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

                          E U R O P E

          Wednesday, January 22, 2020, Vol. 21, No. 16

                           Headlines



F R A N C E

TEREOS SCA: Fitch Alters Outlook on BB- LongTerm IDR to Negative


I R E L A N D

LANSDOWNE MORTGAGE 1: S&P Affirms 'CCC+' Rating on M-2 Notes


I T A L Y

AZELIS HOLDING: S&P Affirms B ICR on Debt Increase, Outlook Stable
CHL SPA: Declared Bankrupt by Court, Official Receiver Appointed
NEXI SPA: Moody's Affirms Ba3 CFR & Alters Outlook to Stable


L U X E M B O U R G

NEPTUNE HOLDCO: S&P Assigns Preliminary 'B' ICR, Outlook Stable


N E T H E R L A N D S

DOMI BV 2019-1: S&P Raises Class X-Dfrd Notes Rating to B+(sf)


P O L A N D

PBG SA: Court Repeals Agreement with Creditors


R U S S I A

LOCKO-BANK: Moody's Withdraws B1 LongTerm Bank Deposit Ratings


S P A I N

AERNNOVA AEROSPACE: Moody's Assigns B1 CFR, Outlook Stable
AERNNOVA AEROSPACE: S&P Assigns Prelim 'B+' ICR, Outlook Stable


S W E D E N

NYNAS AB: Plans to Reorganize to Escape U.S. Sanctions
STENA AB: Moody's Affirms B1 Corp. Family Rating, Outlook Negative


T U R K E Y

ANADOLUBANK AS: Fitch Alters Outlook on B+ LT IDR to Stable
FIBABANKA AS: Fitch Affirms B+ LongTerm IDR, Outlook Negative
ODEA BANK: Fitch Affirms B Issuer Default Rating, Outlook Negative
SEKERBANK TAS: Fitch Affirms B- LongTerm IDR, Outlook Negative


U N I T E D   K I N G D O M

BEALES: Goes Into Administration, 1,052 Jobs at Risk
FLYBE: Defends Rescue Package Following Backlash From Rivals
LEVEN CARS: Cambria to Buy Aston Martin, Rolls-Royce Franchises
SIRIUS MINERALS: Thousands of Investors Must Accept Takeover

                           - - - - -


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F R A N C E
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TEREOS SCA: Fitch Alters Outlook on BB- LongTerm IDR to Negative
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Fitch Ratings revised the Outlook on Tereos SCA Long-Term Issuer
Default Rating to Negative from Stable, and affirmed the IDR at
'BB-'. The senior unsecured ratings of the bonds issued by its
subsidiary Tereos Finance Groupe 1 have also been affirmed at
'B+'.

The Outlook revision reflects the risk that leverage will only
gradually recover over financial years to March 2021-2022. Fitch
also expects its negative free cash flow will worsen in 2020, due
to persistently low sugar prices and continued investment efforts.
This could impact the group's ability to absorb further shocks in a
volatile commodity industry.

These risks are somewhat mitigated by the gradual materialisation
of benefits from the company's cost rationalisation, a recent
recovery of sales prices and flexible price-fixing mechanism for
sugar beet procurement in Europe, the company's resilient market
position and growing product and geography diversification.

Fitch could revise the Outlook back to Stable if Fitch gains
confidence on the sustainability of the recovery in group profits,
and if Tereos makes progress on extending its debt maturity.

KEY RATING DRIVERS

Leverage Spike; Deleveraging Delayed: High procurement costs in
Europe and declines in European and international sugar prices led
to a 50% fall in Tereos' EBITDA to EUR274 million in FY19, which
Fitch forecasts to only partly recover in FY20. As a result Fitch
forecasts RMI-adjusted funds from operations (FFO) adjusted net
leverage to only decline in FY22 to below 5.0x - the level
consistent with the current rating - from a high 9.3x in FY19 when
selling prices troughed, and an estimated 8x in FY20.

FY21 Major Cash Absorption: Fitch expects FCF to worsen to a
negative EUR400 million-EUR500 million in FY20 from a negative
EUR189 million in FY19. FCF will be particularly negative in FY20
as profitability remains low while steady capex and working capital
outflows weaken cash flow generation. Fitch projects higher capex
intensity in FY20 due to the "Ambitions 2022" plan and the planned
de-bottlenecking of the starch and sweeteners division to reduce
Tereos' reliance on sugar operations. FY20 net debt position will
however benefit from EUR200 million divestment proceeds. Fitch
therefore forecasts FCF to improve to neutral-to-positive territory
from FY21 onwards.

Slow Sugar Price Recovery: International sugar prices remain close
to historical lows and Fitch sees global supply-and-demand dynamics
only supporting a mild and gradual recovery above current levels.
Despite improving farming yields, shrinking demand for sugar in the
developed world is only going to be compensated by growth in
emerging markets. Stock-to-use ratios remain high after years of
abundant crops.

Improving Stability from FY20: Under its FY20 European sugar
campaign, Tereos has agreed a new price formula for the procurement
of beet, which will allow it to more flexibly pass on to its
members a reduction of sugar prices. This contrasts with the fixed
pricing of EUR25/ton during the FY17 and FY18 campaigns. This will
improve the stability of profit margins in Tereos' Sugar Europe
division. In addition, Tereos' new efficiency programme should aid
EBITDA, which the group targets to improve by EUR200 million by
FY22. Fitch partially factors these gains into its forecasts.

More Favourable Contract Renewals: European sugar prices have
returned to EUR400/ton from the previous year's low of EUR300/ton.
This will progressively benefit Tereos from 2H20 as the previous
low-priced contracts are renewed, leading to an improvement in
profitability by FY21. The pace of profit recovery in FY20-FY21
will be key in assessing Tereos' future rating trend.

Conservative Financial Policy: Tereos has historically been able to
keep shareholder distributions to a minimum and refrained from M&As
when it faced challenging operating conditions. It has so far
raised EUR200million in FY20 from asset divestments, supporting the
group's financial flexibility. It maintains good access to debt
capital markets and adequate liquidity to fund its operations.
Fitch expects its EUR250 million bond due in March 2020 to be
repaid in advance in January.

Strong Business Profile: Tereos has a business profile that is
commensurate with the high end of the 'BB' category through the
cycle. This reflects its large operational scope and strong
position in a commodity market with moderate long-term growth
prospects. Tereos is the third-largest sugar company in the world
with production in the EU and Brazil and enjoys product
diversification from starches to sweeteners. It also benefits from
flexibility to alternate between sugar- and ethanol-processing,
depending on market prices.

Weak Bond Recovery Prospects: The 'B+' rating on the senior
unsecured notes issued by FinCo is derived from the consolidated
company's IDR of 'BB-'. Prior-ranking debt at the operating
entities constitutes more than 2.5x consolidated EBITDA, which
Fitch expects to remain largely unchanged for the next four years.
Under its criteria this indicates a high likelihood of
subordination and lower recoveries for unsecured debt raised by
FinCo, which Fitch reflects by notching down the bond's rating once
from Tereos' IDR. In the event of an IDR downgrade to the 'B'
category, weak recoveries could lead to an up to two-notch
differential between the IDR and the senior unsecured rating.

DERIVATION SUMMARY

Tereos's 'BB-' IDR is three notches below larger and significantly
more diversified commodity trader and processor Bunge Limited
(BBB-/Stable). Tereos enjoys a stronger business profile than
Biosev S.A. (B+/Stable) and Corporacion Azucarera del Peru S.A.
(B/Stable), whose ratings reflect higher geographic and product
concentration. However, this is partly offset by Tereos' higher
leverage.

Tereos has comparable scale and a weaker financial profile than
similarly rated Kernel Holding S.A. (BB-/Stable). However, Kernel
is dependent on a single source of supply, Ukraine, compared with
Tereos's ability to source from two regions, Europe and Brazil.
Tereos is, however, more diversified than Kernel as it also
produces and trades sweeteners, ethanol and starches in other parts
of the world.

KEY ASSUMPTIONS

  - Revenue to decline by low single-digits in FY20 and to grow by
mid- to-low single-digits in FY21. Around 2% revenue CAGR over the
next four years;

  - EBITDA margin gradually recovering from the FY19-FY20 trough,
to above 11% from FY21 onwards as sugar prices recover and some
cost savings materialize from the "Ambitions 2022" plan;

  - Working capital outflow of around EUR110 million by March 2021
due to higher sugar prices;

  - Capex of EUR450 million in FY20 and EUR370 million p.a. for to
FY21;

  - Dividends of EUR21 million per annum over the next four years;

  - Price complement of EUR64 million in FY20 treated as dividends;
and

  - No material M&A. Some EUR220 million cash inflow related to the
disposal of investments in Italy and the UK completed in FY20.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action (upgrade to BB)

  - Strengthening of profitability (excluding price fluctuations),
as measured by RMI-adjusted EBITDAR/gross profit returning to above
30%, reflecting reasonable capacity utilisation in the sugar beet
business and overall increased efficiency.

  - At least neutral FCF while maintaining strict financial
discipline.

  - Consolidated FFO net leverage (RMI-adjusted) consistently below
4x (FY19: 9.3x), aided by debt repayments as opposed to cyclical
profit expansion.

Developments That May, Individually or Collectively, Lead to
Positive Rating Action (Outlook revised to Stable)

  - Consolidated FFO of at least EUR400 million by FY21-FY22.

  - FFO fixed-charge cover (RMI-adjusted) returning to above 2.0x
(FY19: 1.6x) on a sustained basis, along with enhanced liquidity
buffer and progress on extending the debt maturity profile.

  - FFO net leverage (RMI-adjusted) of 5.0x-5-5x by FY21 and
expected to fall below 5.0x by FY22.

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

  - Reduced financial flexibility as reflected in FFO fixed-charge
cover (RMI-adjusted) falling permanently below 2.0x or inability to
maintain adequate availability under committed medium-term credit
lines.

  - Inability to maintain cost savings derived from its efficiency
programme or excessive idle capacity in different market segments,
leading to weak RMI-adjusted EBITDAR/gross profit on a sustained
basis. following FY19 and FY20 cyclical downturns.

  - Inability to return consolidated FFO to approximately EUR400
million (FY19: EUR135 million)

  - The factors leading to consolidated FFO net leverage
(RMI-adjusted) above 5.0x on a sustained basis, reflecting higher
refinancing risks.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory, albeit Declining Liquidity: Tereos's internal
liquidity score, defined as unrestricted cash plus RMI plus
accounts receivables divided by total current liabilities, declined
to 0.7x in FY20 from 0.9x in FY19. Although this is weak for the
'BB' category, this is mitigated by Tereos' ability to access
diversified sources of external funding, as for instance the EUR250
million term loan contracted in March 2019 to refinance half of the
group's EUR500 million bond due in March 2020. Tereos has said it
will repay the outstanding portion of this bond in January 2020;
Fitch assumes the group will use its EUR225 million RCF, available
at Tereos SCA level (maturing in July 2021) for this purpose.

Adjusted for the EUR250 million bond refinancing, Tereos would have
had undrawn amounts under committed lines of EUR395 million as of
end-September 2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch adjusted debt by adding a multiple of 6x of yearly operating
lease expense related to long-term assets (EUR51 million for FY19).
The 6x multiple operating lease expenses related to the group's
Brazilian operations.

Fitch calculates Tereos's financial ratios by excluding the debt
and the interest costs used to finance those RMIs for which the
agency has reasonable assurance from management that they are
protected against price risk. In FY19 Fitch judged EUR318 million
of Tereos's inventories as readily marketable, based on EUR547
million of finished products. Therefore Fitch adjusted debt and
gross cash interest down by EUR318 million and EUR14 million
respectively. Cash interest costs are reclassified as operating
costs for the purpose of RMI-adjusted FFO fixed charge cover.

