/raid1/www/Hosts/bankrupt/TCREUR_Public/200327.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, March 27, 2020, Vol. 21, No. 63

                           Headlines



F R A N C E

PROMONTORIA HOLDING: Moody's Cuts CFR to Caa1, Outlook Negative


G R E E C E

EUROBANK SA: Moody's Gives Caa1/NP Deposit Ratings, Outlook Pos.


I T A L Y

PRO-GEST SPA: Moody's Cuts CFR to Caa2, Outlook Remains Negative


L U X E M B O U R G

CATLUXE ACQUISITION: Moody's Cuts CFR to Caa1, Outlook Negative
EURASIAN RESOURCES: Moody's Affirms B2 CFR, Alters Outlook to Neg.


N O R W A Y

HURTIGRUTEN GROUP: Moody's Cuts CFR to B3; On Review for Downgrade


U N I T E D   K I N G D O M

AMPHORA INTERMEDIATE: Moody's Cuts Ratings to B3, Outlook Stable
FERGUSON MARINE: Administrators Owed GBP1.2 Million
INTU PROPERTIES: Likely to Breach Debt Covenants in July
SYSTEM BUILDING: Enters Administration, No Buyer Found
TRAVELEX: Moody's Cuts CFR to 'Ca', Outlook Negative

VALARIS PLC: Moody's Cuts CFR to Caa3, Outlook Remains Negative
[*] IoD Seeks Emergency Insolvency Measures to Avert Collapses


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People
[*] EUROPE: Airports Lobby to Be Added to Any Airline Bail-out

                           - - - - -


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

PROMONTORIA HOLDING: Moody's Cuts CFR to Caa1, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Promontoria Holding 264
B.V.'s corporate family rating to Caa1 from B3. Concurrently
Moody's has downgraded WFS' probability of default rating to
Caa1-PD from B3-PD and the EUR660 million senior secured notes
maturing 2023 to Caa1 from B3. The outlook on all ratings was
maintained at negative.

The rating action reflects the rapid spread of the coronavirus
outbreak across many regions and markets which will have a
significant negative impact on WFS's already weakened credit
profile.

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. WFS is directly
exposed to the air freight industry, which in turn is exposed to
the airline sector and global trade market that have been severely
affected by the outbreak. This has left the company vulnerable to
shifts in consumer demand and market sentiment in these
unprecedented operating conditions. 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 WFS of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

WFS' credit quality was already negatively affected in 2019 from
the contraction in the cargo market due to ongoing trade tensions
and weakness in global trade. While this was partially offset by
the strong performance in ground handling activities, the company
faced significant challenges in its French operations. As a result,
WFS took the decision to discontinue its activities at Orly
airport, one of its key strategic hubs, late last year. The company
also incurred higher operating costs in 2019 to support the
enhancement of its global central functions and the non-recurring
costs remained exceptionally high. As a consequence, WFS's reported
EBITDA declined by 39% despite an organic revenue growth of 5.7%.

The current market environment is expected to result in a sharp
decline in revenue in at least the next three months as the
economic and trade disruption continues to spread. The rapid
decline in revenue is expected to have a significant impact on WFS
profitability given its relatively high fixed cost base, increasing
the risk of a covenant breach in 2020. The company is taking
extensive measures to reduce the impact on its earnings and
liquidity; however, the immediate effect is expected to be limited.
A significant negative FCF in 2020 is likely which will further
stress the company's liquidity profile and credit metrics, which
have already been weak for the previous rating category.

It is difficult to assess the full impact that the current pandemic
will have on WFS performance in 2020 due to the high uncertainty of
the length and severity of the spread. A more severe downside
scenario with a prolonged duration of the outbreak beyond Q2 could
lead to an unsustainable capital structure. At the same time WFS
has historically achieved a quicker recovery in times of economic
rebound and, as a result, Moody's assumptions could change
depending on the market development.

Governance risks mainly relate to the company's private equity
ownership and financial policy. Often in private equity-sponsored
deals, owners tend to have a higher tolerance for leverage, greater
propensity to favour shareholders over creditors, as well as
greater appetite for M&A to maximise growth and return on their
investments.

