/raid1/www/Hosts/bankrupt/TCREUR_Public/200115.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

          Wednesday, January 15, 2020, Vol. 21, No. 11

                           Headlines



I T A L Y

ATLANTIA SPA: S&P Lowers ICRs to 'BB-/B', Ratings On Watch Negative
PIAGGIO AEROSPACE: Government Authorizes Receivership Plan
UBI BANCA: S&P Assigns 'B+' Rating on Additional Tier 1 Notes


L U X E M B O U R G

LEHMAN BROTHERS LUXEMBOURG: Court Orders Closure of Liquidation
STENA INT'L: S&P Rates New Secured Term Loan & Notes 'BB-'
TIGERLUXONE SARL: S&P Withdraws 'BB-' LT Issuer Credit Rating


N E T H E R L A N D S

DELFT 2020: DBRS Assigns Prov. B (low) Rating to Class F Notes
DUTCH PROPERTY 2020-1: DBRS Gives Prov. BB(high) Rating to E Notes


P O R T U G A L

ENERGIAS DE PORTUGAL: Fitch Rates New Sub. Hybrid Sec. 'BB(EXP)'
ENERGIAS DE PORTUGAL: S&P Rates New 60-Yr. Hybrid Securities 'BB'


R U S S I A

CREDIT BANK OF MOSCOW: Fitch Rates New Unsec. Eurobonds 'BB(EXP)'
CREDIT BANK OF MOSCOW: S&P Rates New USD Sr. Unsec. LPNs 'BB-'


U N I T E D   K I N G D O M

ASTON MARTIN: Moody's Lowers CFR to Caa1, Outlook Negative
BHS: Chappell Ordered to Pay GBP9.5MM Into Pension Schemes
BUZZ MERGER SUB: Moody's Assigns 'B1' CFR Over Blackstone Buyout
CABLE & WIRELESS: Fitch Cuts 2026/2027 Unsec. Notes Rating to BB-
CABLE & WIRELESS: Moody's Affirms Ba3 CFR, Outlook Stable

EUCLIDIAN LTD: Jan. 31 Proofs of Debt Filing Deadline Set
FLYBE: Government Considering Measures to Avert Collapse
IWH UK MIDCO: Fitch Affirms B+ Rating on EUR50MM Term Loan B
LECTA SA: S&P Lowers ICR to 'SD' After Interest Payment Default
TXU UK: ESPS Claims Filing Deadline Set for Jan. 31


                           - - - - -


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I T A L Y
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ATLANTIA SPA: S&P Lowers ICRs to 'BB-/B', Ratings On Watch Negative
-------------------------------------------------------------------
S&P Global Ratings noted that the Italian government recently
introduced unilateral changes by Law Decree n.162/2019
("Milleproroghe") to toll road operators' regulatory framework.
Under the Milleproroghe, the process for terminating or revoking
concession contracts is less costly to the Grantor and not subject
to the Grantor making a timely termination payment (which
underpinned our analysis).

In S&P's view, the Milleproroghe negatively affects toll road
operator Autostrade per l'Italia or "ASPI" (and thus indirectly
Atlantia Spa) by increasing the risk of a concession termination by
either ASPI or the Grantor, with difficult-to-predict liquidity and
legal consequences for ASPI and Atlantia.

If the concession were terminated or revoked, S&P would expect
protracted legal proceedings bearing in mind that the concession
initially provided strong protections to ASPI including in case of
changes in the regulatory or legal framework.

Accordingly, S&P lowered its long- and short-term ratings on
Atlantia SpA and ASPI to 'BB-/B', with a recovery rating of '3'. At
the same time, S&P lowered its long- and short-term ratings on
Atlantia's Spanish 50% plus one share subsidiary Abertis and its
subsidiaries HIT and Sanef to 'BBB-/A-3' from 'BBB/A-2' and placing
them on CreditWatch negative. S&P also lowered the long- and
short-term ratings on Atlantia's almost fully-owned operating
subsidiary Aeroporti di Roma (AdR) to 'BB+/B' from 'BBB-/A-3' and
placing them on CreditWatch negative.

S&P said, "The CreditWatch indicates that we could lower the
ratings by more than one notch if liquidity risk increases for ASPI
and Atlantia. We see liquidity risk increasing in the event of
concession termination or revocation, or by a demand by creditors
for acceleration of their debt." Apart from increased liquidity
risk, the ratings could also be negatively affected by the ongoing
investigations of the Genoa bridge collapse and ASPI's role in
operating and maintaining its infrastructure network. If the
findings of these investigations went against ASPI, it could be
subject to large fines.

The unilateral changes introduced by the Italian government on
existing toll road concessions increase the risk of ASPI concession
termination.  The Milleproroghe could create difficult-to-predict
liquidity and legal consequences for both ASPI and Atlantia. The
Milleproroghe in S&P's view makes the regulatory framework for
concessions more unpredictable as it significantly changes the
terms of ASPI's concession, creating uncertainty about the
consequences of a potential termination of the concession. The
Milleproroghe is now in effect although it must be ratified by the
Italian Parliament within two months of enactment, which we assume
will happen.

Termination or revocation of the ASPI concession could result in
protracted litigation between the Grantor and the concessionaire.  
S&P said, "Litigation in the event of a concession terminations is
in our view likely because the concession provides strong
protections to ASPI, including in case of changes in the regulatory
or legal framework, and provides for a termination payment to ASPI
in case of termination. As such, we believe that both parties have
an interest in reaching a settlement. We would likely reassess the
ratings if we saw evidence of that the parties were taking steps to
avoid concession termination or revocation."

A lower termination payment and changes in effectiveness of a
termination event increase liquidity risks.   Under the
Milleproroghe, termination of existing toll road concessions would
be less costly to the Grantor, compared with the regulatory
protections included in ASPI's concession, and would not be subject
to the receipt of a timely termination payment by the Grantor. In
S&P's view, this significantly increases the risk of a shortfall
liquidity for ASPI and Atlantia. In its initial analysis, S&P
viewed the termination payment as a key source for ASPI and
Atlantia's repayment of obligations that could be accelerated on a
termination. According to some estimates, a Milleproroghe-based
termination payment would be about EUR11 billion-EUR12 billion
without taking into account potential penalties or damages payable
by ASPI to the Grantor. This is significantly lower than the
expected payment due under ASPI's concession calculated as the net
present value of future cash flows (estimated at EUR20
billion-EUR25 billion). Under the Milleproroghe the termination
payment is only equal to the value of investments made on the
network, net of amortization.

ASPI's debt is about EUR9.8 billion and Atlantia has further debt,
which could be accelerated in case of a termination event.   ASPI's
debt includes EUR7.7 billion of bonds of which EUR3.9 billion are
guaranteed by Atlantia. By their terms, ASPI's bonds can be
accelerated if the concession is terminated. ASPI also has EUR2.1
billion of credit facilities of which EUR1.7 billion can be
accelerated under the terms of the facilities if ASPI's issuer
credit ratings fall below 'BBB-'. If the facilities are
accelerated, S&P will assess Atlantia's ability to face a repayment
in a situation of potential liquidity stress.

If the concession is terminated, ASPI's cash flows could halt
relatively quickly.  The Milleproroghe provides that on termination
of a toll road concession, state-owned road operator ANAS (fully
consolidated into FSI rail operator since 2018) would take over
responsibility for the relevant roads and be responsible for
ordinary and extraordinary maintenance until a new operator is
appointed.

Concession termination by ASPI would also raise liquidity and
regulatory uncertainty.   Under its concession, ASPI also has the
right to terminate in certain circumstances. In its press release
dated Dec. 23, 2019, ASPI stated that if the Milleproroghe were
approved, ASPI reserved to terminate. As the Milleproroghe purports
to invalidate ASPI's termination rights, it remains uncertain at
this stage what effect an ASPI termination would have. The
uncertainty is related to: (i) ASPI's legal right to terminate;
(ii) the amount of the termination payment (under the original
concession or under the Milleproroghe); and (iii) potential
creditor actions. In S&P's view, the last element is a key driver
for a potential liquidity shortfall at ASPI and, in turn, Atlantia,
particularly if not aligned with a full and timely termination
payment from the grantor (the Ministry of Infrastructure and
Transportation).

S&P said, "We expect any potential settlement agreement to be at
more unfavorable conditions for ASPI than previously anticipated.  
In our view, the above legal and regulatory uncertainties, combined
with the risk that a large termination payment may be due to ASPI,
create incentives for both parties to find a settlement agreement.
Nevertheless, given the ongoing investigations and allegations
regarding the safety of ASPI's network, combined with a strained
relationship with the Grantor, we expect any settlement agreement
will likely be at more unfavorable conditions for ASPI than
previously anticipated. This may result from significantly higher
maintenance or investment costs, lower remuneration or tariffs, or
large fines or penalties.

"Ratings on Abertis lowered to 'BBB-'.  We lowered our ratings on
Atlantia's 50% plus one share-owned subsidiary Abertis to
'BBB-/A-3' from 'BBB/A-2' and placed them on CreditWatch negative
following our negative rating action on Atlantia. The CreditWatch
indicates that a negative rating action on Atlantia could trigger
negative rating action on Abertis, a highly strategic subsidiary,
unless we see evidence of minimal impact of Atlantia's credit
stress on Abertis credit profile. We incorporate in our 'BBB-'
ratings on Abertis three notches of insulation from Atlantia,
reflecting the strengths of the shareholder agreement in place with
Abertis' minority shareholders ACS/Hochtief (50% minus one share).
The three notches reflect our view that the shareholders agreement
provides effective measures to ACS/Hochtief to protect Abertis'
credit quality from the potential negative intervention of
Atlantia. This notably reflects that the minority shareholder has
veto power on some reserved matters, such as dividend distributions
and major acquisitions, which are core to Abertis' credit quality.
We believe that ACS/Hochtief would be unwilling to allow actions
detrimental to Abertis' creditworthiness. The stand-alone credit
profile of Abertis remains unchanged at 'bbb' and we see Abertis as
continuing to deliver its investment strategies with no significant
impact from difficulties at Atlantia.

"Abertis' subsidiaries HIT and Sanef also lowered to 'BBB-'.  We
also lowered our ratings on HIT and Sanef to 'BBB-' from 'BBB' and
placed them on CreditWatch negative, in line with the rating action
on Abertis. This is because we see HIT and its fully owned French
toll road operator Sanef as core subsidiaries of Abertis.

"Aeroporti di Roma rating lowered to 'BB+'.  We lowered our ratings
on AdR to 'BB+/B' from 'BBB/A-2' and placed them on CreditWatch
negative. The CreditWatch signals that a negative rating action on
Atlantia could trigger a negative rating action on AdR. We
incorporate two notches of insulation between AdR and its parent
Atlantia. The insulation reflects our view that, despite AdR being
almost fully owned by Atlantia, its euro medium-term note (EMTN)
program and its facilities do not include cross-default provisions
or guarantees with Atlantia. In addition, AdR must meet certain
conditions under its concession agreement with ENAC (The Italian
Civil Aviation Authority), including a debt service coverage ratio
(DSCR) of above 1.2x (2018: 6.0x). Furthermore, the concession
agreement includes regulatory oversight by requiring three
statutory auditors appointed by the Ministry of Economic Affairs,
Ministry of Finance, and Ministry of Infrastructure and
Transportation. We continue to assess AdR's stand-alone credit
profile (SACP) at 'a+', reflecting its relatively strong balance
sheet and its strong competitive position as Italy's largest
airport operator, with a monopoly position in Rome.

"The CreditWatch placement indicates that we could lower the
ratings on Atlantia by more than one notch if liquidity risk
materializes at ASPI and, in turn, Atlantia. This would most likely
be triggered by a termination or revocation of the concession, or
by a decision of some creditors to ask for acceleration of debt
reimbursement."

In the absence of material liquidity risk, the ratings could also
be negatively affected by the ongoing investigations regarding
ASPI's responsibility in the Genoa bridge collapse and its
diligence in operating and maintaining its infrastructure network,
which could result in large fines.

S&P said, "If Atlantia and ASPI settle with the Grantor, we would
analyze the agreement with an eye to its potential increased
maintenance costs or lower remuneration on investments, among other
things. In such a scenario, we may affirm or lower the ratings
depending on the impact on Atlantia's financial metrics. Funds from
operations (FFO) to debt of at least 9% would be supportive of the
current ratings.

