/raid1/www/Hosts/bankrupt/TCREUR_Public/200131.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, January 31, 2020, Vol. 21, No. 23

                           Headlines



F R A N C E

TELCO ALTICE: S&P Affirms 'B' Issuer Credit Rating, Outlook Neg.


G E R M A N Y

HEIDELBERGER DRUCKMASCHINEN: Moody's Lowers CFR to Caa1


H U N G A R Y

MKB BANK: Moody's Upgrades Deposit Ratings to Ba3, Outlook Stable


I R E L A N D

HARVEST CLO XXIII: S&P Assigns Prelim B-(sf) Rating on Cl. F Certs
PENTA CLO 7: Moody's Assigns (P)B3 Rating on EUR8.8MM Cl. F Notes


I T A L Y

AMPLIFON SPA: S&P Assigns 'BB+' LongTerm ICR, Outlook Stable
MACCAFERRI SPA: Fitch Lowers Issuer Default Rating to 'RD'


N E T H E R L A N D S

STORM BV 2020-I: Moody's Gives Ba1 Rating on EUR10.6MM Cl. E Notes


P O L A N D

[*] POLAND: Corporate Bankruptcies Down 1.3% Y/Y to 977 in 2019


R O M A N I A

ELCEN: At Risk of Insolvency, Unpaid Bills Total RON210 Million


S P A I N

GENOVA HIPOTECARIO X: Moody's Lowers EUR11.55MM Cl. C Notes to Ba2


S W I T Z E R L A N D

DE GRISOGONO: Files for Bankruptcy, 65 Jobs Affected


U N I T E D   K I N G D O M

DELPHI TECHNOLOGIES: Fitch Puts BB LT IDR on Rating Watch Positive
DELPHI TECHNOLOGIES: S&P Places 'BB-' ICR on CreditWatch Positive
DONCASTERS GROUP: S&P Cuts ICR to SD on Restructuring Announcement
JERROLD FINCO: Fitch Assigns BB(EXP) Rating on Sr. Sec. Notes
NORTHERN RAIL: UK Government to Nationalize Rail Franchise

NORTON MOTORCYCLES: Enters Administration Over Tax Bill
TOWD POINT 2020-AUBURN: S&P Gives Prelim. B Rating on XA Certs
WONGA: Creditors to Get Less Than 5% of Compensation Owed


X X X X X X X X

[*] BOOK REVIEW: BOARD GAMES - Changing Shape of Corporate Power

                           - - - - -


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F R A N C E
===========

TELCO ALTICE: S&P Affirms 'B' Issuer Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit and
issue ratings on Telco Altice France S.A. and its secured debt, and
assigned its 'B' rating to the proposed secured notes, 'CCC+'
ratings to the proposed senior notes, and preliminary 'CCC+'
ratings to the proposed exchange notes, which is a notch lower than
the Altice Luxembourg debt they replace.

Higher leverage than we previously forecast, alongside heavy
ongoing capital spending and muted FOCF generation (after leases),
will translate into a weaker credit profile for Altice France.

On a stand-alone basis, the transaction will increase Altice
France's leverage to about 6.0x (including 5G spectrum) from 4.8x
in 2019 and add about EUR350 million of additional run-rate
interest expenses in 2020. S&P said, "We are lowering our SACP to
'b' as a result of these weaker credit measures. This adds
incremental pressure due to the rising accounting complexity of
Altice France following the partial disposal of French towers and
SFR FTTH and future cash flow leakages. Furthermore, we expect that
Altice France will only generate breakeven reported FOCF after
leases in 2019, while having sole responsibility of servicing the
debt transferred from Altice Luxembourg, with no more support from
Altice International."

S&P said, "We rate Altice France's proposed senior notes (including
the exchange notes) a notch lower than Altice Luxembourg's notes.

"We are assigning a 'CCC+' issue rating to these proposed
instruments (preliminary rating for the exchange notes). The rating
is lower than Altice Luxembourg's to-be-repaid/exchanged senior
notes. This is because the instruments will no longer rely on two
distinct cash flow pools (Altice France and Altice International),
solely depend on Altice France's FOCF generation, and be
contractually (then structurally, once the exchange succeeds and
the transaction closes) subordinated to Altice France's EUR17.5
billion senior secured debt.

"We view the balance-sheet and interest-rate improvements as credit
positive for the Altice group in the long term, but debt repayment
remains modest in terms of total debt and proceeds received."

With the transaction, Altice is simplifying the group's capital
structure into two distinct funding pools (Altice France and Altice
International), and removing Altice Luxembourg. Pro forma the
transaction, Altice will achieve about EUR363 million of annual
interest savings out of a EUR700 million target, while extending
the average debt maturity to 6.6 years from six years. That said,
Altice cut about EUR2.1 billion of debt--EUR0.8 billion at Altice
Luxembourg and EUR1.0 billion at Altice France in May 2019 and
EUR250 million at Altice International in January 2020--out of the
EUR4.5 billion proceeds received so far (excluding Portugal FTTH).

The negative outlook mirrors that on Altice France's parent company
Altice Europe. This in turn reflects the risk of a possible
downgrade over the next few months if Altice Europe's adjusted
EBITDA declines further in 2019, and S&P does not expect FOCF to
break even in 2020.

S&P said, "We could revise down our 'b' SACP assessment in the next
year if key operating indicators and revenues do not improve as we
anticipate, resulting in further EBITDA declines, reported FOCF
after leases approaching zero, adjusted leverage remaining well
above 6.0x (excluding 5G spectrum), or weakening liquidity.

"We could revise the SACP upward if Altice's French
telecommunications company SFR posts steady operational
improvements--such as continued positive net adds, average revenue
per user (ARPU) growth, and successful content monetization,
translating into increasing revenue and EBITDA from an improved
customer mix. The company would also need to sustainably raise its
reported FOCF after leases to at least EUR500 million, while
sustainably reducing adjusted debt to EBITDA below 5.5x.

"We could downgrade Altice France if we were to downgrade its
parent Altice Europe. We could lower the rating on Altice Europe by
one notch if key operating indicators do not improve as we
anticipate resulting in further EBITDA declines, reported FOCF
after leases remaining negative in 2020, and adjusted leverage
remaining above 6.0x (excluding 5G spectrum). We could also lower
the rating if liquidity weakens, or if the high turnover of senior
management resumes. In addition, failure to reduce reported debt
could be negative for credit market perception, thereby potentially
raising the cost of future funding and further constraining FOCF."

Rating upside will depend on Altice's capacity to post steady
operational improvements, such as EBITDA and FOCF growth, and the
successful monetization of its exclusive content, translating into
positive net customer additions, stabilizing ARPU, improved
customer mix, and increasing revenue. S&P could affirm the rating
if it clearly saw that adjusted EBITDA would stabilize, the group's
reported FOCF (after leases) would return to positive in 2020, and
adjusted debt to EBITDA would fall to 6x or less. This would likely
be a result of stronger-than-expected growth at Altice France and
Altice International thanks to sustained customer net additions or
upselling, or improved monetization of content properties at Altice
Pay TV.




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

HEIDELBERGER DRUCKMASCHINEN: Moody's Lowers CFR to Caa1
-------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Heidelberger Druckmaschinen AG to Caa1 from B3, the probability of
default rating to Caa1-PD from B3-PD and the rating of outstanding
EUR150 million senior unsecured notes due 2022 to Caa2 from Caa1.
The outlook on the ratings has changed to negative from stable.

RATINGS RATIONALE

Moody's decision to downgrade Heidelberg's ratings to Caa1 with a
negative outlook reflects a further decline in operating
performance and rise in financial leverage, as evidenced in the
company's profit warning from January 20, 2020. Based on the
lowered guidance, credit metrics as of March 31, 2020 will be
considerably weaker than previously expected and do not meet
requirements for a B3 rating anymore. The downgrade also reflects
the weakened liquidity profile following ongoing negative free cash
flow generation. Heidelberg's capital structure is highly reliant
on ongoing access to the company's RCF of EUR320 million, a
significant part has been drawn at December 31, 2019 and Moody's
expects the RCF's covenant headroom to further tighten over the
next quarters. Further pressure could arise when the company will
have to repay its EUR 150 million senior unsecured notes in May
2022, if challenging market conditions continue to burden
Heidelberg's operating performance.

