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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 11, 2020, Vol. 21, No. 51

                           Headlines



F R A N C E

LE MONT-DORE: Climate Change Prompts Administration


G R E E C E

FOLLI FOLLIE: Bondholders Back Debt Restructuring Proposal
INTRALOT SA: Moody's Lowers CFR to Caa2, Outlook Negative


I R E L A N D

SYON SECURITIES 2019: Fitch Affirms Bsf Rating on Class D Debt


I T A L Y

SESTANTE FINANCE 2: Fitch Upgrades Class C2 Debt to B+sf


N E T H E R L A N D S

PROMONTORIA HOLDING: S&P Alters Outlook to Neg. & Affirms 'B' ICR


S P A I N

GESTAMP AUTOMOCION: S&P Alters Outlook to Neg. & Affirms 'BB' ICR


T U R K E Y

TURKIYE VAKIFLAR: S&P Withdraws 'B+/B' Issuer Credit Ratings


U N I T E D   K I N G D O M

ADIENT GLOBAL: Moody's Affirms B2 CFR, Outlook Negative
BRITISH STEEL: Jingye Still Eyeing Hayange Acquisition
CHARTER MORTGAGE 2018-1: Fitch Affirms BB+sf Rating on Cl. X Debt
NEW LOOK: To Close Parliament Street Store Next Month
NMC HEALTH: GKSD Won't Make Firm Offer for Business

ODDBINS: Administrators Optimistic on Sale to Preferred Bidder
TALKTALK TELECOM: Fitch Assigns Final BB- Rating on GBP575MM Notes

                           - - - - -


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F R A N C E
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LE MONT-DORE: Climate Change Prompts Administration
---------------------------------------------------
David Chazan at The Telegraph reports that Le Mont-Dore, one of the
oldest ski resorts in France, has gone into administration as
climate change casts a dark cloud over the future of skiing in
Europe.

According to The Telegraph, sparse snowfall during Europe's warmest
winter on record forced Le Mont-Dore, in France's Massif Central
mountains, to go into administration last week with losses of
nearly EUR2 million (GBP1.73 million) . It had to close two-thirds
of its 33 ski runs for much of the season, The Telegraph notes.

The resort is staying open, however, with managers still hoping to
balance the books, The Telegraph states.




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G R E E C E
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FOLLI FOLLIE: Bondholders Back Debt Restructuring Proposal
----------------------------------------------------------
Irene Garcia Perez at Bloomberg News, citing an Athens stock
exchange filing, reports that holders of Folli Follie's bonds worth
CHF150 million due November 2021 approved its debt restructuring
proposal.

According to Bloomberg, the term sheet was approved by 94.32% of
the votes cast.

Folli Follie is a Greek jeweler.


INTRALOT SA: Moody's Lowers CFR to Caa2, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded Intralot S.A.'s corporate
family rating to Caa2 from Caa1. Concurrently, Moody's has
downgraded Intralot's probability of default rating to Caa2-PD from
Caa1-PD, and to Caa2 from Caa1 the rating of the EUR250 million
Senior Notes due 2021 and EUR500 million Senior Notes due 2024,
issued by Intralot Capital Luxembourg S.A.. The outlook for both
entities remains negative.

"T[he] rating action reflects Moody's view that the continued
deterioration in earnings in 2019 increases the likelihood of a
distressed exchange and potential losses to creditors", says
Florent Egonneau, Associate Vice President and Moody's lead analyst
for Intralot. "

RATINGS RATIONALE

On February 24, 2020, Intralot announced that the Bulgarian
government passed legislation to nationalize all lottery-type
games. As a result, Eurobet Ltd, Intralot's gaming partnership,
will have three out of its six licenses terminated with immediate
effect, representing a EUR6 million loss to consolidated annual
EBITDA. Furthermore, EuroFootball Ltd, Intralot's other partnership
focused on sports betting, could also be at risk if the government
decides to extend the scope of the new law or unfavorably change
the regulation in this segment.

In parallel, the Bulgarian government is reclaiming approximately
EUR200 million of retrospective fees from those two subsidiaries,
which the company will appeal. Overall, Bulgaria represented 27% of
consolidated EBITDA in the last twelve months ending September
2019. Therefore, Moody's expects that free cash flow will be
impacted by the lower contribution from those partnerships.

These negative developments follow the company's second profit
warning of the year, announced in the third quarter, when the
company reduced its FY19 Proportionate EBITDA guidance to EUR65
million compared with EUR77 million reported in 2018. Furthermore,
the outlook remains uncertain in other jurisdictions, including the
run-rate profitability of the company's US division, the main
contributor to profit going forward. This weaker earnings outlook
will put further pressure on the sustainability of the capital
structure.

LIQUIDITY

Moody's believes that Intralot's liquidity is weak due to the
maturity of its EUR250 million bonds in September 2021 and its
expectation that free cash flow will remain negative in 2020. This
is despite the successful completion of its non-core asset disposal
program bolstered Intralot's cash position by EUR105 million, of
which EUR78 million received in December 2019 from the sale of its
stake in Gamenet Group S.p.A.. As of September 2019, the company
reported EUR85 million of non-restricted cash on its balance sheet.
The company also has access to a revolving credit facility ("RCF")
of USD40 million through its Intralot Inc. subsidiary, of which
USD13 million was drawn as of September 2019.

STRUCTURAL CONSIDERATIONS

The EUR250 million Senior Notes due 2021 and EUR500 million 5.250%
Senior notes due 2024 rank pari passu and are rated Caa2, in line
with the CFR due to a very limited amount of bank debt ranking
ahead in the structure.

RATING OUTLOOK

The negative outlook reflects the continued negative trend in
earnings and cash flows, which puts further pressure on the
sustainability of the capital structure.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward pressure on the ratings is unlikely in the short term given
the negative outlook, but could materialize if the company is able
to achieve a sustainable reversal in the decline in EBITDA through
contract wins and/or cost savings combined with positive free cash
flow.

Negative pressure could arise if prospects for a recovery in the
company's earnings do not emerge or the company's liquidity
deteriorates, resulting in further pressure on the capital
structure.

