/raid1/www/Hosts/bankrupt/TCREUR_Public/191217.mbx        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, December 17, 2019, Vol. 20, No. 251

                           Headlines



G E R M A N Y

THYSSENKRUPP AG: Moody's Affirms Ba3 CFR, Alters Outlook to Neg.
TRAVIATA BV: S&P Affirms Prelim 'B' Rating Despite Interest Step Up


I R E L A N D

ARMADA EURO IV: Fitch Assigns B-sf Rating on Class F Debt
BLUEMOUNTAIN FUJI V: S&P Assigns B- (sf) Rating to Class F Notes
BOSPHORUS CLO V: Moody's Rates EUR10.5MM Class F Notes B3(sf)
CAIRN CLO XI: S&P Assigns B- (sf) Rating to $10MM Class F Notes
CVC CORDATUS XVI: S&P Assigns B- (sf) Rating On Class F Notes



I T A L Y

CHL SPA: Presented with Bankruptcy Procedure Due to Insolvency


N O R W A Y

AUTOSTORE SA: S&P Assigns 'B' Rating, Outlook Stable


R U S S I A

ATON CAPITAL: Moody's Affirms B2 LT Issuer Ratings, Outlook Stable


S W E D E N

NYNAS AB: Files for Reorganization After Failing to Extend Loans


U N I T E D   K I N G D O M

BBD BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
BRITISH STEEL: Jingye Rescue Talks at Risk of Collapse
JAMIE OLIVER: Fifteen Cornwall Restaurant to Close
MOTHERCARE PLC: Products to be Sold Through Boots From Next Summer
MOTOR SECURITIES 2018-1: Moody's Rates GBP30MM Cl. D1 Notes Ba3

PREMIER OIL: Lenders Plot FTSE 250 Break-Up as Loan Deadline Looms
SANDWELL COMMERCIAL 1: S&P Cuts Cl. E Notes Rating to 'D (sf)'
TRITON UK: S&P Downgrades Long-Term ICR to 'B-', Outlook Negative
WOODFORD EQUITY: Investors to Receive First Payments on Jan. 20

                           - - - - -


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G E R M A N Y
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THYSSENKRUPP AG: Moody's Affirms Ba3 CFR, Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on the ratings of German steel and diversified industrial
group thyssenkrupp AG. At the same time, Moody's affirmed the
group's Ba3 corporate family rating, the Ba3-PD probability of
default rating, the Ba3 ratings on the group's senior unsecured
debt instruments, including the (P)Ba3 rating on its debt issuance
programme, the NP Commercial Paper and the (P)NP other short-term
ratings.

RATINGS RATIONALE

The rating action reflects tk's materially weakened operating
performance resulting in a substantial negative free cash flow in
the financial year ended September 30, 2019 (FY 2018/19) and the
group's disappointing outlook for the current year with continued
negative free cash flow generation amid expected persistent demand
weakness and challenging trading conditions. Credit metrics are
currently weaker than expected for the Ba3 rating category but are
expected to be materially improved. The rating action is based on
the assumption of a timely implementation of counterbalancing
measures to offset the impact of negative free cash flow generation
on the liquidity profile, which might include the disposal of
assets in addition to operational improvement measures.

While EBIT as adjusted by tk of EUR802 million and Moody's-adjusted
leverage of 8.4x gross debt/EBITDA in FY 2018/19 was close to
Moody's forecasts, Moody's-adjusted free cash flow (FCF) of more
than EUR1.4 billion negative was much lower than anticipated. At
the same time, tk guided for an even higher cash burn in FY
2019/20, although including a high tree digit million euro amount
of exceptional payments for a cartel fine and planned
restructuring. The group also postponed its mid-term targets, which
previously included FCF before M&A of at least EUR1 billion by FY
2020/21 (EUR1.1 billion negative in FY 2018/19). With a stricter
focus on restructuring, uncertainty has increased as to the final
scope, effectiveness and costs of such measures, which raises
doubts if and when a stabilization of tk's operating performance
and return to positive FCF can be reasonably expected. Nevertheless
, Moody's recognizes tk's commitment to undertake larger scale
restructuring across all of its business areas, which should
eventually result in healthier earnings and cash flow generation
over the next two to three years. While the negative outlook
reflects the low visibility whether these measures can sufficiently
improve the group's financial ratios and cash flow by 2021, the
affirmed Ba3 primarily captures the group's ongoing preparation of
a partial or full sale of the Elevator Technology (ET) business
area, including through a potential IPO.

Although a sale of ET would result in sizeable cash proceeds
enabling tk to materially reduce its high debt burden and leverage,
the magnitude remains still uncertain and weak credit metrics could
persist for some time. This not only includes leverage, but also
cash flow metrics, which Moody's expects to remain depressed over
the next two years under all possible scenarios. In particular a
complete sale of ET, which could help de-lever the fastest, would
leave tk with its more volatile, low-margin and currently mostly
cash burning assets, including steel, metal distribution, auto
parts, plant technology and marine systems. But also a partial sale
would lead to future cash leakage via minority dividends, while
retaining a majority stake in ET with ongoing access to its stable
earnings and cash flows would help protect the business profile.

The weaker outlook for FY 2019/20, combined with intensified
restructuring, the pending decision on the ET transaction,
including the use of related cash proceeds, implies a great degree
of uncertainty. Moody's therefore believes it has become
increasingly difficult for tk to turn around its operating
performance and to sufficiently strengthen its credit metrics for a
Ba3 rating in a timely manner.

Nonetheless, a successful completion of the ET transaction during
2020 could free up ample liquidity which Moody's would expect tk to
primarily use to strengthen its balance sheet through debt
reduction. This would also include the group's sizeable pension
deficit in a full sale scenario, which has increased by over EUR1
billion in 2019 due to the decline in discount rates. As a result,
tk's regular operating cash needs would significantly reduce,
potentially allowing for positive FCF by 2020/2021, provided the
underlying performance of its remaining businesses could be
gradually improved.

OUTLOOK

The negative outlook reflects the increased risk of tk failing to
considerably strengthen its profitability and return to positive
free cash flows over the next 18 months. The outlook also mirrors
the reduced visibility of tk being able to successfully execute its
new strategy in a timely manner, which should help significantly
strengthen its balance sheet and currently very weak credit
metrics.

WHAT COULD CHANGE THE RATINGS UP / DOWN

Tk's rating could be downgraded, if (1) market conditions continued
to deteriorate and further pressure tk's already very weak
profitability, (2) leverage remained well above 6x gross
debt/EBITDA (8.4x in FY 2018/19), (3) free cash flow could not be
materially improved to positive territory by 2020/21 (EUR1.4
billion negative in FY 2018/19); all on a Moody's-adjusted and
sustainable basis. Downward pressure would also build, if tk's new
strategy, including a partial IPO or direct sale of ET, could not
be successfully executed in 2020 and if liquidity were to
deteriorate further.