After its profit warning, Heidelberg's Management Board now expects
sales for the fiscal year ending March 31, 2020 to be slightly
below the previous year's level of around EUR2.49 billion vs. its
previous target of a stable sales performance. For the same period,
the company now anticipates an adjusted EBITDA margin between 5.5%
and 6.0%, 100 bps below the former guidance of 6.5%-7.0%. The lower
expected profitability results from lower sales expectation,
declining trade margins and an unfavorable region and product mix.
As a result, Moody's now expects Heidelberg's leverage to be
substantially above the trigger for a downgrade to Caa1 of 7.5x
Moody's adjusted debt/EBITDA.

Together with publishing the new guidance, Heidelberg also released
key financial figures for its third quarter 2019/20, which
reflected the persistently difficult market environment, especially
in key European markets. Free cash flow (FCF) in the first nine
months of 2019/20 amounted to EUR73 million despite one-off
proceeds related to the disposal of the Hi-Tech Coatings business
of approx. EUR32 million. Adjusted for this one-off, FCF moderately
improved compared to previous year's nine months FCF of EUR120
million. Following seasonal pattern, positive cash flow generation
in Q4 is expected to improve FCF for the total fiscal year,
although remaining clearly negative and weaker than Moody's
previously assumed.

Resulting from persistent negative FCF, Moody's now views
Heidelberg's liquidity as weak. As of December 31, approx. EUR138
million of the company's RCF was still available supporting the
company's cash position of some EUR208 million (incl. trapped
cash). At the same time Moody's regards it as likely that the
company will breach its net leverage covenant over the next
quarters if the company won't be able to negotiate a reset with its
lenders. Furthermore, it is extremely likely that investors of the
EUR59 million convertible will exercise their put option on March
30, 2020, which would force the company to repay this amount and
accrued interest.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the likelihood that a continuation of
challenging market conditions could offset the company's
restructuring efforts and limit its ability to generate positive
FCF in the foreseeable future. Breaching its covenant without
negotiating a reset with lenders would bring additional short term
pressure on liquidity.

STRUCTURAL CONSIDERATIONS

Heidelberg's capital structure primarily consists of a senior
secured RCF due March 2023 (as amended and extended in March 2018),
a senior secured EUR100 million EIB loan maturing 2023 and 8%
senior unsecured notes due May 2022, rated Caa2 (LGD4). These
instruments benefit from guarantees of group entities, representing
around 75% of total assets. In addition, Heidelberg has issued one
senior unsecured convertible notes with a nominal value of EUR59
million, due March 2022 with a put option in 2020, which Fitch
expects to be executed.

The Caa2 rating on the senior unsecured bond takes into
consideration its junior ranking behind a sizeable amount of senior
secured debt. The instrument rating also reflects its view that, in
a default scenario, the RCF would be largely used for cash drawings
or guarantees. The senior unsecured notes rank ahead of the group's
non-guaranteed convertible notes.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could consider a positive rating action if the company
improves profitability, with Moody's-adjusted EBITA margin above
3%, leverage of sustainably below 7.5x debt/EBITDA
(Moody's-adjusted), improving FCF generation towards break-even
levels and/or achieving an adequate liquidity with comfortable
covenant headroom.

Moody's would consider a downgrade should Heidelberg's operational
underperformance persist, resulting in negative FCF for the
foreseeable future or if the company is unable to preserve a
sufficient liquidity profile.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Based in Wiesloch, Germany, Heidelberger Druckmaschinen AG
(Heidelberg) is the leading global manufacturer of sheetfed offset
printing presses, which are used primarily in the advertising and
packaging printing segments. Its main competitors include
Germany-based Konig & Bauer AG and Japan-based Komori Corporation.
In the 12 months ended March 2019, the group generated revenue of
approximately EUR2.5 billion and reported EBITDA (excluding special
items) of EUR180 million. Heidelberg operates under three business
segments: (1) Heidelberg Digital Technology (around 61% of revenue
in FY2019 ended March 2019), (2) Heidelberg Lifecycle Solutions
(around 38% of revenue), and (3) Heidelberg Financial Services
(less than 1% of revenue).




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H U N G A R Y
=============

MKB BANK: Moody's Upgrades Deposit Ratings to Ba3, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service upgraded to Ba3 from B1 the long-term
local and foreign-currency deposit ratings of MKB Bank Nyrt.
Concurrently, the bank's Baseline Credit Assessment and its
Adjusted BCA were upgraded to b2 from b3, long-term Counterparty
Risk Ratings were upgraded to Ba2 from Ba3, and its long-term
Counterparty Risk Assessment (CRA) was upgraded to Ba2(cr) from
Ba3(cr). The outlook on the bank's long-term deposit ratings has
been changed to stable from positive. MKB's short-term Not Prime
deposit ratings and CRRs and Not Prime(cr) CRA have been affirmed.

The upgrade of MKB's ratings is driven by the continued
strengthening of the bank's solvency through ongoing reduction in
problem loans and rising capital buffers as well as the completion
of major milestones under its restructuring plan, including its
listing on a public stock exchange in June 2019. The restructuring
plan was agreed with the European Commission in December 2015
following MKB's resolution in December 2014 involving state funds.

RATINGS RATIONALE

  - IMPROVED SOLVENCY AND EXECUTION OF RESTRUCTURING PLAN LED TO
UPGRADE OF THE LONG-TERM DEPOSIT RATINGS

The upgrade of MKB's long-term deposit ratings to Ba3 from B1 was
driven by the upgrade of the bank's BCA to b2 from b3. The Ba3
deposit ratings continue to incorporate two notches of rating
uplift for deposit ratings following the application of Moody's
Advanced Loss Given Failure (LGF) analysis and no rating uplift
owing to the agency's assessment of a low likelihood of support
from the Government of Hungary (Baa3 stable) in case of need.

The upgrade of MKB's BCA reflects the improvement in the bank's
solvency following the continued reduction in the stock of problem
loans, which combined with improved profitability, led to stronger
capital buffers. Following the sale of HUF15 billion portfolio of
problem loans in the third quarter of 2019, the ratio of problem
loans to gross loans declined to around 4.4% in September 2019 from
8.8% in December 2018 while the coverage ratio improved
significantly to 110% as of September 2019 from 83% as of year-end
2018. In line with the requirements of its restructuring plan, the
diversification of MKB's loan book has improved as the bank focused
its loan growth on retail and small and medium sized enterprises as
well as reducing its significant exposure to commercial real
estate.

MKB's capital buffers also strengthened owing to internal capital
generation and modest dividend payout in 2019. The bank's ratio of
tangible common equity to risk weighted assets increased to 12.5%
as of June 2019 from 11.00% as of year-end 2018. The bank's
reported total Capital Adequacy ratio was 18.16% in September 2019
from 17.9% as of December 2018 and its Tier 1 ratio was 14.06%,
from 14.86% as of the same dates. MKB's return on average assets
rose to around 2.4% as of September 2019 from 1.27% in 2018, mainly
owing to rising net interest income as well as reversals of
provisions and significant cost reduction. However, historically
MKB's profitability has been volatile owing to a high reliance on
income from market relates gains, a less stable and lower quality
source of income. Moody's expects the bank's profitability to be
pressured over the next year owing to rising credit and operational
costs.

The upgrade of MKB's ratings also acknowledges the completion of
major milestones of the bank's restructuring plan, including the
listing of its shares on a public stock exchange and a flotation of
8.48%. However, Moody's notes that while the completion of the
restructuring plan will result in the lifting of a number
limitations imposed on the bank including asset growth, the
restoration of MKB's franchise and reputation, following its
resolution, will continue to be gradual. Against this background,
Moody's notes that the bank's b2 BCA continues to include a
one-notch negative adjustment for corporate governance
considerations owing to MKB's concentrated ownership by a few
private investors' as well as corporate behavior considerations,
capturing the limited track record of prudent risk management since
the bank embarked on its restructuring plan.

  - STABLE OUTLOOK REFLECTS LIMITED FURTHER IMPROVEMENT IN
SOLVENCY

The stable outlook on MKB's deposit ratings reflects Moody's
expectation of a broadly stable financial performance with modest
further improvement in the bank's asset quality and capital over
the next 12-18 months.

  -- WHAT COULD MOVE THE RATINGS UP/DOWN

An upgrade of its BCA and its long-term deposit ratings, could
result following further improvements in solvency through a further
increase in capital buffers and a track record of recurring stable
profitability at broadly current levels. A proven track record of
the bank's improved governance and credit risk management could
also result in a rating upgrade. Further, a change in the bank's
liability structure, increasing the loss absorbing buffer for
depositors which will increase the uplift provided by Moody's
Advanced LGF analysis could result in an upgrade of the deposit
ratings.