LIQUIDITY

WFS' liquidity profile is weak, on the back of continued negative
free cash flow and Moody's expectation that it will remain negative
in 2020. As of 31 December 2019, its cash on balance sheet was
around EUR66 million and it had access to around EUR50 million of
undrawn revolving credit facility (RCF), post drawdowns and
letter-of-credit utilization. The company's working capital is
seasonal with an intramonth working cash need of around EUR40
million. The company has access to committed and uncommitted
factoring facility lines although a large part is currently being
utilised. While Moody's expects WFS to take further actions to
strengthen its liquidity, a more severe downside could rapidly
reduce its available resources.

STRUCTURAL CONSIDERATIONS

The EUR660 million senior secured notes due 2023 (rated Caa1 and
comprising 6.75% EUR400 million fixed rate and 6.25%+ Euribor
EUR260 million floating notes) have the same security and
guarantees as the EUR100 million RCF (unrated) due 2023. The
security includes share pledges in subsidiaries, intragroup
receivables due to subsidiaries and cash. However, the notes rank
behind the RCF because of contractual subordination via the
intercreditor agreement in case of enforcement. This leads to an
outcome in which the senior secured notes are rated at the same
level as the CFR because the senior secured debt accounts for the
majority of modelled debt.

RATING OUTLOOK

The negative outlook reflects the uncertainties related to the
length and severity of the spread, which in a more challenging
downside scenario, could further deteriorate WFS' liquidity profile
and lead to an unsustainable capital structure.

FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE

Upward pressure could develop if the impact from the pandemic is
less severe than Moody's anticipates and that the company is able
to maintain and improve its profitability, leading to an increase
in Moody's adjusted EBITA/interest to at least 1x and improved
liquidity profile.

Downward pressure could develop if the pandemic results in a more
severe impact on the operating performance, which could further
deteriorate WFS' liquidity profile and lead to an unsustainable
capital structure.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Paris, France, WFS is a global aviation services
company, principally focused on cargo handling (66% of revenue in
2019) and ground handling (31%), with a small presence in transport
infrastructure management and services (3%). The company operates
across 22 countries through 179 airport locations and serves over
270 major airlines worldwide.



===========
G R E E C E
===========

EUROBANK SA: Moody's Gives Caa1/NP Deposit Ratings, Outlook Pos.
----------------------------------------------------------------
Moody's Investors Service has assigned a Baseline Credit Assessment
of caa1 and deposit ratings of Caa1/NP to Eurobank S.A., the new
legal entity that has taken over the core banking operations and
the banking license of Eurobank Ergasias S.A. in Greece. At the
same time, the rating agency has withdrawn the BCA of caa1 and all
existing deposit ratings of Caa1/NP and other outstanding ratings
of Eurobank Ergasias S.A., which has been renamed Eurobank Holding
& Services S.A. and which now acts as the holding company of the
group, listed on the Athens stock exchange. Provisional ratings
related to the bank's EMTN programme under Eurobank Ergasias S.A.
and its funding subsidiaries [including ERB Hellas (Cayman Islands)
Limited, ERB Hellas Funding Limited and ERB Hellas PLC] were also
withdrawn together with ratings linked to specific debt issuances
that no longer exist or were redeemed.

The new ratings assigned to Eurobank S.A. are positioned at the
same level as those previously assigned to Eurobank Ergasias S.A.,
taking into consideration the successful implementation of the
bank's transformation plan counterbalanced by the downside risks
stemming from the negative effects of the Coronavirus on the Greek
economy. Although through this transaction the bank has managed to
radically improve its asset quality and its prospects for stronger
earnings generation, Moody's notes that this is occurring during a
period of heightened uncertainty when operating conditions will
become significantly more challenging. Moody's said the positive
outlook nevertheless reflects the longer-term prospects generated
by the transformation plan.

RATINGS RATIONALE

  -- Eurobank S.A.