Moody's would consider an upgrade, if tk's (1) profitability
significantly improved with EBIT margins exceeding 3% (1.2% in FY
2018/19), (2) leverage reduces to below 5.5x debt/EBITDA, (3) free
cash flow turned positive; all on a Moody's-adjusted and
sustainable basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

TRAVIATA BV: S&P Affirms Prelim 'B' Rating Despite Interest Step Up
-------------------------------------------------------------------
S&P Global Ratings affirmed its preliminary 'B' ratings on Traviata
B.V.

The affirmation reflects that changes to the final debt
documentation will not affect its ratings on Traviata, all else
being equal.

The final terms of the debt documentation related to the financing
package for the acquisition of 44% in Axel Springer (AS) contain an
interest margin at 5% in the first 24 months post the closure,
being at the higher end of the 4.75%-5.0% guidance in the
preliminary documentation. The final terms also include a step-up
in the interest margin by 1 percentage point, to 6%, after 24
months post the closure of the acquisition, which will increase the
annual interest payments at the Traviata level from about EUR37
million per year in the first 24 months to EUR44 million
thereafter.

The new rates will translate into a sufficient EBITDA interest
cover of 1.5x at Traviata on a stand-alone basis in 2020-2021.

The step-up in the interest margin on Traviata's term loan B that
will kick in 24 months post closure will, in absence of any cash
previously accumulated at Traviata, weaken its EBITDA interest
coverage ratio to 1.25x from 2022, below our threshold for a
downgrade. That said, we understand that, over 2020-2021, Traviata
plans to have more than EUR20 million of excess cash (and more than
EUR5 million per year from 2022) after paying interest expense,
fees, and taxes. S&P assumes the company will preserve this cash,
abstaining from any dividend payment at Traviata level, and use it
as a cushion for increased interest payments from 2022, supporting
an EBITDA interest coverage ratio of at least 1.5x in the forecast
period.

S&P continues to expect the revised revolving credit facility (RCF)
will be undrawn at the closing of the transaction.

The final financing package also includes the RCF with a revised
size of EUR125 million, EUR50 million below the RCF under the
preliminary debt package. S&P calculates that, in an hypothetical
case of no agreement between shareholders on AS' dividends, the RCF
will cover up to three years of interest payments at Traviata
level, compared with four years previously. That said, S&P's
base-case expectation is that AS will pay EUR125 million dividends
per year, of which Traviata will receive EUR55 million.

S&P continues to view both Traviata's credit facilities as
structurally subordinated to existing debt at AS.

However, the facilities benefit from security over Traviata's
shares in the media company.

AS' accelerated restructuring measures significantly affected its
profitability in the first nine months of 2019, in line with its
expectations.

The company-defined adjusted EBITDA declined by almost 19% to
EUR440 million versus the same period in 2018 due to consolidation
effect, the structural decline of profitability in AS' printing
operations (News Media segment), and significant restructuring
costs, mainly in the printing operations in Germany. That said, S&P
anticipated this profitability reduction in our base-case and
projected S&P Global Ratings-adjusted EBITDA of EUR615
million-EUR620 million in 2019 and EUR585 million-EUR590 million in
2020, compared with EUR720 million in 2018.

S&P said, "The stable outlook reflects our view that Traviata's S&P
Global Ratings-adjusted debt to EBITDA will be between 6.5x and
7.0x in 2019 and about 7.0x in 2020, on a proportionate
consolidation basis. This reflects our assumption that AS will pay
a dividend of at least EUR125 million per year, translating into an
EBITDA-interest cover of about 1.5x at Traviata level. We also
expect Traviata will accumulate excess cash after paying interest
expenses during 2020 and 2021, building a cushion for the
increasing interest payments from 2022.

"We could lower the rating if Traviata received less dividends than
the projected EUR55 million to service its EUR35 million-EUR40
million of interest payments in years 2020-2021. This would occur
if AS paid less than EUR125 million of annual dividends to its main
shareholders. We could also lower the rating if Traviata does not
accumulate excess cash dividends in 2020 and 2021, in order to
secure a 1.5x interest coverage also in 2022, when interest
expenses will step up to 6%.

"We could also lower the rating if AS underperformed or if its
credit metrics deteriorated, hampering its ability to pay at least
EUR125 million of annual dividends to shareholders. This would
translate into an EBITDA-interest below 1.5x on a stand-alone
basis. Furthermore, a negative rating action could arise if we
perceived any potential disagreement or misalignment among the main
shareholders, which could delay any decision or payment of
dividends.

An upgrade is remote over the next 12 months, due to Traviata's
high financial leverage, its financial sponsor ownership, and its
holding structure that makes it reliant on AS' dividends for its
debt service. An upgrade is all the more remote at this stage due
to the lack of minimal dividend payment stated in the shareholder
agreement and its expectations that the current dividend policy
will only cover Traviata's interest by 1.5x, leaving no headroom
for underperformance.




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I R E L A N D
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ARMADA EURO IV: Fitch Assigns B-sf Rating on Class F Debt
---------------------------------------------------------
Fitch assigned Armada Euro CLO IV DAC final ratings.

RATING ACTIONS

Armada Euro CLO IV DAC

Class A;      LT AAAsf New Rating;  previously at AAA(EXP)sf

Class B;      LT AAsf New Rating;   previously at AA(EXP)sf

Class C;      LT Asf New Rating;    previously at A(EXP)sf

Class D;      LT BBB-sf New Rating; previously at BBB-(EXP)sf

Class E;      LT BB-sf New Rating;  previously at BB-(EXP)sf

Class F;      LT B-sf New Rating;   previously at B-(EXP)sf

Subordinated; LT NRsf New Rating;   previously at NR(EXP)sf

Class X;      LT AAAsf New Rating;  previously at AAA(EXP)sf

Class Z;      LT NRsf New Rating;   previously at NR(EXP)sf

TRANSACTION SUMMARY

Armada Euro CLO IV Designated Activity Company is a cash
flow-collateralised loan obligation (CLO). Net proceeds from the
issuance of the notes are used to purchase a EUR400 million
portfolio of mostly European leveraged loans and bonds. The
portfolio is actively managed by Brigade Capital Europe Management
LLP. The CLO envisages a 4.5-year reinvestment period and an
8.5-year weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality: Fitch Ratings places the average
credit quality of obligors in the 'B' range. The Fitch-weighted
average rating factor (WARF) of the indicative portfolio is 32.9.

High Recovery Expectations: At least 90% of the portfolio comprises
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 indicative portfolio is 67.6%.

Diversified Asset Portfolio: The transaction contains covenants
that limit the top 10 obligors (15% and 23%), and fixed-rateassets
(0%, 5% and 10%), depending on the matrix point chosen by the asset
manager. This ensures that the asset portfolio will not be exposed
to excessive concentration.