Downward rating pressure could emerge if the bank's asset quality,
liquidity or capital adequacy deteriorate significantly. Further, a
change in the bank's liability structure reducing the loss
absorption buffers for depositors could result in a downgrade of
the deposit ratings.

LIST OF AFFECTED RATINGS

Issuer: MKB Bank Nyrt.

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to b2 from b3

Baseline Credit Assessment, Upgraded to b2 from b3

Long-term Counterparty Risk Assessment, Upgraded to Ba2(cr) from
Ba3(cr)

Long-term Counterparty Risk Ratings, Upgraded to Ba2 from Ba3

Long-term Bank Deposit Ratings, Upgraded to Ba3 from B1, Outlook
Changed to Stable from Positive

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook Changed to Stable from Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.




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I R E L A N D
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HARVEST CLO XXIII: S&P Assigns Prelim B-(sf) Rating on Cl. F Certs
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Harvest CLO XXIII DAC's class A to F European cash flow CLO notes.
At closing, the issuer will also issue unrated class Z and
subordinated notes.

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds. It will be managed by Investcorp Credit
Management EU Ltd.

The preliminary ratings assigned to Harvest XXIII's notes reflect
S&P's assessment of:

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

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

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

-- The transaction's legal structure, which we expect to be
bankruptcy remote.

-- The transaction's counterparty risks, which we expect to be in
line with our counterparty rating framework.

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

The portfolio's reinvestment period will end approximately four and
a half years after closing, and the portfolio's maximum average
maturity date will be eight and a half years after closing.

S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average 'B' rating (with an S&P Global Ratings'
weighted-average rating factor of 2,609). We consider that the
portfolio on the effective date will be well-diversified, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and senior secured bonds. Therefore, we have conducted our
credit and cash flow analysis by applying our criteria for
corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.60%), the
covenanted weighted-average coupon (5.50%), and the covenanted
weighted-average recovery rates for all rating levels. As the
portfolio is being ramped, we have relied on indicative spreads and
recovery rates of the portfolio.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1 to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO is in its reinvestment phase, during
which the transaction's credit risk profile could deteriorate, we
have capped our assigned ratings on the notes. In our view the
portfolio is granular in nature, and well-diversified across
obligors, industries, and assets."

S&P expectsthe issuer to purchase more than 50% of the effective
date portfolio from Investcorp European Loan Company DAC (IELC) via
participations. The assets from IELC that are not settled by the
effective date will be carried at the S&P recovery value until they
are fully settled with the issuer. The transaction documents
require that the issuer and IELC use commercially reasonable
efforts to elevate the participations by transferring to the issuer
the legal and beneficial interests as soon as reasonably
practicable. No further originator participations may take place
following the effective date.

S&P said, "HSBC Bank PLC is the bank account provider and
custodian. At closing, we anticipate that the documented downgrade
remedies will be in line with our current counterparty criteria.

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

"At closing, we consider that the issuer will be bankruptcy remote,
in accordance with our legal criteria.

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

  Ratings List
  Class  Prelim.   Prelim.     Sub (%)   Interest rate*
         rating    amount
                   (mil. EUR)
  A      AAA (sf)   276.75     38.50     Three/six-month EURIBOR
                                           plus   0.95%
  B-1    AA (sf)    28.10      27.26     Three/six-month EURIBOR
                                           plus 1.55%
  B-2    AA (sf)    22.50      27.26     2.00%
  C      A (sf)     30.40      20.50     Three/six-month EURIBOR
                                           plus 2.05%
  D      BBB (sf)   25.90      14.74     Three/six-month EURIBOR
                                           plus 3.00%
  E      BB- (sf)   23.60       9.50     Three/six-month EURIBOR
                                           plus 5.33%
  F      B- (sf)    11.25       7.00     Three/six-month EURIBOR
                                           plus 8.31%
  Z      NR         28.00       N/A      N/A
  Sub notes  NR     42.50       N/A      N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

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


PENTA CLO 7: Moody's Assigns (P)B3 Rating on EUR8.8MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Penta CLO 7
Designated Activity Company:

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aaa (sf)

EUR25,800,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Assigned (P)Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Assigned (P)Aa2 (sf)

EUR25,200,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)A2 (sf)

EUR26,800,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Baa3 (sf)

EUR22,400,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Ba3 (sf)

EUR8,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6 month ramp-up period in compliance with the portfolio
guidelines.

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

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR 400,000,000

Diversity Score: 47

Weighted Average Rating Factor (WARF): 2995

Weighted Average Spread (WAS): 3.59%

Weighted Average Coupon (WAC): 4.50%

Weighted Average Recovery Rate (WARR): 45.2%

Weighted Average Life (WAL): 8.5 years

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




=========
I T A L Y
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AMPLIFON SPA: S&P Assigns 'BB+' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned a 'BB+' long-term issuer credit rating
to Italy-based Amplifon SpA. S&P assigned a 'BB+' issue rating to
the proposed EUR300 million bond issuance, with a recovery rating
of '3'.

S&P said, "Our rating assessment reflects Amplifon's leading
position in its key markets, its good profitability, cash flow
conversion, and the positive underlying market trends. The main
rating constraints are the group's exposure to a single sector
(hearing aid), its niche customer base of over 65 years old, and
its reliance on key personnel of audiologists. We evaluate the
group's exposure to reimbursement regimes as a potential risk in
case of significant regulation change, although we do not envisage
this in the near future. This scenario is partly mitigated by
Amplifon's well-balanced geographic footprint."

Amplifon will continue to benefit from its leading position in the
hearing care retail market and positive underlying market trends.
With about 11% share of the global market, Amplifon is the world's
leading hearing care retailer. The group is one of the few
international hearing care retailers, while other market players
are either small local independent players (representing
approximately 50% of the global market), non-specialty retailers
(greater than 10%), other specialty retailers (greater than 25%),
or online players (about 1%). S&P said, "We believe that Amplifon
will continue to benefit from its leading position, focused on the
mid to high-end hearing care offer and acting as the prime
small-player consolidator. In our view, non-specialty retailers are
targeting the market's "price seeking" segment, in which Amplifon
does not engage. Furthermore, we think small players lack the
scale, brand equity, and necessary marketing and investment
capabilities to challenge Amplifon's position. We therefore see
these barriers to entry benefiting Amplifon."

S&P said, "In addition, we believe the positive underlying trends
that are fuelling the global hearing aid retail market's growth
will continue to benefit Amplifon, which has an estimated end-2019
worth of EUR15 billion. The majority of hearing aid users are over
65 years old, which is the fastest-growing demographic segment in
all markets. Over-65s are expected to increase at about 3.3%
globally, compared with 0.7% for under-65s, and over-65-year-olds
are expected to make up about 12% of the global population in 2030.
We believe Amplifon is well positioned in its market, because the
prevalence of disabling hearing loss in Western Europe by age is
about 10% for 65-74 years old, and 27% for over 75 years old. In
addition, hearing loss risk factors are increasing, and these are
not offset by higher prevention. We believe Amplifon can benefit
from these trends and capture additional penetration opportunities.
The market penetration rate is still relatively low (for example,
in the U.S., about 70% of the population with disabling hearing
loss use hearing aids, and 10% of the population with mild hearing
loss). Amplifon believes it can expand its customer reach by
increasing awareness, improving technology, and benefiting from
growing wellness trends.

"Additionally, although we see Amplifon as a specialty retailer, we
believe it is not exposed to the same risks as other specialty
retailers involved in nonmedical segments. Amplifon's product
offering is less discretionary than most specialty retailers, as it
addresses a need for medical aid. However, Amplifon targets the mid
to high-end hearing aid market, which we deem to be more
discretionary than entry-level hearing care. We believe that in an
economic downturn, customers might delay purchases, especially to
replace older devices with ones that are more advanced and more
expensive. In addition, compared with more traditional retailers,
we do not believe the threat of online disruption is as big for
Amplifon, owing to the need for specialized, regulated medical
advice that is linked to hearing aid purchases."

Amplifon will continue to support its brand equity by investing in
innovation and providing comprehensive additional services.

