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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, March 4, 2020, Vol. 21, No. 46

                           Headlines



B E L A R U S

BELAGROPROMBANK JSC: S&P Affirms 'B/B' ICRs, Outlook Stable


B O S N I A   A N D   H E R Z E G O V I N A

SECERANA: Auction Fails Again as No Bid Was Received for Assets


F R A N C E

OBOL FRANCE 3: S&P Lowers ICR to 'B', Outlook Stable


G E R M A N Y

CURASAN AG: Board Files Application for Insolvency Proceedings


I R E L A N D

CBL INSURANCE: Declared in Default by FSCS, Faces Liquidation
CORK STREET: Moody's Hikes EUR26MM Class D Notes to 'Ba1'
DRYDEN 74: Moody's Rates EUR9MM Class F Notes '(P)B3'
E-CARAT 11 PLC: DBRS Assigns Prov. BB Rating on Class F Notes
GRAND CANAL 1: S&P Raises Rating on Class F1 Notes to 'BB+'

HAUGHTON AND YOUNG: High Court Appoints Provisional Liquidator
HOUSE OF EUROPE IV: Fitch Affirms Class A2 Debt at 'CCsf'
PLANET: S&P Alters Outlook to Negative & Affirms 'B' LT ICR


I T A L Y

ATLANTIA SPA: Moody's Cuts Sr. Unsec. Rating to Ba3, Outlook Neg.
L'ISOLANTE K-FLEX: Fitch Affirms & Then Withdraws 'B+' LT IDR


K A Z A K H S T A N

KAZAKHSTAN ENGINEERING: Moody's Withdraws B1 CFR & Stable Outlook


N O R W A Y

NORWEGIAN AIR: Egan-Jones Lowers LC Senior Unsecured Rating to CCC


P O L A N D

ISD HUTA: Metinvest Seeks Regulatory Approval of Acquisition


R O M A N I A

URANIULUI SA: Restructuring Plan Not In Line with EU Rules


T U R K E Y

GLOBAL LIMAN: Moody's Cuts CFR to B3, Outlook Negative


U N I T E D   K I N G D O M

BRITISH STEEL: Jingye Sale to be Completed on March 9

                           - - - - -


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B E L A R U S
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BELAGROPROMBANK JSC: S&P Affirms 'B/B' ICRs, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings today affirmed its 'B' long- and short-term
issuer credit ratings on Belarus-based Belagroprombank JSC. The
outlook remains stable.

S&P said, "The affirmation reflects our view that Belagroprombank
will continue its efforts on its balance sheet clean-up we observed
over the last nine months of 2019 and that the bank's asset quality
metrics will gradually improve toward the Belarus banking system's
average. In particular, we expect Belagroprombank's gross Stage 3
and purchased and originated credit impaired (POCI) loans under
International Financial Reporting Standards (IFRS) to decline to
about 13%-15% of the loan portfolio over the next two years from
17.8% as of September 2019. We also think that the bank's growth
strategy envisions issuing more new loans on commercial terms to
financially viable entities with directed lending on more relaxed
terms gradually decreasing from the current level of around 33% of
the total loan book (including 26% of loans issued as part of
participation in major government programs). This, in our view,
should also support gradual improvement of asset quality metrics."

Belagroprombank's problem assets (Stage 3 and POCI loans under
IFRS), decreased to 17.8% of the loan portfolio as of Sept. 30,
2019, from 21.6% as of year-end 2018, mostly via write-offs and
repayments. Nevertheless, currently these levels remain higher than
the system average of 9%-11%. Under S&P's base-case scenario, it
expects the trend for the bank's gradual asset quality improvement
will likely continue in the next two years, supported by the
following:

-- Management intends to continue increasing loan loss provision
coverage for legacy loans (S&P therefore expects credit loss
provision charges to remain elevated at around 50% of net interest
income to allow the bank to build additional provisions) that
should enable further balance sheet clean-up;

-- Gradually improving risk-management practices and a more
prudent business growth strategy should enable the bank to work
with clients with stronger financial standing than before and
therefore improve overall quality of its loan portfolio;

-- S&P said, "We expect that the lending practices and credit
quality in Belarus should continue gradually improving in line with
the trend on diminishing government-orchestrated lending. We
consider that this type of lending contributed greatly to rather
aggressive credit growth before 2015 and subsequently resulted in
deterioration of asset quality of the sector. According to our
understanding, the share of directed lending in new loans in the
system has decreased from about 5% of GDP before 2015 to less than
1% in 2019, and we expect it to eventually decrease to minimal
levels as a percentage of new loans issued."

S&P said, "Despite the progress in reducing nonperforming loans, we
consider the bank's loan loss provisioning rate as below the system
average for Belarus. The bank reported a ratio of provisions to
total loans of 5.4% as of Sept. 30, 2019 (versus a system average
of around 7%), with only 24% coverage of Stage 3 (versus 40%-45%
coverage in the system). Such a low provisioning level is to some
extent mitigated, in our view, by the state guarantees that cover
around 15% of the bank's loan portfolio. We expect that the bank
will increase provisions over the next two years to improve the
reserve coverage closer to the system average. We therefore expect
the cost of risk to remain elevated at 4.0%-5.5% in the next two
years.

"We expect the bank will maintain moderate capital buffers and
forecast our risk-adjusted capital (RAC) ratio to remain 5.5%-6% in
2019-2021. The key assumptions underlying our forecast are modest
loan portfolio growth of 6% per year, stable but moderate
profitability resulting in a return on equity of 4%-5%, and the net
interest margin (NIM) returning to more normal levels of 4.5%-5%
over the next two years (we consider a NIM of 7% reported over the
first nine months of 2019 a temporary anomaly resulting among
others from the lag between assets and liabilities repricing on the
back of refinance rate decrease and do not expect that to repeat in
the near term).

"We also think Belagroprombank's business position will remain
sustainable, reflecting its second-largest customer franchise in
Belarus and its status of being an important lender to companies of
strategically important economic sectors.

"We continue to classify Belagroprombank as a government-related
entity that is significantly exposed to economic risks in Belarus.
In addition, we believe there is a moderately high likelihood that
Belagroprombank would receive extraordinary support from the
Belarusian government if needed. However, we do not factor in any
uplift for extraordinary government support into our ratings on
Belagroprombank because the bank's stand-alone credit profile is
already at the same level as the sovereign rating and we do not
expect the bank to be able to withstand a sovereign stress
scenario.

"The stable outlook on Belagroprombank reflects our view that the
ratings will likely remain unchanged over the next 12 months. We
also take into account the stable outlook on Belarus.

"We consider the probability of a positive rating action as remote
at this stage. Any positive rating action on Belagroprombank would
require a substantial improvement in the bank's own
creditworthiness, coupled with a supportive macroeconomic
environment. Specifically, we would expect to see further gradual
improvement in the sector's risk appetite and lending and
underwriting standards, including a further material reduction in
directed lending practices while maintaining solid provisioning
levels. A positive rating action would be also conditional on a
positive rating action on sovereign.

"A negative rating action on Belarus would lead to a similar action
on Belagroprombank. We could also lower the ratings in the next 12
months if Belagroprombank's creditworthiness deteriorated, contrary
to our current expectations. This could happen, for example, if we
considered that its asset quality significantly deteriorated due to
unexpected credit shock, resulting in a material increase in credit
costs and new provisions required above our expectations, not
offset by a corresponding capital injection, leading us to revise
our capital assessment or risk profile assessment downwards."




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B O S N I A   A N D   H E R Z E G O V I N A
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SECERANA: Auction Fails Again as No Bid Was Received for Assets
---------------------------------------------------------------
SeeNews reports that the latest attempt to sell the assets of
Bosnia's bankrupt sugar mill Secerana has failed again, even though
the ask price was cut to BAM8.5 million (US$4.7 million/EUR4.3
million), from BAM9.0 million at the previous auction held in
January, the board of creditors said.

"Not a single bid has arrived," the head of Secerana's board of
creditors, Vojislav Nikolic, as cited by SeeNews, said in a video
file published by local radio and TV broadcaster BHRT on Feb. 17.

The board of creditors has therefore decided to hold a new auction,
further lowering the price to BAM8.0 million, Mr. Nikolic said,
adding that the board has decided earlier to continue to hold
auctions for the sale of Secerana's assets by cutting the price by
BAM500,000 in every new attempt, until it drops to no less than
BAM7.0 million, SeeNews discloses.

Secerana is based in Bijeljina, Bosnia.




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F R A N C E
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OBOL FRANCE 3: S&P Lowers ICR to 'B', Outlook Stable
----------------------------------------------------
S&P Global Ratings noted that over the past quarters, France-based
funeral services company Obol France 3 has continued to report
sales and EBITDA materially below budget and below the previous
year. The decline reflects lower market shares in burial and
cremations, lower mortality rates, and slower-than-expected
efficiency improvements.