"Any downgrade of Atlantia would most likely lead us to lower the
ratings on AdR, Abertis and its subsidiaries in parallel, unless we
see new tangible elements of increased insulation of those entities
versus their parent group.

"We expect to resolve the CreditWatch over the next few months."


PIAGGIO AEROSPACE: Government Authorizes Receivership Plan
----------------------------------------------------------
Vincenzo Nicastro, the extraordinary commissioner of Piaggio Aero
Industries and Piaggio Aviation (both undergoing extraordinary
receivership proceedings), disclosed that on November 13, 2019, the
Italian Ministry of Economic Development authorized Piaggio Aero
Industries and Piaggio Aviation's receivership plan.  The plan
envisages the sale of businesses as a going concern (under Art. 27,
para. 2, point a of Italian Legislative Decree No. 270/1999).  

To view an excerpt from the plan and excerpts from the reports
detailing the causes of the companies' insolvency, one may visit
http://www.piaggioaerospace.it/


UBI BANCA: S&P Assigns 'B+' Rating on Additional Tier 1 Notes
-------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B+' long-term issue
rating to the proposed low-trigger Additional Tier 1 (AT1)
perpetual capital notes to be issued by UBI Banca SpA. The rating
is subject to its review of the notes' final documentation. This is
the bank's first issuance of Basel III-compliant AT1 notes.

In accordance with S&P's criteria for hybrid capital instruments,
"General Criteria: Hybrid Capital: Methodology And Assumptions,"
July 1, 2019, the 'B+' issue rating reflects its analysis of the
proposed instrument and UBI Banca's 'bbb-' stand-alone credit
profile (SACP). The issue rating stands four notches below the SACP
due to the following deductions:

-- One notch because the notes are contractually subordinated;

-- Two notches to reflect the notes' discretionary coupon
    payments and regulatory Tier 1 capital status; and

-- One notch because the notes contain a contractual write-down
    clause.

Although the principal is subject to write-down if the bank's
Common Equity Tier 1 (CET1) ratio falls below 5.125%, S&P sees this
as a gone-concern trigger that does not pose additional default
risk.

As an EU-domiciled bank, UBI Banca's AT1 instruments also face
coupon nonpayment risk if the bank has insufficient available
distributable items (ADI), or if it breaches its capital
requirements--defined as the sum of the Pillar 1 and Pillar 2
requirements plus combined buffers--known as the minimum
distributable amount (MDA) thresholds.

As of Dec. 31, 2018, UBI Banca had ADIs of about EUR2.6 billion
under the updated capital requirements regulation, which S&P sees
sas comfortable. Its MDA thresholds in 2020 are:

-- CET1 of 9.25%, compared with a reported ratio at end-Sept 2019
of 12.14%;

-- Regulatory Tier 1 capital of 10.75%, against a report ratio of
12.14%; and

-- Total capital of 12.75%, against a reported ratio of 15.63%.

S&P said, "We estimate that the proposed issuance size of EUR400
million would improve UBI Banca's regulatory Tier 1 and total
capital headroom over MDA by about 68 basis points (bps). This
means the bank's lowest headroom, occurring at the Tier 1 capital
level, would be about 2.1%. We regard this level of headroom as
marginal, but not unusual among European peers. It should also be
viewed in the context of the bank's moderate, but fairly
predictable earnings. We therefore do not constrain the issue
credit ratings on UBI Banca's deferrable instruments.

"That said, we will continue to monitor the bank's MDA headroom and
could deduct one additional notch under the step 2b of our criteria
for hybrid capital instruments if the MDA headroom under UBI's
regulatory capital ratios shrinks below 1.5%.

"Once UBI Banca has issued the securities and confirmed them as
part of the bank's regulatory Tier 1 capital base, we would expect
them to qualify as having intermediate equity content under our
criteria." This reflects our understanding that the notes are
perpetual, regulatory Tier 1 capital instruments that have no
step-up. The notes can absorb losses on a going-concern basis
through the nonpayment of coupons, which are fully discretionary.

The issuance does not materially alter our forecast of UBI's
capitalization: the proposed notes would add about 30 bps to UBI's
risk-adjusted capital (RAC) ratio, which stood at 4.8% in December
2018. As such, S&P now expects the RAC to increase slightly, to
about 5.5%, by end-2021.




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L U X E M B O U R G
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LEHMAN BROTHERS LUXEMBOURG: Court Orders Closure of Liquidation
---------------------------------------------------------------
Me Jacques Delvaux and Me Laurent Fisch, liquidators of Lehman
Brothers (Luxembourg) S.A., disclosed that by commercial judgment
II N2019TALCH02/01962, the District Court, of and in Luxembourg,
2nd Chamber, ordered the closure of the Lehman Luxembourg
liquidation after verifying that all available assets were
distributed to all entitled persons.  Discharge has been granted to
the two liquidators in relation the liquidation operations until
December 18, 2019.

Books and documents will be kept on deposit during the legal
retention period of 5 years at the following address:

   Team Relocations SA
   registered in Luxembourg RCS B0024402
   112, Rue de Kiem at L-8030 Strassen

Funds relating to the last dividend that could not be distributed
to the entitled creditors have been transferred to the Luxembourg
Caisse de Consignation in Luxembourg, for the account of the
relevant creditors during the legal retention period of 5 years at
the following address:

   Caisse de Consignation in Luxembourg
   (Tresorerie de l'Etat)
   3, Rue du Saint Esprit at L-1475 Luxembourg


STENA INT'L: S&P Rates New Secured Term Loan & Notes 'BB-'
----------------------------------------------------------
S&P Global Ratings said it assigned its 'BB-' issue-level rating to
Stena International S.a.r.l's proposed senior secured term loan and
proposed senior secured notes, which have an anticipated principal
amount of approximately $600 million and will be guaranteed by
Stena AB (B+/Stable/--). S&P said, "The recovery rating is '2',
indicating our expectation of substantial (70%-90%; rounded
estimate: 75%) recovery in the event of a default. We understand
the proceeds will refinance the term loan B maturing in 2021."

The transaction is broadly leverage-neutral and does not affect the
issuer credit rating, but it will secure long-term financing. The
planned repayment of the EUR200 million senior unsecured notes at
maturity in March will be through cash from the balance sheet. The
refinancing will allow for continuing strong liquidity, and is in
line with S&P's assessment of management's proactive liquidity
management and commitment to a strong liquidity position to
mitigate risks stemming from operations in cyclical businesses
(apart from real estate, and to a certain extent Adactum). Also,
the positive trend inversion in operational EBITDA started in
fourth-quarter 2018 is gaining traction, driven by strong
performance in ferries (nine-month 2019 EBITDA at more than 90% of
our full-year estimate) and positive signals coming from all
segments, even if from a cyclical low point for drilling and
shipping.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- The issue and recovery ratings are underpinned by Stena's
significant asset value in the form of vessels and real estate, in
particular the first-lien pledge over the company's DrillMax and
Stena Carron drill ships.

-- Recovery prospects for the senior secured debt also reflects
the risk of Stena's exposure to multiple jurisdictions in the event
of a default, with uncertain and multiple locations for drilling
rigs and liquid natural gas vessels and tankers.

-- The EUR200 million and $600 million senior unsecured notes have
a 'B+' issue-level rating.

-- S&P revised the recovery rating on the senior unsecured debt to
'3' from '4', indicating its expectation of meaningful (50%-70%;
rounded estimate: 65%) recovery prospects.

-- While the ratings are constrained by substantial legal and
structural subordination to significant secured bank debt and debt
at the subsidiaries, as well as weak documentary protection against
the raising of new debt, the unsecured debt stock is diminishing,
mechanically increasing recovery prospects.

-- In S&P's simulated default scenario, it assumes that a default
would most likely result from deteriorating operating and financial
performance in the group's ferry operations, alongside a longer
downturn in the drilling segment following a period of unfavorable
economic and industry conditions.

-- S&P believes that the Stena group is likely to retain its value
as a going concern in the event of bankruptcy, based on its diverse
business activities and stable real estate earnings.

-- Despite this, S&P believes that the main value available to
unsecured creditors in any reorganization would be in the group's
vessels and real estate.

-- For this reason, S&P has used a discrete asset valuation
approach in determining debt recoveries.

Simulated default assumptions

-- Year of default: 2024
-- Jurisdiction: Sweden

Simplified waterfall

-- Net value available to creditors: $5 billion
-- Senior secured debt claims: $3.9 billion
    --Recovery expectation: 70%-90% (rounded estimate 75%)
-- Senior unsecured debt claims: $870 million
    --Recovery expectation: 50%-70% (rounded estimate 65%)

All debt amounts include six months of prepetition interest.


TIGERLUXONE SARL: S&P Withdraws 'BB-' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'BB-' long-term issuer credit
rating on TigerLuxOne Sarl (TeamViewer), at the issuer's request.
The outlook at the time of withdrawal was stable.





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N E T H E R L A N D S
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DELFT 2020: DBRS Assigns Prov. B (low) Rating to Class F Notes
--------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
notes expected to be issued by Delft 2020 B.V. (Delft 2020; the
issuer):

-- Class A notes at AAA (sf)
-- Class B notes at AA (sf)
-- Class C notes at A (sf)
-- Class D notes at BBB (sf)
-- Class E notes at BB (low) (sf)
-- Class F notes at B (low) (sf)

The rating assigned to the Class A notes addresses the timely
payment of interest and the ultimate repayment of principal by the
legal final maturity date in [•]. The rating assigned to the
Class B notes addresses the timely payment of interest once most
senior and the ultimate repayment of principal on or before the
final maturity date.

The provisional ratings on Class C, Class D, Class E, and Class F
notes address the ultimate payment of interest and repayment of
principal by the legal final maturity date. DBRS Morningstar does
not rate the Class Z or Class X notes or the residual
certificates.

Delft 2020 is expected to be a new transaction formed by
securitizing the collateral currently under Delft 2017 B.V. (Delft
2017) and Delft 2019 B.V. (Delft 2019). Delft 2017 is a seasoned
Dutch, nonconforming transaction comprising mortgage loans
originated by ELQ Portfeuille 1 B.V. (ELQ) and sold into EMF-NL
2008-1 B.V. in 2017. The mortgage loans in Delft 2019 were
originated by ELQ and Quion 50 B.V. (Quion), which were
subsidiaries of Lehman Brothers through ELQ Hypotheken N.V. ELQ and
Quion no longer originate loans and were sold to EMF-NL 2008-2 B.V.
in April 2019. Delft 2017 and Delft 2019 are expected to be called
on the next interest payment date in January 2020.

The legal and beneficial titles of the mortgage loans will be
transferred to the issuer on the closing date. Adaxio B.V. will
service the mortgage portfolio during the life of the transaction
with Intertrust Administrative Services B.V. acting as a backup
servicer facilitator. The servicing of loans originated by Quion
will be delegated to Quion Hypotheekbemiddeling B.V. but will
switch to Adaxio B.V. on [1 July 2020].

As of September 30, 2019, the provisional portfolio balance was EUR
259.2 million. The portfolio includes mortgage loans with
nonconforming characteristics such as self-certified borrower
income (43.8% by loan balance); negative Bureau Krediet Registratie
listings of borrower credit history (30.5%); and loans to borrowers
classified as unemployed, self-employed, or pensioners (33.3%). The
loans are mostly floating rate (93.5%), repay on an interest-only
(99.1%) basis, and have a weighted-average coupon of 2.8%. The
weighted-average current loan-to-value (CLTV) ratio of the
portfolio is 83.7%, with 11.2% of the loans having a CLTV equal or
above 100%.

The rated notes benefit from credit enhancement provided by
subordination, excluding the Class X notes, and the not liquidity
reserve, which can clear any principal deficiency ledger (PDL)
debits in the revenue priority of payments. Initially, the Class A
notes will have 24.8% of credit enhancement. Additionally, the
liquidity reserve is available to cover interest shortfalls on the
Class A notes.