The group enjoys brand equity in its main markets, with No. 1 or
No. 2 brand awareness in most countries where it operates. S&P
believes this is the result of significant marketing investments,
and the group's qualitative and high-end product and service
offering. Amplifon offers different ranges of hearing aid devices,
with mid to high-end price positioning. It recently launched its
Amplifon product line, which brands all its hardware from
manufacturers as "Amplifon". In Italy, the branded-product line has
a slightly higher average price, thanks to Amplifon's relatively
strong brand awareness. This is largely due to the group's broad
store network, which provides proximity to customers.

In addition to the hardware, Amplifon offers its customers
comprehensive services. In all Amplifon points of sale, the group
uses a proprietary protocol called "Amplifon 360," patented and
endorsed by the medical community, to offer a personalized
assessment of the hearing aid needs for each customer. S&P also
believes that Amplifon's brand equity is built around the quality
of its in-store audiologists: hearing care professionals who
assess, recommend, and personalize the service offering.

Amplifon has also created software, available as a smartphone app,
that links to users' hearing aid devices and provides them with
additional services, such as advice on how best to use the product.
The application also gathers significant information on product
usage, which can be used by hearing care professionals to improve
the product offering. S&P notes that because the consumers are
older, about 15% of Amplifon product users actively use the app,
which we believe is relatively low.

S&P said, "We do not think Amplifon will diversify away from
hearing aids, and we believe its exposure to reimbursement regimes
and reliance on key audiologist personnel will continue. Given the
favorable growth prospects the global hearing aid market offers, we
understand that Amplifon will continue to focus on its core
expertise of providing qualitative hearing aid care, and does not
intend to diversify its sector exposure. We evaluate the exposure
to a single sector as a constraint on our overall rating
assessment. This is also because we consider the niche customer
base of over-65s is not the most open to upscaling." Indeed, the
customer repurchase rate following the four-to-five-year lifecycle
of a typical hearing aid device is quite low.

In addition, because a hearing aid is a medical device, Amplifon is
exposed to the health care regulations that cover audiologists'
required medical qualifications, as well as reimbursement regimes
in different countries. Owing to the high-end positioning of
Amplifon's offer, only about 20% of products are reimbursed to
Amplifon's end users (with significant differences by country: for
example, in Italy and Germany, hearing devices can be reimbursed up
to 100% for the most basic offer, whereas in Spain there is no
reimbursement possible for users over 16 years of age). The group's
geographical diversification somewhat mitigates the exposure to
specific country regulations.

S&P said, "We take into account Amplifon's reliance on key
personnel: the audiologists providing a personalized and
differentiated service to customers in Amplifon's stores.
Audiologists are key to Amplifon's value proposition, and as a
result, the loss of audiologists or difficulty in attracting them
would pose a significant risk to Amplifon's business model.
Although we understand that in Amplifon's core markets such as
Italy, audiologists view the group as an employer of choice, we
believe that when entering a new market Amplifon must develop a
strong proposition that will attract and retain good audiologists."
The group intends to mitigate this risk by retaining the
audiologists of acquired entities, and by offering its audiologists
training and career opportunities.

Amplifon will likely sustain good margins of above 20%, and despite
the relative capital intensity of the business, generate
significant cash flow. S&P said, "Thanks to its leading market
position, we understand Amplifon has substantial bargaining power
with its five hearing aid hardware suppliers. The group has in the
past demonstrated its ability to maintain and grow its adjusted
EBITDA margins, which we forecast will remain in the 20%-25% range.
It has relatively low working capital requirements, and despite
ongoing necessary investments in the retail network, we project it
will continue to generate significant FOCF of above EUR130 million
annually. We also believe its S&P Global Ratings-adjusted debt to
EBITDA will be below 3x, and that the group will engage only in
bolt-on acquisitions."

Following its largest acquisition in 2018 of Spain-based hearing
aid retailer GAES, S&P now understands the group will focus on
relatively small bolt-on acquisitions (not exceeding EUR100 million
per year), mostly of independent local players with an existing
store network and audiologists.

S&P said, "The stable outlook reflects our expectation that
Amplifon will maintain its leading hearing care retailer position,
and will progressively expand its offering to new countries. It
also reflects our expectation that the group's profitability will
increase in the coming two years as it rolls out its own Amplifon
product range to new countries. We believe Amplifon will continue
to generate adjusted EBITDA margins of about 20%-25% and adjusted
debt to EBITDA of below 3x, and generate FOCF above EUR130 million
each year.

"We would consider lowering our ratings if the group's financial
profile deteriorated such that its adjusted debt to EBITDA level
was sustainably above 3x, or if EBITDAR coverage was below 3x."
That could be the case if the group engaged in material debt-funded
acquisitions, and if there was no commitment to lower leverage. A
downgrade could also stem from increased competition leading to
reduced market shares, or quality issues that would affect the
Amplifon brand and lead to reduced volumes.

S&P would consider raising its ratings if the group managed to
maintain or improve its profitability while expanding in size. S&P
would need to see a track record of profitable growth, and see
adjusted debt to EBITDA approaching 2x. This could, for example,
come from further geographic expansion into emerging markets, and
successful penetration of adjacent markets such as products for
younger people with less disabling hearing losses.


MACCAFERRI SPA: Fitch Lowers Issuer Default Rating to 'RD'
----------------------------------------------------------
Fitch Ratings downgraded Officine Maccaferri S.p.A.'s Long-Term
Issuer Default Rating to 'RD' (Restricted Default) from 'C' and
affirmed the rating on the Senior Unsecured Notes at 'C'/'RR5'.

The downgrade follows the uncured expiry of the 30-day grace period
that the building products company entered into at the beginning of
December 2019 after having failed to pay the interest on the bond.
This aligns with Fitch's definition of 'RD'.

KEY RATING DRIVERS

Aiming for Forbearance Agreement: On December 31, (i.e. when the
grace period expired), Officine Maccaferri announced on-going
negotiations with a group of bondholders, representing the majority
bond ownership, with the aim of reaching a forbearance agreement.
In the agreement, the creditors would forbear from exercising their
rights and remedies under the bond with respect to certain defaults
and for a limited period of time. This would enable Officine
Maccaferri to focus on finding a new equity investor, which Fitch
views as crucial for its continued existence.

Fitch expects to see the result of these negotiations in the coming
weeks, but until the forbearance agreement is reached there is a
risk for enforcement of the bond, which is reflected in the rating.
Fitch also views the requirement for a valid agreement of a
qualified majority of the principal amount of the outstanding bond
as challenging considering the limited time frame and the
anticipated sizeable number of bondholders.

Potential Buyer Interest: Fitch understands that some investors
have shown an interest in investing in and thereby taking control
of Officine Maccaferri during this process. Fitch believes the most
likely ownership scenario would include the main bondholder.

DERIVATION SUMMARY

Officine Maccaferri holds leading positions in double-twist mesh
products and rockfall protection structures, with strong geographic
diversification. Despite its business profile, the company's
distressed financial position places the rating in the 'RD'
category. Its peers include such niche and specialised companies as
L'isolante K-Flex S.p.A. (B+/Stable) and Praesidiad Group Limited
(B-/Negative).

KEY ASSUMPTIONS

RECOVERY ANALYSIS

Fitch assesses Officine Maccaferri to be a going concern in
bankruptcy reflecting the company's solid position in a fragmented
niche market that offers opportunities for consolidation. Fitch
uses a going-concern EBITDA of EUR36.5 million in line with the 12
months to end-3Q19, after a decline from EUR46.8 million at
end-2018, as this level of EBITDA reflects a sustainable level of
cash flows for the company after the incoming restructuring of its
financial liabilities.

Fitch has used a 5x multiple to reflect the competitive position of
Officine Maccaferri in its niche characterised by low margins and
cash generation. After a deduction of 10% for administrative
claims, these assumptions result in a recovery rate for the senior
unsecured rating within the 'RR5' range with a recovery percentage
of 17%.

Fitch assumes a structural seniority of the local credit lines
(bank overdraft and other loans) to the senior unsecured bond.
Fitch also treats non-recourse receivables factoring facilities as
super-senior debt, in absence of full clarity of the availability
of the relevant facilities through the restructuring process.
However, Fitch could adopt a different approach should the
factoring programme continue to be available through the next steps
of the restructuring.