S&P believes that intensifying competition will persist and weigh
on market shares and prices, resulting in lower earnings prospects,
limited free operating cash flow (FOCF), and decelerated
deleveraging.

S&P is therefore lowering its ratings on Obol France 3 to 'B' from
'B+'.

The stable outlook indicates S&P's view that Obol France 3,
operating under the name OGF, is taking measures to tackle
competitive challenges and continues to benefit from a sound
reputation and a large network to capture customers.

Between April 1, 2019 and Dec. 31, 2019, OGF reported revenue of
EUR435.4 million and EBITDA of EUR85.1 million. This is 2.7% and
10.6% lower than revenue and EBITDA, respectively, for the same
period the previous year. OGF did not recover market shares despite
granting its commercial forces more leeway to match competitors'
quotes. As of end-November 2019, OGF held 19.4% of the market,
compared with 20.0% the previous year. In addition, the average
funeral selling price was 0.8% below the previous year's,
representing some EUR31 million less in sales relative to 2018.
This decline remains relatively limited, and it points to OGF's
strategy of compensating lower prices by upselling additional
services when possible to customers with more spending power. The
group has not announced tariff cuts. Nevertheless, S&P believes
that limited differentiation potential, a shift in cultural habits,
and competition--spurring an uptick in advertising of affordable
funeral services--will likely prompt people to choose more basic
funerals and spend less. Gaining market share will be difficult and
would likely hinge on tariff cuts or selling a higher volume of
basic funerals.

S&P does not anticipate an abrupt change in consumer preferences.

S&P said, "Although uncertainty remains around the magnitude and
pace of change in customers' preferences, we continue to assume
that change will be gradual and that the demand for premium
funerals will not collapse. We note that customers opting for
cremation tend to spend less. Furthermore, the rate of cremation
has progressed annually by 0.7%-1.0% in France." Cremation rate was
estimated at 37.9% at end-November, compared with 37.0% a year
before. This trend could also translate to reduced profitability
for funeral services companies.

Small competitors are emerging.

S&P understands that the number of small competitors has increased
and should remain high. These smaller players benefit from a lower
costs base and operate under asset-light business models since they
use either third party-facilities (cremation is a delegation of
public service) or the public crematoria.

Competition, pricing pressure, and relatively low mortality rate
will constrain credit metrics.

S&P said, "We forecast the cash interest paying debt to EBITDA will
stay above 7x in 2020-2021. Lower financial leverage will depend on
the company's ability to improve efficiency of the operations,
optimize its offering, and strengthen its commercial efforts. The
latter, in particular, will hinge on upselling to those customers
with a greater ability and willingness to pay for premium services
while providing quality options to customers seeking basic
services. We also understand that funeral services is a retail
business where the quality of the personnel and the salesforce
drive performance." As such, attracting and retaining qualified
employees is another important focus area.

Rising expenditures will hinder cash flow in 2020.

S&P believes that OGF's FOCF will be negative in 2020 and should
turn positive in 2021. The large infrastructure requires material
capital expenditure (capex) including refurbishment of the branches
and funeral homes and fleet renewal although part of the capex can
be delayed. In the long term, capex could decrease as some update
programs, such as that for IT, will be completed.

OGF is proactively combating the challenges.

S&P believes the group's management is aware of the changing
dynamics in the industry. OGF has taken measures that could
stabilize its market share. Key measures include increasing its
online presence and the focus on the call center, implementation of
enterprise resource planning and better planning, and improving the
distribution of pre-need contracts through partnerships with banks
and insurance companies. Historically, these contracts represented
around 20% of the funerals performed every year.

S&P continues to perceive OGF as an established player in the
funeral services industry in France.

OGF boasts a network of 1,079 branches, 583 funeral homes, 72
operating crematoria, and an additional eight crematoria under
construction, of which three should open during the next fiscal
year. (This compares with the 184 crematoriums in total across
France). The breadth of its network remains an important tool to
capture customers, because geographical location matters since
families usually opt for the facilities conveniently located close
to home. S&P also continues to view favorably the regulatory law
allows of families to withdraw up to EUR 5,000 from the estate of
the deceased to finance the funeral. Competition should slightly be
offset by small bolt-on acquisitions. S&P estimates the group will
spend EUR10 million by end-March 2020.

There is no near-term marked pressure from debt maturities.

The term loan B matures in March 2023 and the revolving credit
facility (RCF) is due at the end of 2022. These maturities gives
the company time to stabilize business and demonstrate its
deleverage capacity.

S&P said, "The stable outlook reflects our expectation that OGF's
measures should support market share stabilization although it will
likely negatively affect the business mix. We consider the group is
going through a transition and that in addition to market share
stabilization, efficiency gains will be critical in order to reduce
the financial advantage ahead of the refinancing in 2023.

"We could take a negative rating action if we saw a continued
erosion in market share beyond what our current forecasts,
alongside deteriorated profitability that could stem from material
pricing pressure or limited efficiency gains. Such conditions would
prevent OGF from demonstrating a capacity to reduce leverage toward
7x and could weigh on the refinancing risk and constrain
liquidity.

"We would also take a negative rating action if the company failed
to generate positive FOCF over the next 12-18 months or if the FFO
cash interest coverage reduced close to 2x.

"Given the challenging market environment, we believe a positive
rating action is unlikely." An upgrade would require the group to
demonstrate its ability to materially reduce its financial leverage
and generate comfortable positive FOCF. This would happen if the
group gained market shares also in addition to substantially
improving its profitability thanks to a more efficient cost
structure and favorable business mix.




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G E R M A N Y
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CURASAN AG: Board Files Application for Insolvency Proceedings
--------------------------------------------------------------
The Management Board of curasan AG made the decision on Feb. 23 to
file an application for the opening of insolvency proceedings with
the responsible local court in Aschaffenburg due to
overindebtedness of the company.

Headquartered in Germany, curasan develops, produces and markets
medical products in the area of bone and tissue regeneration.





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I R E L A N D
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CBL INSURANCE: Declared in Default by FSCS, Faces Liquidation
-------------------------------------------------------------
The Financial Services Compensation Scheme (FSCS) disclosed that it
has declared CBL Insurance Europe DAC in default on February 24,
2020.

CBL Insurance Europe DAC, an insurance company based in the
Republic of Ireland has been under administration since March 12,
2018, and ceased paying claims on December 9, 2019.

On February 20, 2020, the Central Bank of Ireland lodged a petition
with the Irish High Court to seek a winding-up order and to have a
liquidator appointed.

FSCS is now stepping in to protect the majority of policies that
CBL sold in the UK to individuals and small businesses.

Jimmy Barber, Chief Operating Officer at FSCS, said: "FSCS is
working closely with the administrator and the Central Bank of
Ireland to make sure that any eligible policyholders are protected.
FSCS will protect most UK-based customers of CBL who are either
individuals or small businesses with an annual turnover of less
than GBP1 million."

CBL Insurance Europe is authorised and regulated by the Central
Bank of Ireland.  The firm provided a range of non-life insurance
products in Ireland and within the European Union, such as
construction-related credit and financial surety insurance,
professional indemnity insurance, property insurance and travel
bonding.

CBL Insurance Europe's products were distributed on a freedom of
services cross-border basis within the European Economic Area (EEA)
through channels including managing general agents (MGAs) and
insurance brokers.  This meant the contracts were underwritten in
an EEA member state that was different from the member state where
the risk is located.

Further information from the administrators is on the CBL Insurance
Europe DAC website at http://cblinsuranceeurope.com  


CORK STREET: Moody's Hikes EUR26MM Class D Notes to 'Ba1'
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Cork Street CLO Designated Activity Company:

EUR 21,000,000 Class C Senior Secured Deferrable Fixed Rate Notes
due 2028, Upgraded to Baa1 (sf); previously on Jun 11, 2019
Affirmed Baa2 (sf)

EUR 26,000,000 Class D Senior Secured Deferrable Fixed Rate Notes
due 2028, Upgraded to Ba1 (sf); previously on Jun 11, 2019 Affirmed
Ba2 (sf)

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

EUR 127,300,000 Refinancing Class A-1A Senior Secured Floating Rate
Notes due 2028, Affirmed Aaa (sf); previously on Jun 11, 2019
Affirmed Aaa (sf)

EUR 112,700,000 Class A-1B Senior Secured Step-up Floating Rate
Notes due 2028, Affirmed Aaa (sf); previously on Jun 11, 2019
Affirmed Aaa (sf)

EUR 15,650,000 Refinancing Class A-2A Senior Secured Floating Rate
Notes due 2028, Affirmed Aa1 (sf); previously on Jun 11, 2019
Upgraded to Aa1 (sf)

EUR 26,350,000 Refinancing Class A-2B Senior Secured Fixed Rate
Notes due 2028, Affirmed Aa1 (sf); previously on Jun 11, 2019
Upgraded to Aa1 (sf)

EUR 24,000,000 Class B Senior Secured Deferrable Fixed Rate Notes
due 2028, Affirmed A1 (sf); previously on Jun 11, 2019 Upgraded to
A1 (sf)

Cork Street CLO Designated Activity Company, issued in November
2015, is a collateralised loan obligation backed by a portfolio of
mostly broadly syndicated first lien senior secured corporate
loans. The portfolio is managed by Guggenheim Partners Europe
Limited. The transaction's reinvestment period ended in November
2019.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of the
benefit of the transaction having reached the end of the
reinvestment period in November 2019.

