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

                          E U R O P E

          Tuesday, July 5, 2022, Vol. 23, No. 127

                           Headlines



F R A N C E

SAM BIDCO: S&P Alters Outlook on 'B' Rating to Stable


G E R M A N Y

WIRECARD AG: Ex-Accounting Head Admits to Forging Documents


I R E L A N D

BARINGS EURO 2014-2: Moody's Ups Rating on EUR16.5MM F Notes to B1
EURO-GALAXY VI: Moody's Affirms B2 Rating on EUR12MM Class F Notes
HARVEST CLO XXIX: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes


I T A L Y

WEBUILD SPA: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable


N E T H E R L A N D S

BOELS TOPHOLDING: Moody's Hikes CFR & Senior Secured Debt to Ba3


S P A I N

BBVA CONSUMO 10: S&P Affirms 'B (sf)' Rating on Class C Notes


S W E D E N

SAS: Survival at Risk Following Breakdown of Strike Talks


U N I T E D   K I N G D O M

DERBY COUNTY FOOTBALL: Grant Thornton Advises on Acquisition
EALBROOK MORTGAGE 2022-1: Moody's Gives Caa3 Rating to Cl. X2 Notes
EALBROOK MORTGAGE 2022-1: S&P Assigns B-(sf) Rating on X2 Notes
HARVEST CLO XXIX: Fitch Assigns B-(EXP) Rating on Class F Notes
HEALTHCARE SUPPORT: S&P Affirms 'BB' Rating on Senior Secured Debt

HOWARD HUNT: Administrators Provide Update on Progress
MORTIMER BTL 2019-1: Fitch Affirms BB+ Rating on Class X Debt
TOP SHOP: McLaren Acquires Former Flagship Store

                           - - - - -


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F R A N C E
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SAM BIDCO: S&P Alters Outlook on 'B' Rating to Stable
-----------------------------------------------------
S&P Global Ratings revised its outlook on France-based in vitro
diagnostics company Sam Bidco (Sebia) to stable from positive and
affirmed the 'B' rating.

The stable outlook reflects S&P's view that the group will maintain
its solid track of profitable organic growth while generating
comfortable free operating cash flow (FOCF).

In S&P's view, Sebia's debt to EBITDA is unlikely to sustainably
decrease below its current level.

S&P said, "This is supported by our understanding of the financial
policy of the private equity owners, who are likely to continue
operating the company with a highly leveraged capital structure
with debt to EBITDA significantly and sustainably above 5x
including convertible bonds. We note that EUR35 million was
distributed annually in 2020 and 2021 and that further
distributions to shareholders could materialize in the near to
medium term. Furthermore, the group could decide to fund
acquisitions to position itself for more diversification. Sebia
integrated Orgentec in 2021, which was financed with EUR59 million
of cash on the balance sheet and a EUR170 million term loan B (TLB)
add-on.

"We forecast S&P Global Ratings-adjusted debt to EBITDA will
decline to 8.9x in 2022 and 8.7x in 2023 from 9.5x in 2021. In our
debt calculation, we do not net the cash on the balance sheet, in
line with our criteria, due to Sam Bidco's financial sponsor
ownership. The S&P Global Ratings-adjusted debt includes EUR350
million of convertible bonds accruing at 9%. Excluding this
instrument, we forecast cash-interest-paying financial leverage
will decline to 6.2x in 2022 and 5.9x in 2023 from 6.6x in 2021.

"Our base case reflects Sebia's strong and profitable organic
growth prospects. The company has a solid track record of organic
growth and we forecast this will continue across oncology, genetic
hemoglobulin disorders, and diabetes testing. In 2021 the company's
organic growth was 16.1%. Total growth was 23.8% including EUR19.2
million sales, representing four months of Orgentec earnings.
Orgentec provides specialty autoimmune and infectious disease
diagnostics, notably in therapies, such as rheumatology,
thrombosis, and gastroenterology. Sebia will leverage on its
international presence to increase the sales of Orgentec. The
performance of the historical perimeter will be driven by
underlying market growth, in particular for multiple myeloma,
itself supported by increased awareness for preventive diagnosis
and the development of new treatments, which will require
additional testing for monitoring of the condition. Furthermore, it
will benefit from the expansion to new geographies with a direct
presence instead of selling through distributors. The company
recently established a direct presence in Canada, Japan, India, and
China. Our base case assumes no pricing pressure. According to
management the reagent, manufactured by Sebia, represents only 10%
of the test price charged by diagnostic laboratories."

Sebia benefits from an established position and a stable revenue
streams. Sebia benefits from a dominant position in its relevant
segment. The company estimates its market share per volume in
electrophoresis at above 70%. It estimates its market share in
haemoglobinopathies at 32% and 8% in HbA1C. We note that other
methods exist for the diagnosis of multiple myeloma. This includes
complete blood counts and free light chains. Nevertheless,
electrophoresis remains the gold standard because it is accurate,
noninvasive, and inexpensive. S&P said, "Technological disruption
risk exists but we view it as limited due to the aforementioned
advantages, as well as the relatively small size of this market
segment in the overall in vitro diagnostics market. Our view of the
company's competitive position is also supported by its business
model; the instruments are closed systems and work only with the
reagents the group produces." Over the years, the company has built
a large installed base that supports stable and predictable
revenue.

S&P said, "Our rating on Sam Bidco remains constrained by the
company's small size and narrow focus. Even after the acquisition
of Orgentec, the multiple myeloma segment still represents a large
part of total sales, at slightly below 50% of revenue. Therefore,
although Sebia's growth prospects are solid, they are limited by
the relatively small size of its end market and narrow application
of its technology, given expansion into new pathologies has
remained limited. Furthermore, we view internal research and
development capacities as limited and mainly focused on enhancing
the instruments in the portfolio. Its Capillarys instrument had
various updates, reflecting higher automation, throughput, and
productivity." Therefore, should the company decide to diversify
its revenue and growth prospects, it will need to make
acquisitions.

Sebia should continue to generate comfortably positive FOCF. The
company benefits from a level of profitability well above the
industry average and an asset-light business model. S&P forecasts
FOCF of EUR70 million in 2022 and EUR100 million in 2023.
Nevertheless, S&P also notes that this represents less than 7% of
the total outstanding debt.

The stable outlook reflects S&P's view that Sebia will maintain a
path of solid profitable organic growth supported by continued
strong demand across all segments: oncology, genetic hemoglobin,
auto-immunity, and diabetes.

S&P forecasts the financial leverage on the cash-interest-paying
debt will stand at 6.2x in 2022 and 5.9x in 2023. Our base case
excludes discretionary spending including both shareholder
distributions and mergers and acquisitions (M&A).

S&P would take a negative rating action if:

-- The funds from operations (FFO)-cash interest ratio reduced
below 2x.

-- FOCF reduced to neutral or negative.

This would most likely happen if the group's profitability
materially deteriorated due to unexpected operating setbacks or
technological disruption

An upgrade would hinge on the company's ability and willingness to
sustainably maintain its S&P Global Ratings-adjusted debt to EBITDA
at about 5x (including convertible bonds). S&P believes this is
very unlikely, given the financial sponsor ownership and the
objective to maximize shareholders' return.

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 Sam Bidco (Sebia),
because of the controlling ownership. We view financial
sponsor-owned companies with aggressive or highly leveraged
financial risk profiles as demonstrating corporate decision-making
that prioritizes the interests of the controlling owners. This also
reflects the generally finite holding periods and a focus on
maximizing shareholder returns."




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

WIRECARD AG: Ex-Accounting Head Admits to Forging Documents
-----------------------------------------------------------
Olaf Storbeck at The Financial Times reports that Wirecard's
ex-head of accounting has admitted to forging documents requested
by KPMG during a special audit, ahead of a trial that is set for
later this year, according to people familiar with the matter.

Stephan von Erffa is one of three defendants in a case brought by
Munich prosecutors over the spectacular downfall of one of
Germany's highest-flying technology companies.

The 47-year-old is the first senior Wirecard executive to admit
wrongdoing since Oliver Bellenhaus, head of a Dubai subsidiary,
turned himself in to authorities in July 2020 and turned chief
witness for the prosecution, the FT notes.

