch estimates that the company's strong
profitability and cash flow generation, combined with a prudent
financial policy, should allow it to reduce leverage in the coming
years, although leverage will remain high compared with
higher-rated peers.

Fitch assesses the ongoing transition from subscription to open
access (OA) models in the STM market as neutral for the company,
also considering Springer Nature's successful implementation of a
material OA platform. Any indication that the transition to OA
could erode profitability and cash flow would create rating
pressure.

KEY RATING DRIVERS

Leading Academic Publisher; Resilient Market: Reputable brands like
Springer, Nature or Palgrave Macmillan and an extensive and global
network of editors (90,000) and peer reviewers (750,000) have
entrenched Springer Nature as a leading academic publisher. The STM
market structure evidences how key features such as reputation,
scale and extensive editorial and peer-review capabilities create
meaningful barriers to entry. The four leading academic publishers
(Springer Nature, Elsevier, Wiley and Taylor Francis) have
continuously gained market share organically and through bolt-on
acquisitions, and now represent over 50% of the market.

Fitch views academic publishing as a resilient market that benefits
from growing research and development budgets, number of
researchers and the number of articles submitted/published. In
2020, Springer Nature received 1.4 million submissions (+24% vs
2019) and published 370,000 articles (+9% vs 2019).

Changing Business Model Manageable: Academic publishing is
gradually moving from traditional subscription-based to OA models.
Under the OA model, publishers monetise their services (e.g.
triaging, peer review, editorial work, dissemination) through
article processing charges (APCs). The cost structures of
traditional and OA models are identical. Consequently, any revenue
or margin impact for publishers from continued migration to OA will
mostly be a function of average APCs and articles published, a
decline in subscription prices (as a higher share of articles are
OA) and the impact of OA on the overall market size.

Springer Nature has a meaningful and growing OA presence, with more
than 570 full OA journals, well ahead of other leading academic
publishers. In 2020, about 30% of the company's journal revenue was
through OA. In the coming three to four years, OA publications are
expected to be the majority. The company's successful adoption of
OA models informs Fitch's expectations that continued OA use will
not materially affect financial performance.

Contracted Revenue Decline; Visibility Remains: As
subscription-based models subside, so will contracted revenue.
Recurring revenue originating from multi-year contracts (average of
three years) represented about 60% of revenue for the company's
research segment in 2020. The rise of OA may lead to a decline in
the proportion of contracted revenue, which is typically negative
from a rating perspective as it decreases the visibility of revenue
and cash flow. Fitch expects any potential decline in contracted
revenue will be adequately mitigated by Springer Nature's
reputation and OA capabilities, which Fitch expects will continue
to command a steady supply of article submissions.

Print to Digital Transition: STM's shift from print materials to
digital solutions started in the mid-1990s. At present, Springer
Nature's journal division revenue is more than 90% digital, whereas
the books division lags slightly at about 60%. Overall, the
Research segment revenue is more than 70% digital. Fitch believes
the continued adoption of digital solutions will be manageable from
a profitability and cash flow generation perspective, supported by
solid demand and lower production and distribution costs.

Educational and Professional Segments: Fitch considers Springer
Nature's other two segments, education and professional, offer some
diversification to the research segment, having accounted for 27%
revenue and 17% adjusted EBITDA in 2019 (these segments were the
most affected by the pandemic with education and professional
revenue declining by 32% and 9%, respectively). At the same time,
Fitch considers their business profiles weaker than research due to
a combination of smaller scale, regional focus, higher competition,
long-term secular challenges and a low level of contracted
revenue/visibility.

Fitch expects the negative impact from the pandemic to recede in
the coming years, but long-term trends are blurred by the weaker
business profile and competitive position.

Financial Policy Geared to Deleverage: Springer Nature has robust
pre-dividend free cash flow (FCF) generation that Fitch estimates
will be about 10%-12% of revenue in the next four years. Together
with a commitment from management and shareholders to bring net
leverage to between 2.0x-3.0x (per management definition), this
supports Fitch's expectation that leverage will continue to decline
in the coming years, reaching 5.1x on a funds from operations basis
by 2022 (from 6.0x in 2020). Fitch understands other financial
policy decisions such as dividends or significant M&A will continue
to be subordinated to deleveraging in the coming years.

Deleveraging is also important for the company to pursue its IPO
plans, after it cancelled its 2020 IPO due to the pandemic. Fitch
believes it is likely that shareholder loans and preference shares
held by shareholders will be converted into company shares at a
potential IPO, and do not consider those instruments as debt, in
accordance with Fitch's criteria.

DERIVATION SUMMARY

Springer Nature's ratings are underpinned by its entrenched
position in the resilient academic research publishing segment. The
most relevant peers are the other three large academic research
publishers globally - Elsevier, Taylor and Francis and Wiley (John
Wiley & Sons, Inc.). Elsevier and Taylor and Francis are owned by
the higher-rated RELX PLC (BBB+/Stable) and Informa PLC
(BBB-/Stable), respectively. RELX's rating reflects the company's
solid operating profile, diversified scale, visibility of cash flow
and discretionary capability in managing its capital structure,
which enables the company to sustain relatively higher leverage at
a 'BBB+' rating than many peers.

Pre-pandemic, Informa had stronger cash flow generation and lower
leverage, compared with Springer Nature, while its more diversified
business profile is constrained by high exposure to exhibitions and
events business. Wiley (not rated) is the closest to Springer in
terms of size and business mix, but has lower leverage.

The wider peer group includes Daily Mail and General Trust plc
(DMGT; BB+/Stable), GfK SE (BB-/Stable) and McGraw-Hill Education,
Inc. (MHE; B+/Stable). DMGT has a lower leverage threshold for its
rating due to its higher exposure to print and advertising revenue
and smaller absolute scale. At the same level as Springer Nature,
GfK's rating reflects its good position of data and data analytics
with high recurring revenue. MHE's focus on the more challenged
education segment is mitigated by its strong market positions in
both K-12 and higher education publishing. MHE's lower rating is
mostly due to higher leverage.

KEY ASSUMPTIONS

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

-- Revenue to increase 5.1% in 2021; CAGR of about 2% in 2022-
    2024;

-- Fitch-defined EBITDA margin of 35% in 2021, to slightly weaken
    thereafter as lower margin education and professional segment
    revenues recover from the pandemic;

-- Capex at 10% revenue, in line with historical levels;

-- Slightly negative working capital outflows in the next four
    years;

-- No dividends; and

-- Debt reduction of about EUR0.7 billion between 2021 and 2024.

RATING SENSITIVITIES

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

-- Continued strong market position in the research segment,
    while Fitch has visibility that education and professional
    business models remain intact;

-- FFO net leverage sustainably below 4.0x; and

-- Cash from operations (CFO) less capex/total debt remaining
    consistently above 9%.

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

-- Expectation that the migration to OA models will result in a
    deterioration of market position and profitability;

-- FFO net leverage above 4.8x on a sustained basis;

-- FFO interest coverage below 3.5x; and

-- CFO less capex/total debt remaining consistently below 7%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Springer Nature has a strong liquidity position, with EUR282
million in cash and equivalents and a EUR250 million undrawn
revolving credit facility at end-September 2021. Liquidity is
further supported by Fitch's forecast that the company will
generate positive recurrent FCF, which Fitch estimates will
comfortably allow the business to continue to deleverage. The bulk
of the company's indebtness matures in August 2026, with the
exception of EUR80 million maturing in October 2022.

ISSUER PROFILE

Springer Nature is a global publisher of STM content through
journals and books, and provider of research solutions. The company
is also engaged in other segments such as education (language,
K-12, higher education) and professional information and services
(medicine, driving schools, business and other B2B).

ESG Commentary

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




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G R E E C E
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NAVIOS MARITIME: S&P Upgrades ICR to 'B' on Improved Liquidity
--------------------------------------------------------------
S&P Global Ratings raised its rating on dry-bulk shipping and
logistics company Navios Maritime Holdings Inc. (Navios Holdings)
to 'B' from 'CCC', and its issue rating on its senior secured notes
to 'B' from 'CCC-'.

The stable outlook reflects S&P's view that the dry-bulk shipping
rates will largely mirror the solid 2021 levels, and that the
group's liquidity and credit measures will benefit from stronger
FOCF generation and further debt repayment in 2022.

Pressure on Navios Holdings' liquidity in 2022 has eased following
debt repayment, although uninterrupted FOCF generation will be
essential to tackling the remaining bullet maturity due August
2022. Navios Holdings repaid the $455.5 million outstanding, 7.375%
first-priority ship mortgage notes due on Jan. 15, 2022, with the
proceeds from new commercial bank facilities, sale leaseback
agreements, and payment-in-kind loans from an affiliate company N
Shipmanagement Acquisition Corp. In addition, according to our base
case, FOCF will improve on account of robust charter rate
conditions in dry-bulk shipping and contributions from the
recovering logistics operations in South America. This will allow
Navios Holdings to accumulate sufficient cash over the next several
months to repay the $155 million outstanding, senior secured notes
due August 2022 and decrease debt further. That said, financial
leeway for unforeseen operational setbacks, such as deterioration
in dry rates well below the 2021 levels, is limited.

The dry-bulk shipping sector is in good shape for 2022. This mainly
points to our expectations that the bulker fleet growth will shrink
in 2022, underpinned by the current all-time-low order book
(accounting for 7% of the global dry-bulk fleet, one of the lowest
levels in about three decades, according to Clarkson Research) and
muted new ship ordering in 2021. Simultaneously, global imports of
dry-bulk commodities, such as iron ore, coal, and grain, will
remain healthy and underpin low-single-digit global trade growth,
as forecast by Clarkson Research. In our view, industry demand
growth will moderately exceed supply growth in 2022 (like in 2021),
possibly stretching into 2023. S&P said, "Consequently, dry-bulk
charter rates will stabilize at profitable levels in 2022, but
moderate from a significantly improved 2021 base over 2022-2023,
which we incorporate in our base case for Navios Holdings.
According to Clarkson Research, the average one-year time charter
(T/C) rate for a 180,000 deadweight ton (dwt) Capesize vessel was
$26,500/day-$27,000/day in 2021, versus an average $14,800/day in
2020. Based on expected demand-and-supply conditions, we forecast
an average T/C rate for Capesize vessels of $26,000/day in 2022 and
$23,000/day in 2023."

Resilient dry-bulk charter rates, combined with a stronger
performance of Navios Logistics, will support Navios Holdings'
EBITDA generation. S&P said, "This will help Navios Holdings to
enhance debt-servicing prospects and restore headroom under the
credit measures in line with our 'B' rating. Improved dry charter
rates triggered a step-up in EBITDA in 2021 (reported EBITDA in the
first nine months of 2021 was $206 million, compared with $84
million a year earlier), extending into 2022. According to our base
case, Navios Holdings' reported EBITDA surged to $270 million-$280
million (which translates to our adjusted EBITDA--including the
operating lease adjustment--of $360 million-$370 million) in 2021,
from $111 million in 2020, and will reach $290 million-$300 million
in 2022. The EBITDA-to-FOCF conversion should be decent, in our
view, on account of low capital expenditure (capex) of up to $20
million in 2022 (mainly for logistics operations). Supplemented by
the assumption of mandatory debt repayment continuing as scheduled
from excess cash flows and no major new debt incurred, this points
toward S&P Global Ratings-adjusted funds from operations (FFO) to
debt of 14%-15% in 2021 (up from 6% in 2020), further improving to
18%-20% in 2022 and subsequently moderating to 15%-17% in 2023. Our
forecast hinges, however, on the evolution of dry charter rates and
the group's consistent application of FOCF-to-debt reduction beyond
2022 maturities. In our base case, we expect adjusted debt will
drop to $1.3 billion-$1.4 billion in 2022 from $1.45 billion-$1.5
billion as of Dec. 31, 2021 (compared with $1.8 billion a year
earlier)."

Navios Holdings' downsized fleet, significant exposure to shipping
spot rates, and track record of volatile earnings have prompted us
to revise our assessment of Navios Holdings' business risk profile
to weak from fair. S&P said, "We continue to factor in the shipping
industry's high risk, marked by capital intensity, high
fragmentation, frequent imbalances between demand and supply, lack
of consistent supply discipline, and volatility in charter rates
and vessel values. Furthermore, Navios Holdings' scope and
diversity in the shipping segment have diminished, with now an
operated fleet of 36 ships (as opposed to 52 ships in 2020) and
sole focus on the dry-bulk shipping and mid- to large-vessel class.
Also, the group has a large exposure to volatile index-linked
charters and track record of swings in profitability. That said,
Navios Holdings' solid reputation as a quality ship owner and
operator and its long operating track record through industry
cycles underpin the group's credit quality. We also believe that
Navios Holdings' competitive position benefits from its more
predictable (than traditional shipping) and well-placed for growth
transportation and logistics operations in South America,
underpinned by a major take-or-pay service contract with Vale
International (from late 2017)." The contract stipulates a minimum
contracted volume of 4 million metric tons of iron ore for 20 years
and allows Navios Logistics to generate a minimum of over $40
million in EBITDA per year.

S&P said, "The stable outlook reflects our view that the dry-bulk
shipping rates will largely mirror the solid 2021 levels, and that
the company's liquidity and credit measures will benefit from
stronger FOCF generation and further debt repayment in 2022.

"We would lower the rating if dry charter rate conditions
deteriorate unexpectedly in the next months and we believe that
Navios Holdings fails to accumulate sufficient cash to repay the
$155 million outstanding senior secured notes due Aug. 15, 2022,
while being unable to arrange other external funding sources in the
meantime.

"We could raise the rating if dry-bulk shipping industry's momentum
continues, and Navios Holdings achieves rates consistent with (or
higher than) our base case and generates sufficient cash to repay
the outstanding senior secured notes, while decreasing debt
further."