The primary driver of the BCA of caa1 assigned to Eurobank S.A.,
which is at the same level as the BCA of caa1 previously assigned
to the legacy entity Eurobank Ergasias S.A., is the impact from the
Coronavirus on the Greek economy, despite the significantly
improved asset quality of the new legal entity. Moody's said that
the improved prospects for the bank's future performance that this
transformation confers, currently remain dampened by the potential
negative effects on the Greek economy from the Coronavirus
pandemic. The rating agency expects the tourism sector, which is an
important element of the Greek economy, as well as consumption, to
be significantly hit, while unemployment will likely increase,
although the extent of the damage is still uncertain. Accordingly,
this may delay the bank's recovery plans and improvements in its
financial metrics, constraining its BCA for now.

The transformation plan implemented by the bank, included the
de-risking of its balance sheet through the securitisation of
around EUR6.8 billion of NPEs through the state-sponsored Hercules
Asset Protection Scheme (HAPS). This scheme allows the bank the
retain around EUR2.4 billion of the securitisation's senior notes,
guaranteed by the government, which will be classified as
performing loans in Eurobank S.A.'s books. This securitisation has
reduced the bank's consolidated NPEs stock to around EUR6.2 billion
at the end of March 2020 from around EUR13 billion at December
2019, decreasing its NPEs to gross loans ratio by almost half to
around 15.9% from 29.2%. The bank's BCA also takes into account the
bank's plan to further reduce this ratio to single digit (7%) by
the end of 2021 through a number of different actions, including
more securitisations, potentially through HAPS, loan curing through
restructurings, liquidations and write-offs. Moody's says that it
believes that implementation of these further measures could be
delayed as a result of the Coronavirus, but that if implemented
they could improve further the bank's solvency leading to its asset
quality becoming more aligned with the weighted-average NPE ratio
of 2.9% among EU banks as of September 2019.

The bank's BCA also reflects Moody's expectation of potential
pressure on the bank's profitability this year as all Greek banks'
earnings will be affected by the business closures caused by the
Coronavirus. The bank's plan envisages gradually improving
recurring profitability in the period to the end of 2021, with
higher contribution from fees and commissions, and increased
lending growth on the back of a stronger economy despite pressure
on lending margins. The bank aims to increase its return on
tangible equity to around 10% by the end of 2022 from 4.6% at the
end of 2019, as the cost of risk (CoR) is expected to decline to
around 75 basis points from 170 basis points in December 2019. The
rating agency notes that this plan will be challenging to achieve
in a timely manner, in view of the likely setback on profitability
in 2020.

Moody's assigned ratings also take into consideration the decline
in the bank's capital adequacy that results from this transaction,
and that it will take some time to bring this back to its 2019
levels. The common equity Tier 1 (CET1) ratio on a Basel III
fully-loaded basis of the new legal entity (Eurobank S.A.) will
likely reduce to around 12% and its capital adequacy ratio (CAR) to
around 15.8% by year-end 2020, from 14.6% and 19.2% respectively
reported by Eurobank Ergasias S.A. as of December 2019. The rating
agency notes that the CAR of the new legal entity will still be
above its (SREP) requirement of 11.6% for 2020 (reduced from 14.1%
by the ECB as part of the measures related to the Coronavirus),
although the bank's overall quality of capital and tangible common
equity (TCE) will continue to be undermined by the sizeable volume
of deferred tax credits (DTCs) of around EUR3.8 billion that it
will retain on its balance sheet.

Eurobank S.A.'s ratings also reflect the improvements in funding
and liquidity achieved through its legacy entity, with more
customer deposits and increasingly reducing dependence on market
funding, mainly inter-bank repos and ECB borrowing. The bank's
consolidated deposits increased by a high 14.6% during 2019,
improving its net loans to deposits ratio to around 83% in 2019
from 93% the year before. The bank was also able to reduce its
secured funding, and also its asset encumbrance, by decreasing its
repos with international banks to around EUR4.3 billion in 2019
from EUR5.7 billion in 2018, and its borrowing from the ECB to
EUR1.9 billion in 2019 from EUR2 billion in 2018. However, Moody's
believes that some of the bank's funding plans for 2020-22 will
likely be affected by the fast evolving implications of the
Coronavirus, which will likely increase all Greek banks' capital
markets funding costs.