The not liquidity reserve will be funded from the issuance of the
Class R certificates and can be applied to cover shortfalls in
senior fees, pay interest on Classes A to F, and clear PDL balances
on Class A to F sub-ledgers. The not liquidity reserve has a
balance equal to [2.0]% of the initial balance of Class A to Z
notes minus the required balance of the liquidity reserve. The
liquidity reserve is available to support senior fees and interest
shortfalls on Class A note, following the application of revenue
and the not liquidity reserve. While the Class A notes are
outstanding, the liquidity reserve will have a required balance
equal to [2.0]% of the outstanding balance of Class A notes,
subject to a floor of [1.0]% of the initial balance of Class A
notes. As this liquidity reserve amortizes, the excess amounts will
become part of the revenue available funds and allow the not
liquidity reserve to increase in size.

Principal funds can be diverted to pay shortfalls in senior fees
and unpaid interest due on the Class A to F notes, which remain
after applying revenue collections and exhausting both reserve
funds. Principal receipts can only be used to pay interest
shortfalls if the corresponding note has a PDL balance of less than
10% of its outstanding balance. This does not apply to the
senior-most note where the principal can always be used to cover
interest shortfalls.

If principal funds are diverted to pay revenue liabilities,
including replenishing the liquidity reserve, the amount will
subsequently be debited to the PDL. The PDL comprises seven
subledgers that will track principal used to pay interest, as well
as realized losses, in a reverse-sequential order that begins with
the Class Z sub-ledger.

Accrued interest on Class B to F notes is subject to a net
weighted-average coupon cap (NWC). The NWC is calculated as the
gross WAC that is due but not necessarily paid on the mortgage
portfolio, net of senior fees, divided by the outstanding rated
note balance as a percentage of the outstanding mortgage portfolio
balance. DBRS Morningstar's ratings do not address payments of the
NWC additional amounts, which are the amounts accrued and become a
payable junior in the revenue and principal waterfall if the coupon
due on a series of notes exceeds the applicable NWC. NWC additional
amounts will accrue interest at the lower of the NWC and the
applicable coupon.

On the interest payment date in April 2023, the coupon due on the
notes will step up and the notes may be optionally called. The
notes must be redeemed at par plus pay any accrued interest.

Monthly mortgage receipts are deposited into a bankruptcy-remote
Stitching collection foundation account at ABN AMRO Bank N.V. (ABN
AMRO; rated at A (high) with a Stable trend by DBRS Morningstar),
mostly via direct debit. The amounts in the collection account will
be transferred to the issuer account on at least a monthly basis.
Commingling risk is considered mitigated by the use of a Stitching
and the regular sweep of funds. The collection account bank is
subject to a DBRS Morningstar investment-grade downgrade trigger.
If DBRS Morningstar's long-term senior debt rating of ABN AMRO is
downgraded below BBB (low), the collection account bank will be
replaced by, or obtain a guarantee from, an appropriately rated
bank within 30 calendar days of such breach.

ABN AMRO is also the account bank for the transaction. DBRS
Morningstar's account bank reference rating at AA (low) is one
notch below the Critical Obligations Rating of AA and is consistent
with the minimum institution rating given the ratings assigned to
the Class A notes, as described in DBRS Morningstar's "Legal
Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar based its ratings primarily on the following
analytical considerations:

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

-- The credit quality of the mortgage loan portfolio and the
ability of the parties to perform servicing and collection
activities. DBRS Morningstar estimated stress-level probability of
default (PD), loss given default (LGD), and expected losses (EL) on
the mortgage portfolio. The PD, LGD, and EL are used as inputs into
the cash flow tool. The mortgage portfolio was analyzed in
accordance with DBRS Morningstar's "European RMBS Insight
Methodology" and the "European RMBS Insight: Dutch Addendum"
methodology.

-- The transaction's ability to withstand stressed cash flows
assumptions and repays investors according to the terms of the
transaction documents. The transaction structure was analyzed using
the Intex DealMaker. DBRS Morningstar considered additional
sensitivity scenarios of 0% conditional repayment rate stress.

-- The consistency of the transaction's legal structure with the
DBRS Morningstar "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions
addressing the assignment of the assets to the issuer.

-- The relevant counterparties, as rated by DBRS Morningstar, are
appropriately in line with DBRS Morningstar legal criteria to
mitigate the risk of counterparty default or insolvency.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as downgrade and
replacement language in the transaction documents.

Notes: All figures are in Euros unless otherwise noted.

DUTCH PROPERTY 2020-1: DBRS Gives Prov. BB(high) Rating to E Notes
------------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the notes
expected to be issued by Dutch Property Finance 2020-1 B.V. (the
Issuer) as follows:

-- Class A rated AAA (sf)
-- Class B rated AA (sf)
-- Class C rated A (low) (sf)
-- Class D rated BBB (low) (sf)
-- Class E rated BB (high) (sf)

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Netherlands. The issued notes will be used to
fund the purchase of Dutch mortgages receivables originated or
acquired by RNHB. Proceeds of the Class G notes will be used to
fund the general reserve fund.

RNHB is a buy-to-let and mid-market real estate lending business in
the Netherlands. RNHB was formed in 2008 when Rijnlandse
Hypotheekbank and Nederlandse Hypotheekbank were merged by their
then-parent company, FGH Bank N.V., which in turn was owned by
Rabobank. In December 2016, RNHB and its loans were acquired by a
consortium of (1) funds managed by CarVal Investors LLC (CarVal)
and (2) Arrow Global Group Plc (Arrow, AGG), with CarVal holding
the majority interest. The mortgage portfolio will be serviced by
Vesting Finance Servicing B.V. with Intertrust Administrative
Services B.V. appointed as a replacement servicer facilitator.

As of September 30, 2019, the provisional portfolio consisted of
935 loans with a total portfolio balance (net of construction
deposits) of approximately EUR 293.0 million. The weighted-average
(WA) seasoning of the portfolio is 4.1 years with a WA remaining
term of 3.4 years. The WA current loan-to-value is comparatively
low for a Dutch portfolio at 65.0%. The majority of the loans
included in the portfolio are fixed with future resets (85.3%)
while the notes pay a floating rate of interest. To address this
interest rate mismatch, the transaction is structured with a
fixed-to-float interest rate swap that swaps the fixed interest
rate received from the assets for a three-month Euribor.
Approximately 1.2% of the portfolio comprises loans where the
borrowers are in arrears (excluding less than one month in
arrears).

Until January 2025, the seller has the ability to grant, and the
Issuer the obligation to purchase, further advances—subject to
the adherence of asset conditions and available principal funds.
The transaction documents specify criteria that must be complied
with during this period in order for the further advances to be
sold to the Issuer. DBRS Morningstar stressed the portfolio in
accordance with the asset conditions to assess the portfolio's
worst-case scenario.

Credit enhancement for the Class A notes is calculated as 21.4% and
is provided by the subordination of Class B notes to the Class F
notes and the general reserve fund. Credit enhancement for the
Class B notes is calculated as 15.7% and is provided by the
subordination of Class C notes to the Class F notes and the general
reserve fund. Credit enhancement for the Class C notes is
calculated as 11.5% and is provided by the subordination of the
Class D Notes to the Class F notes and the general reserve fund.
Credit enhancement for the Class D notes is calculated as 6.2% and
is provided by the subordination of the Class E notes, Class F
notes, and the general reserve fund. Credit enhancement for the
Class E notes is calculated as 5.0% and is provided by the
subordination of the Class F notes and the general reserve fund.

The transaction benefits from a non-amortizing cash reserve that is
available to support the Class A to Class E notes. The cash reserve
will be fully funded at close at 2.0% of the initial balance of
Class A to the Class F notes. Additionally, the notes will be
provided with liquidity support from principal receipts, which can
be used to cover interest shortfalls on the most senior class of
notes, provided credit is applied to the principal deficiency
ledgers, in reverse sequential order.

The Issuer has entered into a fixed to floating interest rate swap
with NatWest Markets plc (rated BBB (high) with a Positive trend by
DBRS Morningstar) to mitigate the fixed interest rate risk from the
mortgage loans and the three-month Euribor payable on the notes.
The swap documents reflect DBRS Morningstar's "Derivative Criteria
for European Structured Finance Transactions" methodology.

The Issuer Account Bank and Paying Agent is Elavon Financial
Services DAC. The DBRS Morningstar private rating of the Issuer
Account Bank is consistent with the threshold for the Account Bank
outlined in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology, given the ratings
assigned to the notes.

The rating of the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date; the ratings of Class B notes to the Class E
notes address the timely payment of interest once they are the
most-senior class and the ultimate payment of principal on or
before the legal final maturity date. DBRS Morningstar based its
ratings primarily on the following:

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

-- The credit quality of the mortgage loan portfolio and the
ability of the servicer to perform collection activities. DBRS
Morningstar calculated portfolio default rates (PDRs), loss given
default (LGD), and expected loss (EL) output on the mortgage loan
portfolio.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repays the notes according to the terms of the
transaction documents. The transaction cash flows were analyzed
using PDRs and LGD outputs provided by the European RMBS Insight
Model. Transaction cash flows were analyzed using Intex DealMaker.

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as downgrade and
replacement language in the transaction documents.

-- The transaction's ability to withstand stressed cash flow
assumptions and repay investors in accordance with the terms and
conditions of the notes.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and presence of legal opinions addressing
the assignment of the assets to the Issuer.

Notes: All figures are in Euros unless otherwise noted.



===============
P O R T U G A L
===============

ENERGIAS DE PORTUGAL: Fitch Rates New Sub. Hybrid Sec. 'BB(EXP)'
----------------------------------------------------------------
Fitch Ratings assigned EDP - Energias de Portugal, S.A.'s
(BBB-/Stable) proposed deeply subordinated hybrid securities an
expected rating of 'BB(EXP)'. The proposed securities qualify for
50% equity credit. The assignment of the final rating is contingent
on the receipt of final documents conforming materially to the
preliminary documentation.

The hybrid notes are deeply subordinated and rank senior only to
EDP's ordinary share capital, while coupon payments can be deferred
at the option of the issuer. These features are reflected in the
'BB(EXP)' rating, which is two notches lower than EDP's senior
unsecured rating. The 50% equity credit reflects the hybrid's
cumulative interest coupon, a feature that is more debt-like in
nature.

The debt issue is to refinance an equivalent portion of EDP's
existing hybrid debt. As a result, the total outstanding hybrid
debt and their assigned equity credit will remain unchanged
following the proposed new issue.

KEY RATING DRIVERS

KEY RATING DRIVERS FOR THE NOTES

Rating Reflects Deep Subordination: The proposed notes are rated
two notches below EDP's Long-Term Issuer Default Rating (IDR) given
their deep subordination and consequently, their lower recovery
prospects relative to the issuer's senior obligations in a
liquidation or bankruptcy, and the interest deferral option. The
notes only rank senior to the claims of ordinary shareholders.

50% Equity Treatment: The proposed securities qualify for 50%
equity credit as they meet Fitch's criteria for deep subordination,
remaining effective maturity of at least five years, full
discretion to defer coupons for at least five years and limited
events of default. These are key equity-like characteristics,
affording EDP greater financial flexibility.

Cumulative Coupon Limits Equity Treatment: The coupon deferrals are
cumulative, which result in 50% equity treatment and 50% debt
treatment by Fitch of the hybrid notes. Despite the 50% equity
treatment, Fitch treats coupon payments as 100% interest. The
company will be obliged to make a mandatory settlement of deferred
interest payments under certain circumstances, including the
declaration of a cash dividend. This is a feature similar to
debt-like securities and reduces the company's financial
flexibility. Under Fitch's criteria, the equity credit of 50% would
be reduced to 0% five years before the effective remaining maturity
date.

Stable Equity Content Post-issue: The proposed issue of the hybrid
debt is intended to replace the existing EUR750 million hybrid
issued in 2015, which has a first call date in March 2021. Fitch
acknowledges EDP's intention to maintain a stable amount of hybrids
in the capital structure, and therefore apply the 50% equity
treatment to the new hybrid while removing the equity content for
the existing 2015 hybrid. The assigned equity content across EDP's
hybrid debt will remain stable post new hybrid debt issue.