An upgrade would also depend on Navios Holdings' ability to improve
and maintain adjusted FFO to debt of more than 16%, combined with
ample cash on hand and increased financial flexibility, resulting
in adequate liquidity profile.

Furthermore, S&P would need to be convinced that management's
financial policy does not allow for significant increases in
financial leverage. This means that Navios Holdings applies excess
cash in a conservative and cash flow-accretive manner and that
shareholder remuneration, if resumed, remains prudent.

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Navios Holdings. The
chairman and CEO, as well as officers and directors, have about a
35% voting interest, with the remainder NYSE-listed. This
constrains the board's independence and points to the chairman and
CEO's high degree of influence. Environmental factors are also a
moderately negative consideration, as the global shipping industry
faces a large regulatory workload. This is reflected in
increasingly stringent emissions targets, demanding lumpy capital
investments and the use of more expensive emissions-complaint
bunkers. Therefore, Navios Holdings will face a mounting need to
renew its fleet with eco-friendly new-generation vessels or
retrofit existing ships with new propulsion systems designed to cut
emissions. Such investments will keep its capital expenditure
elevated. Navios Holdings maintains a relatively young fleet with
an average age of 8.9 years, lower than the industry average of
11-12 years.

"We raised our issue rating to 'B' from 'CCC-' on Navios Holdings'
$155 million (currently outstanding) 11.25% senior secured notes
due August 2022. The recovery is '4', reflecting our expectation of
average recovery prospects (30%-50%; rounded estimate: 30%) in the
event of a payment default.

"The notes are secured by a first-priority lien on the capital
stock of Navios Holdings' subsidiary Navios Logistics and
affiliate, Navios Partners. We note that the collateral values are
volatile due to their equity nature. No ships are pledged against
the notes.

"In our default scenario, we assume a severe drop in dry charter
rates, which would squeeze cash flow and impede the company's
ability to repay its maturing debt, triggering a payment default.
We use a going-concern approach because we believe the business
would retain more value as an operating entity and be reorganized
in a bankruptcy scenario. However, equity stakes could be sold to
generate liquidity. We consequently use a discrete asset valuation
to evaluate the recovery prospects associated with the underlying
assets, based on our discounted market values.

"We discount the equity stakes' values because of their significant
volatility over the industry cycle. We also believe that financial
distress at Navios Holdings would affect the equity values of all
group companies and the liquidity of these equity stakes in the
capital markets."

-- Year of default: 2022
-- Jurisdiction: U.S.
-- Gross enterprise value at default: $60 million
-- Administrative costs: 10%
-- Net value available to senior secured noteholders: About $54
million
-- Secured debt claims: About $164 million
    --Recovery expectation: 30%-50% (rounded estimate: 30%)

All debt amounts include six months of prepetition interest.
Recovery expectations are rounded down to the nearest 5%.




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WD FF LIMITED: Fitch Alters Outlook on 'B' LT IDR to Negative
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Fitch Ratings has revised WD FF Limited's (Iceland; previously
Lannis Ltd) Outlook to Negative from Stable, while affirming the
food retailer's Long-Term Issuer Default Rating (IDR) at 'B'.

The Outlook change reflects Fitch's view that normalised trading
after pandemic's peak and cost inflation will combine to erode
EBITDA and exhaust rating headroom that had been tightened by cash
funding of Iceland's share purchase and other non-core investments.
This, together with refinancing leading to GBP60 million
incremental debt and assumed lower debt prepayments, will drive
leverage above 7.5x over the next 24 months, which if maintained,
would signal heightened refinancing risks and a lower rating. The
Outlook could be revised to Stable if the company successfully
addresses the cost challenges over the next 12-18 months and
reduces leverage towards 7.0x.

The 'B' rating reflects Iceland's specialist business model focused
on the frozen food and value-seeking consumer segments, which have
been resilient through business cycles. Fitch believes this segment
would benefit from a recessionary environment and from more people
working from home post-pandemic.

KEY RATING DRIVERS

Higher Leverage: Fitch expects funds from operations (FFO) adjusted
gross leverage of about 8.0x in FY22-FY23 (financial year-end
March), following Iceland's refinancing with GBP60 million more
debt in FY21. This has been exacerbated by post-pandemic trading
normalisation, rising cost pressures, and lower debt prepayments
than modelled under Fitch's previous rating case. Good cost
management, inherent cash generation and voluntary prepayment of
debt should aid deleveraging to 7.5x by FY24, one year ahead of
debt maturity.

Lowered Forecast EBITDA: Fitch has lowered Iceland's EBITDA
projections for FY22 by about GBP20 million against Fitch's
previous rating case to around GBP125 million, which is similar to
FY20's. Fitch's forecast incorporates material recovery in
profitability in 2HFY22, stemming from expected healthy performance
over Christmas, some inflation pass-through from 4QFY22 and
cost-saving measures. Iceland reported a weaker 2.7% EBITDA margin
in 1HFY22 (1HFY21: 4.4%). Fitch's forecast EBITDA is adjusted by
GBP15 million for finance leases, in line with Fitch's criteria.

Profitability Pressures Persist: Fitch expects cost pressures to
continue, considering national living-wage increases and unhedged
rising energy costs. Fitch expects Iceland to implement various
cost-saving measures to offset some of the cost inflation. Cost
inflation is harder to absorb for smaller-scale grocers like
Iceland that operate with thinner EBITDA margins (3.9% in FY20)
than large and more diversified mainstream grocers (around 5%-6%).
Management indicated they have maintained broadly stable buying
margins so far, but that it could become harder given supplier-cost
inflation and in light of Iceland's value offer and competitive
landscape.

Opportunistic Financial Behaviour: Iceland's cash funding the share
purchase from Brait (GBP109 million fully paid in FY21) and
non-core investments signals opportunistic financial behaviour in
the context of the company's high leverage. Positively, Iceland has
not diverted further funds to its non-core restaurant business,
following an initial GBP31 million that was up-streamed in 3Q21.
Its two-family ownership, following the share buyback from Brait,
should allow a longer-term strategic focus. Fitch does not assume
any further material outflows to support, nor material earnings
contribution from, its restaurant business under Fitch's rating
case. The restaurant business has not been included in the
restricted group, and Fitch assumes no additional debt to be
serviced from the restricted group in future.

Online Channel Presents Opportunity: Iceland adjusted the capacity
and cost of its online business when volumes normalised
post-pandemic and negatively affected profitability in 2Q22. Fitch
estimates online to contribute to around 20% of revenue in FY22.
Management indicate that the online channel is profitable given the
use of the store-picking model, which also includes two stores used
exclusively for online orders. Although its profitability is lower
than that of regular stores, online channel represents an
opportunity to optimise costs.

Good Free Cash Flow Generation: Fitch expects Iceland to generate a
healthy free cash flow (FCF) margin on average of 1% over
FY23-FY25, which is comparable to its peers'. Fitch's rating case
assumes lower capex than previously when it invested in its
distribution network, depots, online and IT infrastructure. Fitch
expects prudent balancing of capital allocation between
modernisation of its stores, business growth and debt reduction to
manage its leverage.

Specialist Business Model: Fitch's rating reflects Iceland's
specialist business model as a niche operator in the frozen food
and value-seeking consumer segments. Iceland mildly increased its
share in the UK grocery market between 2008 and 2021, despite
competitive pressures and the rapid growth of discount stores. This
was achieved by greater differentiation in its product offering,
improved pricing, investment in its stores and formats, as well as
an improved brand positioning with regard to the environment and
sustainability. Fitch expects to the UK food industry to continue
to see stiff competition.

DERIVATION SUMMARY

Iceland's business risk profile, as a mostly UK-based specialist
food retailer, is constrained by the company's modest size and
lower diversification than that of other Fitch-rated European food
retailers, such as Tesco Plc (BBB-/Stable) and Bellis Finco Plc
(ASDA, BB-/Stable). Both peers have higher market share, larger
scale, as well as greater diversification.

Iceland's FFO-adjusted gross leverage, expected at about 8.0x in
FY22-FY23 is not commensurable with 'B' rating and also higher than
Fitch-rated UK peers', such as ASDA's nearly 6.0x and Tesco's
around 4.0x. This is offset by reasonably healthy profitability,
albeit under some pressure now, ability to generate cash to
deleverage and comfortable liquidity.

Iceland is larger than Picard Bondco S.A. (B/Negative), a French
specialist food retailer also active in frozen foods, but weaker in
profitability (EBITDAR margin of above 6% versus Picard's above
17%) and FFO. Picard operates mostly in the higher-margin premium
segment and benefits from strong brand awareness. Picard's
financial leverage is higher than Iceland's, with forecast
FFO-adjusted gross leverage at around 9.0x in FY22-FY24, but is
somewhat offset by a stronger business profile.

KEY ASSUMPTIONS

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

-- Revenue decline of around 4% in FY22, followed by an average
    increase of around 2.5% per year in FY23-FY25 amid new store
    openings (15 per year) and partial inflation pass-through;

-- EBITDA margin to decrease to 3.4% in FY22 and to 3.2% in FY23
    amid cost pressures (national living wage increase, drivers'
    higher salaries, higher energy costs, supply-chain disruptions
    and a general inflationary environment) that are only partly
    offset by cost savings. Fitch expects slight improvement in
    margin towards 3.5% by FY25;

-- Capex at GBP60 million in FY22, followed by 1.1% of sales in
    FY23 to FY25;

-- Voluntary debt prepayments of GBP30 million a year in FY23-
    FY25;

-- No dividends or other distributions (to restaurant business
    for example) over the rating horizon.

Fitch's Key Recovery Rating Assumptions:

-- The recovery analysis assumes that Iceland would be
    reorganised as a going-concern in bankruptcy rather than
    liquidated.

-- Fitch has assumed a 10% administrative claim.

-- Iceland's going-concern EBITDA assumption reflects the
    increasing scale of the company's business with around 15 new
    stores each year (versus 20-25 stores previously). Fitch has
    now excluded the restaurant business from Fitch's going-
    concern EBITDA calculation. The going-concern EBITDA estimate
    of GBP110 million (GBP115 million previously) reflects Fitch's
    view of a sustainable, post-reorganisation EBITDA upon which
    Fitch bases the enterprise valuation (EV). The assumption also
    reflects corrective measures taken in the reorganisation to
    offset the adverse conditions that trigger its default, such
    as cost-cutting efforts or a material business repositioning.

-- Fitch applies an EV multiple of 4.5x EBITDA to the going-
    concern EBITDA to calculate a post-reorganisation EV.

-- Iceland's revolving credit facility (RCF) is assumed to be
    fully drawn upon default. The RCF is super senior to the
    company's senior notes in the debt waterfall. Iceland's GBP20
    million super senior term loan has been repaid since Fitch's
    last rating action in February 2021.

-- The allocation of value in the debt waterfall results in
    recovery expectations corresponding to a 'RR3' Recovery Rating
    for the rated notes totalling GBP800 million, with an
    unchanged output percentage, based on the current metrics and
    assumptions, of 53%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to an
upgrade:

-- Fitch views an upgrade of the IDR as unlikely over the rating
    horizon, unless Iceland demonstrates material improvements in
    operating performance and adopts more conservative capital
    allocation;

-- Evidence of positive and profitable like-for-like sales growth
    and the maintenance of stable market shares leading to
    resilient profitability with EBITDA margins trending towards
    5% may lead to positive rating action;

-- Total lease-adjusted debt/ EBITDAR below 5.5x and FFO adjusted
    gross leverage below 6.0x, both on a sustained basis;

-- EBITDAR fixed charge coverage above 2.0x on a sustained basis.

Factors that could, individually or collectively, lead to outlook
revision to stable:

-- Evidence of stable market share, demonstrated ability to pass
    on and/or to mitigate cost inflation, leading to stabilized
    EBITDA margin towards 3.5% and positive FCF;

-- Maintenance of comfortable liquidity position whilst making
    voluntary debt prepayments leading to total lease-adjusted
    debt/ EBITDAR trending to 6.5x or below and FFO adjusted gross
    leverage trending to 7.0x or below;

-- EBITDAR fixed charge coverage at or above 1.5x.

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

-- Evidence of negative like-for-like sales growth, with loss of
    market shares due to a competitive environment or to
    permanently lower capex, or inability to pass on or to
    mitigate cost inflation, leading to a prolonged and
    accelerating EBITDA margin erosion or neutral FCF;

-- Tightening of liquidity amid unexpected cash outflows;

-- Total lease-adjusted debt/ EBITDAR above 6.5x and FFO adjusted
    gross leverage above 7.0x, both on a sustained basis;

-- EBITDAR fixed charge coverage below 1.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch views Iceland's liquidity as
comfortable in light of a forecast around GBP115 million cash
balance at FYE22, which excludes restricted GBP20 million for
working-capital purposes (Fitch's adjustment), along with an
undrawn GBP20 million RCF.

Following Iceland's issue of GBP250 million bonds in February 2021,
and consequent repayment of GBP170 million bonds due in 2024, the
company does not have any significant financial debt maturities
until March 2025. Fitch has assumed voluntary debt prepayments of
GBP30 million a year in FY23-FY25 and none in FY22.

ISSUER PROFILE

Iceland is a British food retailer specialising in frozen and
chilled food products at a low price point. It operates around
1,000 stores in the UK.

ESG CONSIDERATIONS

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




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BARINGS EURO 2015-1: Moody's Gives (P)B3 Rating to EUR12MM F Notes
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Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Barings Euro CLO 2015-1 Designated Activity Company (the
"Issuer"):

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

EUR14,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

EUR23,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR28,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Ba3 (sf)

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

RATINGS RATIONALE

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

As part of this reset, the Issuer will increase the target par
amount to EUR 400 million, will extend the reinvestment period to
4.5 years and the weighted average life to 8.5 years. It will also
amend certain concentration limits, definitions including the
definition of "Adjusted Weighted Average Rating Factor" and minor
features. The issuer will include the ability to hold workout
obligations/loss mitigation obligations. In addition, the Issuer
will amend the base matrix and modifiers that Moody's will take
into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be approximately 60%
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.