Wirecard crashed into insolvency in June 2020 after admitting that
half of its stated revenues and EUR1.9 billion of corporate cash
purportedly held in escrow accounts in Asia did not exist, the FT
recounts.

Mr. Von Erffa is one of three Wirecard executives who were charged
with fraud, breach of trust and market manipulation this year, the
FT states.  He, Mr. Bellenhaus and former chief executive Markus
Braun, who denies wrongdoing, are set to face trial this year, the
FT discloses.

Mr. Von Erffa denied any involvement in the wider fraud and blamed
Wirecard's fugitive second-in-command Jan Marsalek during a
parliamentary inquiry into the scandal last year, the FT relays.
However, the police investigation found evidence that von Erffa in
early 2020 forged documents that were then shared with auditors at
KPMG and EY, the FT notes.

The documents were linked to a EUR50 million payment that Wirecard
had received in 2018, purportedly from one of the Asian escrow
accounts and wired by a trustee at Mr. von Erffa's behest,
according to the FT.

One year after the payment, KPMG scrutinised Wirecard's accounts in
a special audit, the FT recounts.  The investigation was launched
by the supervisory board after the Financial Times in October 2019
raised questions about potential balance sheet manipulation.

KPMG's forensic investigators wanted to see Mr. von Erffa's payment
authorisation for the EUR50 million transfer, the FT discloses.  As
no such document existed, the top accountant decided to fabricate
one, he told prosecutors, the FT relays, citing people familiar
with the matter.

Using a private computer, where Mr. von Erffa set back the system
date to December 2018, he generated a back-dated email and a sham
"escrow request/authorisation form" for the EUR50 million, both of
which have been seen by the FT.

Mr. Von Erffa told prosecutors that the forgery was a single and
isolated case, the FT says, citing people familiar with the matter.
He said that the transaction itself had been genuine and he
created a document to substantiate it under immense pressure from
KPMG to supply evidence, according to the FT.  He stressed he had
not been willing to forge documents to doctor the company's
accounts, the FT states.

The collapse of Wirecard, which at its peak was valued at more than
EUR24 billion, sent shockwaves through Germany's financial and
political elite, the FT discloses.  Wirecard's long-standing
auditor EY did not spot the fraud for years, while German financial
regulator BaFin protected Wirecard from short sellers and
prosecutors took action against critical journalists, the FT
notes.




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

BARINGS EURO 2014-2: Moody's Ups Rating on EUR16.5MM F Notes to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Barings Euro CLO 2014-2 Designated Activity
Company:

EUR35,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aa1 (sf); previously on Nov 11, 2021
Upgraded to Aa2 (sf)

EUR28,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to A2 (sf); previously on Nov 11, 2021
Upgraded to A3 (sf)

EUR38,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Ba1 (sf); previously on Nov 11, 2021
Affirmed Ba2 (sf)

EUR16,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to B1 (sf); previously on Nov 11, 2021
Affirmed B2 (sf)

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

EUR297,400,000 (Current outstanding amount EUR186,585,780) Class
A-1 Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf);
previously on Nov 11, 2021 Affirmed Aaa (sf)

EUR31,600,000 (Current outstanding amount EUR19,825,523) Class A-2
Senior Secured Fixed Rate Notes due 2029, Affirmed Aaa (sf);
previously on Nov 11, 2021 Affirmed Aaa (sf)

EUR37,900,000 Class B-1 Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Nov 11, 2021 Upgraded to Aaa
(sf)

EUR21,100,000 Class B-2 Senior Secured Fixed Rate Notes due 2029,
Affirmed Aaa (sf); previously on Nov 11, 2021 Upgraded to Aaa (sf)

Barings Euro CLO 2014-2 Designated Activity Company, issued in
November 2014 and reset in May 2017, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by Barings (U.K.)
Limited. The transaction's reinvestment period ended in May 2021.

RATINGS RATIONALE

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

The Class A-1 and Class A-2 Notes have paid down by approximately
EUR53.9 million (18.1%) and EUR 5.7 million (18.1%) since the last
rating action in November 2021 and EUR110.8 million (37.3%) and
EUR11.8 million (37.3%) respectively since closing. As a result of
the deleveraging, over-collateralisation (OC) has increased across
the capital structure. According to the trustee report dated May
2022 [1] the Class A/B, Class C, Class D, Class E and Class F OC
ratios are reported at 152.34%, 136.13%, 125.28%, 113.25% and
108.71% compared to November 2021 [2] levels of 142.03%, 129.60%,
120.98%, 111.12% and 107.33% respectively. Moody's notes that the
May 2022 principal payments are not reflected in the reported OC
ratios.

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

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

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

Performing par and principal proceeds balance: EUR424.04m

Defaulted Securities: none

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3155

Weighted Average Life (WAL): 3.82 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.67%

Weighted Average Coupon (WAC): 4.49%

Weighted Average Recovery Rate (WARR): 44.49%

Par haircut in OC tests and interest diversion test: 1.12%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. 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:

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.

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.


EURO-GALAXY VI: Moody's Affirms B2 Rating on EUR12MM Class F Notes
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Euro-Galaxy VI CLO Designated Activity Company:

EUR30,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Mar 28, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Mar 28, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR22,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Mar 28, 2018
Definitive Rating Assigned A2 (sf)

EUR22,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on Mar 28, 2018
Definitive Rating Assigned Baa2 (sf)

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

EUR245,500,000 Class A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Mar 28, 2018 Definitive
Rating Assigned Aaa (sf)

EUR27,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Mar 28, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Mar 28, 2018
Definitive Rating Assigned B2 (sf)

Euro-Galaxy VI CLO Designated Activity Company, issued in March
2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by PineBridge Investments Europe Limited. The
transaction's reinvestment period will end in October 2022.

RATINGS RATIONALE

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

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

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

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

Performing par and principal proceeds balance: EUR400.97m

Defaulted Securities: nil

Diversity Score: 61

Weighted Average Rating Factor (WARF): 3028

Weighted Average Life (WAL): 4.70 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.76%

Weighted Average Coupon (WAC): 5.47%

Weighted Average Recovery Rate (WARR): 44.94%

Par haircut in OC tests and interest diversion test: nil

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

Moody's notes that the June 2022 trustee report was published at
the time it was completing its analysis of the May 2022 data. Key
portfolio metrics such as WARF, diversity score, weighted average
spread and life, and OC ratios exhibit little or no change between
these dates.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. 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:

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.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: Once reaching the end of the reinvestment
period in October 2022, 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.

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


HARVEST CLO XXIX: S&P Assigns Prelim. B-(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Harvest
CLO XXIX DAC's class A to F European cash flow CLO notes. At
closing, the issuer will issue unrated class Z and subordinated
notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately 4.4
years after closing, while the non-call period will end 1.9 years
after closing.

The preliminary ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks
                                                       CURRENT

  S&P weighted-average rating factor                  2,906.78
  Default rate dispersion                               376.59
  Weighted-average life (years)                           5.09
  Obligor diversity measure                             113.56
  Industry diversity measure                             18.97
  Regional diversity measure                              1.33

  Transaction Key Metrics
                                                       CURRENT

  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                          B
  'CCC' category rated assets (%)                         0.50
  'AAA' weighted-average recovery (%)                    34.00
  Floating-rate assets (%)                               92.31
  Weighted-average spread (net of floors; %)              4.00

S&P said, "The current portfolio contains a larger proportion of
assets that have yet to be ramped up compared to what we would
typically see in other European CLO transactions at pricing. By
closing, we expect ramped up assets to be more in line with what is
commonly seen in European CLO transactions. We understand that at
closing the portfolio will be well-diversified, primarily
comprising broadly syndicated speculative-grade senior-secured term
loans and senior-secured bonds. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.90%), and the
covenanted weighted-average coupon (4.10%) as indicated by the
collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
actual portfolio presented to us (except for AAA rating level,
where we have used covenanted recovery of 34.00%). We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis show that the class B, C, D, and
E notes benefit from break-even default rate (BDR) and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our
preliminary ratings on the notes. The class A notes can withstand
stresses commensurate with the assigned preliminary ratings."

