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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, February 16, 2022, Vol. 23, No. 28

                           Headlines



A U S T R I A

[*] AUSTRIA: Insolvencies Up 144.6% in Fourth Quarter of 2021


C Z E C H   R E P U B L I C

CZECH AIRLINES: Prague City Air to Become New Investor


F I N L A N D

UROS OY: Declared Bankrupt by Oulu District Court


F R A N C E

ARMOR IIMAK: Moody's Puts 'B2' CFR, Rates EUR450MM Term Loan 'B2'
DIOT-SIACI: Fitch Assigns Final 'B' LT IDR, Outlook Stable
EN6 SAS: S&P Assigns Prelim 'B+' Long-Term Issuer Credit Rating
PROMONTORIA HOLDING 264: S&P Ups ICR to 'B' on Debt Refinancing


G E R M A N Y

GREEN CITY: Attracts Various Potential Investors


I R E L A N D

BARINGS EURO 2019-2: Fitch Affirms B- Rating on Class F Notes
BARINGS EURO 2019-2: Moody's Affirms B2 Rating on Class F Notes
CONTEGO CLO II: Moody's Ups Rating on EUR10.8MM F-R Notes to Ba2
LOGICLANE I CLO: Moody's Assigns (P)B3 Rating to EUR11MM F Notes
MALLINCKRODT: Liquidation May Result in EUR4.6BB Financial Hole

SEGOVIA EUROPEAN 3-2017: Moody's Gives (P)B3 Rating to Cl. F Notes
SOUND POINT VIII: Fitch Rates Class F Notes 'B-(EXP)'


S L O V A K I A

SLOVENSKE ELEKTRARNE: Planned Nuclear Tax May Spur Bankruptcy


S P A I N

AYT GENOVA: Fitch Affirms B- Rating on 2 Tranches


S W I T Z E R L A N D

MATTERHORN TELECOM: Moody's Affirms B2 CFR, Outlook Remains Stable


U N I T E D   K I N G D O M

HUNTER HOLDCO 3: Moody's Assigns 'B2' CFR, Outlook Stable

                           - - - - -


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A U S T R I A
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[*] AUSTRIA: Insolvencies Up 144.6% in Fourth Quarter of 2021
-------------------------------------------------------------
According to preliminary data from Statistics Austria, 1,206
enterprises were insolvent in the fourth quarter of 2021, 144.6%
more than in the same period of the previous year with 493
insolvencies.

"The suspension of the obligation to file for insolvency, tax
deferrals and further state Corona aid have so far prevented the
feared pandemic wave of bankruptcies.  A certain catch-up effect is
nevertheless evident at the end of 2021: in the fourth quarter of
2021, the number of insolvencies was 1,206, 1.3% above the
pre-crisis level of the fourth quarter of 2019 and more than twice
as high as in the fourth quarter of 2020," says Statistics Austria
Director General Tobias Thomas.

In the fourth quarter of 2021, 13,098 registrations were recorded,
16.7% less than in the fourth quarter of 2020 with 15,720
registrations.  Compared to the corresponding period before the
crisis (Q4 2019: 14,026 registrations), this corresponds to a minus
of 6.6%.



===========================
C Z E C H   R E P U B L I C
===========================

CZECH AIRLINES: Prague City Air to Become New Investor
------------------------------------------------------
bne IntelliNews, citing Zdopravy.cz, reports that Prague City Air,
founded at the end of January and owned by Smartwings owners Jiri
Simane and the Vik family, will become a new investor in Czech
Airlines (CSA).

According to bne IntelliNews, the company will provide the airline
with a settlement loan of CZK125 million (EUR5.1 million) and the
operating loan of CZK15 million.  The investment plan still needs
to be approved by the creditor, bne IntelliNews notes.  The value
of CSA's unsecured assets stood at CZK253 million, bne IntelliNews
states.

The strategic plan presented by CSA proposes to meet 50% claims of
two secured creditors: the company Quiver Beta (CZK55 million) and
Lufthansa Technik (CZK3 million), bne IntelliNews discloses.  The
other creditors will receive 4.6% of the value of their claims, bne
IntelliNews says.  This will be followed by Airbus which will then
withdraw its large claims of CZK17.3 billion for unrecovered
aircraft, bne IntelliNews relays.

CSA went into bankruptcy in spring 2021, while in June the court
allowed its reorganisation, which is managed by the parent company
Smartwings, bne IntelliNews recounts.



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F I N L A N D
=============

UROS OY: Declared Bankrupt by Oulu District Court
-------------------------------------------------
Kati Pohjanpalo at Bloomberg News reports that Finnish
Internet-of-things company Uros Oy has been declared bankrupt by
the Oulu District Court, according to several local media outlets,
including Helsingin Sanomat and Iltalehti.

Nordea is among creditors who filed the petition for bankruptcy,
Bloomberg discloses.

The company wasn't represented at the court, Bloomberg relays,
citing the media.




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F R A N C E
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ARMOR IIMAK: Moody's Puts 'B2' CFR, Rates EUR450MM Term Loan 'B2'
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating and
a B2-PD probability of default rating to EN6 (Armor IIMAK or the
company). Moody's also assigned a B2 instrument rating to Armor
IIMAK's EUR450 million senior secured term loan B and its EUR85
million senior secured revolving credit facility (RCF). The outlook
is stable.

The proceeds from the debt issuance and an equity contribution will
be used to pay the purchase consideration of Armor IIMAK and
related fees and expenses. The management reinvested into the
company and will own 60% and Astorg will own 40% stake in Armor.

RATINGS RATIONALE

The B2 CFR reflects the company's (i) established and leading
position in the consolidated and niche market of Thermal Transfer
Ribbons (TTR); (ii) its vertically integrated business model, with
in-house expertise in all stages of the ink manufacturing process
from the sourcing of ingredients to the production; (iii) its
exposure to the relatively resilient packaging end market; and (iv)
high Moody's-adjusted EBITDA margins in the next 12 months and
moderate capex requirements, translating into a capacity for
sustained good free cash flow generation.

These positives are balanced by the company's (i) relatively small
size, with 2021 proforma revenue expected at EUR349 million, and a
narrow product portfolio focused on thermal transfer ribbons; (ii)
high customer concentration, albeit expected to decrease with the
integration of the IIMAK acquisition closed in Q3 2021; (iii) a
degree of raw material price inflation exposure, but Moody's
understands that the company has some ability to pass this on to
clients through annual negotiations with clients and (iv) the
company's high starting leverage at 6.3x Moody's-adjusted debt to
EBITDA and pro forma the transaction as of end December 2021 which
is expected to be reduced to levels expected for the B2 rating
category over the next quarters.

The rating reflects the company's leading position in the
consolidated market for Thermal transfer Ribbons (TTR) with 40%
global market share in terms of volume in 2020. Amor IIMAK holds a
strong number one position in EMEA and Americas with 60% and 44%
market share, respectively. In APAC, Armor IIMAK's position (21%
market share in 2020) is much more limited where Chinese companies
(57% market share in 2020) are leaders with a more aggressive price
competition. Given the company's leadership position in a fairly
consolidated market, it is well positioned to capture the
underlying market growth expected to be 5% to 6 % over 2022 to
2025, according to the company.

However, Armor IIMAK's rating is constrained by its relatively
small scale with proforma revenue estimated at only EUR349 million
in 2021 and substantial revenue. These risk factors leave the
company's cash and EBITDA generation vulnerable to event risk such
as loss of key customers or an unfavorable economic environment in
one of its key end-markets. Moody's however recognizes the long
term track record of key customer relationships. Notwithstanding
this potential event risk, revenue patterns are generally
relatively predictable due to the consumable nature of the TTR and
its exposure to the packaging sector. Moody's also has taken into
account that Armor IIMAK's revenue and EBITDA have proven to be
resilient in 2020.

Moody's forecasts that Armor IIMAK's Moody's-adjusted gross
leverage is expected to be at 6.0x in 2022 and will further come
down to below 5.5x in 2023 and to below 5.0x in 2024. The
deleveraging trajectory is predicated on the company gaining
further market share through volume growth in all three product
categories wax, wax-resin and resin but offset by limited price
decline overall. The more significant decrease in leverage is
expected to happen in 2023 driven by the achievement of cost
synergies resulting from the integration of IIMAK, a US TTR
producer acquired end of September 2021.

LIQUIDITY PROFILE

Armor IIMAK has a good liquidity profile. The company is expected
to have a starting cash balance of EUR30 million following the
closing of the acquisition, in addition the company will have
access to the EUR85 million senior secured first revolving credit
facility.

