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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 18, 2020, Vol. 21, No. 56

                           Headlines



F R A N C E

CASSINI SAS: Moody's Cuts CFR to B3, Outlook Negative
ORANO: S&P Alters Outlook to Stable & Affirms 'BB+' ICR


G E R M A N Y

[*] GERMANY: To Ease Bankruptcy Rules to Aid Virus-Affected Firms


G R E E C E

ELETSON HOLDINGS: Moody's Withdraws Ca CFR due to Inadequate Info


I R E L A N D

BURLINGTON MORTGAGES 1: Moody's Rates EUR80.5MM Cl. E Notes B3


I T A L Y

ALITALIA SPA: Italy Set to Increase Taxpayer Bill to EUR2.1 Bil.


L U X E M B O U R G

ALTISOURCE SARL: Moody's Places B3 CFR on Review for Downgrade


M A L T A

ENEMALTA: S&P Alters Outlook to Negative & Affirms 'BB-' ICR


N E T H E R L A N D S

DOMI 2020-1: Moody's Rates EUR4.77MM Class E Notes 'Ba1'


R U S S I A

RUSSNEFT PJSC: Moody's Places B1 CFR on Review for Downgrade


U N I T E D   K I N G D O M

AMPHORA INTERMEDIATE: S&P Cuts LT Rating to 'B-', Outlook Stable
APERTURE TRADING: Goes Into Administration, 100+ Jobs Affected
CENTRICA PLC: Moody's Cuts Junior Subordinated Debt Ratings to Ba1
CINEWORLD GROUP: Fitch Puts B+ LT IDR on Rating Watch Negative
DEBENHAMS PLC: Asks Landlords for Five-Month Rent Holiday

HELIOS TOWERS: Moody's Gives B2 CFR, Outlook Stable
LAURA ASHLEY: Files for Administration Amid Cash Woes

                           - - - - -


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F R A N C E
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CASSINI SAS: Moody's Cuts CFR to B3, Outlook Negative
-----------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Cassini SAS, the ultimate parent of Comexposium Holding,
a France-based trade fair and exhibitions organizer, to B3 from B2
and its probability of default rating to B3-PD from B2-PD.
Concurrently, Moody's has downgraded to B3 from B2 the rating of
the EUR597 million senior secured term loan B due 2026 and the
EUR90 million senior secured revolving credit facility due 2025.
The outlook remains negative.

"The downgrade reflects our expectation of a deterioration in
Compexposium's operating and financial performance driven by the
cancellations and postponements of trade and exhibition shows over
the next two quarters owing to the coronavirus outbreak in its main
European markets," says Victor Garcia Capdevila, a Moody's
AVP-Analyst and lead analyst for Cassini.

"Comexposium was already weakly positioning in the previous B2
rating category and the operational disruptions that the company
will endure over the next few months will lead to a significant
increase in leverage. We now expect that Comexposium's
Moody's-adjusted gross leverage will increase to around 8.0x by the
end of 2020 compared with our previous expectation of 5.9x," adds
Mr. Garcia.

RATINGS RATIONALE

The rating downgrade follows the contingency measures taken by
public authorities and the private sector to avoid the spreading
and contagion of the coronavirus, such as travel bans and
prohibitions to hold events with large audiences. These are leading
to cancellation and postponements of exhibitions and trade shows
around the world, and in particular, in Comexposium's key European
markets. The company generates 71% of its revenue in France.

As a result of this, Moody's expects Comexposium to face material
operational disruptions in the second and third quarter of 2020,
leading to a significant deteriorating of the company's financial
profile.

The rating agency estimates that around EUR30 million of EBITDA
(out of a total estimated consolidated reported EBITDA of about
EUR150 million in 2020) is at risk during the next six months. If
this scenario ends up materialising, Comexposium's Moody's-adjusted
gross leverage would increase to around 8.0x in 2020 from a
previous estimate of 5.9x.

Moody's notes that 55% of the company's EBITDA is generated in the
last quarter of the year, and as such, a stabilisation in operating
conditions in Q4 would be required for the company to reach these
forecasts.

Moody's also expects that Comexposium's liquidity will weaken,
owing to the lower cash generation caused by the cancellation of
some events, the cash outflow related to the put option of
L'Etudiant which can be exercised in Q2 2020, and the reduction in
headroom under covenants.

Compexposium's liquidity profile is supported by a EUR90 million
RCF (subject to a net debt/ EBITDA springing financial covenant to
be tested if drawings exceed 40%), with a current availability of
around EUR60 million, and a cash balance of EUR90 million. While
under the current scenario, Moody's expects Comexposium to be free
cash flow positive and its liquidity to remain adequate, visibility
in terms of operating performance and potential swings in liquidity
availability is fairly low.

Comexposium's B3 CFR reflects (1) the company's high leverage, (2)
the uncertainty and magnitude of the operational disruption as a
consequence of the coronavirus, (3) the inherent cyclicality in
some of the company's targeted verticals, in particular the leisure
and fashion sectors, (4) its lower EBITDA margin compared with
other event and exhibition organisers, (5) its small scale relative
to other peers in the business and consumer services industry, (6)
the revenue concentration in France and around its top 10 events,
(7) Moody's expectation that the company will continue to pursue an
active M&A strategy in a sector that is consolidating, (8) and the
execution and integration risks associated with the acquisition of
Europa Group.

The rating also reflects (1) the company's good track record of
operating performance; (2) its strong free cash flow generation,
underpinned by an asset-light business model with structurally
negative working capital and low capital spending requirements; (3)
the resiliency of the company's business model as demonstrated in
the last economic downturn; and (4) the relatively high barriers to
entry in the industry.

Social and governance factors are important elements of
Comexposium's credit profile. The exhibitions and trade fairs
business are inherently exposed to political instability,
geopolitical risks, social unrest and travel disruptions.
Comexposium's ratings also factor in its private ownership, its
financial policy, which is tolerant of relatively high leverage,
and its proven appetite for inorganic growth. At the same time, the
group has a good track record of integration of acquisitions.

STRUCTURAL CONSIDERATIONS

The ratings on the EUR597 million senior secured term loan B due
2026 and the EUR90 million senior secured revolving credit facility
due 2025 are B3, in line with the CFR, reflecting the fact that
they share the same security and guarantor package and that both
instruments rank pari passu. The B3-PD probability of default
rating, in line with the CFR, reflects Moody's assumption of a 50%
recovery rate as is customary for all-bank-debt capital structures
with a covenant-lite package. Comexposium is subject to a springing
covenant to be tested when drawings under the revolving credit
facility exceed 40% of total commitments.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the high leverage of the company and
the downside risks related to a potential continuation of the
operating disruption in Q4 2020, the company's most important
quarter of the year.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Downward ratings pressure could develop should operating conditions
deteriorate further, and extend into Q4 and beyond, such that (1)
free cash flow turns negative, (2) leverage (Moody's adjusted gross
debt / average EBITDA) is maintained above 7.5x, or (3) liquidity
deteriorates, including a further reduction in covenant headroom.

Positive ratings pressure is unlikely in the current uncertain
environment for event organisers. The rating could be stabilised if
the disruption in operating conditions is short-lived, its
liquidity remains adequate and the company manages to maintain
leverage below 7.5x. Over the medium term, upward pressure on the
rating could develop should Comexposium's leverage
(Moody's-adjusted gross debt / average EBITDA) sustainably decrease
below 6.0x. An upgrade would also require the company to
successfully achieve organic revenue growth on an annualised
basis.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Cassini SAS

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

Corporate Family Rating, Downgraded to B3 from B2

BACKED Senior Secured Bank Credit Facility, Downgraded to B3 from
B2

Outlook Actions:

Issuer: Cassini SAS

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Paris, Cassini SAS, the ultimate owner of
Comexposium Holding, is a leading organiser of trade fairs and
trade shows, with the largest market position in France and the
third market position in exhibitions globally, in terms of revenue.
The company owns and operates 135 B2B and B2C events across 11 main
sectors, connecting more than 46,000 exhibitors and 3.5 million
visitors every year in 30 countries. The company reported pro-forma
revenue of EUR367 million and pro-forma EBITDA of EUR98.4 million
in 2019, annualised for the effect of biennial and triennial
events.

ORANO: S&P Alters Outlook to Stable & Affirms 'BB+' ICR
-------------------------------------------------------
S&P Global Ratings revised its outlook on France-based nuclear
services group Orano to stable from negative, and affirmed its
'BB+' ratings on the group and its debt.

Orano's stronger-than-expected profitability and credit metrics in
2019 brighten performance projections over the coming years.

The outlook revision points to S&P's expectation that Orano will
sustain strong performance in 2020 and beyond. S&P estimates
material positive free cash flow of about EUR1 billion over the
coming three years, likely resulting in improved and less volatile
credit metrics.

Industry conditions remain challenging, but recovering prices
should soften the impact.

The nuclear enrichment industry has been under pressure for about a
decade, with countries shifting away from nuclear energy--a trend
that is likely to gain momentum. However, the curtailment of
production and no appetite for investments have started to coax
prices into a slow recovery. S&P therefore expects that the demand
for Orano's services and mining production might continue to trend
down. That said, the tight supply in the market may offset the
pressure. For example, current uranium prices are about $27 per
pound U308 (/lbU3O8), compared with about $20/lbU3O8 at the trough
in 2018, and are now projected to recover to about $35/lbU3O8 in
2021 and about $40/lbU3O8 in 2022.

Stronger profitability will support deleveraging, but further
improvements will be needed to cover the company's overall cash
needs. Higher production volumes, more favorable prices, and
ongoing cost-cutting initiatives have ushered in
stronger-than-expected results in 2019 that should continue in
2020. S&P said, "Under our base case, we now expect an underlying
EBITDA of about EUR1 billion in 2020, versus last year's EUR900
million. However, with cash needs of slightly more than EUR1
billion (interest, taxes, capital expenditure [capex], and
dividends to minorities), Orano's ability to reduce debt will be
limited. In 2019, the company saw a material working capital inflow
of more than EUR350 million, which is expected to be the case in
the coming years. We now see the company's S&P Global
Ratings-adjusted debt to EBITDA at about 4x, in line with the 4x-5x
range commensurate with the 'BB+' rating."

A volatile equity market will continue to affect the company's
asset retirement obligations. On the back of the equity market's
strong performance, the company's financial assets appreciated by
slightly more than EUR0.9 billion (equivalent to about 20% of the
company's overall adjusted debt) in 2019. This resulted in
improvements in the company's credit metrics. However, this
contrasts with the reduction of about EUR0.6 billion that company
saw in 2018, and we cannot exclude a reversal in 2020 given the
current market conditions. In S&P's view, credit metrics are still
highly sensitive to the equity market performance. Positively, this
volatility won't have an immediate impact on the company's
short-term liquidity needs.

Orano expects more stable liabilities over time thanks to its newly
established framework. The company must comply with a new framework
for measuring its obligations and covering potential shortfalls.
S&P understands that this framework will limit the increase in and
volatility of these liabilities.

The stable outlook reflects Orano's ability to generate material
FOCF in the coming years, supporting lower debt and ultimately
better credit metrics with somewhat lower volatility.

S&P said, "Under our base case, we project an underlying EBITDA of
EUR0.9 billion-EUR1.0 billion in the coming two years. In our view,
this profitability level is on par with the company's capex and
other cash flow needs. However, thanks to a substantial working
capital inflow of about EUR1 billion over the coming three years,
we expect the company's adjusted debt to EBITDA to be about 4x in
2020 and in 2021.

"We continue to view an adjusted debt to EBITDA in the range of
4x-5x as commensurate with the rating. In addition, we expect the
company to generate a positive FOCF (excluding changes in working
capital) for the current 'BB+' rating. This is likely going to be
the case on average in 2020-2021.

"Lastly, while we expect Orano's relationship with the French
government to remain the same, any sign of a lower likelihood of
government support could limit ratings upside, or even lead to a
downgrade.

"In our view, the improved results and credit metrics are not
likely to lead to a positive rating action in the next 12 months.
Such a rating action would hinge on the company's ability to
achieve positive FOCF (excluding changes in working capital) of at
least EUR200 million (equivalent to an adjusted EBITDA of about
EUR1.1 billion-EUR1.2 billion with the current capex and other cash
needs). Other supportive factors for an upgrade include:

-- An adjusted debt to EBITDA of about 4x.

-- No material deviation from the current industry trajectory (a
gradual decline in the demand for the company's services, offset by
recovering prices).

In S&P's view, a negative rating action could be triggered by one
or more of the following:

-- Lower-than-expected EBITDA and FOCF, for example, as a result
of a continued weak market environment or major operational
disruption, leading to an adjusted debt to EBITDA going over 5x
without an imminent recovery prospects.

-- A permanent increase in the company's asset-retirement
obligations or pension obligations.




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G E R M A N Y
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[*] GERMANY: To Ease Bankruptcy Rules to Aid Virus-Affected Firms
-----------------------------------------------------------------
Karin Matussek at Bloomberg News reports that Germany plans to ease
bankruptcy rules to give companies hit by the coronavirus more time
to secure financial aid.

According to Bloomberg, the Federal Ministry of Justice is
preparing legislation to suspend a rule that forces companies to
arrange help or file for insolvency within three weeks of getting
into difficulties.  The ministry said in a statement on Jan. 16 the
waiver, previously introduced to help businesses hurt by severe
flood damage, will be restricted to companies affected by the
outbreak that are eligible for government aid or are securing other
forms of refinancing, Bloomberg relates.

"We want to avoid situations where businesses are forced to file
for insolvency because aid from the federal government fails to
reach them in time," Bloomberg quotes Justice Minister Christine
Lambrecht as saying.  "With this step we're helping to mitigate
against the effects of the outbreak on the economy."

The government said last week it would do whatever was necessary to
ensure that companies don't go bankrupt as a result of the health
crisis, Bloomberg recounts.

The suspension announced on March 16 will apply until the end of
September and the ministry will have the option of extending it
until March 31, 2021, Bloomberg states.




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ELETSON HOLDINGS: Moody's Withdraws Ca CFR due to Inadequate Info
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Eletson
Holdings Inc. including its Ca corporate family rating and its
Ca-PD /LD probability of default rating, as well as the Ca rating
of its senior secured notes due 2022. Prior to the withdrawal, the
outlook on the ratings was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Eletson Holdings Inc. is an owner and operator of product tankers
and liquefied petroleum gas carriers, with a double-hulled fleet of
23 product tankers and 15 LPG carriers as at September 30, 2018.
The group recorded total revenues of $194 million and EBITDA of
$21.1 million in the last twelve months to September 30, 2018.



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BURLINGTON MORTGAGES 1: Moody's Rates EUR80.5MM Cl. E Notes B3
--------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to Notes
issued by Burlington Mortgages No. 1 Designated Activity Company:

EUR1,731,400,000 Class A1 mortgage backed floating rate Notes
November 2058, Assigned Aaa (sf)

EUR1,731,400,000 Class A2 mortgage backed fixed rate Notes November
2058, Assigned Aaa (sf)

EUR201,300,000 Class B mortgage backed floating rate Notes November
2058, Assigned Aa2 (sf)

EUR110,700,000 Class C mortgage backed floating rate Notes November
2058, Assigned A1 (sf)

EUR110,700,000 Class D mortgage backed floating rate Notes November
2058, Assigned Baa3 (sf)

EUR80,500,000 Class E mortgage backed floating rate Notes November
2058, Assigned B3 (sf)

Moody's has not assigned any ratings to the EUR 60,500,000 Class Z
mortgage backed fixed rate Notes November 2058, the EUR 10,000
Class R1A mortgage backed notes due November 2058, the EUR 10,000
Class R1B mortgage backed notes due November 2058, the EUR 10,000
Class R2A mortgage backed notes due November 2058 and the EUR
10,000 Class R2B mortgage backed notes due November 2058.

Burlington Mortgages No. 1 Designated Activity Company is a static
securitisation of Irish prime residential mortgage loans. EBS
d.a.c. and Haven Mortgages Limited are the originators and
servicers of the portfolio. At closing, the portfolio consists of
loans extended to 23,295 borrowers with a total principal balance
of EUR4,026,483,467.

RATINGS RATIONALE

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

Liquidity analysis: The transaction benefits from both a Class A1
and A2 Liquidity Reserve and a General Reserve Fund. Class A1 and
A2 Liquidity reserve is available to cover senior fees and interest
on Class A1 and A2 Notes only. It is sized at 0.75% of aggregate
principal amount of the Class A1 and A2 Notes will be amortizing.
The General Reserve Fund is available to cover all items down to
Class E PDL. The Notes also benefit from principal to pay interest
mechanism subject to conditions.

Product switches: The risk of deteriorating pool quality through
product switches is partially mitigated by the product switch
conditions. Conditions comprise, among others: (i) no PDL is
recorded; (ii) a switch date falls before the first optional
redemption date; (iii) a product switch does not result in there
being in excess of 60.0% fixed rate loans in the portfolio, and;
(iv) a product switch does not convert a repayment loan into an
interest-only loan.

Interest rate risk analysis: 45.7% of the loans in the portfolio
yield a fixed rate, 45.8% yield the SVR and the remaining 8.5%
yield to ECB, whereas the Notes majorly pay in Euribor. Hence,
there is mismatch in the yield on the loans and the coupons paid on
the Notes. This fixed-floating interest rate mismatch is not hedged
by a swap arrangement. Moody's included this interest rate risk in
its analysis.

Moody's determined the expected portfolio loss of 3.00% and the
MILAN Credit Enhancement of 12.00% serve as input parameters for
the lognormal loss distribution in Moody's cash flow model.

The key drivers for the portfolio expected loss of 3.0%, which is
lower than the Irish RMBS sector average, are: (i) the collateral
performance of the loans originated by EBS and HAVEN to date; (ii)
the current macroeconomic environment in Ireland; (iii) the stable
outlook that Moody's has on Irish RMBS; (iv) loans are all
performing, and never restructured; and (v) benchmarking with other
comparable Irish RMBS transactions.

The key drivers for the MILAN CE of 12.0%, which is lower than the
Irish RMBS sector average, are: (i) the collateral performance of
the loans to date; (ii) the weighted average current loan-to-value
of 68.0%, which is in line with the sector average; (iii) potential
drift in asset quality through product switches; (iv) loans are all
performing at closing and never restructured; and (v) benchmarking
with other Irish RMBS transactions.

Principal Methodology

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

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

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

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

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



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I T A L Y
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ALITALIA SPA: Italy Set to Increase Taxpayer Bill to EUR2.1 Bil.
----------------------------------------------------------------
Daniele Lepido and Alberto Brambilla at Bloomberg News report that
Italy is set to increase the taxpayer bill for keeping bankrupt
airline Alitalia SpA aloft to more than EUR2.1 billion (US$2.3
billion) over about three years, and the spending is unlikely to
stop there.

A new EUR600 million loan included in a coronavirus stimulus
package being discussed by Prime Minister Giuseppe Conte's cabinet,
is part of a plan to re-nationalize the loss-making carrier,
Bloomberg relays, citing the latest draft of the document.
According to Bloomberg, people familiar with the matter said on
March 14 that's double what was initially planned.

Italy's efforts to keep the carrier flying while it sought partners
to take it out of bankruptcy has already cost the taxpayer more
than EUR2.1 billion, Bloomberg discloses.

Widespread flight cancellations due to the virus threaten carriers
across Europe, with much less revenue coming in from ticket sales
to offset costs, Bloomberg states.

Over the past three years, attempts to re-launch Alitalia have
failed to produce a viable deal, Bloomberg recounts.

The state injected EUR900 million into the airline in 2017 and
approved a further EUR400 million loan in December, Bloomberg
relates.  The state is also paying more than EUR200 million of
interest on its debt, according to Bloomberg.

                         About Alitalia

With headquarters in Fiumicino, Rome, Italy, Alitalia is the flag
carrier of Italy.  It's main hub is Leonardo da Vinci-Fiumicino
Airport, Rome.  The company has a workforce of 12,000+. It reported
EUR2,915 million in revenues in 2017.

Alitalia and its subsidiary, Alitalia Cityliner S.p.A., are in
Extraordinary Administation (EA), by virtue of decrees of the
Ministry of Economic Development on May 2 and May 17, 2017,
respectively.  The companies were subsequently declared insolvent
on May 11 and May 26, 2017 respectively.  

Luigi Gubitosi, Prof. Enrico Laghi and Prof. Stefano Paleari were
appointed as Extraordinary Commissioners of the Companies in
Extraordinary Administration.

The Italian government ruled out nationalizing Alitalia in 2017 and
since then, the airline has been put up for sale.  To this
development, Delta Airlines, Easyjet and Italian railway company
Ferrovie dello Stato Italiane have expressed interest in acquiring
the airline in 2018.  Since then, Easyjet has withdrawn its offer.




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L U X E M B O U R G
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ALTISOURCE SARL: Moody's Places B3 CFR on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
Altisource S.a.r.l.'s B3 corporate family rating and B3 long-term
senior secured bank credit facility rating.

The review was prompted by the recent announcement from
Altisource's chairman and chief executive officer about the
uncertainty surrounding the revenues for downstream services that
Altisource provides to Ocwen Loan Servicing, LLC, the operating
subsidiary of PHH Mortgage Corp. (Caa1 negative) on the loan
portfolios owned by New Residential Investment Corp. (Ba3 stable).
These revenues would account for approximately 40% of Altisource's
total revenues in 2020, and do not include the revenues under the
Cooperative Brokerage Agreement between Altisource and New
Residential.

RATINGS RATIONALE

The ratings review will focus on the probability and impact of the
potential revenue loss on Altisource's credit profile and the
implications for its senior secured term loan, which had an
outstanding balance of $293.8 million as of December 31, 2019 and
matures in April 2024.

The B3 corporate family rating assigned to Altisource reflects the
firm's strong cash flow, as well as revenue concentration in
default management related services. The rating also reflects the
company's continued reliance for a large percentage of its revenues
on the servicing portfolios of PHH Mortgage Corp. and New
Residential Investment Corp., the loss of which would likely weaken
the company's credit profile, absent any mitigating actions.

Moody's does not have any particular governance concerns for
Altisource.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Since Altisource's ratings are on review for downgrade, a ratings
upgrade is unlikely. The company's ratings could be confirmed if
Moody's were to assess sufficient certainty around future revenues
and earnings for downstream services it provides to Ocwen or if the
company were able to mitigate any revenue and earnings loss.

Altisource's ratings could be downgraded if Moody's were to assess
a likely material reduction in revenues, for example as a result of
the termination of its agreement to provide downstream services for
loans owned by New Residential and serviced by Ocwen, that would
result in a material reduction in net income, or if leverage were
to increase.

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



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M A L T A
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ENEMALTA: S&P Alters Outlook to Negative & Affirms 'BB-' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on power company Enemalta to
negative from stable and affirmed its 'BB-' long-term issuer credit
rating.

Damage to the 200 megawatt (MW) interconnector caused Enemalta's
operating performance to falter in 2019 and will thwart recovery in
2020. S&P expects credit metrics to remain below the level it views
as commensurate with the current rating through 2020, before
gradually recovering by 2021. The incident left Enemalta without
access to electricity from Italy and is still being investigated.
S&P understands that the cable is expected to be repaired and fully
operational by end of March 2020. Until then, Enemalta has been
using its reserve power generation plant to ensure the security of
supply on the islands. Additional expenses related to the incident
are expected to reach about EUR3 million in 2019 and EUR13 million
in 2020. The effect on EBITDA margins was significant--they fell to
9% in 2020, from 12% in 2018. S&P now expects EBITDA to be EUR48
million in 2019 and EUR37 million in 2020, compared with EUR64
million in 2018. In addition, Enemalta had an increase in debtors,
mainly due to high billing at end of 2019; an increase in stock;
and a purchase in advance of part of the carbon emissions
obligations for the year 2020, which led to a one-off negative
working capital charge of about EUR14 million in 2019. As a result,
free operating cash flow generation will be negative by about EUR10
million.

The additional costs associated with the incident will weigh on
operating performance throughout 2020 and have stretched Enemalta's
liquidity. At the beginning of 2020, the company experienced a
material erosion of available cash. It also faced additional
expenses linked to the interconnector incident and high working
capital needs. S&P assesses its ratio of sources over uses for the
12 months from Dec. 31, 2019 to be about 0.7x, and that it will
need additional refinancing of about EUR7 million. Enemalta can
access EUR15 million in cash funds from operations and must cover
EUR4 million of maintenance capex and EUR18 million of debt
amortization. Although the company had uncommitted credit lines
available with a number of banks that amounted to around EUR66
million at the beginning of 2020, these lines are either reassessed
annually or are not committed for more than 12 months. Therefore,
S&P does not consider them in its liquidity analysis. S&P expects
the company to take measures to strengthen its liquidity position
over the coming weeks.

Credit metrics are unlikely to rebound until 2021. The one-off
operating costs associated with the interconnector incident are
expected to cause Enemalta's ratio of debt to EBITDA to increase to
about 15x in 2019-2020, from 7.7x in 2018 (13x based on comparable
lease adjustment). As a result, the company has limited flexibility
to withstand operating volatility. Negative working capital
depressed operating cash flows in 2019. S&P said, "We expect EBITDA
to recover in 2021, to about EUR53 million. We also expect the
company to limit capital expenditure (capex) to around EUR12
million per year, from EUR27 million on average in 2018 and 2019. A
positive change in working capital will support FOCF. In 2021, we
expect Enemalta to generate positive free cash flow and its
debt-to-EBITDA ratio to decrease to around 10x-11x on the back of
better operating performance, reduced capex, and no dividend
distribution."

From 2019, S&P Global Ratings' adjusted debt has included EUR340
million of finance leases on the balance sheet. These are accounted
for under International Financial Reporting Standards (IFRS) 16.
S&P's previous adjustment for off-balance-sheet leases was about
EUR190 million; the overall impact on adjusted metrics adds another
EUR150 million of debt.

The negative outlook indicates that if Enemalta fails to improve
its operating performance and is unable to generate positive free
cash flow, its liquidity could deteriorate and there would be no
clear trajectory for its debt to EBITDA to fall back to around 10x
in the next 24 months.

S&P said, "We would downgrade Enemalta if its operating performance
does not improve and the pressure on its liquidity position
intensifies. This could occur if the interconnector repair is
delayed and Enemalta cost base does not improve, or if we observe
high capex or poor working capital management. We would downgrade
Enemalta if we do not see a clear trajectory of debt to EBITDA
decreasing toward 10x.

"Although unlikely in our view, we could also lower the rating if
we consider that there is diminished government support from
Malta.

"A downgrade of Malta would have no impact on our rating on
Enemalta at this point, all else being equal.

"We could revise the outlook to stable if Enemalta improves its
operating performance and profitability, demonstrating positive
FOCF and debt to EBITDA below 10x, combined with an adequate
liquidity profile."




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

DOMI 2020-1: Moody's Rates EUR4.77MM Class E Notes 'Ba1'
--------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Domi 2020-1 B.V.:

EUR 281.68 M Class A mortgage-backed notes due 2052, Definitive
Rating Assigned Aaa (sf)

EUR 15.91 M Class B mortgage-backed notes due 2052, Definitive
Rating Assigned Aa2 (sf)

EUR 7.96 M Class C mortgage-backed notes due 2052, Definitive
Rating Assigned A2 (sf)

EUR 4.78 M Class D mortgage-backed notes due 2052, Definitive
Rating Assigned Baa2 (sf)

EUR 4.77 M Class E mortgage-backed notes due 2052, Definitive
Rating Assigned Ba1 (sf)

EUR 3.18 M Class F mortgage-backed notes due 2052, Definitive
Rating Assigned Caa3 (sf)

EUR 14.32 M Class X1 notes due 2052, Definitive Rating Assigned
Caa2 (sf)

EUR 4.78 M Class X2 notes due 2052, Definitive Rating Assigned Ca
(sf)

Moody's has not assigned a rating to the 100 Class Z Notes due
2052.

RATINGS RATIONALE

The Notes are backed by a static pool of Dutch buy-to-let mortgage
loans originated by Domivest B.V. This represents the second
issuance of this originator.

The portfolio of assets amounts to EUR 318.3 million as of 31
January 2020. The Reserve Fund is funded at 0.75% of the Notes
balance of Class A at closing with a target of 1.5% of Class A
Notes balance until the step-up date. The total credit enhancement
for the Class A Notes at closing is 11.50% in addition to excess
spread and the credit support provided by the reserve fund.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a static portfolio and an amortising reserve fund
sized on aggregate at closing at 0.75% of Class A Notes' principal
amount. However, Moody's notes that the transaction features some
credit weaknesses such as a small and unregulated originator also
acting as master servicer and the focus on a small and niche
market, the Dutch BTL sector. Domivest B.V. with its current size
and set-up acting as master servicer of the securitised portfolio
would not have the capacity to service the portfolio on its own.
However, the day-to-day servicing of the portfolio is outsourced to
Stater Nederland B.V. ("Stater", NR) as delegate servicer and
HypoCasso B.V. (NR, 100% owned by Stater) as delegate special
servicer. Stater and HypoCasso B.V. are obliged to continue
servicing the portfolio after a master servicer termination event.
This risk of servicing disruption is further mitigated by
structural features of the transaction. These include, among
others, the issuer administrator acting as a back-up servicer
facilitator who will assist the issuer in appointing a back-up
servicer on a best effort basis upon termination of the servicing
agreement. Fitch has applied adjustments in its MILAN analysis
including a haircut on property values to account for the
illiquidity of properties if sold in rented state.

Moody's determined the portfolio lifetime expected loss of 2.5% and
Aaa MILAN credit enhancement of 17.0% related to borrower
receivables. The expected loss captures its expectations of
performance considering the current economic outlook, while the
MILAN CE captures the loss it expects the portfolio to suffer in
the event of a severe recession scenario. Expected defaults and
MILAN CE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in the ABSROM cash flow
model to rate RMBS.

Portfolio expected loss of 2.5%: This is higher than the average in
the Dutch RMBS sector and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i)
that no historical performance data for the originator's portfolio
is available; (ii) benchmarking with comparable transactions in the
Dutch owner-occupied market and the UK BTL market; (iii)
peculiarities of the Dutch BTL market, such as the relatively high
likelihood that the lender will not benefit from its pledge on the
rents paid by the tenants in case of borrower insolvency; and (iv)
the current positive economic conditions and forecasts in The
Netherlands.

The MILAN CE for this pool is 17.0%: Which is higher than that of
other RMBS transactions in The Netherlands mainly because of: (i)
the fact that no meaningful historical performance data is
available for the originator's portfolio and the Dutch BTL market;
(ii) the weighted average current loan-to-market value (LTMV) of
approximately 68.7%; and (iii) the high interest only (IO) loan
exposure (all loans are IO loans after being repaid to 60.0% LTV).
Fitch also considered the high maturity concentration of the loans
as more than 70% repay within the same year. Borrowers could be
unable to refinance IO loans at maturity because of the lack of
alternative lenders. Furthermore, while Domivest B.V. is using the
market value in tenanted status in assessing the LTV upon
origination, it applies additional stress to the property values to
account for the higher illiquidity of rented-out properties when
being foreclosed and sold in rented state in a severe stress
scenario. Due to the small and niche nature of the Dutch BTL market
and the high tenant protection laws in The Netherlands, Fitch
considers a higher likelihood that properties will have to be sold
with tenants occupying the property than in other BTL markets, such
as UK.

Principal Methodology

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

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

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

Factors that may cause an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of: (a) servicing or cash management interruptions; and (b) the
risk of increased swap linkage due to a downgrade of a currency
swap counterparty ratings; and (ii) economic conditions being worse
than forecast resulting in higher arrears and losses.



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

RUSSNEFT PJSC: Moody's Places B1 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B1
corporate family rating and B1-PD probability of default rating of
RussNeft PJSC. RussNeft's outlook was changed to rating under
review from positive.

RATINGS RATIONALE

The rating action follows the recent drop in oil prices after the
failure to extend the OPEC+ agreement on oil production cuts beyond
March 31, 2020, which is likely to significantly reduce RussNeft's
operating cash flow, leading to a further deterioration in its
already weak liquidity.

The review for downgrade will primarily focus on the assessment of
RussNeft's ability to improve and maintain its liquidity amid
materially lower oil prices compared with earlier price
assumptions. As part of the review, Moody's will also assess and
take into account (1) the effect of lower oil prices on the
company's leverage, interest coverage and cash flow metrics; and
(2) the company's exposure to corporate governance risks resulting
from its substantial related-party transactions with other
businesses of the Gutseriev family which controls 47% of RussNeft's
voting shares. Depending on the findings, the review could
potentially result in a downgrade of RussNeft's ratings by more
than one notch.

As of December 31, 2019, RussNeft's liquidity comprised cash and
cash equivalents of RUB3.1 billion, and operating cash flow of
around RUB19 billion, which Moody's expects the company to generate
over the next 12 months assuming the average oil price for 2020 at
$43 per barrel of Brent. This liquidity would be insufficient to
cover the company's debt maturities of RUB7.4 billion (including
lease payments) over the same period, capital spending which
Moody's estimates at around RUB20 billion and dividend payouts of
at least $60 million on the company's preferred shares, as
anticipated by its dividend policy.

RussNeft's borrowings primarily comprise a loan from Bank VTB, PJSC
(VTB, Baa3 stable), which represents around 95% of the company's
debt portfolio. RussNeft is to repay the outstanding $1.17 billion
loan in quarterly instalments totalling $91 million per year in
2020-25 and a $625 million final payment in 2026.

RussNeft's current rating factors in the company's (1) sizeable
reserves and production; and (2) moderate leverage, robust cash
flow metrics and positive free cash flow, although all these will
deteriorate on lower oil prices.

RussNeft's rating also takes into account (1) the company's
elevated capital spending, amortisation of loans and advances,
significant interest expense and hedge payments; (2) its commitment
to pay dividends of at least $60 million per year on its preferred
shares; (3) its significant related-party transactions and risks
related to its concentrated ownership structure; (4) the
uncertainty regarding the potential acquisition of upstream assets
in the Orenburg region from a related party; and (5) the
sensitivity of the company's financial metrics to the volatility in
oil prices and the rouble exchange rate.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

RussNeft's is exposed to carbon transition risk in the long term.
Oil demand could peak in the next 10-15 years, well before natural
gas, which has a central role in the energy transition of power
generation away from carbon. The company has a low share of gas in
its production and reserves.

Corporate governance considerations include the risks related to
the company's concentrated ownership structure and its exposure to
substantial related-party transactions. RussNeft's key shareholders
are the Gutseriev family (47% of voting shares) and Glencore plc
(Baa1 stable, 33% of voting shares), with the remaining 20%
ordinary shares in free float on the Moscow Exchange. RussNeft
occasionally provides loans to related parties and guarantees for
related-party oil supply contracts and borrowings, including those
related to the M&A activity of other businesses of the Gutseriev
family.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Headquartered in Moscow, Russia, RussNeft PJSC is a medium-sized
independent oil and gas producer, with key upstream assets located
in Western and Central Siberia, and Volga-Urals. As of December 31,
2018, the company had around 1,264 million barrels of oil
equivalent (boe) of proved oil and gas reserves in accordance with
the Petroleum Resources Management System classification. In 2019,
RussNeft produced 7.1 million tonnes (mt) of crude oil and
condensate (including 0.5 mt produced by companies of GEA Group,
which is not consolidated by RussNeft) and 2.5 billion cubic meters
(bcm) of gas. In the 12 months ended June 30, 2019, the company
generated revenue of RUB189.9 billion and Moody's-adjusted EBITDA
of RUB47.7 billion.



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

AMPHORA INTERMEDIATE: S&P Cuts LT Rating to 'B-', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings lowered to 'B-' from 'B' its long-term ratings
on Amphora Intermediate II Ltd., parent company of Accolade Wines,
including its issue rating on the GBP301 million term loan B.

S&P said, "We estimate that the recent challenges at the Berri
Estate factory and lower-than-anticipated efficiency of the new
lines will put pressure on the company's leverage and margins.
Accolade Wines has recently invested to automate and bring in-house
all its Australian bottling and warehousing activities and to add
sparkling wine capabilities to its factory located at Berri Estate,
Australia. The company experienced integration issues at the start
of the automation system, resulting in lower operating efficiency,
increased running costs, and reduced dispatch efficiency to
customers, leading to lost sales in the Australia-New Zealand
region. Moreover, Accolade Wines had increased labor cost because
of the automation software failure and incurred additional costs
for third-party warehousing facilities and to resolve the
integration issues. While we estimate that most of the additional
costs will be incurred in fiscal 2020 (year ending June 30, 2020),
the new bottling and warehousing facilities are currently operating
below their targeted efficiency level, because only 50% of bottling
activities are currently in-house. We estimate that the lower
efficiency of operations at the Berri Estate factory will weigh on
Accolade Wines' margins at least for the next 12-18 months. As a
consequence of the problem experienced, we estimate that the
anticipated decline in EBITDA in fiscal 2020 compared with the
prior year, combined with our expectation of lower profitability
for the next 12-18 months, will result in deterioration of Accolade
Wines' leverage and interest coverage ratios to beyond our previous
anticipations. In our base-case, we anticipate that the company's
adjusted debt-to-EBITDA ratio will increase to about 8.0x-8.5x in
fiscal 2020 from about 7.1x in fiscal 2019, and that its EBITDA
interest cover will decline to about 1.5x-2.0x in fiscal 2020 from
2.1x in fiscal 2019."

Reduced product availability related to efficiency problems might
have damaged customer relationships. Accolade Wines' difficulties
in meeting customers' orders affected several customers in the
region. In S&P's view, the missed sales with key customers could
have damaged the relationship and might limit revenue growth
prospects in the region. That said, Accolade Wines has recently
hired highly experienced senior commercial and sales staff, which
may help protect customer relationships. Moreover, management
estimates that the issues at the Berri Estate factory will be
substantially resolved by the end of March 2020.

S&P said, "We anticipate that COVID-19 will temporarily limit
revenue and earnings in Asia. COVID-19 has resulted in one large
customer cancellation in China and reduction in new order activity
in the region due to the softer market conditions. As of today,
this has not had a dramatic impact since Asia represents about
5%-10% of the group's sales, and China makes up about half of this.
However, we estimate that lower activity in China, combined with
continued investments in staff and in brand marketing, will result
in EBITDA near to breakeven in the region for fiscal 2020. This
said, we view positively the company's effort to increase its
capabilities and its continued investments in brand awareness in
Asia, where Australian wine is in demand, which overall improves
growth prospects. We also note positively the company's ability to
temporarily reduce its investments in staff and marketing in the
region to protect its EBITDA."

The impact of the recent bushfires in Australia on Accolade Wines'
margins is likely to be limited, although the company might be
unable to sell a portion of this vintage. The recent bushfires in
Australia should affect less than 5% of Accolade Wines' fiscal 2020
vintage. The company might incur additional costs for blending
techniques, use of chemicals or of oak barrels to mitigate the
impact of smoke taint. S&P estimates that the impact on Accolade
Wines' overall revenue and profitability will be limited, because
of the small portion of the vintage affected, and should be spread
over several years because the wine requires time to age. Although
the impact of smoke taint on quality will be determined only when
the finished products are ready, the worst-case scenario is that
Accolade Wines will be unable to sell about 5% of affected
products, or that the affected wine will be downgraded to lower
quality, which would put pressure on its revenue.

Accolade Wines has sufficient liquidity to manage the situation
over the next 12-18 months, thanks to the recent disposal of
noncore assets and sufficient cash available. Accolade Wines has
recently received about Australian dollar (A$)62 million of
proceeds from disposal of noncore assets. In our view, the company
has sufficient cash available, in addition to the A$140 million
available under its revolving credit facility (RCF), to meet its
financial commitments until the resolution of the issues at the
Berri Estate factory.

S&P said, "The stable outlook reflects our view that Accolade Wines
will gradually improve its profitability, thanks to lower labor
costs and recovery of efficiency at its Berri Estate factory, and
will generate an S&P Global Ratings-adjusted EBITDA margin of about
8%-9% over the next 12-18 months. In our base case, we assume
adjusted debt to EBITDA of 8.0x-8.5x in fiscal 2020 and of
7.0x-7.5x in fiscal 2021, and an EBITDA interest cover ratio of
1.5x-2.0x in fiscal 2020 and of 2.0x-2.5x in fiscal 2021.
Additionally, we think that the group will be able to manage its
liquidity requirements over the next 12-18 months, thanks to its
available cash and RCF.

"We could lower the rating if Accolade Wines fails to recover
operating efficiency at its Berri Estate factory, such that its
debt-to-EBITDA ratio deteriorates beyond our current base-case
anticipation, of about 8.0x-8.5x in fiscal 2020 and of 7.0x-7.5x in
fiscal 2021, and if we consider its capital structure
unsustainable.

"We would also lower the rating if the company's liquidity comes
under pressure due to, for example, deterioration in trade terms
negatively affecting working capital requirements, or greater
capital expenditure (capex) needed to turnaround the issues at the
Berri Estate factory.

"We could raise our ratings if we see a significant improvement in
profitability and if Accolade Wines generates positive free
operating cash flow (FOCF) on a sustained basis. This would most
likely result from a faster-than-anticipated turnaround of the
issues at the Berri Estate factory. We would also view positively a
track record of solid annual revenue growth underpinned by strong
relationships with key customers and supportive demand for premium
Australian wine in Asia. Under such a scenario, we will expect to
witness an improvement in Accolade Wines' EBITDA interest coverage
sustainably above 2.0x, combined with evidence of continued
deleveraging."


APERTURE TRADING: Goes Into Administration, 100+ Jobs Affected
--------------------------------------------------------------
Andrew Topping at Nottingham Post reports that more than 100 jobs
have been lost as Aperture Trading Ltd, a Nottinghamshire firm
specializing in plastic fabrications, called in administrators.

According to Nottingham Post, the company, based in Common Road,
Huthwaite, was forced to cut 121 roles at its site after trading
pressures and declining sales meant it filed for administration on
March 16, Nottingham Post relates.

Accounting firm KPMG has revealed Chris Pole and Will Wright have
been brought in to oversee Aperture Trading's administration and
potential sale, Nottingham Post discloses.

KPMG has revealed that, of the 451 staff working at the Huthwaite
firm, 330 people have retained their jobs, Nottingham Post notes.

The extra 121 people have been made redundant as a result of the
administration, Nottingham Post states.

Tim Bateson, restructuring director at KPMG, says the firm is now
seeking buyers for parts of the Aperture group, which includes its
brands Legend, Synerjy and Evolve PVC-U, Nottingham Post relays.


CENTRICA PLC: Moody's Cuts Junior Subordinated Debt Ratings to Ba1
------------------------------------------------------------------
Moody's Investors Service has downgraded to Baa2 from Baa1 the
issuer and senior unsecured ratings of Centrica plc. Moody's has
also downgraded to Ba1 from Baa3 the junior subordinated debt
ratings. The Prime-2 short-term commercial paper rating has been
affirmed. The outlook was changed to stable from negative.

RATINGS RATIONALE

The rating downgrade takes account of the persistently challenging
environment in Centrica's markets of operations and the resulting
deterioration in the company's credit metrics, with financial
ratios no longer commensurate with the previous Baa1 rating.

Centrica reported a 35% decline in adjusted operating profit to
GBP901 million in 2019. The decline in earnings and cash flows was
primarily due to the impact of UK default tariff cap, low wholesale
gas prices and nuclear outages. While the company's adjusted
operating cash flow of GBP1.8 billion and net debt of GBP3.2
billion were both within management's 2019 target ranges, the
deterioration in earnings is evidence of a continued difficult
operating environment in Centrica's key markets.

UK retail energy supply remains challenging. While the pace of
decline in Centrica's customer accounts appears to be easing with
the number of accounts down 2.4% in 2019, profitability has been
heavily impacted by the default tariff cap and further pressure on
margins from intense competition. Performance of other businesses
has been mixed, with the Services division reporting an increase in
the number of accounts and margins, and the Energy Marketing and
Trading division's results boosted by good European trading and
optimisation performance. While achieved B2B power retail margins
improved in North America, Centrica continued to incur operating
losses in the Business Solutions and Home Solutions divisions, and
earnings from Upstream were down by 68% due to lower volumes and
commodity prices in 2019.

Against this difficult environment, Centrica has been executing on
a number of measures to preserve cash flows through (1) additional
cost cutting initiatives, with the aim of achieving GBP1 billion in
savings across 2019-2022; (2) rebasing of dividend payments to its
shareholders in 2019; and (3) non-core asset sales. While improving
the company's cost structure will bring significant restructuring
costs over the medium-term, management's strategic focus on the
long-term viability of Centrica's business in the evolving markets
of energy supply and services coupled with the disciplined
financial policy, continue to be supportive of Centrica's credit
quality.

With regard to disposals, Centrica's strategic objective is to sell
the Spirit Energy exploration and production business and its
nuclear interest. There are, however, risks to execution with
uncertainty around timing and any proceeds to be received,
particularly in the context of the recent drop in commodity prices
coupled with prolonged outages at nuclear power plants. Spirit
Energy is directly exposed to movements in oil and gas prices, even
if the sensitivity of its 2020 cash flows is limited by hedging. A
sustained weak commodity environment would, however, reduce the
company's Upstream earnings next year and depress the longer-term
outlook for the business.

Overall, Centrica's Baa2 ratings are supported by (1) a degree of
business and international diversification across the UK, Ireland
and North America; (2) its leading market position in the UK supply
segment, with 11.8 million customer accounts as of end-2019; (3)
well-established brand and market position in the services division
in the UK; and (4) positive free cash flow generation and
disciplined financial policy with track record of
creditor-supportive measures. These positives are, however,
balanced against (1) strong competitive dynamics in retail supply,
given low barriers to entry; (2) pressure on profitability
following the introduction of a price cap in the UK retail supply;
(3) exposure to commodity markets and weather; and (4) uncertainty
around the company's ability to sustainably improve profitability
in the context of the ongoing business restructuring.

The Ba1 long-term rating on the hybrid securities, which is two
notches below the issuer rating of Baa2 for Centrica, reflects the
features of the hybrids that receive basket 'C' treatment, i.e. 50%
equity or "hybrid equity credit" and 50% debt for financial
leverage purposes.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Centrica will
be able to navigate the challenges in its markets, including
because of the recent drop in commodity prices, and will take
measures, as these may be necessary, to shore up its financial
profile so that its credit metrics are commensurate with the Baa2
ratings.

WHAT COULD CHANGE THE RATING UP/DOWN

Rating upgrade is unlikely in the near term given the continued
regulatory and competitive pressures in Centrica's key markets of
operations and exposure to commodity markets. Over the medium term,
a stabilisation of the market environment coupled with sustainable
improvement in the company's profitability and material
strengthening of the company's financial profile could exert upward
rating pressure.

Downward rating pressure would arise if Centrica was not able to
maintain financial profile in line with the current ratings, namely
funds from operations (FFO)/net debt above 30% and retained cash
flow (RCF)/net debt above 20% on a sustainable basis. Taking
account of the planned disposals, the ratings could be downgraded
if Centrica's FFO/net debt appeared likely to be persistently below
40% and RCF/net debt below 30%, albeit the precise tolerance for
financial leverage will depend on the details of disposals and any
further developments in the group's markets of operations.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

LIST OF AFFECTED RATINGS

Issuer: Centrica plc

Downgrades:

LT Issuer Rating, Downgraded to Baa2 from Baa1

Junior Subordinated Regular Bond/Debenture, Downgraded to Ba1 from
Baa3

Senior Unsecured Bank Credit Facility, Downgraded to Baa2 from
Baa1

Senior Unsecured Medium-Term Note Program, Downgraded to (P)Baa2
from (P)Baa1

Senior Unsecured Regular Bond/Debenture , Downgraded to Baa2 from
Baa1

Affirmations:

Commercial Paper, Affirmed P-2

Other Short Term, Affirmed (P)P-2

Outlook Actions:

Issuer: Centrica plc

Outlook, Changed To Stable From Negative

Centrica plc is the UK's largest energy supplier. It provides gas
and electricity to residential and commercial customers, mostly
under the British Gas brand. The company also provides
energy-related services, mainly comprising maintenance and repair.
In North America, Centrica supplies energy to commercial and
residential customers via its Direct Energy subsidiary.

CINEWORLD GROUP: Fitch Puts B+ LT IDR on Rating Watch Negative
--------------------------------------------------------------
Fitch Ratings placed Cineworld Group plc's Long-Term Issuer Default
Rating of 'B+' and expected senior secured debt rating BB-(EXP) on
Rating Watch Negative (RWN).

The RWN reflects uncertainties in trading as a result of COVID-19.
Social-distancing measures may in a worst case scenario require
cinema closure with significant impact on revenues that Cineworld
may not be able to fully mitigate. Under some of its scenarios
analysed, prolonged cinema closures could weaken liquidity and lead
to the company breaching its debt covenants. Cineworld retains
capex and dividend flexibility that should help it traverse all but
the worst case scenarios without any covenant breach. Cineworld has
said so far it has not observed any material impact on movie
theatre attendance due to COVID-19.

The resolution of the RWN will depend on the severity of the impact
on Cineworld's trading particularly in 2Q20, the ability to reduce
fixed costs and the pressures on liquidity. There are a wide range
of possible outcomes to the resolution of the RWN due to the
current low visibility of the virus's impact on the company. These
range from an affirmation of the IDR at 'B+' to a potential
multi-notch downgrade.

KEY RATING DRIVERS

COVID-19 Trading Uncertainties: Social-distancing measures as seen
in parts of northern Italy, Poland and Asia could instigate the
closure of cinemas in the US, UK and Europe. While visibility on
such a scenario and its duration is low, the impact of such a
scenario for a prolonged period would be significant given revenue
dependency on viewer attendance and the high fixed-cost nature of
the business.

Worst Case Covenant Breach: Cineworld has indicated with its 2019
results announcement that the loss of two-to-three months' total
revenues across its entire estate could risk a breach of its
financial covenants, unless a waiver agreement is reached with the
required majority of lenders. This is based on a specific scenario
modelled by Cineworld, which assumes the acquisition of Cineplex,
no fixed cost reductions should sites be closed, run-rate synergies
of about USD133 million from the Cineplex acquisition, forecast
capex reduced in 2020 by 90%, and cessation of dividend payments
from July 1, 2020.

RCF and net debt/EBITDA Covenants: Cineworld has US dollar and Euro
term loans totalling USD3.6 billion and a revolving credit facility
(RCF) of USD462.5 million, of which USD95 million had been drawn.
The RCF is subject to a net debt/EBITDA covenant, which is
triggered above 35% utilisation, and the term loans also have
cross-default provisions in respect of the covenant. The Cineplex
acquisition will include a secured incremental term loan for USD1.9
billion and a USD0.3 billion unsecured bridge loan. The bridge loan
includes financial covenant ratios set at the same level as the
secured bank loans, at 5.5x of net debt/consolidated adjusted
EBITDA until December 2020, which falls to 5.0x from June 30, 2021
onwards.

FCF Flexibility: Cineworld has some cash-flow flexibility through
capex and dividend reductions. In addition to variable operating
costs, it is also likely to be able to reduce some fixed-rental
costs, which normally amount to about USD600 million per year.
Cineworld has annual capex of around USD400 million of which around
USD50 million-USD60 million is for maintenance (pro-forma basis
including Cineplex). These measures are likely to be sufficient for
low-to-medium business impact scenarios.

Film Slate 2H20 Pick-Up: At present, film studios do not expect to
change the release schedule for films in 2H20. This could provide
some recovery for Cineworld, aided by the postponement of the new
Bond movie to November 2020. However, a long period of low or no
attendance would not be fully recovered during the year.

DERIVATION SUMMARY

The ratings of Cineworld' reflect its strong position in its core
markets, its scaled position, a cash-generative business model and
retained financial flexibility. These factors help alleviate
potential financial volatility from the dependency on the success
of film releases, changing secular trends and exposure to
discretionary consumer spend.

Funds from operations (FFO)-adjusted net leverage thresholds are
slightly higher than that of privately rated peers in Fitch's
coverage of cinema chains, reflecting Cineworld's larger scale and
market position and stronger profitability. The rating adjusted for
Cineworld's lower leverage is broadly in line with other
discretionary spending and consumer media peers in Fitch's credit
opinion universe and publicly rated peers like Pinnacle Bidco Plc
(Pure Gym; B/Stable). Higher rated peers, such as cable operators
Telenet Group Holdings N.V. and Virgin Media Inc. (both BB-/Stable)
have a greater proportion of subscription-based revenues that
provide greater stability and visibility to cash-flow streams.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for Cineworld

  - 10% decline in admission levels in 2020 following the spread of
coronavirus resulting in around 9% decrease in revenues vs.
previously expected. Low single-digit revenue growth thereafter.

  - Full annual run-rate synergies from the Cineplex transaction of
USD111 million from 2021.

  - EBITDA margin about 23% in 2019, declining to 20% in 2020 as a
result of cinema closures being partially offset by flexible
operating costs. EBITDA margin recovering to about 23% in 2021 and
remaining broadly stable thereafter.

KEY RECOVERY RATING ASSUMPTIONS

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

  - A post-restructuring EBITDA of USD879 million.

  - Post-restructuring enterprise value-to-EBITDA multiple of
5.0x.

  - Fitch calculates a recovery value of USD3,955 million
representing approximately 67% of the total senior secured debt.

  - USD343 million of prospective bridge loan facility to remain
senior unsecured in ranking.

RATING SENSITIVITIES

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

  - Free cash flow (FCF) growth and improving organic deleveraging
capacity;

  - FFO-adjusted net leverage (with operating lease capitalisation
at 8x) trending below 5.0x on a sustained basis; and

  - FFO net leverage (with no operating lease capitalisation in
line with Fitch's Exposure Draft for Lease Rating Criteria, January
30, 2020) trending below 3.8x on a sustained basis assuming no
significant volatility as a result of changes in sector trends.

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

  - Secular events that lead Fitch to believe there would be a
significant long-term downward trend in the industry;

  - Meaningful, sustained declines in attendance and or per-guest
concession spending leading to a persistent decline in EBITDA or
contraction in pre-dividend FCF that is not mitigated by remedial
action in the company's financial policy;

  - FFO adjusted net leverage (with operating lease capitalisation
at 8x) trending above 6.0x on a sustained basis;

  - FFO net leverage (with no operating lease capitalisation in
line with Fitch's Exposure Draft for Lease Rating Criteria, January
30, 2020) trending above 4.8x on a sustained basis assuming no
significant volatility as a result of changes in sector trends;
and

  - Weak liquidity or an expectation of a covenant breach.

ESG CONSIDERATIONS

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

LIQUIDITY AND DEBT STRUCTURE

Liquidity: As at end-2019, Cineworld reported unrestricted cash and
cash equivalents of USD140.6 million and an RCF of USD463 million,
with USD95 million drawn.

DEBENHAMS PLC: Asks Landlords for Five-Month Rent Holiday
---------------------------------------------------------
Jonathan Eley at The Financial Times reports that Debenhams, the
British department store group that went through two insolvency
processes last year, has asked landlords for an immediate
five-month rent holiday because of the likely impact of coronavirus
on trading.

According to the FT, the request is in addition to an existing plea
for reductions in rent and business rates tied to a planned balance
sheet restructuring that could involve converting at least GBP100
million of debt into equity.

Debenhams, the FT says, has suggested that "significantly more"
debt could be written off if landlords are prepared to lower rent
bills, and that a restructured balance sheet would improve its
chances of recovery.

Debenhams declined to detail the impact of the virus outbreak on
its trading so far, the FT notes.  But it is likely to be
significant, given that its stores are concentrated on high streets
and in shopping centers, the FT states.

Debenhams' rent and rates bill is about GBP250 million a year, the
FT discloses.  It has not published audited financial results since
going through a "pre-pack" administration last year, but for the
year to August 2018 its UK revenues were GBP1.8 billion, according
to the FT.

The chain has just over GBP700 million of debt facilities, although
it has not said what portion of these are drawn down, according to
the FT.

Last year its owners, which include hedge funds Silver Point,
Alcentra and Golden Tree along with Barclays bank, injected an
additional GBP50 million into the company to help it build up stock
ahead of Christmas trading, the FT recounts.

The January coupon payment on its GBP200 million of subordinated
notes was made, but another payment is due in July, the FT
relates.

About 22 stores were closed at the start of this year under the
company voluntary arrangement that followed Debenhams' passage
through administration, the FT discloses.  Rent reductions were
secured on many more, and the retailer intends to close another 28
department stores early next year, reducing its estate by about a
third from its peak, the FT notes.


HELIOS TOWERS: Moody's Gives B2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default rating to Helios Towers plc, the
new holding company of the group and has withdrawn the B2 CFR and
B2-PD probability of default ratings assigned to Helios Towers,
Ltd. At the same time, Moody's has affirmed the B2 rating assigned
to the $600 million senior guaranteed notes due 2022 issued by HTA
Group, Ltd. The rating outlook is stable.

RATINGS RATIONALE

The assignment of the B2 CFR to Helios Towers plc reflects a change
in the group structure with Helios Towers plc being the new listed
holding company of the group as well as the entity which will
report consolidated financial statements going forward.

HT's B2 CFR is supported by (1) the company's leading market
position in the telecom tower business in three of the five African
markets where it operates; (2) track record of strong tower and
colocation growth resulting in increasing Moody's adjusted EBITDA
margin to 53% for 2019; and (3) annuity-like contracted cash flow
stream underpinned by long term contracts (average remaining
contract life of 7.2 years representing $2.9 billion in future
revenues) with leading mobile network operators. HT has moderate
leverage, as measured by debt/EBITDA, which Moody's expects to be
around 4.0x for 2020.

The rating is constrained by (1) the high risk sovereign
environments where the company operates, notably the Democratic
Republic of Congo (DRC - Caa1, stable), Tanzania (B1, negative),
Ghana (B3, positive) and the Republic of the Congo (ROC - Caa2,
stable), which make up 41%, 42%, 10% and 7% of revenues,
respectively; (2) mid-tier scale with a tower portfolio 6,974 sites
generating revenues of $388 million in 2019; (3) customer
concentration given 87% of contracted revenues in 2019 were derived
from five mobile network operators (MNOs); and (4) exposure to
currency risks stemming from the mismatch between its dollar debt
and multi-currency cash flows where approximately 35% of EBITDA
generation is in local currency, albeit with protections in the
form of periodic CPI and power price escalators correlated to the
U.S. dollar.

LIQUIDITY

HT benefits from a strong liquidity profile supported by $183
million unrestricted cash balance as of December 31, 2019 which has
been boosted by primary proceeds from last year's initial public
offering. This is further strengthened by the $60 million revolving
credit facilitym, which Moody's expect will remain undrawn for the
next 18 months and the remaining $25 million undrawn under the $100
million term loan which is available for capex and potential tower
acquisitions.

STRUCTURAL CONSIDERATIONS

The B2 rating assigned to the $600 million senior notes issued by
HTA Group, Ltd. reflects their pari passu position with the $60
million RCF and $100 million term loan raised at the same entity
level. The senior notes, RCF and term loan benefit from guarantees
from Helios Towers, Ltd and group subsidiaries representing 99% of
revenues, 99% of EBITDA and 96% of total assets.

RATIONALE FOR THE STABLE OUTLOOK

The rating outlook is stable. Moody's expects that HT will continue
to grow while maintaining conservative financial policies and a
strong liquidity profile. The ratings further presume supportive
regulatory, political and economic environments in the countries of
operations.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's would consider a downgrade if one or more of the sovereign
ratings or the foreign currency ceilings of the countries of
operations were to be downgraded. Downward pressure on the ratings
could also emanate from (1) a debt/EBITDA sustainably above 6.0x;
(2) adverse contractual, regulatory, economic and/or political
developments materially impacting HT's ability to operate
profitably and sustainably; (3) weak liquidity; and (4)
deterioration in the credit standing of its major tenants.

A rating upgrade is unlikely at this point due to HT's operational
exposure to weak sovereign credit profiles as reflected by their
low ratings. In the absence of sovereign considerations, upward
rating pressure would develop if debt/EBITDA would remain
sustainably below 5x.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: HTA Group, Ltd.

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed B2

Assignments:

Issuer: Helios Towers plc

Probability of Default Rating, Assigned B2-PD

Corporate Family Rating, Assigned B2

Withdrawals:

Issuer: Helios Towers, Ltd

Probability of Default Rating, Withdrawn , previously rated B2-PD

Corporate Family Rating, Withdrawn , previously rated B2

Outlook Actions:

Issuer: Helios Towers plc

Outlook, assigned Stable

Issuer: Helios Towers, Ltd

Outlook, changed to Rating Withdrawn from Stable

Issuer: HTA Group, Ltd.

Outlook, remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.

The local market analyst for this rating is Dion Bate,
971-4-237-9504.

Headquartered in London, HT is the only independent tower company
providing services in the DRC, Tanzania and the ROC, with a number
two market position in Ghana. The company recently entered the
South African market through a partnership with Vulatel and
acquired a controlling interest in SA Towers.

HT has tower service contracts with the local mobile operating
entities of Vodafone Group Plc (Vodafone, Baa2 negative), Orange
(Baa1 stable), Bharti Airtel Ltd (Airtel, Ba1 negative), MTN Group
Limited (MTN, Ba1 negative), and Millicom International Cellular
S.A. (Millicom, Ba1 stable).

For the financial year ending December 31, 2019, HT reported
revenues of $388 million and adjusted EBITDA of $205 million.

LAURA ASHLEY: Files for Administration Amid Cash Woes
-----------------------------------------------------
Laura Onita at The Telegraph reports that Laura Ashley has filed
for administration after the struggling retailer failed to secure
GBP15 million of emergency cash to stay afloat.

The company, known for its floral designs once worn by the likes of
Princess Diana, is working with advisers at PwC, The Telegraph
discloses.  Around 2,700 jobs are at risk, The Telegraph notes.

It said that owners MUI Asia were not willing to stump up the extra
cash, and it could not secure a loan from elsewhere, The Telegraph
relates.

Laura Ashley blamed coronavirus for its decision, as the outbreak
sends shockwaves through the sector, The Telegraph states.

The retailer, however, has struggled in recent years to stay
relevant and stop shoppers from deserting to nimbler rivals, The
Telegraph says.  The shift to online has not helped either,
according to The Telegraph.

The company will no longer be listed on the stock market, The
Telegraph discloses.  A buyer could still snap it up, The Telegraph
states.



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S U B S C R I P T I O N   I N F O R M A T I O N

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