PRINCIPAL MEHODOLOGY

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

COMPANY PROFILE

Headquartered in Athens, Intralot, is a global supplier of
integrated gaming systems and services. The company designs,
develops, operates and supports customized software and hardware
for the gaming industry and provide technology and services to
state and state licensed lottery and gaming organizations
worldwide. It operates a diversified portfolio across 47
jurisdictions and is listed on the Athens stock exchange.




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I R E L A N D
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SYON SECURITIES 2019: Fitch Affirms Bsf Rating on Class D Debt
--------------------------------------------------------------
Fitch Ratings affirmed Syon Securities 2019 DAC as detailed.

RATING ACTIONS

Syon Securities 2019 DAC

Class A XS2025580031; LT A-sf Affirmed;   previously at A-sf

Class B XS2025581195; LT BBB-sf Affirmed; previously at BBB-sf

Class C XS2025587804; LT BB-sf Affirmed;  previously at BB-sf

Class D XS2025587986; LT Bsf Affirmed;    previously at Bsf

TRANSACTION SUMMARY

Syon Securities 2019 DAC is the first synthetic securitisation of
owner-occupied residential mortgage loans originated by Bank of
Scotland Plc (BoS) under the Halifax brand and secured over
properties located in England, Wales and Scotland. The transaction
is designed for risk-transfer purposes and includes loans selected
with loan-to-values (LTVs) higher than 90% and a high proportion of
first-time buyers (FTBs; 78.8%).

KEY RATING DRIVERS

New UK RMBS Rating Criteria

This rating action takes into account the new UK RMBS Rating
Criteria dated October 4, 2019. The notes' ratings have been
removed from Under Criteria Observation. The portfolio is composed
of 100% of prime owner-occupied loans. The affirmations are driven
by the application of the sector-level assumptions for UK prime
RMBS deals.

High Loan-to-Value Lending

This pool consists of loans originated with a loan to value (LTV)
above 90%, all of which were originated in 2018-2019. As a result,
the weighted average current LTV of the pool is higher than usual
for Fitch-rated RMBS at 93.1%. Fitch's weighted average sustainable
LTV for this pool is also high at 121.0%, resulting in a higher
foreclosure frequency (FF) and lower recovery rate for this pool
compared to other transactions with lower LTV metrics.

High Concentration of FTB

78.8% of borrowers in this pool are FTBs, a high concentration
compared with other RMBS transactions. Fitch considers that FTBs
are more likely to suffer foreclosure than other borrowers and due
to the high prevalence in this pool, has considered the
concentration analytically significant. In a variation to its
criteria, Fitch has applied an upward adjustment of 1.3x to each
loan where the borrower is a FTB.

Given the impact on the FF, accessibility to affordable housing for
FTBs is a factor affecting Fitch's ESG scores.

Accrued Interest Covered by the Issuer

Under the financial guarantee, the issuer provides BoS with
protection from losses of accrued interest as well as principal
losses. As a result, rising interest rates will place a stress on
the issuer as interest payments from borrowers accrues at a faster
rate. In a variation to its criteria, Fitch has not applied a
reduction to the currently observed margin earned from SVR loans in
any of its rating scenarios.

Counterparty Exposure

The transaction is exposed to BoS as the provider of the account
bank and the counterparty to the financial guarantee. In the event
of a default of BoS, the transaction would come to an end due to
the termination of the guarantee with the potential for funds held
to redeem the notes at the account bank being lost. Fitch has
capped the rating of the notes at that of BoS as a result of this
counterparty dependency.

Given the BoS rating cap, transaction parties & operational risk is
a factor affecting Fitch's ESG scores.

RATING SENSITIVITIES

Rising interest rates will place a stress on the issuer's ability
to meet unpaid interest on the loans as interest payments from
borrowers accrues at a faster rate.

A prolonged pro-rata amortisation through the protection period
could have a negative impact on the ratings. Material increases in
recovery timing also may result in negative rating action on the
notes.




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I T A L Y
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SESTANTE FINANCE 2: Fitch Upgrades Class C2 Debt to B+sf
--------------------------------------------------------
Fitch Ratings has taken various rating actions on the Sestante
Finance S.r.l. RMBS series.

RATING ACTIONS

Sestante Finance S.r.l

Class A1 IT0003604789; LT AAsf Affirmed; previously at AAsf

Class B IT0003604839;  LT AAsf Affirmed; previously at AAsf

Class C IT0003604854;  LT AA-sf Upgrade; previously at A+sf

Sestante Finance 2 S.r.l.

Class A IT0003760136;  LT AAsf Affirmed;   previously at AAsf

Class B IT0003760193;  LT BBB+sf Affirmed; previously at BBB+sf

Class C1 IT0003760227; LT BB-sf Upgrade;   previously at B+sf

Class C2 IT0003760243; LT B+sf Upgrade;    previously at Bsf

Sestante Finance S.r.l. – 3

Class A IT0003937452;  LT Asf Affirmed;  previously at Asf

Class B IT0003937486;  LT Bsf Affirmed;  previously at Bsf

Class C1 IT0003937510; LT CCsf Affirmed; previously at CCsf

Class C2 IT0003937569; LT Csf Downgrade; previously at CCsf

Sestante Finance S.r.l. – 4

Class A2 IT0004158157; LT BBB-sf Affirmed; previously at BBB-sf

Class B IT0004158165;  LT CCsf Affirmed;   previously at CCsf

Class C1 IT0004158249; LT Csf Downgrade;   previously at CCsf

Class C2 IT0004158264; LT Csf Downgrade;   previously at CCsf

TRANSACTION SUMMARY

The four Italian RMBS transactions were originated by Meliorbanca
(part of the BPER Banca banking group, BB/Positive/B) and are
serviced by Italfondiario as master servicer (RMS2+) and doValue as
primary and special servicers (RSS1-/RPS2+). The transactions are
Sestante Finance S.r.l. (SF1), Sestante Finance S.r.l. - 2 (SF2),
Sestante Finance S.r.l. - 3 (SF3) and Sestante Finance S.r.l. - 4
(SF4).

KEY RATING DRIVERS

Substantial Amount of Outstanding Defaults

The transactions feature a large amount of outstanding defaults,
ranging from 26.6% (SF1) to 33.3% (SF4) of the total portfolio
(including performing, delinquent and defaulted loans), which is
higher than the average defaults figure for the Italian RMBS
market. On the other hand, cumulative recoveries as a percentage of
cumulative defaults range between 27.9% (SF4) and 41.3% (SF1) and
their trend is in line with the Italian RMBS market. In Fitch's
view, the assumptions for recoveries from existing defaults play a
key role in the rating analysis as they can materially influence
the generation of future excess spread and the pace of principal
deficiency ledger (PDL) clearing. In its analysis, Fitch has also
assessed the reliance of the tranches to scenarios where if the
distressed claims are not resolved, recoveries from outstanding
defaults decrease in response to their longer seasoning and has
concluded that the ratings are sufficiently robust.

PDL Remains Outstanding for SF3 and SF4

Excess spread in the transactions has continued to reduce the
outstanding balance of the PDL in all deals except SF1, where there
was no PDL outstanding already at the previous rating action. The
most prominent reduction since last year's rating action was in
SF2, where the PDL was fully cleared on the April 2019 interest
payment date, supporting the upgrades of the class C1 and class C2
notes ratings. SF4 also had a marginal decrease in the absolute
value of PDL to EUR36 million in January 2020 from EUR36.9 million
in January 2019, but in relative terms its outstanding PDL has
increased to 20% from 18.8%. It should be noted that SF4 features
by far the highest cumulative gross defaults (19.2%) compared with
the other three (ranging from 9.3% to 13%).

Reserve Fund Increases for SF1

The reserve fund of SF1 has increased to 9.4% from 7.9% over the
last year, whereas it remains fully depleted by poor asset
performance for the other three transactions.

Use of SF3 Liquidity Line Non-Compliant

According to the transaction documents, SF3's liquidity facility
(LF) should be used to cover interest shortfalls on the mezzanine
notes regardless of any cumulative default trigger breach. However,
this is currently not the case as interest on the class C notes
remains unpaid despite the availability of the LF. Fitch
acknowledges that the current use of the LF is more protective for
the senior tranche, but it rates and maintains its ratings in
accordance with legal documentation, and the current analysis has
been run accordingly.

Highest Ratings at Sovereign Cap

The cap applied to Italian SF transactions constrains the highest
rating of the notes to 'AAsf', whose Negative Outlook reflects that
on the sovereign rating.

ESG Influence

SF3 has an ESG Relevance Score of 5 for Governance due to the
ambiguity surrounding the current use of the LF, which is not fully
consistent with the transaction documents, which has a negative
impact on the credit profile, and is highly relevant to the rating,
resulting in a lower rating for class A notes.

RATING SENSITIVITIES

The rating of SF1's class A1 and B notes and SF2's class A notes
are sensitive to changes in Italy's Long-Term Issuer Default Rating
(IDR; BBB/Negative). Changes to Italy's IDR and the rating cap for
Italian structured finance transactions, currently 'AAsf', could
trigger rating action on these notes.

SF3's class A notes rating reflects the ambiguity surrounding the
current use of the LF, which is not fully consistent with the
transaction documents. If the documents are amended to clarify that
the mezzanine notes can only benefit from the LF in the absence of
trigger breaches, the rating of the class A notes would be
upgraded.




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

PROMONTORIA HOLDING: S&P Alters Outlook to Neg. & Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Promontoria Holding 264
B.V., the parent of French airport cargo handler WFS Global Holding
SAS, to negative from stable and affirmed its 'B' long-term issuer
credit rating and its issue and recovery ratings on the company.

Promontoria underperformed our 2019 base-case scenario, but EBITDA
and FOCF might recover over the next 12 months.  In 2019, reported
EBITDA of about EUR80 million was hampered by continued high
restructuring and nonrecurring costs of about EUR43 million from,
among others, the discontinuation of operations at the Paris-Orly
airport (at the end of October 2019) after a contract loss with
Transavia, Air France-KLM's low-cost airline, combined with losses
related to bankruptcies of Aigle Azur and Jet Airways. These
operational adversities demonstrate Promontoria's susceptibility to
the volatile underlying airline industry. Furthermore, the company
incurred capex that was about EUR15 million higher than S&P
expected (reaching EUR44 million), which was necessary for the new
business in the U.S. and development of pharma centers in Europe.
These factors led to a negative FOCF of EUR10 million, which was
significantly weaker than our previous forecast of positive EUR30
million, while acknowledging that not all restructuring and
nonrecurring profit and loss charges turned into a cash outflow of
the same amount in 2019.

S&P said, "We believe that Promontoria's earnings performance could
largely stabilize at 2019 levels.   Our base-case scenario
incorporates only marginal revenue growth in 2020-2021 (far below
2019), reflecting that the moderately better yields offset the
sluggish cargo volumes, and the new contracts counterbalancing the
revenue shortfall from contracts' termination." That said, the
reported EBITDA (after restructuring and nonrecurring costs) could
increase to EUR105 million-EUR110 million in 2020 and EUR110
million-EUR120 million in 2021 under our assumption that
restructuring costs remain below 2019 levels. Assuming no further
major contract losses and manageable impact from the COVID-19
epidemic, S&P predicts restructuring costs of about EUR10 million
in 2020 and 2021, compared with about EUR43 million in 2019. This,
combined with lower capex for discretionary projects and a good
grip on working capital control, could lead to break-even FOCF in
2020, then turning moderately positive in 2021.

Promontoria might find it difficult to turn around its negative
FOCF generation, while its liquidity leeway could also diminish.
S&P believes industry conditions could worsen over the next 12
months, potentially adversely affecting the company's profits and
putting our base-case forecast at risk. This is because cooling
economic growth and trade disputes weigh on global cargo volumes.
Furthermore, the coronavirus outbreak that started in Wuhan, China,
in 2019 has exacerbated these issues, because it is increasingly
disrupting worldwide trade, supply chains, and air traffic.
Flattening world GDP growth and potentially dropping passenger
volumes could drag on smaller and more financially susceptible
airlines and lead to further bankruptcies. This could consequently
affect Promontoria's cargo-handling and ground handling businesses,
boost restructuring costs beyond its base-case, and constrain its
EBITDA and FOCF improvement.

S&P said, "We estimate credit metrics will stay in line with the
ratings despite multiple headwinds.  We believe that the company
has capacity to deleverage in the next two years, if it continues
to gradually expand its EBITDA base. We forecast that adjusted debt
will remain stable at about EUR1.1 billion, primarily comprised of
senior secured notes of EUR660 million, operating lease commitments
with a net present value of about EUR300 million, and drawings
under the EUR100 million revolving credit facility and factoring
facilities. We forecast a potential deleveraging to an S&P Global
Ratings-adjusted debt to EBITDA ratio of about 5.0x in 2020 from
about 5.8x in 2019. We also forecast that adjusted funds from
operations (FFO) to debt ratio could strengthen to 11%-12% in 2020
from about 9% in 2019 and adjusted EBITDA interest coverage to
about 3.0x in 2020 from about 2.5x in 2019." These metrics stand
out compared with those of other private-equity company owned peers
in the wider business services sector, such as Toro Private
Holdings I, parent of the travel service provider Travelport, with
adjusted debt to EBITDA of over 7x in 2019; catering and
hospitality provider Vermaat, with close to 8x; and staffing
provider Independent Clinical Services, with over 6x.

The business risk profile remains constrained by Promontoria's
exposure to the cyclical air freight and air passenger traffic,
although its global footprint and broad customer base partially
mitigate these.  With EUR1.4 billion in revenues in 2019, the
company is a global leading player in the aviation services
industry, primarily focused on cargo handling (which contributed
about 65% to 2019 revenues) and ground-handling services (about
30%). Promontoria's focus on the cyclical airline industry as a
sole end-market, together with its high exposure to swings in cargo
volumes constrain its business risk profile assessment. S&P said,
"However, we take a positive view of the company's international
footprint in the global air cargo handling market, its long-term
warehouse concessions in strategic locations, and its road feeder
system that we believe enhance its competitive position and
operating efficiency. In addition, we believe Promontoria's focus
on diversifying into other regions and increasing its customer
base, supported by organic growth or strategic acquisitions, could
result in greater financial stability during market downturns and
strengthen its business risk profile in the medium term."

S&P said, "The negative outlook reflects what we view as the
one-in-three possibility that Promontoria's EBITDA and FOCF will
not recover from the weak 2019 levels, resulting in a downgrade
within the next 12 months.

"We could lower the rating if the negative FOCF generation appeared
as if it were to stay, or if debt to EBITDA were to increase above
7x without any near-term prospects for improvement, both
diminishing the company's financial flexibility. This could occur
if the COVID-19-related disruption or larger-than-expected
macroeconomic slowdown severely depressed air freight and air
passenger volumes, resulting in airlines cutting flights and
adjusting capacities, or bankruptcies of airlines. This would
likely diminish Promontoria's business activity, result in major
contract losses, lead to higher-than-expected restructuring costs,
and drag on the company's earnings capacity. A more aggressive
financial policy regarding capex and acquisitions and any weakening
of the liquidity, would also put downward pressure on the rating.

"We could revise the outlook to stable if Promontoria demonstrated
sustainable organic EBITDA growth and a clear path to achieving
positive FOCF, while maintaining adjusted debt to EBITDA below
7x."




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S P A I N
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GESTAMP AUTOMOCION: S&P Alters Outlook to Neg. & Affirms 'BB' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Spain-based Gestamp
Automocion to negative from stable, and affirmed its 'BB' issuer
credit rating and 'BB+' issue ratings on the company's senior
secured debt.

S&P said, "Gestamp's 2019 credit metrics ended up at the weaker end
of our expectations.  Last year, the company's FFO to debt stayed
around 20%, falling at the lower end of the 20%-25% range we had
expected." Despite the significant decline in global auto
production in 2019 (-5.6%), Gestamp posted strong revenue growth of
about 6%. This reflects the increasing take-up of the company's hot
stamping technology with a high number of new-project wins and
production ramp-ups in recent years. At the same time, the
company's EBITDA margin, as adjusted by S&P Global Ratings,
declined only slightly to 11.0% in 2019, from 11.3% in 2018, due to
restructuring costs as well as delays in the ramp-up of new
facilities mainly in North America. Although we consider this
EBITDA margin to be indicative of a very resilient operating
performance in a difficult market environment, Gestamp's FOCF
remained significantly negative in 2019, partly due to the
business' significant growth, and continued to be a rating
weakness.

The new coronavirus will likely depress Gestamp's 2020 operating
performance.   The spreading of the virus outside of China and
possible supply shortages could slow production schedules at
Gestamp's customers. However, considering that only about 9% of its
2019 sales stemmed from China, Gestamp's direct exposure to China
is relatively low. In addition, the company enjoys a high degree of
localization in terms of its production footprint. Nevertheless,
S&P believes that Gestamp's ability to perform in line with its
guidance of EBITDA expansion with positive free cash flow will
depend on a recovery of the automotive market in the second half of
2020.

Curbed capital expenditures (capex) and working capital
improvements should support FOCF.   Gestamp plans to further reduce
its capex in 2020 approaching 7.5% of its sales, compared with 8.8%
in 2019. S&P notes that Gestamp has completed the construction of
four new facilities in 2019 and will likely have sufficient
capacity without further greenfield facilities as its footprint
stands at 112 facilities across 23 countries. In 2020, the company
will likely invest in expanding existing facilities in relation to
awarded contracts. Gestamp is also reducing its working capital
needs. The company should benefit from the fewer new launches
expected in 2020 than last year. Inventories levels tend to be
higher in ramp-up phases. S&P factors in some improvements in
Gestamp's FOCF due to management's announced measures to strengthen
its cash conversion; and it forecasts positive FOCF of EUR100
million-EUR150 million under our base case. However, S&P also
factors into its base case several risks in the current
environment. In particular, risks related to OEM's focus on
improving cash generation, increased stress in the supply chains,
and industry transitioning to electrification could lead to
distortions in production schedules, all of which could partly mute
potential benefits from the company's announced measures.

S&P said, "The negative outlook reflects the risk that Gestamp's
operating performance will suffer from increasingly difficult
market conditions, causing the company to underperform our base
case, with its FFO-to-debt ratio sliding below 20% without any
signs of swift recovery and FOCF remaining negative.

"We could lower the ratings if Gestamp's adjusted FFO to debt falls
below 20% or if its adjusted debt-to-EBITDA ratio rises above 4x.
This could happen if, for instance, the auto market deteriorates or
Gestamp loses several key contracts with automakers. A negative
rating action could also occur in the event of a debt-financed
acquisition or an increase in shareholder remuneration, which we
view less likely in the current environment. Furthermore, we may
downgrade Gestamp if it posts negative FOCF, possibly because of
sizable investments or an increase in working capital.

"We could revise the outlook to stable if Gestamp maintains FFO to
debt above 20% with substantial FOCF."




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T U R K E Y
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TURKIYE VAKIFLAR: S&P Withdraws 'B+/B' Issuer Credit Ratings
------------------------------------------------------------
S&P Global Ratings said that it withdrew its 'B+/B' long- and
short-term issuer credit ratings on Turkish bank Turkiye Vakiflar
Bankasi TAO (Vakif). At the same time, S&P withdrew its
'trA+/trA-1' long– and short-term Turkey national scale ratings
on Vakif. The ratings were withdrawn at Vakif's request. At the
time of the withdrawal, the outlook was negative.





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U N I T E D   K I N G D O M
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ADIENT GLOBAL: Moody's Affirms B2 CFR, Outlook Negative
-------------------------------------------------------
Moody's Investors Service affirmed the ratings of Adient Global
Holdings Ltd. including Corporate Family Rating and Probability of
Default Rating at B2, and B2-PD; senior unsecured ratings at B3;
and Adient US LLC's senior secured ratings at Ba2. The rating
outlook remains negative.

The following ratings were affirmed:

Adient Global Holdings Ltd:

  Corporate Family Rating, at B2;

  Probability of Default, at B2-PD;

  EUR1.0 billion 3.50% unsecured notes due 2024, at
  B3 (LGD5);

  $900 million 4.875% unsecured notes due 2026, at
  B3 (LGD5).

Adient US LLC:

  $800 million senior secured term loan due 2024, Ba2 (LGD2);

  $800 million 7% senior first lien notes due 2026, Ba2 (LGD2).

Rating outlooks:

  Adient Global Holdings Ltd; negative

  Adient US LLC: negative

The $1.25 billion asset based revolving credit facility is unrated
by Moody's.

RATINGS RATIONALE

Adient's ratings reflect the company's high financial leverage and
the expected lower profits and cash flow because of declines in
global automotive production through 2020, which is expected to be
exacerbated by the consumer demand and automotive supply chain
disruptions caused by the COVID-19 virus. Debt/EBITDA is estimated
at 7.9x (inclusive of Moody's adjustments and not including equity
income) for last twelve months ending December 31, 2019 and
EBITA/interest at 0.6x. Adient improved EBITA margin performance
for the first fiscal quarter ending December of 1.6% compared to
-0.9% in prior year quarter even as global automotive production
continued to decline. While this result demonstrates the progress
Adient continues to make on its operational turnaround, margins
remain weak and sustained operational improvement needs to
accelerate through fiscal 2020.

The company's pace of performance improvement will be interrupted
by the impact of the COVID-19 virus on manufacturing operations and
demand in Asia in the second fiscal quarter, and broadly lower auto
demand globally. This will result in weakened credit metrics over
the coming quarters. Moody's estimates that negative free cash flow
generation could run as high as $200 million in fiscal 2020.

Positively, Adient's adequate liquidity profile includes $965
million of cash at December 31, 2019, and the company recently
announced agreements to sell certain assets which are expected to
bring in cash proceeds, estimated at $574 million by fiscal
year-end September 30, 2020. These asset sales are strong credit
positives to Adient's liquidity profile, and Moody's believes this
additional cash adds protection to Adient, given current weak
industry conditions.

Adient is expected to maintain its strong competitive position
which includes being a leading global supplier of automotive
seating and related components, strong regional and customer
diversification, longstanding customer relationships and the
earnings from unconsolidated affiliates, albeit weakening. These
positives are balanced with the company's high leverage,
operational challenges, negative free cash flow, and cyclical
automotive end-market demand.

The negative outlook reflects the challenges of ongoing global
automotive production declines exacerbated by the impact of the
COVID-19 virus on automotive demand and supply chain disruptions.

Adient's SGL-3 Speculative Grade Liquidity rating reflects the
expectation of adequate liquidity over the next 12-15 months.
Positively, liquidity is supported by cash on hand of $965 million
and availability of about $1.1 billion under the $1.25 billion
asset based revolving credit facility. The facility matures in May
2024. The financial covenant under the ABL facility is a springing
fixed charge coverage test, triggered when availability falls to
10%. The senior secured term loan does not have financial
maintenance covenants. Given the company's strong cash position,
the ABL covenant is not expected to be triggered because of
drawings over the next 12-15 months. Also positively impacting
Adient's liquidity profile are expected proceeds of $574 million by
fiscal year-end September 2020 from the announced agreements to
sell certain assets.

Offsetting the relatively sizable cash position is the risk is
Moody's estimate that Adient could generate negative free cash flow
as high as $200 million, given the expectation of going declines in
global automotive production in 2020 and additional headwinds from
manufacturing and supply chain disruptions related to the COVID-19
virus. Yet, this estimate is uncertain given the risk of further
spreading of the COVID-19 virus and the uncertainty of the
consumer's return to automotive show rooms.

Adient enters into supply chain financing programs receivable
transfer programs to sell accounts receivable without recourse to
third-party financial institutions. Amounts under these programs
were $165 million as of September 30, 2019. While not expected, if
the company is unable to maintain and extend these receivable
programs, additional borrowings under the revolving credit facility
would be required to meet liquidity needs.

The ratings could be downgraded with the expectation of material
deterioration of automotive demand affecting cash flow, the loss of
or meaningful decline in volume from a major customer, or if the
company is unable to demonstrate progress improving operating
performance over the next 12 months. A deterioration in liquidity
or if Moody's expects weak free cash flow performance to worsen
could also lead to a downgrade.

An upgrade is unlikely over the next 12 months. However, the
ratings could be upgraded if the company demonstrates improved
operating performance that leads to an expectation of positive free
cash flow generation and a reduction in debt-to-EBITDA below 5x
(excluding consideration for equity income from joint ventures).
Progress on improving margins and free cash flow, along with solid
liquidity could lead to a stable rating outlook.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

Adient plc, the publicly-traded parent of Adient Global Holdings
Ltd., is one of the world's largest automotive seating suppliers
with a leading market position in the Americas, Europe and China,
and has longstanding relationships with the largest global original
equipment manufacturers (OEMs) in the automotive space. Adient's
automotive seating solutions include complete seating systems,
frames, mechanisms, foam, head restraints, armrests, trim covers
and fabrics. Adient also participates in the automotive seating and
interiors market through its joint ventures in China. Revenues for
the LTM period ending December 31, 2019 were $16.3 billion.


BRITISH STEEL: Jingye Still Eyeing Hayange Acquisition
------------------------------------------------------
Nikou Asgari at The Financial Times reports that British Steel's
Chinese buyer intends to continue pursuing the company's French arm
after completing the takeover of the rest of the group and saving
3,200 jobs.

According to the FT, the rescue deal gives Jingye control of the
manufacturer's British and Dutch sites but not its factory in
Hayange, northern France, the sale of which has been delayed by
concerns from the government in Paris.

"It's been about four months that we've been in this process and
there have been challenges and moments of uncertainty for sure but
. . . nonetheless we've done this first part of the deal now," Li
Huiming, chief executive of Jingye, told the FT.

"We intend to keep in close contact with the French government and
our intention is still to pursue Hayange."

British Steel's Hayange plant is deemed a strategic national asset
by France as it supplies rail for the state-owned SNCF network, the
FT notes.

Authorities in Paris had concerns about Jingye's business plan, the
FT relays, citing two people familiar with the matter.

The completed takeover follows an arduous process to find an
investor willing to take on an industrial asset estimated to be
losing millions of pounds a week and will come as a relief in towns
where thousands of workers have waited nervously for certainty
since British Steel collapsed into liquidation in May, the FT
recounts.

It has since been kept running by the Official Receiver, part of
the UK Insolvency Service, and a taxpayer-backed indemnity. Jingye
signed an initial agreement to purchase the manufacturer in
November for about GBP50 million, the FT discloses.

                       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.


CHARTER MORTGAGE 2018-1: Fitch Affirms BB+sf Rating on Cl. X Debt
-----------------------------------------------------------------
Fitch Ratings upgraded two tranches of Charter Mortgage Funding
2018-1 PLC and affirmed the remaining four tranches.

RATING ACTIONS

Charter Mortgage Funding 2018-1 PLC

Class A XS1821502405; LT AAAsf Affirmed;  previously at AAAsf

Class B XS1821502744; LT AAAsf Upgrade;   previously at AA+sf

Class C XS1821503049; LT AA+sf Upgrade;   previously at A+sf

Class D XS1821503478; LT A-sf Affirmed;   previously at A-sf

Class E XS1821503635; LT BBB+sf Affirmed; previously at BBB+sf

Class X XS1821503718; LT BB+sf Affirmed;  previously at BB+sf

TRANSACTION SUMMARY

CMF 2018-1 is a securitisation of owner-occupied (OO) mortgages
that were originated by Charter Court Financial Services (CCFS),
trading as Precise Mortgages Limited (Precise), in England,
Scotland, Wales.

KEY RATING DRIVERS

New UK RMBS Rating Criteria

This rating action takes into account the new UK RMBS Rating
Criteria dated October 4, 2019. The note ratings are no longer
Under Criteria Observation. The portfolio is composed of 100% of
prime OO loans. The upgrades and the affirmations are driven by the
application of the sector-level assumptions for UK prime RMBS deals
under Fitch's latest criteria.

Fitch applied an originator adjustment of 1.05x to its prime
foreclosure frequency (FF) matrix for this pool, in line with its
analysis at closing. The adjustment reflects limited data history
in OO securitisations and the recent performance of the
originator's residential book, which is slightly below the market
average.

Increased Credit Enhancement

The transaction has shown increasing prepayments since the last
rating action in XX 2019, with a high annualised constant
prepayment rate of 37.5% in 4Q19. This has resulted in a rapid
build-up of credit enhancement, contributing to the upgrades and
affirmations.

Class X Note Capped

Prior to the optional redemption date, all excess spread will be
used to make payments of interest and principal on the class X
notes. The model-implied rating of the excess spread notes is
highly sensitive to cash flow modelling assumptions, especially
prepayment rates. Fitch has therefore capped the class X notes at
'BB+sf', in line with its UK RMBS Rating Criteria.

Help-to-Buy Equity Loans

More than 20% of the pool comprises loans in which the UK
government has lent up to 40% inside London and 20% outside London
of the property purchase price in the form of an equity loan. This
allows borrowers to fund a 5% cash deposit and mortgage the
remaining balance.

Fitch has taken the balances of both the mortgage loan and equity
loan into account when calculating the borrower's FF, in line with
its UK RMBS Rating Criteria.

ESG Factor

The transaction has an ESG Relevance Score of '4' for Exposure to
Social Impacts in relation to accessibility to affordable housing
due to the significant proportion of loans in the pool that
accessed the Help-to-Buy government scheme, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

RATING SENSITIVITIES

The loans in the portfolio currently earn a predominantly fixed
rate of interest and eventually revert to an interest rate linked
to Libor. Once this has occurred, borrowers will be exposed to
increases in market interest rates, which would put pressure on
affordability, and potentially cause deterioration of asset
performance. If this results in defaults and losses on properties
sold in excess of Fitch's expectations, Fitch may take negative
rating action on the notes.

Ratings may be sensitive to the discontinuation of Libor from 2021
on both the mortgages and the notes. For example if a material
basis risk is introduced or there is a material reduction in the
net asset yield then ratings may be negatively affected.


NEW LOOK: To Close Parliament Street Store Next Month
-----------------------------------------------------
Victoria Scheer at YorkshireLive reports that British global
fashion retailer New Look is closing its branch in Parliament
Street, York.

According to YorkshireLive, while the store is to close next month,
the company's additional branches in Blake Street and at Monks
Cross Shopping Park are to remain open.

In 2018, New Look closed 102 stores in Britain and several overseas
as part of a company voluntary arrangement (a form of insolvency),
YorkshireLive recounts.

Since then, the company's statutory loss before tax improved to
GBP1.2 million in the 39 weeks to December 28, compared with a
GBP63.2 million loss in the same period the year before, records
have shown, YorkshireLive discloses.


NMC HEALTH: GKSD Won't Make Firm Offer for Business
---------------------------------------------------
Dan Thomas at The Financial Times reports that a company affiliated
to Gruppo San Donato, Italy's private healthcare group, has
withdrawn from bidding for NMC Health, the Middle East-focused
healthcare company.

The Italian group has been the only bidder for NMC Health after
private equity group KKR ruled out its involvement last month, the
FT notes.

NMC's shares have been suspended since the end of February, and the
UK's Financial Conduct Authority has launched a formal
investigation into its finances, the FT relates.

GKSD, an investment vehicle backed by sponsors of the hospital
group, said in February it was in the preliminary stages of
considering an offer for NMC, the FT recounts.

However, GKSD on March 9 said it did not intend to make a firm
offer for NMC.

Gruppo San Donato is one of the largest hospital groups in Europe
with 17,000 employees, the FT states.

NMC, which had been part of the FTSE 100 until the latest
reshuffle, has been in crisis after a short-seller attack in
December led to revelations about its finances and ownership, the
FT discloses.

NMC, the FT says, is still investigating its balance sheet,
although it has been forced to admit to discrepancies and
inconsistencies in its cash position as well as an off-balance
sheet financing arrangement that had not been disclosed to the
market allegedly used by its founder and a major shareholder.

According to the FT, a report by short-seller Muddy Waters in
December raised doubts over reported asset values, cash, profits
and debt, while the ownership of its major shareholders, and the
financing arrangements behind these positions, is still in
question.

NMC Health is a healthcare chain and distribution business in the
United Arab Emirates.  The company is headquartered in Abu Dhabi
and has branch offices in Dubai, Ajman, Al Ain and Northern
Emirates.  NMC Health is listed on the London Stock Exchange and is
a constituent of the FTSE 100 Index.


ODDBINS: Administrators Optimistic on Sale to Preferred Bidder
--------------------------------------------------------------
Business Sale reports that administrators of the parent company of
high-street wine merchants Oddbins, Whittalls Wines Merchants and
Wine Cellar Trading remain hopeful that a significant number of
stores can be sold to a preferred bidder.

EFB Retail Ltd., Whittalls Wine Merchants 1 Ltd., Whittalls Wine
Merchants 1 Ltd., and Wine Cellar Trading Ltd. have been trading
under Duff & Phelps since entering administration in January 2019
citing Brexit, economic uncertainty and a poor Christmas trading
period, Business Sale relates.

The companies were also affected by HMRC revoking the excise
approval of parent company and chief supplier European Food Brokers
Limited (EFBL), which lost its bonded warehouse, affecting
cashflow, Business Sale notes.

The administrators identified 43 unprofitable stores, before
closing 5 more, leaving 53 trading, Business Sale states.  A rescue
plan involving the sale of some stores to an anonymous preferred
buyer was drawn up last year, Business Sale recounts.

In a notice filed last week, joint administrators Philip Duffy and
Matthew Ingram, as cited by Business Sale, said the proposed buyer
had been informed the businesses will be wound down if the deal is
not completed with the next month, stating that it was unfeasible
to continue trading under administration indefinitely.

According to Business Sale, the administrators said that they
remained hopeful of selling the stores to the preferred bidder and
would still prefer to sell to a purchaser who would take a
significant number of stores.

However, they added that there have been numerous offers to acquire
stores on a piecemeal basis and that these interested parties could
be approached in order to maximize returns for creditors, Business
Sale notes.

The administration period has been extended until January 2021, but
Duff & Phelps say they do not think they will still be trading the
companies before the end of the next reporting period on Aug. 29,
according to Business Sale.

The administrators have forecast sufficient asset realisations to
enable a distribution to be made to secured creditors, with
GBP56,804 of GBP551,000 owed having been collected so far, Business
Sale states.


TALKTALK TELECOM: Fitch Assigns Final BB- Rating on GBP575MM Notes
------------------------------------------------------------------
Fitch Ratings assigned TalkTalk Telecom Group PLC's (BB-/Stable)
GBP575 million notes a final rating of 'BB-'.

The notes represent a senior unsecured obligation of the issuer
with a tenor of five years and a fixed coupon of 3.875%. TalkTalk
has used the proceeds of the transaction to fully redeem the
existing GBP400 million notes that were due to mature in 2022,
repay GBP161 million of its revolving credit facility and pay for
costs related to the transaction. Combined with the proceeds from
the sale of FibreNation, TalkTalk's other debt is expected to
reduce to GBP105 million from GBP380 million.

The reduction in debt and sale of FibreNation, will reduce
TalkTalk's pro-forma funds from operations (FFO) adjusted net
leverage to 3.6x by FY20 (financial year ending March) from 4.4x in
FY19.

KEY RATING DRIVERS

FibreNation Sale: TalkTalk announced in January its intention to
sell FibreNation and its shareholding in Bolt Pro Tem Limited to
CityFibre for an aggregate cash consideration of GBP200 million.
The transaction is conditional on shareholder approval and is
expected to close in March 2020. In addition, TalkTalk will enter
into a long-term wholesale agreement with CityFibre for rental of
fibre to the premise lines. The agreement will gradually reduce the
company's dependence on Openreach for access to the local loop.
Fitch believes there is a high probability that transaction will
complete and has adjusted its base case forecasts to include the
proceeds from the sale.

Proceeds Used to Reduce Debt: Fitch expects TalkTalk to use the
majority of the proceeds from the sale of its fibre assets to
reduce debt. Fitch consequently expects TalkTalk's FFO adjusted net
leverage to decrease to about 3.6x in FY20 and FY21 (financial year
ending March) from 4.4x in FY19 and below the downgrade thresholds
of the rating. The company's short-term free cash flow (FCF)
excluding asset sales, will be constrained by higher working
capital requirements, cash tax increases and exceptional
restructuring costs.

Building Capital Structure Discretion: Fitch's base case forecasts
envisages that TalkTalk's organic deleveraging capacity will grow
to around 0.2x FFO adjusted net leverage per year from FY22. This
assumes the company's dividend payments remain stable. The
deleveraging capacity will increase the company's financial
flexibility and ability to manage unforeseen operational pressures.
Fitch views retaining this capacity as important for the company's
credit profile, due to risks relating to changes in the competitive
and regulatory environment that could impact gross margins, cost to
grow, churn and pricing. These risks have driven a more cautious
approach to its medium- to long-term forecasts for the company in
its base case scenario.

Sizeable Position, Low Margins: TalkTalk has around 4.2 million
broadband subscribers in the UK and a market share that Fitch
estimates to be about 16%. The company has a value-for-money
product proposition that appeals to a cross-section of the UK
telecoms market. TalkTalk also operates national telecoms
infrastructure with local access that is largely achieved through
the purchase of regulated wholesale products, largely from
incumbent BT Group Plc.

The company's current scale drives a business model with fairly low
operating and pre-dividend FCF margins (7%-8% and negative 3%,
respectively, over the next two years). This leaves little room for
manoeuvre and exposes the financials to competitive risks in the
sector

Slowing Growth, Competitive Market: Fitch estimates that growth in
total UK broadband market lines by December 2019 will have slowed
to around 1% from an average of 2%-3% over the preceding four
years. The slowdown makes growing TalkTalk's subscriber base harder
as it increasingly depends on the churn of other operators and
sustaining its existing customer base. Many of TalkTalk's
competitors operate sizeable convergent telecoms platforms,
targeting multiple market segments with investments in exclusive
content and stronger operating margins.

Gradually Improving Key Performance Indicators: TalkTalk's 1H19
results indicate that company has sustained improvements in a
number of operational areas such as churn, fibre subscriber net
additions, growth in higher-margin elements of the corporate
segment and reductions in operating expenses. The sustainability of
these improvements over the next two to three years is key for
stability of revenue and lower cost structure.

Cost Structure Realignment: TalkTalk's current cost structure is
too heavy given its scale, investment requirements and costs to
grow and retain market share. The company has successfully
repositioned its strategy to focus primarily on fixed broadband and
is upgrading its network. This should allow it to simplify
operations and reduce costs. TalkTalk has reduced its headcount and
relocated the bulk of its London-based operations. The company
estimates that this will release GBP25 million to GBP30 million in
annualised opex and capex savings. TalkTalk will need to maintain
improvements in other aspects of its cost structure to enhance the
sustainability of its business model.

Long-Term Business Model Unknowns: The continued growth of
fibre-based broadband lines creates some uncertainties about
TalkTalk's future product mix and cost structure. Fibre-based local
access lines, while benefiting from higher average revenue per user
(ARPU), also have higher regulated wholesale costs. The growth of
fibre could imply TalkTalk's business model may change to
incorporate a greater mix of variable costs with lower operating
margins. The company should be able to offset lower margins through
reduced network capex at the FCF level. Visibility of the eventual
outcome for TalkTalk is currently low but improving.

DERIVATION SUMMARY

TalkTalk's rating reflects a sizeable broadband customer base and
the company's positioning in the value-for-money segment within a
competitive market structure. TalkTalk's operating margins are
below the telecoms sector average. This largely reflects an
unbundled local exchange network architecture and dependence on
regulated wholesale products for 'last-mile' connectivity. The
company is less exposed to trends in cord 'cutting' or 'shaving'
where consumers trade down or cancel pay-TV subscriptions in favour
of alternative internet or wireless-based services. However,
TalkTalk's business model faces some uncertainties in its long-term
cost structure as a result of increasing fibre-based products,
evolving regulation and a continued need to improve its cost to
serve.

Peers such as BT Group Plc (BBB/Stable) and Virgin Media Inc.
(BB-/Stable) benefit from various combinations of full local loop
network access ownership, and/or greater revenue diversification as
a result of scaled positions in multiple products segments, such as
mobile and pay-TV, and higher operating margins.

KEY ASSUMPTIONS

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

  - Revenue decline of 4% in FY20, growth of about 1% in FY21 and
    around 2% FY22-FY23;

  - EBITDA margin about 16.5% in FY20 gradually increasing to
    just under 18% by FY23;

  - Capex-to-sales ratio of around 7.5% FY20-FY23;

  - Increase in working capital of GBP80 million in FY20 and
    GBP40 million in FY21;

  - Gross proceeds of GBP200 million from the sale of FibreNation
    largely used to reduce gross leverage;

  - Stable dividends of GBP28 million per year; and

  - A blended operating lease multiple of 5.3x.

RATING SENSITIVITIES

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

  - Strong operational performance leading to high-single digit
    pre-dividend FCF margin

  - Comfortable liquidity headroom and FFO fixed charge cover
    above 3.0x

  - FFO adjusted net leverage sustainably below 3.3x

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

  - A material deterioration in key performance indicators or an
    increase in competitive intensity in the UK broadband market
  
  - A contraction in pre-dividend FCF margin to low single digits

  - Shrinking liquidity headroom or FFO fixed charge cover being
    sustained below 2.5x

  - FFO adjusted net leverage sustained above 3.8x.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of end FY19, the company had access to
total committed revolving credit facilities of GBP640 million
(undrawn GBP292 million). The group's debtor securitisation of
GBP75 million is partly drawn (GBP61 million drawn) and Fitch
expects the company to roll this over when it comes due in FY20.
Fitch's base case forecasts envisage that TalkTalk will be FCF
negative in FY20, with FCF turning positive from FY21.



                           *********


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.

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