Fitch views Tereos' factoring programme as an alternative to
secured debt, and therefore adjusts FY19 total debt by the amount
of receivables sold and de-recognised at end-FY19 (EUR253 million).
Fitch has also decreased the group's working capital inflow
(included in Fitch's FCF calculation) by the year-on-year increase
in outstanding factoring funding at closing, i.e. EUR91million.
Cash flow from financing (excluded from Fitch's FCF calculation)
has been increased by the same amount.

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.

Fitch estimates that Tereos' exposure to the European sugar market,
where politicians and consumers are increasingly looking to limit
sugar consumptions for health issues, is offset by Tereos' exposure
to emerging market, its ability to switch a portion of its
production from sugar to ethanol as well as its sweeteners
business.




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I R E L A N D
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LANSDOWNE MORTGAGE 1: S&P Affirms 'CCC+' Rating on M-2 Notes
------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Lansdowne Mortgage
Securities No. 1 and No. 2's class A2 notes and affirmed its
ratings on all other tranches.

S&P said, "The rating actions follow the implementation of our
revised criteria and assumptions for assessing pools of Irish
residential loans. They also reflect our full analysis of the most
recent transaction information that we have received and each
transaction's structural features.

"Upon revising our Irish RMBS criteria, we placed our ratings on
all classes of notes from each transaction under criteria
observation. Following our review of the transactions' performance
and the application of our updated criteria for rating Irish RMBS,
our ratings on these notes are no longer under criteria
observation.

"After applying our updated Irish RMBS criteria to Lansdowne 1 and
Lansdowne 2, the weighted-average foreclosure frequency (WAFF) for
both transactions has primarily increased across rating levels. The
increase in the WAFF is mainly due to revised adjustments for loans
in arrears, our consideration of reperforming loans within the
transactions, and our recalibrated pool-level originator
adjustment.

"Our weighted-average loss severity (WALS) assumptions have
decreased at all rating levels in both transactions driven mainly
by the decrease in the weighted-average current loan-to-value ratio
in both cases."

  Credit Analysis Results Lansdowne 1
  Rating level   WAFF (%)   WALS (%)
  AAA            32.23      20.44
  AA             24.58      16.38
  A              20.86      10.26
  BBB            16.99      7.46
  BB             12.95      5.82
  B              12.15      4.55

WAFF--Weighted-average foreclosure frequency.
WLS--Weighted-average loss severity.

  Credit Analysis Results Lansdowne 2
  Rating level   WAFF (%)   WALS (%)
  AAA            37.18      29.49
  AA             28.41      25.23
  A              23.75      18.27
  BBB            18.71      14.65
  BB             13.12      12.30
  B              11.98      10.26

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

S&P said, "Although our credit and cash flow analyses indicate that
the available credit enhancement for each transaction's class A2
notes can support higher ratings than those currently assigned,
they remain extremely sensitive to the level of recoveries on
defaulted assets. Given each transaction's high outstanding balance
of 90-plus-day arrears, slow repossession trend, and the fact that
the deals provision only for losses (with excess spread and the
reserve not paying down the principal unless losses are
crystallized), we have has upgraded the class A2 notes to 'B+ (sf)'
from 'B- (sf)'."

In S&P's cash flow analysis, the class M1, M2, B1, and B2 notes
from Lansdowne 1 and class M1, M2, and B notes from Lansdowne 2 did
not pass its 'B' rating level cash flow stresses.

S&P said, "Therefore we continue to apply our 'CCC' criteria, to
assess if either a 'B-' rating or a rating in the 'CCC' category
would be appropriate. According to our 'CCC' criteria, for
structured finance issuances, expected collateral performance and
the level of credit enhancement are the primary factors in our
assessment of the degree of financial stress and likelihood of
default. We performed an assessment of the key variables including
repossession trends and the high levels of 90-plus-day arrears
together with the transaction structural features, and we consider
these notes dependent upon favorable business, financial, and
economic conditions.

"For Lansdowne 1, we have affirmed our ratings on the class M1, M2,
B1, and B2 notes at 'CCC+ (sf)', 'CCC+ (sf)', 'CCC (sf)', and 'CCC
(sf)', respectively. For the class B1 and B2 notes, in addition to
the key variables outlined above, we also considered their relative
junior position in the capital structure.

"For Lansdowne 2, we have affirmed our ratings on the class M1, M2,
and B notes at 'CCC (sf)', 'CCC (sf)', and 'CCC- (sf)',
respectively. For the class B notes, in addition to the key
variables outlined above, we also considered their relative junior
position in the capital structure."

Allied Irish Bank (AIB) is the issuer account bank within the
transactions. The rating on AIB fell below the documented
replacement trigger in 2010 with no replacement taking place.
Despite the subsequent upgrade of the bank, the transactions are
unable to support a rating above 'BBB+', the issuer credit rating
on AIB. The counterparty framework does not currently limit the
ratings on the notes given that the current ratings are lower than
the counterparty cap.

Lansdowne 1 and Lansdowne 2 are Irish nonconforming RMBS
transactions, with loans originated by Start Mortgages.




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I T A L Y
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AZELIS HOLDING: S&P Affirms B ICR on Debt Increase, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' ratings on Azelis Holding Sarl
(formerly Akita MidCo Sarl), and the first-lien debts.

S&P said, "We affirmed the ratings due to the relatively favorable
multiples at which Azelis is acquiring complementary businesses.
The EUR75 million add-on to the term loans is therefore fairly
neutral to the group's leverage profile. In our view, the
acquisitions slightly improve the group's business reach and are
consistent with its stated strategy to expand geographically while
broadening its product portfolio. We still view the chemicals
distribution sector as highly fragmented, and we expect Azelis will
continue to expand organically and through acquisitions in the
coming years."

The company undertook a series of acquisitions during 2019.
Furthermore, the add-on is expected to fund assets in Lebanon,
Mexico, and Asia, for which sales agreements have been signed
already and which are forecast to close in the first half of 2020.
In 2020, S&P expects these to contribute modestly to group EBITDA
on a pro forma basis, assuming modest cost and cross-selling
synergies. This follows contributions from acquisitions in the
first half of 2019, and from an acquisition in Turkey that closed
in December 2019 and was funded from internal cash.

The total acquisition price is expected to be funded through the
EUR75 million add-on term loan with the same terms and ranking as
Azelis' existing first-lien term-loans, and from cash on the
balance sheet.

S&P said, "The stable outlook indicates that we expect Azelis'
operating performance to remain resilient, supported by business
diversity and operating efficiencies. This should translate into
modest organic EBITDA growth and contributions from bolt-on
acquisitions, alongside an EBITDA margin of at least 7%, in our
view. We expect minor deleveraging in the coming years, thanks to
positive free cash flows, and that funds from operations (FFO) will
cover cash interest by more than 2.5x.

"We could lower the rating if Azelis suffers adverse market
developments that weigh on EBITDA or FFO, or rising interest costs
cause FFO cash interest coverage to fall below 2.5x. Any
deterioration in margins or free cash flow, or an unexpected
acquisition that increases leverage materially, would likely
trigger a downgrade.

"We do not expect to raise the rating from the current level, given
the high amount of debt in the capital structure. That said, we
could consider an upgrade if adjusted debt to EBITDA drops below 5x
and the sponsor commits to maintaining lower leverage."


CHL SPA: Declared Bankrupt by Court, Official Receiver Appointed
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Stephen Jewkes at Reuters reports that CHL SpA said on Jan. 20 a
court in Florence had declared the group bankrupt.

According to Reuters, CHL said in a statement the court has
appointed Cristian Soscia as bankruptcy judge and Vincenzo Pilla as
official receiver.

In December, Italy's market watchdog Consob temporarily suspended
trading in CHL shares after finding alleged irregularities and
possible market abuse, Reuters recounts.

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



NEXI SPA: Moody's Affirms Ba3 CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service affirmed Nexi S.p.A.'s corporate family
rating at Ba3 and probability of default rating at Ba3-PD.
Concurrently, Moody's has also affirmed the Ba3 instrument rating
on the EUR825 million senior unsecured notes due 2024 issued by
Nexi S.p.A. The outlook has been changed to stable from positive.

On December 19, 2019, Nexi announced the acquisition of Intesa
Sanpaolo's merchant acquiring business , which covers approximately
180,000 merchants and EUR66 billion worth of annual transactions in
Italy. The acquisition is expected to close within the summer of
2020, following the receipt of regulatory approval. It is expected
to contribute an additional EUR106 million and EUR95 million of
annual net revenues and EBITDA to Nexi. Concurrently, the company
announced that it has secured EUR1 billion of bridge financing to
fund the transaction, which management intends to primarily
refinance via the capital markets.

RATINGS RATIONALE

The change in outlook to stable from positive, reflects the
significant increase in Moody's adjusted (gross) leverage that is
expected to occur following the fully debt-funded acquisition of
ISP's merchant acquiring business. More specifically, Moody's
adjusted (gross) debt is expected to increase towards EUR2.9
billion, proforma the acquisition, from an estimated EUR1.9 billion
as at December 31,  2019, while Moody's adjusted (gross) leverage
is projected to rise to 5.0x, proforma the acquisition, as at
December 31,  2019, compared to a previously forecast 3.9x.
Although, Moody's expects that this financial leverage will reduce
to around 4.5x in 2020 (on a proforma basis) and 4.2x in 2021, on
the back of revenue growth, gains in profitability and improved
cash flow generation, the acquisition means that leverage will
remain elevated, compared to Moody's previous estimates.

While the transaction will lead to an initial deterioration in key
credit metrics from a company fundamental perspective, Moody's
positively views the turnkey acquisition, which will increase the
scale and diversification of the company as well as the duration of
Nexi's existing contract with ISP, one of its major clients.

Nexi's ratings are supported by (1) the company's presence across
the payments value chain in Italy with leading market shares in
merchant acquiring, card issuing, point-of-sale (POS) and ATM
management, among others, (2) the company's strong relationships
with around 150 partner banks, which are both clients and
distributors of its payment solutions to both merchants and
individuals, (3) high barriers to entry in the payment processing
market, (4) good growth prospects supported by the relatively low
penetration of card transactions in Italy, and (5) Nexi's good
liquidity position.

These strengths are nevertheless mitigated by (1) the concentration
of operations in a single country, (2) the relative concentration
of customers due to the wholesale nature of its issuing and
clearing services, (3) execution risks related to growth, ongoing
reduction in non-recurring items and continued improvement in free
cash flow generation, (4) potential competition following the
implementation of PSD2, and (5) the company's acquisitive nature
with potentially negative implication for future leverage, as well
as associated integration risk.

Moody's assumes that Nexi will continue to benefit from a good
liquidity position supported by (1) cash on balance sheet of EUR271
million as at September 30, 2019, (2) an undrawn EUR350 million
RCF, and (3) dedicated clearing and overdraft facilities, including
a non-recourse factoring line of up to EUR3,200 million and
EUR1,300 million of bilateral credit facilities, that cover the
group's short-term working capital requirements.

OUTLOOK

The stable outlook reflects Moody's expectation that Nexi will
continue to experience revenue growth and margin gains over the
next three years, as well as control on non-recurring items and an
improvement in cash flow generation. The stable outlook also
reflects its assumption that any future acquisitions or shareholder
distributions will have limited impact on leverage.

ESG CONSIDERATIONS

Nexi's ratings take into consideration the company's governance.
Its ownership structure has evolved significantly over the past
year, towards a governance structure characterized by a lower
tolerance for leverage/risk and improved transparency.
Specifically, its largest shareholder Mercury UK Holdco Ltd, an
entity ultimately controlled by financial sponsors Advent
International, Bain Capital, and Clessidra, has executed or agreed
actions to reduce its shareholding to 42.5%, via a combination of
Nexi's IPO in April 2019, the sale of a 9.9% stake to Intesa
Sanpaolo announced on December 19, 2019, and the sale of a 7.7%
stake to institutional investors executed on January 10, 2020.

Following the IPO, management adopted a "medium-long term" net
leverage target of 2.0-2.5x (based on the company's definition of
net leverage) and a dividend policy which amounts to 20-30% of
distributable profits expected to be paid not before 2021. Although
the company's leverage target is somewhat vague in terms of timing,
it is more conservative when compared to levels common to
private-equity sponsored deals. Nexi's board of directors currently
consists of 13 members, the majority of which are independent, and
has broad diversity of experience, which empowers the company to
pursue its growth plans.