RATING SENSITIVITIES

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

  - Success in finding a new equity investor

  - Restoration of adequate liquidity

  - Evidence of a turnaround of operating performance

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

Failure in bringing a new equity investor on board leading to
bankruptcy filing, liquidation or other winding-up procedures

LIQUIDITY AND DEBT STRUCTURE

De Facto Insolvent: Following the company's inability to pay the
coupon of EUR5.5 million within the grace period to end-December
2019, Fitch expects that the already eroded cash position of EUR28
million at end-3Q19 reached an unsustainable level in 4Q19. Access
to credit lines has previously been limited primarily as a result
of the delay of SECI's restructuring and of deteriorating operating
performance.

In its view, Officine Maccaferri will not be able to refinance its
bond without sourcing a new shareholder.

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.




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

STORM BV 2020-I: Moody's Gives Ba1 Rating on EUR10.6MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to Notes
issued by STORM 2020-I B.V.:

  EUR1,000,000,000 Senior Class A Mortgage-Backed Notes due 2067,
  Definitive Rating Assigned Aaa (sf)

  EUR20,000,000 Mezzanine Class B Mortgage-Backed Notes due 2067,
  Definitive Rating Assigned Aa1 (sf)

  EUR19,100,000 Mezzanine Class C Mortgage-Backed Notes due 2067,
  Definitive Rating Assigned Aa2 (sf)

  EUR19,100,000 Junior Class D Mortgage-Backed Notes due 2067,
  Definitive Rating Assigned A1 (sf)

  EUR10,600,000 Subordinated Class E Notes due 2067, Definitive
  Rating Assigned Ba1 (sf)

STORM 2020-I B.V. is a five-year revolving securitisation of Dutch
prime residential mortgage loans. Obvion N.V. (not rated) is the
originator and servicer of the portfolio. At closing, the portfolio
consists of loans extended to 5,294 borrowers with a total
principal balance of EUR1.06 billion (net of savings policies).

RATINGS RATIONALE

The definitive ratings on the Notes take into account, among other
factors, (i) the performance of previous transactions launched by
Obvion N.V.; (ii) the credit quality of the underlying mortgage
loan pool; (iii) the replenishment criteria; and (iv) the initial
credit enhancement provided by subordination, excess spread, and
the reserve fund.

The expected portfolio loss of 0.60% and the MILAN Credit
Enhancement (MILAN CE) of 7.40% serve as input parameters for the
lognormal loss distribution in Moody's cash flow model.

The key drivers for the portfolio's expected loss of 0.60% are (i)
the availability of the NHG-guarantee for 15.66% of the loan parts
in the pool at closing, which can reduce during the replenishment
period to 13.00%; (ii) the performance of the seller's precedent
transactions; (iii) benchmarking with comparable transactions in
the Dutch RMBS market; (iv) the current economic conditions in the
Netherlands; and historical recovery data of foreclosures received
from the seller.

The MILAN CE of 7.40%, which is in line with preceding STORM
revolving transactions, is because of (i) the percentage of the
NHG-guaranteed loans (15.66% of the loan parts in the pool), which
can reduce during the replenishment period to 13.00%; (ii) the
replenishment period of five years during which there is a risk of
deterioration in pool quality through the addition of new loans;
(iii) the Moody's calculated weighted average current
loan-to-market-value (LTMV) of 72.99%, which is slightly lower than
LTMVs observed in other Dutch RMBS transactions; (iv) the
proportion of interest-only loan parts (49.35%); and (v) the
weighted average seasoning of 5.74 years.

The risk of deteriorating pool quality through the addition of
loans is partly mitigated by the replenishment criteria, like the
weighted average CLTMV of all the mortgage loans after
replenishment does not exceed 80.00% and the minimum weighted
average seasoning is at least 40 months. Purchase of additional
loans stops, if (i) any principal deficiencies remain outstanding
at a payment date; (ii) loans more than 3 months in arrears exceed
1.50%; or (iii) cumulative losses exceed 0.40%.

The transaction benefits from a non-amortising reserve fund, funded
at 1.0% of the total Class A to D Notes' amount at closing,
building up to 1.30% by trapping available excess spread. Credit
enhancement for Class A Notes is provided by 5.49% subordination,
the non-amortising reserve fund, and excess spread.

The transaction also benefits from excess spread of 0.50% provided
through the swap agreement. The swap counterparty is Obvion N.V.
and the back-up swap counterparty is Rabobank (Aa3/P-1 &
Aa2(cr)/P-1(cr)). Rabobank is obliged to assume the obligations of
Obvion N.V. under the swap agreement in case of Obvion N.V.'s
default. For liquidity purposes, the transaction also benefits from
an amortising cash advance facility of 2.00% of the outstanding
principal amount of the Notes (including the Class E Notes) with a
floor of 1.45% of the outstanding principal amount of the Notes
(including the Class E Notes) as of closing.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

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

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

Factors that may lead to an upgrade of the Notes include better
than expected portfolio performance or a deleveraging of the
issuer's liability structure.

Factors that may lead to a downgrade of the Notes include,
significantly higher losses compared to its expectations at
closing, due to either a significant, unexpected deterioration of
the housing market and the economy, or performance factors related
to the originator and servicer.




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

[*] POLAND: Corporate Bankruptcies Down 1.3% Y/Y to 977 in 2019
---------------------------------------------------------------
Bokszczanin Marcin at Polska Agencja Prasowa SA reports that
insurer Euler Hermes said based on court bulletin data, Poland
suffered 977 corporate bankruptcies in 2019, down by 1.3% y/y.

The company believes in 2020, situation is unlikely to improve, PAP
relates.

According to PAP, Euler Hermes wrote "The scale of to-date troubles
of numerous firms and the domino effect among business partners
will keep shaping the market for a long time".



=============
R O M A N I A
=============

ELCEN: At Risk of Insolvency, Unpaid Bills Total RON210 Million
---------------------------------------------------------------
Romania Insider, citing Mediafax, reports that ELCEN, a state-owned
electricity and heat producer that supplies heat and hot water for
households in Bucharest connected to the public heating system,
announced in a press release that it is approaching insolvency.

According to Romania Insider, it will no longer be able to pay its
own bills to gar producer Romgaz and the wages to its employees as
the city has failed to disburse the front payments for the months
of December and January as agreed last November.

The unpaid bills amount to RON210 million (EUR44 million), Romania
Insider discloses.  Another bill in amount of RON170 million (EUR35
million) has been issued by ELCEN, due Jan. 29, Romania Insider
notes.

In the first half of February, the municipality is supposed to pay
to Termoenergetica, the new company that took over the heat
distribution activity from bankrupt RADET, the subsidy for December
in amount of RON213 million -- a sum that should cover the front
payments asked by ELCEN for the months of December and January,
Romania Insider recounts.




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

GENOVA HIPOTECARIO X: Moody's Lowers EUR11.55MM Cl. C Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service upgraded the rating of one note and
downgraded the ratings of two notes in two Spanish RMBS
transactions. The rating action reflects:

  - Better than expected collateral performance on BANKINTER 8,
    FTA

  - The increased levels of credit enhancement for the affected
    notes on BANKINTER 8 FONDO DE TITULIZACION DE

ACTIVOS (BANKINTER 8, FTA)

  - The deterioration in the levels of credit enhancement for
    the affected notes on AyT GENOVA HIPOTECARIO X, FTH

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain the current rating on the affected
notes.

BANKINTER 8, FTA

  EUR1029.3 million Class A Notes, Affirmed Aa1 (sf);
  previously on Jun 29, 2018 Affirmed Aa1 (sf)

  EUR21.4 million Class B Notes, Affirmed Aa1 (sf);
  previously on Jun 29, 2018 Upgraded to Aa1 (sf)

  EUR19.3 million Class C Notes, Upgraded to Aa3 (sf);
  previously on Jun 29, 2018 Upgraded to A2 (sf)

AyT GENOVA HIPOTECARIO X, FTH

  EUR787.5 million Class A2 Notes, Affirmed Aa1 (sf);
  previously on Jun 29, 2018 Affirmed Aa1 (sf)

  EUR15.75 million Class B Notes, Downgraded to
  A2 (sf); previously on Jun 29, 2018 Upgraded to
  Aa3 (sf)

  EUR11.55 million Class C Notes, Downgraded to
  Ba2 (sf); previously on Jun 29, 2018 Upgraded to
  Baa2 (sf)

  EUR14.7 million Class D Notes, Affirmed at
  Caa2 (sf); previously on Jun 29, 2018 Affirmed
  Caa2 (sf)

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating action is prompted by:

  - Decreased key collateral assumptions, namely the portfolio
Expected Loss (EL) assumptions on BANKINTER 8, FTA due to better
than expected collateral performance

  - An increase in credit enhancement for the affected tranches in
BANKINTER 8, FTA

  - A decrease in credit enhancement for the affected tranches in
AyT GENOVA HIPOTECARIO X, FTH

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolios reflecting the collateral
performance to date.