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

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 406.4 million,
a weighted average default probability of 23.4% (consistent with a
WARF of 3037 and a weighted average life of 5.1 years), a weighted
average recovery rate upon default of 46.9% for a Aaa liability
target rating, a diversity score of 39, a weighted average spread
of 3.7% and a weighted average coupon of 4.0%. The GBP and
USD-denominated assets are hedged with cross-currency swaps, which
Moody's also modelled.

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

Moody's notes that the February 2020 trustee report was published
at the time it was completing its analysis of the January 2020
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates. The anticipated redemption of Class A notes is
also considered in this rating action.

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.

Counterparty Exposure:

Today's rating action took into consideration the notes' exposure
to relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in November 2019. Moody's concluded
the ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. CLO notes' performance may also be impacted either
positively or negatively by 1) the manager's investment strategy
and behaviour and 2) divergence in the legal interpretation of CDO
documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.

DRYDEN 74: Moody's Rates EUR9MM Class F Notes '(P)B3'
-----------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to Notes to be issued by Dryden 74
Euro CLO 2020 DAC:

EUR 248,000,000 Class A Senior Secured Floating Rate Notes due
2033, Assigned (P)Aaa (sf)

EUR 16,300,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Assigned (P)Aa2 (sf)

EUR 20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Assigned (P)Aa2 (sf)

EUR 14,700,000 Class C-1 Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)A2 (sf)

EUR 10,000,000 Class C-2 Mezzanine Secured Deferrable Fixed Rate
Notes due 2033, Assigned (P)A2 (sf)

EUR 29,200,000 Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)Baa3 (sf)

EUR 25,800,000 Class E Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)Ba3 (sf)

EUR 9,000,000 Class F Mezzanine 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 100% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe.

PGIM Limited 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.

In addition to the eight Classes of Notes rated by Moody's, the
Issuer will issue EUR 39.0 million of Subordinated Notes which are
not rated.

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: 51

Weighted Average Rating Factor (WARF): 3035

Weighted Average Spread (WAS): 3.93%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 42.0%

Weighted Average Life (WAL): 8.5 years

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


E-CARAT 11 PLC: DBRS Assigns Prov. BB Rating on Class F Notes
-------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of notes to be issued by E-CARAT 11 plc (the Issuer):

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

DBRS Morningstar does not rate the Class H Notes expected to be
issued in this transaction.

The rating of the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal
maturity date. The ratings on Class B, Class C, Class D, Class E,
Class F, and Class G Notes address the ultimate payment of interest
and ultimate repayment of principal by the legal maturity date
while junior to other outstanding classes of notes, but the timely
payment of interest when they are the senior-most tranche.

The ratings are based on DBRS Morningstar's review of the following
analytical considerations:

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

-- Credit enhancement levels are sufficient to support DBRS
Morningstar's projected expected defaults, recoveries, and residual
value (RV) losses under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms of the
notes.

-- The seller, originator, and servicer's capabilities with
respect to origination, underwriting, servicing, and financial
strength.

-- DBRS Morningstar's operational risk review of Vauxhall Finance
plc (Vauxhall Finance), which is deemed to be an acceptable
servicer.

-- The transaction parties' financial strength with regard to
their respective roles.

-- The credit quality, diversification of the collateral, and
historical and projected performance of the seller's portfolio.

-- DBRS Morningstar's sovereign rating of the United Kingdom of
Great Britain and Northern Ireland at AAA with a Stable trend.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

The transaction represents the issuance of notes backed by a
portfolio of approximately GBP 400 million of fixed-rate
receivables related to auto loan contracts granted by Vauxhall
Finance to borrowers in England, Wales, Scotland, and Northern
Ireland. The underlying motor vehicles related to the finance
contracts consist of both new and used passenger vehicles and light
commercial vehicles. The receivables are serviced by Vauxhall
Finance.

The underlying receivables consist of both conditional sale and
personal contract purchase (PCP) auto loan agreements with
guaranteed future values (GFV). The GFV affords the borrower an
option to hand back the underlying vehicle at contract maturity as
an alternative to repaying or refinancing the final balloon
payment; this feature directly exposes the Issuer to RV risk.

The transaction includes a one-year revolving period during which
time the originator may offer additional receivables that the
Issuer will purchase provided that eligibility criteria and
concentration limits set out in the transaction documents are
satisfied. The revolving period may end earlier than scheduled if
certain events occur, such as a breach of performance triggers, an
insolvency of the seller, or default of the servicer.

TRANSACTION STRUCTURE

The transaction allocates payments through separate interest and
principal priorities and incorporates an amortizing liquidity
reserve funded by Vauxhall Finance on the issue date through a
subordinated loan. The liquidity reserve is available to the Issuer
only in a restricted scenario where the principal collections are
not sufficient to cover the shortfalls in senior costs (servicer
fees and operating expenses), swap payments, and Class A interest
and, if not deferred, Class B, Class C, and Class D interest
payments. During the revolving period and the normal redemption
period, all amounts in excess of the target amount will be returned
directly to the subordinated lender and will not become available
to the transaction. The target amount of the liquidity reserve
after the Class D Notes have been redeemed is zero.

Following the revolving period, if no sequential redemption event
has occurred, principal funds are allocated on a pro-rata basis to
all notes. A sequential redemption event considers net loss
performance, the debit balance of the principal deficiency ledger,
and whether the cleanup call option has been exercised. Following a
sequential redemption event, the principal redemption of the notes
becomes fully sequential and nonreversible.

The Class A, Class B, Class C, Class D, Class E, Class F, and Class
G Notes pay interest indexed to the compounded daily Sterling
Overnight Index Average, whereas the portfolio pays a fixed
interest rate. The interest rate risk arising from the mismatch
between the Issuer's liabilities and the portfolio is hedged
through a swap agreement with BNP Paribas (rated AA (low) with a
Stable trend by DBRS Morningstar).

COUNTERPARTIES

HSBC Bank plc (HSBC) has been appointed as the Issuer's account
bank for the transaction. Based on the DBRS Morningstar private
rating of HSBC, the downgrade provisions outlined in the
transaction documents, and structural mitigants, DBRS Morningstar
considers the risk arising from the exposure to HSBC to be
consistent with the rating assigned to the Class A Notes, as
described in DBRS Morningstar's "Legal Criteria for European
Structured Finance Transactions" methodology.

[BNP Paribas] acts as the swap counterparty for the transaction.
DBRS Morningstar's Long-Term Senior Debt Rating of AA (low) and
Long Term Critical Obligations Rating of AA (high) for [BNP
Paribas] is consistent with the First Rating Threshold as described
in DBRS Morningstar's "Derivative Criteria for European Structured
Finance Transactions" methodology.

Notes: All figures are in British pounds sterling unless otherwise
noted.


GRAND CANAL 1: S&P Raises Rating on Class F1 Notes to 'BB+'
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on Grand Canal
Securities 1 DAC's class B-Dfrd to F1-Dfrd notes, and affirmed its
rating on the class A notes.

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 the
transaction's structural features.

"Upon revising our Irish RMBS criteria, we placed our ratings on
the class B-Dfrd to F1-Dfrd notes under criteria observation.
Following our review of the transaction's performance and the
application of our updated criteria for rating Irish RMBS
transactions, our ratings on these notes are no longer under
criteria observation.

"After applying our updated Irish RMBS criteria, the overall effect
in our credit analysis results in a lower weighted-average
foreclosure frequency (WAFF) and a decrease in the weighted-average
loss severity (WALS). Our WAFF assumptions have decreased at all
rating levels mainly due to the decrease of our archetypal
foreclosure frequency anchors and removing the arrears projection.
Our WALS assumptions have decreased at all rating levels because of
higher property prices throughout Ireland, which triggered a lower
weighted-average current loan-to-value ratio, and our revised jumbo
valuation thresholds."

  Credit Analysis Results
  Rating level   WAFF (%)  WALS (%)
  AAA            47.64     40.87
  AA             34.96     36.30
  A              28.63     28.78
  BBB            21.70     24.75
  BB             14.11     21.98
  B              12.59     19.51

The liquidity reserve fund and the general reserve fund remain at
target. Overall credit enhancement continues to build up across the
capital structure with sequential payments amortizing the class A
notes to EUR174.2 million as of the November 2019 interest payment
date from EUR239.35 million at closing.