Portfolio Management: The transaction is governed by collateral
quality and portfolio profile tests, which limit potential adverse
selection by the manager. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Interest Rate Cap: The transaction includes a seven-year, EUR15
million interest-rate cap with a 2% strike rate. This partially
mitigates the mismatch between the up to 10% in fixed-rate assets
allowable and 0% fixed-rate liabilities in the transaction.

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

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated notes.
A 25% reduction in recovery rates would lead to a downgrade of up
to four notches for the rated notes.

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.

BLUEMOUNTAIN FUJI V: S&P Assigns B- (sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to BlueMountain Fuji EUR
CLO V DAC's class X, A, B, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.

The ratings assigned to BlueMountain Fuji EUR CLO V's class X, A,
B, C, D, E, and F notes reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
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 is bankruptcy remote
in accordance with S&P's criteria.

S&P said, "In analyzing the credit risk and cash flow, we applied a
stable quality rating approach, as the CLO manager has committed to
using our CDO Monitor model as part of the reinvestment conditions
to monitor the portfolio's quality. In our view, because the
portfolio is granular in nature and well-diversified across
obligors, industries, and asset characteristics when compared to
other CLO transactions we have rated recently, we have not applied
any additional scenario and sensitivity analysis when assigning
ratings to any classes of notes in this transaction. The
transaction also benefits from a EUR40 million six-year interest
cap with a strike rate of 2%, reducing interest rate mismatch
between assets and liabilities in a scenario in which interest
rates exceed 2%."

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

Following the application of our structured finance sovereign risk
criteria, S&P considers the transaction's exposure to country risk
to be limited at the assigned ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

S&P said, "We consider that the transaction's legal structure is
bankruptcy remote, in line with our legal criteria. BlueMountain
Fuji EUR CLO V can establish subsidiary special-purpose entities
(sub-SPEs) to hold equity securities, received as part of a workout
of an underlying defaulted or distressed asset, and assets that are
not permitted to be acquired under U.S. investment guidelines
(defined as ineligible obligations). We understand that these
sub-SPEs are intended to prevent CDOs from incurring entity-level
taxation. Any sub-SPEs established meet our applicable criteria for
sub-SPEs. These criteria, among other things, require the sub-SPE
to be consistent with our published criteria for rating
bankruptcy-remote SPEs, the sub-SPE's expenses to be subject to the
administrative expense cap in the CDO's payment waterfall, and
prohibit the sub-SPE from obtaining title to real property.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class X,
A, B, C, D, E, and F notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to D notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO will have a reinvestment period,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes."

BlueMountain Fuji EUR CLO V is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by European borrowers.
BlueMountain Fuji Management LLC is the collateral manager.

  Ratings List

  BlueMountain Fuji EUR CLO V DAC  
  Class   Rating    Amount (mil. EUR)
  X       AAA (sf)    1.50
  A       AAA (sf)  218.50
  B       AA (sf)    35.00
  C       A (sf)     24.50
  D       BBB (sf)   19.50
  E       BB (sf)    18.00
  F       B- (sf)    10.00
  Sub     NR         31.30

  NR--Not rated.


BOSPHORUS CLO V: Moody's Rates EUR10.5MM Class F Notes B3(sf)
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Bosphorus CLO V
Designated Activity Company:

EUR1,750,000 Class X Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR97,000,000 Class A-1 Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR120,000,000 Class A-2 Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR20,000,000 Class B-1 Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR13,250,000 Class B-2 Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR21,000,000 Class C Secured Deferrable Floating Rate Notes due
2032, Definitive Rating Assigned A2 (sf)

EUR25,350,000 Class D Secured Deferrable Floating Rate Notes due
2032, Definitive Rating Assigned Baa3 (sf)

EUR18,400,000 Class E Secured Deferrable Floating Rate Notes due
2032, Definitive Rating Assigned Ba3 (sf)

EUR10,500,000 Class F Secured Deferrable Floating Rate Notes due
2032, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

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

The first payment date will occur at the end of the ramp-up period.
If the manager has not gone effective before the end of the ramp-up
period, the transaction will not be able to meet the effective date
covenants prior to the first payment date. As a result, noteholders
are exposed to the risk of leaking of excess interest proceeds to
the subordinated noteholders on the first payment date, as the
transaction will not divert available interest proceeds to the
principal collection account or effect a sequential repayment of
the notes using principal proceeds in order to cure a ramp-up
failure.

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

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 and A-2
notes. The Class X Notes amortise by 12.5% or EUR 218,750 over
eight payment dates starting on the 2nd payment date.

In addition to the nine classes of notes rated by Moody's, the
Issuer has issued EUR3.0 million of Class Z Notes and EUR32.1125
million of Subordinated Notes which are not rated. The Class Z
Notes receive payments in an amount equivalent to a certain
proportion of the subordinated management fees and its notes'
payment is pari passu with the payment of the subordinated
management fee.

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

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par Amount: EUR 350,000,000

Diversity Score: 40

Weighted Average Rating Factor (WARF): 2940

Weighted Average Spread (WAS): 3.75%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 8.5 years

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

CAIRN CLO XI: S&P Assigns B- (sf) Rating to $10MM Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class A to F
European cash flow CLO notes issued by Cairn CLO XI DAC. The issuer
also issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
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 is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

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

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating. In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate CDOs. As such,
we have not applied any additional scenario and sensitivity
analysis when assigning ratings to any classes of notes in this
transaction.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.75%), the
reference weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates for all rating levels. As the
portfolio is being ramped, we have relied on its indicative spreads
and recovery rates. The transaction also benefits from a EUR20
million seven-year interest cap with a strike rate of 2%, reducing
interest rate mismatch between assets and liabilities in a scenario
in which interest rates exceed 2%.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to E notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO will be in its reinvestment phase
starting from closing, during which the transaction's credit risk
profile could deteriorate, we have capped our ratings assigned to
the notes.

"Under our structured finance ratings above the sovereign criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned rating levels."

Elavon Financial Services DAC is the bank account provider and
custodian. At closing, S&P anticipates that the documented
downgrade remedies will be in line with our current counterparty
criteria.

The transaction's legal structure is bankruptcy remote, in
accordance with S&P's legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

  Ratings List
  Class   Rating    Amount    Sub (%)      Interest rate
                   (mil. EUR)   
  A       AAA (sf)   244.00   39.00     Three/six-month EURIBOR
                                         plus   0.91%
  B       AA (sf)     40.00   29.00     Three/six-month EURIBOR
                                         plus 1.60%
  C       A (sf)      32.00   21.00     Three/six-month EURIBOR
                                         plus 2.40%
  D       BBB (sf)    23.00   15.25     Three/six-month EURIBOR
                                         plus 4.15%
  E       BB- (sf)    23.00    9.50     Three/six-month EURIBOR
                                         plus 6.77%
  F       B- (sf)     10.00    7.00     Three/six-month EURIBOR
                                         plus 9.24%
  Sub notes   NR      46.725    N/A     N/A

  NR--Not rated.
  N/A--Not applicable.