Effective Maturity Date: The proposed notes' maturity is 2080.
Fitch treats the day on which the replacement intention language
expires as an effective maturity date. Under the instrument terms,
this date coincides with the second step-up date, which is no
earlier than 2040. From this date, the coupon step-up is within
Fitch's aggregate threshold rate of 100bp, but the issuer will no
longer be subject to replacement intention language which discloses
the company's intent to redeem the instrument at its call date with
the proceeds of a similar instrument or with equity.

Second Step-up Date Condition: The second step-up date is July 2040
(assuming five years plus six months non-call), if the issuer is
rated below investment grade by another rating agency 30 days
before the first reset date. Otherwise, the second step-up date
would be July 2045.

Early Redemption: EDP has the option to redeem the proposed notes
in the 90-day period prior to July 2025, which is the first call
date (assuming five-year plus six months non-call), and on any
coupon payment date thereafter. In addition, there are
extraordinary call rights in case of adverse changes to tax or
rating agency treatment as well as a call right in case of minimum
outstanding amounts and a change-of-control or gross-up event.

Change-of-Control not Default Event: The change of control, if
followed by an event-driven downgrade, is designed to trigger an
interest rate increase of 500bp as a way to compensate creditors.
However, the issuer would have the right to redeem the notes in
this instance. Fitch believes that the change-of-control provision
cannot force an event of default as redemption is designed as an
option for the issuer and not a right of the creditor, while the
500bp increase is within the limit before annulling the equity
content of the instrument, according to its methodology.

Full Ability to Defer: EDP can opt to defer coupons on a cumulative
basis without any constraint at a given time. The company will be
obliged to make a mandatory settlement of deferred interest
payments if it chooses to pay cash dividends or make other
distributions on junior instruments, including parity securities
interest payment, or repurchase of share capital or equally ranked
securities.

KEY RATING DRIVERS FOR THE ISSUER

Hydro Sale to Boost Deleveraging: The agreement by EDP to sell 1.7
GW of hydro generation assets in Portugal last December has
substantially removed the execution risk from its ambitious EUR2
billion asset disposal plan and represents tangible progress on
deleveraging by 2022. It plans to use the bulk of the sale proceeds
to reduce net debt, which in its view is credit-positive. Fitch
will review the rating in light of this development in early 2020.

Sale to Marginally Improve Business Risk: The hydro-asset sale
reduces EDP's exposure to merchant risk and hydro resource
volatility in Portugal, which could marginally improve the
company's business risk profile. EBITDA from regulated and
quasi-regulated activities should increase to around 80%
post-transaction from around 75% at end-2018.

Tangible Progress on Leverage Target: The hydro sale is key to
achieving EDP's net debt-to-EBITDA targets (as reported by EDP, not
including regulatory receivables (RR)) of 3.2x by end-2020 and 3.0x
by end-2022. Its forecast of Fitch-adjusted net debt-to-EBITDA at
end-2020 (post-sale) is 3.4x, which translates into a funds from
operations (FFO) adjusted net leverage of around 4.1x versus a
positive rating sensitivity of 4.5x.

Without the hydro-asset sale, Fitch estimates FFO adjusted net
leverage at 4.9x at end-2019, which is close to its negative
trigger of 5.0x. Fitch expects net debt to have remained flat or
slightly decreased at end-2019.

Plan Mid-Term Target on Track: EDP is showing good progress in the
implementation of its strategic plan for 2019-2022 with improving
visibility on the achievement of its 2020 targets. This is despite
a severe hit to renewable generation EBITDA due to scarcity in
hydro and, to a less extent, wind in Iberia reported in 9M19 of
around EUR0.25 billion. A growing asset base and a diversified
business profile have allowed EDP to largely absorb the hit, while
EUR0.2 billion capital gains contributed to a reported 10% y-o-y
EBITDA growth.

High Expansion Capex: Fitch estimates capex for 2019-2021 at EUR8.7
billion, which is significantly higher than that in the previous
triennium. This is due to US wind farm capex to capture full
production tax credits (PTC) before they are phased out gradually
from 2020 and also rapid progress in its Brazilian transmission
projects. Everything else being equal, this would put temporary
pressure on leverage metrics for 2019-2020 (ex- asset disposal)
until the contribution from new assets starts to materialise.

2019 EBITDA Target Achievable: Fitch believes that management's
guidance of EUR3.6 billion EBITDA for 2019 (including capital gains
from asset rotation sales) is achievable. It takes into account
additions in networks in Brazil, renewables (4.9GW already secured
by September 2019 out of a 7GW target to 2022) and focus on
efficiencies. However, Fitch is still considering whether to treat
capital gains from asset-rotation sales as part of EBITDA or as
one-offs.

Declining Portuguese RRs: Fitch estimates RRs owned by EDP at
EUR0.4 billion at end-2019, down from a peak of EUR2.5 billion in
2014. In 2019 EDP sold EUR1.1 billion of Portuguese RRs and Fitch
expects EDP to continue selling its RRs at a pace that will largely
mirror new annual, decreasing electricity tariff deficit (TD) in
the system. This implies limited impact on working capital and cash
taxes forecast for 2019-2022. Fitch estimates the outstanding TD
debt in the system at EUR3.5 billion at end-2019, down from EUR3.8
billion at end-2018.

DERIVATION SUMMARY

EDP has a smaller scale than that of its European peers, Iberdrola
S.A. (BBB+/Stable) and Enel S.p.A. (A- /Stable,) and its business
risk profile has a lower share of fully regulated businesses,
although it benefits from a higher share of long-term contracted
and incentivised renewables business. The higher leverage and
larger leakage due to minorities within EDP justifies the two
notches of rating differential from peers.

Fitch does not apply the one-notch uplift to the senior unsecured
rating as the regulated EBITDA share is below 50% (or 40% including
10% of contribution from renewables).

KEY ASSUMPTIONS

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

  - 2019 EBITDA around EUR3.5 billion (excluding non-recurring
items) and a CAGR of around 5% for 2018-2022, driven by organic
growth largely in wind and transmission projects in Brazil;

  - Average gross capex of EUR2.9 billion a year up to 2022;

  - Asset rotation plan for EUR4 billion during 2019-2022;

  - EUR2.1 billion of cash in from the asset disposal plan by
2020;

  - Dividends in line with a dividend floor of EUR0.19 per share;

  - Declining Portuguese RRs on balance sheet driven by TD sales of
EUR0.9 billion on average for 2020-2022, in line with new TD
generated in the period, and no meaningful TD created in Spain and
Brazil;

  - Brazilian real and US dollar to depreciate against the euro;
and

  - Potential impact from future tenders from low voltage
electricity distribution concessions in Portugal is not included in
its rating case.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - FFO adjusted net leverage trending towards 4.5x and FFO fixed
charge coverage above 3.7x (2019E: 3.8x) on a sustained basis,
assuming no major changes in the activities' mix other than that
expected by Fitch.

  - Sustained positive free cash flow, together with consistent
reduction of TD in Portugal in line with Fitch's expectations.

Future Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - FFO adjusted net leverage above 5.0x (2019E: 4.9x) and FFO
fixed charge coverage below 3.2x over a sustained period, for
instance as a result of negative developments on the upcoming
tenders for electricity distributions concessions, delays in the
divestment plan or greater regulatory scrutiny than expected by
Fitch.

  - Substantial increase of operations in emerging markets with
higher business risk or a greater shift in business mix towards
unregulated activities than expected by Fitch, which could result
in tighter sensitivities for the rating.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: EDP had EUR1.7 billion of available cash and cash
equivalents, and EUR5.9 billion of available committed credit lines
at end-September 2019 (EUR5.5 billion due after 2021). This
liquidity position is enough to cover debt maturities and operating
requirements up to 2021.

Standard Funding Structure: EDP has a largely centralised debt
structure with no impact on its ratings. Capital-market debt issued
by EDP is via Dutch-registered finance subsidiary EDP Finance BV.
The relationship between EDP and EDP Finance is governed by a
keep-well agreement under English law.

EDP Brazil, which is 51%-owned by EDP, is ring-fenced, self-funded
in local currency and non-recourse to EDP. As of September 2019,
around 84% of EDP Renovaveis' gross debt was inter-company (ie
parent)-funded.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Debt adjusted by adding 6.4x annual operating lease expenses.

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 to the way in which they are being
managed by the entity.


ENERGIAS DE PORTUGAL: S&P Rates New 60-Yr. Hybrid Securities 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed 60-year, optionally deferrable, and subordinated hybrid
capital securities to be issued by Portugal-based energy utility
EDP - Energias de Portugal S.A. (EDP; BBB-/Stable/A-3).

The new issue is intended to be sized so that EDP's aggregate
outstanding hybrid capital remains equal to its current level of at
least EUR1.75 billion, which is significantly less than 15% of
capitalization. S&P said, "The instrument is intended to refinance
the EUR750 million hybrid with a first call date in March 2021, and
we expect the NC 2021 hybrid will be repaid by March 2021 and will
not be maintained within the group's capital structure. As such, we
will revise the equity content of the NC 2021 hybrid to minimal for
an equivalent of the amount raised from the new hybrid issue upon
completion of the transaction."

S&P considers the proposed securities will have intermediate equity
content until the first reset date, during which period the
securities will meet its criteria in terms of subordination,
adequate time without step-up, and deferability at the company's
discretion.

S&P derives its 'BB' issue rating on the proposed securities by
notching down from its 'BBB-' issuer credit rating on EDP. The
two-notch differential between the issue rating and the issuer
credit rating reflects our notching methodology, which calls for:

-- A one-notch deduction for subordination because the rating on
EDP is at 'BBB-' or above; and

-- An additional one-notch deduction to reflect payment
flexibility--the deferral of interest is optional.

S&P said, "The number of downward notches applied to the issue
rating on the proposed securities reflects our view that the issuer
is relatively unlikely to defer interest. Should our view change,
we may increase the number of downward notches.

"In addition, to reflect our view of the proposed securities'
intermediate equity content, we allocate 50% of the related
payments on these securities as a fixed charge, and 50% as
equivalent to a common dividend, in line with our hybrid capital
criteria. The 50% treatment of principal and accrued interest also
applies to our adjustment of debt."

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S PERMANENCE

S&P said, "The issuer can redeem the securities for cash as of
their first call date (which we understand will be no earlier than
five years after issuance), on any business day thereafter until
the first reset date, and then on every interest payment date. If
the issuer decides to call, it has stated that it intends, but is
not obliged, to replace the instrument. This statement of intent,
combined with EDP's commitment to reduce leverage, makes it less
likely that the issuer will repurchase the notes on the open
market. Although the proposed securities are long-dated, they can
be called at any time for events that we consider external or
remote, such as a change in tax, gross-up, rating, or a change of
control event.

"We understand that the interest to be paid on the proposed
securities will increase by 25 basis points (bps) at least five
years after the first reset date, and by a further 75 bps at the
second step-up, at least 20 years after the first reset date
assuming the rating remains at 'BBB-'. We view any step-up above 25
basis points as presenting an economic incentive to redeem the
instrument, and therefore treat the date of the second step-up as
the instrument's effective maturity. For issuers in the 'BBB'
category, we view a remaining life of 20 years as sufficient to
support credit quality and achieve "intermediate" equity content.
The instrument's documentation specifies that if EDP is downgraded
to non-investment-grade--that is, 'BB+' or below--the economic
maturity of the hybrid securities will diminish by five years, and
still maintain the instrument's permanence.

"At the first reset date the instrument will have less than 20
years (less than 15 years if EDP is non-investment-grade) to
effective maturity. Therefore, we will no longer view equity
content as "intermediate." Although we consider that the loss of
equity content could be seen as an incentive to redeem, we do not
think that this should prevent us from assessing the instrument as
"intermediate" until the first reset date, as the issuer has
underpinned its willingness to maintain or replace the securities,
despite the loss of the preferential treatment, in a statement of
intent."

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S DEFERABILITY

S&P said, "In our view, the issuer's option to defer payment on the
proposed securities is discretionary. This means that the issuer
may elect not to pay accrued interest on an interest payment date
because doing so is not an event of default. However, any
outstanding deferred interest payment will have to be settled in
cash if EDP declares or pays an equity dividend or interest on
equally ranking securities and if EDP redeems or repurchases shares
or equally ranking securities. We see this as a negative factor.
That said, this condition remains acceptable under our methodology
because once the issuer has settled the deferred amount, it can
still choose to defer on the next interest payment date."