The class F notes' current BDR cushion is negative at the current
rating level. S&P said, "Nevertheless, based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook,
we believe this class is able to sustain a steady-state scenario,
in accordance with our criteria." S&P's analysis further reflects
several factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 24.35% (for a portfolio with a
weighted-average life of 5.09 years) versus 15.78% if it was to
consider a long-term sustainable default rate of 3.1% for 5.09
years.

-- Whether the tranche is vulnerable to nonpayment soon.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

Following this analysis, S&P considers that the available credit
enhancement for the class F notes is commensurate with the assigned
preliminary 'B- (sf)' rating.

Until the end of the reinvestment period on Jan. 14, 2027, the
collateral manager may substitute assets in the portfolio for so
long as S&P's CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the current portfolio's default potential plus par losses
to date. As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

S&Ps aid, "Under our structured finance sovereign risk criteria, we
consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned preliminary ratings.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes
to five of the 10 hypothetical scenarios we looked at in our
publication, "How Credit Distress Due To COVID-19 Could Affect
European CLO Ratings," published on April 2, 2020. The results are
shown in the chart below.

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

Environmental, social, and governance (ESG) factors

S&P regards the exposure to ESG credit factors in the transaction
as being broadly in line with its benchmark for the sector.
Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons; nuclear weapon programs; illegal drugs or
narcotics; thermal coal; pornography; prostitution; and gambling
and gaming companies. Specifically, the documents prohibit assets
that:

-- Draw primary revenue from the extraction of oil and gas from
unconventional sources;

-- Draw revenues of greater than 10% from weapons or tailormade
components for weapons;

-- Are an electrical utility with a disclosed carbon intensity of
greater than 100gCO2/kWh or otherwise generates over 1% from
thermal coal, 10% from liquid fuels, 50% from natural gas, and 0%
from nuclear generation;

-- Are an electrical utility with plans to increase its negative
environmental impact.

-- Draw more than 40% of revenue from natural gas or renewables or
has reserves of more than 20% deriving from natural gas.

-- Draw more than 10% of revenue from non-sustainable palm oil
production;

-- Draw more than 25% of revenue from mining;

-- Draw more than 10% of revenue from pipelines;

-- Draw more than 25% from soft commodities;

-- Draw more than 25% of revenue from tobacco and tobacco
products;

-- Deliberately violate the United Nations Global Compact (UN
GC).

Accordingly, since the exclusion of assets from these industries
and areas does not result in material differences between the
transaction and S&P's ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities.

  Ratings List

  CLASS     PRELIM.     BALANCE    SUB (%)    INTEREST RATE§
            RATING*    (MIL. EUR)

  A         AAA (sf)     232.00    42.00   Three/six-month EURIBOR

                                           plus a margin

  B         AA (sf)       50.00    29.50   Three/six-month EURIBOR

                                           plus a margin

  C         A (sf)        21.00    24.25   Three/six-month EURIBOR

                                           plus a margin

  D         BBB (sf)      25.50    17.88   Three/six-month EURIBOR

                                           plus a margin

  E         BB- (sf)      17.50    13.50   Three/six-month EURIBOR

                                           plus a margin

  F         B- (sf)       18.00     9.00   Three/six-month EURIBOR

                                           plus a margin

  Z         NR             0.25      N/A   N/A

  Sub. notes  NR          26.50      N/A   N/A

* The preliminary ratings assigned to the class A and B notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.
§ The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR -- Euro Interbank Offered Rate.
NR -- Not rated.
N/A -- Not applicable.




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

WEBUILD SPA: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Milan-based engineering and construction
(E&C) company Webuild S.p.A.'s Long-Term Issuer Default Rating
(IDR) and senior unsecured rating at 'BB'. The Outlook on the IDR
is Stable.

The affirmation and Stable Outlook mainly reflect the group's
reduction in Fitch-defined net debt, strong revenue visibility and
improving operating profitability following pandemic-related
disruptions. The credit profile is supported by Webuild's solid
business profile, which we deem in line with an investment grade
E&C company.

The rating remains limited by the company's high gross leverage and
volatile working capital requirement. We also expect neutral free
cash flow (FCF) generation through the cycle, following high
inflows in 2020-2021, mainly due to increased advance payments in
Italy arising from high order intake. This is partly offset by the
healthy amount of readily available cash, which provides headroom
for any periodic cash consumption.

KEY RATING DRIVERS

Improved Net Leverage Profile: Fitch expects net leverage to remain
adequate in 2022-2025 following significant deleveraging in 2021 to
1.0x total net debt/EBITDA. We forecast net leverage of around
1.4-1.5x over 2022-2023 with a gradual increase towards around 2.2x
by 2025, mainly due to assumed high capex and increased working
capital requirements in 2024-2025. Webuild targets maintaining the
company-defined net cash position in 2022-2024, following about
EUR467 million net cash at end-2021.

Gross Leverage Remains High: We expect total debt/EBITDA to remain
temporarily elevated at above 3.5x in 2022-2023. We consider the
ratio high for the rating and compared with 'BB' rated peers, which
limits rating headroom. Nevertheless, we expect gross leverage to
decrease to around 3x by 2024, driven by improving operating
profitability and some further gross debt reduction driven by the
current ample cash balance.

Strong Revenue Visibility: Webuild's improved revenue visibility is
supported by its strong current order book and healthy pipeline of
opportunities. The company is well positioned to continue to
benefit from increasing government investment in infrastructure
across core markets, especially in Italy where it has a leading
market position combined with high project win rates. Our rating
case excludes backlog contribution from a high-speed rail line
construction project in Texas, which is pending financing
approval.

In 2021, the company's total construction order backlog increased
by around 10% to about EUR37 billion. The company maintained strong
activity level in 1H22 with around EUR6 billion of new orders and
orders to be finalised. We expect that the company will continue to
deliver a large share of projects under the Italian Recovery Plan,
with an estimated EUR24 billion project pipeline for tender by the
end of 2023. We assume a broadly stable book-to-bill of around
1.0x-1.1x over the four-year rating horizon.

Increasing Investments to Limit FCF: We expect neutral FCF
generation through the cycle from 2021 through 2025. We assume that
increasing operating profitability will be offset by higher capex
and increasing working capital requirement. We expect increased
capital investment needs, mainly due to the start of multiple
projects awarded in 2021. We expect that there will continue to be
a positive impact on the working capital position in 2022-2023 from
the strong order intake and increased advance payments from Italian
"Relaunch Decree" measures, with subsequent elevated working
capital requirement in 2024-2025.

In 2021, strong FCF generation of about EUR0.9 billion was mainly
supported by high working-capital inflows driven by strong new
order intake and the impact of the Italian "Relaunch Decree"
measures, which led to an increase in advance payments on public
works for Italian contractors to up to 30%.

Solid Business Profile: The business profile is mainly underpinned
by leading market positions in niche markets, a solid order backlog
and sound geographical diversification. Webuild is the global
leader in the water infrastructure sub-segment and has leading
positions in civil buildings and transportation. These strengths
are offset by significant project concentration and structural
working-capital requirements.

The company has recently completed the integration of Astaldi.
Fitch believes that the acquisition mainly resulted in a
significant increase in scale and a stronger market position in
Italy, which is partly offset by Fitch's expectation of higher
working capital requirements.

Growing Exposure to Developed Markets: We view increased share of
new projects in lower-risk countries, especially in the US and
Australia, as positive for the credit profile. This is partly
offset by increasing share of contracts in Italy, reflecting
increasing geographic concentration risk. However, the overall
domestic market exposure is broadly in line with most Fitch-rated
E&C investment-grade peers. At end-2021, Italy accounted for around
44% of the total construction backlog up from 37% in 2020. The
higher risk countries accounted for around 25% of the total.