CVC CORDATUS XVI: S&P Assigns B- (sf) Rating On Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class X to F
European cash flow CLO notes issued by CVC Cordatus Loan Fund XVI
DAC. The issuer also issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
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 is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

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

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating. In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate CDOs. As such,
we have not applied any additional scenario and sensitivity
analysis when assigning ratings to any classes of notes in this
transaction.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.70%), the
weighted-average coupon (4.50%), and the covenanted
weighted-average recovery rate for 'AAA' rated notes. As the
portfolio is being ramped, we have relied on its indicative spreads
and recovery rates. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B to F notes
could withstand stresses commensurate with higher ratings than
those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

"Under our structured finance ratings above the sovereign criteria,
the transaction's exposure to country risk is sufficiently
mitigated at the assigned rating levels."

Elavon Financial Services DAC is the bank account provider and
custodian. The documented downgrade remedies are in line with S&P's
current counterparty criteria.

S&P considers that the issuer is bankruptcy remote, in accordance
with its legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

  Ratings List
  Class  Rating    Amount    Sub (%)           Interest rate
                 (mil. EUR)
  X      AAA (sf)    2.00    N/A      Three/six-month EURIBOR
                                                   plus 0.55%
  A-1    AAA (sf)  219.00    37.75    Three/six-month EURIBOR
                                                   plus 0.90%
  A-2    AAA (sf)   30.00    37.75    1.20%
  B      AA (sf)    39.80    27.8     Three/six-month EURIBOR
                                                   plus 1.65%
  C-1    A (sf)     13.90    20.58    Three/six-month EURIBOR
                                                   plus 2.35%
  C-2    A (sf)     15.00    20.58    2.60%
  D      BBB (sf)   22.30    15       Three/six-month EURIBOR
                                                   plus 4.15%
  E      BB (sf)    22.00     9.5     Three/six-month EURIBOR
                                                   plus 6.70%
  F      B- (sf)     9.00     7.25    Three/six-month EURIBOR
                                                   plus 9.20%
  M-1    NR         39.60     N/A     N/A
  M-2    NR          1.00     N/A     N/A

  NR--Not rated.
  N/A--Not applicable.



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

CHL SPA: Presented with Bankruptcy Procedure Due to Insolvency
--------------------------------------------------------------
Reuters reports that CHL SpA said on Dec. 12 it was presented with
a bankruptcy procedure by court in Florence on Dec. 9 due to its
insolvency.

According to Reuters, it held a board meeting to define the actions
to protect itself against the procedure which it considers
groundless.

Centro HL Distribuzione SpA (CHL) is an Italy-based company
primarily operating in the sectors of telecommunications,
information technology (IT), e-commerce, logistics and transports.






===========
N O R W A Y
===========

AUTOSTORE SA: S&P Assigns 'B' Rating, Outlook Stable
----------------------------------------------------
S&P Global Ratings assigned its 'B' rating to Autostore S.A.'s
parent Automate Intermediate Holdings II, and its first-lien credit
facility.

S&P's rating on Automate Intermediate Holdings II S.a.r.l., parent
of AutoStore S.A. (Autostore), primarily reflects its view of
Autostore's relatively small scale and limited product
diversification and its highly leveraged balance sheet, with
forecast debt to EBITDA of about 6.7x-5.7x in 2019-2020. However,
Autostore's highly profitable and patented products, its moderate
share of aftermarket sales (about 20% of total sales in 2018),
expected revenue growth of about 20%-50% in 2019-2020, and its
position as provider of unique cubic storage solutions for the
booming Automated Storage and Retrieval System (AS/RS) market,
mitigate these factors. S&P's forecast EBITDA at about EUR90
million in 2019 and about EUR110 million in 2020, with 94% of its
2019 forecast covered by firm orders. S&P expects Autostore will
deliver industry-leading S&P Global Ratings-adjusted EBITDA margins
through 2021.




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

ATON CAPITAL: Moody's Affirms B2 LT Issuer Ratings, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service affirmed the B2 long-term and Not Prime
short-term local and foreign currency issuer ratings of Aton
Capital Group. The outlook on the long-term issuer ratings as well
as overall entity outlook are stable.

RATINGS RATIONALE

Moody's said the B2 issuer ratings assigned to ACG reflect: (1)
moderate leverage and good liquidity; (2) conservative risk
management in its day-to-day operations; and (3) the company's
resilient and steady business model, which has remained profitable
despite difficult market conditions in Russia during the last
crisis. At the same time, the ratings are challenged by the: 1)
pressure on revenues from global market trends; and 2) volatile
market conditions in Russia. In addition, ratings incorporate the
effect of potential structural subordination for ACG's creditors
given that it unites a number of operating entities in different
jurisdictions.

ACG has a good track record of maintaining moderate leverage with
tangible assets to tangible common equity held within the 3-5.5x
range since 2013. Most of ACG's borrowing is short-term and made
for operating purposes (for example, to finance client
transactions, shorts and margin trading) and a significant portion
can be quickly unwound if needed, said Moody's.

Liquidity has been good as reflected in liquidity inflow to
liquidity outflow ratio of around 110% and a funding ratio
(long-term capital to uses of long-term capital) of above 120% at
end-2018. This means that the company is comfortably positioned to
cover short term liquidity needs. Majority of liabilities are used
to fund client related transactions which are usually matched with
assets.

ACG's risk appetite in its day-to-day operations is limited as
reflected in moderate unhedged exposures to credit and market
risks. High risk assets have historically been below 10% of balance
sheet despite an existing appetite for private equity
transactions.

ACG's profitability has been resilient to macroeconomic shocks in
Russia: the company demonstrated profitable performance during the
last crisis. Majority of revenue come from client-related
transactions while proprietary risk exposures are modest. At the
same time, profitability is under considerable pressure from
tighter margins which have been suffering from heightened
competition and stricter regulation in ACG's core markets. Unless
the company is able to adjust to changing realities, Moody's
expects ACG's return on average assets to remain below 1%.

Governance is highly relevant for ACG, as it is to all participants
in the securities industry, but more specifically because of the
complexity of its structure giving rise to potential subordination
of creditors of the holding company to those of operating
companies.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation of no significant
changes in the group's liquidity, leverage and profitability in the
next 12-18 months.

WHAT COULD MOVE THE RATINGS UP/DOWN

Moody's would consider a positive rating action on the company's
ratings in case of an improvement in its profitability, better
business diversification and reduction in the group's complexity.

ACG's long-term ratings could be downgraded in case of significant
capital erosion and rise in leverage as well as deterioration in
its liquidity.

LIST OF AFFECTED RATINGS

Issuer: Aton Capital Group

Affirmations:

LT Issuer Ratings, Affirmed B2, Outlook Remains Stable

ST Issuer Ratings, Affirmed Not Prime

Outlook Action:

Outlook Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Securities
Industry Market Makers Methodology published in November 2019.