STRUCTURAL CONSIDERATIONS

The existing EUR825 million senior unsecured notes due 2024, EUR1
billion term loan B due 2024 and EUR350 million RCF due 2024 all
rank pari-passu as unsecured and unguaranteed liabilities of the
company. The anticipated EUR1 billion of new financing, the
proceeds of which will be used to fund the acquisition of ISP's
merchant acquiring business, is expected to rank pari-passu with
the aforementioned facilities. The existing EUR825 million senior
unsecured notes due 2024 are rated Ba3, at the same level as the
CFR, reflecting the relatively small size of the liabilities of
Nexi's operating subsidiaries, including trade payables, pensions
and operating leases which rank ahead given the absence of upstream
guarantees on the notes. The RCF and term loan are subject to one,
net leverage based, financial maintenance covenant set at 5.75x
until 2020, with subsequent gradual tightening.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive rating pressure could arise if (1) Nexi delivers on its
revenue and EBITDA growth targets, (2) the company continues to
reduce non-recurring items materially, (3) Moody's adjusted (gross)
leverage is maintained at well below 4.5x on a sustained basis, (4)
adjusted FCF/debt improves to well above 5% on a sustained basis,
and (5) the company maintains a good liquidity position.

Negative rating pressure could arise if (1) Nexi experiences the
loss of large customer contracts or increased churn, (2) Moody's
adjusted (gross) leverage increases to above 5.0x on a sustainable
basis, (3) free cash flow generation weakens, or (4) the company's
liquidity position deteriorates.

PRINCIPAL METHODOLOGY

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

Headquartered in Milan, Italy, Nexi is the leading provider of
payment solutions in its domestic market, including card issuing,
merchant acquiring, point-of-sale (POS) and automated teller
machines management and other technology-driven services to
financial institutions, individual cardholders, and corporate
clients. The company generated net revenue and EBITDA of EUR969
million and EUR484 million, respectively, in the LTM period ended
September 30, 2019.




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L U X E M B O U R G
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NEPTUNE HOLDCO: S&P Assigns Preliminary 'B' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit and issue ratings to Neptune Holdco and the proposed senior
secured term loan B (TLB).

Armacell has launched an all-first-lien term loan refinancing to
back the private-equity buyout transaction.

Private-equity firms PAI and KIRKBI announced their acquisition of
Armacell from Blackstone in early December 2019. The financing
package includes the EUR710 million senior secured TLB due 2027 (to
be co-borrowed by financing subsidiaries Neptune Bidco S.a.r.l and
Neptune US Bidco Inc.) and a EUR110 million senior secured RCF due
2026, which will be used to repay the existing EUR622 million TLB
due 2023 (about EUR610 million outstanding). PAI and KIRKBI will
provide EUR594 million of equity including about EUR75 million of
preferred equity certificates, which S&P views as equity, with the
remainder common equity. Post transaction, the capital structure
will also include about EUR48 million of operating-lease
liabilities and EUR38 million of other bank debt rolled over at
various operating subsidiaries.

Following the proposed transaction, financial metrics will weaken
due to higher debt, but rising EBITDA will help mitigate the
negative effect on leverage.

The transaction will result in about EUR100 million more senior
secured debt. As a result, S&P Global Ratings-adjusted leverage
will weaken to about 7x gross debt to EBITDA on a pro forma basis
for 2019. This compares with 6.0x-6.3x without this transaction,
based on EUR125 million-EUR130 million of adjusted EBITDA in 2019,
according to its forecast. However, S&P expects gradual
deleveraging toward 6.5x adjusted debt to EBITDA in 2020 and 6.0x
in 2021, spurred by continuous EBITDA increases. This will be
within the 5.0x-6.5x range we view as commensurate with the rating,
however, it also indicates limited rating headroom.

Deleveraging is stemming from rising earnings, spurred by the
company's good growth potential due to favorable market dynamics
and strategic investments undertaken in 2018.

S&P said, "We expect EBITDA to rise due to solid volume growth in
polyethylene terephthalate (PET) and aerogel following capacity
increases, strong price hikes implemented earlier in 2019, and
higher efficiency and much lower one-off costs related to
restructuring following the completion of footprint optimization
measures in 2018. With the ongoing ramp-up of aerogel production
and additional PET facilities, we forecast the group's revenue will
increase 5%-6% annually to approach about EUR700 million, with
adjusted EBITDA strengthening to EUR135 million-EUR145 million in
2020-2021. Armacell benefits from good growth potential spurred by
strong market demand for innovative products like recycled PET
foams and aerogel. Since we are moving toward a circular economy in
favor of sustainable and superior materials technology and market
demand for high performance PET is increasing faster than supply,
PET is expected to continue its double-digit growth trend with
penetration opportunities in sectors like transportation,
construction, and industrial, as well as strong uptake in the
global wind renewables market. We note that the utilization of new
PET capacity is, to a large extent, secured by contracted sales
(about 80% in 2020 and above 60% in 2021-2022). In addition, we
expect the group's core insulation business to benefit from global
megatrends and continue to maintain above market-average growth,
due to increasingly stringent requirements and regulation for
energy efficiency and continuous penetration and substitution of
traditional insulation materials."

The healthy interest-coverage ratio and positive free operating
cash flow (FOCF) generation are supportive of the rating.

S&P expects EBITDA interest coverage to be comfortably above 3.5x
post transaction and gradually improve to above 4x due to
increasing EBITDA. S&P also expects Armacell's FOCF to increase to
EUR20 million-EUR30 million in 2019-2020 (excluding the positive
effect from the factoring program). This results from strengthening
EBITDA, improved working capital management as inventory levels
normalize following the implementation of footprint optimization,
and the asset-light business model, with lower capital expenditure
(capex) after large strategic investments in capacity expansion and
footprint optimization undertaken in 2018.

S&P expects Armacell's financial policy to be neutral for the
rating.

Despite the flexibility for re-leveraging in the proposed senior
facilities agreement, we understand that management and both
shareholders are committed to deleveraging and maintaining leverage
below opening levels post the current transaction. S&P understands
that there is currently no plan to pay dividends. Armacell views
mergers and acquisitions as an integral part of its growth model,
following a selective approach with a focus on expansion in new
geographies, new technologies, and design capabilities. The company
has invested about EUR130 million in acquisitions during the past
five years. S&P expects Armacell will continue with bolt-on
acquisitions, which will be primarily funded through internal cash
generation. It is worth noting that it does not net cash with debt
in its leverage calculation for Armacell.

Armacell's leading position in the niche market of flexible foams,
as well as its strong geographic and end-market diversity, support
its business risk profile.

Armacell's business risk benefits from its leading position in the
niche market of flexible foams, with strong market shares of about
30% in the Americas, 25% in Europe, Middle East, and Africa (EMEA),
and 15% in Asia-Pacific. Market leadership, coupled with strong
technical expertise, has resulted in premium pricing and healthy
profitability, as reflected in the adjusted EBITDA margin of
16%-18% in the past five years. Armacell also has a geographically
diverse business, with a balanced presence in EMEA (35% of group
sales in 2018), the Americas (above 25%), and Asia-Pacific (nearly
20%), and a broad range of end markets. In addition, Armacell has
the ability to pass on the majority of raw material price
fluctuations to customers, although with a time lag, supported by
its leading technical know-how and superior product quality. This,
combined with the group's flexible cost base, has led to higher
resilience of earnings than typical building materials companies,
which are subject to construction cycles.

Constraints on business risk include Armacell's relatively limited
scale and scope of operations compared with global
building-material-producing peers.

S&P forecasts the group's revenue will reach EUR640 million-EUR650
million in 2019 and its adjusted EBITDA will be above EUR125
million. S&P's assessment also reflects the group's narrow focus on
the highly fragmented equipment insulation market. Despite
diversified end markets, Armacell is not immune to the cyclicality
of the construction sector. In addition, it also has exposure to
the volatile oil and gas industry, which has resulted in
underperformance in the past.

S&P said, "The final ratings will depend on our receipt and
satisfactory review of all final documentation and final terms of
the transaction. The preliminary ratings should therefore not be
construed as evidence of final ratings. If we do not receive final
documentation within a reasonable time, or if the final
documentation and final terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
revise the ratings." Potential changes include, but are not limited
to, utilization of the proceeds, maturity, size and conditions of
the facilities, financial and other covenants, security, and
ranking.

S&P said, "The stable outlook reflects our expectation that
Armacell will continue to post resilient performance and achieve
gradual deleveraging, supported by strengthening EBITDA. We expect
adjusted debt to EBITDA to improve toward 6.5x in 2020. We also
anticipate that Armacell will generate FOCF of above EUR25 million
(excluding the positive effect from the factoring program) in the
next 12 months and maintain EBITDA interest coverage comfortably
above 3.5x.

"We could lower our preliminary rating if Armacell failed to reduce
adjusted debt to EBITDA to about 6.5x, or EBITDA interest coverage
declined to below 3.5x. This could follow weaker-than-expected
EBITDA generation due to margin erosion or weaker end-market
demand, or a material adverse foreign-exchange effect. Rating
pressure could also emerge if Armacell failed to generate positive
FOCF for a prolonged period. We could also consider a downgrade if
Armacell were to adopt a more aggressive financial policy than we
expect through large debt-funded acquisitions or distributions to
shareholders.

"In our view, the potential for an upgrade is currently limited,
given the group's very high leverage. However, strong recurring
FOCF and adjusted debt to EBITDA improving to sustainably below
5.0x, combined with strong commitments from the private-equity
owners to maintain leverage at such a level, could put positive
pressure on the rating over the long run."




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

DOMI BV 2019-1: S&P Raises Class X-Dfrd Notes Rating to B+(sf)
--------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Domi 2019-1 B.V.'s
class C-Dfrd, D-Dfrd, E-Dfrd, and X-Dfrd notes. At the same time,
S&P affirmed its ratings on the class A and B-Dfrd notes.

S&P said, "In this transaction, our ratings address timely receipt
of interest and ultimate repayment of principal for the class A
notes, and ultimate receipt of interest and repayment of principal
for all the other classes of notes.

"The rating actions follow the application of our revised criteria
and assumptions for assessing pools of Dutch residential loans and
our full analysis of the most recent transaction information that
we have received, and they reflect the transaction's current
structural features.

"Upon publication of our global RMBS criteria following the
extension of the criteria's scope to include the Netherlands, we
placed our ratings on the transaction's class C-Dfrd, D-Dfrd,
E-Dfrd, and X-Dfrd notes under criteria observation. Following our
review of the transaction's performance and the application of
these criteria, our ratings on the notes are no longer under
criteria observation.

"In our opinion, the performance of the loans in the collateral
pool has slightly improved since closing. Since then, total
delinquencies have decreased to 0.0% from 0.5%.

"After applying our global RMBS criteria, the overall effect in our
credit analysis results in a decrease in the weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS) assumptions. The decrease in our WAFF calculations is mainly
due to the effective loan-to-value (ELTV) ratio replacing the
original loan-to-value (OLTV) ratio and the lower base foreclosure
frequency in our new criteria. Our WALS assumptions have also
decreased at all rating levels as a result of higher property
prices in the Netherlands, which triggered a lower weighted-average
current LTV ratio."

  WAFF And WALS Levels
  Rating level    WAFF (%)   WALS (%)
  AAA             19.21      35.61
  AA              12.81      29.74
  A               9.52       19.04
  BBB             6.40       13.15
  BB              3.11       9.24
  B               2.29       6.07

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.
Credit enhancement levels have slightly increased for all rated
classes of notes since closing.

  Credit Enhancement Levels
  Class    CE (%)    CE as of closing (%)
  A        15.23     14.50
  B-Dfrd   9.45      9.00
  C-Dfrd   5.78      5.50
  D-Dfrd   3.68      3.50
  E-Dfrd   1.58      1.50
  X-Dfrd   N/A       N/A

CE--Credit enhancement.
N/A--Not applicable.