KEY FACTORS IN S&P'S ASSESSMENT OF THE INSTRUMENT'S SUBORDINATION

The proposed securities (and coupons) are intended to constitute
direct, unsecured, and subordinated obligations of the issuer,
ranking senior to their common shares.




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

CREDIT BANK OF MOSCOW: Fitch Rates New Unsec. Eurobonds 'BB(EXP)'
-----------------------------------------------------------------
Fitch Ratings assigned Credit Bank of Moscow's upcoming issue of US
dollar-denominated senior unsecured Eurobonds an expected 'BB(EXP)'
rating.

The bonds will be issued by CBM's existing Irish SPV, CBOM Finance
PLC (Ireland), which will on-lend the proceeds to the bank.

The issue size is yet to be determined, while the tenor is expected
to be five years. Proceeds from the issue are expected to be used
for general banking purposes.

The final rating is contingent upon the receipt of final documents
conforming to information already received.

KEY RATING DRIVERS

The expected rating is in line with CBM's Long-Term Issuer Default
Rating of 'BB', as the notes will represent unconditional, senior
unsecured obligations of the bank.

CBM's 'BB' IDRs are notched up once from its 'bb-' VR, reflecting
its view that the risk of default on senior obligations (which IDRs
reference) is lower than the risk of the bank needing to impose
losses on subordinated obligations to restore its viability (which
the VR references). This is due to a sizeable volume of junior debt
(Tier 1 perpetual and Tier 2 subordinated debt), which was equal to
around 10% of risk-weighted assets (RWAs) at end-3Q19 and could be
used to restore solvency and protect senior debt holders in case of
a material capital shortfall at the bank.

The 'bb-' VR reflects the bank's relatively large franchise,
reasonable pre-impairment profitability, decent core
capitalisation, and comfortable liquidity and funding profile. At
the same time, the rating factors in weaknesses in asset quality.

RATING SENSITIVITIES

CBM's senior debt rating is sensitive to any changes in its
Long-Term IDR, which in turn is sensitive to the VR, reflecting the
bank's standalone profile, and the uplift of the IDR above the VR,
reflecting its qualifying junior debt (QJD) buffer.

CBM raised RUB15 billion of new common equity in a secondary public
offering (SPO) in November 2019, which strengthened the Core Tier 1
ratio by 1pp. At the same time, the bank used a part of the
proceeds to buy out some junior debt issues (equal to 0.6% of
RWAs). This resulted in CBM's QJD buffer falling to 9% of RWAs at
end-November 2019.

According to the Exposure Draft of Fitch's Bank Rating Criteria
published on November 15, 2019, the uplift of a bank's Long-Term
IDR above its VR requires a QJD buffer being sustainably above 10%
of RWAs. If the final criteria are published in line with the
Exposure Draft, the one-notch uplift of CBM's IDR over its VR would
likely be eliminated. If the VR does not change, this would result
in the Long-Term IDR and senior debt rating being downgraded by one
notch to 'BB-'.

At the same time as Fitch considers the potential impact of the
final criteria on CBM's IDR, it will also review the bank's VR.
This review will consider in particular the improvement in the
operating environment following the upgrade of the Russian
sovereign in August 2019, the moderate strengthening of core
capital ratios in 4Q19 and prospects for the bank's asset quality.
If Fitch upgrades CBM's VR by one notch to 'bb', while eliminating
the uplift of the Long-Term IDR over the VR, this would result in
an affirmation of the bank's senior debt rating at 'BB'.


CREDIT BANK OF MOSCOW: S&P Rates New USD Sr. Unsec. LPNs 'BB-'
--------------------------------------------------------------
S&P Global Ratings said assigned its 'BB-' long-term issue rating
to the proposed U.S.-dollar-denominated senior unsecured loan
participation notes (LPNs) to be issued by Russia-based Credit Bank
of Moscow (CBOM) via its financial vehicle, CBOM Finance PLC. The
rating is subject to our analysis of the notes' final
documentation.

S&P said, "We rate the proposed LPNs 'BB-', the same level as our
long-term issuer credit rating on CBOM because the notes meet all
conditions regarding securities issued by a special-purpose vehicle
(SPV) on behalf of a financial institution, as set out in our group
rating methodology.

Specifically, S&P rates LPNs issued by an SPV at the same level as
it would rate equivalent-ranking debt of the underlying borrower
(the LPN sponsor) and treat the contractual obligations of the SPV
as financial obligations of the sponsor if the following conditions
are met:

-- All of the SPV's debt obligations are backed by
equivalent-ranking obligations with equivalent payment terms issued
by the LPN sponsor;

-- The SPV is a strategic financing entity for the LPN sponsor set
up solely to raise debt on behalf of the LPN sponsor's group; and

-- S&P believes the LPN sponsor is willing and able to support the
SPV to ensure full and timely payment of interest and principal
when due on the debt issued by the SPV, including payment of any
expenses of the SPV.

LPN proceeds will fund a loan to CBOM. The issue's maturity is to
be above one year. Final terms will be defined at the time of the
notes' placement.

Following S&P's review, it has concluded that CBOM's proposed U.S.
dollar-denominated LPNs meet all the conditions set out by S&P's
criteria.




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

ASTON MARTIN: Moody's Lowers CFR to Caa1, Outlook Negative
----------------------------------------------------------
Moody's Investors Service downgraded Aston Martin Lagonda Global
Holdings plc's corporate family rating to Caa1 from B3 and
probability of default rating to Caa1-PD from B3-PD. Concurrently,
Moody's downgraded the instrument ratings of Aston Martin Capital
Holdings Limited's senior secured notes to Caa1 from B3. The
outlook remains negative.

"The downgrade reflects the weak profitability and low wholesale
volumes in 2019 and particularly towards the end of the year", says
Tobias Wagner, Vice President - Senior Analyst at Moody's. "Cash
flow for the second half of 2019 was also significantly below
Moody's expectations resulting in a lower starting point for
liquidity as the company prepares for the critical DBX production
ramp up and another year of significant investment spending."

RATINGS RATIONALE

The rating action reflects the weak performance for 2019 and in
particular the fourth quarter, outlined in the company's trading
statement from January 7, 2019. The weak performance in the fourth
quarter, which typically is the most critical for the company,
resulted in full year company-adjusted EBITDA falling -45%
(mid-point) to GBP130 -- 140 million from GBP247 million in 2018.
Total wholesale volumes dropped 8.8% and core wholesale volumes 7%
in 2019. As a result of the weaker performance and the substantial
increase in debt during 2019 to fund high investments for mostly
future model launches, Moody's metrics such as Moody's-adjusted
debt/EBITDA are weakening further, estimated in negative territory
for 2019 after the expenditure of capitalized costs, while
liquidity is materially lower as the company prepares for the
critical DBX production ramp up.

The low company-adjusted EBITDA in the fourth quarter of 2019 was
caused by a number of factors, including lower wholesale volumes
and within the volumes a model shift towards the lower-priced
Vantage model supported by retail financing efforts. Actual retail
sales continue to grow solidly at 12% for the year, but the lower
wholesale volumes reflect efforts to reduce dealer inventory in
light of weaker market demand at the lower end of AML's selling
price range and ahead of the critical DBX production ramp up (AML's
first SUV launched in November 2019). Higher marketing spending and
the rising sterling towards the end of 2019 also contributed to
weaker profitability.

In context, the weak performance is in contrast to the good year of
growth in 2018 and the growth potential for 2020 on the back of the
DBX. Launched in November 2020 the company has already reached
1,800 DBX orders of which 1,200 are fully customer-specified and
Moody's understands that the production launch in the second
quarter of 2020 is on track. This also means that the company has
met the drawing conditions for the delayed draw notes providing it
access to the $100 million of delayed draw notes if the company
chooses to proceed.

Nevertheless, Moody's considers the company's liquidity currently
as weak taking into account the GBP107 million of cash available as
of year end 2019 and notwithstanding the access to the delayed draw
notes. This is partly driven by Moody's expectation that the
company may continue to invest heavily as it has done in recent
years to support future models although Moody's also believes that
the company has some flexibility around the phasing of spending and
may now choose to invest visibly less than the upper end of the
guidance given previously (up to GBP350 million). Some additional
working capital needs will also come with the ramp up of the DBX
production in 2020. Accordingly, Moody's considers it likely that
further funding needs may arise under the currently outlined
strategy of the company and Moody's understands the company is
currently exploring further funding options.

Additionally, AML's rating remains constrained by (1) limited
financial strength compared to some direct peers that belong to
larger European car manufacturers; (2) efforts to service a broad
range of GT, luxury and hypercar segments and price points despite
its comparably small scale; (3) exposure to foreign exchange risk
given its fixed cost base in the UK compared to a sizeable share of
revenue generated from exports to Europe, the US and Asia though
mitigated by hedging strategies and sourcing outside of the UK; and
(4) operational risks related to the production of all models in
two plants in the UK, which is also exposing AML to Brexit-related
risk and some uncertainty from potential US tariffs. However, the
ratings also reflect the company's good growth in 2018, which
should resume in 2020. It also reflects the (1) strong brand name
and pricing position in the luxury cars segment; (2) good
geographic diversification; (3) degree of flexibility in its cost
and investment structure; (4) continued model renewals and launches
expected in the next few years given its flexible production
through a common architecture and (5) technical partnerships, which
give AML access to high-performance powertrain technologies and
competitive e/e (electric/electronic) architecture.

Environmental considerations are relevant for auto manufacturer as
tightening of emissions standards and regulations across most major
markets restrict the ability to reduce certain investments.
However, Moody's also notes that Aston Martin Lagonda as a smaller,
luxury-focused producer is not exposed to the same severity to
these risks as larger mass manufacturers, for example regarding
regulation. Social considerations are also important, because
changing consumer trends can affect demand. Governance factors
considered also include a tolerance for high leverage and
debt-funded expansion as well as the challenge to credibility from
the considerable discrepancy between the guidance originally issued
and actual results for 2019.

Rating Outlook

The negative outlook reflects the continued challenging overall
market, particularly at the lower end of the luxury market. It also
reflects the uncertainty regarding the company's performance and
financial metrics in 2020 and the currently elevated risk profile
from the critical nature of a successful DBX production ramp up and
sales performance, negative free cash flow (after capex, interest)
and potentially further funding needs. A stabilization of the
outlook would likely require a visibly improved liquidity and
progress towards a more sustainable free cash flow profile.

What Could Change The Rating Up/Down

A successful execution of the DBX launch alongside visible growth
in scale, profitability improvements and free cash flow
improvements would create positive pressure on the rating and
outlook. This would also require an improved liquidity profile,
Moody's-adjusted debt/EBITDA improving towards 7.0x on a sustained
basis and Moody's-adjusted EBITA margin in the mid-single digits.
Conversely, further negative pressure on the rating could come from
a lack of sufficient volume and profitability improvements, for
example from weaker than expected DBX sales, and a resulting
ongoing high negative free cash flow and high leverage levels. A
lack of improvement in Aston Martin's liquidity profile would also
pressure the ratings and so could further increases in debt.

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.

Based in Gaydon, UK, Aston Martin Lagonda is a car manufacturer
focused on the high luxury sports car segment. Aston Martin
generated revenue of GBP1.1 billion in 2018 from the sale of 6,441
cars. AML is a UK-listed business with a market capitalization of
ca. GBP1.0 billion as of January 9, 2020. Its major shareholders
include the Adeem/Primewagon Controlling Shareholder Group,
including a subsidiary of EFAD Group and companies controlled by
Mr. Najeeb Al Humaidhi and Mr. Razam Al-Roumi, with ca. 28% and the
Investindustrial Controlling Shareholder Group, an Italian private
equity firm, with ca. 33%. Daimler AG has also a 4.18% stake.


BHS: Chappell Ordered to Pay GBP9.5MM Into Pension Schemes
----------------------------------------------------------
BBC News reports that businessman Dominic Chappell has been ordered
to pay GBP9.5 million into the pension schemes of failed department
store chain BHS after losing an appeal.

Mr. Chappell bought the High Street chain from Sir Philip Green for
GBP1 before it closed down in 2016, BBC recounts.