The RCF has a springing covenant set at 9.2x senior secured net
leverage tested only when the RCF is drawn at more than 40%.
Moody's expects the RCF to remain undrawn and Armor IIMAK's
leverage to remain well in compliance, if it were to be tested,
over the next 12-18 months.

STRUCTURAL CONSIDERATIONS

The B2 instrument rating of the new EUR450 million senior secured
term loan B and the EUR85 million senior secured revolving credit
facility (RCF) is aligned with Armor IIMAK's B2 corporate family
rating (CFR). The company's PDR of B2-PD is also in line with the
CFR and reflects the use of a 50% family recovery rate, considering
a security package that is limited to share pledges, intragroup
receivables and bank accounts. The instrument ratings reflect the
ranking of the Senior Secured Term Loan pari passu with trade
payables and the RCF. Further, the facility benefits from
guarantees by material subsidiaries representing 80% of
consolidated EBITDA at closing.

ESG CONSIDERATIONS

Armor IIMAK will be majority (60%) owned by the existing management
which could suggest a less aggressive financial policy than a
typical private equity owned businesses. Although starting leverage
is high, Moody's understand that the management's intention is not
to pursue large debt funded acquisitions or dividends
recapitalizations.

RATING OUTLOOK

Armor IIMAK is solidly positioned in the B2 rating category. The
stable outlook balances the initially high leverage at 6.3x as of
end December 2021 with the good growth outlook and resulting
deleveraging potential in the coming 12-18 months. It also reflects
Moody's expectation that the company will successfully integrate
the IIMAK acquisition and that it won't undertake any large
debt-funded acquisitions or shareholder distribution.

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

Moody's could upgrade Armor IIMAK's ratings if the company reduces
its leverage to below 5.0x, demonstrates its ability to generate
FCF/Debt in excess of 5% and maintains a good liquidity profile.
Furthermore, an upgrade will require that Armor IIMAK's shows
evidence of continued profitability growth reflected in Moody's
adjusted EBITA margin above 20%.

Moody's could downgrade Armor IIMAK's ratings if its leverage
remains above 6.0x or if free cash flow turns negative resulting in
a weakened liquidity profile or the financial policy becomes more
aggressive than expected. A marked weakening of the company's
EBITDA margin would also be negative for the ratings as this could
indicate a loss of the company's strong position in its core
market.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in France, Armor IIMAK is a thermal transfer ribbon
producer, operating 20 facilities globally, of which 3 coating
manufacturing sites in France, USA and China, and 17 local slitting
units, employing c. 1,700 people. The company is owned by the
management and a fund managed by Astorg at 60% and 40%,
respectively. 2021 estimated proforma revenue of the group is
EUR349 million.

DIOT-SIACI: Fitch Assigns Final 'B' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Diot - Siaci TopCo SAS (Diot - Siaci) a
final Long-Term Issuer Default Rating (IDR) of 'B' with a Stable
Outlook. Fitch has also assigned Acropole Bidco SAS's (Acropole)
and Sisaho International SAS's (Sisaho) debt a senior secured
rating of 'B+' with a Recovery Rating of 'RR3'.

The rating actions follow the completed merger between Acropole's
insurance brokerage business, trading as Siaci Saint Honore (S2H),
with certain insurance brokerage entities previously owned by
Groupe Burrus Courtage (GBC). It also follows the receipt of the
final financial documentation arrangements, in line with the drafts
previously received. The newly formed group will trade as Diot -
Siaci.

Fitch has also resolved the Rating Watch Positive (RWP) on
Acropole's Long-Term IDR, with its affirmation at 'B' and
assignment of a Stable Outlook. The resolution of the RWP on
Acropole reflects the stabilisation of its business profile and
financial risk following the merger.

Diot - Siaci is a holding incorporated by GBC, the Ontario Teachers
Pension Plan (OTPP), management of GBC and S2H and other minority
investors. Its ratings reflect high leverage as well as the
combined entity's leading position as an independent
business-to-business (B2B) corporate insurance broker, mainly in
France. The merger expands Acropole's scale and profit margins as
well as providing scope for cost savings. Fitch expects Diot -
Siaci's leverage to improve to within Fitch's sensitivities for a
'B' rating by 2023 on organic growth and cost savings from the
merger.

Fitch has withdrawn Acropole's IDR and Diot - Siaci Bidco SAS's
expected IDR following the reorganisation of the group. The
withdrawals of Sisaho's instrument ratings are due to the
reimbursement of the 2018 facilities.

KEY RATING DRIVERS

Leverage Remains High: Fitch projects Diot - Siaci's funds from
operations (FFO) gross leverage to have risen to around 15x in
2021, given GBC's earnings contribution only from mid-November.
Fitch expects gross leverage to improve to 7.1x FFO for 2022, after
the first full year of trading, post-merger. The group's new debt
package, including a EUR850 million term loan B (TLB) and an EUR150
million revolving credit facility (RCF), refinanced Acropole's
legacy LBO debt and partially finances an equity claim by exiting
investors. Post-merger leverage is lower than Acropole's 2020
figure, implying a marginal dilution in the group's debt
multiples.

Execution of Synergies Key: Deleveraging prospects rely on the
achievement of cost savings and revenue enhancements from the
merger, which are subject to execution risks. The group highlighted
about EUR35 million of potential EBITDA increase following the
integration, expected by 2025. Fitch conservatively lowers
severance and IT savings, while pricing improvements and cross
selling may take longer to implement. Fitch expects around EUR17
million of EBITDA gains to be achieved by 2024, about 50% of
management's indications for that year. However, Fitch expects over
40% of the forecast savings to be achieved by 2022.

Financial Policy to Change: Fitch expects the new owners of the
merger to adopt a more conservative stance on leverage than the
exiting private-equity investors. This is underlined in GBC's
integration being financed with a higher equity component versus a
standalone Acropole. However, consolidation in the insurance
brokerage sector may lead to additional debt, permitted under the
debt documentation, to fund bolt-on or meaningful acquisitions.
Distributions to shareholders are also permitted.

Sectional Improvement in Business Profile: Fitch believes that the
Diot - Siaci combination provides a stronger business profile than
a standalone Acropole. GBC will add more scale to S2H's leading
position in risk, marine, health and protection and also contribute
its coverage of niches in credit and professional risks. Fitch
expects the combined entity to improve S2H's initial market
position in both France and in Switzerland. However, the European
insurance brokerage market remains fragmented, with several
regional niche operators competing alongside few international
champions. For this reason, Fitch expects the enlarged group's
pricing power, under the covered niches and business lines, to
improve only marginally.

Improving FCF Conversion: Fitch-defined EBITDA margin, adjusted for
IFRS 16, will be around 24% in 2022, before rising to 25% by 2024.
These margins are higher than Acropole's 20%. Margin improvements,
mainly sustained by cost savings, are expected to deliver free cash
flow (FCF) margins toward 5% through the cycle. Capex requirements
are the main factor affecting cash conversion, and are led by the
sector's IT and digital infrastructure requirements.

Improved Liquidity: Fitch estimates cash on balance sheet for the
combined group at around EUR40 million at end-2021, post-merger.
Cash headroom will reduce to below this level in 2022, following
around EUR40 million of call option and earn-out payments. However,
Acropole's previously fully-drawn EUR80 million RCF was termed-out
in refinancing. A new undrawn EUR150 million RCF is now available,
improving the group's liquidity. Non-trade working-capital sources,
such as cash related to premiums received from customers to be
transferred to insurers, are an additional key source of
liquidity.

Stable Sector Outlook: Fitch maintains a stable outlook for
non-life insurance in France, such as health and protection, and
property and casualty. Fitch expects insurers to absorb
pandemic-induced losses and withstand economic pressures on
premiums and investment income without a material impact on their
credit profiles. Strong diversification in the sector and
normalisation of claims post-pandemic are sustaining factors. Fitch
believes broadly improving economic conditions in France and abroad
are key for the group to accelerate growth. This applies in
particular to temporary hire policies within the health and
protection business in France.

DERIVATION SUMMARY

Diot - Siaci is the result of the combination between Acropole's
insurance brokerage business, trading as S2H, and certain legal
entities unified under the brand of GBC, trading under various
names including Diot and LSN.

The combined entity increases the scale of S2H by about 50%. The
acquisition contributes to Acropole's strong legacy position in
risk protection, particularly marine, and health and protection
business, and adds new product lines including credit protection
and regulated professional coverage. The combination focuses on
corporate clients and concentrate on certain niches, mainly in
France. Its ratings are based on the enlarged group's market
position, moderate but increasing EBITDA margins and cash
generation, plus high leverage.