The transaction features a reserve fund, which is available to
cover shortfalls in senior fees and the interest on the class A to
E-Dfrd notes. It does not provide credit enhancement because it is
not available immediately to cover losses.

S&P's conclusion on operational, legal, and counterparty risk
analysis remains unchanged since closing.

S&P said, "Our credit and cash flow analysis indicates that the
available credit enhancement for the class A notes is commensurate
with the currently assigned rating. We have therefore affirmed our
'AAA (sf)' rating on this class of notes. The available credit
enhancement on the class B-Dfrd notes is commensurate with a higher
rating than the one currently assigned. However, deferred ratings,
i.e. ratings addressing the ultimate repayment of interest and
principal, are not commensurate with our 'AAA (sf)' rating
definition. We have therefore affirmed our 'AA+ (sf)' rating on the
class B-Dfrd notes.

"Our analysis also indicates that the available credit enhancement
for the class C-Dfrd, D-Dfrd, E-Dfrd, and X-Dfrd notes is
commensurate with higher ratings than those currently assigned.
However, only two interest payment dates have elapsed since the
transaction's closing, the mortgage loans have very low seasoning,
and the originator's track record is limited. Therefore, we have
limited the upgrade on the class C-Dfrd notes to one notch, the
upgrade on the class D-Dfrd notes to two notches, and the upgrade
on the class E-Dfrd and X-Dfrd notes to four notches.

"Our rating action on the class X-Dfrd notes reflects the
application of lower fee stresses as part of our new criteria."

Domi 2019-1 is a Dutch RMBS transaction, which closed in May 2019
and securitizes a pool of buy-to-let loans secured on first-ranking
mortgages in the Netherlands.

  Ratings List

  Class     Rating to   Rating from
  A         AAA (sf)    AAA (sf)
  B-Dfrd    AA+ (sf)    AA+ (sf)
  C-Dfrd    AA (sf)     AA- (sf)
  D-Dfrd    A+ (sf)     A- (sf)
  E-Dfrd    BBB (sf)    BB- (sf)
  X-Dfrd    B+ (sf)     CCC (sf)




===========
P O L A N D
===========

PBG SA: Court Repeals Agreement with Creditors
----------------------------------------------
Reuters reports that PBG SA said on Jan. 20 it has received a
decision from court in Poznan regarding the company's agreement
with creditors.

According to Reuters, the court repealed the agreement concluded in
the course of the bankruptcy proceedings.

PBG SA is Poland's third largest builder.  PBG secured court
bankruptcy protection for debt restructuring proceedings in June
2012, after signing a stand-down agreement with its banking
creditors in May.




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

LOCKO-BANK: Moody's Withdraws B1 LongTerm Bank Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service withdrawn the following ratings of
Locko-bank:

  - Long-term local- and foreign-currency bank deposit ratings of
B1

  - Short-term local and foreign-currency bank deposit ratings of
Not Prime

  - Long-term local- and foreign-currency Counterparty Risk Ratings
of Ba3

  - Short-term local- and foreign-currency Counterparty Risk
Ratings of Not Prime

  - Long-term Counterparty Risk Assessment of Ba3(cr)

  - Short-term Counterparty Risk Assessment of Not Prime(cr)

  - Baseline credit assessment (BCA) and Adjusted BCA of b1

At the time of the withdrawal, the bank's long-term deposit ratings
carried a positive outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.




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

AERNNOVA AEROSPACE: Moody's Assigns B1 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating and
B1-PD probability of default rating to Aernnova Aerospace
Corporation S.A. The company is a long-established provider of
original equipment manufacturer- aerostructures and services to the
commercial aerospace industry and is headquartered in Spain.

Concurrently Moody's has assigned B1 ratings to the EUR390 million
senior secured term loan B-1 and the EUR100 million delayed draw
senior secured term loan B-2; with maturity in 2027, as well as to
the EUR100 million senior secured revolving credit facility,
maturing in 2026. Debt instruments will be issued by Aernnova
Aerospace, S.A.U. and guaranteed by Aernnova. The outlook is
stable.

The proceeds of the senior secured term loan B-1 will be used to
refinance EUR280 million of existing financial debt, to fund EUR100
million shareholder distributions and to pay transaction fees and
expenses. The proceeds of the senior secured term loan B-2 are
expected to be used either for a second shareholder distribution or
to fund new acquisitions.

The B1 CFR is balancing Aernnova's relatively smaller scale and
high concentration in terms of customers and end-markets compared
with larger peers in the industry with its long-term cooperation
with aerospace OEMs, a strong competitive position in its niche
market as well as its proven strong cash flow generation that will
enable the company to delever quickly after refinancing", says, Ana
Luz Silva Moody's lead analyst.

RATINGS RATIONALE

Aernnova Aerospace Corporation S.A.'s (Aernnova) B1 rating is
supported by (1) its long-term cooperation with aerospace original
equipment manufacturers (OEMs), acting predominantly as sole source
supplier; (2) its strong competitive position in its niche market,
underpinned by significant barriers to entry; (3) the positive
outlook on aircraft delivery, which underpins robust top-line
growth prospects, especially as the company is predominantly
exposed to de-risked and growing next-generation programmes; and
(4) solid cash flow generation, which provides strong deleveraging
capabilities, with retained cash flow (RCF) to net debt likely to
be around 18% and Moody's-adjusted debt/EBITDA likely to fall below
5.0x over the next 12-18 months.

The rating is constrained by (1) the company's comparatively modest
scale, with sales below EUR1.0 billion; (2) high concentration in
terms of customers and end markets (commercial aerospace), balanced
by the strong credit quality of its main customer Airbus SE
(Airbus, A2 stable) and its strong order backlog; (3) potential
execution risks related to the integration of General Electric (GE)
Aviation Hamble or the ramp up of narrow-body platforms; (4)
additional challenges from potential trade disruptions in the near
term; and (5) some propensity to event risk as the tier 2
competitive landscape remains fragmented.

OUTLOOK

While 2020 pro-forma leverage for the refinancing is relatively
high for the current rating category at around 5.0x
(Moody's-adjusted), the stable outlook reflects its expectations
that the company will swiftly reduce its Moody's-adjusted leverage
below 5.0x over the next 12-18 months, supported by the high
visibility into earnings from the existing backlog coupled with a
solid and steady-state cash flow generation. The outlook also
incorporates its assumption that the company will maintain adequate
liquidity and that it will not carry out any debt-financed
acquisitions or additional shareholder distributions that result in
a material increase in leverage.

WHAT COULD CHANGE THE RATING UP

  -- Sustained track record of the company's ability to generate
organic growth and earnings stability, coupled with absence of
major execution challenges in key platforms and the successful
integration of GE Aviation Hamble

  -- Leverage sustained well below 4.0x on a Moody's-adjusted
basis

  -- Sustained solid cash flow generation with retained cash flow/
net debt above 20%

  -- Track record of balanced financial policies

WHAT COULD CHANGE THE RATING DOWN

  -- Failure to maintain at least stable organic revenue and margin
performance or in case of material execution issues in key
platforms or along the integration of GE Aviation Hamble

  -- Leverage sustained around 5.0x on a Moody's-adjusted basis

  -- Material deterioration of cash flow leading to retained cash
flow/ net debt below 15%

  -- A more aggressive financial policy, including debt-financed
acquisitions or shareholder distributions

LIQUIDITY

Aernnova's liquidity is good. After refinancing, the company
envisages to have at least EUR20 million cash on balance sheet and
access to a EUR100 million undrawn senior secured RCF maturing in
2026. These sources, coupled with around EUR100 million-EUR115
million funds from operations annually, are expected to comfortably
cover:

  -- capital spending (including some expansion projects) of around
EUR40 million-EUR45 million annually

  -- EUR20 million-EUR25 million debt amortisation under public
institution loans

  -- working capital needs of up to EUR15 million-EUR20 million
annually

  -- Price consideration for the Hamble acquisition (undisclosed
amount)

Moody's expects Aernnova's free cash flow to remain positive over
the next 12-18 months, as growth in capital spending is likely to
remain limited, with the bulk of the programs entering the cash
flow generation phase. For funding short-term working capital
swings, Aernnova has access to factoring and reverse factoring
lines. As of September 2019, the company drew around EUR60 million
under those lines.

The company has additional flexibility under a EUR100 million
delayed drawn under its new Term Loan B; these proceeds are
expected to be used either for a second shareholder distribution or
to fund new acquisitions.

The capital structure is covenant lite, with only one springing net
leverage covenant (tested if drawings under the RCF exceed 40%),
set with a 40% headroom to opening leverage.

Moody's expects the group to retain enough capacity under the
covenant.

STRUCTURAL CONSIDERATIONS

Aernnova had EUR115 million unsecured public institution debt on
its balance sheet as of December 2019, mostly non-interest bearing
and amortising over a period extending up to 10 years. Once the
transaction has been completed, the new capital structure will
include a EUR390 million senior secured Term Loan B-1 and EUR100
million Term Loan B-2 (delayed draw in June 2020), both with
maturity in 2027, as well as a pari passu ranking senior secured
EUR100 million RCF due 2026.

The senior debt instruments are guaranteed by the parent company
Aernnova, Aernnova Aerospace, S.A.U. and its material subsidiaries
representing at least 80% of consolidated EBITDA. The security
package includes pledges over shares, bank accounts and intragroup
receivables.

Term Loan B-1, Term Loan B-2, the RCF and the public institution
debt are all senior claims at the same operating level, but the RCF
and the term loans are secured, while the public institution debt
is unsecured.

The B1 ratings on the senior secured Term Loan B-1 and B-2, as well
as the senior secured RCF, are in line with the corporate family
rating. Despite the security package guaranteeing the mentioned
facilities, the fact that the public institution debt is a
relatively small part of the capital structure and is also
amortising over time reduces the buffer for any given loss in case
of financial difficulties.

Moody's assumes a standard family recovery rate of 50%, which
reflects the covenant-lite nature of the loan documentation, and
this results in a B1-PD probability of default rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense Industry published in March 2018.

CORPORATE PROFILE

Aernnova Aerospace Corporation S.A., headquartered in Alava, Spain,
is a leading aerostructure company, specialized in the design and
manufacturing of aerostructures, components and engineering
solutions for aerospace OEMs. The group's operations are organized
in three main divisions: (1) Aerostructures and Components,
representing 79% of revenue; (2) Engineering and Services (10%);
(3) Process Automation (10%) next to others (1%). The group owns 21
production facilities in the Spain, Mexico, Brazil, the US and
China, which support its global activities across 25 aerospace
platforms.


AERNNOVA AEROSPACE: S&P Assigns Prelim 'B+' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B+' long-term issuer
credit rating to Spain-based aerostructure and engineering services
provider Aernnova Aerospace Corp. S.A.; and its preliminary 'B+'
issue rating and '3' recovery rating to the company's term loan B.


The refinancing and shareholder return, coupled with the
acquisition of U.K.-based business Hamble, will raise group
leverage, but Aernnova exhibits a good track record of M&A
integration and robust free operating cash flow (FOCF) generation
that supports deleveraging prospects.   Aernnova is issuing the
term loan to finance a shareholder dividend and potential
acquisitions. The group will initially use EUR390 million of the
facility to repay EUR280 million of existing term debt and fund a
EUR100 million dividend to its shareholders. The loan's EUR100
million delayed-draw portion will be drawn down in mid-2020 and the
proceeds will either fund further M&A or be returned to
shareholders. The Hamble acquisition's overall effect will be to
increase the group's revenue and EBITDA but slightly dilute
margins.

S&P said, "We forecast revenue growth at year-end 2020, pro forma
the refinancing and Hamble acquisition, of about 2.7% to about
EUR900 million, adjusted EBITDA margins of about 15%, and adjusted
debt to EBITDA of 4.7x.   Free operating cash flow (FOCF) should
remain robustly positive in 2020. We forecast FFO cash interest
will remain robust, at 7x-8x in 2020 and 2021. Indeed robust,
positive FOCF generation is one of the supporting factors that
underpins the 'B+' ratings.