According to BBC, the Pensions Regulator (TPR) had issued Mr.
Chappell with two contribution notices for the money, and his
appeal against the payments was unsuccessful.

TPR's Nicola Parish said the case showed how the watchdog would use
the courts to help pension savers, BBC relates.

The collapse of BHS cost 11,000 people their jobs and left a
pension deficit of more than GBP570 million, BBC states.

In 2018, Sir Philip agreed to put GBP363 million in cash into the
company's pension schemes to keep them out of the Pensions
Protection Fund, BBC recounts.

Sir Philip owned BHS for 15 years before selling it to Mr.
Chappell, BBC notes.

When TPR served the initial notice against Mr. Chappell, it
concluded that a series of acts were "materially detrimental" to
the pension schemes, BBC relays.


BUZZ MERGER SUB: Moody's Assigns 'B1' CFR Over Blackstone Buyout
----------------------------------------------------------------
Moody's Investors Service assigned to Buzz Merger Sub Ltd. a B1
Corporate Family Rating and B1-PD Probability of Default Rating. In
connection with this rating action, Moody's assigned a B1 rating to
MagicLab's proposed senior secured credit facilities, consisting of
a $50 million revolving credit facility and $500 million term loan
B. The rating outlook is stable.

Net proceeds from the debt raise plus a $2.45 billion equity
contribution from The Blackstone Group, co-investors and management
(rollover equity) will be used to finance the $3 billion
acquisition of MagicLab. MagicLab is currently the trade name for
Worldwide Vision Limited, a Bermuda-domiciled entity that will be
merged with and into Buzz Merger Sub Ltd. at transaction close.
Buzz Merger Sub Ltd. will become the surviving entity post-merger
and assume the MagicLab trade name. MagicLab owns a suite of online
dating and social networking apps, including subsidiaries Bumble
and Badoo. MagicLab's CEO-elect and Bumble's CEO and founder,
Whitney Wolfe Herd, will own over 10% of the company post-closing.

Following is a summary of the rating actions:

Assignments:

Issuer: Buzz Merger Sub Ltd.

  Corporate Family Rating, Assigned B1

  Probability of Default Rating, Assigned B1-PD

Assignments:

Issuer: Buzz Merger Sub Ltd. (Co-Borrower: Buzz Finco L.L.C.)

  $50 Million Senior Secured Revolving Credit Facility due 2025,
  Assigned B1 (LGD3)

  $500 Million Senior Secured Term Loan B due 2027, Assigned B1
  (LGD3)

Outlook Actions:

Issuer: Buzz Merger Sub Ltd.

  Outlook, Assigned Stable

The assigned ratings are subject to review of final documentation
and no material change in the size, terms and conditions of the
transaction as advised to Moody's.

RATINGS RATIONALE

MagicLab's B1 CFR reflects the company's high growth profile that
will continue to benefit from strong secular adoption of online
dating and social networking apps to find romantic partners,
friends and business associates. The rating also considers
MagicLab's solid market leadership position derived from its two
leading brands, Bumble and Badoo, which are the second and third
highest grossing global dating apps, respectfully behind number one
player, Tinder (owned by IAC/InterActiveCorp's Match Group). The
company's dating apps have benefited from high user engagement with
approximately 40 million monthly active users and roughly 500
million cumulative registrations across more than 190 countries,
creating a strong "network effect".

MagicLab's dating apps are positioned in the higher growth
free-to-communicate segment (i.e., freemium apps) of the online
dating market, which further supports the rating. Increasing
smartphone penetration and greater mobile usage compared to desktop
PCs have led to greater user adoption that helped to drive faster
growth in freemium apps like Bumble and Badoo compared to
traditional web-first subscription-based pay-to-communicate sites
like Match and eHarmony. Freemium apps, which monetize through a
combination of advertising, subscriptions and micro transactions,
allow users to download and use the app for free with optional
premium features to enhance the user experience.

Monthly active users have grown at a 14% CAGR since 2017. Bumble
has been the growth engine with good future monetization potential,
but also requires higher marketing spend, while Badoo delivers
consistent and sizable cash flows despite a lower growth profile.
Bumble and Badoo deploy different first-mover strategies. Bumble is
a female-focused dating app that empowers women to initiate the
first conversation with matched male users while also seeking to
provide women with a high quality user base and safe environment.
Badoo's distinguishing strategy stems from being one of the
earliest free-to-communicate dating sites when it launched in 2006
and again as a mobile-first mover in 2010 when it launched its
iPhone app.

The company also benefits from good geographic diversification with
Bumble's revenue derived primarily from the US while Badoo's
revenue is sourced chiefly from Western Europe and Latin America.

The B1 rating embeds MagicLab's strong debt protection measures for
the rating category. Pro forma for the transaction, Moody's
projects leverage at 4.1x total debt to EBITDA (as calculated by
Moody's at LTM September 30, 2019) with free cash flow to adjusted
debt of approximately 2%. Moody's expects EBITDA margins (as
calculated by Moody's) in the range of 25%-30% supported by strong
revenue growth in the 15%-20% range. In 2020, Moody's assumes a
dividend will be paid from cash flow to satisfy a potential
contingent liability and forecast free cash flow (after dividends)
to adjusted debt rising to the 3%-5% range. Barring debt-financed
M&A, Moody's projects MagicLab will de-lever to the 3x area by year
end 2020 primarily via strong EBITDA growth.

Despite MagicLab's solid growth trends, there may be periods when
it could experience weaker-than-expected revenue growth due to
heightened competition, lower pricing, reduced user traffic or
higher customer churn. Additionally, margins could experience
pressure as MagicLab invests in product development, customer
acquisition, marketing and data analytics to retain and attract
subscribers to its dating apps.

The B1 rating is constrained by MagicLab's small scale and narrow
business focus in a highly competitive industry. MagicLab is one
fourth the size of its largest competitor, Match Group, which has
greater resources and a bigger portfolio of brands to appeal to a
broader spectrum of consumer preferences in the online dating
category. In addition, Match has announced that it will spin off
from IAC/InterActiveCorp, which could facilitate a more aggressive
competitor. When unfettered from its parent, Moody's expects Match
to continue to pursue new product features and expand into new
geographic markets at a more rapid pace. To prevent share losses,
Moody's expects MagicLab will need to follow Match, which will
likely result in increased investments that could pressure margins
and cash flows. Given minimal entry barriers, MagicLab also faces
significant competition from a multitude of smaller players, as
well as larger players like Facebook, which recently launched its
Facebook Dating mobile app in the US.

The online dating market is susceptible to sudden changes in
consumer engagement and rapidly evolving technology that could lead
to declines in user activity and impact payer conversion and
monetization. Moody's expects MagicLab to continue to invest in
technology, including machine learning and data science, as well as
new product features to sustain high consumer engagement, improve
conversion levels, increase monetization and deploy new advertising
methods that translate into growth.

The B1 rating also considers MagicLab's litigation risk. Bumble is
currently the defendant in a lawsuit in which Match alleges Bumble
violated certain trademark and intellectual property rights. Though
the outcome of litigation is uncertain, the lawsuit is a concern
because it could lead to sizable cash outlays as a result of an
unfavorable ruling, and involve substantial legal costs and
diversion of management resources that could impact operating
results.

A social impact that Moody's considers in MagicLab's credit profile
is the increasing usage of online dating and social networking
platforms that help users find potential matches for dating,
friendship and business networking, which will continue to benefit
MagicLab and support solid revenue and EBITDA growth fundamentals
over the next several years. Given that MagicLab is entrusted with
sensitive user data, Moody's notes that potential data privacy
breaches could prompt some consumers to avoid using the company's
dating apps thereby increasing social risk. As a new portfolio
company of private equity sponsor Blackstone, Moody's expects
MagicLab's financial strategy to be relatively aggressive given
that equity sponsors have a tendency to tolerate high leverage and
favor high capital return strategies. Heightened governance risk
also stems from an ongoing investigation involving harassment
allegations at Badoo.

Over the coming year, Moody's expects around 50%-55% free cash flow
conversion (pre-dividend), free cash flow to adjusted debt of
roughly 3%-5% (after dividends) and MagicLab's $50 million undrawn
revolver to support very good liquidity.

The stable outlook reflects Moody's expectation that MagicLab will
experience organic revenue growth consistent with the online dating
industry's strong secular growth fundamentals. Owing to solid
EBITDA expansion, Moody's projects MagicLab will de-lever to around
3x total debt to EBITDA (as calculated by Moody's) by year end
2020. The stable outlook also considers the company's "asset-lite"
operating model and favorable tax structure that facilitate
meaningful free cash flow conversion.

Ratings could be upgraded if MagicLab increases scale and exhibits
revenue growth and EBITDA margin expansion leading to consistent
and increasing positive free cash flow generation to about 5% of
debt (Moody's adjusted) and leverage sustained below 3x total debt
to EBITDA (Moody's adjusted). Ratings could be downgraded if a
decline in revenue or cash flow leads to total debt to EBITDA
sustained above 5.5x (Moody's adjusted) or lower EBITDA margins.
There would be downward pressure on ratings if liquidity were to
weaken resulting in free cash flow to adjusted debt below 2% or
reduced revolver availability.

As proposed, the new term loan B is expected to contain covenant
flexibility for transactions that could adversely affect creditors
including incremental facility capacity equal to: (i) the greater
of $135 million and (ii) 100% of Consolidated EBITDA, plus
additional pari passu credit facilities so long as the Consolidated
First-Lien Net Leverage Ratio (as defined) does not exceed 3.75x
(or leverage is not increased, if used to finance an acquisition).
Additional incremental debt is permitted for incremental facilities
that are secured on a junior lien basis or are unsecured.
Collateral leakage through transfers to unrestricted subsidiaries
are permitted through investment covenant carve-outs; no
asset-transfer "blockers" are contemplated. Under the proposed
terms, guaranteeing subsidiaries must be material wholly-owned
subsidiaries; partial dividends of ownership interests could
jeopardize guarantees. The summary term sheet indicates a 100% net
asset sale prepayment requirement stepping down to 50% when the
Consolidated First-Lien Net Leverage Ratio is 3.25x, and then 0%
when the ratio is 2.75x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Headquartered in London, UK, Buzz Merger Sub Ltd. is a leading
provider of online dating and social networking services via its
Bumble and Badoo mobile dating apps. Revenue totaled approximately
$468 million for the twelve months ended September 30, 2019.

CABLE & WIRELESS: Fitch Cuts 2026/2027 Unsec. Notes Rating to BB-
-----------------------------------------------------------------
Fitch Ratings downgraded Cable & Wireless Communications Limited's
senior unsecured notes due 2026 and 2027 from 'BB-'/'RR4' to
'B+'/'RR5' following the announcement of a corporate restructuring
that subordinated those notes. These notes were originally issued
by a special purpose vehicle, C&W Senior Financing Designated
Activity Company. There have been no additional changes to the
company's ratings, including its senior secured debt or Long-Term
Issuer Default Rating, which remain 'BB-'. The Rating Outlook is
Stable.

KEY RATING DRIVERS

Corporate Restructuring and Subordination of Notes: The USD1.2
billion senior unsecured 2027 notes and USD500 million senior
unsecured 2026 notes are being moved to a new intermediate holding
company in the CWC corporate structure. These notes are
structurally subordinated to a USD1.6 billion term loan and a
USD625 million revolving credit facility at Coral-US Co-Borrower
and USD400 million secured 2027 notes at Sable International
Finance. Fitch has indicated since 2017 and 2018, respectively, for
the 2027 notes and the 2026 notes, that the proposed restructuring
would subordinate the notes and result in a downgrade. Fitch
estimates CWC's prior ranking debt at 2.7x LTM EBITDA; per Fitch's
"Corporate Notching and Recovery Rating Criteria," prior ranking
debts above 2.0x EBITDA indicates a material subordination and
lower recoveries for unsecured debts.