The performance of BANKINTER 8, FTA has continued to improve since
the last rating action. Total delinquencies have decreased
increased in the past year, with 90 days plus arrears currently
standing at 0.52% of current pool balance. Cumulative defaults
currently stand at 0.48% of original pool balance, only marginally
up from 0.46% in June 2018.

Moody's decreased the expected loss assumption for BANKINTER 8, FTA
to 0.44% as a percentage of original pool balance from 0.49% due to
the improving performance. The expected loss assumption for AyT
GENOVA HIPOTECARIO X, FTH remained unchanged.

Variation in Available Credit Enhancement

Downgrades in AYT GENOVA HIPOTECARIO X, FTH are driven by the
decrease in credit enhancement. The level of available credit
enhancement for Class B, Class C and Class D tranches on AyT GENOVA
HIPOTECARIO X, FTH decreased to 7.07%, 4.87% and 2.07%,
respectively, from 9.39%, 6.34% and 2.47%, respectively, since the
last rating action (June 2018), mainly due to the amortizing
reserve fund and the repayment of mezzanine and junior notes ahead
of the senior notes to reach the ratios (percentages of outstanding
notes) contemplated in the documentation. This has happened because
a trigger linked to the reserve fund reaching its target level has
been fulfilled in September 2019 after being breached for several
interest payment dates in the past.

Non-amortizing reserve fund led to the increase in the credit
enhancement available in BANKINTER 8, FTA. For instance, the credit
enhancement for Class C tranche on BANKINTER 8, FTA increased to
7.85% from 6.25% since the last rating action.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement, (3) improvements in the credit quality of the
transaction counterparties and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.




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

DE GRISOGONO: Files for Bankruptcy, 65 Jobs Affected
----------------------------------------------------
Corinne Gretler and Hugo Miller at Bloomberg News report that the
Genevan jeweler De Grisogono SA filed for bankruptcy, ensnared in a
corruption probe involving Isabel dos Santos, the daughter of
Angola's former president.

De Grisogono said in a statement on Jan. 29 the company couldn't
secure a buyer despite talks that lasted several months, Bloomberg
relates.  According to Bloomberg, the company said the failed
negotiations forced the company to file for creditor protection
with Swiss authorities, which if accepted, will affect 65 jobs in
the nation.

The move comes a week after a consortium of global media reported
that De Grisogono was propped up with nearly US$150 million in
loans from Angolan entities to pay off the struggling company's
debts and expenses, Bloomberg relays.  The reports, based on the
so-called Luanda Leaks, said Ms. dos Santos's husband, Sindika
Dokolo, and the Angolan state diamond firm Sodiam in 2012 formed a
Malta-based company to buy a stake in the brand, Bloomberg notes.

Sodiam said in 2017, it would divest its stake in De Grisogono "for
reasons of public interest and legality", Bloomberg recounts

"Without financial support from current shareholders, and without a
buyer, the solvency of the company is now in question, making the
continuation of the business impossible," Bloomberg quotes De
Grisogono as saying in the statement.




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

DELPHI TECHNOLOGIES: Fitch Puts BB LT IDR on Rating Watch Positive
------------------------------------------------------------------
Fitch Ratings placed the ratings of Delphi Technologies PLC,
including its Long-Term Issuer Default Rating of 'BB', on Rating
Watch Positive following its agreement to be acquired by BorgWarner
Inc. in an all-stock transaction that values DLPH at an enterprise
value of about $3.3 billion. DLPHs ratings apply to $800 million in
senior unsecured notes.

KEY RATING DRIVERS

Stronger Post-Acquisition Credit Profile: The Positive Rating Watch
is driven by Fitch's expectation that BWA's credit profile
following the acquisition of DLPH will be substantially stronger
than DLPH's standalone credit profile. This is due to BWA's
stronger pre-acquisition standalone credit profile, and its
decision to acquire DLPH in an all-stock transaction, with no
incremental leverage. Fitch estimates that BWA's leverage will be
in the mid-1x range at closing, and will decline slightly over the
subsequent 24 months as the attainment of synergies leads to
increased EBITDA. This compares to DLPH's standalone EBITDA
leverage of 3.4x at Sept. 30, 2019. Fitch had previously expected
DLPH's standalone leverage to run in the low-3x range over the next
couple of years. BWA and DLPH expect the acquisition to close in
the second half of 2020 (2H20), and Fitch expects to upgrade DLPH's
ratings near the time of the closing. Fitch expects that it will
likely upgrade DLPH's ratings several notches into the
investment-grade range.

Acquisition Benefits: The acquisition of DLPH will significantly
enhance the diversity of BWA's book of business, particularly in
electrified powertrain technologies, as well as adding scale and
product breadth in internal combustion engine (ICE) product
offerings, and goes along with the company's strategy of offering a
balanced suite of products for ICE, hybrid, and full electric
powertrains. It will also increase BWA's presence in the commercial
vehicle and aftermarket end-markets. BWA has a history of
successfully combining acquired technologies with its existing
products to grow its business into new areas, much as it did
following its acquisition of Remy International, Inc. (REMY) in
2015, and Fitch expects the company will have similar opportunities
to marry its existing technologies with those of DLPH following the
acquisition. It will also benefit DLPH as the combined company will
be less sensitive to declining demand for light-vehicle diesel
engines, particularly in Europe, which has weighed heavily on
DLPH's standalone performance over the past year.

Acquisition Risks: Although Fitch expects the DLPH acquisition to
grow and diversify BWA's business, there are also important risks
associated with it. Merging both companies' operations could lead
to potential integration issues or higher-than-expected integration
costs. It could also delay the attainment of the expected synergies
or reduce the overall synergies derived from the transaction.

DLPH's performance over the past year was also weaker than Fitch
had expected due largely to a more negative diesel market in
Europe, lower vehicle production volumes in China and
higher-than-expected restructuring costs. Fitch expects benefits
from its restructuring programs and other operational improvements
will improve its standalone profitability over the intermediate
term, but ongoing mix challenges or lower-than-expected volumes in
key end-markets could make attainment of the planned acquisition
synergies more challenging.

Acquisition Overview: BWA's acquisition of DLPH will create a
larger company with product offerings covering a wide range of
powertrain and drivetrain components for vehicles with all types of
powertrains. BWA has elected to finance the acquisition using only
stock, which will minimize the effect of the acquisition on the
company's credit profile. The enterprise value for the transaction
equates to approximately $3.3 billion or about 6.4x DLPH's
estimated 2019 adjusted EBITDA. BWA estimates that various
synergies will result in $125 million in run-rate profit
improvement by 2023, and including those synergies, the company
estimates the transaction multiple would be 5.2x. BWA and DLPH
expect to close the transaction in the 2H20.

DERIVATION SUMMARY

DLPH's ratings reflect its positioning as a smaller auto supplier
with a less diverse product offering than its larger global peers.
DLPH's profitability is relatively strong, as it generates EBITDA
margins that are roughly consistent with auto suppliers in the
low-'BBB' category. However, since its spin-off from Aptiv PLC,
DLPH's FCF margins have been relatively weak and are likely to be
negative to breakeven in the near term due to elevated capex and
restructuring costs. FCF margins at this level are more consistent
with auto suppliers in the low-'BB' category or below. EBITDA
leverage in the low- to mid-3x range is also consistent with auto
suppliers in the low-'BB' category, although Fitch expects both FCF
margins and EBITDA leverage to improve over the intermediate term.

Among other rated auto suppliers, Dana Incorporated (BB+/Stable)
has about twice DLPH's standalone revenue, a more diversified
product offering and customer base and EBITDA leverage that is
about 1x lower. Tenneco Inc. (BB-/Stable), following its
acquisition of Federal-Mogul LLC, has nearly four times the revenue
of DLPH, but with lower EBITDA margins (partly explained by a high
percentage of pass-through commodity-driven revenue) and
significantly higher post-acquisition EBITDA leverage.