"In terms of calculating adjusted debt for 2020, we consider the
term loan (assuming the delayed draw portion is drawn down in
mid-2020), then add EUR11 million for operating lease obligations
and about EUR35 million for factoring.   We also consider the
public institutions debt (pro forma the planned amortization
schedule, we forecast the balance of this debt will have been about
EUR129 million at fiscal 2019). We apply a 100% cash haircut and
also bear in mind that Aernnova might follow a shareholder friendly
policy in terms of dividends and dividend recapitalization."
However, management has a clear commitment to keeping leverage
under5x, the large ownership stake that management has in the
business, and the relatively conservative approach taken by the
joint sponsor owners.

Aernnova's fair business risk profile reflects niche market leading
positions and key relationships with civil aerospace customers.  
The competitive dynamics vary for commercial aerospace companies
depending on their position in the supply chain. Original equipment
manufacturers (OEMs), the companies that design, assemble, and
market complete aircraft, and tier 1 suppliers, those that produce
large assemblies or components, generally face a limited number of
competitors. For tier 2 and lower suppliers, which produce smaller
assemblies or basic parts or components, there are generally many
more competitors. S&P's assessment of Aernnova's fair business risk
profile reflects the company's position as a tier 1/tier 2
supplier, high customer concentration, and average profitability.
The acquisition of lower-margin Hamble will slightly dilute group
margins and increase overall customer concentration.

On one hand, Aernnova benefits from leading market positions across
some of its businesses, including composites and empennage, where
it has built a solid track record of designing and manufacturing
for a number of years.   The group's revenue comes mainly from
sales to major aviation and defence companies, including Airbus,
Boeing, Embraer, and Bombardier. Aernnova has a solid and deep
backlog with over five years revenue coverage, including 87% of
aero structure and components revenue for 2020-2022 already
secured. The company remains the supplier for a typical program's
life, which is often over 30 years. There are notable barriers to
entry given the expertise required for some of the more complex
structures, and limited scope for customers to switch providers
once full production is underway. Being present for several years
on key contracts and performing as expected with regard to product
quality and delivery deadlines has meant Aernnova stands in good
stead to benefit from further contract awards. The company also has
a good track record of integrating acquisitions.

On the other hand, the positioning as a tier 1/tier 2 supplier with
high concentration to one OEM constrains Aernnova's competitive
position.   There is significant customer concentration with
Airbus, with its programs accounting for near to 50% of group 2018
revenues and in particular the A350 XWB program (32%). If Airbus
had an issue similar to the Boeing Max situation on one of its
platforms, Aernnova could be affected (just as Spirit Aero is
experiencing in the U.S. with Boeing). Furthermore, S&P believes
the Hamble acquisition will not materially change this high
customer concentration, but will raise it to key customer Airbus
(A+/Stable/A-1+) as the group is a core customer for Hamble.
However, Aernnova has a strong presence on many civil air platforms
that are well positioned for good growth, including the Airbus A350
XWB, A330 NEO, A320 NEO, and A220; The Embraer E1 and E2; and the
Boeing 787.

S&P also sees some geographic concentration compared with the peer
group.   The majority of Aernnova's revenue comes from a few core
markets: Spain (46.1% of 2018 revenues), followed by the rest of
the EU (18.5%), U.S. (10.6%), Brazil (10.5%), and Canada (8.2%).

Aernnova's adjusted margins have been steadily above 18% in recent
years. S&P siad, "However, we estimate that the Hamble acquisition
will slightly dilute overall group margins from 2020 onwards, to
about 15%. We consider the group's level of profitability as
average for the industry (at 10%-18%)."

Founded in 1936 and located in Hamble, U.K., the company generated
about EUR200 million of revenue in 2018.   It provides design and
construction services on key civil and military programs for
Airbus, BAE Systems, Boeing, and Bombardier. The majority of
revenue comes from the design and production of wings, wing-to-body
fairings and nacelles, with the balance coming from pylons, fuel
tanks, in-flight refuelling equipment and canopy systems. Hamble
generates about 81% of its revenues from Airbus, which is why S&P
believes the acquisition will slightly raise Aernnova's overall
customer concentration to Airbus.

A strong management team and commitment by the owners to adjusted
leverage of less than 5x supports the 'B+' ratings.   S&P assesses
Aernnova's management and governance as fair. This reflects the
group's clear strategic planning process and management being well
experienced and incentivized, with the chairman/CEO, COO, CCO, and
CFO benefiting from a combined 57 years of experience at Aernnova.
The chairman/CEO and senior management own a 24.2% stake in the
group. Towerbrook is the largest external shareholder with an
approximately 37.6% share in the group, with Peninsula Capital and
Torreal holding about 14.7% and 10%, respectively. Towerbrook also
holds a 13.6% stake in Aernnova via ANV Co-invest, but this is a
passive investment with no board seat. Voting rights mirror
economic interests. Although majority financial sponsor owned,
there is clear evidence of a commitment keep leverage well below
5x, hence our assessment of an FS-5 financial policy modifier.

S&P said, "We consider Aernnovas relatively immune to potential
disruption from a no-deal U.K. exit from the EU (Brexit) and the
U.S.-China tariff war.   We consider Aernnova to be relatively well
insulated from the well documented geopolitical and major platform
risks that some rated peers are facing--specifically a potential
no-deal Brexit, the ongoing U.S.-China trade disputes, and the
grounding of the Boeing 737 MAX passenger plane. Although Aernnova
will have production facilities, suppliers, and customers in the
U.K. and Europe following the Hamble acquisition, we see a
potential no-deal Brexit as having a minimal effect on the business
versus some rated peers. Most of the company's business is local
and there is very little cross-border flow of goods or services. We
also expect Aernnova would manage risk during a financial downturn,
given the robust fundamentals of the civil aerospace industry, the
rising demand for passenger air travel, and the multi-year backlog
for the platforms that Aernnova is on.

"We apply a negative comparable ratings analysis of one notch to
arrive at the final rating of preliminary 'B+'.   This is because
we believe the acquisition of Hamble coupled with the refinancing
and shareholder return will result in margins softening to about
15% and a leverage spike of 4.7x in 2020. It also reflects
Aernnova's relative size and scale and its high customer
concentration versus rated peers. Therefore, we see the company's
business risk profile post-acquisition at the low end of the fair
category.

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

"The stable outlook reflects our expectations that Aernnova will
continue to deliver on its business strategy, increasing its
backlog and revenue growth. Following the acquisition and
integration of Hamble, we expect that the company will maintain
adjusted EBITDA margins of about 15% or more in 2020, with adjusted
debt to of about 4.7x at the same time. We expect it will remain
comfortably FOCF positive and exhibit funds from operations (FFO)
cash interest coverage of more than 3.0x over our 12-month outlook
horizon.

"We could lower the rating on Aernnova if the company's margins
were to deteriorate towards 10% or lower, debt to EBITDA were to
rise to more than 5.0x, FOCF were to turn negative, or FFO cash
interest coverage ratio decreases to below 3.0x. We could also
lower the rating if the ratio of liquidity sources to uses were to
decrease to less than 1.2x

"We consider a positive rating action unlikely at this stage, but
we could raise the rating if Aernnova were to increase margins back
to sustainably more than 18% (with continued positive FOCF) and
improve debt to EBITDA to sustainably below 4x, supported by
positive industry trends and a robust operating performance."




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S W E D E N
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NYNAS AB: Plans to Reorganize to Escape U.S. Sanctions
------------------------------------------------------
Colm Fulton at Reuters reports that Swedish oil refiner Nynas,
which is owned by Venezuela's state-run PDVSA and Finland's Neste
Oil, said on Jan. 21 it planned to reorganize its business in an
attempt to disentangle itself from U.S. sanctions imposed on
Venezuela.

Nynas said the proposed changes to its ownership structure, backed
by both PDVSA and Neste Oil, were filed with the United States'
Office of Foreign Assets Control (OFAC) on Jan. 17, Reuters
relates.

According to Reuters, the refiner, which was placed in the hands of
a court-appointed administrator late last year, added that it would
only proceed with the changes if and when OFAC confirmed that the
move would mean Nynas no longer being subject to its sanctions.

The reorganization is vital for the Swedish refiner, which said in
December that the sanctions had cut it off from bank funding and
left it unable to pay its debts, Reuters notes.

Nynas, as cited by Reuters, said on Jan. 21 that relief from the
sanctions would allow it to trade in U.S. dollars and access credit
again.

The United States in October introduced changes to a license that
had previously allowed Nynas to import Venezuelan oil despite
sanctions imposed on its owner PDVSA, sparking a crisis at the
refiner which employs about 1,000 people in Sweden, Germany and
Britain, Reuters recounts.


STENA AB: Moody's Affirms B1 Corp. Family Rating, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service affirmed Stena AB's B1 corporate family
rating, its probability of default rating at B1-PD and its senior
unsecured notes rating at B3. Furthermore, Moody's affirmed the
backed senior secured notes rating of subsidiary Stena
International S.A. at Ba3 and its backed senior secured bank credit
facility rating at Ba3. The outlook was maintained at negative.

Moody's also assigned a Ba3 rating to the backed senior secured
notes of Stena International S.A.

RATINGS RATIONALE

For the past three years, Stena's operating performance has been
negatively impacted by falling assignments and day rates for
offshore drilling rigs, as well as subdued demand and rates for
tankers. Although the company's credit metrics, particularly
leverage, deteriorated over this period, its good liquidity and
support from the stable and asset-rich real estate business and
Stena Line, has helped Stena manage through this somewhat
challenging time. More precisely, its shareholder, the Olsson
family, supported the company's liquidity by buying real estate to
a value of SEK6.8 billion in 2018 from Stena AB, which brought SEK4
billion in cash into the latter. The B1 rating reflects Moody's
expectations of continued support from the shareholder base.

The improving operating performance is, however, currently not
strong enough to yield a significant positive impact on key credit
ratios such as positive free cash flows and debt/EBITDA close to
7.0x. Moody's understands this is partly driven by continued high
investments funded by new debt -- investments that will take some
time before being EBITDA accretive. Should the improving market
environment for offshore drilling and tankers not be sustained this
could cause elevated debt metrics going forward. Thus, the
continued negative outlook balances the positive trajectory on an
operational level with the somewhat uncertain trajectory for
leverage and cash flows.

OUTLOOK

The negative outlook incorporates Moody's expectations for
continued EBITDA growth but at the same time a debt load that
increases towards SEK66 billion end of 2020. Given the continued
high investment level, with capital expenditure hovering around
SEK6 billion -- SEK 7 billion over the next 12-18 months, Moody's
still see negative free cash flow generation during this time.
Although Moody's anticipated key indicators are weak for the
current B1 rating level, this is mitigated by the very stable SEK40
billion real estate portfolio, with a relatively low loan to value
of around 40%, as well as the supportive Olsson Family shareholder
and Moody's expectations of a gradual improvement of free cash flow
towards break-even levels over the next quarters.

ESG CONSIDERATION

In terms of environmental, governance and social factors, Stena's
rating reflects the elevated environmental risk facing the shipping
sector. More precisely, the IMO2020 regulation which comes into
force January 1, 2020 will most likely increase bunker costs for
shipping companies initially before they will be able to pass it
through to shippers. Moody's notes as positive that Stena ordered
scrubbers for its tanker fleet very early, and almost its entire
fleet is using or will be using scrubbers. For its ferry business,
Stena Line, only a limited part of its network will be affected as
the majority of routes are within Emission Control Areas (ECAs),
were the maximum the allowed sulfur content in bunker is 0,1%
(IMO2020 stipulates a maximum of 0,5%).

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on Stena's ratings could develop post 2020
following (1) a sustainable recovery in internal cash flow
generation, with consolidated retained cash flow/net debt
approaching the mid-teens in percentage terms; and (2) progressive
deleveraging of the group's balance sheet, with total consolidated
debt/EBITDA below 6.0x.