Linkages with Liberty Latin America: CWC is a wholly owned
subsidiary of Liberty Latin America (LLA). LLA's financial
management involves moderately high amounts of leverage across its
operating subsidiaries, each ring-fenced from one another. While
the credit pools are legally separate, LLA has a history of moving
cash around the group for investments and acquisitions. This
approach improves financial flexibility; however, it also limits
the prospects for deleveraging. The high degree of cash movement
throughout the group could lead to an equalization of ratings.
LLA's pro-forma net debt/EBITDA ratio, accounting for Liberty Cable
Puerto Rico's (LCPR, B+/Stable) acquisition of AT&T's Puerto Rico
and US Virgin Island operations, is >4.5x. In addition to LCPR
and CWC, Fitch also rates VTR Finance BV (VTR, BB-/Stable).

Solid Competitive Position: CWC has the No. 1 or No. 2 position in
its markets, many of which are a duopoly between CWC and Digicel,
although Panama is currently a four-player market. The risk of new
entrants is low, given the relatively small size of each market.
Investments of approximately USD1.2 billion over the last three
years should ensure that the company's network remains competitive
in the medium term. Under this environment, CWC's market position
should remain stable over the medium term despite strong
competition from Digicel and Millicom. These dynamics support
robust EBITDA margins, which have consistently topped 35%.

Diversified Operator: The company's revenue mix per service is well
balanced, with mobile accounting for approximately 29% of total
sales, fixed-line with 24%, and B2B with 47% of revenues. In
addition, the company's geographic diversification is solid, with
substantial fixed and mobile presence operations throughout the
Caribbean and elsewhere. The company's largest markets are Panama
and Jamaica, which together account for approximately 77% of mobile
and 49% of fixed subscribers. The company has grown its footprint
through M&A and consolidated its ownership of its subsidiaries,
which Fitch expects to continue.

Modest Growth Prospects: Fitch believes that CWC's broadband and
managed services segments will be the main growth drivers, backed
by its increasing subscriber base and relatively low service
penetrations, and growing corporate/government clients' IT service
demands. Fitch does not expect further additional price competition
to significantly pressure operating margins; however, the
competitiveness of key markets precludes material ARPU expansion,
particularly in mobile. Fitch does not expect data ARPU
improvements in the mobile segment to fully mitigate voice ARPU
trends. Legacy fixed-voice revenue erosion is also unlikely to
abate, in line with regional trends.

DERIVATION SUMMARY

CWC's competitive position and diversified operations support
EBITDA generation that compares favorably to speculative-grade
telecoms in the region. This strength is offset by its higher
leverage than most peers in the 'BB' rating category, as well as
LLA's financial management, which limits any material deleveraging.
For these reasons, CWC is rated the same as sister company VTR
Finance B.V. (BB-/Stable). The company's overall financial profile
is stronger than its main competitor, Digicel Limited, B-/Stable,
although its business profile is broadly similar, though more
diversified from a service prospective. The company has a weaker
financial profile than Millicom International Cellular S.A.
(BB+/Stable), a competitor in Panama.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within In Rating Case for the Issuer

  -- Low single-digit revenue growth, primarily driven by B2B
     segment as residential revenue growth remains stagnant;

  -- EBITDA margin to remain stable at 35% in medium term;

  -- Capex to sales ratio of 15%-17% in the medium term.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  -- A positive rating action depends on the potential
     deleveraging trajectory at the consolidated LLA level such
     that adjusted net leverage falls below 4.5x;

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  -- An erosion of the company's business position and/or sizable
     cash upstream for M&A or dividends, leading to adjusted net
     debt / EBITDAR sustained above 4.5x.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity CWC's liquidity profile is sound, backed by its
long-term debt maturities profile, relatively stable operational
cash flow generation, as well as committed revolving credit
facility. As of Sept. 30, 2019, the company held cash and
equivalents of USD432 million, against current portion of debt and
capital leases of USD133 million. Fitch expects that the
composition of the company's net debt will increase following the
completion of LCPR's acquisition of the AT&T assets.

The company has an undrawn USD625 million revolving credit facility
due 2023, which bolsters its financial flexibility. The company has
good access to international capital markets, when in need of
external financing.

ESG CONSIDERATIONS

CWC scores a 4 on Exposure to Environmental Impacts, owing to its
presence in a hurricane-prone region. Following the reorganization,
CWC scores a 3 on Group Structure, down from 4. Scores of 4
indicate factors that are not key drivers to a rating, but can have
an impact in combination with other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - 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.


CABLE & WIRELESS: Moody's Affirms Ba3 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family rating
of Cable & Wireless Communications Limited, as well as the Ba3
ratings on the group's senior secured debt and the B2 ratings on
the group's senior unsecured debt, following the assumption by C&W
Senior Finance Limited of the existing senior unsecured notes due
2026 and 2027 initially issued by C&W Senior Financing Designated
Activity Company and some changes to the group's debt instruments'
guarantors and collateral. All outlooks are stable.

The following rating actions were taken:

Affirmations:

Issuer: Cable & Wireless Communications Limited

Corporate Family Rating, Affirmed Ba3

Issuer: CORAL-US CO-BORROWER LLC

Senior Secured Term Loan B4, Affirmed Ba3

Issuer: Sable International Finance Limited

Senior Secured Revolving Credit Facility, Affirmed Ba3

Gtd Senior Secured Regular Bond/Debenture, Affirmed Ba3

Issuer: C&W Senior Finance Limited

Gtd Senior Unsecured Regular Bond/Debenture, Affirmed B2

Outlook Actions:

Issuer: Cable & Wireless Communications Limited

Outlook, Remains Stable

Issuer: CORAL-US CO-BORROWER LLC

Outlook, Remains Stable

Issuer: Sable International Finance Limited

Outlook, Remains Stable

Issuer: C&W Senior Finance Limited

Outlook, Assigned Stable

RATINGS RATIONALE

On January 13, 2020, CWC informed bondholders of the establishment
in its legal group structure of a new senior borrower, C&W Senior
Finance Limited, which has fully assumed the existing 2026 and 2027
senior unsecured notes initially issued by C&W Senior Financing
Designated Activity Company. CWC's existing bond indentures and
credit agreement included provisions that permitted such
reorganization of its legal structure. Following the debt
assumption, existing guarantees of the 2026 and 2027 senior
unsecured notes have been released and the notes are now only
guaranteed by C&W Senior Finance Limited's parent company, Cable &
Wireless Limited. In addition, the 2026 and 2027 senior notes'
collateral now only comprises the capital stock of the notes'
issuer.

The legal structure reorganization also resulted in some changes to
the group's senior secured debt guarantors and collateral. The
senior secured debt guarantees and collateral, provided by CWC and
Cable & Wireless Limited, were released. C&W Senior Secured Parent
Limited, a newly-established entity directly owned by C&W Senior
Finance Limited, has granted a guarantee to the senior secured
debt. In addition, share pledges of C&W Senior Secured Parent
Limited and Sable Holding Limited were added to the senior secured
debt collateral.

All these legal structure changes were completed on January 10,
2020.

Moody's has affirmed the B2 ratings of the group's senior unsecured
notes, as well as the Ba3 ratings of the group's senior secured
debt instruments, because the legal structure reorganization has
not changed the waterfall that Moody's had been already
considering. The B2 ratings of the USD500 million senior unsecured
notes due 2026 and USD1,220 million senior unsecured notes due
2027, now assumed by C&W Senior Finance Limited, continue to
reflect their positioning in the waterfall behind the USD1,640
million senior secured term loan and the USD400 million senior
secured notes, both rated Ba3.

The affirmation of CWC's Ba3 corporate family rating reflects its
effective business model, strong profitability and leading market
positions throughout the Caribbean and Panama. At the same time,
the rating also takes into consideration the company's large
exposure to emerging economies, increased competitive pressures in
some of its largest markets and its high leverage for the Ba3
rating category.

The stable outlook on CWC's rating reflects Moody's expectations
that the company's revenue will grow modestly in the next 12-18
months, with its adjusted EBITDA margin (including Moody's
adjustments) maintained in the high thirties in percentage terms
and its liquidity remaining at least adequate. The outlook also
incorporates slightly positive free cash flow for the next 12-18
months and a gradual decline in adjusted debt/EBITDA.

A rating upgrade could be considered if more conservative financial
policies lead to deleveraging to under 2.5x (adjusted debt/EBITDA)
on a consolidated basis, while maintaining a stable adjusted EBITDA
margin and generating strong positive free cash flow, all on a
sustained basis.

CWC's ratings could be downgraded if (1) the company's adjusted
debt/EBITDA remains over 4.0x (on a consolidated basis) on a
sustained basis; (2) its adjusted EBITDA margin declines toward 35%
on a sustained basis; (3) the company's market shares decline or
its liquidity position weakens; (4) it makes a large cash
distribution to its parent company.

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

CWC is an integrated telecommunications provider offering mobile,
broadband, video, fixed-line, business and IT services in Panama,
Jamaica, the Bahamas, Trinidad and Tobago, and Barbados in addition
to 18 other markets in the Caribbean. In the 12 months to September
2019, the company generated revenue of USD2.3 billion. CWC is a
subsidiary of Liberty Latin America Ltd., which was split off from
Liberty Global plc (Ba3 stable) in December 2017 and is listed on
the NASDAQ.


EUCLIDIAN LTD: Jan. 31 Proofs of Debt Filing Deadline Set
---------------------------------------------------------
Irvin Milton Cohen -- irvin.cohen@btguk.com -- and Mark Robert Fry
-- mark.fry@btguk.com -- both of Begbies Traynor (London) LLP, the
Joint Provisional Liquidators of Euclidian (No.1) Limited,
Euclidian (No.2) Limited, Euclidian (No.3) Limited, Euclidian
(No.4) Limited, Euclidian (No.5) Limited, Euclidian (No.6) Limited,
Euclidian (No.7) Limited, Euclidian (No.8) Limited, and Euclidian
(No.9) Limited, intend to declare a First interim dividend to the
Non-Insurance Creditors of the Companies who, not already having
done so, are required on or before the January 31, 2020 ("the last
date for proving") to send their proofs of debt to the Joint
Provisional Liquidators, at Begbies Traynor (London) LLP, at 31st
Floor, 40 Bank Street, London E14 5NR, United Kingdom and if, so
requested, to provide such further details or produce such
documentary or other evidence as may appear to the Joint
Provisional Liquidators to be necessary.

A creditor who has not proved his debt by the last date for proving
will be excluded from the dividend, which the Joint Provisional
Liquidators intend to declare within the period of 2 months of that
date.

Any person who requires further information may contact the Joint
Provisional Liquidators by telephone on +44(0)20-7516-1500.
Alternatively enquiries can be made to Jack Caten by e-mail at
jack.caten@begbies-traynor.com or by telephone on +44
(0)20-7516-1509.  


FLYBE: Government Considering Measures to Avert Collapse
--------------------------------------------------------
BBC News reports that the UK government is considering measures
including short-term funding to save Flybe from collapse.

This is in addition to a potential cut in air passenger duty (APD)
on domestic flights to help Flybe, which operates more than half of
UK internal flights outside London, BBC notes.

Prime Minister Boris Johnson told the BBC there was "no doubt"
about the importance of the airline.

However, environmental groups, as cited by BBC, said a cut in APD
would be "reckless".

The prime minister told the BBC that it was "not for government" to
step in and save companies that run into trouble.

But he added: "We see the importance of Flybe in delivering
connectivity across the whole of the United Kingdom."

The airline carries about eight million passengers a year from
airports including Birmingham, Manchester, Southampton, Belfast
City, Cardiff and Aberdeen, to the UK and Europe.

According to BBC, Tim Jeans, chairman of Cornwall Airport, said
Flybe was "very important not just to our airport but to regions,
to nations and to island communities across the UK".

"They provide lifeline services to destinations across the rest of
the UK that simply are not replicated by either other airlines or
convenient and affordable train services."

The UK government is considering a range of measures to help the
Exeter-based company, BBC discloses.

These include providing short-term funding to Flybe, using
government money that is available to companies for investment
purposes and which does not breach EU rules on state aid, according
to BBC.

It is understood that Flybe's owners would also be required to
invest tens of millions of pounds into the company as part of any
deal, BBC states.

A cut to air passenger duty (APD) on domestic routes is also being
considered, BBC says.

This is expected to be applied industry-wide and to be announced at
the Budget in March, BBC notes.

The change would allow Flybe to defer its tax bill, design a rescue
plan, and secure more than 2,000 jobs, BBC discloses.