The structure incorporates a loss provisioning mechanism rather
than linked to the arrears status of the loan. S&P considers this
less positive for the transaction than the latter given that excess
spread is not trapped until the recovery process is completed. S&P
has incorporated this feature in our cash flow analysis.

S&P's conclusions on operational, counterparty, and legal risk
analysis remain unchanged since closing. Therefore, no rating cap
applies to this transaction.

S&P said, "We have affirmed our 'AAA (sf)' rating on the class A
notes because our analysis indicates that the available credit
enhancement for this class of notes is commensurate with the
currently assigned rating.

"The class B-Dfrd notes pass our credit and cash flow stresses at
the 'AAA' level. However, we consider that the deferrable nature of
the notes is not consistent with our 'AAA' rating definition. We
have therefore raised to 'AA+ (sf)' from 'AA (sf)' our rating on
this class of notes.

"Our analysis indicates that the class C-Dfrd, D-Dfrd, E-Dfrd, and
F1-Dfrd notes could withstand our stresses at higher ratings than
those currently assigned. However, the ratings on these classes of
notes are constrained by additional factors. Specifically, we
considered the available credit enhancement for these notes, their
relative positions in the capital structure, potential exposure to
tail-end risks given the interest-only exposure in the pool, and
the increasing trend in arrears levels since closing.

"We have therefore raised to 'A+ (sf)', 'A (sf)', 'BBB (sf)', and
'BB+ (sf)', from 'A (sf)', 'BBB (sf)', 'BB (sf)', and 'B (sf)', our
ratings on the C-Dfrd, D-Dfrd, E-Dfrd, and F1-Dfrd notes,
respectively."

Grand Canal Securities 1 DAC is a securitization of a pool of
buy-to-let and owner-occupied residential mortgage loans to
nonconforming borrowers, secured on properties in Ireland.


HAUGHTON AND YOUNG: High Court Appoints Provisional Liquidator
--------------------------------------------------------------
Aodhan O'Faolain at The Irish Times reports that the High Court has
appointed a provisional liquidator to Haughton and Young Ltd, a
Dublin-based mechanical engineering subcontractor, employing more
than 160 people.

On Feb. 17, Ms Justice Leonie Reynolds appointed Nicholas O'Dwyer
-- Nicholas.ODwyer@ie.gt.com -- as provisional liquidator to the
company, which worked on many well-known projects including Croke
Park Stadium, Google's Irish headquarters and Twitter's offices in
Dublin, The Irish Times relates.

The court was told it had been profitable for many years but began
to sustain losses from 2018 onwards and is now insolvent, The Irish
Times discloses.

According to The Irish Times, it was stated that the losses arose
from factors including increased competition in the sector and
because the firm was not paid the full amount of monies due to it
on certain projects.

Moving the petition to wind up the company, Brian Conroy,
representing the firm's main shareholders, said the appointment of
a provisional liquidator was urgent, The Irish Times notes.  He
said there were concerns the company's assets, including a large
number of vehicles, may be taken by creditors, The Irish Times
relays.  The counsel said the appointment of a provisional
liquidator would ensure the company's assets are preserved and
later distributed for the benefit of all the creditors in an
orderly manner, according to The Irish Times.

The counsel said the board made attempts to address its financial
problems, sought fresh investment in the business and last year had
let some staff go, The Irish Times relates.  However, it had not
proven possible to secure the company's future and the vast
majority of shareholders supported the appointment of a provisional
liquidator, The Irish Times notes.

Ms. Justice Reynolds, as cited by The Irish Times, said she was
satisfied to appoint Mr. O'Dwyer, of accountancy firm Grant
Thornton, as provisional liquidator, and to grant him certain
powers.

Haughton and Young Ltd. was founded in the late 1990s and is based
at The Business Centre, Stadium Business Park, Ballycoolin Road,
Dublin 11.


HOUSE OF EUROPE IV: Fitch Affirms Class A2 Debt at 'CCsf'
---------------------------------------------------------
Fitch Ratings has affirmed House of Europe Fuding IV Plc and
withdrawn ratings.

House of Europe Funding IV PLC
   
  - Class A2 XS0228472873; LT CCsf Affirmed;  previously at CCsf

  - Class A2 XS0228472873; LT WDsf Withdrawn; previously at CCsf

  - Class B XS0228474572;  LT Csf Affirmed;   previously at Csf

  - Class B XS0228474572;  LT WDsf Withdrawn; previously at Csf

  - Class C XS0228475389;  LT Csf Affirmed;   previously at Csf

  - Class C XS0228475389;  LT WDsf Withdrawn; previously at Csf

  - Class D XS0228476197;  LT Csf Affirmed;   previously at Csf

  - Class D XS0228476197;  LT WDsf Withdrawn; previously at Csf

  - Class E XS0228476601;  LT Csf Affirmed;   previously at Csf

  - Clas sE XS0228476601;  LT WDsf Withdrawn; previously at Csf

TRANSACTION SUMMARY

HoE IV is an arbitrage cash flow CDO incorporated to issue EUR1
billion of floating-rate notes. The proceeds of the issuance are
invested in a revolving portfolio of European, prime and subprime
residential mortgage-backed securities, commercial mortgage-backed
securities, asset-backed securities and CDOs. The collateral is
actively managed by Collineo Asset Management over the life of the
transaction.

The ratings were withdrawn as they are no longer considered By
Fitch to be relevant to the agency's coverage.

KEY RATING DRIVERS

Rating Withdrawn

Fitch is withdrawing the ratings of the class A- 2, B, C, D & E
notes as they are no longer considered by Fitch to be relevant to
the agency's coverage, due to the highly distressed ratings.

Under-collaterlised Portfolio

Since Fitch's last surveillance review in March 2019, the class A-1
notes are paid in full and the class A-2 notes have been paid down
by EUR8.3 million. As of January 2020, the portfolio remained
under-collateralised with outstanding notes balance of EUR245.72
million being supported by a performing portfolio balance of
EUR83.2 million.

For the class A2 notes, credit enhancement remained negative at
35.8% compared with a negative 36.5% in the last review. The full
payment of the tranche depends on the recoveries from defaulted
assets as well as performance of the other assets. For the
remaining classes default appears inevitable.

High Obligor Concentration

The natural amortisation of the portfolio has resulted in increased
concentration. As of January 2020, the underlying portfolio
comprised 26 assets, out of which only 17 were performing assets
versus 19 during the last review. The largest issuer exposure and
the 10-largest issuers represent 24% and 90.3% of the performing
portfolio, respectively.

High Defaulted Asset Concentration

The composition of defaulted or non-performing assets in the
portfolio remains roughly the same as in the last review. As of
January 2020, defaulted assets contributed around 34.5% of the
portfolio compared with 36.9% during the last review.

RATING SENSITIVITIES

Not applicable

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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


PLANET: S&P Alters Outlook to Negative & Affirms 'B' LT ICR
-----------------------------------------------------------
S&P Global Ratings related that Planet -- a value-added tax (VAT)
refund operator and international payment services provider -- will
likely face tougher trading conditions in 2020 than previously
expected, owing to a reduced flow of tourists from the Asia-Pacific
region to Europe, Middle East, and Africa (EMEA) amid the
coronavirus outbreak.

S&P expects this will lead to weaker credit metrics in fiscal year
(FY) ending Dec. 31, 2020, with S&P Global Ratings-adjusted EBITDA
above 7x and free cash flows below EUR20 million, which creates
rating downside risk given the limited headroom under the current
rating. Nevertheless, S&P thinks it likely that this effect on the
company's performance will be temporary, and S&P sees a reasonable
likelihood of a rebound in 2021.

S&P is revising its outlook to negative from stable and affirming
its 'B' long-term issuer credit rating on Ireland-incorporated
Franklin Ireland Topco Ltd., the parent of Planet.

The negative outlook reflects the possibility of a one-notch
downgrade if tough trading conditions lead to significantly weaker
credit metrics over the next 12 months, with no imminent recovery
prospects.

S&P said, "Given the declining global tourism flow amid the
coronavirus outbreak, we expect weaker credit metrics over the next
12 months, reducing the headroom under the rating.   Planet's
revenues are directly exposed to global tourism flows, especially
visitors from the Asia-Pacific region (about a third of group
revenue), with tourists from China generating about 16% of revenue
in FY2019. The majority of its revenues stem from travellers to
EMEA. As such, a significant reduction in tourism flows to EMEA
amid the coronavirus outbreak, especially from the Asia-Pacific
region, will likely weigh on cash flow generation in FY2020 and
potentially beyond, depending on the outbreak's severity and
duration.