DERIVATION SUMMARY

In contrast to other Fitch-rated E&C entities, Webuild has a
limited presence in concessions. Its strategy focuses on large,
complex, value-added infrastructure projects with high engineering
content. While its business profile is solid, net leverage exceeds
that of higher-rated peers such as Ferrovial, S.A. (BBB/Stable),
which generates stable dividend streams from its concession
business. Webuild's business profile is stronger than that of
Obrascon Huarte Lain, S.A. (WD), mainly due to Webuild's larger
scale of operations, stronger market position and greater project
diversification.

KEY ASSUMPTIONS

-- Revenue of around EUR6.9 billion in 2022, high single digit
    annual growth in 2023-2024 and mid-single digit growth in
    2025;

-- Fitch-defined EBITDA margin of about 6.3% in 2022, 7.5% in
    2023 and 8% in 2024-2025;

-- Neutral-to-positive change in net working capital in 2022-2023

    followed by around 4% of revenue annual requirement in 2024-
    2025;

-- Capex at 3.3% of revenue in 2022, 5.8% in 2023 and 4.2%
    annually in 2024-2025;

-- Dividends of EUR54 million in 2022 and EUR50 million annually
    in 2023-2025;

-- Share buybacks of EUR30 million in 2022 and EUR15 million in
    2023.

RATING SENSITIVITIES

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

-- Total debt/EBITDA below 2.5x on a sustained basis;

-- Total net debt/EBITDA below 1.5x on a sustained basis;

-- Reduced concentration of 10 largest contracts to below 40%.

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

-- Total debt/EBITDA above 3.5x on a sustained basis;

-- Total net debt/EBITDA above 2.5x on a sustained basis;

-- Inability to generate at least neutral FCF on a sustained
    basis;

-- Weak performance on major contracts with a material impact on
    profitability;

-- Increasing share of high-risk countries.

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

Sufficient Liquidity: At end-2021 Webuild's liquidity was supported
by about EUR2,077 million of readily available cash (excluding
around EUR0.3 billion deemed not readily available by Fitch mainly
restricted cash for working capital purposes) and access to EUR650
million undrawn committed banking facilities. In January 2022,
Webuild issued additional EUR400 million notes due 2026 to repay
corporate loans and available committed banking facilities
increased to EUR900 million. This provides sufficient headroom to
cover debt maturities in 2022 and expected negative EUR0.1 billion
FCF in 2022. We view the company's good relationships with local
banks and access to capital markets as positive for the credit
profile.

Senior Unsecured Debt: At end-2021, Webuild's debt structure
consisted mainly of three euro-denominated senior unsecured bonds
with a total nominal amount of about EUR1.5 billion and corporate
loans with a total nominal amount of about EUR0.7 billion. Webuild
also raises fairly modest short- and medium-term construction debt
at local subsidiaries as well as modest long-term concession debt.

ISSUER PROFILE

Webuild is a mid-sized Italian engineering and construction group
focused on complex infrastructure civil projects with strong
leadership in the water segment.

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.

   DEBT                 RATING                    PRIOR
   ----                 ------                    -----

Webuild S.p.A.        LT IDR    BB    Affirmed    BB

   senior unsecured   LT        BB    Affirmed    BB




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

BOELS TOPHOLDING: Moody's Hikes CFR & Senior Secured Debt to Ba3
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of Boels
Topholding B.V.'s corporate family rating to Ba3 from B1 and its
probability of default rating to Ba3-PD from B1-PD. Concurrently,
Moody's has also upgraded the instrument rating on the EUR1,450
million senior secured term loan B (TLB) due 2027 and EUR179.3
million senior secured revolving credit facility (RCF) due 2026 to
Ba3 from B1. The outlook remains stable.

RATINGS RATIONALE

Boels' upgrade to Ba3 reflects the company's strong operating
performance and track record after the pandemic, and leverage
(Moody's adjusted debt/EBITDA), which reduced to 3.4x in 2021 from
3.9x in 2020 and which Moody's expects will continue to improve
towards 3.0x by 2023 with a continued improvement in earnings. Even
during the pandemic, performance was resilient with revenue falling
by only 5% and EBITDA increasing by 3% (like-for-like, including
Cramo) in 2020. Moody's also expects that the company will continue
to generate positive free cash flow (FCF)/debt of around 2-3%
beyond 2022 and maintain adequate liquidity. The rating action also
takes into account Boels' financial flexibility to cut capital
spending in an economic downturn which will bolster FCF in the
event of a downturn, no refinancing needs until 2027 and their
conservative financial policy of maintaining reported net leverage
below 3.0x and partial hedging of their interest rate exposure
which Moody's views as prudent.

The company's continued strong performance is forecast to be driven
by improving market conditions in Boels' countries of operations, a
recovery in end markets supported by easing of restrictions and
government infrastructure spending as well as continued demand for
its equipment as rental penetration continues to grow although the
weaker macroeconomic environment may soften demand.

Moody's expects Boels will continue growing its top line by
mid-single-digit percentage in the next two years, supported by the
continued growth in its European markets. This is broadly in line
with the European Rental Association forecasts of 6% market growth
in the Boels' core geographies [1]. As a result, Moody's expects
adjusted EBITDA of around EUR495-520 million resulting in leverage
of 3.3x and 3.1x in 2022 and 2023 respectively.

Governance was a key rating driver of today's rating action in line
with Moody's ESG framework because of management's credibility and
Boels' good track record of maintaining a conservative financial
policy, which includes maintaining adequate liquidity and paying
down debt with excess cash in 2021.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that
Moody's-adjusted leverage will trend towards 3.0x in the next 12-18
months. It also includes Moody's expectation of continued growth
and increased rental penetration in the company's countries of
operation. Moody's considers that the company will not execute any
major debt-funded acquisitions or shareholder distributions in the
short-term as per the company's stated financial policy.

LIQUIDITY PROFILE

Moody's considers Boels' liquidity to be adequate and supported by
a cash balance of EUR28 million and an undrawn senior secured RCF
of EUR179.3 million as of March 31, 2022. Moody's expects the
company will generate negative FCF/debt of 4% in 2022 as it ramps
up its fleet investment. From 2023 onwards, Moody's expects Boels
to generate FCF/debt of around 2%-3% even under Moody's assumption
of higher interest rates for the unhedged portion of debt.

As part of the documentation, the Senior Facility Agreement ("SFA")
contains a maintenance covenant based on net leverage set at 6.5x.
Moody's expects Boels to maintain ample headroom under this
covenant.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Corporate governance is a consideration for Boels. The company is
owned by Pierre Boels Jr. who is also the CEO, which leads to
key-man risk.

The company has also reiterated its commitment to a more
conservative financial policy of maintaining reported net leverage
below 3.0x with no plans for dividend distributions or major debt
funded acquisitions in the near term.

STRUCTURAL CONSIDERATIONS

The PDR is Ba3-PD, in line with the CFR, reflecting Moody's
assumption of a 50% family recovery rate as is customary for bank
debt structures with loose financial covenants. The senior secured
RCF and senior secured TLB are pari passu and rated Ba3, in line
with the CFR.

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

Positive pressure on the rating could occur if: (i)
Moody's-adjusted leverage declines below 2.5x on a sustainable
basis; (ii) liquidity is consistently good, with positive FCF/debt
approaching 10%; and (iii) its business profile continues to
improve such as increasing market share, earnings and
diversification of end-market exposure.

Negative pressure on the rating could occur if: (i) the company's
operational performance deteriorates; (ii) Moody's-adjusted
leverage increases above 3.5x on a sustained basis, or (iii) FCF is
consistently negative such that liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental published in February 2022.

COMPANY PROFILE

Headquartered in Netherlands, Boels Topholding B.V. (Boels) is a
leading European provider of generalist and specialist rental
equipment. Boels was founded in 1977 by Pierre Boels Sr. His son
Pierre Boels Jr. is its Chief Executive Officer since 1996 and owns
100% of the company. Boels generated EUR1.3 billion of revenue and
EUR473 million of Moody's adjusted EBITDA as of December 31, 2021.





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

BBVA CONSUMO 10: S&P Affirms 'B (sf)' Rating on Class C Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its 'AA (sf)', 'A- (sf)', and 'B (sf)'
credit ratings on BBVA Consumo 10 Fondo de Titulizacion's class A,
B, and C notes, respectively.