The effective date determination requirements of this transaction
are weaker than those for other European CLOs because (i) full par
value is given to defaulted obligations when assessing if the
transaction has reached the expected target par amount and (ii)
satisfaction of the Caa concentration limit is not required as of
the effective date. Moody's believes that the proposed treatment of
defaulted obligations can introduce additional credit risk to
noteholders since the potential par loss stemming from recoveries
being lower than a defaulted obligation's par amount will not be
taken into account. 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.

Barings (U.K.) Limited ("Barings ") 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
four and half year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations and credit improved obligations.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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:

Target Par Amount: EUR400,000,000

Diversity Score: 51

Weighted Average Rating Factor (WARF): 2990

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 7.5 years


BLACK DIAMOND 2015-1: Moody's Ups Rating on EUR9.5MM F Notes to B1
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Moody's Investors Service has upgraded the ratings on the following
notes issued by Black Diamond CLO 2015-1 Designated Activity
Company ("Black Diamond CLO 2015-1"):

EUR22,900,000 Refinancing Class C Senior Secured Deferrable
Floating Rate Notes due 2029, Upgraded to Aaa (sf); previously on
Jul 12, 2021 Upgraded to Aa1 (sf)

EUR24,800,000 Refinancing Class D Senior Secured Deferrable
Floating Rate Notes due 2029, Upgraded to A1 (sf); previously on
Jul 12, 2021 Affirmed A3 (sf)

EUR23,600,000 Refinancing Class E Senior Secured Deferrable
Floating Rate Notes due 2029, Upgraded to Ba1 (sf); previously on
Jul 12, 2021 Affirmed Ba2 (sf)

EUR9,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2029, Upgraded to B1 (sf); previously on Jul 12, 2021 Upgraded
to B2 (sf)

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

EUR176,300,000 (current outstanding amount EUR35,793,804)
Refinancing Class A-1 Senior Secured Floating Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jul 12, 2021 Affirmed Aaa (sf)

USD67,200,000 (current outstanding amount USD13,706,671)
Refinancing Class A-2 Senior Secured Floating Rate Notes due 2029,
Affirmed Aaa (sf); previously on Jul 12, 2021 Affirmed Aaa (sf)

EUR24,300,000 Refinancing Class B-1 Senior Secured Floating Rate
Notes due 2029, Affirmed Aaa (sf); previously on Jul 12, 2021
Affirmed Aaa (sf)

EUR30,000,000 Refinancing Class B-2 Senior Secured Fixed Rate
Notes due 2029, Affirmed Aaa (sf); previously on Jul 12, 2021
Affirmed Aaa (sf)

Black Diamond CLO 2015-1, issued in September 2015 and refinanced
in January 2018, is a multi-currency collateralized loan obligation
(CLO) backed by a portfolio of mostly high-yield senior secured
European and US loans. The portfolio is managed by Black Diamond
CLO 2015-1 Adviser, L.L.C. (the "Manager"). The transaction's
reinvestment period ended in October 2019.

RATINGS RATIONALE

The rating upgrades on the Class C, D, E and F Notes are primarily
a result of the significant deleveraging of the senior notes
following amortisation of the underlying portfolio since the last
rating action in July 2021.

The Class A Notes have paid down by approximately EUR97 million (or
38% of Class A original balance) since the last rating action in
July 2021 and by approximately EUR127 million (or 50% of Class A
original balance) in the last 12 months. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated December
20, 2021 [1] the Class A/B, Class C, Class D, Class E and Class F
OC ratios are reported at 182.6%, 154.6%, 132.5%, 116.6% and 111.3%
compared to the last rating action in July 2021 the Class A/B,
Class C, Class D, Class E and Class F OC ratios are reported at
154.4%, 137.8%, 123.4%, 112.3% and 108.4% [2]. Moody's notes that
as per the trustee report dated December 20, 2021 [1], there were
approximately EUR24 million in the principal account; OC ratios
across the capital structure are expected to increase further once
these principal proceeds are distributed towards redemption of the
Class A notes as of the January 2022 note payment date. Moody's has
assumed in its analysis that the EUR24 million principal proceeds
will be used to redeem the Class A notes.

The rating affirmations on the Class A-1, A-2, B-1 and B-2 Notes
reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization levels as well as applying Moody's
revised CLO assumptions.

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

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

Performing par and principal proceeds balance: EUR178.2 million and
USD33.8 million

Defaulted Securities: None

Diversity Score: EUR pool 30 and USD pool 13

Weighted Average Rating Factor (WARF): EUR pool 2970 and USD pool
4360

Weighted Average Life (WAL): EUR pool 3.8 years and USD pool 3.0
years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): EUR pool 3.2% and USD pool 4.9%

Weighted Average Recovery Rate (WARR): EUR pool 46.1% and USD pool
43.4%

Par haircut in OC tests: 0.7%

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

Moody's notes that the December 20, 2021 trustee report was
published at the time it was completing its analysis of the
December 6, 2021 data. The incremental EUR3.9 million of principal
proceeds reported in December 20, 2021, was taken into account in
Moody's model runs. Key portfolio metrics such as WARF, diversity
score, weighted average spread and life, and OC ratios exhibit
little or no change between these dates.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

Foreign currency exposure: The deal has significant exposures to
non-EUR denominated assets. Volatility in foreign exchange rates
will have a direct impact on interest and principal proceeds
available to the transaction, which can affect the expected loss of
rated tranches.


FAIR OAKS IV: Fitch Assigns Final B- Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has assigned Fair Oaks Loan Funding IV DAC's notes
final ratings.

        DEBT                 RATING              PRIOR
        ----                 ------              -----
Fair Oaks Loan Funding IV DAC

Class A XS2417187866   LT AAAsf   New Rating    AAA(EXP)sf
Class B XS2417188161   LT AAsf    New Rating    AA(EXP)sf
Class C XS2417188328   LT Asf     New Rating    A(EXP)sf
Class D XS2417188674   LT BBB-sf  New Rating    BBB-(EXP)sf
Class E XS2417188831   LT BB-sf   New Rating    BB-(EXP)sf
Class F XS2417189052   LT B-sf    New Rating    B-(EXP)sf
Class M XS2417189565   LT NRsf    New Rating
Class X XS2417187601   LT AAAsf   New Rating    AAA(EXP)sf
Class Z XS2417189136   LT NRsf    New Rating
Subordinated Notes     LT NRsf    New Rating    NR(EXP)sf
XS2417189482

TRANSACTION SUMMARY

Fair Oaks Loan Funding IV DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
portfolio has a target par of EUR400 million.

The portfolio is actively managed by Fair Oaks Capital Limited. The
collateralised loan obligation (CLO) has a 4.5-year reinvestment
period and an 8.5-year weighted average life (WAL).

KEY RATING DRIVERS

Above-Average Portfolio Credit Quality (Positive): Fitch assesses
the average credit quality of obligors in the 'B' category. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 23.4.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 64.4%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 21%. The
transaction also includes various concentration limits, including
the maximum exposure to the three-largest Fitch-defined industries
in the portfolio at 40%. These covenants ensure the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash-flow Analysis (Positive): Fitch's analysis of the matrix in
effect on the closing date is based on a stressed-case portfolio
with a 7.5-year WAL. Under the agency's CLOs and Corporate CDOs
Rating Criteria, the WAL used for the transaction stress portfolio
was 12 months less than the WAL covenant to account for structural
and reinvestment conditions after the reinvestment period,
including the over-collateralisation and Fitch 'CCC' limitation
tests. In Fitch's view, these conditions would reduce the effective
risk horizon during the stress period.

Forward Matrix (Neutral): The transaction includes two Fitch
matrices: (i) one effective at closing and (ii) another that will
be used by the manager at any time one year after closing as long
as the aggregate collateral balance (including defaulted
obligations at their Fitch-calculated collateral value) is above
target par. Both have a top-10 obligor concentration limit at 21%
and a fixed-rate asset limit at 7.5%.

RATING SENSITIVITIES

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

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

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

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

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

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

The majority of the underlying assets or-risk presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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


FAIR OAKS IV: Moody's Assigns B3 Rating to EUR10MM Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Fair Oaks Loan
Funding IV Designated Activity Company (the "Issuer"):

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

EUR250,000,000 Class A Senior Secured Floating Rate Notes due
2035, Definitive Rating Assigned Aaa (sf)

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

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

EUR29,000,000 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)

EUR10,000,000 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 approximately 82.4% 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 5.3 month ramp-up period in
compliance with the portfolio guidelines.

Fair Oaks Capital Ltd will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.5 year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations. Additionally, the
issuer has the ability to purchase loss mitigation loans using
principal proceeds subject to a set of conditions including
satisfaction of the par coverage tests.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR250,000.00 over eight payment dates,
starting from the second payment date.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR28,000,000 of Subordinated Notes, EUR1,000,000
of Class M Notes and EUR2,000,000 of Class Z Notes, which are not
rated.

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

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

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

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

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

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

Target Par Amount: EUR400,000,000

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2,890

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 7.5 years


OCP EURO 2017-2: Moody's Ups Rating on Class F Notes to B1
----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by OCP EURO CLO 2017-2 Designated Activity Company:

EUR59,200,000 Class B Senior Secured Floating Rate Notes due 2032,
Upgraded to Aa1 (sf); previously on Dec 14, 2017 Definitive Rating
Assigned Aa2 (sf)

EUR26,200,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to A1 (sf); previously on Dec 14, 2017
Definitive Rating Assigned A2 (sf)

EUR22,300,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Baa1 (sf); previously on Dec 14, 2017
Definitive Rating Assigned Baa2 (sf)

EUR24,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba1 (sf); previously on Dec 14, 2017
Definitive Rating Assigned Ba2 (sf)

EUR13,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to B1 (sf); previously on Dec 14, 2017
Definitive Rating Assigned B2 (sf)

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

EUR245,400,000 Class A Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Dec 14, 2017 Definitive
Rating Assigned Aaa (sf)

OCP EURO CLO 2017-2 Designated Activity Company issued in December
2017, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Onex Credit Partners, LLC with Onex Credit
Partners Europe LLP acting as sub manager (together "Onex"). The
transaction's reinvestment period ended on January 17, 2022.

RATINGS RATIONALE

The rating upgrades on the Class B, C, D, E and F Notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in January 2022.

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

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

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

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

Performing par: EUR417,761,119.37

Defaulted Securities: 3,879,359.44

Diversity Score: 57

Weighted Average Rating Factor (WARF): 2938

Weighted Average Life (WAL): 4.70 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.78%

Weighted Average Coupon (WAC): 4.78%

Weighted Average Recovery Rate (WARR): 44.64%

Par haircut in OC tests and interest diversion test: None

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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


OTHECA GROUP: Successfully Exits Examinership
---------------------------------------------
RTE reports that The Otheca Group, which consists of a group of
regional pharmacies in the Wicklow area, has successfully exited
examinership following a court hearing on Jan. 19.

The group entered examinership on October 8, 2021, RTE recounts.

According to RTE, the examiner, Mark Degnan, Partner at Deloitte,
has been working on a viable scheme of arrangement for the group
since this date.

The court approved the scheme presented by the examiner, which had
broad support from all classes of creditors across the group, RTE
relates.

The successful scheme will see Niall O'Kane and Niall Duggan take
control of the group and all employees being retained as part of
the restructure, RTE states.

Creditors in two of the pharmacies saw returns averaging 95% of
their pre-petition liabilities, with an average of 63% in another
of the group companies, RTE notes.

Mr. Degnan, as cited by RTE, said the examinership process and
Small Companies Administrative Rescue Process will be important
options for companies impacted by the pandemic.


ST PAUL CLO III-R: Fitch Raises Class F-R Notes Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has upgraded St. Paul's CLO III-R DAC's class B-1-R,
B-2-R, C-R, D-R, E-R, and F-R notes and affirmed the class A-R
notes. The class B-1-R through F-R notes have been removed from
Under Criteria Observation (UCO).

     DEBT                 RATING           PRIOR
     ----                 ------           -----
St. Paul's CLO III-R DAC

A-R XS1758464090     LT AAAsf  Affirmed    AAAsf
B-1-R XS1758464330   LT AAAsf  Upgrade     AAsf
B-2-R XS1758464686   LT AAAsf  Upgrade     AAsf
C-R XS1758464926     LT A+sf   Upgrade     Asf
D-R XS1758465220     LT Asf    Upgrade     BBBsf
E-R XS1758465659     LT BB+sf  Upgrade     BBsf
F-R XS1758465816     LT BBsf   Upgrade     B-sf

TRANSACTION SUMMARY

St. Paul's CLO III-R DAC is a cash flow CLO mostly comprising
senior secured obligations. The transaction exited its reinvestment
period on 15 January 2022 and has not started to amortise.

KEY RATING DRIVERS

CLO Criteria Update: The rating actions mainly reflect the impact
of Fitch's recently updated CLOs and Corporate CDOs Rating Criteria
(including a change in the underlying default assumptions). The
analysis was based on a scenario that assumes a one-notch downgrade
of the Fitch Issuer Default Rating Equivalency Rating for assets
with a Negative Outlook on the driving rating of the obligor
(Negative Outlook scenario).

The rating actions are in line with the model-implied ratings
(MIRs) for the class B-1-R to C-R notes and deviated from the MIRs
by one notch downwards for the class D-R to F-R notes. The
deviation from the MIR is driven by the low breakeven default rate
cushions for these notes at the MIR, which can quickly erode.