KEY ASSUMPTIONS

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

  -- The acquisition of DLPH in an all-stock transaction is
     completed in the 2H20;

  -- DLPH's unsecured notes remain in BWA's capital structure, but
     BWA repays DLPH's secured term loan A with cash and proceeds
     from new debt;

  -- Post acquisition, BWA achieves acquisition synergies of $125
     million by 2023;

  -- U.S. light vehicle sales run at about 16.6 million units in
     2020, while global sales decline in the low-single-digit
     range. After 2020, U.S. industry sales run in a mid-16
     million unit range for several years, while global sales
     rise at a low-single-digit rate.

  -- BWA's revenue rises substantially in 2020 as a result of the
     DLPH acquisition, and then increases at a mid-single-digit
     rate in the following years due to product penetration
     growth, positive mix and roughly stable global auto
     production.

  -- EBITDA margins remain relatively solid, in the mid-teens,
     over the next several years.

  -- FCF is solid, with post-dividend FCF margins generally
     running in the 3%-4% range post acquisition.

  -- Post-acquisition capex runs in the 5%-6% range, near BWA's
     recent historical levels.

  -- Post acquisition, the company maintains a solid liquidity
     position, with excess cash used primarily for share
     repurchases.

RATING SENSITIVITIES

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

  -- Fitch expects the Rating Watch will be resolved with a
     positive rating action if the transaction is consummated
     as proposed.

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

If the acquisition is not completed, the following rating
sensitivities would apply to DLPH as a standalone business:

  -- A severe decline in global vehicle production that leads
     to reduced demand for DLPH's products;

  -- A debt-funded acquisition that leads to weaker credit
     metrics for a prolonged period;

  -- Sustained EBITDA margin below 8%;

  -- Sustained FCF margin below 1%;

  -- Sustained FFO-adjusted leverage above 3.5x;

  -- Sustained gross EBITDA leverage above 3.0x;

  -- Sustained FFO fixed charge coverage below 3.5x.

LIQUIDITY AND DEBT STRUCTURE

Liquidity: As of Sept. 30, 2019, DLPH had $104 million of
unrestricted cash and cash equivalents and an undrawn $500 million
senior secured revolver that matures in 2022. Based on the
seasonality of the company's cash flows, as of Sept. 30, 2019,
Fitch has treated all of DLPH's unrestricted cash and cash
equivalents as readily available. This is up from $50 million that
was treated as not readily available at Sept. 30, 2018, with the
reduction largely due to less seasonal variability expected in the
company's cash flows going forward.

Debt Structure: In addition to the revolver, at Sept. 30, 2019,
DLPH's capital structure consisted primarily of a secured term loan
A due 2022 that had $703 million outstanding and $800 million in
senior unsecured notes. DLPH is the primary borrower for the
revolver and term loan A, with DLPH's wholly owned subsidiary
Delphi Powertrain Corporation designated as a co-borrower. DLPH was
the issuer of the senior unsecured notes.

In addition to the term loan A and the senior unsecured notes, DLPH
had $21 million in finance leases and other debt outstanding at
Sept. 30, 2019, as well as an estimated $149 million in outstanding
off-balance sheet factoring that Fitch treats as debt.

ESG CONSIDERATIONS

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

DELPHI TECHNOLOGIES: S&P Places 'BB-' ICR on CreditWatch Positive
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB-' issuer and issue-level credit
ratings on Delphi Technologies PLC and its first-lien debt rating
on CreditWatch with positive implications.

S&P said, "We based the CreditWatch placement on expected
improvements in the scale, scope, and diversity of the combined
business. In particular, we think the merger is consistent with
BorgWarner's strategic direction and product offering with regard
to combustion, hybrid, and electric propulsion, resulting in
greater content per vehicle relative to BorgWarner.

"The final rating outcome, following closing of the transaction,
will depend on the proposed capital structure and revenue and cost
synergies. We expect BorgWarner to repay or assume all of Delphi's
rated debt as part of the transaction."

CreditWatch

S&P said, "We expect to resolve the CreditWatch listing prior to
the close of the transaction in the second half of 2020, subject to
approval by shareholders, the satisfaction of customary closing
conditions, and receipt of regulatory approvals.

"Upon close of transaction, we are likely to discontinue ratings on
Delphi if all its debt is likely to be repaid or transferred to
BorgWarner."


DONCASTERS GROUP: S&P Cuts ICR to SD on Restructuring Announcement
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Doncasters
Group to 'SD' (selective default) from 'CCC-'. At the same time,
S&P lowered its issue-level ratings on Doncasters's first and
second lien facilities to 'D'.

S&P understands that Doncasters has now received approval from
almost 100% of its lenders to proceed with its financial
restructuring, which includes:

-- The transfer of ownership of the operating group to a new
lender-owned Jersey-based company, Alloy Topco Ltd.;

-- The reinstatement of 50% of the first lien debt to the
operating group, with the other 50% exchanged into Holdco
payment-in-kind (PIK) debt and equity in Alloy Topco Ltd.;

-- The conversion of 20% of the second lien debt into Holdco PIK
debt and equity, with the remaining 80% released;

-- The injection of an up to GBP65.2 million super senior term
loan to provide ongoing liquidity to the operating group;

-- The shareholder loan notes do not form part of the scheme of
arrangement, and after the financial restructuring they will no
longer benefit from any claims against entities that hold an
interest in the business operations of the group; and

-- After the financial restructuring, the operating group is
expected to have approximately GBP240 million of net debt and will
have removed approximately GBP900 million of liabilities from its
balance sheet.

Doncasters currently has the following outstanding debt:

-- The first-lien loan is due April 2020, and consists of GBP107
million and $507 million tranches.

-- The $98 million second-lien loan is due in October 2020.

-- The structure also includes shareholder loan notes of GBP509.5
million due in 2021.

The asset-based loan facility, which previously existed in the
structure, was fully repaid in November 2019.

Under S&P's criteria, it considers this restructuring to be
tantamount to a default because creditors will receive less value
than originally expected under the first-lien and second-lien term
loans.

The 'SD' rating reflects S&P's understanding that the default is on
only a portion of the group's capital structure, and that, to the
best of its knowledge, it remains current on its other payment
obligations.


JERROLD FINCO: Fitch Assigns BB(EXP) Rating on Sr. Sec. Notes
-------------------------------------------------------------
Fitch Ratings assigned Jerrold Finco plc's senior secured notes an
expected rating of 'BB(EXP)'. The final rating is contingent on the
receipt of final documents conforming to information already
received.

FinCo is a subsidiary of Together Financial Services Limited
(Together; BB/Stable), a UK-based specialist mortgage lender. The
notes will be guaranteed by Together and their rating is aligned
with Together's Long-Term Issuer Default Rating (IDR).

The issuance will principally be used to refinance FinCo's GBP375
million 2021 senior secured notes and extend the maturity timeline
to 2026. Fitch does not expect any material increase in gross
leverage, as measured by gross debt to tangible equity, as a result
of this transaction. When calculating Together's gross leverage,
Fitch adds Bracken Midco1 PLC's (an indirect holding company of
Together) debt to that on Together's own balance sheet, regarding
it as effectively a contingent obligation of Together.

KEY RATING DRIVERS

SENIOR DEBT

FinCo's senior secured notes' rating is driven by the same
considerations that drive Together's Long-Term IDR.

RATING SENSITIVITIES

SENIOR DEBT

The rating of the senior secured notes is primarily sensitive to
changes in Together's Long-Term IDR.


NORTHERN RAIL: UK Government to Nationalize Rail Franchise
----------------------------------------------------------
Tanya Powley and Jim Pickard at The Financial Times report that the
troubled Northern rail franchise will be nationalized, the UK
government announced on Jan. 29, in a move that will bring a second
train network under state control in less than two years.

According to the FT, the decision means the existing Northern
franchise will be removed five years early from Arriva, part of
German state-owned railway company Deutsche Bahn, and placed in the
hands of the government's "operator of last resort".

Grant Shapps, transport secretary, said the franchise, which
stretches from Staffordshire to Northumberland and carries 108
million passengers a year on 2,800 daily services, will be stripped
from Arriva on March 1, the FT relates.

Mr. Shapps also admitted that many of Northern's problems were down
to "inadequate infrastructure" and announced a newly created
cross-industry body, the North West Recovery Task Force, the FT
notes.

Arriva has run Northern since 2016, when it replaced a consortium
of Serco and Abellio with a promise to upgrade the network with a
fleet of new trains, replacing its old-fashioned "Pacer" rolling
stock, the FT relays.

But the operator has been dogged by delays to infrastructure
improvements, including electrification of services, by state-owned
Network Rail and a long-running dispute with unions, the FT
discloses.