The affirmations follow S&P's review of the transaction's
performance and the application of its current criteria. They also
reflect its assessment of the payment structure according to the
transaction documents.

S&P said, "We lowered our growth forecasts for the eurozone economy
to 2.6% this year and 1.9% in 2023 (from 2.7% and 2.2% in our
interim forecasts in May 2022), as growth headwinds strengthen.
Higher inflationary pressures are the main driver of our downward
revision. We now expect consumer price inflation to reach 7.0% this
year and 3.4% in 2023 (from 6.4% and 3.0% previously) on the back
of higher energy and food prices resulting from the current
geopolitical context. Lower international demand is also expected
to dampen growth. Although elevated inflation is overall credit
negative for all borrowers, inevitably some borrowers will be more
negatively affected than others. To the extent inflationary
pressures materialize more quickly or more severely than currently
expected, risks may emerge. We consider the borrowers in the
transaction to be prime borrowers and as such they will generally
have high resilience to inflationary pressures. The borrowers in
this transaction pay fixed interest rates. As a result, we do not
expect them to face near-term pressure from a rate rise
perspective."

The transaction closed in July 2019 and, after an 18-month
revolving phase, began to amortize in March 2021. The pool balance
declined to EUR1.1 billion as of the June 2022 payment date from
EUR2.0 billion at closing, bringing the current pool factor (the
outstanding collateral balance as a proportion of the original
collateral balance) to approximately 55%. The reserve fund is
amortizing and is a its required level of EUR5.24 million. The
fully sequential repayment of principal lowered the class A notes'
balance to EUR908.89 million from EUR1,810.00 million in July 2019,
resulting in increased credit enhancement of 18% for this class of
notes, compared with 10% at closing. Similarly, the available
credit enhancement for the class B and C notes increased to 12.67%
and 5.10%, respectively, from 7.10% and 3.00% over the same
period.

S&P said, "We analyzed credit risk under our global consumer ABS
criteria using the transaction's historical gross loss data. In our
view, BBVA Consumo 10's cumulative gross losses have been higher
than our assumptions at closing. As a result, we increased our
base-case gross loss assumption to 4.00% from 3.75% in our previous
full review in July 2020.

"The observed cumulative recoveries are lower than our expectations
at closing. We therefore decreased the recoveries base case to 15%
from 20%."

S&P maintained the recovery rate haircuts unchanged.

  Table 1

  Credit Assumptions
  
  PARAMETER                             CURRENT

  Gross loss base case (%)                 4.00

  Gross loss multiple ('AAA')              5.00

  Gross loss multiple ('AA')               4.00

  Gross loss multiple ('A')                3.00

  Gross loss multiple ('BB')               1.75

  Recovery rate base case (%)             15.00

  Haircut ('AAA') (%)                     45.00

  Haircut ('AA') (%)                      40.00

  Haircut ('A') (%)                       35.00

  Haircut ('BB') (%)                      25.00

S&P Said, "Our operational and legal risk analyses are unchanged
since closing. The transaction account is held with Banco Bilbao
Vizcaya Argentaria S.A. (BBVA; A/Stable/A-1). The downgrade
language and replacement mechanisms are in line with our current
counterparty criteria to support up to a 'AA (sf)' rating on the
notes.

"Our analysis indicates that the available credit enhancement for
the class A, B, and C notes is sufficient to withstand the credit
and cash flow stresses that we apply at the 'AA', 'A-', and 'B'
ratings, respectively.

"The class B and C notes can withstand stresses at higher ratings
than those assigned. However, we affirmed our ratings on those
classes of notes to reflect their overall credit enhancement and
position in the waterfall. In addition, we expect the junior
tranches to have a longer duration than the senior tranche, meaning
that they are more vulnerable and sensitive to tail-end risk.

"The class A notes' cash flow results yield a 'AAA (sf)' rating,
but the counterparty cap on the bank account limits the maximum
achievable rating to 'AA (sf)'. We therefore affirmed our 'AA (sf)'
rating on the class A notes."




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

SAS: Survival at Risk Following Breakdown of Strike Talks
---------------------------------------------------------
Anna Ringstrom, Essi Lehto and Supantha Mukherjee at Reuters report
that wage talks between Scandinavian airline SAS and its pilots
collapsed on July 4, triggering a strike that puts the future of
the carrier at risk and adds to travel chaos across Europe as the
peak summer vacation period begins.

The action is the first major airline strike to hit when the
industry is seeking to capitalise on the first full rebound in
leisure travel following the pandemic, Reuters notes.

It follows months of acrimony between employees and management as
the airline seeks to recover from the impact of lockdowns without
taking on costs it believes would leave it unable to compete,
Reuters relays.

At the same time, employees across Europe are demanding wage rises
as they struggle with surging inflation, Reuters discloses.

According to Reuters, a strike could cost SAS nearly SEK100 million
US($10 million) per day, Sydbank analyst Jacob Pedersen calculated,
and the company's future ticket sales will suffer.

"A strike at this point is devastating for SAS and puts the
company's future together with the jobs of thousands of colleagues
at stake," Reuters quotes SAS Chief Executive Anko van der Werff as
saying in a statement.

"The decision to go on strike now demonstrates reckless behaviour
from the pilots' unions and a shockingly low understanding of the
critical situation that SAS is in."

Sydbank's Pedersen, as cited by Reuters, said the strike could
erase up to half of the airline's cash flow of more than SEK8
billion crowns in the initial four-to-five weeks alone in a
worst-case scenario, and was bound to leave "deep wounds" among
affected travellers.

"SAS has too much debt and too high costs, and is thus not
competitive. SAS is in other words a company flying toward
bankruptcy," he said in a research note.

Loss-making SAS is seeking to restructure its business through
large cost cuts, raising cash and converting debt to equity,
Reuters discloses.

"This is all about finding investors. How on earth is a strike in
the busiest week of the last 2.5 years helping find and attract
investors?" Mr. van der Werff told reporters.

The airline, which is part-owned by the governments of Sweden and
Denmark, estimated the strike would lead to the cancellation of
around 50% of scheduled SAS flights and impact around 30,000
passengers per day, roughly half its daily load, Reuters states.

Denmark has said it is willing to provide more cash and write off
debt on condition the airline brings in private investors as well,
while Sweden has refused to inject more money, Reuters recounts.

Norway sold its stake in 2018, but holds debt in the airline, and
has said it might be willing to convert that into equity, according
to Reuters.




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

DERBY COUNTY FOOTBALL: Grant Thornton Advises on Acquisition
------------------------------------------------------------
Bdaily reports that Grant Thornton UK LLP is proud to have played a
key role in securing the future of Derby County Football Club after
it was placed into administration.

On Friday, July 1, 2022, David Clowes, a Derby-based property
developer and lifelong fan of the team, completed the process of
purchasing the club, Bdaily relates.  Grant Thornton advised the
team's new owner throughout the transaction, Bdaily discloses.

Derby County, a community asset and one of Britain's oldest
football clubs, has been in administration for 10 months, with
administrators Quantuma looking for a buyer since September 2021,
Bdaily notes.

According to Bdaily, Mr. Clowes' successful bid for the business
followed his separate acquisition of Pride Park stadium from
previous owner Mel Morris.

Prior to the now successful bid, Clowes Developments (UK) Ltd,
which is based in the Derbyshire village of Ednaston, had given the
club a loan to ensure that they could take part in the next
football season after a previous buy-out attempt collapsed, Bdaily
discloses.

Derby County suffered a points deduction when it went into
administration and was relegated from the EFL Championship in May,
Bdaily recounts.  As Mr. Clowes' takeover complies with the EFL
insolvency policy, Derby will avoid a further points deduction when
it begins the new football season in League One in August, Bdaily
states.

Founded in 1884, Derby County has an illustrious history that has
seen it become first division champions and FA cup winners.