Diot - Siaci is comparable in size to Andromeda Investissements SAS
(April, B/Stable), and has a B2B business model, in contrast to
April's larger distribution platform and more diversified
consumer-oriented proposition. April's offering is aimed at retail
clients mainly in health and protection. UK-based Ardonagh Midco 2
plc (B-/Stable) is also strong in retail and larger than Diot -
Siaci, although it maintains a higher leverage profile.

Both Diot - Siaci and Ardonagh have made significant acquisitions
in recent years. This has led to weaker credit metrics, in
particular for Ardonagh. In both cases the delivery of margin
improvements through cost savings and revenue enhancement has been
delayed by the pandemic and by the structure of the contracts
between these companies and their clients. In most cases, gross
margin improvements can only be achieved closer to contract
renewal.

KEY ASSUMPTIONS

-- Organic revenue CAGR of 4.8% across 2021-2024;

-- Group pro-forma EBITDA margin of 21.6% in 2021;

-- Realisation of EUR17 million of EBITDA synergies by 2024;

-- Capex around 7% of revenue through to 2024.

Key Recovery Assumptions

The recovery analysis assumes that the combination between S2H and
GBC would remain a going- concern (GC) in restructuring and that it
would be reorganised rather than liquidated. This is because most
of the group's value hinges on the brand, the client portfolio and
the goodwill of relationships. Fitch has assumed a 10%
administrative claim in the recovery analysis.

Our analysis assumes a GC EBITDA of around EUR120 million, compared
with EBITDA of EUR133 million in 2020. At this GC EBITDA level,
which assumes corrective measures have been taken, Fitch would
expect the group to generate break-even to slightly positive FCF.

A restructuring of the group may arise from an increase in
competition, including from insurtech companies, affecting
commissions pricing, and shrinking revenue and margins. Structural
market changes, affecting the technical profitability of insurers
in segments such as health and protection, may also drive
lacklustre prospects for the combined group. Post-restructuring
scenarios may involve acquisition by a larger company, capable of
connecting the group's clients within an existing platform.

Our waterfall analysis generated a ranked recovery in the 'RR3'
band after deducting 10% for administrative claims, indicating a
'B+'/'RR3'/56% instrument rating for the outstanding senior secured
debt. Fitch included in the waterfall EUR11 million of local
facilities that Fitch understands from management are mainly
borrowed within the restricted group, therefore ranking pari passu
with the senior secured liabilities. Fitch also considered a fully
drawn EUR150 million RCF.

ESG CONSIDERATIONS

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

RATING SENSITIVITIES

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

-- FFO gross leverage below 6.0x or total debt with equity
    credit/operating EBITDA below 5.5x;

-- FFO interest coverage trending above 3.0x or operating
    EBITDA/interest paid trending to or above 3.5x;

-- EBITDA margins at or higher than 25% through the cycle;

-- Successful integration and delivery of synergies in line with
    management's plan, leading to improvements in leverage and
    profitability, including FCF margins at 5% or higher.

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

-- FFO gross leverage remaining above 7.5x or total debt with
    equity credit/operating EBITDA remaining above 7.0x by 2022,
    due to poor delivery of synergy plan also causing a lack of
    significant deleveraging during 2022;

-- FFO interest coverage below 2.0x or operating EBITDA/interest
    paid below 2.5x through the cycle;

-- EBITDA margin declining towards 20%, due to stiff competition
    or more difficult operating conditions, including a slow
    integration process;

-- Weakening FCF towards break-even or negative;

-- Recourse to additional debt to finance acquisitions;

-- Ongoing weak liquidity with high reliance on insurance working
    capital.

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

Fitch estimates cash on balance sheet for the combined group at
around EUR40 million at end-2021, reducing to around EUR30 million
in 2022, following earn-out payments. A new EUR150 million RCF and
non-trade working capital cash resources are available to the
group.

EN6 SAS: S&P Assigns Prelim 'B+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit rating to EN6 SAS (Armor IIMAK) and its preliminary 'B+'
issue rating to the proposed term loan B. The recovery rating on
the senior secured term loan B is '3', indicating its expectation
of meaningful recovery (rounded estimate: 50%) in the event of a
payment default.

The stable outlook indicates that S&P expects Armor IIMAK to
maintain S&P Global Ratings-adjusted leverage of 5.5x-6.0x and
modest cash flow generation supported by strong adjusted EBITDA
margins and stable organic growth.

Private equity house Astorg Partners is acquiring a 40% stake in
France-based thermal transfer ribbon producer Armor IIMAK.

To finance the transaction, Armor IIMAK will issue a new EUR450
million senior secured term loan B maturing in 2029 through EN6
SAS. It will also raise a EUR85 million senior secured revolving
credit facility (RCF) due 2028.

Armor IIMAK's business risk profile reflects its global leading
position in the thermal transfer ribbon market, exposure to stable
end-markets, and strong EBITDA margins.

The group has a leading market share of 40% in the global thermal
transfer ribbon market and operations in Europe, America, and
Asia-Pacific. S&P said, "Armor Group acquired International Imaging
Materials Inc. (IIMAK) in 2021, a move that we expect will
strengthen the group's positioning in North America. In our view,
Armor IIMAK benefits from its exposure to diversified and fairly
resilient end-markets, such as food and beverage (30% of 2020
revenue), pharmaceutical and health care (13%), logistics (7%), and
textiles (5%). It also benefits from a growing market, which is
estimated to have a compound annual growth rate of about 5% between
2020 and 2025. Armor IIMAK regularly implements
productivity-enhancing measures and operates in close proximity to
its customers, which reduces transportation costs. We consider that
its ability to pass through raw material price fluctuations has
enabled the group to maintain strong and stable adjusted EBITDA
margins, above the average for the overall packaging industry."

S&P said, "In assessing the group's financial risk profile, we
incorporate our expectation that adjusted debt to EBITDA will be
5.5x-6.0x at year-end 2022, and the financial sponsor
participation. Following the proposed issuance of a EUR450 million
term loan B to refinance existing debt and partly finance the
acquisition of Armor IIMAK by Astorg, we anticipate that its
adjusted debt to EBITDA will be 5.5x-6.0x at end-2022. We forecast
that adjusted leverage will decline to about 5.0x-5.5x by end-2023,
based on EBITDA growth and the realization of synergies. In
addition, we expect funds from operations (FFO) to debt to be about
11% in 2022, improving to 11%-12% next year.

"Private equity house Astorg will hold a 40% stake in the company
going forward. That said, we understand that management will retain
a 60% participation, which we consider positive for its financial
policy. We do not anticipate that leverage will increase beyond the
opening level and do not forecast any dividend payments or large,
debt-financed acquisitions. This, combined with the strong
positioning of Armor IIMAK's credit metrics and business risk
profile compared with its 'B' rated peers, leads us to uplift the
rating by one notch.

"In our view, Armor IIMAK's positive free operating cash flow
(FOCF) will underpin its liquidity and provide a financial cushion
for potential bolt-on acquisitions. Armor IIMAK's FOCF is
underpinned by its high profitability, limited working capital
outflows, and modest capital expenditure (capex). We forecast that
its working capital needs will be EUR5 million-EUR10 million per
year in 2022 and 2023, and that its investment in new machinery
will push capex to EUR25 million-EUR30 million a year during
2022-2023. Annual FOCF generation is therefore likely to be EUR20
million-EUR30 million. As capex falls back to a stable EUR20
million a year after 2023, FOCF will rise to more than EUR30
million.

"The final rating will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of the
final rating. If we do not receive final documentation within a
reasonable time frame, or final documentation departs from
materials reviewed we reserve the right to withdraw or revise our
ratings. Potential changes include, but are not limited to, use of
loan proceeds, maturity, size and conditions of loans, financial
and other covenants, security, and ranking.

"The stable outlook indicates that adjusted leverage is expected to
be 5.5x-6.0x, with modest cash flow generation, supported by strong
adjusted EBITDA margins and stable organic growth.

"We could lower our rating on Armor IIMAK if credit metrics
deteriorated, so that adjusted debt to EBITDA rose above 6x or FFO
to debt fell below 10%, and remained at these levels. We could also
lower the rating if the company's financial policy became more
aggressive, preventing it from materially reducing leverage, or if
the company was unable to sustain material FOCF.

"We view an upgrade as unlikely in the next 12 months. We could
raise the rating if adjusted debt to EBITDA dropped below 4.5x and
the company sustained robust FOCF while demonstrating that its
financial policy would support the stronger credit metrics."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Armor IIMAK. In our
view, financial-sponsor-owned companies that have highly leveraged
financial risk profiles tend to demonstrate corporate
decision-making that prioritizes the interests of the financial
sponsors. Typically, they have finite holding periods and focus on
maximizing shareholder returns.