The Positive Outlooks on the class C-R to F-R notes reflect the
expected deleveraging as the transaction has exited its
reinvestment period.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is currently 2.05% below par. It
is passing most collateral quality tests, most portfolio profile
tests and all coverage tests, apart from the weighted average life
test, which is currently failing at 4.83 compared with a limit of
4.72. Exposure to assets with a Fitch-derived rating of 'CCC+' and
below is 7.90% as reported by the trustee, against a limit of
7.50%. The manager is currently not allowed to reinvest due to the
breach of the Fitch 'CCC+' and below test.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the transaction's underlying obligors in the 'B/B-' category. The
weighted average rating factor (WARF) as calculated by the trustee
was 35.11, which is below the maximum covenant of 36.50. The Fitch
calculated WARF is 26.25 after applying the recently updated CLOs
and Corporate CDOs Rating Criteria.

High Recovery Expectations: Senior secured obligations comprise
96.60% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 15.21%, and no obligor represents more than 2.14%
of the portfolio balance.

Cash Flow Modelling: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.

RATING SENSITIVITIES

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

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

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

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

-- A reduction of the RDR at all rating levels by 25% of the mean
    RDR and an increase in the RRR by 25% at all rating levels in
    the stressed portfolio would result in upgrades of no more
    than three notches across the structures, except for the class
    A-R notes, which are already at the highest rating on Fitch's
    scale and cannot be upgraded.

-- Upgrades may also occur in the event of better-than-expected
    portfolio credit quality and deal performance, leading to
    higher credit enhancement and excess spread available to cover
    losses in the remaining portfolio.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

St. Paul's CLO III-R DAC

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

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

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

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




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

DELFT BV 2020: DBRS Raises Class F Notes Rating to BB(low)
----------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by Delft 2020 B.V. (the Issuer):

-- Class A confirmed at AAA (sf)
-- Class B upgraded to AA (high) (sf) from AA (sf)
-- Class C upgraded to AA (sf) from A (sf)
-- Class D upgraded to A (sf) from BBB (sf)
-- Class E upgraded to BBB (sf) from BB (low) (sf)
-- Class F upgraded to BB (low) (sf) from B (low) (sf)

The rating on the Class A notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in October 2042. The ratings on the Class
B and Class C notes address the ultimate payment of interest and
principal on or before the legal final maturity date while junior,
and timely payment of interest while the senior-most class
outstanding. The ratings on the Class D, Class E, and Class F notes
address the ultimate payment of interest and principal on or before
the legal final maturity date.

Accrued interest on the Class B to F notes is subject to a net
weighted-average coupon cap (NWC). DBRS Morningstar's ratings do
not address payments of the NWC additional amounts, which are the
amounts accrued and become payable junior in the revenue and
principal waterfall if the coupon due on a series of notes exceeds
the applicable NWC.

The rating actions follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses.

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

Delft 2020 is a securitization of Dutch nonconforming mortgage
loans previously securitized in Delft 2017 B.V. and Delft 2019 B.V.
The mortgages were originated by ELQ Portefeuille 1 B.V. (ELQ) and
Quion 50 B.V. (Quion), which were subsidiaries of Lehman Brothers
through ELQ Hypotheken N.V. The portfolio is serviced by Adaxio
B.V., with Intertrust Administrative Services B.V. acting as backup
servicer facilitator.

PORTFOLIO PERFORMANCE

As of the October 2021 payment date, loans that were two to three
months in arrears represented 0.9% of the outstanding portfolio
balance. The 90+ delinquency ratio was 2.5% and the cumulative
default ratio was 0.9%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 13.1% and 12.7%, respectively.

CREDIT ENHANCEMENT

As of the October 2021 payment date, the credit enhancements
available to the Class A, Class B, Class C, Class D, Class E, and
Class F notes were 30.9%, 21.1%, 15.6%, 10.4%, 5.8%, and 3.0%
respectively, up from 25.7%, 17.5%, 12.76%, 8.4%, 4.5%, and 2.2%
twelve months prior, respectively. Credit enhancement is provided
by subordination of junior classes and the nonliquidity reserve
fund.

The transaction benefits from a non-amortizing reserve fund of EUR
5.1 million, equal to 2.0% of the initial balance of the Class A to
Z notes, and split into a liquidity reserve fund and nonliquidity
reserve fund. The liquidity reserve fund is equal to 2.0% of the
outstanding Class A notes, subject to a floor of 1.0% of the
initial balance of the Class A notes, and is available to cover
senior fees and interest on the Class A notes. The nonliquidity
reserve fund is equal to the difference between the total reserve
fund and liquidity reserve fund and is available to cover senior
fees, interest on the rated notes, and principal on the rated notes
via the principal deficiency ledgers. As the liquidity reserve fund
amortizes, excess amounts form part of revenue available funds and
allow the nonliquidity reserve fund to increase in size.

ABN AMRO Bank N.V. (ABN AMRO) acts as the account bank for the
transaction. Based on the account bank reference rating of ABN AMRO
at AA (low), which is one notch below the DBRS Morningstar
Long-Term Critical Obligations Rating of AA, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the rating assigned to the Class
A notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for many borrowers. DBRS Morningstar anticipates that delinquencies
may continue to increase in the coming months for many structured
finance transactions. The ratings are based on additional analysis
to expected performance as a result of the global efforts to
contain the spread of the coronavirus.

Notes: All figures are in euros unless otherwise noted.


JUBILEE PLACE 3: Moody's Assigns B1 Rating to EUR13.1MM X1 Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Jubilee Place 3 B.V.:

EUR287.7M Class A Mortgage Backed Floating Rate Notes due January
2059, Definitive Rating Assigned Aaa (sf)

EUR18.9M Class B Mortgage Backed Floating Rate Notes due January
2059, Definitive Rating Assigned Aa3 (sf)

EUR10.7M Class C Mortgage Backed Floating Rate Notes due January
2059, Definitive Rating Assigned A2 (sf)

EUR7.4M Class D Mortgage Backed Floating Rate Notes due January
2059, Definitive Rating Assigned Baa3 (sf)

EUR3.3M Class E Mortgage Backed Floating Rate Notes due January
2059, Definitive Rating Assigned Ba3 (sf)

EUR13.1M Class X1 Notes due January 2059, Definitive Rating
Assigned B1 (sf)

EUR3.3M Class X2 Notes due January 2059, Definitive Rating
Assigned Ca (sf)

The EUR17.3M VRR Loan due January 2059, the Class S1 Notes, the
Class S2 Notes and the Class R Notes have not been rated by
Moody's.

RATINGS RATIONALE

The Notes are backed by a pool of Dutch buy-to-let ("BTL") mortgage
loans originated by Dutch Mortgage Services B.V. ("DMS", NR), DNL 1
B.V. ("DNL", NR) and Community Hypotheken B.V. ("Community", NR).
The securitised portfolio consists of 1,174 mortgage loans with a
current balance of EUR345.1 million as of November 30, 2021. The
Classes A to E Notes and the VRR Loan are fully backed by the
securitized portfolio. The VRR Loan (5% of the portfolio) is a risk
retention Note which receives 5% of all available receipts, while
the remaining Notes receive 95% of the available receipts on a
pari-passu basis.

The ratings of the Notes are based on an analysis of the
characteristics and credit quality of the underlying buy-to-let
mortgage pool, sector-wide and originator specific performance
data, protection provided by credit enhancement, the roles of
external counterparties, and the structural features of the
transaction.

There is a liquidity reserve fund funded at closing at 0.75% of
100/95 of the outstanding balance of Class A Notes. After closing,
principal receipts will be used to build up the reserve fund to a
maximum of 1.25% of 100/95 of Class A Notes until the step-up date
(including that date). Following the step-up date, the liquidity
reserve is amortising and the released amounts are added to the
principal waterfall. The factor 100/95 adjusts the reserve amount
to take into account also the portion of the reserve reserved for
the VRR loan. The Class A Notes do not benefit from this portion of
the reserve.

MILAN CE for this pool is 19.0% and the expected loss is 2.8%.

The portfolio's expected loss is 2.8%, which is in line with other
Dutch BTL RMBS transactions owing to: (i) the limited historical
performance data for the originators' portfolio being available and
the limited track record of the Dutch BTL market as a whole; (ii)
the performance of comparable originators in the Dutch
owner-occupied and UK BTL market; (iii) the current macroeconomic
environment in the Netherlands; and (iv) benchmarking with a small
sample of similar Dutch BTL transactions.

MILAN CE for this pool is 19.0%, which is in line with other Dutch
BTL RMBS transactions, owing to: (i) the limited historical
performance data for the originators' portfolio being available and
the limited track record of the Dutch BTL market as a whole; (ii)
benchmarking with comparable transactions in the Dutch
owner-occupied and UK BTL market; (iii) the WA current LTV for the
pool of 72.4%; (iv) high borrower concentration, with top 20
borrowers constituting 12.0% of the pool; (v) the high interest
only (IO) loan exposure (all loans feature an optionality to become
IO loans after reaching 75.0% LTV as per a new physical valuation),
with significant maturity concentration; and (vi) benchmarking with
a small sample of similar Dutch BTL transactions.

Operational Risk Analysis: BCMGlobal Netherlands B.V. (formerly
known as Link Asset Services (NL)) has been appointed as
sub-servicer by the three master servicers (DMS, DNL, Community) in
the transaction whilst Citibank N.A., London Branch, will be acting
as the cash manager. In order to mitigate the operational risk,
Vistra Capital Markets (Netherlands) N.V. (NR) will act as back-up
servicer facilitator. To ensure payment continuity over the
transaction's lifetime, the transaction documentation incorporates
estimation language whereby the cash manager can use the three most
recent servicer reports available to determine the cash allocation
in case no servicer report is available. The transaction also
benefits from over 3 quarters of liquidity for Class A based on
Moody's calculations. Finally, there is principal to pay interest
as an additional source of liquidity for the Classes A to E (when
the relevant tranche becomes the most senior Class of Notes
outstanding).

Interest Rate Risk Analysis: 98.6% of the loans in the pool are
fixed rate loans reverting to 3m EURIBOR. The Notes are floating
rate securities with reference to 3M EURIBOR. To mitigate the
fixed-floating mismatch between fixed-rate assets and floating
liabilities, there will be a scheduled notional fixed-floating
interest rate swap provided by BNP Paribas (Aa3(cr)/P-1(cr)).

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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.

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

Significantly different actual losses compared with Moody's
expectations at close due to either a change in economic conditions
from Moody's central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment rate, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. Deleveraging of the capital structure
or conversely an improvement in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.


JUBILEE PLACE 3: S&P Assigns B- Rating on Class X2 Notes
--------------------------------------------------------
S&P Global Ratings assigned credit ratings to Jubilee Place 3
B.V.'s class A notes and class B-Dfrd to X2-Dfrd interest
deferrable notes.

Jubilee Place 3 is a RMBS transaction that securitizes a portfolio
comprising EUR345.1 million of buy-to-let (BTL) mortgage loans
secured on properties located in the Netherlands. This is the third
Jubilee Place transaction, following Jubilee Place 2020-1 B.V. and
Jubilee Place 2021-1 B.V., which S&P also rates.

The loans in the pool were originated by DNL 1 B.V. (DNL; 26.5%;
trading as Tulp), Dutch Mortgage Services B.V. (DMS; 57.5%; trading
as Nestr), and Community Hypotheken B.V. (Community; 16.0%; trading
as Casarion).

All three originators are new lenders in the Dutch BTL market, with
a very limited track record. However, the key characteristics and
performance to date of their mortgage books are similar with peers.
Moreover, Citibank N.A., London Branch, maintains significant
oversight in operations, and due diligence is conducted by an
external company, Fortrum B.V., which completes an underwriting
audit of all the loans for each lender before a binding mortgage
offer can be issued.

At closing, the issuer used the issuance proceeds to purchase the
full beneficial interest in the mortgage loans from the seller. The
issuer granted security over all its assets in favor of the
security trustee.

Of the pool, no loans have been granted payment holidays due to
COVID-19.

Citibank retained an economic interest in the transaction in the
form of a vertical risk retention loan note accounting for 5% of
the pool balance at closing. The remaining 95% of the pool is
funded through the proceeds of the mortgage-backed rated notes.

S&P considers the collateral to be prime, based on the originators'
conservative lending criteria, and the absence of loans in arrears
in the pool.

Credit enhancement for the rated notes consists of subordination
from the closing date and the liquidity reserve fund, with any
excess amount over the target being released to the principal
priority of payments.

The class A notes benefit from liquidity support in the form of a
liquidity reserve, and the class A and B-Dfrd through E-Dfrd notes
benefit from the ability of principal to be used to pay interest,
provided that, in the case of the class B-Dfrd to E-Dfrd notes,
they are the most senior class outstanding.

There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. S&P considers the issuer to be bankruptcy remote.

  Ratings

  CLASS    RATING    CLASS SIZE (MIL. EUR)*

  A        AAA (sf)     287.7
  B-Dfrd   AA (sf)       18.9
  C-Dfrd   A (sf)        10.7
  D-Dfrd   BBB (sf)       7.4
  E-Dfrd   BB+ (sf)       3.3
  X1-Dfrd  B- (sf)       13.1
  X2-Dfrd  B- (sf)        3.3
  S1       NR             0.1
  S2       NR             0.1
  R        NR             2.0

*As a percentage of 95% of the pool for the class A to X2-Dfrd
notes.
NR--Not rated.
N/A--Not applicable




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

IM ANDBANK 1: DBRS Finalizes BB(high) Rating on Class C Notes
-------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following classes of notes issued by IM Andbank RMBS 1, Fondo de
Titulizacion (Andbank RMBS 1 or the Issuer):

-- Class A Notes at AA (high) (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at BB (high) (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
final maturity date. The ratings on the Class B and Class C Notes
(together with the Class A Notes, the Rated Notes) address the
ultimate payment of interest and the ultimate repayment of
principal on or before the final maturity dates. DBRS Morningstar
does not rate the Class Z Notes (together with the Rated Notes, the
Notes) that are also issued in this transaction.