Negative pressure could build if Stena fails to (1) bring down
leverage towards 7.0x within the next 12-18 months on a sustainable
basis; (2) sustainably keep its interest coverage, measured as (FFO
+ Interest Expense) / Interest Expense, above 2.5x; (3) failure to
restores free cash flow back towards break-even levels; and (4) a
deterioration of the group's liquidity profile.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Shipping
Industry published in December 2017.

COMPANY PROFILE

Stena AB (Stena) is one of the largest privately owned groups in
Sweden (100% owned by the Olsson family). For the twelve months
ending September 30, 2019, the group generated consolidated
turnover of SEK34.5 billion ($3.6 billion) and EBITDA (ex IFRS 16)
of SEK6.0 billion ($630 million). Stena is a holding company, which
controls the group's five business divisions (1) Stena Line, the
group's ferry operator; (2) Stena Drilling, the group's offshore
drilling company; (3) Shipping Operations (comprising Stena's RoRo,
Bulk and LNG operations, as well as Northern Marine, the fleet
manager); (4) Stena Property, the group's real estate company; and
(5) Stena Adactum, the group's investment arm. Stena Property and
Stena Adactum are outside of the restricted group, as defined by
the terms and conditions of the indentures governing Stena's
bonds.

List of Affected Ratings:

Assignments:

Issuer: Stena International S.A.

Senior Secured Regular Bond (Foreign Currency), Assigned Ba3

Outlook Actions:

Issuer: Stena AB

Outlook, Remains Negative

Issuer: Stena International S.A.

Outlook, Remains Negative

Affirmations:

Issuer: Stena AB

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating (Foreign Currency), Affirmed B1

Senior Unsecured Bond (Foreign Currency), Affirmed B3

Issuer: Stena International S.A.

Senior Secured Bank Credit Facility (Foreign Currency), Affirmed
Ba3

Senior Secured Bond (Foreign Currency), Affirmed Ba3




===========
T U R K E Y
===========

ANADOLUBANK AS: Fitch Alters Outlook on B+ LT IDR to Stable
-----------------------------------------------------------
Fitch Ratings revised the Outlook on Anadolubank A.S.'s Long-Term
Foreign-Currency Issuer Default Rating to Stable from Negative and
affirmed the IDR at 'B+'.

The revision of the Outlook reflects Fitch's view that risks to the
bank's credit profile from operating environment and asset quality
pressures should be manageable given its level of capital,
profitability and liquidity buffers. Limited external funding at
the bank also mitigates refinancing risks. Fitch expects asset
quality trends at the bank to stabilise - notwithstanding operating
environment risks - given the short-term duration of its lending
and the origination of new loans against the backdrop of the
stronger, albeit below-trend, economic growth environment and
relatively more stable market conditions. Fitch considers
short-term operating environment risks to have partly abated given
Turkey's progress in stabilising its economy. Fitch forecasts GDP
of 3.1% in 2020 up from 0.1% in 2019.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING (VR)

Anadolubank's Long-Term IDRs are driven by its standalone
creditworthiness, as reflected in its 'b+' VR.

The bank's VR reflects its small absolute size, limited franchise
(end-9M19: 0.4% of sector assets) and concentration of its
operations in the challenging and volatile Turkish operating
environment, which expose it to market volatility and political and
geopolitical uncertainty. This is balanced by the bank's record of
solid performance through the cycle - partly reflecting the
shorter-term and more flexible nature of its balance sheet and
operations - and low foreign currency wholesale funding exposure.
In addition, capital and liquidity buffers are adequate for the
bank's risk profile.

Anadolubank is focused on the fairly risky SME and commercial
segment (a combined 56% of net loans), which is highly sensitive to
macro risks, and corporate borrowers (41%). However, its company
profile is underpinned by flexibility in its business model,
facilitated by its primarily short-term, local-currency lending
strategy. The bank maintains a high share of short-term
floating-rate assets, which enables swift balance sheet adjustments
in response to changing market conditions and prevents margin
erosion through rapid loan repricing. This has supported its sound
track record of performance and ability to replenish capital
buffers organically amid challenging market conditions.

Nevertheless, asset quality weakened in 2018-9M19, reflecting
pressures on the bank's SME and commercial portfolios in
deteriorating operating environment conditions but also rapid loan
seasoning effects, given the short-term tenor of lending. At
end-9M19 a high 83% of Anadolubank's loan book had an outstanding
maturity below one year. The impaired loans ratio rose to a high
8.4% at end-9M19 (sector: 5.0%) while NPL origination and
generation rates remained elevated (6.1% and 4.4%, respectively;
annualised). In addition, the bank reported fairly high - albeit
decreasing - Stage 2 loans (9.7% of gross loans), over half of
which were restructured, and these could migrate to Stage 3 as
loans season.

Credit risks at the bank remain significant due to high, although
below the sector average, foreign currency lending (end-3Q19: 23%
of gross loans), given the potential impact of local currency
depreciation on often weakly hedged borrowers' ability to service
their debt, and exposure to the troubled real estate and
construction (end-3Q19: a combined 13% of gross loans) and agro
(7%) sectors. However, single-name concentration relative to
capital is low and below peers. In 9M19, loan growth also largely
related to exposures to good quality financial institution groups
(12% of gross loans) - albeit such lending does not form part of
the bank's core lending strategy.

Nevertheless, short-term macroeconomic risks have partly abated,
given Turkey's progress in rebalancing and stabilising the economy.
The stronger GDP growth outlook (2020: 3.1% GDP growth forecast),
the lower local currency interest rate environment and greater lira
stability should mitigate downside risks to asset quality to some
extent, as for the sector.

Anadolubank continued to report strong, above sector-average
profitability in 9M19 (operating profit/risk-weighted assets of
2.8%; sector: 1.8%), reflecting its healthy net interest margin
(9M19: 6.2%) which is supported by its ability to swiftly reprice
loans. The bank's profitability also reflects a lower level of
impairments (31% of pre-impairment operating profit) than peers.
However, the bank's performance could weaken in 2020 with margin
pressure (given limited pricing power) and higher impairments as
problem loans gradually feed through.

Capitalisation is adequate (end-9M19: Fitch Core Capital ratio of
14.3%) for the bank's risk profile and level of internal capital
generation. The bank's CET 1 ratio (14.5%) was higher than peers
and all capital ratios were comfortably above regulatory minimum
requirements at end-9M19. The bank is able to manage its capital
position through rapid deleveraging, if needed, given the
short-term nature of its balance sheet. Pre-impairment profit
(9M19: equal to 5.4% of average loans; annualised) provides a solid
buffer to absorb losses through the income statement.

The bank is largely funded by granular customer deposits (end-3Q19:
a high 91% of total funding) and wholesale funding is limited,
mitigating refinancing risks. The loans/customer deposits ratio is
reasonable at about 100% and deposit concentration is low. The
share of foreign currency deposits in total deposits has been
broadly stable (end-9M19: 44%; 36% unconsolidated basis) and below
sector-average (52%). Deposits held at Anadolubank NV represented
14% of total deposits (or 30% of FC deposits) at end-9M19 and their
average tenor (about one year) is longer term than at the bank's
Turkish operations.

Wholesale funding amounted to a low 9% of total funding at
end-9M19. About half is in foreign currency and largely short term.
It consists mainly of money market, repo and bilateral funding
(including trade finance) from Anadolubank NV. Refinancing risk is
manageable given low external debt exposure. At end-9M19, FC
liquidity comfortably covered short-term non-deposit foreign
currency liabilities falling due within a year. It comprises mainly
interbank assets, mandatory reserves held against local currency
liabilities under the Reserve Option Mechanism and cash.
Nevertheless, foreign currency liquidity could come under pressure
in case of large foreign currency deposit outflows.

NATIONAL RATING

The affirmation of Anadolubank's National Rating reflects its view
that the bank's creditworthiness in local currency relative to
other Turkish issuers has not changed.

SUPPORT RATING AND SUPPORT RATING FLOOR

The '5' Support Rating and 'No Floor' Support Rating Floor reflect
Fitch's view that support cannot be relied upon from the Turkish
authorities, due to the bank's small size and limited systemic
importance, nor from shareholders.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATING

The bank's ratings could be downgraded due to i) a marked
deterioration in the operating environment, as reflected in adverse
changes to the lira exchange rate, domestic interest rates,
economic growth prospects, and external funding market access; ii)
a weakening of the bank's foreign currency liquidity position, most
likely due to deposit outflows; or iii) a greater than expected
pressure in asset quality and profitability or high loan growth
that puts pressure on the bank's capital position.

Upside for the ratings is limited in the near term, given still
heightened operating environment risks and ensuing pressure on the
bank's standalone credit profile and the bank's nominal franchise.

Anadolubank's National Rating is sensitive to a change in the
entity's creditworthiness relative to other rated Turkish issuers.

SUMMARY OF FINANCIAL ADJUSTMENTS

An adjustment has been made in Fitch's financial spreadsheets of
the Anadolubank that has impacted core and complimentary metrics.
Fitch have taken a loan that was classified as a financial asset
measured at fair value through profit and loss in the bank's
financial statements and reclassified it under gross loans as Fitch
believes this is the most appropriate line in Fitch spreadsheets to
reflect this exposure.

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.


FIBABANKA AS: Fitch Affirms B+ LongTerm IDR, Outlook Negative
-------------------------------------------------------------
Fitch Ratings affirmed Fibabanka A.S.'s Long-Term Foreign-Currency
Issuer Default Rating at 'B+' with a Negative Outlook and affirmed
the bank's Viability Rating at 'b'.

KEY RATING DRIVERS

IDRS, SENIOR DEBT RATING AND VRThe Long-Term IDRs of Fiba are rated
one notch above its VR due to significant protection for senior
creditors by its buffer of qualifying junior debt (QJD; end-3Q19:
9% of risk-weighted assets (RWAs)) in case of the bank's failure.
The Negative Outlook reflects risks to its standalone credit
profile, given its exposure to a challenging Turkish operating
environment. The risks are heightened by significant concentrations
in its loan book that could lead to pressure on capital and
profitability ratios, in the event of greater-than-expected asset
quality deterioration.

The VR reflects Fiba's small absolute size, limited franchise
(end-9M19: 0.5% of sector assets) and the concentration of the
bank's operations in Turkey, given currency and interest-rate
volatility and political and geopolitical uncertainty. The bank is
focused on corporates (58% of loans at end-3Q19), SMEs and
commercial customers (29% combined). Retail lending remains low (9%
of loans), but could moderately grow with the bank's digitalisation
strategy.

Asset-quality risks remain high given a below-trend growth outlook
in Turkey, exposure to high-risk segments, notably construction
(20% of loans at end-3Q19) and high foreign-currency (FC) lending
(42% of loans at end-3Q19). The Turkish lira depreciation has
undermined the ability of often weakly hedged borrowers to service
their debt. Nevertheless, short-term macroeconomic risks have
partly abated, given Turkey's progress in rebalancing and
stabilising the economy. The stronger GDP growth outlook (2020:
3.1% GDP growth forecast), lower local-currency interest rates and
greater lira stability should to some extent mitigate risks to the
sector's asset quality.

Impaired loans at Fiba increased to 4.9% of gross loans at end-3Q19
(end-2018: 4.2%), but remained below sector-average, partly
reflecting the bank's focus on the higher-quality corporate
segment. However, the share of Stage 2 loans also increased to a
high 14% of which about half had been restructured. High
single-name borrower risk could bring volatility to asset-quality
ratios as loans season.

Fiba's profitability metrics have remained reasonable, albeit
underperforming the sector, partly due to a lack of economies of
scale. The bank's annualised operating profit/RWA ratio remained
flat at 1.4% in 9M19 as growth in non-interest income (mainly fee
income) was offset by higher impairments. Loan impairment charges,
net of TRY105million of free-provisions against possible losses,
absorbed a material 50% of pre-impairment profit in 9M19.