"Environmental factors have an overall neutral influence on our
credit rating analysis. We consider that the low substitution risk
in Armor IIMAK's substrates is positive. That said, we believe that
the exposure to plastic resins could lead to environmental and
regulatory risks in the longer term."


PROMONTORIA HOLDING 264: S&P Ups ICR to 'B' on Debt Refinancing
---------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on air
cargo and ground handling operator Promontoria Holding 264 B.V. to
'B' from 'B-' and assigned its 'B' issue rating and '4' recovery
rating to the company's new senior secured notes.

The stable outlook reflects S&P's view that Promontoria will
continue to see steady growth driven by the cargo segment, together
with stable S&P Global Ratings adjusted EBITDA margins, leading to
improved adjusted debt to EBITDA about 5.5x at the end of 2022.

The upgrade follows Promontoria refinancing its capital structure
by issuing senior secured notes due 2027 and arranging an RCF due
2026. The group used the proceeds to repay its EUR225 million
acquisition facility due in December 2022 and EUR660 million senior
secured notes maturing in August 2023. The new super senior RCF
replaced the previous undrawn EUR100 million RCF due February 2023.
With this, the company addressed its near-term maturities,
eliminating the refinancing risk. Furthermore, the refinancing
improved the liquidity position, with a longer-dated debt maturity
profile and sources of liquidity covering uses by more than 4x.

Strong contribution from the cargo handling segment, now
representing about 80% of Promontoria's revenue, has more than
offset the still recovering ground handling segment. The company's
cargo handling services have proven more resilient because cargo
flights' exposure to the pandemic-related mobility restrictions
proved limited and e-commerce spurred robust demand. This was
particularly because, as an e-commerce express operator,
Promontoria has dedicated freighter aircraft, and therefore
benefited from the strong growth in e-commerce. Furthermore, global
supply chain disruptions and congested maritime ports stimulated
some freight shift from ocean to air, and the most recent uptick in
international air passenger traffic supports the belly-hold
capacity of passenger aircraft. Strong contribution from the cargo
handling segment has more than offset Promontoria's
still-recovering ground-handling segment, the 2022 revenue of which
will lag 20%-30% behind 2019 levels, according to its base-case
scenario.

Air passenger traffic continues a bumpy recovery but has still not
reached pre-pandemic levels, although Promontoria's exposure to
ground handling in 2021 was not more than 20%. The recovery depends
on health conditions and is subject to uncertainty. The omicron
variant will result in weaker-than-expected first-quarter 2022
activity, but there is pent-up demand to support strong summer
travel. S&P said, "We anticipate North American airline traffic
will reach 80%-90% of 2019 levels, slightly higher in the U.S.,
with its large domestic market, and lower in Canada. European
airline traffic will reach only 50%-65% of 2019 levels, because
virtually all of it is international and subject to various
government policies and restrictions. We foresee Europe-North
America traffic at a similar 50%-65% of 2019 levels. International
flying to, from, and within Asia remains very depressed, mostly
because of stringent anti-virus policies in some major markets,
such as China and Japan, and we expect these routes will lag
recovery elsewhere in 2022. The large domestic markets in
Asia--China, Japan, and India--have recovered more significantly."

S&P said, "Based on our expectation of consistent air cargo volume
growth (at least in line with global GDP growth) and gradually
recovering passenger traffic, we forecast that Promontoria's
revenue will reach up to EUR1.7 billion in 2022.This represents a
robust topline expansion from EUR1.35 billion we estimated in 2021
(and EUR1.4 billion pre-pandemic in 2019). Promontoria's recent
acquisitions of Pinnacle Logistics and Mercury Air Cargo Inc.
helped increase its presence in the high-growth North American air
cargo industry and boost its revenue, although the full-year
contribution from the two companies will materialize from 2022
onward. Robust revenue performance underpinned by the group's
efficiency measures and structurally higher cargo productivity will
result in S&P Global Ratings-adjusted EBITDA increasing to EUR270
million-EUR280 million in 2022 from EUR225 million-EUR230 million
we forecast for 2021 and compared with our previous January 2021
expectations of EUR150 million-EUR180 million in 2021 and in
2022."

Promontoria will burn some cash in 2022 and start generating decent
free operating cash flow (FOCF) from 2023. Improving EBITDA will
absorb large reversals of the pandemic-related cost deferrals. S&P
said, "As such, we now anticipate working capital outflow of up to
EUR40 million in 2022. Once the evolution of working capital
normalizes, which we expect in 2023, and factoring in annual
capital expenditure (capex) of up to EUR50 million, Promontoria
should have the capacity to generate EUR40 million-EUR50 million of
FOCF in 2023, likely increasing further thereafter. Positive FOCF
should boost the company's financial flexibility for potential
bolt-on acquisitions or organic expansion. On the back of improving
EBITDA, we now anticipate S&P Global Ratings-adjusted debt to
EBITDA will strengthen toward 5.5x in 2022 from 6.0x-6.5x we
expected in 2021. At the same time, we expect that funds from
operations (FFO) to debt will improve toward 11% in 2022 from about
10% in 2021. Further deleveraging would be contingent on the
financial policy, in our view."

The business risk profile remains constrained by Promontoria's
exposure to the cyclicality of air freight and air passenger
traffic, although its global footprint and broad customer base
partially mitigate this. The company is a global leading player in
the aviation services industry, primarily focused on cargo handling
(which contributed about 80% to 2021 revenue) and ground-handling
services (about 20%). Promontoria's EBITDA and margins are
rebounding to pre-COVID-19 levels, strongly supported by the
resilient cargo handling and well-executed, strategic, and
business-enhancing acquisitions in the fast-expanding U.S. cargo
market. The strong presence in the U.S. also benefits Promontoria's
ground-handling segment thanks to faster recovery of the North
American domestic air passenger travel than intra-European
passenger travel. Still, the company's focus on the cyclical
aviation industry, together with its high exposure to swings in
cargo volumes, constrains its business risk profile assessment. S&P
said, "However, we take a positive view of the group's
international footprint in the global air cargo handling market,
its long-term warehouse concessions in strategic locations, and its
road feeder system that we believe enhance its competitive position
and operating efficiency. In addition, we believe Promontoria's
strategy of diversifying into other regions and enlarging its
customer base, supported by profitable organic growth or strategic
acquisitions, as well as good grip on cost and productivity
control, should result in greater financial stability during market
downturns and strengthen the business risk profile in the medium
term."

S&P said, "The stable outlook reflects our view that Promontoria's
revenue growth will be steady, driven by the cargo segment,
together with stable S&P Global Ratings-adjusted EBITDA margins
thanks to lower restructuring costs and a strong focus on cost
control. As a result, we anticipate improved adjusted debt to
EBITDA about 5.5x at the end of 2022, while generating positive
FOCF.

"We could take a negative rating action if S&P Global
Ratings-adjusted debt to EBITDA would increase above 7x for a
prolonged period or FOCF would become negative. This could occur if
the growth in the cargo segment slows significantly due to
declining economic growth, or if the company was to follow a more
aggressive financial policy with debt-financed acquisitions.

"We do not see an upside potential in the next 12 months. However,
we could take a positive rating action if adjusted debt to EBITDA
would remain below 5x sustainably, with maintained adequate
liquidity."

ESG credit indicators: E-2, S-4, G-3




=============
G E R M A N Y
=============

GREEN CITY: Attracts Various Potential Investors
------------------------------------------------
Renewables Now reports that German renewables developer Green City
AG, which filed for insolvency in January, has been approached by
various potential investors who have expressed interest in
acquiring the entire company, the insolvency administrator told a
German newspaper.

Insolvency administrator Axel Bierbach told Sueddeutsche Zeitung he
is looking for an investor who would take over the entire company,
including all employees and assets and such investors have already
signaled interest, Renewables Now relates.

According to Renewables Now, Mr. Bierbach is confident that a
solution will be found to continue the operation of the company and
meet creditors' demands in the best possible way.

The insolvency administrator and his team are now reviewing the
situation at Green City which is struggling to stay afloat after
booking a significant loss for 2021 that exceeds half the share
capital of the company, Renewables Now discloses.  The insolvency
filing followed an unsuccessful attempt by the company to reach an
agreement with investors last month, Renewables Now notes.

Mr. Bierbach said in an earlier statement the review of all
restructuring options is expected to take weeks, even months, due
to the complexity of the situation, Renewables Now recounts.