Andbank RMBS 1 issued three rated tranches of collateralized
mortgage-backed securities—Class A, Class B, and Class C—to
finance the purchase of a portfolio of first-lien residential
mortgage loans originated by Andbank España, S.A.U. (Andbank). The
mortgage loans are secured over residential properties in Spain.
Additionally, Andbank RMBS 1 issued one class of uncollateralized
notes, the Class Z Notes, which will be used to fund the reserve
fund amount from the closing date. Andbank originated and services
the mortgage loans. Intermoney Titulizacion S.G.F.T., S.A.
(Intermoney or the Management Company) manages the transaction.

The transaction has a one-year revolving period, during which the
Issuer may acquire further mortgage loans if certain conditions are
met. DBRS Morningstar analyzed the portfolio assessing the
portfolio characteristics in line with the portfolio concentration
limits in accordance with the eligibility criteria. To purchase
additional mortgage loans, the Issuer will use its available funds
and will also be entitled to increase the outstanding balance of
the Notes during the first 12 months. The outstanding balance of
the Rated Notes will not exceed EUR 300 million and the outstanding
balance of the Notes will not exceed EUR 313.5 million. The Issuer
will be able to issue additional Rated Notes as long as the rating
on each of the notes is not downgraded. After the end of the
revolving period or if there is a revolving period early
termination event, the Notes will start amortizing.

Credit enhancement for the Class A Notes is calculated at 12.0% and
is provided by the subordination of the Class B, Class C, and Class
Z Notes. Credit enhancement for the Class B Notes is calculated at
8.0% and is provided by the subordination of the Class C and Class
Z Notes. Credit enhancement for the Class C Notes is calculated at
4.5% and is provided by the Class Z Notes.

The reserve fund will be established and fully funded at closing
with the proceeds from the issuance of the Class Z Notes, providing
liquidity and credit support to the Rated Notes in the priority of
payments. The initial balance will be EUR 6.75 million, equal to
4.5% of the initial balance of the Rated Notes at closing. The
target amount will be lower of (1) 4.5% of the initial balance of
the Notes and (2) 9.0% of the outstanding balance of the Notes with
a floor of 2.25% of the initial balance of the Notes. The reserve
fund will not amortize during the first year of the revolving
period or if the reserve fund is not at its target.

The Rated Notes will repay principal on a pro rata basis; however,
if there is a Class C subordination event, then the Class A and B
Notes will continue to amortize on a prorated basis, whereas
principal on the Class C Notes will not be paid until the Class A
and B Notes have been redeemed in full. If there is a Class B
subordination event, then the repayment of the Rated Notes will
switch to sequential amortization, where principal on the Class B
Notes will not be paid until the Class A Notes have been redeemed
in full and principal on the Class C Notes will not be paid until
the Class B Notes have been redeemed in full. The subordination
events on the Class B and Class C Notes include both reversible
triggers and nonreversible triggers. The reversible triggers are
linked to the default rates on the mortgage loans observed over the
past 12 months and to certain amortization deficiency conditions.
The nonreversible triggers are also linked to amortization
deficiency conditions as well as the default rates observed at one
point in time. Principal amortization includes a provision
mechanism through the use of excess spread in the priority of
payments for defaulted loans (i.e., loans more than or equal to 12
months in arrears).

DBRS Morningstar was provided with a provisional portfolio equal to
EUR 161.0 million as of 14 December 2021 (the cut-off date), which
consisted of 977 loans extended to 952 borrowers. The
weighted-average (WA) original loan-to-value (LTV) ratio stands at
56.9% whereas the WA current indexed LTV is 50.2%. The mortgage
loan portfolio is distributed among the Spanish regions of Madrid
(47.2% by current balance), Catalonia (25.6%), and Andalusia
(8.0%). The mortgage loans in the asset portfolio are owner
occupied (80.1%), with 17.3% classified as second homes and 2.6%
classified as buy to let. All the loans in the pool pay on a
repayment basis. There are almost no loans granted to self-employed
borrowers in the pool. As of the cut-off date, none of the mortgage
loans were in arrears. The WA coupon of the mortgages is 0.73% and
the WA seasoning of the portfolio is low at 17.7 months, as the
majority of the loans were originated about two years ago.

Of the portfolio balance, 38.3% are mortgages that allow for margin
or interest rate reduction due to cross-selling of other Andbank
products. The portfolio consists of floating-rate loans with a
one-year fixed-rate period from origination indexed to 12-month
Euribor. About two-thirds of the loans (68.8% of the portfolio
balance) have already switched to floating rate with a WA margin of
0.85% whereas the remaining 31.2% are still in the fixed-rate
period for about 3.4 months on a WA basis. After the application of
the margin reductions, the WA interest rate of the loans will
reduce to 0.81%. DBRS Morningstar assumed the margin of the
portfolio to be the minimum allowed per the loan agreement. In
addition, the servicer can grant loan modifications without the
Management Company's consent, including (1) maturity extensions,
(2) 12-month grace periods for 2% of the portfolio, and (3) margin
or interest rate reductions. These loan modifications are limited
to 7.5% of the portfolio. DBRS Morningstar also factored this into
its analysis.

The Notes are floating rate and linked to one-month Euribor whereas
the mortgage loans are linked to 12-month Euribor. The basis risk
mismatch will be unhedged; however, DBRS Morningstar also factored
this into its analysis.

The transaction's account bank agreement and replacement trigger
require Banco Santander SA (Banco Santander), acting as the
treasury account bank, to find (1) a replacement account bank or
(2) an account bank guarantor upon loss of an applicable "A"
account bank rating. DBRS Morningstar's Long Term Critical
Obligations Rating (COR), Long-Term Issuer Rating and Senior Debt
rating, and Long-Term Deposits rating on Banco Santander are AA
(low), A (high), and A (high), respectively, as of the date of this
press release. The applicable account bank rating is the higher of
one notch below the COR, Long-Term Senior Debt rating, and
Long-Term Deposits rating on Banco Santander.

DBRS Morningstar based its ratings on the following analytical
considerations:

-- The transaction capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the portfolio and DBRS Morningstar's
qualitative assessment of Andbank's capabilities with regard to
originations, underwriting, and servicing.

-- DBRS Morningstar was provided with a loan-level data for the
mortgage portfolio. DBRS Morningstar calculated probability of
default (PD), loss given default (LGD), and expected loss levels on
the mortgage portfolio, which DBRS Morningstar used as inputs in
the cash flow tool. DBRS Morningstar analyzed the mortgage
portfolio in accordance with its "European RMBS Insight
Methodology" and "European RMBS Insight: Spanish Addendum".

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the noteholders according to the terms and
conditions in the transaction documents. DBRS Morningstar analyzed
the transaction structure using Intex DealMaker. DBRS Morningstar
considered additional sensitivity scenarios of 0% conditional
repayment rate stress.

-- The transaction parties' financial strength to fulfil their
respective roles.

-- The transaction's legal structure and its expected consistency
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology as well as the presence of the
appropriate legal opinions that address the assignment of the
assets to the Issuer.

-- DBRS Morningstar's sovereign rating on the Kingdom of Spain of
"A" with a Stable trend as of the date of this press release.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an immediate economic contraction, leading in
some cases to increases in unemployment rates and income reductions
for borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many RMBS
transactions. The ratings are based on additional analysis to
expected performance as a result of the global efforts to contain
the spread of the coronavirus. For this transaction, DBRS
Morningstar incorporated an increase in default probability of
self-employed borrowers in its analysis and conducted additional
analysis to determine the transaction benefits from sufficient
liquidity support in case of high level of payment moratoriums in
the portfolio. In addition, DBRS Morningstar assumed a moderate
decline in residential property prices.

Notes: All figures are in euros unless otherwise noted.




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

ASSEMBLIN FINANCING: Fitch Affirms 'B' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Assemblin Financing AB's Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has
also affirmed its senior secured debt at 'B+' with a Recovery
Rating of 'RR3'.

The affirmation reflects Assemblin's resilient performance during
the pandemic that is balanced against the company's high leverage
and significant geographic concentration in Sweden.

Fitch expects continued organic growth and further support from
recent acquisitions to result in strong performance over the next
four years. Last year's acquisitions led to a sharp increase in
leverage, however, which is expected to fall over the rating
horizon and to remain within Fitch's rating sensitivities. Recent
acquisitions will increase diversification to Finland and Norway,
and while the pace of acquisitions has been rapid they appear to be
well-integrated so far.

KEY RATING DRIVERS

Sustained High Leverage: Fitch expects funds from operations (FFO)
gross leverage to remain high again, after strong deleveraging in
the first year of the pandemic when Assemblin's focus was on
preserving liquidity and cash flow, resulting in FFO gross leverage
falling below 4.0x end-2020. With last year's SEK1 billion tap to
finance its acquisitions strategy (Fidelix, Tom Allen Senera and 14
more), total debt increased to SEK3.7 billion, sending FFO gross
leverage to a high 6.0x at end-2021. Fitch expects deleveraging in
2022 following full-year contributions from Fidelix and Tom Allen
Senera. Fitch therefore forecasts FFO gross leverage to decline to
5.2x in 2022 and below 5x by end-2023.

Sound Business Profile: Assemblin's solid business profile is
supported by good customer and end-market diversification, a brand
that is appreciated for its strong technical expertise and
committed skilled employees. The Nordic installation market is
broadly stable and has proven highly resilient through the
pandemic. It further enjoys sound demand from sustainability, smart
buildings and urbanisation trends. The addition of Fidelix, with
advanced services in building automation and management systems
will complement this, in Fitch's view. The business profile is
further supported by a fairly high share of contracted revenue with
a good mix of project and service revenue that support visibility,
leading to resilience against end-market cyclicality.

Improved Geographical Diversification: Geographically, Assemblin
remains highly concentrated in Sweden with 81% of revenue. However,
the company has diversified its geographic exposure with
acquisitions in Norway (Arve Hagen AS in 2019) and Finland
(Fidelix, Tom Allen Senera in 2021). It also benefits from a
diversified end-market exposure with large-scale assignments across
public infrastructure, hospitals, schools, as well as local
assignments from smaller customers and projects.

Acquisitive Growth Strategy: Fitch believes Assemblin will continue
with bolt-on acquisitions to grow its revenue and EBITDA. Organic
growth has historically been weaker, due to a stable market and the
termination of some unprofitable contracts, as it prioritises
margins over market share. The integration of acquisitions has
mostly been successful and Fitch assesses its strategy and
execution risk as moderate rather than meaningful. This is
supported by a focus on smaller acquisitions operating in its core
technical services and with a good cultural fit with existing
operations. The acquisitions of Fidelix and Tom Allen Senera were
larger in size but profitable and Fidelix will offer a further
technical expertise around building automation.

Improved Margins: The closing of unprofitable business sites in the
last two years affected organic growth but has led to improved
margins. This was apparent in 1Q21-3Q21 with more than a 1% EBITDA
margin uplift to 6.3% and further improvement is expected for 4Q21.
Fitch therefore estimates the EBITDA margin (excluding
non-recurring restructuring charges) to have improved to near 7% in
2021 (2020: 5.9%). The higher-margin Fidelix, together with the
smaller acquisitions that generally have good margins, will further
support margin improvement.

Senior Secured Uplift: The senior secured debt rating of 'B+' is
one notch higher than the IDR to reflect Fitch's expectations of
above-average recoveries for the senior secured loan in a default.
In its recovery assessment, Fitch expects that Assemblin will
achieve better recoveries on a going-concern basis and
conservatively values Assemblin at a 5.5x distressed multiple of an
estimated post-restructuring EBITDA of SEK595 million. The output
from Fitch's recovery waterfall suggests good recovery prospects of
51%-70%, resulting in an 'RR3' Recovery Rating.

DERIVATION SUMMARY

Assemblin compares favourably with major Nordic industrial
competitors, with strong market positions in its prioritised local
markets and margins that are in line with or better than
competitors'. Within Fitch's rated universe, Assemblin has a strong
business profile with a well-diversified customer and end-user base
that is fairly aligned with that of PolyStorm Bidco (Polygon,
B/Stable), albeit with a limited presence outside of Sweden.
Whereas Assemblin's financial profile had previously been weaker,
it is improving with margins nearing those of Polygon and,
following new ownership, Polygon is now more leveraged such that
Fitch views its financial structure as substantially weaker.

Polygon was recently sold to a new sponsor with higher leverage and
is expected to have FFO gross leverage above 7.5x through end-2022
(up from 4.9x at end-2020) before deleveraging to near 7x by end-
2023. Assemblin's FFO gross leverage is estimated to have been 6x
at end-2021 following a number of acquisitions including that of
Fidelix (up from 3.9x at end-2020). Fitch expects gradual
deleveraging for Assemblin to below 5x in 2023. Assemblin's
leverage is fairly similar to Irel Bidco/IFCO's (B+/Stable) 6x at
end-June 2021 and lower than that of Nordic building products
distributors Ahlsell/Quimper (B/Stable) and Stark/Winterfell
Financing (B/Stable), whose leverage is estimated at 7.5x and 8.5x,
respectively, in 2021 before deleveraging to around 7x in 2023.

KEY ASSUMPTIONS

-- Revenue growth of 4% in 2021, all from acquisitions; organic
    revenue down 2.6% in 2021;

-- Revenue growth of 9% in 2022, supported by acquisitions made
    in 2021 and organic growth of 2%;

-- Revenue growth on average of 6% in 2023-2024; 2% organic
    revenue growth in 2023-2024;

-- EBITDA margin improving to 7% in 2023 and 2024;

-- Capex at 0.3% of sales to 2024;

-- M&A spend of SEK1.6 billion, comprising SEK0.9 billion for
    Fidelix in 2021 and SEK250 million per year to 2024;

-- Fidelix acquisition financed by new equity issue of SEK205
    million in 2021, and SEK1 billion tap issue on senior secured
    notes (EUR100 million-equivalent).