"Under our base-case scenario, we assume about a 50% drop in
revenue from Asia-Pacific tourists in 2020, leading to a 15%-20%
revenue drop in the tax-free segment (about 65% of group revenue in
FY2019). At the same time, we still assume solid growth in the
payments segment of 13%-15%, mostly on strong volume growth from
existing contracts not directly exposed to coronavirus- affected
areas. This leads to an overall revenue drop under our base case of
about 6%, and results in free operating cash flow (FOCF) of about
EUR15 million-EUR20 million (about 4%-5% FOCF to debt) and S&P
Global Ratings-adjusted debt to EBITDA of about 7.5x-8x in FY2020,
compared with about EUR30 million (FOCF to debt of 7%) and 6.5x-7x
in FY2019, and our rating triggers of 7x and 5%, respectively.

"Prolonged duration of the outbreak could stall improvement in
credit metrics, but our base case assumes recovery in 2021.  We see
a risk that the coronavirus outbreak could extend beyond our
current base-case assumption of a peak in March. A continuation
into the second half of the year, with limited recovery prospects
on global tourism flows over the next 12 months, would further
weigh on the rating. In addition, while the company's payments
division is less affected at the moment, we think that reduced
global tourism may also have a negative effect on this
segment--especially on dynamic currency conversion (DCC), which
relies to a large extent on tourism. As such, while our base case
assumes a temporary effect on the company with a rebound in 2021,
the revised outlook reflects decreased operating visibility and the
company's limited headroom to withstand an extended downturn."

Strong trading in 2019 improved the liquidity buffer supporting the
rating.  Planet's net revenue grew by 26% in FY2019. Most of the
growth was on the back of the successful launch of a tax-free
business in the United Arab Emirates (UAE), which made about 10% of
group revenue in FY2019, followed by a 29% growth in payments on
new contract wins. As a result, Planet generated about EUR30
million in free cash flow and repaid EUR10 million of debt, making
EUR44 million available under the revolving credit facility (RCF)
at the end of 2019, and increasing the available cash balance by
about EUR18 million. In S&P's view, the current liquidity position
should support the company's ability to adequately service its
debt, even if it were to experience a temporary cash burn,
supporting the current rating.

S&P said, "The negative outlook reflects the possibility of a
one-notch downgrade if we expect that tough trading conditions amid
the coronavirus outbreak will lead to significantly weaker credit
metrics over the next 12 months, with no imminent recovery
prospects.

"We expect Planet will generate about EUR EUR15 million-EUR20
million FOCF (4%-5% adjusted FOCF to debt) and adjusted debt to
EBITDA of 7.5x-8x in 2020, improving to EUR30 million-EUR35 million
and about 6x-6.5x in FY2021, assuming coronavirus peaks in March
2020, followed by a fast recovery.

"We could lower the rating if we no longer expect Planet's
operating performance will recover in FY2021, with adjusted debt to
EBITDA remaining above 7x and adjusted FOCF to debt below 5%.

"This could happen if we observe a prolonged difficult trading
period, due to the outbreak lasting longer than a year with limited
recovery prospects of global tourism flow, or if there is a
significant cash burn in 2020 resulting in higher drawings on the
RCF.

"We could revise the outlook to stable if Planet were to recover
its earnings toward the end of 2020, leading to the prospect of
strong recovery in 2021, in line with our base case."

This could happen if the coronavirus outbreak is contained by
mid-year with fast rebound in global tourism flows, especially from
the Asia-Pacific region to Europe. This would also support Planet
in reducing its adjusted debt to EBITDA to well below 7x, combined
with adjusted FOCF to debt exceeding 5%.




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

ATLANTIA SPA: Moody's Cuts Sr. Unsec. Rating to Ba3, Outlook Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the senior
unsecured rating and to (P)Ba3 from (P)Ba2 the rating of the euro
medium-term note programme of Atlantia S.p.A. Moody's also
downgraded to Ba2 from Ba1 the corporate family rating of Atlantia.
Concurrently, Moody's downgraded to Ba3 from Ba1 the senior
unsecured ratings and to (P)Ba3 from (P)Ba1 the senior unsecured
EMTN programme rating of toll road operator Autostrade per l'Italia
S.p.A. Moody's also confirmed the Baa3 senior unsecured and
underlying senior secured ratings and the (P)Baa3 senior unsecured
EMTN programme rating of airport operator Aeroporti di Roma S.p.A.
The outlook on all ratings is negative.

The rating action concludes the review initiated on January 3,
2020.

RATINGS RATIONALE

The rating action reflects the increasing political pressure on the
Atlantia's group and downside risks following the conversion into
law of the Decree-Law No 162 of December 30, 2019 (Milleproroghe),
by which the Italian government retroactively and unilaterally
changed the terms and conditions of toll road concessions in the
country, including that of ASPI. Even if the new law will most
likely be challenged in Italian and European courts and could be
ultimately reversed, it further weakens the position of ASPI and
Atlantia.

The downgrade of ASPI and Atlantia's ratings also reflects the
apparent lack of progress in discussions linked to the future of
the ASPI concession, which suggests that (1) an agreement on the
renegotiation of the concession could be difficult to reach, given
the fragmented views within the government coalition on how to
resolve the ASPI situation; (2) that any potential outcome of the
negotiation will result in terms much less favourable for ASPI than
the current framework; and (3) that the government may attempt
further detrimental actions against ASPI. A more confrontational
stance by government and a rigid position on the part of Atlantia
and ASPI may result in long legal battles involving Italian and
European courts, which will increase the uncertainties for
debtholders.

The confirmation of ADR's Baa3 ratings reflects its stronger
underlying credit profile, the standalone nature of ADR's asset and
financing arrangements, and some protections included in its
concession contract that provides for partial delinkage from the
wider group.

The negative outlook on the ratings reflect the persistent
uncertainties and downside risks linked to the ultimate
consequences of the collapse of the Polcevera viaduct on the
Atlantia group's credit profile, which could result in the
renegotiation of the ASPI concession and, in a downside scenario,
revocation of the concession, thus increasing uncertainties and
exposing the group to the risk of lengthy litigation procedures and
sizeable fines.

Since the collapse of the Polcevera viaduct, in August 2018,
Atlantia´s group has faced (1) heightened regulatory pressures, as
evidenced by the imposed toll freeze for 2020; (2) increased
scrutiny of ASPI's motorway assets that are expected to result in
additional maintenance costs; (3) legal investigations on ASPI's
and SPEA's (an engineering subsidiary of Atlantia) employees who
allegedly submitted inaccurate reports on the maintenance of two
bridges, which, if proven, would highlight potential shortfalls in
the group's control functions and undermine its credibility; (4)
increasing political pressure from the government; and (5)
persistent uncertainties in respect of the future of ASPI's
concession.

The provisions for motorway concessions included in the Law No 8 of
February 28, 2020, which ratifies the Milleproroghe, follows the
stagnation of the discussions with the Ministry of Transport and
Infrastructure over a potential renegotiation of ASPI's concession.
The Law, if enforced, will negatively impact the group in case of
revocation of ASPI´s concession for material and continued
non-performance given that (1) compensation on termination would be
reduced by more than half as compared to the amount originally
established in ASPI's concession; (2) it would be possible for the
concession to be terminated even before the relevant compensation
payment has been paid, potentially leaving creditors exposed
without either a capital repayment or ongoing source of cashflow
income to service debt; and (3) the legislation removes ASPI's
right to terminate the concession contract and receive full
compensation as a result of the changes in contractual terms.

The government's determination to pursue these changes in toll
roads concessions despite the scope for legal challenges, even at
the European level, evidences the strong political pressure on ASPI
and Atlantia irrespective of the existing legal framework. However,
while some government officials continue to indicate that a
decision on the future of the ASPI concession will be taken in the
coming months, the expectation that the government will revoke
ASPI's concession is still not Moody's current base case because
(1) the precise cause(s) of the Genoa incident and associated
responsibilities have not been yet determined by the Italian court;
(2) the government would be exposed to a lengthy litigation process
and the risks of a multi-billion compensation payment given the
retroactive and unilateral changes in ASPI's strong protections in
the concession agreement; and (3) the government does not currently
have sufficient resources to manage ASPI's network and other
companies may be reluctant to take over the concession without a
transparent and predictable regulatory framework.

In light of the changes in ASPI's concession terms and protracted
uncertainties, Moody's will continue to monitor the liquidity and
financial flexibility exhibited by the Atlantia group, the
continued ability to access new funding, as well as measures aimed
at preserving cash to mitigate the financial impact of the bridge
collapse.