The administrator told the paper the insolvency of Green City and
its subsidiary GCE Kraftwerkspark I GmbH puts an investment volume
of around EUR151 million (US$173.1 million) at risk, Renewables Now
relays.



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

BARINGS EURO 2019-2: Fitch Affirms B- Rating on Class F Notes
-------------------------------------------------------------
Fitch Ratings has assigned Barings Euro CLO 2019-2 DAC refinancing
notes final ratings Fitch has also affirmed the class B2, E and F
notes and removed them from Under Criteria Observation (UCO).

     DEBT                  RATING               PRIOR
     ----                  ------               -----
Barings Euro CLO 2019-2 DAC

A-1 XS2091900790     LT PIFsf   Paid In Full    AAAsf
A-1-R XS2437837557   LT AAAsf   New Rating
A-2 XS2091901418     LT PIFsf   Paid In Full    AAAsf
A-2-R XS2437838100   LT AAAsf   New Rating
B-1 XS2091902069     LT PIFsf   Paid In Full    AAsf
B-1-R XS2437838951   LT AAsf    New Rating
B-2 XS2091903208     LT AAsf    Affirmed        AAsf
C XS2091903380       LT PIFsf   Paid In Full    Asf
C-R XS2437840189     LT Asf     New Rating
D XS2091904198       LT PIFsf   Paid In Full    BBB-sf
D-R XS2437840932     LT BBB-sf  New Rating
E XS2091904602       LT BB-sf   Affirmed        BB-sf
F XS2091905161       LT B-sf    Affirmed        B-sf

TRANSACTION SUMMARY

Barings Euro CLO 2019-2 DAC is a cash flow CLO mostly comprising
senior secured obligations. The transaction is still in the
reinvestment period and is actively managed by the asset manager.

The reinvestment period is scheduled to end in July 2024. At
closing of the refinance, the class A-1-R, A-2-R, B1-R, C-R and D-R
notes were issued and the proceeds used to refinance the existing
notes. The class B-2, E and F notes have not been refinanced.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the current
portfolio is 25.36.

High Recovery Expectations (Positive): The portfolio comprises
98.5% senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate (WARR) of the portfolio is 65.8%.

Diversified Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 23%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction reinvestment period
is scheduled to end in July 2024 and includes reinvestment criteria
similar to those of other European transactions. The weighted
average life covenant has been extended by one year and the Fitch
test matrix updated. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the
transaction's structure against its covenants and portfolio
guidelines.

Cash Flow Analysis (Positive): The weighted-average life (WAL) used
for the transaction stress portfolio and matrices analysis is 12
months less than the WAL covenant, to account for structural and
reinvestment conditions post-reinvestment period, including the OC
tests and Fitch 'CCC' limitation passing post reinvestment, among
others. In the agency's opinion, these conditions would reduce the
effective risk horizon of the portfolio during stress periods.

Affirmation of Existing Notes: The class B-2, E and F notes have
been affirmed in line with their model-implied ratings.

RATING SENSITIVITIES

Factor 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 three notches
    cross 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 an
    upgrade of no more than five notches across the structure,
    apart from the two senior 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.

DATA ADEQUACY

Barings Euro CLO 2019-2 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.

BARINGS EURO 2019-2: Moody's Affirms B2 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by Barings
Euro CLO 2019-2 Designated Activity Company (the "Issuer"):

EUR240,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR10,000,000 Class A-2-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR18,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR25,200,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR25,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

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

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Jan 24, 2020 Assigned Aa2 (sf)

EUR20,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed Ba2 (sf); previously on Jan 24, 2020
Assigned Ba2 (sf)

EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Affirmed B2 (sf); previously on Jan 24, 2020
Assigned B2 (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.

Moody's rating affirmations of the Class B-2 Notes, Class E Notes,
and Class F Notes are a result of the refinancing, which has no
impact on the ratings of the notes.

Interest and principal payments due to the Class A-2-R Notes are
subordinated to interest and principal payments due to the Class
A-1-R Notes.

As part of this refinancing, the Issuer has extended the weighted
average life test by 12 months to July 24, 2029. It has also
amended certain definitions, including the "Adjusted Weighted
Average Rating Factor", and minor features. In addition, the Issuer
has amended the base matrix and modifiers that Moody's has taken
into account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is fully ramped and comprises
predominantly corporate loans to obligors domiciled in Western
Europe.

Barings (U.K.) Limited 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 reinvestment
period, which will end in July 2024. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations and credit improved obligations.

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

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:

Performing par and principal proceeds balance: EUR399,780,442

Defaulted Par: Nil

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3094

Weighted Average Spread (WAS): 3.60%

Weighted Average Coupon (WAC): 4.11%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 6.5 years

Par haircut in OC tests and interest diversion test: 0.04%

CONTEGO CLO II: Moody's Ups Rating on EUR10.8MM F-R Notes to Ba2
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Contego CLO II B.V. :

EUR16,250,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2026, Upgraded to Aa1 (sf); previously on Sep 16, 2021
Upgraded to Aa2 (sf)

EUR23,400,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2026, Upgraded to Baa1 (sf); previously on Sep 16, 2021
Upgraded to Baa3 (sf)

EUR10,800,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2026, Upgraded to Ba2 (sf); previously on Sep 16, 2021
Upgraded to Ba3 (sf)

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

EUR209,500,00 (Current outstanding amount EUR 43.29m) Class A-R
Senior Secured Floating Rate Notes due 2026, Affirmed Aaa (sf);
previously on Sep 16, 2021 Affirmed Aaa (sf)

EUR37,600,000 Class B-R Senior Secured Floating Rate Notes due
2026, Affirmed Aaa (sf); previously on Sep 16, 2021 Affirmed Aaa
(sf)

EUR24,250,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2026, Affirmed Aaa (sf); previously on Sep 16, 2021
Upgraded to Aaa (sf)

Contego CLO II B.V., issued in November 2014, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European and US loans. The portfolio is managed by
Five Arrows Managers LLP. The transaction's reinvestment period
ended in November 2018.

RATINGS RATIONALE

The rating upgrades on the Class D-R, Class E-R and Class F-R Notes
are primarily a result of the significant deleveraging of the Class
A-R notes following amortisation of the underlying portfolio since
the last rating action in September 2021. Pre-payments account for
a significant proportion of the amortisation.

The Class A-R Notes have paid down by approximately EUR20.3 million
(9.7% of its initial balance) since the last rating action in
September 2021 and EUR166.2 million (79.3% of its initial balance)
since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated December 31, 2021
[1] the Class A/B, Class C, Class D, Class E and Class F OC ratios
are reported at 223.20%, 171.70%, 148.70%, 124.70% and 116.00%
compared to August 2021 [2] levels of 196.9%, 158.9%, 140.7%,
120.7% and 113.3%, respectively.

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.

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: EUR163.8 millions

Principal proceeds balance: EUR16.8 millions

Defaulted Securities: None

Diversity Score: 25

Weighted Average Rating Factor (WARF): 2883

Weighted Average Life (WAL): 2.99 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.4%

Weighted Average Coupon (WAC): 4.0%

Weighted Average Recovery Rate (WARR): 46.1%

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 and swap providers,
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.

LOGICLANE I CLO: Moody's Assigns (P)B3 Rating to EUR11MM F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Logiclane I
CLO DAC (the "Issuer"):

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

EUR42,000,000 Class B Senior Secured Floating Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR22,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR28,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

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

EUR11,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

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

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

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR37,500,000 of Subordinated Notes which are not
rated.

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

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:

Par Amount: EUR400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 7.5 years

MALLINCKRODT: Liquidation May Result in EUR4.6BB Financial Hole
---------------------------------------------------------------
Joe Brennan at The Irish Times reports that creditors of
Mallinckrodt, the Dublin-based but US-run drugmaker, would face a
US$5.24 billion (EUR4.6 billion) financial shortfall if the Irish
High Court does not rubberstamp a debt restructuring plan and the
company succumbs to liquidation, the court has been told.

According to The Irish Times, an independent experts report backing
up the court's appointment on Feb. 14 of an interim examiner to
Mallinckrodt, written by Deloitte partner Mark Degnan, said a debt
overhaul plan in line with one sanctioned by a Delaware court
earlier this month provides a better outcome for creditors than a
wind-up.

Mr. Justice Michael Quinn agreed on Feb. 14 to appoint Michael
McAteer of Grant Thornton Ireland as interim examiner to
Mallinckrodt in order to execute a drawn-out restructuring plan
that has been shaped in the US after the group filed for bankruptcy
in Delaware in late 2020, The Irish Times relates.