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

NYNAS AB: Files for Reorganization After Failing to Extend Loans
----------------------------------------------------------------
Anna Ringstrom at Reuters reports that Nynas AB, owned by
Venezuela's state-run PDVSA and Finland's Neste Oil on Dec. 13
filed for company reorganization at a Swedish court as the refiner
failed to extend loans as it dealt with the fallout of U.S.
sanctions.

According to Reuters, Swedish Nynas' business has suffered as the
United States in October introduced changes to a license that had
allowed it to import Venezuelan oil despite sanctions imposed on
its owner PDVSA.

The refiner said in a statement that it had been unable to extend
loans with its banks, leaving it unable to pay its debts and
leaving it with no other option than to turn to the courts, Reuters
relates.

"In the short term, we see no other opportunity than to request a
reorganization, in the long term, we see good conditions to
continue the business. Nynas has a strong offering with good demand
from the market," Reuters quotes acting Chief Executive Bo Askvik
as saying.

Nynas, which employs 1,000 people at refineries in Sweden, Germany
and Britain specializing in products for asphalt production, has
been seeking to secure alternative supplies of oil, but said the
U.S. sanctions against oil and gas company PDVSA had eroded its
profitability over time, Reuters notes.

The Sodertorn district court appointed Mikael Kubu, from judicial
reorganization specialists Ackordscentralen, and Lars Eric
Gustafsson, at law firm Hamilton Advokatbyra, to lead the
reorganization of the company, Reuters discloses.




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

BBD BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to the intermediate group holding company BBD Bidco Ltd. At the
same time, S&P assigned its 'B' issue and '3' recovery ratings to
BBD Bidco's senior secured term loan B.

The assignment of ratings follows private equity firm TDR LLP's
acquisition of BCA Marketplace Ltd. (BCA) on Nov. 6, 2019, with the
refinancing completed on Nov. 13, 2019. The funding for the
acquisition comprised a revolving credit facility (RCF) of GBP155
million; term loan B1 of GBP525 million, GBP25 million higher than
our expectations; term loan B2 of EUR534.5 million; and a
second-lien term loan of GBP265 million. BCA achieved better
pricing than we expected, with a coupon of 4.75% on term loan B1
and of 3.25% on term loan B2.

S&P said, "Our 'B' issuer credit rating balances BCA's
market-leading position in Europe in vehicle remarketing, vehicle
buying, and automotive services against its very high operating
leverage. We view BCA's financial risk profile as highly leveraged,
which is a key constraint on the rating. BCA's S&P Global
Ratings-adjusted debt to EBITDA will be around 8x at the end of
2019, but we expect deleveraging to 7.3x in 2020 thanks to EBITDA
growth."

BCA holds market-leading positions in key automotive markets in the
U.K., Germany, France, and the Netherlands. All these markets have
large car parcs--the total number of vehicles, both used and new,
in a country--which S&P expects to grow at a compound annual rate
of 1.6%-1.8% over the next few years. This should support continued
robust revenue growth for BCA, which beat the market with 24%
growth in the financial year ending March 31, 2019 (FY2019). BCA's
high growth rate is the result of a limited number of new entrants
in a fragmented industry, due to high barriers to entry consisting
of the need to own sites to store cars and hold physical auctions,
and the strong and established branding that BCA and We Buy Any Car
(WBAC) have. BCA's above-market growth is driven by new contract
wins with large original equipment manufacturers (OEMs) and
continued expansion in Europe, where the remarketing division is
small in comparison to the U.K. business.

BCA's integrated suite of services, both purely transactional
(auctions and vehicle buying) and value-added (refurbishment,
transport, valuation, and other services), provides BCA with a
unique, vertically integrated solution to dealers and OEMs. In one
form or another, BCA interacted with 10.7 million unique cars in
the U.K. in FY2019, around one-third of all the registered cars in
the U.K., with each interaction adding additional data to its data
analytics through car registrations and vehicle identification
numbers, including, but not limited to: make, model, color, and
engine size. These data sets provide BCA with the capability to
make more informed offers through WBAC, reducing the risk of
valuation losses between the consumer offer price and the auction
sale price, and leading to improved operating efficiency and
resilient margins. BCA's outsourcing services, combined with WBAC
and remarketing, allow greater route density when transporting
vehicles, providing a competitive advantage over new entrants,
while improving efficiency.

On the other hand, S&P sees BCA's high degree of revenue and EBITDA
concentration on the U.K. as a key constraint on the rating. BCA
generates 73% of its EBITDA from the U.K., and while market
fundamentals such as U.K. car parc growth have been positive in
recent years, the risk of specific events in the U.K. or Europe,
such as Brexit or the worldwide harmonized light vehicle test
procedure (WLTP), could affect volume growth. For example, in 2018,
a temporary disruption to supply resulted in lower volumes flowing
through OEM closed auctions. This was partially offset by a
deliberate reduction in the WBAC EBITDA margin, resulting in higher
WBAC volumes while maintaining volumes and margins at auctions.

S&P said, "We believe that BCA is in a relatively good position if
a no-deal Brexit occurs, as there is limited cross-border trade
between the U.K. and EU. However, we see a risk that if a no-deal
Brexit reduces churn--as we saw temporarily in September 2018 due
to the WLTP--we could see reduced profitability from lower
remarketing and automotive services revenues. We note management's
plan to expand in Europe, and believe this will be credit-positive
in the medium term."

While BCA has grown significantly since going public, reaching GBP3
billion in revenues in FY2019, some of this growth is due to the
accounting treatment of revenues and the cost of goods sold. This
is primarily the case for the vehicle-buying division, as revenues
are recognized as the gross sale price of the vehicle and the cost
of goods sold as the amount paid to the consumer when buying the
vehicle. Compared to similarly rated pure-play car auction
services, BCA is slightly smaller and less geographically diverse
on a like-for-like basis, and for S&P to consider BCA's scale as
material, it would need to see further material growth. The group
has a negative working capital profile, primarily driven by U.K.
and international remarketing, while vehicle buying and automotive
services have a positive net working capital profile. Working
capital within the group is well managed.

S&P said, "We view BCA's profitability as average compared to that
of peers, despite a group EBITDA margin of 6.9% in 2018. BCA's
remarketing margin was 32% (excluding outsource solutions and
partner finance) for FY2019, while WBAC's margin was 2%. BCA has
limited direct peers that offer the same wide variety of services,
and the group EBITDA margins are distorted by WBAC's recognition of
revenues at the full value of the vehicle sold. We expect the group
margin to improve over the next three years as BCA leverages its
pricing and volume mix. BCA's closest peer is Cox Enterprises
Inc.'s Manheim unit, which is significantly smaller in scale in
Europe. BCA's best rated peer is KAR Auction Services, Inc. (KAR).
KAR is slightly larger than BCA and has a higher EBITDA margin, as
it is a pure-play auctioneer without the metal costs of WBAC.