Notwithstanding the persistent downside risks linked to the
collapse of the Polcevera viaduct that impacts ASPI, the Ba2
corporate family rating of the Atlantia group is supported by (1)
the additional financial flexibility and sources of cash provided
by Atlantia's other subsidiaries and equity investments; (2)
Atlantia's large size and focus on the toll road and airport
sectors; (3) the strong fundamentals of the group's toll road
network, which is increasingly diversified following the
acquisition of Abertis Infraestructuras S.A. (Abertis) and
comprises essential motorway links mostly located in Spain, France,
Italy, Chile, Brazil and also Mexico in the near future; (4) the
reasonably established regulatory framework for its toll road
operations, albeit characterised by increasing political pressures
in Italy; and (5) a track record of relatively prudent financial
policies. These factors are balanced by (1) the group's fairly
complex structure following the Abertis acquisition; (2) the
relatively shorter average concession life of the combined
Atlantia-Abertis group; and (3) the material increase in
consolidated debt leverage post acquisition of Abertis.

Atlantia's Ba3 rating is positioned one notch below the group's
corporate family rating, reflecting the structural subordination of
the creditors at the holding company level. ASPI's Ba3 rating
reflects the ongoing uncertainties related to the potential
renegotiation of its concession contract and, in a downside
scenario, the potential for revocation of its concession agreement.
ADR's Baa3 rating reflects the stronger stand-alone credit profile
of the entity and some delinkage from the wider group's credit
quality.

RATIONALE FOR THE NEGATIVE OUTLOOK

The outlook on Atlantia's, ASPI's and ADR's ratings is negative,
reflecting the persistent uncertainties and the risks associated
with the potential consequences of the collapse of the Polcevera
viaduct on the group's credit profile.

WHAT COULD CHANGE THE RATING UP/DOWN

In light of the current negative outlook, upward rating pressure on
Atlantia's, ASPI's and ADR's ratings is highly unlikely in the near
future. The outlook could be returned to stable if there was
clarity in respect of the consequences of the collapse of the
Polcevera viaduct on the group's credit quality, which would not
result in any addition negative impact on its business and
financial profile.

Downward pressure on Atlantia's and ASPI's ratings would
materialise in case (1) current criminal investigations were to
identify breaches in the management of ASPI's motorway
infrastructure or ASPI's direct responsibility in the collapse of
the Polcevera viaduct; (2) the start of the revocation process of
ASPI's concession or any additional detrimental government actions
linked to a revocation scenario, with the magnitude of any
downgrade also depending on the potential size and timing of any
compensation payment that ASPI may receive; and (3) there was a
significant deterioration in the liquidity profile of the Atlantia
group.

With regard to ADR, notwithstanding some delinkage from the wider
group's credit quality, negative pressures on Atlantia's
consolidated credit quality would put downward pressure on the
company's rating. In addition, negative pressure on ADR's rating
would also result from (1) a weakening of the company's financial
profile, that could result in funds from operations (FFO)/debt
ratio below 15%; (2) substantial negative impact related to the
coronavirus outbreak, which could dampen international passenger
volumes and affect the already weak financial profile of Alitalia;
or (3) evidence of political interference, inconsistent
implementation of the tariff-setting framework or material changes
in the terms and conditions of ADR's concession.

PRINCIPAL METHODOLOGIES

The principal methodology used in rating Atlantia S.p.A. and
Autostrade per l'Italia S.p.A. was Privately Managed Toll Roads
published in October 2017. The principal methodology used in rating
Aeroporti di Roma S.p.A. was Privately Managed Airports and Related
Issuers published in September 2017.

LIST OF AFFECTED RATINGS

Downgrades, previously on review for downgrade:

Issuer: Atlantia S.p.A.

LT Corporate Family Rating, Downgraded to Ba2 from Ba1

Senior Unsecured Medium-Term Note Program, Downgraded to (P)Ba3
from (P)Ba2

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 from
Ba2

Issuer: Autostrade per l'Italia S.p.A.

Senior Unsecured Medium-Term Note Program, Downgraded to (P)Ba3
from (P)Ba1

Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3 from
Ba1

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Ba3
from Ba1

Confirmations, previously on review for downgrade:

Issuer: Aeroporti di Roma S.p.A.

Senior Unsecured Medium-Term Note Program, Confirmed at (P)Baa3

Underlying Senior Secured Regular Bond/Debenture, Confirmed at
Baa3

Senior Unsecured Regular Bond/Debenture, Confirmed at Baa3

Outlook Actions:

Issuer: Atlantia S.p.A.

Outlook, Changed To Negative From Rating Under Review

Issuer: Autostrade per l'Italia S.p.A.

Outlook, Changed To Negative From Rating Under Review

Issuer: Aeroporti di Roma S.p.A.

Outlook, Changed to Negative from Rating Under Review

Atlantia S.p.A. is the holding company for a group active in the
infrastructure sector. Its main subsidiaries include Autostrade per
l'Italia S.p.A., Abertis Infraestructuras S.A., Aeroporti di Roma
S.p.A. and Azzurra Aeroporti S.r.l. (holding company for Aéroports
de la Cote d'Azur, the latter rated Baa2 under review for
downgrade).

Autostrade per l'Italia S.p.A. is the country's largest operator of
tolled motorways, which together with its subsidiaries, manages a
network of 3,020 km of motorways under long-term concession
agreements granted by the Italian government.

L'ISOLANTE K-FLEX: Fitch Affirms & Then Withdraws 'B+' LT IDR
-------------------------------------------------------------
Fitch Ratings has affirmed Italy-based elastomeric insulation
producer L'isolante K-Flex Spa's Long-Term Issuer Default Rating at
'B+' with a Stable Outlook and senior unsecured rating at 'BB-'.
Fitch has simultaneously withdrawn all ratings for commercial
reasons.

The rating reflects K-Flex's solid business profile, benefiting
from international revenues, diverse end-markets and a strong
market position in a niche market, paired with its prudent balance
sheet management. The rating is mainly constrained by the company's
relatively small scale, limited range of products and Fitch's
expectation that strong operating profitability will be fully
absorbed by elevated investments in the medium term. The
affirmation of the senior unsecured rating reflects the company's
previous financial structure, which it expects will remain largely
the same following the refinancing.

Fitch expects that the refinancing of the EUR180 million bond in
December 2019 has not significantly affected the company's
financial profile. It assumes continued prudent balance sheet
management and stable leverage metrics broadly in line with its
previous forecasts.

Fitch has chosen to withdraw the ratings of K-Flex for commercial
reasons.

KEY RATING DRIVERS

Sound Business Profile Limited by Scale: K-Flex's business profile
is underpinned by a leading market position in a niche market for
elastomeric foam, a diversified geographic footprint, healthy
end-market diversification and a prudent management strategy.
K-Flex maintains a global commercial presence in over 60 countries,
with the largest region (Asia) comprising around 31% of revenue.
The group's international distribution network provides some
barriers to entry in the concentrated elastomeric insulation
market. These factors are offset by K-Flex's relatively small-size
and limited range of products and technologies.

Strong Operating Performance: Fitch expects K-Flex's top line
growth to remain sustainable in the near to medium term as demand
for elastomeric foams will be driven by tighter safety and energy
efficiency regulation. It forecasts EBITDA margins at around 19% in
2020-2022 driven by a constructive market environment and earlier
cost-savings initiatives. The group has demonstrated a solid track
record in delivering healthy growth, while maintaining strong
EBITDA margins in the high teens.

Weak Cash Conversion: Fitch expects that the company's strong
EBITDA will be fully absorbed by elevated capex and investments in
working capital. Relatively high capex will be mainly related to
the opening of new factories as well as improvements in production
capacity and relatively high investments in product developments
compared with previous years. The net working capital position is
expected to increase, mainly driven by a moderate increase in
inventories due to the opening of new factories.

Stable Net Leverage: Fitch expects K-Flex's funds from operations
(FFO) adjusted net leverage to hover around 2.5x-3.0x, broadly in
line with previous years. It expects that new investments will
offset strong operating profitability, limiting potential
deleveraging over the medium term. It assumes that the company's
financial structure will remain commensurate with the rating.

In December 2019 the company refinanced its EUR180 million bond
maturing in 2023. Fitch expects that this will not significantly
affect the company's financial profile and it assumes stable
leverage metrics broadly in line with its previous forecasts.

Sustained Organic Growth: K-Flex's continuing top-line growth is
credit-positive, as it improves product diversification, expands
geographic reach and favourably exploits cross-selling
opportunities. Management prioritises organic investments over
acquisitions. Fitch expects this trend to continue in the coming
years, driven by a further expansion of production capacity. Small
acquisitions could be accommodated under the rating given the
group's low leverage (FFO adjusted net leverage at end-2018:
2.9x).

DERIVATION SUMMARY

K-Flex's smaller size is more than offset by its broader end-market
diversification, materially higher margins and lower leverage
compared with Praesidiad (B-/Negative). Although the companies are
not direct competitors, they both operate in niche markets.
However, K-Flex's end-market exposure and geographic
diversification is comparable with higher-rated capital-goods
producers. Together with a conservative balance sheet management
and limited earnings volatility, this positions the company at the
high end of the 'B' category.