RATING SENSITIVITIES

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

-- FFO gross leverage sustainably below 4.5x;

-- Total debt/EBITDA sustainably below 4.0x;

-- Increase in EBITDA margins towards 6.5%;

-- Free cash flow (FCF) margin above 2% on a sustained basis.

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

-- EBITDA dilution due to unsuccessful M&A resulting in below 5%
    EBITDA margin on a sustained basis;

-- FFO gross leverage sustainably above 6.5x;

-- Total debt/EBITDA sustainably above 6.0x;

-- Lack of consistent positive FCF generation.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Assemblin raised EUR100 million senior
secured notes and SEK246 million of equity from its owners to
finance acquisitions during 2021. This brings total senior secured
notes to EUR350 million. The company also increased its revolving
credit facility (RCF) to SEK636 million from SEK450 million. As a
result, Fitch expects the company to have closed 2021 with around
SEK700 million of cash.

Assembly has no debt maturities until 2025 for its senior secured
notes, while its RCF falls due in 2024.

ISSUER PROFILE

With revenue of SEK10 billion (EUR1 billion) and close to 6,000
employees, Assemblin is a leading provider of installation and
service solutions in electrical engineering, heating and
sanitation, ventilation and automation across the Nordic region.

ESG CONSIDERATIONS

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




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

COVIS FINCO: Moody's Rates New $850MM Senior Secured Notes 'B2'
---------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the proposed
notes issuance of Covis Finco S.a r.l. (Covis) and its subsidiary
Covis US Finco, LLC (the co-issuers). The 2027 proposed backed
senior secured notes will total $850 million equivalent, split
between a $475 million US dollar-denominated tranche and a $375
million equivalent Euro-denominated tranche. The proposed notes
issuance is part of pharmaceutical company Covis' refinancing of
its entire capital structure and follows the recent acquisition of
two respiratory assets from AstraZeneca PLC (A3 negative) for $270
million. The existing ratings of Covis Finco S.a r.l. and Covis
Midco 2 S.a r.l. are unchanged. The outlook on all entities is
stable.

RATINGS RATIONALE

The B2 ratings on the proposed notes issuance are in line with the
corporate family rating (CFR) assigned to Covis Midco 2 S.a r.l. on
January 12, 2022
(https://www.moodys.com/research/Moodys-assigns-B2-ratings-to-Covis-Pharma-outlook-stable--PR_461196)
as well as the B2 ratings on the co-issuers' $350 million backed
senior secured first-lien term loan B and pari passu ranking $100
million backed senior secured multicurrency revolving credit
facility (RCF) assigned the same day. All the debt instruments will
rank pari passu and benefit from the same guarantee and security
package in Covis' new capital structure and no form of
subordination exists.

ESG CONSIDERATIONS

Governance factors that Moody's considers in Covis' credit profile
include the risk of material or debt-funded acquisitions which
would increase leverage or business risk and the company's private
equity ownership which exposes Covis' credit profile to the risk of
shareholder distributions.

Social risks for Covis pertain to (i) demographic and social trends
as payors seek to limit healthcare expenditure, (ii) customer
relations risks in the context of legal proceedings regarding
marketing practices for Makena in the US and (iii) risks related to
responsible production such as product safety and regulatory risks
linked to manufacturing compliance.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Covis' credit
metrics will deteriorate in the next 12 to 18 months before the
company returns to low single digit organic growth in revenue and
EBITDA from 2023. Good cash conversion and free cash flow
generation of at least $80 million per annum under the current
business perimeter support the stable outlook. The stable outlook
also assumes that Covis will not pursue material product or
business acquisitions or shareholder distributions in the next 12
to 18 months. Furthermore, the potential market removal of Makena
represents an event risk which is not formally factored into the
outlook.

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

The ratings could be upgraded if (i) risks associated with product
concentration significantly abate, including good mitigation of
generic entry on Feraheme, growth in the respiratory portfolio and
certainty that Makena will remain on the market with stable
revenues, and (ii) Covis maintains or grows Moody's adjusted EBITDA
from its 2021 level under the pro forma business perimeter and
Moody's adjusted gross debt to EBITDA reduces to around 4.0x on a
sustainable basis, and (iii) Covis generates free cash flow (FCF,
after royalties, interest and exceptional items) consistently above
$100 million with FCF/debt toward 15%, and (iv) the company does
not make any additional large product and business acquisitions or
shareholder distributions.

The ratings could be downgraded in case Covis' revenues and
earnings decline beyond 2022 including as a result of generic
competition on Feraheme and potential delays in the recovery of
Alvesco sales. Downward rating pressure could also arise if (i)
Moody's-adjusted debt/EBITDA rises toward 5.5x sustainably, (ii)
cash generation weakens such that Moody's adjusted free cash
flow/debt decreases toward 5% and liquidity weakens, (iii) Covis
embarks upon additional large product or business acquisitions
before the AstraZeneca assets are fully transitioned and
consolidated in its accounts for a full 12 months, (iv) Makena is
removed from the market or its share reduces significantly.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Covis Finco S.a r.l.

BACKED Senior Secured Regular Bond/Debenture, Assigned B2

CORPORATE PROFILE

Covis, headquartered in Zug (Switzerland) and Luxembourg, markets
and distributes patent-protected and mature drugs to treat chronic
disorders and life-threatening conditions in the respiratory and
critical care areas, with presence in over 50 countries. Founded in
2011 by management and Cerberus Capital, it was acquired by funds
affiliated with Apollo Global Management in March 2020. In the 12
months to September 30, 2021, Covis had revenue of around $590
million, including the assets recently acquired from AstraZeneca
PLC.




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

ARGENT WEALTH: Goes Into Liquidation
------------------------------------
Robbie Lawther at International Adviser reports that the Financial
Services Compensation Scheme (FSCS) has announced that Argent
Wealth Limited was liquidated on Jan. 20.

The advice firm, which traded as Orchard Financial Planners and
Morley James Asset Management, was one of the companies associated
with the British Steel Pension Scheme scandal, International
Adviser discloses.

According to International Adviser, the FSCS added that clients of
the firm may be eligible for compensation and should check if they
can claim.

The FSCS told International Adviser that it has already received 17
claims against the firm.

Out of the 17, eight claims have been about the BSPS scandal,
International Adviser states.  All claims are in progress,
International Adviser relates.

The UK lifeboat scheme did not state why the advice company entered
into liquidation, International Adviser notes.


BEAUMONT MORGAN: Enters Administration, 61 Jobs at Risk
-------------------------------------------------------
Grant Prior at Construction Enquirer reports that Manchester-based
contractor Beaumont Morgan Developments (BMD) is in
administration.

According to the Enquirer, documents filed at Companies House on
Jan. 24 confirm Begbies Traynor is now in charge of the GBP47
million turnover contractor.

Concerned subcontractors have been contacting the Enquirer since
before Christmas as fears grew over the contractor's future, the
Enquirer relates.

Latest accounts for BMD for the year to March 27, 2020, show a
pre-tax profit of GBP67,433 from a turnover of GBP47.18 million
with the company employing 61 staff, the Enquirer discloses.


CURTIN&CO: Enters Voluntary Liquidation, Owes More Than GBP750K
---------------------------------------------------------------
James Halliwell at PRWeek reports that consultancy Curtin&Co has
entered voluntary liquidation with debts of more than GBP750,000.

According to PRWeek, a statement of affairs filed with Companies
House and signed by the liquidator on Dec. 21, said the public
affairs consultancy owed 32 creditors a total of GBP752,281,
including GBP281,459 to 11 former employees.

This figure included GBP150,000 owed to Funding Circle, GBP62,017
to law firm DAC Beechcroft and GBP59,625 to HMRC, PRWeek states.

Former Curtin&Co directors Nick Stanton and Paul Harvey are now
listed as directors of Chess Engage, which says it is a "specialist
consultancy working exclusively within the planning and development
industry," PRWeek discloses.

The third director is Michael Cox, a Lib Dem councillor and
chartered accountant, who was a small shareholder in Harwood, which
was owed GBP122,069 by Curtin&Co when the business was wound up,
PRWeek notes.


DERBY COUNTY FOOTBALL: Receives Formal Bid From Carlisle Capital
----------------------------------------------------------------
Tom Collomosse at Mail Online reports that Derby County Football
Club has received a formal bid of about GBP28 million from US
brothers Adam and Colin Binnie with the crisis-torn club possibly
days away from liquidation.

According to Mail Online, it is believed to be the first definitive
offer since the club went into administration in September, and
supporters will hope it represents a chink of light at the end of
the tunnel.

Administrators Quantuma have been asked by the EFL to prove the
club has the required funds -- thought to be about GBP5 million --
to complete the season, Mail Online relates.  They must do so by
Feb. 1, Mail Online notes.

The Binnies, key figures in private equity firm Carlisle Capital,
have been monitoring the situation since last autumn, Mail Online
states.

The offer is not thought to include Derby's Pride Park stadium,
owned by former chairman Mel Morris, according to Mail Online.

It now remains to be seen whether other interested parties, which
include former Newcastle owner Mike Ashley, present rival bids,
Mail Online discloses.  The compensation cases launched by
Middlesbrough and Wycombe against the Rams, for breaking of
spending rules, have been one of the obstacles to a sale, according
to Mail Online.

Derby were docked 12 points for entering administration and then a
further nine for those financial breaches, Mail Online states.

Quantuma have still to name a preferred bidder, though they say
they are hopeful of doing so in the coming days, Mail Online
discloses.

                About Derby County Football Club

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

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


MONEYTHING: Administrator Awaits Outcome of Court Case
------------------------------------------------------
Michael Lloyd at Peer2Peer Finance News reports that MoneyThing's
administrator said it is unable to provide a clear estimate about
loan realisations until the outcome of its court case, while its
time costs have risen to GBP588,966.

Moorfields Advisory issued an application to court on the direction
of payments on September 16, 2021, and the hearing is scheduled for
Feb. 17 this year, Peer2Peer Finance News relates.

According to Peer2Peer Finance News, its latest progress report,
filed with Companies House, showed that funds held on trust
totalled GBP3.08 million from six borrowers as of December 20,
2021.

This was made up of GBP2.86 million in recovery proceeds,
GBP204,581 from default interest held on trust as a contingency and
GBP20,307 was the balance of funds held on trust as at the date of
administration, Peer2Peer Finance News discloses.

Moorfields Advisory, which has been overseeing the wind-down of the
peer-to-peer lending platform since 2020, said there is a “degree
of uncertainty” over repayments, Peer2Peer Finance News notes.

It said these funds are held on trust primarily pending the outcome
of the court application for directions, and in some cases to allow
for costs to fund further recovery action, Peer2Peer Finance News
relays.

In the six months from June 21 to December 20, five performing
loans from one borrower were redeemed in full and GBP99,000 in
capital alongside full interest was retuned to lenders, according
to Peer2Peer Finance News.

MCL also received interest totalling GBP13.11 million from
performing loans and after Dec. 20, two borrowers with 11 loans
outstanding remained classified as performing, Peer2Peer Finance
News notes.

Time costs for the administration totalled GBP588,966, representing
1,363.10 hours at an average cost of GBP432.10 per hour, according
to Peer2Peer Finance News.

Last October, MoneyThing's administration was extended until
December 20, 2022, and Moorfields Advisory has now said that a
further extension is likely, Peer2Peer Finance News recounts.

MoneyThing was pushed into administration in December 2020 as it
could not afford to defend itself against future litigation from a
borrower, Peer2Peer Finance News relays.

The platform had previously planned to enter into a solvent
wind-down rather than an administration, which it said was because
of lower investor confidence and strong competition in the
lower-risk business loans market, Peer2Peer Finance News notes.


NORD GOLD: Fitch Raises LongTerm IDR to 'BB+', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded gold mining company Nord Gold PLC's
(Nordgold) Long-Term Issuer Default Rating (IDR) to 'BB+' from
'BB'.  The Outlook is Stable.

The upgrade reflects Fitch's expectations that Nordgold will
maintain its funds from operations (FFO) gross leverage at a low
level following reported gross debt reduction to below USD0.5
billion from USD1 billion during 1H21.

Current expansionary capex plans, coupled with a new, free cash
flow (FCF)-based dividend policy, are likely to push post-dividend
FCF margins towards negative single digits until investments start
paying off from 2024.  However, Fitch expects capex-driven pressure
on FCF to be contained and eventually improve Nordgold's scale,
country mix and cost position.

KEY RATING DRIVERS

Debt Prepayment: Nordgold nearly halved its reported debt to under
USD0.5 billion, now comprising mainly USD0.4 billion Eurobonds due
2024, during 1H21 following strong market-driven cash accumulation
throughout the Covid-19 pandemic. The debt prepayment was aided by
minimal dividends declared for 2020 and USD400 million dividends
declared for 2021, payable in two equal instalments in 2H21 and
1H22. Fitch views significant debt reduction as an important step
for Nordgold ahead of its active capex phase in the Gross district
from 2022.

Gross District to Drive Growth: Fitch expects Nordgold's gold
output to reach 1.1 million ounces (oz) from 2024, versus 1.0
million oz in 2020 as the company's expansion in the Gross district
in Russia's Yakutia more than offsets the gradual phase-out of the
depleting Taparko and Berezitovy mines. The expansion mainly
includes 130koz of Gross mine expansion in 2024, and the adjacent
Tokko project with a targeted capacity of at least 200koz from
2024.