"We adjust reported debt in 2018 for GBP428.6 million of operating
leases, GBP34.7 million of finance leases, and GBP6.5 million of
pension obligations. We reclassify sale-and-leaseback transactions
from investing cash flow--capital expenditure (capex)--to financing
cash flow. We view BCA's partner finance facility as captive
finance. This is a secured facility that BCA uses to provide
short-term financing for its preferred car dealers, and which
generated GBP19.1 million of revenue, GBP11.6 million of EBITDA,
and had debt of GBP120.1 million in 2018. We believe that given the
self-liquidating, nonrecourse nature of the facility and the
limited equity commitment required by BCA, this facility does not
pose a material risk to our view of leverage. Therefore we exclude
revenue, EBITDA, debt, and cash flows from the facility when
calculating BCA's adjusted metrics. We treat as debt the
third-party preference shares of GBP250 million with a
payment-in-kind interest rate of 12%, as we view the shares as
having limited alignment of economic interest with TDR and the
co-investor. The preference shares are subordinated to all other
debt.

"We assess BCA's management and governance as fair, reflecting
BCA's experienced senior management team and clear operational and
financial goals. Executive management has a good track record when
it comes to delivering operational targets. We note that the
executive chairperson, Ms. Palmer-Baunack, has been a driving force
behind the group's recent growth, and remains instrumental in the
execution of the group's future acquisition strategy. However, our
view of management and governance is constrained by the controlling
ownership of TDR, and a lack of a fully independent board, as the
role of chief executive and chairperson are combined into that of
executive chairperson. However, we note the rationale behind this
decision given Ms. Palmer-Baunack's strong experience and industry
knowledge.

"The stable outlook reflects our expectation that BCA will continue
to expand its geographic footprint and grow its revenues, gradually
improving profitability per car and overall group margins.
Specifically, we forecast robust revenue growth of at least 10% per
year over the medium term, with an adjusted EBITDA margin of about
7% and stable cash generation. We expect gradual deleveraging from
around 8.0x to around 7.0x-7.5x in 2020.

"We could lower the ratings if we expected BCA's credit metrics to
deteriorate materially beyond current levels, particularly if funds
from operations (FFO) cash interest coverage falls below 2.0x or
free operating cash flow (FOCF) turns negative. This could occur if
the group does not achieve business growth in line with our
forecasts, makes material debt-financed acquisitions, or
distributes dividends to shareholders.

"In our opinion, an upgrade is unlikely over the medium term due to
BCA's high leverage. We could consider an upgrade if the group
materially reduces leverage to a level commensurate with an
aggressive financial risk profile--that is, if adjusted debt to
EBITDA decreased sustainably below 5x and adjusted FFO to debt
increased sustainably above 12%."


BRITISH STEEL: Jingye Rescue Talks at Risk of Collapse
------------------------------------------------------
Oliver Gill and Alan Tovey at The Telegraph report that the Chinese
rescue of British Steel is threatened with collapse, casting Boris
Johnson into an immediate crisis in the industrial heartlands that
delivered his decisive election victory.

Talks with the potential buyer Jingye are at risk as a deadline to
finalize terms approaches, The Telegraph relays, citing Whitehall
sources.

According to The Telegraph, officials and accountants from EY are
understood to be in informal discussions with alternative saviors
for British Steel as fears for the Scunthorpe works' future mount
once again.

The Government denied it was in formal talks with other interested
parties, The Telegraph notes.

British Steel has been propped up by the taxpayer since its
previous owner, the specialist turnaround fund Greybull, The
Telegraph relates.



JAMIE OLIVER: Fifteen Cornwall Restaurant to Close
--------------------------------------------------
BBC News reports that Jamie Oliver's Fifteen Cornwall restaurant is
closing with immediate effect, putting up to 100 jobs at risk.

The restaurant run by charity, the Cornwall Food Foundation (CFF),
will close "following an independent financial review", BBC
relates.

Fifteen Cornwall, which opened in 2006, trained unemployed people
to work in its kitchen, near Newquay.

Jamie Oliver's restaurant group went into administration in May,
with the likes of Jamie's Italian closing, BBC recounts.

Trustees however, told the BBC Fifteen Cornwall's closure is
unrelated.

Approximately 70 jobs are at risk in the restaurant, while 30 posts
at the charity are expected to be lost, BBC discloses.

Those who had booked to dine at the restaurant over Christmas have
been told their reservations had been cancelled, BBC states.

A statement on the restaurant's website said those who have paid a
deposit for their booking "are an unsecured creditor", BBC notes.

Customers who have paid by credit card, however, "will likely be
able to make a claim via your credit card provider", BBC relays.


MOTHERCARE PLC: Products to be Sold Through Boots From Next Summer
------------------------------------------------------------------
Angus Howarth at The Scotsman reports that Mothercare has signed an
exclusive deal with Boots to make sure that its mother and baby
clothes and products will still be sold in the UK after all its
stores close down.

According to The Scotsman, the health, beauty and pharmacy chain
will start stocking Mothercare-branded products from the end of
next summer, the companies confirmed, just over a month since
Mothercare put its UK retail arm into administration.

Mothercare has said all 79 of its stores will shut as part of the
administration process, putting 2,500 jobs at risk, The Scotsman
relates.

It is part of a plan to reduce exposure to the struggling high
street, and re-align its UK business with the rest of the world
where Mothercare sells through partners, The Scotsman notes.

Boots will stock Mothercare-branded clothing, home products,
pushchairs and car seats, The Scotsman discloses.  The companies,
as cited by The Scotsman, said a smaller range will also be
available on the Boots website from the middle of next year.

The new deal will expand the partnership between the two companies,
meaning Boots will be the only place Britons can buy Mothercare
clothes, The Scotsman says.  It is not yet clear how many Boots
stores will offer the clothes, according to The Scotsman.

The news comes after the administrators of the UK retail arm said
they would be forced to close all of the stores, The Scotsman
relays.


MOTOR SECURITIES 2018-1: Moody's Rates GBP30MM Cl. D1 Notes Ba3
---------------------------------------------------------------
Moody's Investors Service assigned the following definitive ratings
to two notes issued by Motor Securities 2018-1 Designated Activity
Company:

GBP18.75M Class C Portfolio Credit Linked Notes due October 2026,
Assigned A2 (sf)

GBP30.0M Class D1 Portfolio Credit Linked Notes due October 2026,
Assigned Ba3 (sf)

Moody's has not assigned any rating to the GBP 660.0M Class A
Portfolio Credit Linked Notes, GBP 22.5M Class B Portfolio Credit
Linked Notes, GBP 11.25M Class D2 Portfolio Credit Linked Notes and
GBP 7.5M Class E Portfolio Credit Linked Notes.