Mr. Degnan, who is among three Deloitte restructuring parnters that
recently handed in their notice to set up an Irish operation of
UK-based debt restructuring boutique Interpath Advisory, said
Mallinckrodt had a "reasonable prospect of survival", The Irish
Times discloses.  This is a prerequisite for an examiner to be
appointed, The Irish Times notes.

Under the protection of the US court, it agreed to a US$1.7 billion
settlement with 47 states and territories to resolve claims over
its role in the opioid crisis, The Irish Times relays. It also
agreed to pay the US government US$260 million to absolve a claim
that it underpaid rebates on Acthar Gel, a hormone treatment to
relieve inflammation, The Irish Times recounts.

The reorganization plan, which will reduce its debt by US$1.3
billion, was confirmed by the US bankruptcy court of the district
of Delaware earlier this month, paving the way for it to endorsed
or tweaked by the examinership process, The Irish Times says.
Existing shares will be wiped out under the bankruptcy plan, while
guaranteed unsecured bondholders are exchanging debt for ownership
of the restructured business, The Irish Times notes.

Mr. Degnan noted in his report that the debt overhaul plan has the
support of its highest-ranking secured lenders, holders of 84 per
cent of the group' unsecured bondholders, and 50 US states and
territories and a committee representing opioid litigants,
according to The Irish Times.

A small group of dissident shareholders, led by New York-based
asset management firm Buxton Helmsley, said last summer they would
seek to air claims that their rights as shareholders were
suppressed under the Chapter 11 proceedings when the case made it
to the Irish High Court, The Irish Times relays.


SEGOVIA EUROPEAN 3-2017: Moody's Gives (P)B3 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Segovia European CLO 3-2017 Designated Activity Company (the
"Issuer"):

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

EUR30,000,000 Class B-1 Senior Secured Floating Rate Notes due
2035, Assigned (P)Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2035,
Assigned (P)Aa2 (sf)

EUR28,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)A2 (sf)

EUR26,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2035, Assigned (P)Baa3 (sf)

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

EUR11,000,000 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 has increased the target par
amount by EUR75 million to EUR400 million. 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.

As part of this refinancing, the Issuer has extended the
reinvestment period to around 4.4 years and the weighted average
life to 8.5 years. It has also amended certain concentration
limits, definitions and minor features. The Issuer has included the
ability to hold workout obligations. In addition, the Issuer will
amend the base matrix and modifiers that Moody's will take into
account for the assignment of the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be approximately 70%
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 3 month
ramp-up period in compliance with the portfolio guidelines.

The effective date determination requirements of this transaction
are weaker than those for other European CLOs because satisfaction
of the Caa concentration limit is not required as of the effective
date. Moody's believes that the absence of any requirement to
satisfy the Caa concentration limit as of the effective date could
give rise to a more barbelled portfolio rating distribution.
However, Moody's concedes that satisfaction of (i) the other
concentration limits, (ii) each of the 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.

HPS Investment Partners CLO (UK) LLP ("HPS") will continue to
manage the CLO. It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage in
trading activity, including discretionary trading, during the
transaction's 4.4 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.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR100,000 of Class Z-1 Notes due 2035,
EUR5,000,000 of Class Z-2 Notes due 2035, EUR100,000 of Class Z-3
Notes due 2035, which are not rated and subordinated to the rated
notes. The Class Z-1 Notes and the Class Z-2 Notes accrue interest
in an amount equivalent to a certain proportion of the senior and
subordinated management fees and their notes' interest payments
rank pari passu with the payment of the senior and subordinated
management fee, respectively. The Class Z-3 Notes accrue interest
in an amount equivalent to a certain portion of the incentive
management fee ranking pari passu with the payment of such fee.
Finally, the Issuer will also issue EUR18,500,000 of Additional
Subordinated Notes which are not rated and together with
EUR37,200,000 of Existing Subordinated Notes will form the
EUR55,700,000 Subordinated Notes.

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: EUR400m

Diversity Score : 57

Weighted Average Rating Factor (WARF): 3050

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.5%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

SOUND POINT VIII: Fitch Rates Class F Notes 'B-(EXP)'
-----------------------------------------------------
Fitch Ratings has assigned Sound Point Euro CLO Funding VIII DAC's
notes expected ratings.

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

DEBT                            RATING
----                            ------
Sound Point Euro CLO VIII Funding DAC

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

TRANSACTION SUMMARY

Sound Point CLO VIII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of
corporate-rescue loans, senior unsecured, mezzanine, second-lien
loans and high-yield bonds. Net proceeds from the notes' issuance
will be used to fund a portfolio with a target par of EUR500
million. The portfolio is actively managed by Sound Point CLO C-MOA
LLC. The transaction has a five-year reinvestment period and a
nine-year weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch considers the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 24.96.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is
63.47%.

Diversified Asset Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 23.0% and
fixed-rate obligations are limited to 10.0% of the portfolio. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 5.1-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 an eight-year WAL. Under the agency's CLOs and Corporate CDOs
Rating Criteria, the WAL used for the transaction stress portfolio
was 12 months less than the WAL covenant to account for structural
and reinvestment conditions after the reinvestment period,
including the OC tests, and Fitch 'CCC' limitation passing after
reinvestment. This ultimately reduces the maximum possible risk
horizon of the portfolio when combined with loan pre-payment
expectations.

RATING SENSITIVITIES

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

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

-- 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 four notches, 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.

DATA ADEQUACY

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

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



===============
S L O V A K I A
===============

SLOVENSKE ELEKTRARNE: Planned Nuclear Tax May Spur Bankruptcy
-------------------------------------------------------------
MT Newswires, citing Reuters, reports that Slovakian utility
company Slovenske Elektrarne is pushing back against Slovakia's
planned nuclear tax and submitted a counterproposal in lieu of the
imposition.

According to MT Newswires, the company, which is majority-owned by
Italy's Enel and Czech billionaire Daniel Kretinsky's EPH,
previously said the planned tax, which would be imposed on excess
profit on nuclear power output, would bleed the company into losses
and could potentially result in bankruptcy.

The Slovakian government, on the other hand, refuted the claims, MT
Newswires notes.

The counterproposal will be discussed in the country's parliament
this week, with the nuclear tax potentially being in force this
March, MT Newswires discloses.



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

AYT GENOVA: Fitch Affirms B- Rating on 2 Tranches
-------------------------------------------------
Fitch Ratings has downgraded two tranches and affirmed 10 tranches
of three AyT Genova Hipotecario Spanish RMBS transactions. The
Outlook on four tranches has been revised to Stable from Negative
and five tranches have been removed from Under Criteria Observation
(UCO).

        DEBT                  RATING            PRIOR
        ----                  ------            -----
AyT Genova Hipotecario VI, FTH

Class A2 ES0312349014   LT AAAsf   Affirmed     AAAsf
Class B ES0312349022    LT AAAsf   Affirmed     AAAsf
Class C ES0312349030    LT Asf     Affirmed     Asf
Class D ES0312349048    LT BBB+sf  Affirmed     BBB+sf

AyT Genova Hipotecario IX, FTH

Class A2 ES0312300017   LT A+sf    Affirmed     A+sf
Class B ES0312300025    LT Asf     Affirmed     Asf
Class C ES0312300033    LT BB+sf   Downgrade    BBB+sf
Class D ES0312300041    LT B-sf    Affirmed     B-sf

AyT Genova Hipotecario VIII, FTH

Class A2 ES0312344015   LT AAAsf   Affirmed     AAAsf
Class B ES0312344023    LT AAsf    Affirmed     AAsf
Class C ES0312344031    LT BBB+sf  Downgrade    Asf
Class D ES0312344049    LT B-sf    Affirmed     B-sf

TRANSACTION SUMMARY

The transactions are backed by Spanish residential mortgages
serviced by CaixaBank, S.A. (BBB+/Stable/F2).

KEY RATING DRIVERS

Criteria Changes, Non-Floored Swap Payments: The downgrade of the
class C notes of AyT Genova Hipotecario VIII, FTH (Genova 8) and
AyT Genova Hipotecario IX, FTH (Genova 9) follows the application
of the updated Fitch's Structured Finance and Covered Bonds
Interest Rate Stresses Rating Criteria (see "Fitch Places 13 EMEA
RMBS Ratings UCO; Maintains 3 Ratings UCO") and highlights the
notes' vulnerability if negative Euribor persists in the long term.
The payments under the transactions' interest rate swap agreements
are non-floored and could result in continued negative excess
spread. Under these arrangements, the fund pays actual interest
received from the performing mortgages, and given the current
negative interest rate, it also pays three-month Euribor plus 43bp
on the same performing balance.