KEY ASSUMPTIONS

  - Revenue growth of around 4% annually

  - Stable EBITDA margin at around 19%

  - Operating profitability fully absorbed by elevated capex and
working capital consumption

  - No acquisitions and disposals

  - No dividends

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given rating
withdrawal

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: The group's liquidity is underpinned by EUR108
million unrestricted cash (adjusted for EUR10 million of cash
required for working-capital swings) at end-2018 and EUR50 million
in undrawn committed facilities. There are no significant debt
maturities over the short-term.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Lease-equivalent debt was calculated at EUR52 million using a
multiple of 8x

  - Cash of EUR10 million was treated as restricted cash to reflect
average intra-year net working capital requirement

ESG CONSIDERATIONS

ESG issues are credit neutral or have only a minimal credit impact
on the entity(ies), either due to their nature or the way in which
they are being managed by the entity(ies).



===================
K A Z A K H S T A N
===================

KAZAKHSTAN ENGINEERING: Moody's Withdraws B1 CFR & Stable Outlook
-----------------------------------------------------------------
Moody's Investors Service has withdrawn JSC NC Kazakhstan
Engineering's B1 corporate family rating, B1-PD probability of
default rating, Baa3.kz national scale corporate family rating, and
stable outlook.

RATINGS RATIONALE

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

JSC NC Kazakhstan Engineering is a state-controlled holding company
consolidating the machinery building and engineering enterprises in
Kazakhstan, which primarily service the domestic defense sector.
The company is owned by the Ministry of Industry and
Infrastructural Development of Kazakhstan. In 2018, Kazakhstan
Engineering generated revenue of KZT108 billion (around $314
million).




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

NORWEGIAN AIR: Egan-Jones Lowers LC Senior Unsecured Rating to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on February 27, 2020, downgraded the
local currency senior unsecured rating on debt issued by Norwegian
Air Shuttle ASA to CCC from B-.

Norwegian Air Shuttle ASA, trading as Norwegian, is a Norwegian
low-cost airline and Norway's largest airline.





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

ISD HUTA: Metinvest Seeks Regulatory Approval of Acquisition
------------------------------------------------------------
According to Bloomberg News' Kateryna Choursina, Interfax-Ukraine,
citing antitrust documents, Ukraine's biggest steel producer
Metinvest seeks the approval of antitrust regulator on acquisition
of ISD Huta Czestochowa in Poland.




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

URANIULUI SA: Restructuring Plan Not In Line with EU Rules
----------------------------------------------------------
The European Commission has found that various Romanian public
support measures in favour of the Compania Naționala a Uraniului
SA ('CNU', the National Uranium Company) are not in line with EU
rules on State aid to companies in difficulty.  As a result,
Romania cannot implement the support measures envisaged in the
restructuring plan. It must also recover EUR13 million of
incompatible rescue aid that CNU received in 2016, plus interest.

Executive Vice-President Margrethe Vestager, in charge of
competition policy, said: "A government can support a company in
financial difficulty if the company has a sound restructuring plan
which ensures its return to long-term viability, contributes to the
cost of its restructuring and competition distortions are limited.
In the case of CNU, these conditions were not met.  As a result,
Romania cannot further support the company.  It must also recover
the aid already granted.  This will restore the competitive
situation in the market and ensure that CNU does not compete
unfairly with other more efficient operators.  It will also prevent
CNU from maintaining inefficient loss-making operations, which
could eventually lead to higher electricity prices and a higher
cost to the Romanian taxpayers."  

On June 12, 2017, Romania notified to the Commission a plan for the
restructuring of CNU, which was experiencing financial
difficulties.  The initial restructuring plan included EUR93
million (RON441 million) of public support to the company, in the
form of grants, subsidies, debt write-off and debt-to-equity
conversion.  The restructuring plan followed an urgent rescue aid
loan of around EUR13 million (RON 62 million) granted to keep the
company afloat, which the Commission had temporarily approved on
September 30, 2016, and which was not repaid within 6 months as
required under EU State aid rules.  

EU State aid rules only allow a State intervention for a company in
financial difficulty under specific conditions, requiring in
particular that the company undertakes a sound restructuring plan
to ensure its return to long-term viability, that the company
contributes to the cost of its restructuring and that competition
distortions are limited.

On May 8, 2018, the Commission opened an in-depth investigation to
assess whether the initial restructuring plan was in line with
these conditions and, hence, with EU State aid rules, in particular
the Rescue and Restructuring Guidelines.

In the course of the investigation, in August 2018 and April 2019
respectively, Romania submitted two amended restructuring plans to
the Commission.

The last restructuring plan submitted by Romania in April 2019
envisaged an overall public support of around EUR38 million (RON178
million).  This amount included various State grants as well as the
non-reimbursement of the EUR13 million (RON62 million) rescue loan
granted in 2016.

The Commission's investigation showed that the latest restructuring
plan, like the previous ones, does not dispel the concerns that the
Commission had when it opened the in-depth investigation in 2018.
In particular:

   * Romania has not sufficiently demonstrated that the plan would
     guarantee the restoration of the long-term viability of CNU
     without continued State aid;

   * No private investor (including banks) supports the plan nor
     contributes to the restructuring costs (neither through
     equity nor debt investment). This shows a lack of confidence
     from the market in the future of the CNU and in the
     restructuring plan.

   * The own contribution of CNU to the plan depends on future
     revenues that the company would generate based on a new
     monopoly law, which forces its main client, the nuclear
     energy producer Societatea Naționala Nuclearelectrica,
     to buy uranium from CNU. The resulting revenues would
     therefore not be obtained at market conditions.

   * Finally, contrary to other restructuring cases in the
     nuclear energy sector (see for instance approval of
     Restructuring aid to Areva), the Commission concluded
     that no measures were proposed by Romania to limit
     possible distortions of competition.

Therefore, the Commission concluded that the restructuring plan
submitted by Romania is not in line with EU State aid rules.  As a
result, Romania cannot implement the aid measures envisaged in the
plan, which include the State grants and the non-reimbursement of
the 2016 rescue loan.

Furthermore, the Commission concluded that the 2016 rescue loan of
around EUR13 million (RON 62 million) plus interest which was
prolonged and not reimbursed after 6 months is incompatible with EU
State aid rules and needs to be recovered by Romania.

Recovery

As a matter of principle, EU State aid rules require that
incompatible State aid is recovered without delay in order to
remove the distortion of competition created by the aid.  There are
no fines under EU State aid rules and recovery does not penalise
the company in question. It simply restores equal treatment with
other companies.

Should CNUbe unable to pay back the aid, it should in principle
cease economic activities and eventually be liquidated, with its
productive assets being acquired by other companies.

CNU operates uranium mines and a processing plant for the supply of
nuclear fuel compounds for electricity generation and for the
national strategic reserve.

Its activities are therefore governed by the Euratom Treaty, in
terms of, among others,safety requirements for the trade and
processing of uranium compounds.  Therefore, in the process of a
possible liquidation of CNU, with a view to ensure that CNU's
assets are safely transferred and operated by other companies,
Romania may take any appropriate and proportionate measure to
guarantee safety of uranium mining, including safe mine closures,
and nuclear fuel processing.

Background

CNU is a fully State-owned Romanian company active in the
exploitation of Romanian uranium mines and production of raw
material transformed into fuel for nuclear power plants.  CNU
extracts uranium ore, processes it to form uranium octoxide (U3O8)
and, after further refinery, transforms it into uranium dioxide
(UO2).  CNU employs around 770 staff and has two operating sites:
an uranium mining site, located in Crucea-Botusana (Suceava County,
North-East region) and a processing-refining plant, located in
Feldioara (Brasov County, Centre region).

CNU has been in financial difficulty since the loss of its main
client, the nuclear energy producer Societatea Nationala
Nuclearelectrica.  Since CNU met the conditions for insolvency
proceedings under Romanian law, it was in principle eligible to
rescue and restructuring aid preventing its exit from the market.

Under the Commission's 2014 Guidelines on State aid for rescue and
restructuring, companies in financial difficulty may receive State
aid provided they meet certain conditions.  Aid may be granted for
a period of up to six months ("rescue aid").  Beyond this period,
the aid must either be reimbursed or a restructuring plan must be
notified to the Commission for the aid to be approved
("restructuring aid").  The plan must ensure that the long-term
viability of the company is restored without further State support,
that the company contributes to an adequate level to the costs of
its restructuring and that distortions of competition created by
the aid are addressed through compensatory measures.

By ensuring compliance with these conditions, the Commission
maintains fair and effective competition between different
companies and technologies in the energy market, like in other
sectors.

The non-confidential version of the decision will be made available
under the case number SA.48394 in the State Aid Register on the
Commission's competition website once any confidentiality issues
have been resolved.  State aid decisions newly published in the
Official Journal and on the internet are listed in the State Aid
Weekly e-News.