Shift Away from Higher-Risk Jurisdictions: As a result of Gross
district expansion and depleting Taparko in Burkina Faso, Russia
and Kazakhstan should contribute over 60% of Nordgold's output from
2025 (2021E: around 50%) while higher-risk jurisdictions Burkina
Faso and Guinea should fall to below 40%. This continues the trend
since 2017 when the Gross mine ramp-up boosted CIS contribution
towards 50% in 2020-2021 from 35% in 2017.

Cost Position to Improve: Nordgold's third-quartile position on a
global all-in-sustaining cost (AISC) and total cash cost (TCC)
curves is a mix of first-quartile Gross mine operations and
above-average costs at the Bissa, Bouly, Taparko and Lefa mines in
western Africa. The reserve depletion at Taparko and Berezitovy,
coupled with the expansion at the low-cost Gross and Tokko mines,
should improve Nordgold's cost position towards the second quartile
from 2024. Nordgold has the ability to proactively improve its
group-wide TCC and AISC in a low-price environment by accelerating
the closure of higher-cost mines like Taparko, as it aims to keep
FCF positive across its mines.

New Dividend Policy: Nordgold introduced a new dividend policy in
March 2021, stipulating semi-annual dividend payments of at least
50% of pre-growth capex FCF starting from 2022, subject to net
debt/EBITDA being below 1.5x. The policy's leverage target compares
positively with the previously disclosed 2.0x. Although the revised
dividend policy does not fully prevent leverage increases during
sharp market downturns or active expansions, it provides better
visibility on a through-the-cycle leverage profile and FCF
generation, compared with the previous net income-based formula.

Capex Peak in 2022-2024: Nordgold's current financial profile can
accommodate active Gross and Tokko expansion investments that will
peak in 2023-2024. Fitch expects capex to peak at 30%-35% of sales
in 2022-2024 before moderating to 20%-25%. Coupled with the revised
dividend policy, this should drive FFO gross leverage to 1.5x-2.0x
in 2023-2024 until expansions start operations and paying off,
allowing leverage to rebase towards 1.5x in 2025. Fitch's rating
case does not incorporate the Montagne D'Or project that is pending
authorities' permission.

Potential IPO: Management is contemplating Nordgold's IPO during
2022, yet volatility on financial and commodity markets may
complicate this. While not yet determined, Fitch does not expect
Nordgold to materially change its dividend policy or strategy
following its potential IPO. Nordgold had announced its intention
to re-IPO when it delisted in 2017.

Adequate Reserve Life: Nordgold had JORC-compliant reserves of 12.4
million oz at its operating mines at end-2020, which translates
into 12 years of operating mine life based on 2020 output. This is
above most of its Fitch-rated gold peers' except for PJSC
Polyus's.

Western Sahel Exposure: Risks of operating in Burkina Faso and the
Western Sahel region remain. Fitch views attacks from Islamist
rebel groups targeting gold mines and their workers as a risk in
the region, and Burkina Faso, in particular. Due to the presence of
peacekeeping forces in the region, geographical diversification and
location of Nordgold's mines Fitch does not expect material or
prolonged production disruptions.

DERIVATION SUMMARY

Nordgold is a mid-scale (around 1 million oz a year) gold mining
company globally, with comparable scale to Yamana Gold Inc.'s
(BBB-/Stable) but smaller than Agnico Eagle Mines Limited's
(BBB/RWP), Kinross Gold Corporation's (BBB/Stable), AngloGold
Ashanti Limited's (BBB-/Stable) and PJSC Polyus's (BB+/Stable).
Fitch views Nordgold as a third-quartile cost producer (AISC of
USD1,049/oz in 1H21 and USD1,024/oz in 2020) with 2020 AISC
marginally above Kinross's USD970/oz, and slightly below Agnico
Eagle's USD1,051/oz and Yamana's USD1,080/oz.

Around half of Nordgold's output and 40% of its EBITDA comes from
Burkina Faso and Guinea, which Fitch views as higher-risk operating
environments. Higher-risk country exposure is comparable with
AngloGold's and above that of other peers. Fitch expects Nordgold's
higher-risk country EBITDA share to trend down to 30% by 2024-2025
as Russia's Gross and Tokko mines expand.

Nordgold's financial policy remains among the most conservative
across peers', publicly setting the 1.5x net debt/EBITDA threshold
for its 50% FCF-based dividend payments, comparable to AngloGold's
and Yamana's 1.0x through-the-cycle target. Nordgold roughly halved
its gross debt to below USD0.5 billion during 9M21, thus placing
its 2022-2024 leverage profile on a par with financially
conservative Kinross, Agnico Eagle and AngloGold, and well below
that of Yamana and Polyus.

KEY ASSUMPTIONS

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

-- Gold price in line with Fitch's price deck at USD1,600/oz in
    2022, USD1,400/oz in 2023 and USD1,300/oz to 2025;

-- Total refined gold production to average at 0.9-1 million oz
    in 2022-2023, rebasing at 1.1 million oz to 2025;

-- Capex to average at 31% of sales in 2022-2025;

-- Dividends as per the company's policy.

RATING SENSITIVITIES

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

-- Fitch does not anticipate positive rating action at the least
    in the medium term given Nordgold's scale, country mix of
    operations, cost position and financial/dividend policies.

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

-- EBITDA margin below 40% on a sustained basis;

-- Failure to progress with the expansion at Gross and Tokko
    mines as currently envisaged while maintaining FFO gross
    leverage above 1.5x or total debt/EBITDA above 1.5x on a
    sustained basis;

-- Deterioration of cost position with AISC moving to the fourth
    quartile on a sustained basis.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: At 30 June 2021, Nordgold reported a USD389
million cash cushion against USD46 million short-term debt
(excluding leases and accrued interest) and no other debt
maturities except for USD46 million factoring and its USD400
million Eurobonds due in October 2024.

Its USD200 million unused committed ESG-linked credit facilities
further boost liquidity until expiration in 2023 and 2024. Fitch
expects Nordgold's post-dividend FCF to turn negative in 2022-2023
as expansionary capex peaks, but without affecting liquidity, due
to a significant cash cushion and zero debt maturities until 2024.

ISSUER PROFILE

Nordgold is an international pure-play gold producer with a
portfolio of nine operating mines diversified across Russia,
Burkina Faso, Guinea and Kazakhstan. The group also has several
projects undergoing feasibility studies or in exploration and
development stages, in French Guiana, Canada and Russia.

ESG CONSIDERATIONS

Nord Gold PLC has an ESG Relevance Score of '4' for Exposure to
Social Impacts, due to the location of some of its mines in areas
exposed to potential violence from Islamist rebel groups, which has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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


POLARIS PLC 2022-1: Moody's Assigns (P)B3 Rating to Class Z Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional long-term credit
ratings to Notes to be issued by Polaris 2022-1 plc:

GBP[] Class A Mortgage Backed Floating Rate Notes due October
2059, Assigned (P)Aaa (sf)

GBP[] Class B Mortgage Backed Floating Rate Notes due October
2059, Assigned (P)Aa2 (sf)

GBP[] Class C Mortgage Backed Floating Rate Notes due October
2059, Assigned (P)A1 (sf)

GBP[] Class D Mortgage Backed Floating Rate Notes due October
2059, Assigned (P)Baa2 (sf)

GBP[] Class E Mortgage Backed Floating Rate Notes due October
2059, Assigned (P)Ba2 (sf)

GBP[] Class Z Mortgage Backed Floating Rate Notes due October
2059, Assigned (P)B3 (sf)

GBP[] Class X1 Floating Rate Notes due October 2059, Assigned
(P)Caa1 (sf)

Moody's has not assigned ratings to the GBP [] Class X2 Floating
Rate Notes due October 2059 and the Residual Certificates.

The Notes are backed by a static portfolio of UK non-conforming
residential mortgage loans originated by Pepper Money Limited (not
rated). This is the fourth securitisation of this originator in the
UK. The securitised portfolio size as of the end of December 2021
is equal to approximately GBP450M and is made of sums owing by the
customer inclusive of accrued interest totalling approximately
GBP1.3M. Between closing and the first interest payment date (March
2022) the issuer could add new loans to the pool in the amount of
up to GBP 50M.

RATINGS RATIONALE

The ratings of the Notes are based on an analysis of the
characteristics and credit quality of the underlying mortgage pool,
sector wide and originator specific performance data, protection
provided by credit enhancement, the roles of external
counterparties and the structural features of the transaction.

MILAN CE for this pool is 13.5% and the expected loss is 2.5%.

The expected loss is 2.5%, which is in line with the UK
Non-conforming sector average and is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account: (i)
the WA LTV of 71.7%; (ii) the above average percentage of loans
with an adverse credit history; (iii) the current macroeconomic
environment in the UK; and (iv) benchmarking with similar UK
Non-conforming RMBS.

MILAN CE for this pool is 13.5%, which is in line with the UK
Non-conforming sector average and follows Moody's assessment of the
loan-by-loan information taking into account the following key
drivers: (i) the WA LTV of 71.7%; (ii) strict pre-funding criteria;
(iii) the above average percentage of loans with an adverse credit
history; (iv) the low WA seasoning of 0.3 years; (v) the historic
data does not cover a full economic cycle; and (vi) benchmarking
with similar UK Non-conforming RMBS.

The transaction benefits from a Liquidity Reserve Fund which is
funded at closing to represent 1% of the Class A Notes. The
Liquidity Reserve Fund will be replenished using revenues fund.
After the step-up date the liquidity reserve fund will be equal to
1.0% of the outstanding balance of the Class A notes and will
amortise in line with the Class A notes; the excess amount is
released through the principal waterfall. The liquidity reserve
does not cover any other class of notes in the event of financial
disruption of the servicer and therefore limits the achievable
ratings of the Class B Notes.

Interest Rate Risk Analysis: 100% of the loans in the pool are
fixed rate loans reverting to the Lender Managed Rate (LMR). The
Notes are floating rate securities with reference to compounded
daily SONIA. To mitigate the fixed-floating mismatch between the
fixed-rate asset and floating liabilities, there will be a
scheduled notional fixed-floating interest rate swap provided by
National Australia Bank Limited (Aa2(cr)/P-1(cr)).

Linkage to the Servicer: Pepper (UK) Limited (NR) is the servicer
in the transaction. To help ensure continuity of payments in
stressed situations, the deal structure provides for: (1) a back-up
servicer facilitator (CSC Capital Markets UK Limited (NR)); (2) an
independent cash manager (Citibank, N.A., London Branch
(Aa3(cr),P-1(cr))); (3) liquidity for the Class A Notes; and (4)
estimation language whereby the cash flows will be estimated from
the three most recent servicer reports should the servicer report
not be available.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

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.

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

Significantly different loss assumptions compared with Moody's
expectations at close due to either a change in economic conditions
from Moody's central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment, worsening
household affordability and a weaker housing market could result in
downgrade of the ratings. Deleveraging of the capital structure or
conversely a deterioration in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.


SANDWELL COMMERCIAL 2: Fitch Lowers Class C Notes Rating to 'C'
---------------------------------------------------------------
Fitch Ratings has downgraded Sandwell Commercial Finance No. 2
plc's class C notes to 'Csf' from 'CCCsf' and affirmed the rest.

       DEBT                RATING         PRIOR
       ----                ------         -----
Sandwell Commercial Finance No.2 Plc

Class C XS0229030712   LT Csf Downgrade   CCCsf
Class D XS0229031017   LT Csf Affirmed    Csf
Class E XS0229031280   LT Csf Affirmed    Csf

TRANSACTION SUMMARY

The transaction is a securitisation of loans originated in the UK
by West Bromwich Building Society, which closed in September 2005.

KEY RATING DRIVERS

Defaulted loans, Low Recoveries Expected: Nine loans totalling
GBP11.6 million remain outstanding, with two of those loans (GBP5.3
million) subject to enforcement proceedings. Historic loan losses
have resulted in the aggregate principal deficiency ledger reaching
GBP20.6 million. Combined with weak expected realisation proceeds
(once enforcement proceedings are completed), the class C notes
balance is expected to exceed the remaining aggregate loan balance.
Therefore, Fitch deems a default of the class C notes inevitable,
as reflected in today's downgrade to 'Csf'.

Exposure to High-Risk Sectors: The transaction has high exposure to
UK secondary retail assets, a sector that was under-performing even
before the coronavirus pandemic. This is reflected in the low
expected asset realisation values to date.

RATING SENSITIVITIES

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

-- Failure to pay interest or principal when due will cause the
    ratings to be downgraded to 'Dsf'.

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

-- Recoveries on defaulted loans significantly above Fitch's
    expectations may result in rating upgrades.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transaction's initial
closing. The subsequent performance of the transaction over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

ESG CONSIDERATIONS

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


SHERWOOD PARENTCO: S&P Assigns 'B+' ICR, Outlook Stable
-------------------------------------------------------
S&P Global Ratings assigned its 'B+' issuer credit rating to
U.K.-domiciled Sherwood Parentco Ltd., the holding company of Arrow
Global Group Ltd. and its operating subsidiaries (together Arrow).

S&P said, "We also assigned our 'B+' issue ratings to the group's
senior secured notes with a '4' recovery rating (40% recovery
prospects) issued by the group's financing vehicle Sherwood
Financing PLC.

"The stable outlook indicates that we expect the group's improving
balance sheet and growth in its servicing and fund management
business to support solid earnings and a gradually reducing, though
still elevated, leverage profile over the next 12 months.

"We are withdrawing our 'B+' issuer credit rating on Arrow Global
Group. The outlook at the time of the withdrawal was stable, in
line with that of its parent, Sherwood."