IWH UK MIDCO: Fitch Affirms B+ Rating on EUR50MM Term Loan B
------------------------------------------------------------
Fitch Ratings affirmed IWH UK Midco's senior secured debt
facilities, including the incremental EUR50 million term loan B
that has recently been placed, at 'B+'/'RR3'. This entity owns
Theramex HQ UK Ltd, the UK-based supplier of women's health
medication.

Fitch has also affirmed IWH UK Finco's Issuer Default Rating at 'B'
with Stable Outlook.

The 'B' IDR continues to reflect Theramex's mid-cap nature with
concentrated operations in several European markets. It has a
fairly narrow but targeted product portfolio focusing on women's
health, albeit somewhat expanded via acquisitions made so far in
2019. The group operates an asset-light business model, focusing on
life-cycle management of mostly off-patent drugs and their
marketing.

The Stable Outlook reflects Theramex's solid free cash flow (FCF)
and moderate financial leverage for the rating, mitigating the lack
of meaningful scale, exposure to competition, and execution risks
associated with establishing the operation as an independent
business.

KEY RATING DRIVERS

Carve-out Now Completed: Theramex has become an independent
business, fully separated from its previous owner Teva
Pharmaceuticals Industries Limited (BB-/Negative) with its own
standalone team and infrastructure. Since November 2018, Theramex
has taken full responsibility for all suppliers and products
(previously managed by Teva) and by 1Q19 stabilised its supply
chain and resolved supply issues for key products Zoely, Lutenyl
and Fem7. These issues had led to lower-than-expected revenue (down
7.6% YoY in 2018 versus Fitch's prior estimate of 2% growth) and
higher-than-expected exceptional costs (EUR75 million paid in 2018
versus Fitch's prior forecast of EUR63 million).

Rebound in 2019 Results: The resolution of issues associated with
the carve-out of the business has led to a rebound in the group's
YTD September 2019 performance, with sales at contraception up
5.4%, fertility 36.9% and osteoporosis 4.5%. This was partially
offset by a decline in menopause of 17%, primarily driven by the
delayed launch of Intrarosa. Nevertheless, Fitch expects the group
to be subject to exceptional costs in 2019, of up to EUR68 million
(includes recent acquisition related one-off expenses).

Mature Profitable Product Portfolio: Theramex's ratings reflect the
benefits of a portfolio of mature and profitable brands that is
supported by an established base of prescribers and customers, and
facilitated by a dedicated sales force. Fitch estimates that the
mature product portfolio covering osteoporosis, menopause and
contraception solutions contributes between 80% and 90% to
Theramex's sales. The stability of core products' earnings is
evident in overall steady gross margins and EBITDA, despite volume
and price volatility of individual brands.

Growth Products Key for Ratings: Fitch views the contribution from
growth products as a material support of the 'B' IDR. Proprietary
new-generation drugs complement the product base, with
patent-protected income streams projected by Fitch to continue
contributing the remaining 10%-20% to Theramex's sales. Delays in
introducing new products in target markets, price/volume erosion
arising from competing products, or inefficient sales and marketing
initiatives will affect the group's earnings and cash flows, and
may put ratings under pressure.

Focus on Women's Health: Fitch regards Theramex's clear strategic
niche focus on women's health as positive for the group's business
risk profile although Fitch does not view it as immune to generic
competition. Its product portfolio faces volume and price
challenges in a fragmented and competitive women's health market
ranging from global pharmaceutical companies to mid- and small-cap
local market constituents. Fitch forecasts that the group will be
able to compensate for possible weaknesses in individual products
through active management of its brand portfolio, leading to
overall stable EBITDA margins of 34%-35%.

Scale Constrains Ratings: Theramex's IDR is constrained by its
mid-cap scale in the 'B' rating category in the medium to long
term. Nevertheless, Fitch expects the group to implement its growth
strategy both organically and through complementary product or
license acquisitions. Fitch does not project any material change in
the scale of Theramex's current product portfolio over its
four-year rating horizon to 2022.

Strong Underlying Cash Flows: Theramex's rating reflects a strong
cash flow generating ability supported by high and stable operating
margins, in combination with manageable working capital and low
capital intensity. Fitch projects funds from operations (FFO)
margins will average 25% over the rating horizon, which is solid
for the ratings. Low working capital requirements, in combination
with modest capex needed for maintenance of business infrastructure
and intellectual property, will result in pre-exceptional FCF
margins above 15%, leading to a strong implied pre-exceptional
FCF/EBITDA conversion rate in excess of 50%.

Leverage in Line with Rating: Its projected leverage at around
5x-6x on an FFO-adjusted gross basis over the rating horizon is
commensurate with the IDR of 'B', and in line with other
Fitch-rated mid-cap European generic pharmaceutical companies. In
the absence of committed contractual repayments, Fitch forecasts no
material de-leveraging on a gross basis, but a mild deleveraging
path net of accumulated cash, with FFO adjusted net leverage
trending to 4.4x by 2021.

DERIVATION SUMMARY

Fitch considers Theramex in the framework of the Ratings Navigator
for pharmaceutical companies, despite consumer-like behaviour of
its branded products, where demand is generated through a
pull-marketing strategy at the level of drug prescribers. Compared
with Nidda Bondco GmbH (Stada, B/ Stable), Theramex is considerably
smaller with a fairly concentrated product and country exposure;
however, Stada is materially more leveraged than Theramex. The
latter's profitability and cash flow margins are high in the
context of the pharmaceuticals sector risk profile although in line
with other mid-cap asset-light pharma peers. Fitch therefore
attributes such strong margins to Theramex's selected in-house
competences avoiding costly product innovations, and investment in
capital-intensive, commoditised manufacturing processes.

Theramex's financial risk profile with an FFO adjusted gross
leverage of around 5.5x is well placed for a 'B' IDR. Cheplapharm
Arzneimittel GmbH (B+/Stable) exhibits a more established sales
platform of off-patent drugs and demonstrated solid FCF generation
capabilities. While Cheplapharm shows a similar leverage profile as
Theramex, it has pursued a more aggressive external growth
strategy.

KEY ASSUMPTIONS

  - Revenue growth of 24% in 2019 based on launch of new products
and resolution of supply chain issues. Thereafter, Fitch assumes
revenue growth of around 3%-4% over the next four years, based on
1% organic growth (contraction in osteoporosis offset by growth in
fertility and contraception) and 2%-4% from launch of new products

  - EBITDA margin stable at around 34%-35% over the next four
years

  - Working capital cash outflows of around EUR2 million per annum
up to 2022

  - Capex of around EUR11 million-EUR14 million per year (5% of
sales), including EUR3 million-EUR4 million in licencing capex to
support new product launches, up to 2022

  - Continued investment in the inorganic growth and strategic
development of the business with available liquidity (constituting
the increased debt and internal cash generation) applied to M&A
(around EUR120 million in Fitch's rating case to 2022 with assumed
multiples EV/EBITDA multiple range of around 7x-9x)

  - No dividend payments up to 2022

Key Recovery Assumptions:

The recovery analysis assumes that Theramex would be reorganised as
a going-concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

Theramex's going concern EBITDA is based on its pro forma LTM
September 30, EBITDA adjusted for its acquisition estimates as
outlined in its rating case assumptions. It reflects Fitch's view
of a sustainable, post-reorganisation EBITDA level upon which Fitch
bases the enterprise valuation.

To arrive at the going concern EBITDA Fitch uses a 35% discount to
the pro forma LTM September 30, 2019 EBITDA given high FCF margins
and higher product concentration risks relative to Stada (Nidda
BondCo) where Fitch uses a discount of 30%. Even with this high
discount, Theramex would remain cash-generative; however, the
credit profile would be under pressure from an unsustainable
capital structure with FFO-adjusted leverage rising above 8x.

An enterprise value (EV)/EBITDA multiple of 5.5x is used to
calculate a post-reorganisation valuation, which is in line with
other mid-cap peers in the healthcare sectors. For the debt
waterfall assumptions Fitch uses debt at September 30, 2019 pro
forma for the issuance of the incremental EUR50 million TLB. Fitch
assumes the group's revolving credit facility (RCF) to be fully
drawn upon default. The RCF ranks pari passu with the TLB in the
debt waterfall.

Based on the payment waterfall, its analysis generates a ranked
recovery for the senior secured loans in the 'RR3' band, indicating
a 'B+' instrument rating for both the new incremental TLB tranche,
and the existing first-lien RCF and TLB (together USD525 million),
one notch above the IDR. The waterfall analysis output percentage
on current metrics and assumptions is 54% (previously 55%).

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Successful completion of the separation from Teva as evidenced
in an efficiently functioning new senior management team, an
appropriately-sized international sales force, fully internalised
business support functions and intact supply and distribution
networks

  - Increase in scale with a concurrent sustained expansion of
EBITDA and margins

  - FCF trending towards EUR50 million p.a., with FCF margins
sustainably of at least 5% (2018: -16.4%)

  - FFO adjusted gross leverage below 5.0x on a sustained basis
(2018: 5.6x)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Further delays or material challenges to the separation process
evidenced in an incomplete key senior management team, an
inadequately staffed sales force, or disruptions to outsourced or
in-house business processes

  - Declining sales and EBITDA with EBITDA margins falling below
30%

  - Declining FCF in combination with larger scale, debt-funded
M&A

  - FFO adjusted leverage above 6.5x on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Adequate Financial Flexibility: Following the increase in its term
debt, Fitch continues to view Theramex's liquidity position as
adequate, supported by strong FCF generation, access to a EUR55
million RCF (fully undrawn), long-dated debt maturities (2024) and
lack of working capital seasonality. In its view, this liquidity
enables the company to further grow and develop the business in
line with its strategic objectives. Additionally, Fitch expects the
group to incur further one-off costs in 2019 (around EUR68 million)
related to its separation from Teva and recent acquisitions.

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 to the way in which they are being
managed by the entity.


LECTA SA: S&P Lowers ICR to 'SD' After Interest Payment Default
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
paper manufacturer Lecta S.A. to 'SD' from 'CC', and its short-term
issuer credit rating to 'SD' from 'C'.

This reflects the issuer's default on an interest payment (around
EUR3.8 million) due November 2019 on its EUR225 million senior
secured notes.

S&P therefore also lowered the issue rating on the EUR225 million
senior secured notes to 'D' from 'CC'. The recovery rating on these
notes remains '4'.

S&P affirmed its 'CC' issue ratings and the '4' recovery rating on
the EUR375 million senior secured 6.5% notes due 2023.

Lecta is seeking to restructure its debt obligations under a U.K.
scheme of arrangement. The scheme meeting for creditor voting is
expected on Jan. 23, 2020.



TXU UK: ESPS Claims Filing Deadline Set for Jan. 31
---------------------------------------------------
TXU UK Limited is subject to a company voluntary arrangement (CVA)
with its creditors, which was approved in 2005. The Office Holders
are proposing to make a final payment to creditors within 12 months
and then close the CVA.

Certain obligations, including various obligations under the
Electricity (Protected Persons) (England and Wales) Pension
Regulations (Regulations) of Eastern Electricity Limited
(previously known as the Eastern Electricity Board) were
transferred in 2001 to TXU UK.

Any person who is a member of the Electricity Supply Pension Scheme
(ESPS) with protected person status who was employed by Eastern
Electricity Limited on or after March 31, 1990, may have a claim
against TXU UK under the Regulations if their employer, for the
purposes of the Regulations, has failed or fails to meet its
obligation to fund their pension benefits under the ESPS.

Therefore, any person who considers that they have a claim of any
sort, including any pension related claim, against TXU UK and who
has not yet advised the Office Holders (the administrators and
Supervisors, Mr A Bloom and Mr S Harris of EY) of that claim,
should do so immediately and in any event by January 31, 2020.

For the avoidance of doubt, if a claim has been advised to the
Office Holders before it does not need to be re-submitted.

Claims should be notified to Mr A Bloom, Joint Supervisor, TXU UK
Limited (in administration and subject to a company voluntary
arrangement), 1 More London Place, London, SE1 2AF or emailed to
txuuk@uk.ey.com

Further information is available from the TXU website at
www.txuinfo.co.uk



                           *********


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 2020.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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or balance thereof are US$25 each.  For subscription information,
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