                 About Derby County Football Club

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

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


EALBROOK MORTGAGE 2022-1: Moody's Gives Caa3 Rating to Cl. X2 Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Ealbrook Mortgage Funding 2022-1 plc:

GBP316.7M Class A Mortgage Backed Floating Rate Notes due January
2059, Assigned Aaa (sf)

GBP15.8M Class B Mortgage Backed Floating Rate Notes due January
2059, Assigned Aa2 (sf)

GBP10.6M Class C Mortgage Backed Floating Rate Notes due January
2059, Assigned A2 (sf)

GBP5.3M Class D Mortgage Backed Floating Rate Notes due January
2059, Assigned Baa3 (sf)

GBP3.5M Class E Mortgage Backed Floating Rate Notes due January
2059, Assigned Ba3 (sf)

GBP8.8M Class X1 Mortgage Backed Floating Rate Notes due January
2059, Assigned Caa2 (sf)

GBP3.5M Class X2 Mortgage Backed Floating Rate Notes due January
2059, Assigned Caa3 (sf)

RATINGS RATIONALE

The Notes are backed by a static pool of predominantly
owner-occupied non-conforming UK residential mortgage loans
originated and serviced by Bluestone Mortgages Limited ("BML"; NR)
under the forward flow arrangement with Shawbrook Bank Limited
(NR), the seller of the portfolio. This represents the first
issuance out of the forward flow arrangement. Bluestone Mortgages
Limited launched in 2015 as specialist UK lender active in the
owner occupied and buy-to-let markets after the acquisition of
Basinghall Finance Plc and targets borrowers with complexity of
circumstances.

The portfolio of assets amount to approximately GBP351.9 million as
of June 19, 2022 pool cutoff date. At closing a liquidity reserve
fund and a general reserve fund will be funded such that the total
credit enhancement for the Class A Notes will be 11%.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising liquidity
reserve sized at 1% of Class A and B Notes balance. An amortising
general reserve fund sized at 1% of the collateralized Notes Class
A to E minus the liquidity reserve fund will provide additional
credit and liquidity support to Classes A to E, subject to certain
conditions. However, Moody's notes that the transaction features
some credit weaknesses such as an unrated servicer and limited
historical data from the servicer, covering the period November
2018-December 2021 (3 years). Various mitigants have been included
in the transaction structure such as a back-up servicer facilitator
which is obliged to appoint a back-up servicer if the servicer's
appointment is terminated and stop amortisation trigger for the
liquidity fund should the cumulative default rate on the portfolio
exceed 10% of the aggregate balance on the Closing Date.

Moody's determined the portfolio lifetime expected loss of 2.5% and
13% MILAN credit enhancement ("MILAN CE") related to borrower
receivables. The expected loss captures Moody's expectations of
performance considering the current economic outlook, while the
MILAN CE captures the loss Moody's expect the portfolio to suffer
in the event of a severe recession scenario. Expected defaults and
MILAN CE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate RMBS.

Portfolio expected loss of 2.5%: This is lower than the UK
Non-Conforming RMBS sector and is based on Moody's assessment of
the lifetime loss expectation for the pool taking into account: (i)
the portfolio characteristics including the weighted average
current loan-to-value (CLTV) of 70.6%, high proportion of first
time buyers (41.7% based on all borrowers of a loan) and help to
buy loans (18.7%), 30.9% self-employed and 9.8% of primary
borrowers (12.8% of all borrowers) with county court judgements
(CCJs); (ii) the collateral performance of originator originated
loans to date, as provided by the originator; (iii) benchmarking
with similar securitised portfolios;  and (iv) the current
macroeconomic environment in the UK and the impact of future
interest rate rises on the performance of the mortgage loans.

MILAN CE of 13%: This is lower than the UK Non-Conforming sector
average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
collateral performance of Bluestone Mortgages Limited originated
loans to date as described above; (ii) the CLTV of 70.6% which is
in line with the sector average; (iii) borrower characteristics
such as 30.9% self employed and 18.7% help to buy; and (iv) prior
adverse credit such as 12.8% CCJs and 15.0% of the loans with prior
arrears.

Interest Rate Risk: 100% of the loans in the pool are fixed rate
loans with a weighted average (WA) rate of 5.21% and WA fixed rate
term of 8.4 quarters. The loans revert to floating rate loans
paying BML's Standard Variable Rate (SVR) plus a WA margin 3.35%.
The servicer will review SVR at least quarterly and it will not be
set at a level lower than compounded daily SONIA over the previous
calendar month plus 1 per cent. The Notes are floating rate
securities with reference to compounded daily SONIA. To mitigate
the fixed-floating mismatch between the fixed-rate asset and
floating liabilities, there will be a scheduled notional
fixed-floating interest rate swap provided by Lloyds Bank Corporate
Markets plc (A1/P-1, A1(cr)/P-1(cr)).

Linkage to the Servicer: Bluestone Mortgages Limited (NR) is the
servicer in the transaction. To help ensure continuity of payments
in stressed situations, the deal structure provides for: (i) a
back-up servicer facilitator Intertrust Management Limited (NR);
(ii) an independent cash manager Citibank, N.A., London Branch
(Aa3(cr),P-1(cr)); (iii) liquidity for the Classes A and B Notes;
and (iv) estimation language whereby the cash flows will be
estimated from the three most recent servicer reports should the
servicer report not be available.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
February 2022.

The analysis undertaken by Moody's at the initial assignment of
ratings for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes; or (ii) a
deleveraging of the capital structure.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of (a) servicing or cash management interruptions and (b) the risk
of increased swap linkage due to a downgrade of the swap
counterparty ratings; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses due to a greater
unemployment, worsening household affordability and a weaker
housing market.


EALBROOK MORTGAGE 2022-1: S&P Assigns B-(sf) Rating on X2 Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Ealbrook Mortgage
Funding 2022-1 PLC's mortgage-backed notes.

Ealbrook Mortgage Funding 2022-1 is an RMBS transaction that
securitizes a portfolio of GBP370 million--including 5% of risk
retention--owner-occupied and BTL mortgage loans secured on
properties in the U.K.

The loans in the pool were originated between 2018 and 2021 by
Bluestone Mortgages Ltd., a nonbank specialist lender, under a
forward flow agreement with Shawbrook Bank PLC.

This is the third RMBS transaction originated by Bluestone
Mortgages in the U.K. that S&P has rated. The previous transactions
were Genesis Mortgage Funding 2019-1 PLC and Genesis Mortgage
Funding 2022-1 PLC.

The securitized collateral comprises complex income borrowers,
borrowers with immature credit profiles, and borrowers with credit
impairments, and there is a high exposure to self-employed
borrowers and first-time buyers. Approximately 4.1% of the pool
comprises BTL loans and the remaining 95.9% are owner-occupier
loans.

The transaction benefits from liquidity support provided by a
liquidity facility, and principal can be used to pay senior fees
and interest on the most senior notes.

Credit enhancement for the rated notes will consist of
subordination from the closing date and a reserve fund.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on compounded daily SONIA, and
the loans, which pay a fixed rate of interest until they revert to
a floating rate.

At closing, Ealbrook Mortgage Funding 2022-1 used the notes'
proceeds to purchase and accept the assignment of the seller's
rights against the borrowers in the underlying portfolio and to
fund the reserves. The noteholders benefit from the security
granted in favor of the security trustee, Citicorp Trustee Co.
Ltd.

S&P's ratings on the class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd
notes are commensurate with the available credit enhancement.

S&P said, "The class X1 and X2 notes, which are excess spread
notes, face large shortfalls under our cash flow analysis and are
particularly sensitive to prepayment. They are also subordinated to
potential subordinated swap payment amounts. However, in line with
our counterparty criteria and based on our cash flow results in a
steady state scenario (applying the actual level of fees and
expected level of prepayment), we do not consider the payment of
timely interests and ultimate principal on the class X1 and X2
notes to be dependent upon favorable business, financial, and
economic conditions. We have therefore assigned our 'B- (sf)'
rating to these classes of notes.

"There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote."