Fitch has downgraded these notes to a rating different to that
suggested by its Multi-Asset Cash Flow Model, reflecting Fitch's
forward-looking expectations in terms of interest rates and
transaction-specific performance. This constitutes a criteria
variation from the 'Rating Determination' section of Fitch's
European RMBS Rating Criteria, which limits the maximum deviation
from the model-implied rating to three notches when the updated
analysis is below the current notes' rating. This variation has a
maximum positive rating impact of four notches (Genova 9's class C
notes).

Rating Cap Due to Counterparty Risks: AyT Genova Hipotecario VI,
FTH's (Genova 6) class C notes' rating is capped at the account
bank provider's deposit rating (Societé Generale, long-term
deposit rating 'A') as the transaction's cash reserve held at this
entity represent a material source of credit enhancement (CE) for
these notes. The rating cap reflects the excessive counterparty
dependence on the SPV account bank holding the cash reserve, as the
sudden loss of these funds would result in a downgrade of 10 or
more notches, in accordance with Fitch's Structured Finance and
Covered Bonds Counterparty Rating Criteria.

Performance Outlook; Additional Stresses Removed: The affirmations
and Stable Outlooks on the remaining notes reflect the broadly
stable asset performance outlook Fitch has for the securitised
portfolios. This is driven by the low share of loans in arrears
over 90 days of less than 1% of the current portfolio balance as of
the latest reporting periods, and the improved macro-economic
outlook for Spain, as described in Fitch's latest Global Economic
Outlook dated December 2021.

The rating actions also reflect the removal of the additional
stresses in relation to the coronavirus outbreak and legal
developments in Catalonia as announced on 22 July 2021.

CE Expected to Increase: Fitch expects structural CE to continue
increasing in the short term for all transactions, given the
prevailing sequential amortisation of the notes and the
non-amortising reserve funds, which are below the absolute floor
levels. However, CE ratios could decrease if the pro-rata
amortisation mechanism is activated with the application of a
reverse sequential amortisation of the notes until the target class
B, C and D balances as a share of the total notes' balance are met
(i.e. tranche thickness targets, defined as double the initial
size).

This switch to pro-rata is subject to performance triggers, such as
the reserve funds being at their respective target amounts, which
could occur if interest rates increase and the swap dynamics
presented above revert. A mandatory switch-back to sequential will
occur once the portfolio factors reach 10% of its initial balance
(currently at around 12%-20%).

Payment Interruption Risk Mitigated: Fitch views the transactions
as sufficiently protected against payment interruption risk. In a
scenario of servicer disruption, liquidity sources provide a
sufficient buffer to cover senior fees, swap payments and interest
payment obligations on the senior notes while an alternative
servicing arrangement is implemented.

RATING SENSITIVITIES

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

-- For Genova 6's class C notes, a downgrade of Societe
    Generale's long-term deposit rating as it is the SPV account
    bank provider, and the notes' rating is capped at the bank's
    rating due to excessive counterparty risk exposure.

-- For the junior notes of all transactions, if negative Euribor
    rates persists in the long term, as the payments under the
    transactions' respective interest rate swap agreements are
    non-floored and could result in continued negative excess
    spread.

-- For Genova 6's class A2 and B notes and Genova 8's class A
    notes, a downgrade of Spain's Long-Term Issuer Default Rating
    (IDR) that could decrease the maximum achievable rating for
    Spanish structured finance transactions. This is because these
    notes are rated at the maximum achievable rating, six notches
    above the sovereign IDR.

-- Long-term asset performance deterioration such as increased
    delinquencies or larger defaults, which could be driven by
    changes to macroeconomic conditions, interest rate increases
    or borrower behaviour.

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

-- For Genova 6's class C notes, an upgrade of Societe Generale's
    long-term deposit rating as it is the SPV account bank
    provider, and the notes' rating is capped at the bank's rating
    due to excessive counterparty risk exposure.

-- For the junior notes of all transactions, an increase in
    Euribor rates will result in positive excess spread, due to
    swap mechanics, and a replenishment of the reserve funds.

-- CE ratios increase as the transactions deleverage able to
    fully compensate the credit losses and cash flow stresses
    commensurate with higher rating scenarios, in addition to
    adequate counterparty arrangements.

-- Genova 6's class A2 and B notes and Genova 8's class A notes
    are rated at the highest level on Fitch's scale and cannot be
    upgraded.

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.

CRITERIA VARIATION

Fitch has downgraded the class C notes of Genova 8 and Genova 9 to
a rating different to that suggested by its Multi-Asset Cash Flow
Model. This rating action constitutes a criteria variation from the
'Rating Determination' section of Fitch's European RMBS Rating
Criteria, which limits the maximum deviation from the model-implied
rating to three notches when the updated analysis is below the
current note rating.

DATA ADEQUACY

AyT Genova Hipotecario VI, FTH, AyT Genova Hipotecario VIII, FTH,
AyT Genova Hipotecario IX, FTH

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. 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 pools ahead of the transaction's AyT Genova
Hipotecario VI, FTH, AyT Genova Hipotecario VIII, FTH, AyT Genova
Hipotecario IX, FTH initial closing. The subsequent performance of
the transactions 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.



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

MATTERHORN TELECOM: Moody's Affirms B2 CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Matterhorn Telecom Holding
SA's (Salt or the company) B2 corporate family rating and B2-PD
probability of default rating. Concurrently, Moody's has affirmed
the B2 instrument ratings on the EUR500 million senior secured term
loan B due 2026 (EUR400 million outstanding following prepayment),
on the CHF60 million senior secured revolving credit facility due
2024, on the EUR675 million guaranteed senior secured notes due
2026 (including EUR100 million add-on issued in 2020), and on the
EUR250 million guaranteed senior secured notes due 2024 all issued
by Matterhorn Telecom SA, a direct subsidiary of Salt. The outlook
on both entities remain stable.

RATINGS RATIONALE

"The affirmation of Salt's ratings reflects (1) the company's
positive momentum in mobile services reflected through a track
record of postpaid mobile net adds for business-to-consumer (B2C)
and business-to-business (B2B) subscribers, (2) the good growth
prospects for Salt's fixed broadband offering from a still
relatively low level, (3) the strong underlying cash flow
generation before shareholder remuneration, and (4) the company's
adequate liquidity position supported by its cash balance and full
availability under the revolving credit facility", says Sebastien
Cieniewski, Moody's lead analyst for Salt.

However, these strengths are mitigated by (1) Salt's high Moody's
adjusted gross leverage at 5.9x as of the last twelve months (LTM)
period to September 30, 2021 (as adjusted by Moody's mainly for
indefeasible rights of use (IRUs) liabilities) with limited
de-leveraging prospects over the next two years, (2) the high level
of shareholder remuneration with Moody's assumption that all excess
cash flow generated will be distributed to NJJ Capital (NJJ), and
(3) the mature nature of the Swiss telecom market with an
increasing level of competition, including from second and third
brands.

Salt experienced strong revenue and adjusted EBITDA growth (as
reported by the company post IFRS15 and IFRS16) of 4.8% and 5.2%,
respectively, in the first nine months of 2021 compared to the same
period last year. Revenue growth was supported by B2C and B2B
postpaid mobile net adds of 52,500 in Q1-Q3 2021 (Q3 2021 was the
tenth consecutive quarters of postpaid mobile net adds), a recovery
of roaming revenues driven by the easing of traffic restrictions
and lockdown measures, and a strong momentum in in Salt's
ultra-fast broadband business which surpassed the 150,000
subscriber mark in Q3 2021. Moody's projects modest revenue growth
at around 2% in 2022 and 2023 supported mainly by the strong growth
potential of Salt's fibre product with a modest positive
contribution from mobile services as growth in postpaid mobile
subscribers will be mostly offset by a reduction in prepaid mobile
customers and lower voice mobile termination rates.

After having peaked at 6.2x in 2020 due to a modest decrease in
EBITDA in the midst of the coronavirus pandemic and a higher
Moody's adjusted gross debt driven by higher IRUs reflecting growth
of the ultra-fast broadband offering, Salt's leverage improved to
5.9x at the end of September 2021 supported by the strong EBITDA
growth during the period. Moody's notes that Salt's leverage
reflects the long 20-year master lease agreement (MLA) for the use
of mobile towers the company sold to Cellnex S.A. in 2019 as well
as the long IRU commitments for access to Swisscom AG's (A2 stable)
and utility companies' fibre infrastructure. The rating agency does
not expect any meaningful de-leveraging over the next two years as
the projected moderate growth in EBITDA will be mitigated by
increasing IRUs liabilities. Salt has a financial policy of
maintaining net leverage (as reported by the company excluding
lease and IRU liabilities) at between 3.5x and 4.0x -- the company
was at the lower end of this range as of the end of Q3 2021.