Asset quality is likely to continue to weigh on profitability given
operating-environment risks, although earnings should be supported
by higher loan volumes, lower funding costs - following sharp
interest-rate cuts - and still adequate margins. Pre-impairment
profit (9M19: 5% of average loans; annualised) provides a solid
buffer for absorbing unexpected credit losses through the income
statement.

Capitalisation is a constraint for Fiba's VR given the bank's
weaker core capital ratios and higher leverage than most peers'.
Its Fitch Core Capital (FCC)/RWA ratio rose to 9.8% at end-3Q19,
from 8.1% at end-2018, but is sensitive to concentration risk,
asset-quality weakening, potential lira depreciation and loan
growth. Overall Fitch expects profitability to be broadly in line
with moderate, budgeted loan growth. Fiba's total capital adequacy
ratio was stronger at a more healthy 19.4%, supported by USD270
million of FC subordinated Tier 2 notes. In addition, Fiba issued
USD30 million of AT1 notes in December 2019; Fitch estimates this
will result in a 100bp uplift to the Tier 1 and Total capital
ratios.

Customer deposits comprised 70% of non-equity funding at end-3Q19,
with wholesale funding, nearly all in FC, making up the balance. As
a result, Fiba has a more diversified funding base than peers,
albeit its loans-to-deposits ratio is also higher (120% at
end-3Q19). Wholesale funding mainly comprises long-term senior
unsecured borrowings (12% of total non-equity funding),
subordinated debt due in 2027 (8%), short-term borrowings (6%) and
bank deposits and repos (3%). Fiba has been reducing its wholesale
funding exposure (9M19: down 15% yoy in US dollar terms) to reduce
funding costs but also due to lower customer demand for FC credit.
Fitch expects new borrowings to be limited, given the bank's focus
on lira loan growth, although opportunistic issuance/borrowings may
arise.

FC liquidity is adequate and broadly sufficient to cover the bank's
maturing FC non-deposit liabilities over the next 12 months. It
comprises mainly interbank assets, mandatory reserves held against
local- currency liabilities in Turkey's reserve option mechanism
and cash. However, FC liquidity could come under pressure from
prolonged market closure and deposit instability.

NATIONAL RATING

The affirmation of the National Rating reflects its view that
Fiba's creditworthiness in local currency relative to other Turkish
issuers has not changed.

SUBORDINATED DEBT

The subordinated notes of Fiba are rated one notch below its VR.
The notching includes zero notches for incremental non-performance
risk and one notch for loss severity.

SUPPORT RATING AND SUPPORT RATING FLOOR

Fiba's '5' Support Rating and 'No Floor' Support Rating Floor
reflect Fitch's view that support from the Turkish authorities
cannot be relied upon, due to its small size and limited systemic
importance. In addition, support from shareholders, although
possible, also cannot be relied upon.

RATING SENSITIVITIES

IDRS, SENIOR DEBT, VR AND NATIONAL RATING

The bank's ratings could be downgraded due to marked deterioration
in the operating environment - as reflected in adverse changes to
the lira exchange rate, domestic interest rates, economic growth
prospects, and external funding market access. Downgrades may also
result from a weakening of the bank's FC liquidity or a
greater-than-expected deterioration in asset quality that
materially weakens the bank's profitability and capital.

The Outlook on the Long-Term IDRs could be revised to Stable if
sustained market stability mitigates risks to the bank's credit
profile or if Fitch deems capital and liquidity buffers as
sufficient to absorb significant market stresses. A sharp reduction
in concentration risk, together with sustained reasonable financial
metrics, could also support an Outlook revision. Upside for the
ratings is limited in the near term, given operating-environment
risks, the bank's limited franchise and weak core capitalisation.

The Long-Term IDRs and senior debt rating of Fiba, which are
currently notched once above the VR, could be downgraded to the
level of the VR if (i) its buffer of QJD decreases to such an
extent that Fitch deems it to be insufficient to cover a potential
recapitalisation of the bank, thereby increasing the risk of losses
for senior creditors in case of its failure or (ii) if Fitch
believes the bank's recapitalisation requirement in a failure is
likely to exceed its QJD buffer.

On November 15, 2019 Fitch published an exposure draft of its Bank
Rating Criteria, which includes proposals to alter the approach to
rating a bank's Long-Term IDR above the VR due to a large buffer of
QJD. If the final criteria are published in line with the exposure
draft, Fiba's IDR could be downgraded to the level of its VR, most
likely if Fitch believes the QJD buffer is unlikely to remain
sustainably above 10% of RWAs.

Fiba's National Rating is sensitive to a change in the entity's
creditworthiness relative to other rated Turkish issuers.

SUBORDINATED DEBT

As the notes of Fiba are notched down from its VR, their ratings
are sensitive to a change in the latter. The ratings are also
sensitive to a change in notching due to a revision in Fitch's
assessment of the probability of the notes' incremental
non-performance risk relative to the risk captured in the bank's
VR, or in its assessment of loss severity.

If the final criteria are published in line with the exposure
draft, under which Fitch has proposed to alter its approach to
notching subordinated debt ratings Fiba's subordinated debt rating
could be downgraded by one notch.

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.


ODEA BANK: Fitch Affirms B Issuer Default Rating, Outlook Negative
------------------------------------------------------------------
Fitch Ratings affirmed Odea Bank A.S.'s Long-Term Issuer Default
Ratings at 'B', with Negative Outlook, and the bank's Viability
Rating at 'b'.

KEY RATING DRIVERS

The Long-Term IDRs of Odea are driven by its standalone
creditworthiness, as reflected in its 'b' VR. The VR reflects the
bank's limited franchise, high asset-quality risks and weak
profitability, but also a reasonable funding profile and limited
reliance on wholesale funding.

The Negative Outlook reflects the potential for further weakening
in financial metrics given operating environment risks and the
bank's weakened credit risk profile, due to an exposure to the
troubled real -estate sector.

Odea is rated above its Lebanese parent, Bank Audi S.A.L. whose
ratings were placed on 'RD' following the Banque due Liban
restrictions on banks' operations in foreign currency, including
for payments on customer deposits in Lebanon. However, Fitch sees
limited contagion risk for Odea from its parent given i) limited
exposure to Lebanon (2% of total assets, or 20% of Fitch Core
Capital (FCC), in the form of Lebanese government debt); ii) that
Odea has not paid any dividends to date; and iii) the fairly strong
Turkish banking regulator, which Fitch believes would seek to limit
transfers of capital and liquidity to the parent in case of
stress.

Odea has a limited franchise in Turkey with less than a 1% market
share. Furthermore, the bank has been deleveraging since 2017 due
to asset-quality pressures, with loans contracting by 10%
(FX-adjusted) in 9M19. Odea provides banking services to corporate,
commercial, SME and retail customers in Turkey, with most loans
being extended to the corporate and commercial segments and a
limited exposure to retail loans.

Asset-quality risks are heightened by high foreign-currency lending
(50% of gross loans), single-name borrower risk and exposure to
troubled segments and sectors, notably construction (26% of gross
loans, equal to 1.5x of FCC) and to a lesser extent energy (10%).
Odea's impaired loans ratio increased to a high 12.6% at end-9M19,
compared with the sector average of 5.4%, albeit lending contracted
over this period (9M19: FX-adjusted, down 10%). The bank's
non-performing loan (NPL) generation and origination ratios also
remained high, despite some improvement in the latter.

Stage 2 loans are also high (27% of gross loans), in part
reflecting the bank's stringent loan classification approach, and
could become NPLs as loans season. A third of Stage 2 loans at
end-9M19 were restructured.

Total reserve coverage of NPLs remained below the sector average at
90.8% at end-9M19. However, the bank has an additional
TRY135million free provision for potential losses, which increases
coverage to 96%. Specific reserves held against NPLs amounted to a
low 54%, but this is partly due to the bank's focus on commercial,
and therefore collateralised, lending. However, current market
illiquidity means that collateral, which is largely in the form of
real estate, is likely to be challenging to realise, although loan
collections could also start to increase given an improving
economic outlook. Reserves coverage of Stage 2 loans is above peer
average but total unreserved Stage 3 loans/equity equals a rather
high 35% of equity.

Fitch expects further asset-quality weakening in 2020 given the
bank's risk profile and operating environment pressures, although
the improving growth outlook and greater market stability, notably
in respect of the lira and local-currency interest rates, should
help mitigate asset-quality pressures.

Fitch considers Odea's capital ratios as only adequate given the
bank's weak asset quality, limited internal capital generation -
reflecting low growth and high impairments - and a high share of
unreserved problematic loans. The bank's FCC and Tier 1 ratio were
12.5% and 13.4%, respectively, at end-9M19. Its total capital ratio
of 20.6% was more reasonable, supported by USD284 million of
subordinated Tier 2 capital, which provides partial hedge against
lira depreciation.

Profitability metrics have been dampened by loan impairments and
are set to remain under pressure from low growth and likely
asset-quality weakening. The bank's cost-efficiency metrics are
also weighed down by limited earnings generation and a lack of
economies of scale. The operating profit/risk-weighted assets was a
negligible 0.1% in 9M19 as loan impairments absorbed 93% of
pre-impairment profit, but this included the aforementioned TRY118
million of free provisions.

The bank is largely funded by customer deposits, which represented
80% of non-equity funding at end-9M19. The Fitch-calculated gross
loans-to-deposits ratio was a solid 94%. However, the share of
foreign-currency deposits is high at 66%, up from 58% at end-2018,
reflecting sector-wide dollarisation. The bank has lower wholesale
funding reliance than large bank peers and foreign-currency
wholesale funding was a moderate 16% of non-equity funding at
end-9M19 (about 20% was short-term). Foreign-currency liquidity is
adequate and broadly sufficient to cover the bank's maturing
foreign-currency non-deposit liabilities over the next 12 months.
It comprises mainly interbank assets, mandatory reserves held
against local-currency liabilities in the reserve option mechanism
and cash. However, foreign-currency liquidity could come under
pressure in case of prolonged market closure and deposit
instability.

NATIONAL RATING

The change in Outlook on the National Rating to Negative from
Stable reflects its view that the bank's creditworthiness in local
currency has weakened compared with Turkish bank peers. This is
because the bank's Long-Term Local-Currency IDR remains on Negative
Outlook compared with the majority of Turkish banks on Stable.

SUBORDINATED DEBT

The subordinated notes of Odea are rated one notch below its VR
anchor rating. The notching includes zero notches for incremental
non-performance risk and one notch for loss severity.

SUPPORT RATING AND SUPPORT RATING FLOOR

Odea's '5' Support Rating and 'No Floor' Support Rating Floor
reflect Fitch's view that support cannot be relied upon from the
Turkish authorities, due to the bank's small size and limited
systemic importance. In addition, support from Bank Audi, although
possible, cannot be relied upon.

RATING SENSITIVITIES

The bank's ratings could be downgraded due to i) marked
deterioration in the operating environment, as reflected in adverse
changes to the lira exchange rate, domestic interest rates,
economic growth prospects, and external funding market access; ii)
a weakening of the bank's foreign-currency liquidity position due
to deposit outflows; or iii) a sharp asset-quality deterioration
leading to significant pressure on capitalisation. A material
increase in exposure to Lebanese risk could lead to a downgrade,
but this is not expected by Fitch.

Odea's National Ratings are sensitive to a change in the entity's
creditworthiness relative to other rated Turkish issuers.

SUBORDINATED DEBT

As the notes of Odea are notched down from its VR, their ratings
are sensitive to a change in the latter. The ratings are also
sensitive to a change in notching due to a revision in Fitch's
assessment of the probability of the notes' incremental
non-performance risk relative to the risk captured in the bank's
VR, or in its assessment of loss severity.

In addition, on November 15, 2019, Fitch published an exposure
draft of its Bank Rating Criteria, which includes proposals to
alter its approach to notching subordinated debt ratings. If the
final criteria are published in line with the exposure draft,
Odea's subordinated debt rating could be downgraded by one notch.