Rationale

Sherwood completed its refinancing of Arrow's outstanding debt as
planned. Sherwood has used three tranches of senior secured bond
financing (totaling roughly GBP1.2 billion) to repay the bridge
facility used to repay Arrow's existing GBP970 million of senior
secured notes upon its acquisition of Arrow in October 2021. The
tranches are split as follows:

-- EUR640,000,000 senior secured floating-rate notes due 2027,
bearing EURIBOR + 4.625%;

-- EUR400,000,000 4.500% senior secured fixed-rate notes due
2026;

-- GBP350,000,000 6.000% senior secured fixed rate notes due
2026;

-- The quantum of these bonds is greater than the previously
outstanding senior secured notes issued by Arrow Finance PLC, and
surplus issuance has been used to reduce the outstanding balance on
the group's GBP285 million revolving credit facility (RCF), which,
following the transaction, stands at a draw of GBP55 million.

S&P said, "Our ratings are in line with the preliminary ratings we
assigned on Oct. 25, 2021. For further details on the rating
analysis, see "Sherwood Parentco Assigned Preliminary 'B+' Ratings
On Close Of Arrow Global Acquisition; Outlook Stable."

"Following the repayment of its outstanding bonds, we are
withdrawing the rating on Arrow Global Group at the issuer's
request.

"The stable outlook reflects our expectation that Sherwood, through
its Arrow operating subsidiaries, will operate with gradually
reducing, though elevated, financial leverage over the next 12
months. Notably, we expect average adjusted debt to EBITDA to hover
around 5x over the next 24 months. We expect this trend to be
supported by the group's continued pivot toward fund management and
asset servicing in the European distressed debt market, with an
ongoing stable, profitable performance in the group's balance
sheet.

"We could lower the ratings by one notch following a period of
sustained underperformance or significantly accelerated capital
deployment that undermined our broad view of the group's financial
stability. This would include adjusted debt to EBITDA persistently
above 5x beyond 2022. This could be precipitated by rapid, material
drawing under the group's RCF, likely to fund mergers and
acquisitions or significant portfolio purchases, which would
increase leverage and worsen the group's liquidity position.

"We believe that an upgrade of Sherwood or its debt instruments is
unlikely over the next 12 months. In the medium term we could see
rating upside if the group can reduce its leverage effectively,
with its cash adjusted leverage around 3.5x on a sustained basis,
while demonstrating stable financial discipline. Under our base
case, we do not expect this before 2023 at the earliest."


STONEGATE PUB: Fitch Affirms 'B-' LT IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Stonegate Pub Company Limited's
Long-Term Issuer Default Rating (IDR) at 'B-' with a Negative
Outlook. Fitch has also downgraded Stonegate Pub Company Financing
2019 PLC's senior secured instruments' senior secured rating to
'B'/'RR3' from 'B+'/'RR2' and removed it from Rating Watch Negative
(RWN). Fitch has affirmed Stonegate Pub Company Bidco Limited's
subordinated rating at 'CCC'/'RR6'.

The one-notch downgrade of the senior secured rating reflects the
increased amount of debt of the creditor class (from tap issues in
November 2020 and July 2021) reducing Fitch's envisaged recoveries
for these creditors to the 'RR3' band from 'RR2'.

The Negative Outlook reflects the group's high leverage, even on a
normalised run-rate EBITDA basis, and tight liquidity profile. As
demonstrated in 2020-2021 when pubs resumed operations, and up
until December 2021 when the Omicron variant restricted operations,
Fitch views Stonegate's diverse pub portfolio's operations, when
open, as capable of bouncing back to near-optimal levels of
profitability.

The portfolio is a mix of UK geographies, locations (city, town
centre, regional), formats (wet-led pubs, night clubs, sports bars,
food), and operating models, so direct control of operating costs
has yielded higher profits. Like other pub groups, capex on
converting lease & tenanted (L&T) pubs increases group EBITDA and
returns on investment as they come back onstream, either in FY22
(ending September) and thereafter.

KEY RATING DRIVERS

High Leverage; Uncertain Deleveraging Path: In the four months
prior to December 2021, the company enjoyed a strong rebound in wet
volumes across its L&T estate of around 90% of pre-pandemic levels.
The segment's profitability was just under pre-pandemic norms.
Lower volumes were offset by the continued premiumisation of the
group's offering. Fitch's rating case does not envisage further
trading disruptions, supporting Fitch's expectation of reasonable
prospects for Stonegate to delever towards 7.0x on a total
lease-adjusted debt/operating EBITDAR by the end of the rating
horizon (end FY24).

The duration of the pandemic disruption has reduced Stonegate's
financial flexibility, delaying EBITDA-accretive pub conversions
and subsequent synergy realisation and further elongating the
uncertain deleveraging trajectory. Fitch expects some free cash
flow (FCF) generation from FY23 onwards, with FY22's FCF hindered
by the unwinding of working capital deferrals, despite a strong
recovery in profitability, equivalent to 90% of the group's
pre-pandemic, pro-forma group EBITDA exclusive of planned
synergies.

Meaningful Execution Risk Remains: Stonegate has limited financial
capacity to mitigate execution risks while still deleveraging. The
group will face challenges from an inflationary environment due to
the discretionary nature of demand combined with cost base
pressures, as mitigated by scope for higher spending power of
lower-paid workers in the country. Added trading uncertainty may
arise in the medium term, due to the shift in flexible working
patterns affecting Stonegate's existing portfolio of, mostly town
centre located, managed sites.

A change in the VAT rate back to 20% in April 2022 for UK
hospitality would have a lower impact given Stonegate is
predominantly a wet-led business, and the temporary 5% reduced VAT
rate only applies to food.

Significant Government Support: Since March 2020, the pub industry
has received significant government support (direct cash grants,
furlough, business rates) during lockdowns. This has helped L&T
publicans, meaning business failures are reportedly low. Some
support has also flowed to Stonegate's managed portfolio but its
town centre-biased units or night-activity venues have seen a
slower recovery in profits than coastal or suburban locations. The
lower-yielding L&T wet-led portfolio with contractual rent paid by
its publicans has been the main driver of subdued group profits
during the pandemic.

Diversified Portfolio: The 3,131 pub L&T suburban portfolio
contributes nearly 60% of run-rate proforma EBITDA (to January
2020) including its contractual rent and net margin from wet-led
sales. These publicans have benefited from direct government
support and support from central Stonegate for restarting, more
than pub independents would. The EBITDA of the managed portfolio
(1,262 outlets including Slug & Lettuce, Venue, Be At One, Property
Pubs formats) is more susceptible to changes in volumes.

Apart from Craft Union (sports bar format where the operator
received a percentage of sales to pay staff) Stonegate assumes
these managed formats' operating costs, including staff. London and
other city locations require a return of office workers.

Treatment of Unique WBS: In Fitch's assessment of the group's core
financial profile, Fitch includes the whole business securitisation
Unique Pub Finance Company Plc (GBP100 million of pro-forma EBITDA,
gross debt of GBP673 million at end-FY21). However, in the
liquidity analysis Fitch excludes its cash balances, as Unique is
ring-fenced and its cash cannot be accessed by Stonegate.
Nevertheless, utilisation of Unique's liquidity facilities to meet
any scheduled interest or amortisation of its notes would be
reflected in Fitch's assessment of leverage. Fitch's recovery
estimate for restricted group creditors reflects the discounted
equity value from the ring-fenced Unique pub assets, net of its
drawn debt and estimated prepayment penalties (SPENs).

DERIVATION SUMMARY

Fitch rates Stonegate under its global restaurants navigator
framework, taking into accounts its predominantly wet-led
operations, and a significantly higher proportion of freehold
property ownership, which affects leverage.

Stonegate is rated in line with Punch Pubs Group Limited (IDR:
B-/Stable), which has a portfolio of 1,235 sites versus Stonegate's
4,300. Both are predominantly wet-led estates. Although Punch's
EBITDA/pub in L&T is comparable with Stonegate's 2020 Enterprise
Inn-acquired L&T portfolio's, Punch's managed portfolio yields
lower profits than Stonegate's, reflecting the size of the average
unit and drink sales per pub. Punch's portfolio is less town
centre-based than Stonegate whose city and late-night formats have
had restricted operational conditions during much of the pandemic,
eroding their high EBITDA/pub. Both companies' underlying strategy
is to convert under-utilised L&T pubs within their respective
portfolios by injecting new management and capex to increase
EBITDA/pub potential.

The difference in Outlook at the same 'B-' rating reflects Punch's
stronger financial flexibility compared to Stonegate, with the
former's pub conversion programme being less hindered during the
pandemic.

Stonegate is rated one notch lower than PizzaExpress (Wheel Bidco)
(B/Stable), which benefits from stronger profitability and a more
conservative financial structure as Fitch expects PizzaExpress to
deleverage to 5.7x by 2023 on a total adjusted debt/operating
EBITDAR basis versus above 7.0x for Stonegate. This is somewhat
balanced by Stonegate's stronger business profile with a larger
size, better financial and operational flexibility given its
freehold property and less severe impact from Covid-19
restrictions.

KEY ASSUMPTIONS

-- Fitch has compiled a FY22 profile that is 90% of the group's
    pre-pandemic, pro-forma group EBITDA exclusive of synergies
    envisaged. Thereafter, Fitch assumes Fitch-defined EBITDA
    improves towards GBP450 million by FY24 due to a combination
    of achieving planned synergies and some upside from the
    delayed pub conversion programme underpinned uninhibited
    trading.

-- The L&T estate is a mixture of contractual rent and (pre
    coronavirus) proportionally higher net wet income related to
    volumes. These outlets also have greater profit recovery
    potential given their outdoor and non-city centre locations.
    FY22 EBITDA in Fitch's updated rating case is 95% of pro-forma
    L&T pre-pandemic, pre-synergies EBITDA.

-- The Stonegate managed portfolio is more adversely affected,
    given its town centre locations, late-night formats, and an
    operating model that requires high volumes. FY22 EBITDA in
    Fitch's updated rating case is 80% of pro-forma Stonegate
    portfolio pre-pandemic and pre-synergies EBITDA.

-- Capex increasing towards GBP160 million per year from FY23,
    with an even split between maintenance and expansionary
    associated with conversion programme.

-- Annual disposals at GBP35 million for year (group FY21: GBP66
    million).

-- Total working capital outflow of around GBP75 million for FY22
    reflecting the unwind of rent and VAT deferrals; broadly
    neutral working capital expected thereafter.

KEY RECOVERY RATING ASSUMPTIONS

Our recovery analysis assumes that Stonegate would be liquidated
rather than restructured as a going concern in a default.

Recoveries are based on the mainly freehold value of the
consolidated group's assets, although bondholders' security is a
pledge over the equity shares in group entities. Fitch's
liquidation approach uses management's latest valuations of group's
freehold and long leasehold assets, which are frequently updated
based on third-party valuations. Fitch applies a standard 25%
discount to these valuations comparable with the stress experienced
by industry peers during 2007 to 2011 on an EBITDA/pub basis,
replicating the 'fair maintainable trade' component of the
valuation. The total amount Fitch assumes available to creditors is
around GBP2.25 billion.

Fitch's recovery estimate for restricted group creditors also
includes a proxy for a discounted equity value from the ring-fenced
Unique pub assets, net of its committed debt including the
currently undrawn liquidity facility, and estimated SPENs. From
this, Fitch envisages that there would be around GBP100 million of
residual value available to restricted group creditors.

After deducting a standard 10% for administrative claims, Fitch has
assumed that the GBP250 million super-senior revolving credit
facility (RCF) would be fully drawn in the event of default.

Under Stonegate's existing debt, Fitch's principal waterfall
analysis generates a ranked recovery for senior secured loans of
'RR3' with a waterfall generated recovery computation output
percentage of 63% based on current metrics and assumptions. Given
the structural subordination, Fitch assigned a ranked recovery for
the second-lien in the 'RR6' band with 0% expected recoveries. The
'RR6' band indicates a 'CCC' instrument rating, two notches below
the IDR.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action (affirmation with a Stable Outlook):

-- Sustained recovery returning volumes and level of
    profitability back to pre-pandemic, providing clear visibility
    of consolidated Fitch-defined EBITDA trending towards GBP400
    million on a last 12 months basis;

-- Total adjusted debt/operating EBITDAR leverage below 7.0x on a
    sustained basis;

-- Operating EBITDAR/interest paid + rents ratio trending above
    1.6x on a sustained basis;

-- Positive FCF on a sustained basis.

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

-- Erosion of liquidity headroom into 1H22 and lack of positive
    FCF;

-- Total adjusted debt/operating EBITDAR leverage above 8.0x;

-- Operating EBITDAR/interest paid + rents ratio not improving
    above 1.3x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity; Near-Term Maturities: Fitch understands at
end-FY21 GBP225 million of the RCF was available in addition to
GBP100 million of cash available to the restricted group. However,
under Fitch's rating case for FY22, Fitch envisages continued
reliance on RCF over the next 12 months to cover the unwinding of
working capital deferrals and a normalisation of capex, as the
estate continues to recover back towards pre-pandemic levels of
earnings. The restricted group's liquidity profile would benefit
from the maturity of the GBP50 million tranche of the RCF, due in
July 2022, being extended by a minimum of 12 months.

Under Fitch's assessment, Unique will likely require further
liquidity to cover scheduled payments for the junior M (B/Negative)
and N notes (B-/Negative) as FCF will likely be insufficient to
cover the notes' schedule payments that ramp up in FY22 through to
FY24. Unique's structure contains an undrawn liquidity facility of
around GBP150 million that reduces in size broadly proportionally
to the amortisation profile of the junior notes. Nevertheless, use
of restricted group liquidity to meet a potential shortfall in
meeting the payments of Unique's junior notes would be credit
negative for restricted group creditors as Fitch assumes the cash
would be trapped in the securitisation structure thereafter.

ISSUER PROFILE

Stonegate is the UK's largest pub company, with a portfolio of
around 4,500 sites.

ESG CONSIDERATIONS

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



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