  Ratings

  CLASS     RATING*    AMOUNT (MIL. GBP)

  A         AAA (sf)     316.67

  B-Dfrd    AA (sf)       15.83

  C-Dfrd    A (sf)        10.56

  D-Dfrd    A- (sf)        5.28

  E-Dfrd    BBB (sf)       3.52

  X1†       B- (sf)        8.80

  X2†       B- (sf)        3.52

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A, X1, and X2 notes, and the
ultimate payment of interest and principal on all the other rated
notes. S&P's ratings also address timely receipt of interest on the
class B–Dfrd to E-Dfrd notes when they become the most senior
outstanding.


HARVEST CLO XXIX: Fitch Assigns B-(EXP) Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Harvest CLO XXIX DAC expected ratings.

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

   DEBT                 RATING
   ----                 ------

Harvest CLO XXIX DAC

A                    LT    AAA(EXP)sf    Expected Rating

B                    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

Harvest CLO XXIX DAC is a securitisation of mainly senior secured
obligations (at least 96%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Note proceeds will be used to fund a portfolio
with a target par of EUR400 million. The portfolio is actively
managed by Investcorp Credit Management EU Limited. The
collateralised loan obligation (CLO) has a 4.45-year reinvestment
period and an 8.50-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.45

High Recovery Expectations (Positive): At least 96% 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
61.80%.

Diversified Portfolio (Positive): The transaction will include four
Fitch matrices. Two will be effective at closing, corresponding to
a top-10 obligor concentration limit at 20%, fixed-rate asset
limits of 5% and 10% and 8.5-year WAL. Two others can be selected
by the manager at any time from one year after closing as long as
the portfolio balance (including defaulted obligations at their
Fitch collateral value) is above target par and corresponding to
the same limits as the closing matrices except a WAL of 7.5-years.

The transaction also includes various concentration limits,
including a maximum exposure to the three largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.45-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio and matrices analysis is 12 months less than the
WAL covenant, to account for structural and reinvestment conditions
after the reinvestment period, including the overcollateralisation
tests and Fitch 'CCC' limitation passing after reinvestment, among
other things. In Fitch's opinion, these conditions would reduce the
effective risk horizon of the portfolio during the stress period.

RATING SENSITIVITIES

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

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

Downgrades may occur if the loss expectation is larger than
initially assumed, due to unexpectedly high levels of defaults and
portfolio deterioration.

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

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

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

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Harvest CLO XXIX DAC

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

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

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


HEALTHCARE SUPPORT: S&P Affirms 'BB' Rating on Senior Secured Debt
------------------------------------------------------------------
S&P Global Ratings removed the issue credit ratings on the senior
secured debt issued by Healthcare Support (Newcastle) Finance PLC
from CreditWatch, where they were placed on Oct. 15, 2020, and
affirmed them at 'BB'.

The outlook is negative, because an increase in life cycle works
and better performance by the service provider may be needed to
improve the project's operating efficiency. There is also a risk
that the fire-related works may be further delayed and that
difficulties may hinder the signing of the settlement agreement.

U.K.-based limited purpose entity Healthcare Support (Newcastle)
Finance PLC issued debt and on lent the funds to Healthcare Support
(Newcastle) Ltd., which in turn used the proceeds to finance the
design and construction of two new regional hospitals--Freeman
Hospital (Freeman) and the Royal Victoria Infirmary (RVI). These
serve patients from Newcastle and across the North of England.

The construction was contractually completed in August 2016 by
Laing O'Rourke Northern Ltd. (LOR). Since then, the project has
been responsible for maintaining the hard facilities' and life
cycle works on the new facilities, under a 38-year
availability-based private finance initiative (PFI) project
agreement with the Trust that matures in September 2043.

Newcastle subcontracts the hard facilities maintenance services and
certain nonclinical services to Mitie Group PLC (Mitie). The
project retains life cycle risk, which is mitigated through the
requirement to fund a three-year forward-looking major MRA. The
Trust handles soft facilities maintenance services and clinical
services.

The project benefits from monthly availability-based unitary
charges that support its cash flow stability.

The project retains life cycle risk and there is no specific
account of funds set aside to remedy the underspend; the lenders
could approve releasing the amount in the MRA once the project is
not in lock-up.

The Trust has been citing a high number of service failure points
(SFPs) monthly and declaring, but not applying, monetary deductions
that surpass the monthly unitary charges, because of alleged delays
to the completion of fire-related works.

Because of the delay in signing the settlement agreement, Newcastle
still has outstanding warning notices that could ultimately result
in the termination of the project agreement, although we consider
that the Trust would treat this as a last resort measure.

There are still events of default outstanding on the financing
documents that most of the creditors haven't remedied or waived
yet.

In the past six months, the project has shown significant progress
on the fire-related works. Almost 90% of the works were completed
and signed off by March 2022, and less than 5% have yet to be
started. We attribute this progress, in part, to the appointment of
a new management team for the project and improved attention from
the building contractor and the Trust. The new team has taken a
more active approach to addressing existing issues at the project
level. There have also been more interactions with the Trust to
report progress and identify the main difficulties throughout the
works. In our view, the main challenge is the pathology area, which
has a very complex design solution and has to be empty, which
demands some effort and coordination from the project and the
Trust.

Although the Trust is still citing high number of SFPs and
declaring deductions that surpass the monthly unitary charges, this
has not had a negative effect on Newcastle's cash flows. The Trust
has declared around GBP120 million in deductions because the
project missed the delivery of the fire-related works in February
2020, which is the Trust's alleged long-stop date. However,
Newcastle and the building contractor, LOR, disagreed that a date
has been set. The parties have since gone through two adjudication
processes, both of which ended up ruling that no date was set for
the conclusion of the works.

These rulings are unfavorable for the Trust and imply that it is
not entitled to levy deductions or declare SFPs for Newcastle's
failure to rectify these defects by February 2020. Nevertheless,
the Trust continues to cite around 70,000 SFPs and declare
deductions of GBP4.0 million-GBP4.5 million monthly. This has no
cash flow effect on the project, since the deductions have been
declared, but not applied. In our view, the Trust is taking this
action to put pressure on Newcastle to keep pushing the
fire-related works to conclusion. At this stage, we do not expect
the deductions to be applied because the Trust would have to
successfully appeal the decision at a higher level, which might be
a lengthy process.

The new management is currently assessing the project's life cycle
needs and developing a plan for the next few years. We expect more
proactive behavior in relation to the investments needed at the
project level, which should help prevent further SFPs and
deductions. Although the plan is still under development, our
base-case scenario assumes that the full amount of life cycle
underspend will now be fully spent by 2026. The amount underspent
on life cycle works is trapped in the MRA. We exclude this from our
calculation of the minimum debt service coverage ratio (DSCR). We
now expect a minimum DSCR of 1.05x, down from our previous
expectation of 1.15x. We will monitor the development of the new
life cycle plan, as there is a risk that it could involve spending
more than we incorporate in our assumptions. We will also monitor
whether the underspent amount will remain trapped in the MRA after
the settlement agreement is signed.

The parties have not yet signed the settlement agreement, which has
been under negotiation since the end of 2019. The agreement will
address the ongoing disputes, which include existing warning
notices because SFPs have surpassed the thresholds; and one event
of default under the financing documents from 2017 and 2018, when
the level of SFPs awarded to the facilities maintenance provider
exceeded the contractual threshold. The settlement agreement is due
to be signed by the end of September 2022. Until this occurs, the
events it addresses will weigh on the ratings.

The negative outlook for the next 12 months on Newcastle takes into
consideration the following factors:

-- The expected additional life cycle costs and their potential
negative impact on the project's DSCRs;

-- The outstanding fire-related works and the path to their
conclusion; and

-- The negotiations over the settlement agreement, which have been
outstanding since the end of 2019.

S&P could lower its ratings on Newcastle's debt if the project:

-- Does not maintain sufficient liquidity reserves, given the
higher life cycle expenditure.

-- Is unable to make progress in closing the fire-related defects,
causing the Trust to be dissatisfied with the new management.

-- Fails to sign the settlement agreement with the Trust, thus
triggering the outstanding events of default.

At this point, it consider an upgrade unlikely, but S&P could
revise the outlook to stable if:

-- The project maintains sufficient liquidity, despite investing
more heavily in improving its operating efficiency.