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

GLOBAL LIMAN: Moody's Cuts CFR to B3, Outlook Negative
------------------------------------------------------
Moody's Investors Service downgraded Global Liman Isletmeleri
A.S.'s corporate family rating to B3 from B2 and the probability of
default rating to B3-PD from B2-PD. Concurrently, Moody's
downgraded to Caa1 from B2 the rating of the company's USD250
million guaranteed senior unsecured bond due 2021. The outlook on
the ratings is negative. This rating action concludes the review
initiated on December 17, 2019.

RATINGS RATIONALE

The rating downgrade to B3 takes account of a deterioration in
Global Liman's operating performance as reflected in a reduction in
the company's reported EBITDA by 7% in the nine months to September
2019, but more importantly the expectation of a limited improvement
in earnings this year. This is entirely driven by the weakness in
the commercial segment, which is negatively impacted by
macroeconomic factors and trade tariffs. Whilst cruise operations
have performed better, Global Liman's metrics are expected to
remain below the levels commensurate with the previous B2 rating --
namely funds from operations (FFO)/debt of at least 10% and FFO
interest cover above 2.0x, with limited prospects of recovery over
the next 12-18 months, and ahead of the company's bond maturity in
2021.

In the nine months to September 2019, Global Liman's container
volumes were down 15% and general cargo volumes fell by 50%,
resulting in a decline in EBITDA from the commercial segment by
over 19%. While some of the deterioration in volumes was offset by
other revenue initiatives and an 11% growth in the cruise segment,
the company's cash flows weakened. Moody's understands that
performance trends remained weak in the last quarter of the year,
with management having guided to a single-digit decline in 2019
full year EBITDA for the GPH group, which includes the newly
acquired ports in Nassau and Antigua (but with only partial
contribution for the year 2019).

Global Liman maintains solid margins and positive free cash flow
generation but its rating is constrained by the company's
relatively small size and significant reliance on earnings from the
Turkish port of Akdeniz, which is exposed to throughput variation
affected by the geopolitical situation in the region as well as
trade tariffs. While the cruise segment, which provides a degree of
business and international diversification, benefits from some
visibility to cash flows due to advance bookings by cruise lines,
passenger volumes can be subject to volatility as seen in the past
at the Turkish ports of Ege and Bodrum. The B3 CFR is further
constrained by Global Liman's complex group structure, with
significant presence of minority shareholders at the majority of
the ports, resulting in cash flow leakage.

Moody's considers Global Liman to have a highly-leveraged financial
profile, with estimated Moody's-adjusted leverage above 6x and
FFO/debt of around 9% as of end-2019. These ratios need to be
considered also in the context of the remaining concession life.
Whilst the concession for the port of Valletta expires in 2066, the
main contributors to the group's cash flows have significantly
shorter concession lives. The port of Akdeniz's concession will
expire in August 2028, whereas the concession for the port of
Barcelona will end in June 2030, excluding extension options. While
in some cases concession extensions may be possible, the limited
concession life for the Turkish port of Akdeniz is a constraining
factor in the context of Global Liman's highly-leveraged financial
profile.

Global Liman's rating further considers the wider Global Ports
Holding group, whose primary focus is on growth and attractive
shareholder remuneration policies. In 2019, the company completed
two major acquisitions in the cruise segment - Nassau and Antigua,
which will substantially increase the group's debt, given planned
investments, including of USD250 million at the port of Nassau. The
strategic focus on the cruise segment has prompted a review of the
operations by Global Liman, with a potential for a sale of certain
assets. The sale of any part of the business would result in a
material shift in the group's business profile and it would also
likely result in a pre-payment of the notes issued by Global Liman
as stipulated under the terms of the bond documentation. There is,
however, uncertainty as to the final outcome and timing of the
completion of the strategic review in particular in the context of
the current weakness in the performance of the commercial segment.

Moody's understands that Global Liman's liquidity is supported by
around USD42 million in unrestricted cash as of end-2019. The
company does not maintain any external committed facilities and is
thus reliant on internal cash flow generation for repayment of its
debt, which includes USD42 million in short-term maturities this
year.

Recognising the above considerations, Global Liman's CFR of B3 is
positioned below the scorecard-indicated outcome of Ba3 under the
Privately managed port companies methodology. The difference takes
account of (1) Global Liman's relatively small size, complex group
structure and material exposure to cruise activities, (2) the
company's exposure to the Turkish sovereign risk (Turkey, being
rated B1 negative) given its high geographic concentration, (3) the
company's linkages with the wider GPH group, which has higher
financial leverage and acquisitive strategy; and (4) liquidity and
refinancing risks.

STRUCTURAL CONSIDERATIONS

The B3-PD PDR is in line with the CFR. This is based on a 50%
recovery rate, as typical for transactions with both bond and bank
debt. The Caa1 rating on the senior unsecured notes due 2021 is one
notch below the CFR, reflecting a fairly large amount of debt at
the operating subsidiaries that are not guarantors and are
considered senior to the notes with respect to the assets and cash
flows of the respective operating subsidiary. It further takes
account of the higher leverage for the issuer and guarantors' group
compared with the consolidated profile of Global Liman.

The 2021 notes are unsecured and guaranteed by the issuer and
Turkish subsidiaries, which accounted for around 55% of reported
EBITDA as of end-September 2019.

RATING OUTLOOK

The negative outlook reflects the uncertainty around Global Liman's
capital structure ahead of the refinancing of its 2021 bond
maturity given weakness in the company's operating performance. It
further takes account of the uncertainties related to the cruise
market environment in the context of the evolution of the
coronavirus epidemic, which could result in downside pressure on
earnings, not currently factored into Moody's assessment.

WHAT COULD CHANGE THE RATING -- UP/ DOWN

Given the negative outlook, a rating upgrade is currently unlikely.
However, the outlook could be stabilized if Global Liman
strengthens its liquidity well in advance of its bond maturity and
the company remains compliant with the terms of its financial
covenants. This will also take into account the performance of the
wider GPH group.

The ratings could be downgraded if there was an increasing concern
about Global Liman's ability to refinance its debt ahead of
maturities.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Port Companies published in September 2016.

Global Liman Isletmeleri A.S. is a port operator domiciled in
Turkey. The company operates a mixed commercial and cruise port of
Akdeniz located on Turkey's Mediterranean coast and two cruise and
ferry ports (Bodrum and Ege) located on Turkey's Aegean coast. In
addition, Global Liman holds a controlling stake in the commercial
port of Bar (Montenegro, 64%), and a number of cruise ports
internationally, including in the port of Barcelona (Spain, 62%).
Global Liman is 100% owned by Global Ports Holding PLC, which is
listed on the London Stock Exchange.

LIST OF AFFECTED RATINGS

Issuer: Global Liman Isletmeleri A.S.

Downgrades, previously on review for downgrade:

Probability of Default Rating, Downgraded to B3-PD from B2-PD

LT Corporate Family Rating, Downgraded to B3 from B2

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
from B2

Outlook Actions:

Issuer: Global Liman Isletmeleri A.S.

Outlook, Changed to Negative from Rating Under Review



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

BRITISH STEEL: Jingye Sale to be Completed on March 9
-----------------------------------------------------
Alan Tovey at The Telegraph reports that British Steel's sale to
Jingye is scheduled to complete on Monday, March 9, without a
guarantee the buyer will take on the steelmaker's prized plant in
France.

According to The Telegraph, Jingye has confirmed it is "proceeding
towards a completion" with a target date of March 9 as it buys the
business from the Official Receiver, which took over when British
Steel collapsed into insolvency in May.

About 400 of British Steel's 3,700 staff will lose their jobs under
the new owner, The Telegraph discloses.

Some 3,200 employees will stay on with Jingye, while 100 will be
transferred to Barrett Steel, which has bought distribution centres
from the company, The Telegraph states.

Jingye said completion would "unlock" its pledge to invest GBP1.2
billion to modernize British Steel, which is thought to be losing
about GBP1 million a day, The Telegraph notes.

                      About British Steel

British Steel Limited is a long steel products business founded in
2016 with assets acquired from Tata Steel Europe by Greybull
Capital.  The primary steel production site is Scunthorpe
Steelworks, with rolling facilities at Skinningrove Steelworks,
Teesside and Hayange, France.

British Steel has about 5,000 employees.  There are 3,000 at
Scunthorpe, with another 800 on Teesside and in north-eastern
England.  The rest are in France, the Netherlands and various sales
offices round the world.

British Steel was placed in compulsory liquidation on May 22, 2019.
The liquidation came after the Company failed to obtain an
emergency state loan of about GBP30 million.

The Government's Official Receiver has taken control of the company
as part of the liquidation process.  Accountancy firm EY has been
named Special Manager in the case, and will be assisting the
Receiver.



                           *********


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-
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Editors.

Copyright 2020.  All rights reserved.  ISSN 1529-2754.

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