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.


SEKERBANK TAS: Fitch Affirms B- LongTerm IDR, Outlook Negative
--------------------------------------------------------------
Fitch Ratings affirmed Sekerbank T.A.S.'s Long-Term
Foreign-Currency Issuer Default Ratings at 'B-', with a Negative
Outlook, and affirmed the bank's Viability Rating at 'b-'.

KEY RATING DRIVERS

IDRS and VR

The IDRs of Sekerbank are driven by its standalone
creditworthiness, as reflected in its VR. The latter reflects its
limited franchise - albeit with a widespread regional presence in
Anatolia - small market shares (less than 1% share of sector assets
at end-9M19), lack of pricing power and the concentration of its
operations in the high-risk Turkish operating environment.

It also considers Sekerbank's very weak capitalisation given
heightened asset-quality risks - which in turn constrains the
bank's growth and internal capital generation. It factors in its
weak profitability, which is weighed down by asset-quality
weakness, a high cost base - reflecting its vast regional network -
and limited revenue generation.

The Negative Outlook reflects heightened risks to its standalone
credit profile and financial metrics given operating-environment
pressures and its weak intrinsic balance-sheet strength. The bank
was loss-making in 9M19.

Sekerbank's credit exposure is focused mainly on the high-risk SME
and micro-SME segments (end-9M19: 59% of gross loans) and to a
lesser extent, corporate and retail customers. Its risk profile is
highly correlated to the Turkish operating environment, given the
sensitivity of its main customer segments to macro conditions.
Foreign-currency loans amounted to a high, but below sector
average, 32% of the loan book at end-9M19, heightening credit risk
given the impact of the Turkish lira depreciation on often weakly
hedged borrowers' ability to service their debt. It also has a
large exposure to high-risk segments and sectors, including
construction (20% of gross loans, largely comprising loans to
contractors) and agriculture (13%).

Nevertheless, short-term macroeconomic risks have partly abated,
given Turkey's progress in rebalancing and stabilising the economy.
The stronger GDP growth outlook (2020: 3.1% GDP growth forecast),
lower domestic interest rates and greater lira stability should
mitigate risks to asset quality to some extent, as for the sector.

Impaired loans increased to 8.9% of loans at end-3Q19 (end-2018:
5.6%) - albeit lending contracted by 6% in 9M19 - significantly
above the sector average of 5%. It excluded a further TRY652
million of overdue loans and off-balance sheet exposures, for which
the bank received a qualification in its 9M19 audited financial
statements. Including these loans, non-performing loans (NPLs)
would have risen to 11.7%. Stage 2 loans, concentrated mainly in
the construction and agriculture sectors, were also high at 14.7%
of gross loans at end-9M19 and could migrate to NPLs as loans
season.

NPLs were 92%-covered by total reserves (including Stage 1, Stage 2
and Stage 3 reserves) at end-9M19. Including the TRY652 million of
exposures qualified by the auditors and adjusting reserves to
include free provisions, total reserves coverage of NPLs would be
lower at 74%.

Profitability is very weak and likely to remain under pressure
given high impairment charges, low growth and margin pressure from
higher funding costs. In 9M19 the bank reported a TRY293 million
net loss (equal to 12% of end-2018 equity).

Sekerbank's capitalisation is very weak and leverage high and above
sector average. The bank's Fitch Core Capital
(FCC)-to-risk-weighted assets (RWAs) fell to a low 8% (end-2018:
9.2%) at end-9M19 while the total regulatory capital fell to 12.9%,
only slightly above the 12% recommended regulatory minimum. Capital
ratios remain sensitive to lira depreciation (due to the inflation
of foreign-currency RWAs), potential further losses and
asset-quality pressures. The bank issued Turkish lira-denominated
AT-1 notes amounting to TRY250 million in December 2019, which will
provide around 1pp uplift to its Tier-1 and total capital adequacy
ratios. It plans a further TRY250 million issue in 2020.

Sekerbank is mainly deposit-funded and benefits from a stable
regional deposit franchise underpinned by its large branch network
relative to its peers in Anatolia. Its loans/deposits ratio was a
solid 99% at end-9M19. A high 46% of deposits were in foreign
currency at end-9M19, following increased sector-wide
dollarisation. The bank has reduced its foreign-currency wholesale
funding and new foreign-currency borrowings are likely to be
limited given its low growth appetite and focus primarily on
local-currency loan growth. Foreign-currency wholesale funding was
equal to a moderate 9% of total funding at end-9M19, below sector
average, while funding maturities were largely over one year.

Foreign-currency liquidity - comprising largely cash and interbank
balances (including placed with the Central Bank of Turkey),
maturing FX swaps and government securities - is reasonable and the
bank should be able to cope with a short-lived market closure given
its limited short-term refinancing needs. However, foreign-currency
liquidity could come under pressure from a prolonged loss of market
access or deposit outflows.

NATIONAL RATING

The change in Outlook on the National Rating to Negative from
Stable reflects its view that the bank's creditworthiness in local
currency has weakened compared with Turkish bank peers given that
the bank's Long-Term Local-Currency IDR remains on Negative Outlook
while the majority of Turkish banks are on Stable.

SUBORDINATED DEBT

The subordinated notes of Sekerbank are rated one notch below its
VR anchor rating. The notching includes zero notches for
incremental non-performance risk and one notch for loss severity.

SUPPORT RATING AND SUPPORT RATING FLOOR

The '5' Support Rating and 'No Floor' Support Rating Floor reflect
Fitch's view that support cannot be relied upon from the Turkish
authorities, due to the bank's small size and limited systemic
importance, nor from the bank's shareholders.

RATING SENSITIVITIES

IDRS, VR AND NATIONAL RATING

The bank's ratings could be further downgraded on marked
deterioration in the operating environment that puts further
pressure on asset quality and capitalisation. Downgrades could also
result from a further sharp weakening in profitability that erodes
capital ratios, or a weakening in foreign-currency liquidity, due
to deposit outflows or an inability to refinance maturing external
obligations.

Sekerbank's National Ratings are sensitive to a change in the
entity's creditworthiness relative to other rated Turkish issuers.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The subordinated debt rating is primarily sensitive to a change in
Sekerbank's anchor VR. The rating is also sensitive to a change in
notching from the anchor rating due to a revision in Fitch's
assessment of the probability of the notes' incremental
non-performance risk or of loss severity.

In addition, on November 15, 2019, Fitch published an exposure
draft of its Bank Rating Criteria, which includes proposals to
alter its approach to notching subordinated debt ratings. If the
final criteria are published in line with the exposure draft,
Sekerbank's subordinated debt rating could be downgraded by one
notch.

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.




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

BEALES: Goes Into Administration, 1,052 Jobs at Risk
----------------------------------------------------
James Davey at Reuters reports that British department store
retailer Beales has collapsed into administration, a form of
creditor protection, putting 1,052 jobs at risk, administrator KPMG
said on Jan. 20.

The 139-year old retailer operates 23 department stores in market
towns across Britain, selling furniture, fashion, toys and
cosmetics.

"With the impact of high rents and rates exacerbated by
disappointing trading over the Christmas period, and extensive
discussions around additional investment proving unsuccessful,
there were no other available options but to place the company into
administration," Reuters quotes Will Wright --
will.wright@kpmg.co.uk -- partner at KPMG and joint administrator,
as saying.

According to Reuters, KMPG will continue to trade all 23 stores as
a going concern while they assess options for the business,
including dealing with prospective interested parties.



FLYBE: Defends Rescue Package Following Backlash From Rivals
------------------------------------------------------------
Tanya Powley at The Financial Times reports that regional airline
Flybe has rebutted claims it is receiving special treatment on its
air passenger duty after a growing backlash from rivals over its
government rescue package.

According to the FT, the airline said it had agreed a payment plan
with HM Revenue & Customs for a debt of less than GBP10 million,
rather than a whole year of the air passenger duty bill of around
GBP106 million.

"This agreement will only last a matter of months before all taxes
and duties are paid in full," the FT quotes Flybe as saying.  It
added: "This is a standard Time to Pay arrangement with HMRC that
any business in financial difficulties may use."

The government and Flybe confirmed earlier that only some of the
company's APD would be deferred, but until now refused to put a
figure on the sum, the FT relates.

Flybe's chief executive Mark Anderson told staff on Jan. 16 it was
in talks with the government around a financial loan but insisted
it was not a bailout, the FT discloses.

The airline, which on Jan. 14 secured a multi-prong rescue package
from the government, issued the statement after growing criticism
from rival carriers that it was receiving unfair state aid, the FT
notes.

                            About Flybe

Flybe styled as flybe, is a British airline based in Exeter,
England.  Until its sale to Connect Airways in 2019, it was the
largest independent regional airline in Europe. Flybe provides more
than half of UK domestic flights outside London.

As reported by the Troubled Company Reporter-Europe on Jan. 16,
2020, Reuters related that regional airline Flybe was rescued on
Jan. 14 after the British government promised to review taxation of
the industry and shareholders pledged more money to prevent its
collapse.  The agreement comes a day after the emergence of reports
suggesting it needed to raise new funds to survive through its
quieter winter months, Reuters disclosed.  Reuters related that the
Flybe shareholders agreed to put in tens of millions of pounds to
keep the airline running under the agreement.


LEVEN CARS: Cambria to Buy Aston Martin, Rolls-Royce Franchises
---------------------------------------------------------------
Scott Reid at The Scotsman reports that more than 100 jobs have
been saved after separate rescue deals were struck for a string of
Edinburgh car dealerships including Scotland's only Aston Martin
and Rolls-Royce showrooms.

English high-end car dealer Cambria Automobiles, which trades under
the Grange brand, confirmed that it had acquired the Aston Martin
and Rolls-Royce Motor Cars franchises from the administrator of
Leven Cars Group, which collapsed earlier this month, The Scotsman
relates.

According to The Scotsman, Cambria, which also uses the County
Motor Works, Invicta and Motorparks brands, said it had paid GBP1.6
million for the franchises.  The Aston Martin showroom is currently
based in the Bankhead area of the city while the Rolls-Royce
showroom is near Corstorphine, The Scotsman discloses.

The confirmation follows the news on Monday night that Vertu
Motors, which trades as Macklin Motors in Scotland, had snapped up
the Kia, Suzuki and Mitsubishi dealerships, which are located on
Bankhead Drive, from the administrators, The Scotsman notes.

It means that, in total, 101 of the 139 jobs affected by the
collapse of Leven Cars have been safeguarded, The Scotsman states.

Earlier this month, stock market-listed Aston Martin warned that it
will miss its profit targets after tough headwinds continued into
December, a key month for the motor industry, even as fellow luxury
car-maker Rolls-Royce posted a record year, The Scotsman recounts.


SIRIUS MINERALS: Thousands of Investors Must Accept Takeover
------------------------------------------------------------
Ed Clowes and Jon Yeomans at The Scotsman report that thousands of
investors in Yorkshire miner Sirius Minerals must accept a takeover
which will saddle them with huge losses or risk allowing the firm
to collapse, bosses have said.

According to The Scotsman, the 85,000 retail shareholders in Sirius
have no choice but to support a bid by titan Anglo American, the
struggling firm's chairman Russell Scrimshaw warned.

Sirius's board gave its support on Jan. 20 to the GBP405 million
bid, which values the company's stock at 5p per share -- down from
a peak of more than 45p in 2016, The Scotsman relates.

Mr. Scrimshaw, as cited by The Scotsman, said: "We acknowledge that
to many shareholders our decision as a board to recommend this
offer will have come as a shock."

He said the board was deeply disappointed that no better
alternative is available, but that Anglo's offer was the only
feasible option, The Scotsman notes.

As reported by the Troubled Company Reporter-Europe on Jan. 9,
2020, the Telegraph related that Sirius, which is midway through
building a giant mine in the North Yorks Moors, has suffered a
slump in its share price after warning last September that
multibillion dollar funding for the next stage had fallen through,
leaving it with only enough cash to last another six months.



                           *********


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *