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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 25, 2020, Vol. 21, No. 61

                           Headlines



D E N M A R K

NORICAN GLOBAL: S&P Cuts Rating to B- on Difficult Market Condition


F R A N C E

SOLOCAL GROUP: Moody's Cuts CFR to Caa3 on Missed Coupon Payment
[*] FRANCE: Ready to Nationalize Large Firms to Avert Bankruptcy


G E R M A N Y

ROEHM HOLDING: Moody's Cuts CFR to B3, Outlook Negative
TUI AG: Moody's Cuts CFR to B2 & Reviews Rating for Downgrade


I R E L A N D

BURLINGTON MORTGAGE: DBRS Assigns BB Rating to Class E Notes
JEPSON RESIDENTIAL 2019-1: DBRS Confirms B (low) Rating on G Notes
STRAWINSKY I: S&P Lowers Class D Notes Rating to 'D (sf)'


I T A L Y

IGD SIIQ: S&P Cuts ICR to 'BB+' Over Italian Retail Environment
SAFILA SPA: Moody's Places B2 CFR under Review for Downgrade


P O R T U G A L

TRANSPORTES AEREOS: Moody's Cuts CFR to Caa1, Outlook Negative


R O M A N I A

[*] ROMANIA: Over 280,000 Companies Face High Risk of Insolvency


R U S S I A

O1 PROPERTIES: Moody's Cuts CFR to Caa2, Outlook Negative
[*] RUSSIA: Airlines May Face Bankruptcy Due to Coronavirus


S W E D E N

SAS AB: Moody's Cuts CFR to B2, Reviews Rating for Downgrade


U N I T E D   K I N G D O M

E-CARAT 11: S&P Assigns CCC+ (sf) Rating to Class G-Dfrd Notes
NMC HEALTH: Discovers Further US$1.2 Bil. of Undisclosed Debt
SQUARE CHAPEL: Funding Shortfall Prompts Administration
TRAVELEX HOLDINGS: S&P Downgrades ICR to 'CC' on Insolvency Risk
VALARIS PLC: Explores Debt Restructuring Options

[*] UK: Airlines, Airports Must Ask Investors Cash Before Bailout

                           - - - - -


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D E N M A R K
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NORICAN GLOBAL: S&P Cuts Rating to B- on Difficult Market Condition
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S&P Global Ratings lowered its long-term ratings on Norican Global
A/S and its EUR340 million senior secured notes to 'B-' from 'B'.

S&P said, "We expect Norican's credit metrics to weaken materially
in 2020 compared with previous expectations because of the
downshift in auto sales caused by the coronavirus.   We now
forecast Norican's adjusted debt to EBITDA at 11x-13x in 2020 and
funds from operations (FFO) cash interest coverage at 1.3x-1.5x,
compared with our previous expectation of about 5.5x and 3.5x,
respectively. The company's operating performance in 2019 was
weaker than we expected, with the economic environment pressuring
volumes. In the first nine months of 2019, revenues and EBITDA
(excluding the impact from IFRS 16) declined by 10% and 12%,
respectively. LMCS' sales continued to drop during that same
period, against our expectations of rising sales from synergies and
increasing demand for light-weight components. For full-year 2019,
we estimate debt to EBITDA at about 7.5x in 2019, and FFO cash
interest coverage at about 2.5x, versus our previous base-case
projections of about 5.5x and 3.5x, respectively.

"Despite pressured sales and profitability, we believe Norican has
the potential to generate neutral to positive cash flow in 2020.  
The group's financial risks are partly mitigated by the low capital
intensity of the business, with replacement capex estimated at only
1.0%-1.5% of sales, and moderate working capital needs. We
therefore expect the company can generate modest but still positive
FOCF of up to EUR5 million in 2020, compared with our earlier
expectation of EUR25 million-EUR30 million, despite its relatively
high cash-paying interest and tax burden. This together with the
company's strong cash balance support the current rating.

"Norican maintains solid liquidity, with about EUR108 million in
cash and EUR50 million available under its revolving facility as of
Sept. 30, 2019.   Although we do not net the group's debt against
its cash balance to calculate our credit ratios, taking into
account its financial-sponsor ownership, we view positively the
group's solid liquidity position. Following discussions with
management, we do not anticipate any shareholder distributions,
open market purchases of the outstanding notes, or debt
restructuring. Rather, we believe the cash balances will act as a
buffer against the currently very difficult economic and industry
environment. We will closely monitor the company's operating
performance and cash flow generation, as well as bond prices, since
further deterioration could increase the risk of open-market
purchases or a debt restructuring in our view, which will be
tantamount to default under our criteria.

"The negative outlook reflects the increased likelihood that we
could downgrade Norican over the coming 12 months should the weak
economic environment and pressured automotive industry result in
even weaker credit ratios than we currently project in 2020.

"We could lower the rating if Norican's operating performance
deteriorates to such an extent that FOCF turns negative, or if bond
prices shrink further, which in our view could increase the
likelihood of a distressed exchange offer or debt restructuring.

"We could also take a negative rating action if the company's
liquidity profile deteriorates materially or we perceive it as
unlikely that its credit metrics would improve significantly in
2021. These scenarios could materialize in the event of a steeper
decline in revenue and EBITDA than we currently anticipate.

"We could revise the outlook to stable if Norican manages to
protect its profitability and therefore generate FOCF of EUR20
million-EUR30 million annually, with cash interest cover improving
to about 2.5x and leverage to 6x. This could result from
stronger-than-expected resilience to the economic slowdown, or an
earlier-than-anticipated upturn in end markets."




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F R A N C E
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SOLOCAL GROUP: Moody's Cuts CFR to Caa3 on Missed Coupon Payment
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of SoLocal Group S.A. to Caa3 from Caa1 and its probability
of default rating to Ca-PD from Caa1-PD. Concurrently, Moody's has
downgraded the rating on the EUR398 million senior secured notes
due 2022 issued by SoLocal to Ca from Caa2. The outlook remains
negative.

Moody's has downgraded SoLocal to Caa3 following the company's
decision to suspend the EUR10 million quarterly coupon payment on
the euro notes that was due on March 16, 2020.

If the company does not pay the coupon before the end of the 30-day
grace period, Moody's will consider this as a default. In this
event, Moody's expects to assign an "/LD" to the PDR at that time.

RATINGS RATIONALE

The downgrade of SoLocal's ratings to Caa3 reflects the company's
failure to make the quarterly interest payment of approximately
EUR10 million, payable on March 16, 2020, on its EUR398 million
senior unsecured notes.

The company intends to approach its bondholders in order to
renegotiate a deferment of payment, avoiding paying the coupon
before the end of the 30-days grace period.

SoLocal's decision follows the expected impact on the economic and
market activity, especially in the SME space, generated by the
coronavirus and unprecedented measures taken by the French
government. The company indicates that the impact on the business
momentum is still limited, but it expects a significant decrease in
order intake in the upcoming weeks caused by the general economic
downturn. As part of the preventive action plan, which also
includes staff health and safety measures and the safeguard of the
quality of service, the company is seeking to protect its cash
position with the suspension of the coupon interest payment and the
intention to negotiate a deferral.

SoLocal's Caa3 rating reflects the company's weak liquidity and
high risk of default in the near term. The rating also reflects (1)
the company's leading position in the French digital market and its
well invested technology platform; and (2) the execution risk of
the new business plan and the continuing transition from print to
digital, now in its final phase.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The advertising
sector, where SoLocal operates, is one of the sectors most
significantly affected by the shock given its sensitivity to
consumer demand and sentiment. More specifically, the existing
weaknesses in SoLocal's credit profile and liquidity coupled with
its exposure to the SME sector in France, have left it vulnerable
to shifts in market sentiment in these unprecedented operating
conditions and SoLocal remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under the ESG framework, given the substantial
implications for public health and safety. The action reflects the
impact on SoLocal of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

STRUCTURAL CONSIDERATIONS

The PDR of Ca-PD reflects that the default is highy likely at the
end of the grace period. Even if the coupon is ultimately paid
within the grace period, Moody's believes that the risk of a debt
restructuring is very high, given the need to refinance the notes
before 2022, at a time of rapid deterioration in the economic
outlook.

The one notch difference between the CFR and the rating on the 2022
notes reflects the fact that there are two layers of debt in the
capital structure with different priority rankings, with the EUR50
million RCF fully drawn ranking ahead of the notes in the event of
default. In addition, Moody's expects that in a default scenario,
recovery rates for bondholders are likely to be between 35%-65%,
which is commensurate with a Ca rating.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on the ratings reflects SoLocal's uncertain
operating and financial prospects in light of its likely debt
default, and the uncertainties surrounding the final recoveries for
bondholders in the event of default, owing to the asset price
declines caused by the unprecedented economic conditions.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's would consider assigning an "/LD" to the PDR if SoLocal
does not pay the bond coupon at the end of the 30-day grace period,
on April 15, 2020.

Moody's would consider a downgrade of the current ratings if
recoveries are lower than those assumed in the Caa3 CFR and Ca bond
ratings.

In view of the action and the negative rating outlook, Moody's does
not currently anticipate upward rating pressure in the near term.

LIST OF AFFECTED RATINGS

Issuer: SoLocal Group S.A.

Downgrades:

Probability of Default Rating, Downgraded to Ca-PD from Caa1-PD

Corporate Family Rating, Downgraded to Caa3 from Caa1

Senior Secured Regular Bond/Debenture, Downgraded to Ca from Caa2

Outlook Action:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Media Industry
published in June 2017.

COMPANY PROFILE

SoLocal is the largest provider of local media advertising and
information in France. It also offers digital marketing, website
creation and hosting services. It operates mainly in France, which
accounted for 96% of its 2019 revenue. SoLocal also operates in
Spain, Austria and the UK. In 2019, SoLocal reported recurring
revenue of EUR584 million and recurring EBITDA as calculated by
management of EUR190 million. SoLocal is publicly quoted on the
Paris stock exchange.

[*] FRANCE: Ready to Nationalize Large Firms to Avert Bankruptcy
----------------------------------------------------------------
All India Radio reports that France's Finance Minister Bruno Le
Maire has said that he was willing to nationalize large companies
to protect them from bankruptcy while warning that the country
faces recession this year as the Coronavirus epidemic sinks the
economy.

He announced a EUR45 billion (US$50 billion) aid package to help
businesses and employees cope with the escalating health crisis,
All India Radio relates.

According to All India Radio, during a conference call with
journalists, he said that he would not hesitate to use any means at
his disposal to protect large French enterprises.  He said, this
could be through capital injections or stake purchases, All India
Radio notes.  The Minister, as cited by All India Radio, said, he
can even use the term nationalization if necessary.





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G E R M A N Y
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ROEHM HOLDING: Moody's Cuts CFR to B3, Outlook Negative
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Moody's Investors Service downgraded to B3 from B2 the corporate
family rating and to B3-PD from B2-PD the probability of default of
Roehm Holding GmbH and to B3 from B2 the instrument rating for the
senior secured term loan B and senior secured revolving credit
facility. The outlook remains negative.

RATINGS RATIONALE

Moody's has updated its EBITDA expectation which is EUR265 million,
equivalent to the annualized run-rate of Roehm's 19Q4 adjusted
EBITDA. This includes a EUR50.0 million contribution from
restructuring benefits and about EUR6.5 million incremental EBITDA
from Roehm's Smart Capex programme. The resulting Moody's-adjusted
gross leverage is 8.5x debt/EBITDA expected for 2020 and is one of
the factors that lead to the downgrade of ratings to B3.

In its EBITDA projection for 2020 Moody's has taken into account
the expectation that 20Q1 and 20Q2 will be weaker than 19Q4 due to
slower growth of end markets caused by the coronavirus and that
there will be a moderate pick-up in the second half of 2020 that
will on balance offset the weaker first half. Moody's expects that
Roehm's upstream business will continue to be under continued
pricing pressure, largely stemming from weakness in key end markets
such as for coatings -- accounting for more than 40% of the
upstream volumes and for more than 20% of group volumes -- as well
as the company's downstream automotive exposure, accounting for
about 11% of group volumes. Roehm's downstream business should show
relative resilience and keep its 2019 EBITDA level of around EUR115
million.

Roehm's liquidity is still solid with positive FCF generation of
around EUR88 million in 2019 and EUR35 million expected in 2020,
flexibility to reduce capital spending to around EUR50 million of
maintenance capex and cash and cash equivalents of EUR131 million
as of 31 December 2019. Working capital improvements resulted
mainly from the establishment of a factoring programme that is
currently used with an amount of around $60 million. It is the
company's intention to further increase the programme's utilization
to around $80 million in 2020.

Moody's would like to draw attention to certain governance
considerations with respect to Roehm. The company is tightly
controlled by funds managed by Advent International which, as is
often the case in highly levered, private equity sponsored deals,
has a high tolerance for leverage and governance is comparatively
less transparent. The company has been undergoing a complex
carve-out process from its previous parent Evonik Industries AG
(Baa1 stable) which could affect the effectiveness of the company's
internal controls and management reporting.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook factors in further uncertainty with regards to
potential production, supply chain and end market weakness
resulting from the coronavirus crisis and the oil price volatility.
Whilst the coronavirus has increasingly been curbing business
activity and dented consumer confidence the lower oil price brings
relief to some degree with regards to lower input costs, but
Moody's believes that the impact from lower end market growth will
be more pronounced.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's could downgrade the ratings if (1) FCF generation were to
deteriorate by turning negative or if liquidity deteriorates; (2)
Moody's-adjusted debt/EBITDA were not to sustainably decline to
below 7.0x.

Moody's could upgrade the ratings if debt/EBITDA were to fall
sustainably well below 6.0x supported by a stabilization of MMA
prices and more stability in Roehm's main end markets. Delivery of
anticipated cost savings of EUR50 million in 2020 and incremental
EBITDA contribution from capex debottlenecking projects.
Maintaining positive free cash flows.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

COMPANY PROFILE

Roehm is one of the world's largest methyl methacrylate (MMA)
producers as measured by market share. It is owned by funds managed
by private equity firm Advent International. Roehm for the last
twelve months ending December 2019 had sales of around EUR1.65
billion and company-adjusted EBITDA of EUR322 million, or a 19.5%
margin.

TUI AG: Moody's Cuts CFR to B2 & Reviews Rating for Downgrade
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of the German tourism company TUI AG to B2 from Ba3.
Concurrently, the senior unsecured rating was downgraded to B2 from
Ba3 and the probability of default rating was downgraded to B2-PD
from Ba3-PD. At the same time, Moody's placed the company's ratings
on review for further downgrade.

"Our decision to downgrade TUI's ratings reflects the company's
announcement of the temporary suspension of the vast majority of
TUI's operations until further notice due to the unprecedented
spread of the coronavirus (COVID-19). We expect this will
significantly impact TUI's earnings in fiscal 2020 and its cash
outflow will be much higher than previously anticipated" says
Vitali Morgovski, a Moody's Assistant Vice President-Analyst and
lead analyst for TUI. "TUI's liquidity will become dependent on
receiving state support that the company applied for, but it
remains unclear in what form will it be, in what size and also
under which conditions would it be granted" Mr. Morgovski
continues. Credit metrics in the fiscal year 2019/20 are expected
to be materially weaker than expected for a rating in the single-B
category.

The review for possible downgrade reflects the uncertainties in
terms of the duration of the operational disruption, the
uncertainties to bridge the liquidity needs during an expected
period of negative free cash flows as well as additional
counterbalancing operational and financial measures to mitigate the
impact on credit metrics. Moody's regards the coronavirus outbreak
as a social risk under its ESG framework, given the substantial
implications for public health and safety.

RATINGS RATIONALE

TUI's operating results for fiscal 2019 ended in September 2019
were weak as they were materially affected by one-off costs related
to the Boeing 737 Max grounding. Moody's adjusted interest coverage
(EBITA/Interest) declined to 2.1x from 2.8x in fiscal 2018 (3.1x in
fiscal 2017), a level that Moody's already regarded as weak for the
previous Ba3 rating category. Moody's adjusted free cash flow, that
excludes investments in financial assets as well as divestments,
was distinctly negative in the last two years and Moody's expected
it to remain negative in 2020 burdened by the ongoing 737 Max
grounding.

The performance in fiscal 2020 before the outbreak of coronavirus
was strong as TUI benefited from the collapse of the second largest
European tour operator Thomas Cook. The company reported a 14%
growth in bookings with a 3% increase in average selling prices
before February 2020. However, this trend reversed sharply, albeit
still being cumulatively positive, in recent weeks due to the rapid
and widening spread of the coronavirus outbreak. With recently
introduced travel restrictions across Europe TUI had to temporary
suspend operations, which is aimed at contributing to global
efforts to contain the pandemic outbreak. Moody's now expects that
the cash outflow in fiscal 2020 will be much higher than previously
expected despite TUI's efforts to reduce capacity, investments and
costs throughout all business lines.

TUI's liquidity will be supported by the sale of the Hapag-Lloyd
Cruises (announced on 7 February 2020) to TUI Cruises, a 50/50
joint venture with Royal Caribbean Cruises Ltd. (Baa2, under review
for downgrade). In Summer 2020 TUI should receive around EUR700m
net cash from the deal valued at EUR1.2 billion on a debt and cash
free basis. In addition, TUI is in negotiations with Boeing
regarding compensation in relation to the 737 Max grounding.
However, in light of the expected contraction of the operations,
the liquidity profile appears as dependent on external support or
alternatively on raising equity, which Moody's does not view as
likely at this point.

The review will mainly focus on TUI's ability to preserve its
liquidity during the time of significant earnings decline as a
result of travel restrictions and TUI's announcement to suspend its
operations until further notice. The company said that it has
applied for the state aid guarantees and Moody's expects that the
company can potentially receive it. However, the extend of state
support, its timing, size and conditions are unclear. Furthermore,
in case the state support will come in form of bridge loans the
company's balance sheet will become significantly more highly
leveraged. Credit metrics adequate for a B2 rating even assuming
recovery in 2021, appears at this point as becoming out of reach.
Therefore, the review will focus on the magnitude of
counterbalancing measures to gradually restore credit metrics back
towards the single-B category.

WHAT COULD CHANGE THE RATINGS - UP

Positive rating pressure would not arise until the coronavirus
outbreak is brought under control and travel restrictions are
lifted.

WHAT COULD CHANGE THE RATINGS - DOWN

The rating could be under continued negative pressure should TUI
not be able to preserve a sufficient liquidity profile in light of
the expected period of negative free cash flow, an extended period
of operational disruption or in absence of adequate measure to
restore leverage metrics.

LIQUIDITY

At the end of December 2019 (fiscal Q1 2020) TUI's liquidity
consisted of EUR881 million cash and cash equivalents as well as
around EUR1 billion available for cash drawing under its EUR1.75
billion syndicated revolving credit facility (RCF) maturing in
2022. Due to the seasonality of TUI's working capital needs the
first fiscal quarter is characterized by a large negative free cash
flow, which this year amounted to EUR1.5 billion.

The RCF contains a maximum leverage (net debt/EBITDA must not
exceed 3.0x) and a minimum interest coverage (EBITDAR/net interest
expense must be at least 1.5x); the financial covenants are tested
every six months. Moody's expects TUI to remain in compliance with
both covenants at the end of March, though compliance at the fiscal
year-end in September is less certain.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

TUI AG, headquartered in Hanover, Germany, is the world's largest
integrated tourism group. In the fiscal year to September 2019, the
group reported revenues and underlying EBITA of EUR18.9 billion and
EUR0.9 billion, respectively. TUI is listed on the Frankfurt,
Hannover and London Stock Exchanges.



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BURLINGTON MORTGAGE: DBRS Assigns BB Rating to Class E Notes
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DBRS Ratings Limited assigned the following ratings to the notes
issued by Burlington Mortgages No.1 DAC (the Issuer):

-- Class A1 Notes rated AAA (sf)
-- Class A2 Notes rated AAA (sf)
-- Class B Notes rated AA (low) (sf)
-- Class C Notes rated A (low) (sf)
-- Class D Notes rated BBB (low) (sf)
-- Class E Notes rated BB (sf)
-- Class Z Notes not rated

The ratings on the Class A1 and A2 notes address the timely payment
of interest and ultimate repayment of principal on or before the
final maturity date in 2058. The ratings on the Classes B, C, D,
and E notes address the timely payment of interest once most senior
and the ultimate repayment of principal on or before the final
maturity date.

Burlington Mortgages No.1 DAC (the Issuer or Burlington) is a
securitization collateralized by a portfolio of owner-occupied (OO)
residential mortgage loans granted by EBS DAC (EBS) and its
fully-owned subsidiary, Haven Mortgages Limited (Haven) in Ireland.
Both originators – which are also the sellers in the transaction
– are part of the Allied Irish Bank (AIB) banking group.

The Issuer issued seven tranches of collateralized mortgage-backed
securities to finance the purchase of the mortgage portfolio. The
general reserve fund and Class A liquidity reserve fund, which
provides liquidity support and credit enhancement to the
transaction, was fully funded at closing through subordinated loans
provided by the two sellers.

The two sellers act as servicers of the transaction and will retain
at least 5% of each class of the notes, in accordance with European
Union securitization regulations.

As of February 29, 2020, the initial portfolio consisted of 24,950
loans extended to 23,189 borrowers with an aggregate principal
balance of EUR 4,026 million. EBS originated the majority of the
loans (65.1%) with Haven originating the rest (34.9%). The
portfolio excludes all loans that have either been restructured or
been in arrears at any point during the life of the mortgages so
far. The weighted-average (WA) seasoning of the portfolio is 5.5
years as about one-quarter of the pool was originated before 2010.

The transaction portfolio comprises both recent originations (59.9%
comprise loans originated after 2015) and loans originated before
2010 and the sovereign debt crisis (25.8%), which drives up the
indexed current loan-to-value as the properties backing pre-2010
loans were bought at the peak of the market. The WA seasoning of
the pool is 5.5 years and the WA remaining term is 22.8 years.
There is no concentration in the maturity profile of the portfolio.
There are no mortgages that are in arrears or have been in arrears
over the course of their life.

The origination quality of the pool is strong across vintages
because of the borrowers' prime features (95% full-time employees,
and virtually 100% purchase purpose) and the prudent lending
decisions underpinned by full valuation reports and a WA original
loan-to-value of 79.4%.

The transaction benefits from an initial portfolio all-in rate of
3.0% whereas the WA cost of funding is only 0.25% initially but is
expected to increase due to sequential amortization and margin
step-ups on several notes, including the Class A1 Notes. However,
the transaction does not include any covenant on the minimum
standard variable rate (SVR) to be paid by the portfolio, and there
is no swap in place to hedge against the SVR compression over the
life of the transaction. Therefore, portfolio margins may be
compressed in an increasing rate scenario as, historically,
lenders' margins go down as monetary rates climb but also do so in
a stable rating scenario due to the changes in the lenders'
competitive landscape.

The notes are paid down sequentially on a monthly basis, which
allows credit enhancement for the more senior notes to build up
over time as the notes amortize. The Class A1 and A2 notes pay
interest pari passu and pro-rata but the Class A2 Notes are
time-subordinated to the Class A1 Notes since the Class A1 Notes
amortize principal in priority to the Class A2 Notes until full
redemption of the Class A1 Notes.

The transaction benefits from both a funded liquidity reserve to
cover Class A1 and A2 interest shortfalls and a funded general
reserve to cover interest and principal shortfalls on the rated
notes. Moreover, a principal can be drawn to cover the interest on
the most senior notes outstanding, thus further decreasing the risk
of a default on the timely interest payment of the rated notes.

DBRS Morningstar based its ratings on the following analytical
considerations:

-- The transaction capital structure, and form and sufficiency of
available credit enhancement to support DBRS Morningstar-projected
expected cumulative losses under various stressed scenarios.

-- The credit quality of the portfolio and DBRS Morningstar's
qualitative assessment of the originators' capabilities with regard
to origination, underwriting, and servicing.

-- The transaction's ability to withstand stressed cash flow
assumptions and repays the noteholders according to the terms and
conditions of the notes. The ratings on the Class A1 and A2 notes
address the timely payment of interest and ultimate repayment of
principal on or before the final maturity date. The ratings on
Class B, C, D, and E notes address the timely payment of interest
once most senior and the ultimate repayment of principal on or
before the final maturity date.

-- The transaction parties' financial strength in order to fulfill
their respective roles.

-- The transaction's legal structure and its consistency with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology, as well as the presence of the
appropriate legal opinions that address the assignment of the
assets to the Issuer.

-- The sovereign rating of the Republic of Ireland at A (high) with
a Positive trend as of the date of this press release.

Notes: All figures are in Euros unless otherwise noted.

JEPSON RESIDENTIAL 2019-1: DBRS Confirms B (low) Rating on G Notes
------------------------------------------------------------------
DBRS Ratings Limited confirmed the ratings of the following classes
of notes issued by Jepson Residential 2019-1 DAC (the Issuer):

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

The rating on the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in November 2057. The rating on Class B notes
addresses the ultimate payment of interest and principal, and
timely payment of interest while the senior-most class outstanding.
The ratings on Class C, Class D, Class E, Class F, and Class G
notes address the ultimate payment of interest and principal.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses.

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

The Issuer is a securitization of first-lien performing and
re-performing Irish residential mortgages originated by Bank of
Scotland (Ireland) Limited, Start Mortgages DAC, and NUA Mortgages
Limited. The portfolio was previously securitized in the European
Residential Loan Securitization 2017-PL1 DAC transaction and is
serviced by Start Mortgages DAC, with the primary servicing
activities delegated to Homeloan Management Limited.

PORTFOLIO PERFORMANCE

As of February 2020, the 90+ delinquency ratio was 9.3%, up from
7.7% in March 2019, and the cumulative loss ratio was 0.2%.

PORTFOLIO ASSUMPTIONS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 26.4% and 24.5%, respectively.

CREDIT ENHANCEMENT

As of the February 2020 payment date, credit enhancement to the
Class A, Class B, Class C, Class D, Class E, Class F, and Class G
notes was 46.8%, 36.6%, 29.1%, 22.8%, 16.6%, 13.8%, and 10.1%,
respectively, up from 44.7%, 34.9%, 27.7%, 21.7%, 15.7%, 13.0%, and
9.4% at the closing date, respectively. Credit enhancement is
provided by subordination and the nonliquidity reserve fund.

The transaction benefits from an amortizing liquidity reserve fund
of EUR 6.4 million and a non-amortizing nonliquidity reserve fund
of EUR 5.9 million, both at their target levels. The liquidity
reserve is available to cover senior fees and interest on the Class
A notes, while the nonliquidity reserve is available to cover
interest and principal losses (via the principal deficiency
ledgers) on the rated notes.

Elavon Financial Services DAC, U.K. Branch acts as the account bank
for the transaction. Based on the DBRS Morningstar private rating
of Elavon Financial Services DAC, U.K. Branch, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the rating assigned to the Class
A notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

BNP Paribas SA acts as the interest rate cap provider for the
transaction. DBRS Morningstar's public Long-Term Critical
Obligations Rating of BNP Paribas SA at AA (high) is above the
First Rating Threshold as described in DBRS Morningstar's
"Derivative Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

Notes: All figures are in Euros unless otherwise noted.

STRAWINSKY I: S&P Lowers Class D Notes Rating to 'D (sf)'
---------------------------------------------------------
S&P Global Ratings lowered its rating on the class D notes issued
by Strawinsky I PLC to 'D (sf)' from 'B- (sf)'.

On the February 2020 payment date, interest and principal proceeds
remaining after payment of senior expenses were insufficient to pay
full and timely interest on the class D notes.

According to the transaction documents, once the class D notes have
become the controlling class, any deferred interest will not be
added to their principal amount. S&P has therefore deemed the
interest shortfall to be permanent, and it has lowered its rating
on the class D notes to 'D (sf)' from 'B- (sf)' in application of
S&P's "Structured Finance Temporary Interest Shortfall Methodology"
criteria, published Dec. 15, 2015.

Strawinsky I is a cash flow CLO transaction that securitizes loans
to primarily speculative-grade corporate firms. The transaction
closed in August 2007, and its reinvestment period ended in August
2013. Dynamic Credit Partners Europe B.V. is the transaction's
manager.




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

IGD SIIQ: S&P Cuts ICR to 'BB+' Over Italian Retail Environment
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on IGD Siiq S.P.A (IGD) and its unsecured bonds to 'BB+'
from 'BBB-', and assigned its '3' recovery rating to the latter.

IGD's operating performance will be significantly affected by the
closure of its Italian malls.  Italy is among the most affected
countries in Europe by the COVID-19 pandemic, with more than 55,000
identified cases as of March 23, 2020. In response, the Italian
government closed all nonessential retail on March 12, 2020. IGD's
Italian malls (67.6% of its total rental income) have remained
closed since then and we have no clarity on when they will re-open.
S&P said, "We anticipate a significant effect on IGD's rents, as a
consequence of potential negotiations with affected tenants, which
will see a sharp drop in sales due to the closure. IGD has already
announced that it is contemplating rescheduling payments for
second-quarter 2020, but we do not discard potential rent discounts
or even nonpayments (linked to tenant bankruptcies or force majeure
allegations) if the situation deteriorates further. We estimate at
this point that IGD's like-for-like rental income could decline up
to 15% in 2020 on the back of rent losses or potential occupancy
declines." This includes some rent losses due to the closure but
also an anticipated slow recovery when the shopping centers reopen.
That said, we note that IGD's Italian hypermarkets, which represent
25.4% of total rental income, will remain open and are performing
well in the existing environment.

S&P said, "In this environment, we assume that IGD's planned asset
disposals could be delayed and that asset values could deteriorate
further, negatively affecting credit metrics.  Under our new
base-case assumptions, we assume a 5%-10% valuation decline for
2020, which pushes IGD's debt to debt plus equity up to 50%-53% for
this year from about 49% as of Dec. 31, 2019). We believe
additional pressure on asset values will most likely come from
declining future cash flow projections but also yield expansion.
Moreover, IGD's contemplated asset disposals may become more
difficult in the current market environment, pressuring its
leverage ratio and potentially leading debt to debt plus equity
further toward 55% or above. Despite the potential effect on rents,
we expect EBITDA interest coverage will remain robust at well above
3x, from about 4x at year-end 2019, thanks to the company´s
refinancing activities and lower cost of debt (2.35% as of year-end
2019 versus 2.65% at year-end 2018), with debt to EBITDA of
10x-11x. That said, we recognize the company´s commitment to
reduce its loan-to-value (LTV) ratio to 45% or lower (debt to debt
plus equity of about 46% or below) by 2021, from 47.6% at year-end
2019, but believe it may take the company longer to reach that
level.

"IGD's funding and liquidity profile remains robust.  We understand
IGD is reorganizing and reducing cash outflows, especially
investments and other deferrable commitments. The company does not
face any significant debt repayments in the next 12 months (debt
repayments for 2020 are EUR44 million related to secured bank
debt), and its cash position is adequate (EUR128.7 million of cash
and cash equivalents and EUR60 million available under its
committed undrawn back up facility as of Dec. 31, 2019). Therefore,
we see limited rating pressure stemming from the company's current
liquidity position.

"The negative outlook reflects our view that we could downgrade IGD
further if its operating performance remains under pressure,
affected by the challenging Italian retail environment and measures
taken in response to the COVID-19 pandemic, and if its credit
metrics deteriorate. We believe that there is a good likelihood
that IGD's rental income growth, occupancy, and asset values will
remain stressed in the near future, affecting credit metrics.

"We could lower the rating if IGD's operating performance remains
under pressure, for example, due to the continued closure of shops
in Italy or potential bankruptcies at retail tenants, leading
credit metrics to deteriorate. In particular, we could downgrade
the company if its debt to debt plus equity increases above 55% or
its liquidity cushion decreases.

"We could revise the outlook to stable if IGD shows more resilience
to the challenging retail and macro environment in Italy,
generating positive like-for-like rental growth, maintaining high
occupancy levels, and obtaining positive valuations in its
portfolio. This would result in debt to debt plus equity staying
sustainably below 55%, in line with management's commitment to
reduce its LTV below 45% by 2021."


SAFILA SPA: Moody's Places B2 CFR under Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed under review for downgrade the
B2 corporate family rating and the B2-PD probability of default
rating of Italian eyeglass manufacturer Safilo S.p.A. The outlook
was changed to rating under review from negative.

"We placed Safilo's B2 rating on review for downgrade because the
spread of the Coronavirus across Europe and the subsequent
weakening consumer sentiment is likely to result in lower earnings
for Safilo. Although it is difficult to assess today the full
impact on the company's performance this year, the rating of Safilo
was already weakly positioned in light of the uncertainty on the
company's ability to compensate for the loss of the Dior license
that will expire at the end of 2020," says Paolo Leschiutta, a
Moody's Senior Vice President and lead analyst for Safilo.

RATINGS RATIONALE

The spreading of coronavirus across Europe is likely to result in
contraction in consumer spending on discretionary items and
possible supply chain and production disruption for those companies
with production facilities across Italy, where Safilo is based, and
continental Europe. Although it is difficult to assess  the full
impact of a widespread dissemination of the Coronavirus on Safilo's
earnings, and approximately 40% of the group business depends on
the more stable sales of prescription glasses, any prolonged and
widespread limitation on consumers ability to purchases eyewear
might affect Safilo's key summer season resulting in severe
contraction in its profitability this year.

The rating review process will focus on:

1. The degree to which the spread of the Coronavirus across Europe
and the US will affect the company's supply chain and logistics and
its ability to produce and distribute its products and the broader
impact on consumer spending;

2. The risk that a prolonged contraction in consumer spending might
affect the company's business activity and demand during the
important summer months and the broader consequences on the
macroeconomic environment. In particular, a prolonged lockdown of
key markets over the coming weeks is likely to affect the company's
summer season;

3. The flexibility of the company to adapt to lower volumes
maintaining stable profitability, and to preserve its liquidity in
a context of negative cash flow generation and tightening covenant
headroom;

4. Any measure implemented by the Italian and other governments
that might provide support to consumer spending or to companies
with production difficulties or exposed to drop in demand.

Moody's notes that prior to this rating action, the outlook on
Safilo's rating was negative (since July 2018). The rating was
already weakly positioned in light of the uncertainty associated
with the company's ability to offset the loss of the Dior license
from the end of 2020. Excluding approximately EUR41 million of
one-off restructuring costs, Safilo's Moody's adjusted gross debt
to EBITDA stood at 2.9x. Subsequently, the company received a new
shareholder loan, which Moody's includes in its debt calculations,
for EUR90 million to finance two small acquisitions announced in
recent months. Pro-forma for these transactions, the company's
financial leverage, measured as Moody's adjusted gross debt to
EBITDA, stood at around 3.8x. Despite the increase in leverage,
this ratio is solid relative to the thresholds required for the B2
rating, of between 4.0x and 5.5x.

However, a severe and prolonged contraction in consumer spending
affecting Safilo's summer collection might strain the company's
liquidity and challenge it to maintain a financial leverage below
5.5x during 2020. Moody's expects to conclude the review within the
next three months.

On the positive side, however, Moody's recognizes some of the
progress achieved by the company over the last 12 to 18 months
including (1) a capital increase completed in early 2019 and the
extension to 2023 of Safilo's debt maturity profile; (2) the
disposal of the loss making US-based retail business Solstice; (3)
the renewal of a number important licenses, the signing of new
agreements and a number of small acquisitions; and (4) the
initiation of a renewed cost-restructuring programme. All these
measures should help the company to withstand some earnings
contraction due to the Coronavirus outbreak in 2020 and the
termination of the Dior license at the end of the year.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The consumer
durable sector is one of the sectors most significantly affected by
the shock given its sensitivity to consumer discretionary spending.
More specifically, the weaknesses in Safilo's credit profile have
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and Safilo remains vulnerable to
the outbreak continuing to spread. Moody's regards the coronavirus
outbreak as a social risk under the ESG framework, given the
substantial implications for public health and safety. The action
reflects the impact on Safilo of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

With regards to specific governance considerations, Safilo's main
shareholder is the Dutch investment company Hal Holding N.V.,
through its subsidiary Multibrands Italy B.V., which holds a 49.8%
stake. 48.4% of the equity is free float, as the company is listed
on the Milan stock exchange, a positive from a governance
perspective. The reference shareholder has been supportive of the
business in the past, guaranteeing the capital injection of EUR150
million completed in early 2019 and, more recently, providing the
EUR90 million shareholder loan to fund most of the acquisitions of
Prive Goods, LLC and Blenders Eyewear LLC, two small US eyewear
manufacturers. The company's strategy over the next 12 to 18 months
entails some execution risks as Safilo will focus on offsetting the
loss of the Dior license with new brands.

LIQUIDITY

Following the EUR150 million capital injection and the refinancing
completed in 2019, Safilo's liquidity is adequate. However,
uncertainties on future earnings and the step down in financial
covenants in its loan documentation over the next 12 to 18 months
will reduce the company's flexibility to absorb any significant
shock in demand. Liquidity is supported by the company's new EUR150
million bank facility (comprising a EUR75 million term loan and a
EUR75 million revolving credit facility), maturing in June 2023.
The company's term loan will start amortizing in 2020 with EUR10.0
million becoming due this year.

Moody's expects free cash flow generation to remain negative in
both 2020 and 2021 as the company implements its cost reduction
programme which will result in some extraordinary cash outflows.
Owing to the negative free cash flow and the need to repay the
annual maturities of the term loan, Safilo will need to rely on
further drawings under its revolver or the ability to raise new
debt over the next 12 to 18 months, at a time when headroom under
covenants is tightening.

WHAT COULD CHANGE THE RATINGS UP/DOWN

The ratings are currently under review for downgrade.

Prior to the ratings review process, Moody's said that negative
pressure on the rating could materialize if Safilo fails to
stabilise its top-line growth in the forthcoming quarters. Downward
pressure on the rating would also arise if Moody's-adjusted gross
debt/EBITDA exceeds 5.5x or if free cash flow generation remains
significantly negative on a Moody's-adjusted basis.

Prior to the ratings review process, Moody's said that could the
rating could be upgraded if Safilo sustainably maintains positive
free cash flow generation and debt/EBITDA at less than 4x, on a
Moody's-adjusted basis. This would imply a significant increase in
Safilo's profitability. An upgrade would also require a proven
ability to compensate for the loss of LVMH's licenses.

LIST OF AFFECTED RATINGS

Issuer: Safilo S.p.A.

On Review for Possible Downgrade:

Probability of Default Rating, Placed on Review for Possible
Downgrade, currently B2-PD

Corporate Family Rating, Placed on Review for Possible Downgrade,
currently B2

Outlook Action:

Outlook, Changed to Rating Under Review from Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

COMPANY PROFILE

Headquartered in Padua, Italy, Safilo S.p.A. is a global
manufacturer and seller in the premium eyewear sector, offering a
strong portfolio of both owned and licensed brands. The group sells
sunglasses, prescription glasses and sport-specific eyewear in more
than 130 countries. In 2019, Safilo reported sales and a company
adjusted EBITDA of EUR939 million and EUR51.8 million respectively.



===============
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TRANSPORTES AEREOS: Moody's Cuts CFR to Caa1, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded the Probability of Default
and Corporate Family ratings of TRANSPORTES AEREOS PORTUGUESES,
S.A. to Caa1-PD and Caa1 from B2-PD and B2 respectively.
Concurrently the agency has downgraded the Baseline Credit
Assessment to caa2 from b3 and the instrument rating assigned to
EUR375 million of senior unsecured notes to Caa1 from B2. The
outlook is negative.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The passenger
airline sector has been one of the sectors most significantly
affected by the shock given its exposure to travel restrictions and
sensitivity to consumer demand and sentiment. More specifically,
the weaknesses in TAP's credit profile, including its exposure to
Brazil, the US and Europe have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
TAP remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on TAP of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The downgrade was prompted by the very sharp decline in passenger
traffic since the outbreak of coronavirus started during January
2020, which will result in a significant negative free cash flow in
2020, a weakening liquidity profile and a significantly higher
leverage. TAP's previous ratings were based on the expectation of
improvement of credit metrics and free cash flow generation, which
is no longer feasible. From a regionally contained outbreak the
virus has rapidly spread to many different regions severely denting
air travel. The International Air Travel Association's (IATA)
latest scenario analysis forecasts a decline in passenger numbers
of between 11% and 19% for the full year 2020.

Moody's base case assumptions are that the coronavirus pandemic
will lead to a period of severe cuts in passenger traffic over at
least the next three months with partial or full flight
cancellations and aircraft groundings, with all regions affected
globally. The base case assumes there is a gradual recovery in
passenger volumes starting in the third quarter. However, there are
high risks of more challenging downside scenarios and the severity
and duration of the pandemic and travel restrictions is uncertain.
Moody's analysis assumes around a 50-60% reduction in TAP's
passenger traffic in the second quarter and a 20% fall for the full
year, whilst also modelling significantly deeper downside cases
including a full fleet grounding during the course of Q2.

TAP has felt the negative impact from declining passenger traffic
later than some other network carriers that have exposure to the
APAC region but has been hit hard since the outbreak started
spreading in Europe. The travel ban announced by the United States
on non-US citizens from 26 European nations will further affect
many of TAP's routes and Moody's expects travel restrictions to
deepen. TAP will also be negatively impacted by the sharp
depreciation of the Brazilian real against both the US Dollar and
Euro in recent weeks. The sharp decline in demand comes at a time
when TAP was improving its credit metrics but was still highly
levered with an estimated Moody's adjusted Debt/EBITDA of around
7.0x at fiscal year-end 2019. As a consequence of the negative free
cash flow generation and much lower profitability, leverage metrics
will deteriorate in 2020 and will be way outside of its requirement
for the previous rating category in contrast to its previous
expectation of leverage improvements. The recovery in metrics to a
level commensurate with the current rating within 12 to 18 months
is seen as very remote at the present time hence the downgrade of
TAP's CFR to Caa1.

Moody's also anticipates that the airline industry will require
continued and further support from regulators, national governments
and labor representatives to alleviate pressures on slot
allocations, provide indirect or direct financial support and
manage airlines' cost bases. An extension of slot alleviation
beyond the current provisions to June 2020 in Europe is also likely
to be important. In light of its relatively weak point-in-time
liquidity position and the severity of the passenger traffic
reduction, Moody's believes that TAP will need financial support
from its shareholders during the course of Q2.

LIQUIDITY

TAP's liquidity position is considered as weak in light of the very
challenging market conditions the issuer is currently facing. As
per 31st December 2019, TAP had approximately 430 million of
available liquidity (EUR267 million pro-forma of a debt maturity
repaid in February 2020). In addition, TAP has access to EUR174
million of credit card receivables from Brazilian customers.
Significantly lower pre-bookings and very depressed passenger
traffic year-to date will lead to material cash burn and it does
not expect any improvement at the least in the short term. TAP will
need to undertake other measures to bolster its liquidity and would
most likely require support from the Portuguese government.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook assigned to the ratings reflects its
expectations that travel restrictions and the decline in passenger
traffic will continue to worsen in coming days and weeks and that
TAP will be challenged to preserve a sufficient liquidity position
during this challenging time in absence of additional support from
its shareholders.

WHAT COULD CHANGE THE RATING UP / DOWN

Given the current market situation, Moody's does not anticipate any
short-term positive rating pressure. A stabilization of the market
situation leading to a recovery in metrics to pre-outbreak levels
could lead to positive rating pressure. More specifically adjusted
Debt/EBITDA would have to drop back sustainably below 7.0x.

Further negative pressure would build if TAP fails to stabilize its
liquidity profile. A prolonged and deeper slump in demand than
currently anticipated leading to more balance sheet deterioration
and a longer path to restoring credit metrics in line with a Caa1
credit rating could also lead to further negative pressure on the
rating.

The methodologies used in these ratings were Passenger Airline
Industry published in April 2018, and Government-Related Issuers
Methodology published in February 2020.



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[*] ROMANIA: Over 280,000 Companies Face High Risk of Insolvency
----------------------------------------------------------------
Romania Insider reports that over 280,000 Romanian companies,
representing about a third of all active firms in the country,
currently face a high risk of insolvency, according to a study
conducted by Termene.ro, a platform that offers updated information
in real-time about the financial and legal data of the Romanian
companies.

According to Romania Insider, the insolvency risk is average for
27,000 companies, low for 146,000 companies and very low for
223,000 companies.

Separately, 37% of the local companies have reduced their activity
and 23% closed operations due to the Covid-19 pandemic, Romania
Insider discloses.  Only 40% of companies have continued their
activity at a normal pace, Romania Insider notes.




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

O1 PROPERTIES: Moody's Cuts CFR to Caa2, Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded O1 Properties Limited's
corporate family rating to Caa2 from B3 and probability of default
rating to Caa3-PD from B3-PD. Concurrently, Moody's has downgraded
the senior unsecured ratings of instruments issued by O1 Properties
Finance Plc and O1 Properties Finance JSC, which are subsidiaries
of O1, to Caa3 from Caa1. The outlook is negative.

RATINGS RATIONALE

The downgrade of O1's ratings reflects the increased refinancing
risks related to substantial debt maturities in 2020-21, including
the $350 million global note due in September 2021, and weak
liquidity, with little prospect of improvement over the next two
years. The rating action also factors in Moody's expectation that
O1's credit metrics will remain very weak in 2020-21 because of the
unsustainable debt burden.

The syndicated credit facility in the amount of $148 million due on
April 28, 2020, which has a number of still unresolved covenant
breaches, represents a near-term liquidity risk. The company is in
the process of refinancing this facility and expects to finalise it
by April 28. However, O1 failed to address the refinancing in a
timely manner, which leaves little room for other financing options
in case of a negotiation impasse. The protracted process indicates
either the lenders' reluctances to prolong the facility or O1's
aggressive approach to negotiations. It also raises concerns about
the execution and outcome of the next round of refinancing
negotiations.

The next major liquidity risk stems from the $350 million global
note due in September 2021, because the company will not be able to
accumulate sufficient cash for redemption on its own and have to
resort to refinancing. This might be challenging given the
company's elevated leverage and the absence of unencumbered
property assets. Although the company has not yet presented a
refinancing plan, Moody's expects maturity extension or another
form of debt restructuring to be almost inevitable. Given the track
record, such debt restructuring may be considered by Moody's as a
distressed exchange.

O1's liquidity will remain weak over the next 18 months. Although
the company will generate sufficient cash flow to cover its
operating needs and cash interest payments, and assuming it will
refinance the syndicated loan in April, O1 will not have sufficient
internal cash resources to redeem $50 million debt maturities in
the fourth quarter of 2020. The company will need to raise external
financing, the likelihood of which is uncertain at the moment.

The rating action also factors in O1's highly leveraged credit
profile. Moody's estimates the company's adjusted debt/gross assets
ratio at around 88%-90% as of year-end 2019, compared with 85% in
2018 from 77% in 2017. The leverage may improve slightly to around
83%-87% in 2020-21 amid somewhat supportive market environment.
O1's fixed charge coverage metric (measured as adjusted
EBITDA/interest expense) will be low at around 1.2x-1.3x through
2021.

Russia's real estate market continues to improve slowly but the
pace of growth in rental rates and investment activity is not
sufficient for material improvements in the company's earnings and
portfolio valuation over the next 12-18 months. In addition, the
coronavirus outbreak, recent plunge in oil prices and increased
volatility in rouble exchange rate may slow or halt economic growth
in Russia and reduce investment activity in 2020, which represents
a downside risk to the valuation of O1's property assets and its
earnings.

On the positive side, O1 successfully refinanced its secured bank
loans in 2019. As a result, the company extended the final
maturities and lowered the annual amortisation, with no substantial
repayments due in 2020-21 besides the aforementioned refinancing
needs. In addition, the company rebalanced its debt portfolio
towards 47% rouble denominated debt as of year-end 2019 from almost
100% hard currency denominated debt as of year-end 2017, reducing
its exposure to rouble exchange rate volatility and better matching
its rental income. O1 reset financial covenants under the bank
loans, ensuring compliance in 2020.

In addition, Moody's understands that Riverstretch Trading and
Investments (RT&I), O1's controlling shareholder since July 2018,
has actively supported O1's debt refinancing initiative and may
consider providing some funding to cover liquidity gaps. But the
actual willingness and ability of the new owner -- on which Moody's
has a fairly limited visibility in terms of the strength of its
financial profile - to extend its support, should such need arise,
however, remains to be validated.

O1's CFR also takes into account (1) the company's solid operating
results, backed by its large, high-quality office property
portfolio in Moscow's prime locations with a strong tenant base and
balanced lease terms and maturities; and (2) its conservative
development strategy, with no significant cash consuming projects.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The ratings take into account the governance risks which are mostly
related to the low level of transparency at RT&I and the lack of
track record of its strategy, financial policy and corporate
governance practice towards O1. However, this uncertainty is
partially mitigated by tighter covenants and the requirement to
maintain independent directors including one appointed by
bondholders under the amended global note terms. In addition, the
independent members currently represent majority in O1's board of
directors.

RATIONALE FOR THE NEGATIVE OUTLOOK

The outlook on the rating is negative, reflecting (1) the high
refinancing risks related to the syndicated credit facility due in
April 2020, the debt maturities due in the fourth quarter of 2020
and the global note due in September 2021; (2) growing probability
of a distressed exchange of the global note; and (3) the very weak
credit metrics and unsustainable debt burden.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's does not currently expect any upward pressure on O1's
rating, given the negative outlook. The outlook on the rating could
return to stable if the company successfully addresses its
liquidity risks, including the refinancing of the upcoming
maturities in 2020 and the timely development of a feasible plan to
refinance the global note due in 2021, while (1) reducing effective
leverage to 85% in 2020-21, and (2) maintaining sufficient annual
rental income to solidly cover its cash obligations related to
regular debt service requirements.

Moody's could downgrade the rating if (1) O1 fails to refinance the
upcoming 2020-21 maturities or the risk of a default, including a
distressed exchange, increases; and (2) the company's financial
performance deteriorates further, with effective leverage rising
above 90%, valuation of property assets declining to below USD3.0
billion and annual rental income becoming insufficient to cover the
company's basic cash obligations, including its cash interest
payments. Any new adverse developments at the company or the
shareholder level, driving concerns over O1's operations or future
credit profile, could also exert pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.

O1 Properties Limited is Russia's leading real estate investment
company. The company owns a portfolio of 12 yielding assets, with a
net rentable area of 478,173 square meters and the reported asset
value of $3.2 billion as of June 30, 2019. RT&I, which is
ultimately owned by Pavel Vashchenko (90% share) and Valeriy
Mikhailov (10%), effectively controls around 70% of O1.

[*] RUSSIA: Airlines May Face Bankruptcy Due to Coronavirus
-----------------------------------------------------------
AFP reports that Russian airlines could sustain major losses and
some might go bankrupt because of hits from the coronavirus, the
government warned on March 17.

Alexander Neradko, the head of the federal air transport agency
Rosaviation, told a government meeting carriers face two major
blows, cancellations of international flights and rising costs
owing to the ruble's sharp drop in value, AFP relates.

According to AFP, Mr. Neradko was quoted by Russian news agencies
as saying.  "There is a rising risk of bankruptcies by airlines
that are in a tough financial situation".

He said UTair is in a particularly difficult situation, AFP notes.

He said in February, Russian airlines lost RUR1.7 billion (US$22.6
million) owing to the suspension of flights to China, AFP relays.

If the situation did not improve by the end of the year, Russian
airlines could lose more than RUR100 billion (US$1.3 billion), he
added, while stressing that was not a precise estimate, AFP
states.

On March 16, the government promised to unlock the equivalent of
US$4 billion to help businesses withstand the coronavirus pandemic,
especially in the tourism and aviation sectors, by allowing them to
defer tax payments, AFP discloses.

Russia's flagship airline Aeroflot said on March 16 it was under
"enormous financial pressure" and suggested that its staff take
vacation days, AFP relays.

The Association of Russian Tour Operators appealed to the
government for help in late February, AFP recounts.

It estimated at the time that the Russian tourist industry would
lose at least RUR2.8 billion (US$37 million) in February and March
due to travel restrictions then in place, according to AFP.




===========
S W E D E N
===========

SAS AB: Moody's Cuts CFR to B2, Reviews Rating for Downgrade
------------------------------------------------------------
Moody's Investors Service has downgraded SAS AB's probability of
default and corporate family rating by one notch to B2-PD and B2
from B1-PD and B1 respectively. Concurrently, Moody's has
downgraded SAS Denmark-Norway-Sweden guaranteed MTN program rating
to (P)B3 from (P)B2. The subordinated rating was downgraded to Caa1
from B3. The Commercial Paper programme rating has been affirmed at
Not Prime. All ratings of SAS AB and SAS Denmark-Norway-Sweden
apart from the Commercial Paper programme rating and the Other
Short-Term rating remain on review for further downgrade. The
outlook has been changed to ratings on review from stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The passenger
airline sector has been one of the sectors most significantly
affected by the shock given its exposure to travel restrictions and
sensitivity to consumer demand and sentiment. More specifically,
the weaknesses in SAS' credit profile, including its exposure many
destinations across the world have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions and
SAS remains vulnerable to the outbreak continuing to spread.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The action reflects the impact on SAS of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The downgrade was prompted by the very sharp decline in passenger
traffic since the outbreak of coronavirus started during January
2020, which will result in a significant negative free cash flow in
2020, a weakening liquidity profile and a significantly higher
leverage. From a regionally contained outbreak the virus has
rapidly spread to many different regions severely denting air
travel. The International Air Travel Association's (IATA) latest
scenario analysis forecasts a decline in passenger numbers of
between 11% and 19% for the full year 2020.

Moody's base case assumptions are that the coronavirus pandemic
will lead to a period of severe cuts in passenger traffic over at
least the next three months with partial or full flight
cancellations and aircraft groundings, with all regions affected
globally. The base case assumes there is a gradual recovery in
passenger volumes starting in the third quarter. However, there are
high risks of more challenging downside scenarios and the severity
and duration of the pandemic and travel restrictions is uncertain.
Moody's analysis assumes around a 50-60% reduction in SAS'
passenger traffic in the second quarter and a 20% fall for the full
year, whilst also modelling significantly deeper downside cases
including a full fleet grounding during the course of Q2.

While SAS started feeling the negative impact from declining
passenger traffic later than other European competitors due to its
limited exposure to China and the APAC region, the spreading of the
virus beyond APAC has hit its passenger traffic materially. On
Sunday 15th March 2020, SAS announced that as a result of the
coronavirus and the measures taken by authorities it had to decide
to temporarily halt most of its traffic starting Monday March 16
until there are yet again conditions to conduct commercial
aviation. The issuer added that this meant that they will be forced
to temporary work reductions which comprises up to 10 000 employees
or 90 percent of the total workforce. All three countries in which
SAS operate have by now put in place reduced working hours scheme
to protect employees and companies during times of hardship.

Moody's also anticipates that the airline industry will require
continued and further support from regulators, national governments
and labor representatives to alleviate pressures on slot
allocations, provide indirect or direct financial support and
manage airlines' cost bases. An extension of slot alleviation
beyond the current provisions to June 2020 in Europe is also likely
to be important. In light of the recent announcement that SAS has
largely temporarily halted traffic and will be forced to temporary
work reductions comprising up to 90% of its workforce, it estimates
that the need for government support is high even taking into
account SAS' solid liquidity profile prior to the outbreak. On 17th
March the Swedish and Danish government have announced guarantee
packages for banks' lending to corporates. SAS has received
guarantee commitments of SEK1.5 billion respectively from both
States. The guarantee package of Sweden still needs to be approved
by parliament. This liquidity support, if successfully implemented,
would increase SAS' financial preparedness to around 45 days and
would help the company alleviate potential short-term liquidity
pressures. The Danish government has also hinted that the guarantee
package was a first step and that they would ensure as a
shareholder of SAS that the company is still operational after the
crisis although this statement remains subject to interpretation.

In any instance the sharp decline in demand and negative free cash
flow generation will lead to a sharp deterioration in leverage
metrics that will be materially below the requirements for the
previous rating category at least in 2020. The recovery in metrics
to a level commensurate with the current rating within 12 to 18
months is seen as very remote at the present time, hence the
downgrade of SAS' corporate family rating to B2.

The review process will be focusing on (i) the technicalities of
the temporary work reductions, (ii) the potential and type of
support from the two largest shareholders of SAS to alleviate the
current pressure on SAS' credit and liquidity profile, (iii) other
measures being taken by the company to alleviate balance sheet and
credit metrics stress, if any, and (iv) the impact of any measures
to bolster the group's liquidity profile on its balance sheet
structure.

LIQUIDITY

SAS' liquidity position was deemed solid prior to the coronavirus
outbreak but probably not sufficient to sustain a prolonged period
of very challenging market conditions and interruption in flight
activity as announced over the weekend without any state support.
As per 30th January 2020, SAS had approximately SEK6.6 billion of
cash on balance sheet and SEK 2.9 billion availability under credit
facilities without any financial covenants. This represents
approximately 30% of fixed costs of the group.

WHAT COULD CHANGE THE RATING UP / DOWN

Given the current market situation, Moody's does not anticipate any
short-term positive rating pressure. A stabilization of the market
situation leading to a recovery in metrics to pre-outbreak levels
could lead to positive rating pressure. More specifically adjusted
Debt/EBITDA would have to drop back sustainably below 5.0x.

Further negative pressure would build if SAS fails to stabilize its
liquidity profile. A prolonged and deeper slump in demand than
currently anticipated leading to more balance sheet deterioration
and a longer path to restoring credit metrics in line with a B2
credit rating could also lead to further negative pressure on the
rating.

LIST OF AFFECTED RATINGS:

Issuer: SAS AB

Downgraded and Placed on Review for further Downgrade:

LT Corporate Family Rating, Downgraded to B2 from B1

Probability of Default Rating, Downgraded to B2-PD from B1-PD

Outlook Actions:

Outlook, Changed to Ratings on Review from Stable

Issuer: SAS Denmark-Norway-Sweden

Affirmations:

Commercial Paper, Affirmed NP

BACKED Other Short Term, Affirmed (P)NP

Downgraded and Placed on Review for further Downgrade:

BACKED Subordinate Regular Bond/Debenture, Downgraded to Caa1 from
B3

BACKED Senior Unsecured Medium-Term Note Program, Downgraded to
(P)B3 from (P)B2

Outlook Actions:

Outlook, Changed To Ratings on Review From Stable

PRINCIPAL METHODOLOGY:

The principal methodology used in these ratings was Passenger
Airline Industry published in April 2018.



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

E-CARAT 11: S&P Assigns CCC+ (sf) Rating to Class G-Dfrd Notes
--------------------------------------------------------------
S&P Global Ratings has assigned its credit ratings to E-CARAT 11
PLC's class A through G-Dfrd notes. The issuer also issued unrated
class H notes.

This transaction is Vauxhall Finance PLC's 11th U.K. ABS
securitization. The collateral comprises U.K. auto loan receivables
for cars and light commercial vehicles that Vauxhall Finance
originated and granted to mainly private (99.7%) and some
commercial customers (0.3%) for the purchase of new (73.7%) and
used vehicles (26.3%).

The finance contracts are either conditional sales (CS) agreements
or personal contract purchase (PCP) agreements with a balloon
element.

The transaction is revolving for a maximum period of 12 months. The
notes will amortize pro rata until either a performance trigger is
breached or the portfolio has amortized to the clean-up call level
(10% of its initial size. It will then amortize sequentially until
redemption.

The transaction features a loss-based principal deficiency ledger
(PDL), which records gross defaults less recoveries received that
month. The PDL is divided into eight sub-ledgers from class A to
class H.

Principal proceeds can be used for curing interest shortfalls for
the class A, B, C, D, E-Dfrd, F-Dfrd, and G-Dfrd notes, subject to
certain conditions.

A liquidity reserve was funded at closing with the proceeds of a
subordinated loan. The reserve fund will provide liquidity support
to the class A, B, C, and D notes. S&P said, "Our ratings on these
notes addresses the timely payment of interest as we believe
monthly interest payments would continue to be made on these
classes under our respective rating stress scenarios. Our
preliminary ratings on the class E-Dfrd, F-Dfrd, and G-Dfrd notes
address the ultimate payment of interest as these notes do not
benefit from the liquidity reserve."

An interest-rate swap mitigates the risk of potential interest rate
mismatches between the fixed-rate assets and floating-rate
liabilities.

S&P's ratings on this transaction are not constrained by the
application of our sovereign risk criteria for structured finance
transactions, our operational risk criteria, or its counterparty
risk criteria.

  Ratings List

  Class     Rating      Amount (mil. GBP)
  A         AAA (sf)    361.25
  B         AA+ (sf)    35.0
  C         A+ (sf)     25.0
  D         BBB+ (sf)   20.0
  E-Dfrd    BB+ (sf)    16.25
  F-Dfrd    BB- (sf)    8.75
  G-Dfrd    CCC+ (sf)   8.75
  H         NR          25.0

  NR--Not rated.
  TBD--To be determined.
  Dfrd--Deferrable.  


NMC HEALTH: Discovers Further US$1.2 Bil. of Undisclosed Debt
-------------------------------------------------------------
Daniel Thomas and Robert Smith at The Financial Times report that
NMC Health has discovered it has a further US$1.2 billion of
undisclosed debt in the latest damaging revelation from the
troubled healthcare provider, which earlier this month said it had
found evidence of suspected fraud in its finances.

The Middle East-focused group said on March 24 that its net debt
had ballooned to US$6.6 billion after investigations uncovered more
than US$1 billion of facilities that had not been flagged to the
board, as well as about US$50 million of cheques used as
guarantees, the FT relates.

According to the FT, the company’s last reported debt figure was
US$2.1 billion, meaning that it has now discovered more than US$4
billion of loans that it had no knowledge of before a report by
short-seller Muddy Waters in December raised questions about the
extent of its financial position.

The Financial Conduct Authority is investigating the company, which
has had its shares suspended since the end of February, the FT
notes.

This month, the group said that it had uncovered more than US$2.7
billion in debt facilities previously not disclosed or approved by
the board, more than twice its reported net debt position, the FT
relates.

On March 24 NMC revealed a complex web of loans, facilities and
cheque guarantees, the FT discloses.

According to the FT, the company has bilateral and syndicated debt
obligations comprising more than 75 debt facilities from over 80
financial institutions, it said, with work ongoing to verify
outstanding debt obligations.

Its debt position is now estimated to be about US$6.6 billion,
including a US$360 million convertible bond, a US$400 million sukuk
-- a bond structured to comply with sharia law -- and billions of
dollars of newly identified facilities, the FT states.

Another US$50 million of cheques written by group companies and
used as security for financing arrangements for others were also
discovered, the FT relays.

NMC, as cited by the FT, said it was continuing to work with its
advisers -- which include former FBI director Louis Freeh, who was
appointed in January to investigate the allegations by Muddy Waters
-- to understand the nature and size of the undisclosed facilities,
"including the circumstances in which they were obtained".


SQUARE CHAPEL: Funding Shortfall Prompts Administration
-------------------------------------------------------
Business Sale reports that the Square Chapel Trust and its
subsidiary Square Trading Ltd have appointed administrators from
Mazars LLP following a funding shortfall.

The trust operates as an arts centre in Halifax, West Yorkshire,
providing film, theatre, music and workshops, among other cultural
offerings, also operating a café and bar.

According to Business Sale, despite attracting around 100,000
visitors per year, the trust has been forced to appoint Patrick
Lannagan and Conrad Pearson of Mazars as joint administrators,
which Mr. Lannagan outlining the trust's financial difficulties:

"The Trust has suffered a funding shortfall in the current
financial year which has caused significant cash flow difficulties,
leaving the Trust and its subsidiary with no option but to enter
Administration."

"Subsequent to the decision to enter Administration the facilities
closed to the public from 17th March for the foreseeable future in
response to the Government's latest advice on COVID-19."

According to the trust's most recent financial report, from the
year ending March 31 2019, it generated net income of over
GBP347,000 from a total of 1,254 events and had total income of
GBP1.6 million, including income from grants and donations and
charitable activities, Business Sale notes.

Its net assets at the time amounted to just over GBP6.3 million,
down from GBP10.1 million the year prior, and it employed an
average of 63 employees on a monthly basis, Business Sale
discloses.


TRAVELEX HOLDINGS: S&P Downgrades ICR to 'CC' on Insolvency Risk
----------------------------------------------------------------
S&P Global Ratings lowered to 'CC' from 'CCC' its issuer credit
rating on Travelex Holding Ltd. (Travelex). Additionally, S&P
lowered its issue rating on the group's EUR360 million notes due
2022 to 'C' from 'CCC-' and its issue rating on the GBP90 million
super senior RCF to 'CCC' from 'B-'. At the same time, S&P removed
all ratings on Travelex and its debt from CreditWatch negative,
where it had placed them on March 4, 2020.

Finablr plc, the parent of Travelex, is unable to offer financial
or liquidity support to Travelex.

S&P said, "We asses Travelex's capital structure as unsustainable
on a stand-alone basis and considered its capacity to maintain
viable operations as largely dependent on Finablr's ability to
provide financial support. However, Finablr has announced it is
facing liquidity problems at both group and operational business
level, and in some cases is unable to provide certain payment
processing services. Finablr board also discovered unaccounted
checks of about $100 million that may have been used as security
for financing arrangements for the benefit of third parties.
Furthermore, Finablr believes it is unable to accurately assess its
financial position, that there is deep concern about its ability to
continue operations, and that the group is considering appointing
an insolvency adviser. Finally, Finablr's founder and majority
shareholder Dr. BR Shetty, alongside other representatives, have
stepped off Travelex's board. In our opinion, these events
underscore Finablr's liquidity issues and resulting inability to
assist Travelex in the near term."

Travelex's weak liquidity position means debt restructuring, a
distressed exchange, a change in debt priority, or default is
almost certain.

Finablr's possible insolvency alone would not necessarily affect
Travelex directly. This is because the two companies maintain a
legal and financing structure within the Finablr Group that is
capable of operating separately. However, Travelex's liquidity is
also weak, its capital structure is highly leveraged, and its
operational performance has been damaged by a recent malware
attack. Furthermore, uncertainty about the length and extent of the
COVID-19 pandemic, restriction on international travel, and a
significant fixed cost base could exhaust Travelex's available
liquidity, and cause it to breach its financial covenants under its
RCF in the near term.

The negative outlook reflects S&P's expectation that Travelex will
very likely default in the near term in order to address its
capital structure's unsustainability. S&P anticipates lenders will
receive less principal or interest than promised.

Should Travelex launch a debt restructuring plan to address its
unsustainable capital structure, S&P would lower the issuer credit
rating to 'D' (default) or 'SD' (selective default), after which
time it would re-evaluate the new capital structure.

S&P said, "We view a revision of the outlook to stable as unlikely,
absent unanticipated and markedly favorable changes in Travelex's
circumstances. We could revise the outlook to stable or raise the
ratings if Travelex avoided debt restructuring, and maintained
sufficient liquidity to meet its obligations while materially
improving its operating performance."


VALARIS PLC: Explores Debt Restructuring Options
------------------------------------------------
David French, Mike Spector and Jessica DiNapoli at Reuters report
that offshore oil driller Valaris PLC is exploring debt
restructuring options as it grapples with a rig accident and a
broader collapse in energy prices, people familiar with the matter
said on March 20.

According to Reuters, the sources said Valaris has tapped debt
restructuring attorneys at law firm Kirkland & Ellis LLP for advice
on ways to rework its roughly US$6.5 billion debt pile, and is
exploring enlisting a turnaround firm that specializes in urgently
addressing stressed finances to bolster its roster of advisers.

The London-based company had already been working with investment
bank Lazard Ltd on options for addressing its debt, in addition to
a series of cost-cutting measures already underway, Reuters
relates.

The sources added no formal debt restructuring, such as a
bankruptcy filing, is imminent for Valaris, even as the company
considers significant steps to rework its finances, Reuters notes.

It had US$1.7 billion of liquidity available at the end of 2019,
enough to cover maturing debt to 2024, the company said on
Feb. 20, Reuters discloses.  It is not clear how quickly the
company will burn through its cash given the shock inflicted on its
business this month by the global downturn, Reuters states.

Companies servicing oil and gas producers have been pummeled by
plunging energy markets triggered by an oil price war between Saudi
Arabia and Russia, and concerns over economic activity grinding to
a halt because of the global coronavirus outbreak, Reuters relays.


[*] UK: Airlines, Airports Must Ask Investors Cash Before Bailout
-----------------------------------------------------------------
Oliver Gill at The Telegraph reports that crippled British airlines
and airports will only be able to ask for a taxpayer bailout once
they have exhausted all other options, ministers have said --
scotching industry hopes of a rapid rescue.

According to The Telegraph, Chancellor Rishi Sunak has written to
UK operators urging them to seek cash from investors before
demanding the state steps in, as the global lockdown leaves
carriers unable to sell tickets and at risk of collapse.

It came as global airlines made a fresh plea for government help
after doubling estimates of the impact of coronavirus on revenues
to more than US$250 billion (GBP210 billion), and American firms
prepared to shut down all domestic US flights, The Telegraph
discloses.



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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