Moody's has also assigned the following definitive Credit Default
Swap ratings to the tranches of the credit protection deeds between
Santander UK plc and Santander Consumer plc, as protection buyers,
and Motor 2018-1, as protection seller:

GBP660.0M Tranche A CPD, Assigned Aaa (sf)

GBP22.5M Tranche B CPD, Assigned Aa2 (sf)

GBP18.75M Tranche C CPD, Assigned A2 (sf)

GBP30.0M Tranche D1 CPD, Assigned Ba3 (sf)

Moody's has not assigned any rating to the GBP 11.25M Tranche D2
and GBP 7.5M Tranche E of the CPDs.

RATINGS RATIONALE

Motor 2018-1 is a synthetic securitisation of a static pool of UK
auto loans originated by Santander Consumer (UK) plc. Santander UK
plc and SC UK entered into two credit protection deeds with the
Motor 2018-1 to protect them against credit losses stemming from a
reference portfolio of UK auto loans.

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

The notes will cover all payments the issuer has to make under the
CPDs to cover portfolio losses, which result in the adjustment of
the notes' outstanding balance in a reverse sequential order. The
notes' interest will be covered by payments of the credit
protection buyers to the issuer in its role as credit protection
seller.

The proceeds from the issuance of the notes will be deposited
respectively in the senior cash deposit account and in the junior
cash deposit account, both of them in the name of the issuer and
held at the issuer deposit bank Santander UK plc (Aa3/P-1). The
remaining issuer accounts are held at Citibank, N.A., London Branch
(Aa3 Senior Unsecured, Aa3(cr)/P-1(cr)). For the notes' ratings
Moody's has considered the linkage to these counterparties in the
transaction.

The reference portfolio of loans amounts to approximately GBP 750.0
million as of November 2019 pool cut-off date. The portfolio
consists of 79,293 auto receivables (conditional sales agreements)
with a weighted average seasoning of 10.7 months distributed
through dealers and brokers to private individuals to finance the
purchase of new (16.6%) and used (83.4%) cars. 91.2% of the
contracts have equal instalments during the life of the contract
and 8.8% have in addition a larger balloon payment at maturity. On
average, the balloon instalment portion accounts for 47.4% of the
contract value.

Moody's determined the portfolio lifetime expected defaults of
3.25%, expected recoveries of 40% and Aaa portfolio credit
enhancement of 12.0%. The expected defaults and recoveries capture
its expectations of portfolio performance considering the current
economic outlook, while the PCE captures the loss Moody's expects
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE 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 cash flow model to rate Auto ABS.

Portfolio expected defaults of 3.25% are lower than the EMEA Auto
ABS weighted average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account (i)
historical performance of the book of the originator, (ii)
benchmark transactions, and (iii) other qualitative considerations,
such as the origination channel.

Portfolio expected recoveries of 40.0% is higher than the EMEA Auto
ABS average and are based on Moody's assessment of the lifetime
expectation for the pool taking into account (i) historical
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

The PCE of 12.0% is in line with the EMEA Auto ABS average and is
based on Moody's assessment of the pool which is mainly driven by:
(i) historical data variability, (ii) the relative ranking to
originator peers in the EMEA market and (iii) certain portfolio
characteristics like the weighted average current loan-to-value
(68.6%). The PCE level of 12.0% results in an implied coefficient
of variation of 51.3%.

AUTO SECTOR TRANSFORMATION:

The automotive sector is undergoing a technology-driven
transformation which will have credit implications for auto finance
portfolios. Technological obsolescence, shifts in demand patterns
and changes in government policy will result in some segments
experiencing greater volatility in the level of recoveries compared
to that seen historically. For example Diesel engines have declined
in popularity and older engine types face restrictions in certain
metropolitan areas and although Alternative Fuel Vehicles (AFVs)
are rising in popularity, their future price trends also face
uncertainty as technology, battery costs and government incentives
continue to evolve. Additional scenario analysis has been factored
into its rating assumptions for these segments.

PRINCIPAL METHODOLOGY:

The principal methodology used in these ratings was ' Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS ',
published in March 2019.

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of the notes.

Factors that may cause an upgrade of the ratings of the CPD
tranches include significantly better than expected performance of
the pool together with a change of the CPD tranche attachment
points due to portfolio amortisation.

Factors that may lead to a downgrade of the ratings of the notes
include a decline in the overall performance of the pool, increased
rates of voluntary terminations, worse than expected vehicle sale
realisation values, or a significant deterioration of the credit
profile of the originator, servicer or issuer account bank.

Factors that may lead to a downgrade of the ratings of the CPD
tranches include a decline in the overall performance of the pool,
increased rates of voluntary terminations, worse than expected
vehicle sale realisation values, or a significant deterioration of
the credit profile of the originator or servicer.

PREMIER OIL: Lenders Plot FTSE 250 Break-Up as Loan Deadline Looms
------------------------------------------------------------------
Oliver Gill at The Telegraph reports that lenders to Premier Oil
are demanding a break-up of the FTSE 250 explorer as it hurtles
towards a deadline to pay back more than GBP2 billion of loans.

According to The Telegraph, a group of hedge funds has bought into
its debt, appointing investment bank Lazard and lawyer Akin Gump to
press it to hasten the sale of oil assets.

Premier Oil, understood to be supported by law firm Slaughter & May
and accountants EY, has US$2.6 billion (GBP1.9 billion) of loans
due for repayment in May 2021, The Telegraph discloses.  Sources
said the company hopes to refinance the debt before May 2020 to
avoid causing complications in having its accounts signed off by
auditors, The Telegraph relates.

The hedge funds own around 40% of Premier Oil's loans, giving them
the power to block any debt restructuring, The Telegraph notes.

Premier Oil plc is an independent exploration and production
company with oil and gas interests in the North Sea, South East
Asia, the Falkland Islands, and Latin America.

SANDWELL COMMERCIAL 1: S&P Cuts Cl. E Notes Rating to 'D (sf)'
--------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CCC- (sf)' its credit
rating on Sandwell Commercial Finance No.1 PLC's class E notes.

Our ratings in Sandwell Commercial Finance No. 1 address the timely
payment of interest and the repayment of principal no later than
the legal final maturity date in May 2039. On the November 2019
interest payment date (IPD), the class E notes experienced their
first interest shortfalls.

Given the spread compression in the transaction, the remaining loan
pool did not generate sufficient funds to meet all senior costs and
interest payments due on the notes. Furthermore, the class E notes
have a principal deficiency ledger amount of GBP2.5 million, which
now accounts for 50% of the outstanding debt balance and therefore
the issuer is unable to draw on the liquidity facility or use
principal receipts to pay interest on the class E notes. In S&P's
view, the class E notes are likely to continue experiencing
periodic interest shortfalls on future IPDs, as and when principal
recoveries are unavailable to cover any shortfalls.

As a result of the interest shortfall, together with the expected
future principal losses, S&P has lowered to 'D (sf)' from 'CCC-
(sf)' its rating on the class E notes in line with its criteria.
S&P's rating on the class D notes remains unaffected by the rating
action.

TRITON UK: S&P Downgrades Long-Term ICR to 'B-', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Triton UK Midco (Synamedia Group) to 'B-' from 'B', and its issue
ratings on its first-lien secured term loan and revolving credit
facility (RCF) to 'B' from 'B+'.

The downgrade reflects Synamedia Group's weaker-than-anticipated
operating performance resulting in significantly negative FOCF in
FY2019 and FY2020.

It posted about negative FOCF of $160 million in FY2019, compared
with our previous expectation of negative $10 million on an
adjusted basis. This was driven by more severe revenue and EBITDA
decline as well as delays in cash receipts due to the separation
from Cisco. FOCF is now expected to remain around negative $50
million in FY2020 due to an ongoing 5%-6% revenue decline and very
high exceptional costs of about $85 million.

Synamedia Group's severe revenue decline over the past two years
has partly been from a significant slowdown in demand for
smartcards in China. S&P said, "In FY2020 we expect revenue to
continue to decline, albeit at a slower pace as China comprises a
lesser proportion of overall revenue, owing to the ongoing decline
in legacy products. This will only be partly offset by winning new
customers (including a prominent telecom operator) and successful
avoidance of customer losses from the Cisco migration. We note that
95% of video platform contracts have been successfully migrated and
65 out of 98 Transitional Services Agreements (TSAs) have been
exited; a large part of the remaining contracts and TSAs relate to
more-complex video-network contracts."

The group's very high exceptional costs of about $115 million in
FY2019 and $85 million in FY2020--resulting in negative S&P Global
Ratings-adjusted EBITDA in FY2019 and only limited positive EBITDA
in FY2020--include separation costs from Cisco, set-up costs for
the new stand-alone entity, and reorganization and restructuring
costs. S&P's Global Ratings-adjusted EBITDA calculation includes
exceptional costs and excludes operating lease expenses.

S&P expects, however, a gradual improvement in the group's cash
flow generation as exceptional costs decline. Most of the cost
reduction program has been actioned and the separation from Cisco
is very advanced. The cash flow improvement should largely benefit
from an improved cost profile on the back of the cost reduction
program. This program includes contractor and employee reductions,
termination of supplier contracts, and site closures. The group
estimates phases 1 and 2 of this program, undertaken in 2019, to
generate annualized cost savings of about $160 million. Excluding
exceptional costs, the group's FOCF is expected to be positive in
FY2020, reflecting solid improvement in its S&P Global
Ratings-adjusted EBITDA margin (excluding exceptional costs) to
about 17% in FY2020 from about 11% in FY2019.

A fall in exceptional costs to below $35 million in FY2021 could
then support a potential rise toward breakeven free cash flow if
the group also manages to stabilize its revenue. In our view, this
carries considerable execution risk.

The group's adequate liquidity points to its ability to absorb
near-term pressure from negative cash flows.

Its liquidity position was shored up by a $79.7 million equity
injection by current shareholders Permira and Sky in October 2019,
meaning its liquidity sources should be more than sufficient to
cover its required cash uses over the next 18 months.

This should help the group absorb negative cash flows in the near
term before potentially transitioning to improved free cash flow
generation from FY2021.

The group's business strategy has solid demand prospects, but
medium-term recovery in revenue and cash flow generation might
still prove challenging.

In S&P's view, the medium-term demand prospects for the group's new
generation products are solid, as TV rights owners/ service
providers are under increasing pressure to defend and capture
greater value from content in a time of rising piracy, original
content costs, and means of distribution. In this context, the
group aims to support customer migration to internet protocol-based
transmission by providing hybrid over-the-top (OTT)/linear TV
solutions (bundling a number of OTT applications with linear TV),
to secure customers' revenue streams by producing measurable
reductions in streaming piracy, and to generate new revenue streams
through advanced measurement and targeted delivery of advertising.

S&P also thinks medium-term downside risk for the group's recurring
revenue streams will be limited by continued low customer churn,
supported by, typically, five-year minimum contracts and the cost
and complexity of switching video technology suppliers.

However, for as long as the group's revenues from legacy products
continue to decline, achieving revenue growth and positive and
growing free cash flows could prove challenging. S&P said, "We also
see the group's relatively low recurring revenue share of less than
50% as a key risk to short-term operating performance, although we
acknowledge that this share is closer to 75% if visible revenues,
such as repeat product orders, are included. While demand prospects
for the group's new generation products are favorable, we also
anticipate pressure on the supply side from numerous competing
solutions, which could limit the group's new customer wins and its
bargaining power for contract renegotiations. We also note that the
group's high customer concentration means that the loss of only one
or two key customers could have a meaningful negative impact."

The negative outlook reflects the potential for a downgrade over
the next 12 months if revenue decline is stronger than anticipated
and we do not see improvement--to high-teen percentages--in
Synamedia Group's EBITDA margin before exceptional items.

S&P said, "We could lower the rating if, excluding exceptional
costs (separately disclosed items), FOCF (after lease repayment)
remains negative in FY2020. This could lead us to conclude that the
group's capital structure is unsustainable over the medium term
despite no immediate liquidity pressures."

This could happen if the group's revenue declines by about 10% in
FY2020, for example due to ongoing slowing demand for smartcards in
China or if the pay TV industry is affected by macroeconomic
headwinds.

S&P said, "We could revise the outlook to stable if the group
manages to generate at least $20 million of positive FOCF
(excluding exceptional costs, but after lease repayment) in FY2020,
and does not materially exceed expected spending on exceptional
items of about $80 million-$90 million, in line with our base case.
This is based on a slower pace of revenue decline and solid
adjusted EBITDA margin (excluding exceptional costs) improvement to
at least 15%."


WOODFORD EQUITY: Investors to Receive First Payments on Jan. 20
---------------------------------------------------------------
Kevin Peachey at BBC News reports that stricken investors in Neil
Woodford's former flagship fund will receive their first payments
on Jan. 20 as the fund is wound up by its administrators.

According to BBC, individuals and institutional investors will be
told by letter on Jan. 13 how much they should expect to receive in
this initial payout.

Withdrawals from what was called the Woodford Equity Income Fund
have been frozen since early June, BBC notes.

Since the fund was suspended, the value of the fund has fallen by
18.6%, its official monitor -- an authorized corporate director
called Link Fund Solutions -- said in a letter to investors, BBC
relates.

Following the suspension and subsequent sacking of Mr. Woodford,
the name has been changed to the LF Equity Income Fund, BBC
recounts.

Now the City regulator, the Financial Conduct Authority, has
approved Link's plan to wind up the fund, BBC discloses.

Link, as cited by BBC, said that BlackRock, the US investment bank
appointed to sell off part of the fund's assets, had managed to
raise GBP1.65 billion from the sale of 56% of the fund since it was
given the task last month.

The timetable states that the fund will be wound up in January, but
the final repayments -- coming after the sale of more illiquid
assets -- will take much longer, BBC relays.



                           *********


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 2019.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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