NORTON MOTORCYCLES: Enters Administration Over Tax Bill
-------------------------------------------------------
Jess Glass at Press Association reports that British motorbike firm
Norton Motorcycles has gone into administration.

On Jan. 29, it was announced that the Leicestershire company, which
was founded in 1898, had appointed administrators, PA relates.

It was reported the company was having difficulty paying a tax bill
and faced a winding-up order from HMRC, PA discloses.

"We are taking all necessary steps to ensure that customers, staff
and suppliers are supported through the administration process," PA
quotes Lee Causer -- lee.causer@bdo.co.uk -- from administrators
BDO, as saying.

"Our job is to determine and execute the most appropriate strategy
as swiftly as possible to protect creditors' interests, bearing in
mind the need to minimize distress for all parties.

"We are currently assessing the position of each of the companies
in order to conclude upon the options available to them and the
most appropriate way forward."


TOWD POINT 2020-AUBURN: S&P Gives Prelim. B Rating on XA Certs
--------------------------------------------------------------
S&P Global Ratings has assigned preliminary credit ratings to Towd
Point Mortgage Funding 2020 - Auburn 14 PLC's (Towd Point's) class
A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and XA-Dfrd notes. At closing,
Towd Point will also issue unrated class Z1 and Z2 notes and XB
certificates.

S&P based its credit analysis on a preliminary pool of GBP855.502
million (as of Nov. 30, 2019). The pool comprises mainly first-lien
U.K. buy-to-let residential mortgage loans that Capital Home Loans
Ltd. (CHL) originated.

CHL is the servicer. The backup servicer is Homeloan Management
Ltd.

S&P said, "We rate the class A notes based on the payment of timely
interest. Interest on the class A notes is equal to the daily
compounded Sterling overnight index average (SONIA) plus a
class-specific margin.

"We treat the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and XA-Dfrd
notes as deferrable-interest notes in our analysis. Under the
transaction documents, the issuer can defer interest payments on
these notes. Our preliminary ratings on these classes of notes
address the ultimate payment of principal and interest. Once the
ultimate interest notes become the most senior, interest can still
be deferred, but all deferred interest is due on or prior to
maturity.

"Our preliminary ratings reflect our assessment of the
transaction's payment structure, cash flow mechanics, and the
results of our cash flow analysis to assess whether the notes would
be repaid under stress test scenarios. Subordination and excess
spread will provide credit enhancement to the class A to E-Dfrd
notes that are senior to the unrated notes and certificates. Taking
these factors into account, we consider that the available credit
enhancement for the class A to E-Dfrd notes is commensurate with
the preliminary ratings assigned. The class XA-Dfrd notes will be
uncollateralized and will be paid from any excess spread available
after the payment of more senior items in the revenue waterfall."

  Ratings List

  Class     Prelim. rating*   Class size (%) Sec.

  A         AAA (sf)          85.00
  B-Dfrd    AA+ (sf)          3.75
  C-Dfrd    AA (sf)           2.25
  D-Dfrd    A+ (sf)           2.50
  E-Dfrd    A (sf)            1.00
  Z1        NR                4.40
  Z2        NR                1.10
  XA-Dfrd   B (sf)            0.25

*The preliminary ratings address timely receipt of interest and
ultimate repayment of principal for the class A notes. The
preliminary ratings assigned to the class B-Dfrd to E-Dfrd and
XA-Dfrd notes are interest-deferred ratings and address the
ultimate payment of interest and principal. §The tranche size may
change prior to closing.

Dfrd--Deferred.
NR--Not rated.


WONGA: Creditors to Get Less Than 5% of Compensation Owed
---------------------------------------------------------
Alexander Britton at Press Association reports that thousands of
people owed mis-sold loans by defunct payday lender Wonga will get
less than 5% of the compensation they are owed, administrators have
said.

Nearly 400,000 eligible claims were lodged against the lender,
which collapsed in 2018, PA discloses.

According to PA, Wonga's administrators, Grant Thornton, said they
would be paying all unsecured creditors 4.3% of their agreed claim
over the next four weeks.

In 2014, the firm introduced a new management team and wrote off
GBP220 million worth of debt belonging to 330,000 customers after
admitting making loans to people who could not afford to repay
them, PA recounts.

Administrators had received 389,621 eligible claims from those said
to have been sold unaffordable loans as of August 2019, PA relays,
citing documents filed with Companies House.

In the month before its collapse in August 2018, the company said
its struggles were due to a "significant" increase industry-wide in
people making claims in relation to historic loans, PA notes.




===============
X X X X X X X X
===============

[*] BOOK REVIEW: BOARD GAMES - Changing Shape of Corporate Power
----------------------------------------------------------------
Authors: Arthur Fleischer, Jr.,
Geoffrey C. Hazard, Jr., and
Miriam Z. Klipper
Publisher: Beard Books
Softcover: 248 pages
List Price: $34.95

Order your personal copy today at
http://www.amazon.com/exec/obidos/ASIN/1587981629/internetbankrupt
A ruling by the Delaware Supreme Court on January 29, 1985 was a
wake-up call to directors of U. S. corporations. On this date,
overruling a lower court decision, the Delaware Supreme Court ruled
that the nine board members of Chicago company Trans Union
Corporation were "guilty of breaching their duty to the company's
shareholders." What the board members had done was agree to sell
Trans Union without a satisfactory review of its value. The guilty
board members were ordered by the Court to pay "the difference
between the per share selling price and the 'real' market value of
the company's shares."

Needless to say, the nine Trans Union directors were shocked at the
guilt verdict and the punishment. The chairman of the board, Jerome
Van Gorkom, was a lawyer and a CPA who was also a board member of
other large, respected corporations. For the most part, it was he
who had put together the terms of the potential sale, including
setting value of the company's stock at $55.00 even though it was
trading at about $38.00 per share. News of the possible sale
immediately drove the stock up to $51.50 per share, and was
commented on favorably in a "New York Times" business article.
Still, Van Gorkom and the other directors were found guilty of
breaching their duty, and ordered by Delaware's highest court to
pay a sum to injured parties that would be financially ruinous.
This was clearly more than board members of the Trans Union
Corporation or any other corporation had ever bargained for. It was
more than board members had ever conceived was possible without
evidence of fraud or graft.

The three authors are all attorneys who have worked at the highest
levels of the legal field, business, and government. Fleischer is
the senior partner of the law firm Fried, Frank, Harris, Schriver &
Jacobson at the head of its mergers and acquisitions department.
He's also the author of the textbook "Takeover Defenses" which is
in its 6th edition. Hazard is a Professor of Law and former
reporter for the American Bar Association's special committee on
the lawyers' ethics code; while Klipper has been a New York
assistant district attorney prosecuting corporate and financial
fraud, and also a corporate attorney on Wall Street. Using the
Trans Union Corporation case as a watershed event for members of
boards of directors, the highly-experienced legal professionals lay
out the new ground rules for board members. In laying out the
circumstances and facts of a number of cases; keen, concise
analyses of these; and finding where and how board members went
wrong, the authors provide guidance for corporate directors, top
executives, and corporate and private business attorneys on issues,
processes, and decisions of critical importance to them. Household
International, Union Carbide, Gelco Corp., Revlon, SCM, and
Freuhauf are other major corporations whose merger-and-acquisitions
activities resulted in court cases that the authors study to the
benefit of readers. The Boards of Directors of these as well as
Trans Union and their positions with other companies are listed in
the appendix. Many other corporations and their board members are
also referred to in the text.

With respect to each of the cases it deals with, BOARD GAMES
outlines the business environment, identifies important
individuals, analyzes decisions, and discusses considerations
regarding laws, government regulations, and corporate practice. In
all of this, however, given the exceptional legal background of the
three authors, the book recurringly brings into the picture the
legalities applying to the activities and decisions of board
members and in many instances, court rulings on these. Passages
from court transcripts are occasionally recorded and commented on.
Elsewhere, legal terms and concepts -- e. g., "gross nonattendance"
-- are defined as much as they can be. In one place, the authors
discuss six levels of responsibility for board members from "assure
proper result" through negligence up to fraud. Without being overly
technical, the authors' legal experience and guidance is
continually in the forefront. Needless to say, with this, BOARD
GAMES is a work of importance to board members and others with the
responsibility of overseeing and running corporations in the
present-day, post-Enron business environment where shareholders and
government officials are scrutinizing their behavior and decisions.




                           *********


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 * * *