-- The Trust is satisfied with the progress of the fire-related
works.

-- Newcastle and the Trust sign the settlement agreement and the
parties sustain a constructive working relationship, minimizing the
deductions and disagreements going forward.

Environmental, Social, And Governance (ESG)

S&P considers that governance factors are a major factor for the
project because it is negotiating a settlement agreement to solve
past disagreements and thus mitigate future negative effects on its
cash flow generation. In addition, the pandemic has put a spotlight
on the social aspects of hospitals, highlighting the crucial role
they play in society's ability to function.


HOWARD HUNT: Administrators Provide Update on Progress
------------------------------------------------------
Jo Francis at Printweek reports that administrators at the Howard
Hunt group of companies have updated on their progress with the
complex administration.

Administrators from BDO were appointed at Howard Hunt (City), Graft
Solutions, Celerity information Services, OR Multimedia and holding
company Howard Hunt Mail in May 2019, Printweek relates.

Connected business and limited liability partnership Celerity
Communications LLP (CCLLP) also went into administration a month
later, Printweek recounts.

According to Printweek, in the latest progress report, for the six
months to May 21, administrators Martha Thompson and Francis Newton
said that the amount paid to secured creditor Santander UK -- owed
GBP16.5 million by the businesses -- had risen to GBP8.02 million.


Regarding the CCLLP administration, BDO, as cited by Printweek,
said that the members' overdrawn current and capital accounts
totalled around GBP1.38 million, with legal firm Addleshaw Goddard
assisting in reviewing and collecting the overdrawn accounts.

"This matter is ongoing and as such we are unable to disclose any
further information at this stage," Printweek quotes the
administrators as saying.

Howard Hunt (City) was a member of CCLLP.

"We continue to seek legal advice as to whether the company [Howard
Hunt (City)] may have a claim against the other members of CCLLP.
Due to the ongoing nature of the investigations we are unable to
disclose any further information at present," they stated.

The other members of CCLLP are former Howard Hunt chairman and
co-founder Martin Pigott and former CEO Luke Pigott.

The administrators are also continuing to review the affairs of
CCLLP prior to the administration, "with a view to establishing if
there are any beneficial actions which may be pursued for the
benefit of creditors", Printweek relays.

"Our investigations in this regard are on-going and we shall obtain
legal advice on the merits of bringing about claims before
commencing any formal action," Ms. Thompson and Mr. Newton stated.


The administration of the GBP50 million-plus turnover group has
also revealed a complex web of intra-company loans with recovery
likely to be minimal, if any, Printweek discloses.

Howard Hunt (City) was owed more than GBP10.17 million by other
companies in the group, Howard Hunt Mail was owed GBP7.76 million,
OR Multimedia GBP2.9 million, Celerity Information Services GBP2.32
million, and Celerity Communications GBP147,000, according to
Printweek.

BDO submitted its confidential statutory report on the conduct of
the directors to the Secretary of State last year, Printweek
recounts.

Trade creditors were owed millions of pounds when the businesses
went bust, and more than 200 employees lost their jobs, Printweek
notes.  

Howard Hunt had offered direct mail, data, and print management
services.


MORTIMER BTL 2019-1: Fitch Affirms BB+ Rating on Class X Debt
-------------------------------------------------------------
Fitch Ratings has upgraded eight tranches of Mortimer BTL 2019-1
plc (Mortimer 2019-1) and Mortimer BTL 2020-1 plc (Mortimer 2020-1)
and affirmed the others. Nine tranches have been removed from Under
Criteria Observation.

   DEBT                    RATING                 PRIOR
   ----                    ------                 -----

Mortimer BTL 2020-1 PLC

A XS2128020778          LT    AAAsf    Affirmed   AAAsf

B XS2128023285          LT    AAAsf    Upgrade    AAsf

C XS2128026890          LT    A+sf     Upgrade    Asf

D XS2128027195          LT    A-sf     Upgrade    BBB-sf

E XS2128027278          LT    BBB-sf   Upgrade    BB+sf

X XS2128027351          LT    BB+sf    Affirmed   BB+sf

Mortimer BTL 2019-1 plc

Class A XS1998883588    LT    AAAsf    Affirmed   AAAsf

Class B XS1998884552    LT    AAAsf    Upgrade    AA+sf

Class C XS1998884636    LT    AA-sf    Upgrade    A+sf

Class D XS1998884800    LT    A+sf     Upgrade    BBB+sf

Class E XS1998885013    LT    BBBsf    Upgrade    BB+sf

TRANSACTION SUMMARY

The transactions are securitisations of buy-to-let (BTL) mortgages
originated in England, Wales and Scotland by LendInvest BTL
Limited, which entered the BTL mortgage market in December 2017.
LendInvest is the named servicer for the pools, with servicing
activity delegated to Pepper (UK) Limited.

KEY RATING DRIVERS

Updated UK RMBS Criteria: Fitch updated its UK RMBS Rating Criteria
on 23 May 2022, which contributed to the rating actions. Fitch
updated its sustainable house price for each of the 12 UK regions.
The changes increased the multiple for all regions other than North
East and Northern Ireland, updated house price indexation and
updated gross disposable household income. The sustainable house
price is now higher in all regions except Northern Ireland. This
has a positive impact on recovery rates (RR) and consequently
Fitch's expected loss in UK RMBS transactions.

Increasing Credit Enhancement: The notes are amortising
sequentially. This has led to a gradual increase in credit
enhancement (CE), which supported the rating actions.

PIR Constrains Mortimer 2019-1 Class C Rating: Fitch expects
long-term coverage of payment interruption risk (PIR) exposure
through reserves for notes where deferring payments may cause an
event of default, including notes that are not deferable when most
senior. For Mortimer 2019-1's class C notes, the general reserve
fund provisions are insufficient to cover the PIR exposure above
'AA-sf'.

Excess Spread Dependency: Mortimer 2019-1's class E notes and
Mortimer 2020-1's class D and E notes are highly dependent on
excess spread and conseqeuently the performance of the transaction.
Risks remain around fluctuating senior fees and LIBOR transition of
the assets that might have an impact on future excess spread. This
has been reflected in the notes' ratings.

Mortimer 2020-1 Class X Rating Capped: The model-implied ratings of
excess spread notes are highly sensitive to cash-flow modelling
assumptions, especially prepayment rates. Consequently, in line
with Fitch's UK RMBS Rating Criteria, Mortimer 2020-1's class X
notes' rating is capped at 'BB+sf'.

RATING SENSITIVITIES

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

A deterioration in asset performance due to the increased cost of
living and energy prices in the UK could result in Fitch taking
negative rating action on the notes.

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening asset performance is
strongly correlated with increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

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

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and potential
upgrades. Fitch tested an additional rating sensitivity scenario by
applying a decrease of 15% in the WAFF and an increase of 15% in
the WARR. The results indicate upgrades of up to two notches for
the mezzanine notes.

An upgrade of Mortimer 2019-1's class C notes would only be
possible if PIR exposure was mitigated at higher rating stresses.

BEST/WORST CASE RATING SCENARIO

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

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Mortimer BTL 2019-1 plc, Mortimer BTL 2020-1 PLC

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.

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

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

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

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

ESG CONSIDERATIONS

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


TOP SHOP: McLaren Acquires Former Flagship Store
------------------------------------------------
Dave Rogers at Building reports that McLaren is understood to have
won a three-horse race to turn the former flagship of Top Shop on
London's Oxford Street into a new Ikea store.

Building understands the company has beaten ISG and Sir Robert
McAlpine to the job at 214 Oxford Street. The value of the deal is
worth around GBP50 million.

Last autumn, Ikea paid GBP378 million for the plot with the store
set to sell accessories and some furniture when it opens next year,
Building recounts.  It will also include planning studios for
spaces such as kitchens and wardrobes, Building states.

Top Shop and Top Man owner Arcadia collapsed into administration
towards the end of 2020 leaving the firm's flagship store opposite
Oxford Circus tube boarded up, Building relates.



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

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

Copyright 2022.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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