LIQUIDITY

Moody's considers that Salt benefits from an adequate liquidity
position supported by a cash balance of CHF346 million and full
availability under the CHF60 million revolving credit facility as
of September 30, 2021. The rating agency assumes that capex needs
will increase over time reflecting the investment in its fibre
offering and that all excess cash flow will be used for shareholder
remuneration. In the first nine months of 2021, Salt paid CHF185
million to its shareholders in the form of share premium repayment
and the company announced that it will distribute CHF90 million of
dividends in Q4 2021. The large payments in 2021 are supported by
the underlying cash flow generation as well as the proceeds from
the sale in March 2021 of the remaining investment of 10% in Swiss
Infra Services S.A. to Cellnex S.A. for a consideration of CHF146
million.

STRUCTURAL CONSIDERATIONS

Salt's B2-PD PDR reflects Moody's assumption of a 50% family
recovery rate typically used in structures including a mix of bank
debt and bonds. The senior secured term loan and revolving credit
facility and senior secured notes rank pari passu and share the
same guarantee and security package, the latter comprising share
pledges, bank accounts and intercompany receivables. The B2
instrument rating on these facilities, at the same level as the
CFR, thus reflects the absence of any liabilities ranking ahead or
behind.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company
will continue to experience positive underlying operating
performance as postpaid mobile net adds and growth in ultra-fast
broadband will support a moderate revenue and EBITDA growth.

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

Upward pressure on the B2 CFR could develop if (1) the company's
operating performance significantly improves, including through
sustained revenue growth supported by subscriber net adds and
improving ARPU, such that its adjusted debt/EBITDA decreases to
below 5.0x on a sustained basis, (2) the company adopts a more
conservative financial strategy resulting in a significant positive
free cash flow (FCF) generation after all shareholder
remunerations, and (3) the company maintains a good liquidity
position.

Downward pressure could be exerted on the rating if the company's
operating performance deteriorates, with a sustained decline
leading to pressure on margins, or it increases shareholder
distributions such that its adjusted debt/EBITDA is maintained at
above 6.0x or the company's liquidity position weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

Salt is the third-largest mobile network operator in Switzerland,
with a subscriber market share of around 15% as of 2020 and about
1.8 million mobile customers as of September 2021. In the last
twelve months (LTM) period to September 30, 2021, the company
reported total revenue and company-adjusted EBITDA of CHF1,028
million and CHF520 million, respectively (including IFRS15 and
IFRS16).



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U N I T E D   K I N G D O M
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HUNTER HOLDCO 3: Moody's Assigns 'B2' CFR, Outlook Stable
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Moody's Investors Service assigned a B2 Corporate Family Rating and
a B2-PD Probability of Default Rating to Hunter Holdco 3 Limited
(d/b/a "Ashfield Huntsworth"). The outlook is stable. At the same
time Moody's withdrew the B2 Corporate Family Rating, B2-PD
Probability of Default rating and outlook of Nenelite Limited. This
change will align the entity level ratings with the parent company
and financial filer for Ashfield Huntsworth.

At the same time Moody's affirmed the B1 first lien instrument
ratings assigned to Hunter US Bidco Inc. The affirmation follows
the fungible add-on of approximately $200 million to the existing
approximate $1.8 billion first lien debt. Proceeds from the add-on,
as well as from cash on hand, will be used to fund a tax liability
associated with the December 2021 disposal of the company's Sharp
packaging segment and to fund the purchase of Research Partnership,
a full-service market insights and consultancy business servicing
the pharmaceutical and medical industry.

The largely debt-financed acquisition of Research Partnership will
be slightly leveraging with leverage rising modestly to the low 7
times from around 7 times, pro-forma for the separation of the
Sharp packaging segment. However, Moody's views the acquisition of
Research Partnership as strategically sensible for Ashfield
Huntsworth as it will further bolster the company's product suite
with its large pharmaceutical and biotechnology customers. Moody's
expects the company will continue to grow its revenue and EBITDA in
the mid to high single digit range, while also generating good free
cash flow, which will enable leverage to trend toward the mid six
times range in the next 12 to 18 months. With the projected pro
forma leverage level, there is limited capacity for the company to
pursue additional debt-financed acquisitions.

The following rating actions were taken:

Assignments

Issuer: Hunter Holdco 3 Limited

Corporate Family Rating, Assigned to B2

Probability of Default Rating, Assigned to B2-PD

Affirmations:

Issuer: Hunter US Bidco Inc

Senior Secured First Lien Bank Credit Facility, Affirmed B1 (LGD3)
(previously issued by Nenelite Limited)

Withdrawals:

Issuer: Nenelite Limited

Corporate Family Rating, Withdrawn, previously rated B2

Probability of Default Rating, Withdrawn, previously rated B2-PD

Outlook Actions:

Issuer: Hunter Holdco 3 Limited

Outlook, Assigned Stable

Issuer: Hunter US Bidco Inc.

Outlook, Assigned Stable

Issuer: Nenelite Limited

Outlook, Withdrawn, previously Stable

RATINGS RATIONALE

Ashfield Huntsworth's B2 Corporate Family Rating reflects the
company's high financial leverage. Moody's estimates 2021 pro-forma
debt/EBITDA is in the low 7 times range pro-forma for the Research
Partnership acquisition. Moody's expects debt/EBITDA will approach
the mid 6 times range within 12-18 months from closing. The rating
reflects the company's high level of customer concentration with
the top 10 pharmaceutical customers representing more than 40% of
revenues as well as the inherent risks in commercial pharmaceutical
services.

The company benefits from its significant scale in the provisions
of communications, marketing, advisory and research services. The
company is widely diversified with multiple contracts across most
of its segments with its largest customers. Moody's expects the
company will benefit from longer term tailwinds including favorable
trends for outsourcing by its clients and increasing therapeutic
complexity. While the merger of UDG and Huntsworth and the
subsequent divestiture of its contract packaging segment has some
execution risks, these should be limited and manageable.

The outlook is stable. Moody's expects that Ashfield Huntsworth
will moderately reduce leverage toward the mid six times range
within 12 to 18 months of closing while maintain a very good
liquidity profile. Moody's expects the company may utilize free
cash flow to fund 'tuck in' acquisitions of the type undertaken
historically by the two predecessor companies. There is currently
limited capacity for the company to undertake further debt-financed
transactions while leverage remains somewhat elevated.

Ashfield Huntsworth will have a very good liquidity profile.
Moody's expects the company will generate consistent free cash flow
of around $100 million per annum. The company has access to a $400
million revolving credit facility which remains undrawn.

The B1 rating on the senior secured credit facilities (revolver and
term loan) is one notch higher than the company's B2 Corporate
Family Rating (CFR), reflecting its seniority in the capital
structure to the unrated second lien term loans.

ESG considerations are material to Ashfield Huntsworth's ratings.
Social risk considerations relate to pharmaceutical drug pricing,
which could have negative effects for Ashfield Huntsworth. Drug
pricing pressure could have a negative impact for Ashfield
Huntsworth if pharma customers look to trim expenses or reduce the
scope of existing projects. Any type of regulation that impacted
pharma companies marketing activities could also impact demand for
Ashfield Huntsworth's services. From a governance perspective
Moody's expects Ashfield Huntsworth's financial policies to remain
aggressive given it ownership by its private equity owners.

Moody's withdrew the B2 Corporate Family Rating, B2-PD Probability
of Default rating and outlook of Nenelite Limited as part of the
reorganization of the rated entity to align the entity level
ratings with the parent company and financial filer for Ashfield
Huntsworth.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ratings could be upgraded if Ashfield Huntsworth were to materially
deleverage and adopt more balanced financial policies such that
debt/EBITDA was sustained below five times. Further diversification
by product offering would be a credit positive as well.

Ratings could be downgraded if the company's operating performance
were to falter, or financial policies were to become more
aggressive such that debt/EBITDA was sustained in the high six
times range for an extended period. A further reduction in
diversity would be a credit negative.

Ashfield Huntsworth is the company formed by the combination of UDG
Healthcare plc and Huntsworth. Headquartered in London, UK,
Huntsworth is a global provider of communications, market access
and marketing services, principally to pharmaceutical and
biotechnology companies. Headquartered in Dublin, Ireland UDG
Healthcare plc is a global leader in healthcare advisory,
communications, commercial and clinical services. Pro-forma
combined revenues are approximately $1.5 billion. The company is
controlled by affiliates of CD&R.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.


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