Eurobank's S.A. long-term deposit ratings of Caa1 are driven by the
rating agency's Advanced Loss Given Failure (LGF) analysis of the
bank's liability structure, assessing the potential loss absorbing
buffer subordinated for each liability class. The bank's deposits
are positioned at the same level as its BCA of caa1, given the
relatively limited subordinated cushion available to absorb losses
in a resolution scenario, mainly in the form of its Tier 2 notes of
EUR950 million. The bank's long-term Counterparty Risk Assessment
(CRA) is positioned at B1(cr), three notches higher than its BCA,
while its long-term Counterpart Risk Ratings (CRRs) is positioned
at B2.

  -- Eurobank Ergasias S.A.

Moody's has also withdrawn the BCA and deposit ratings from the
legal entity Eurobank Ergasias S.A., which had its banking license
revoked by the Bank of Greece and subsequently granted to the new
legal entity Eurobank S.A The legacy entity Eurobank Ergasias S.A.
will be renamed to "Eurobank Holding & Services S.A.", and will act
as the holding company of the group, without undertaking any
banking operations as a stand-alone legal entity.

Accordingly, all relevant deposit ratings, the BCA and other
outstanding ratings are withdrawn by the rating agency, while any
provisional debt ratings linked to the bank's EMTN programme were
also withdrawn. This also applies to the outstanding ratings of the
bank's three funding subsidiaries [including ERB Hellas (Cayman
Islands) Limited, ERB Hellas Funding Limited and ERB Hellas PLC],
which have no real debt outstanding and have been inactive for some
time now. Small amounts of debt that were outstanding in the last
few years have either repaid or redeemed by the bank.

Moody's has decided to withdraw Bank Deposit Ratings, CRRs, CRAs,
Adjusted BCA, BCA, Senior Unsecured MTN, Backed Senior Unsecured
MTN, Subordinate MTN, Backed Subordinate MTN, Backed Other Short
Term and Other Short-Term ratings for its own business reasons.

RATINGS OUTLOOK

The positive outlook on the bank's deposit ratings reflects Moody's
view that the bank's BCA will likely be upgraded once the economic
prospects for Greece improve again and provided that any negative
impact on the bank's asset quality and profitability from the
Coronavirus is manageable. It also considers the rating agency's
opinion that the bank's low ratings incorporate the relevant
downside risks, limiting the potential of any rating pressure at
the Caa1 deposit rating level.

WHAT COULD MOVE THE RATINGS UP/DOWN

Upward pressure on the bank's ratings could arise once economic
conditions normalise and there is evidence that the improvement in
the bank's financial fundamentals delivered by the current
reorganisation and securitisation are sustainable. Also, tangible
improvements in the bank's core profitability and capital will
positively affect its BCA, while any material change in the bank's
liability structure through the raising of senior or subordinated
debt, could also trigger rating upgrades through its Advanced LGF
analysis.

Eurobank's deposit and senior debt ratings could be downgraded in
the event of significant negative impact on the domestic
consumption and economic activity from the Coronavirus, to the
extent that it will materially delay the bank's recovery plan or
cause a deterioration in its underlying financial fundamentals. In
addition, the deposit ratings could be downgraded if the sovereign
rating and Macro Profile for Greece is downgraded or in case the
bank is unable to further reduce its stock of NPEs by 2021-22.

Eurobank S.A. is headquartered in Athens, Greece, with pro-forma
total consolidated assets of EUR64.8 billion in March 2020.

LIST OF AFFECTED RATINGS

Issuer: Eurobank Ergasias S.A.

Withdrawals:

Adjusted Baseline Credit Assessment, previously rated caa1

Baseline Credit Assessment, previously rated caa1

Long-term Counterparty Risk Assessment, previously rated B1(cr)

Short-term Counterparty Risk Assessment, previously rated NP(cr)

Long-term Counterparty Risk Ratings, previously rated B2

Short-term Counterparty Risk Ratings, previously rated NP

Long-term Bank Deposit Ratings, previously rated Caa1, Outlook
Changed to Rating Withdrawn from Positive

Short-term Bank Deposit Ratings, previously rated NP

Other Short-term, previously rated (P)NP

Subordinate MTN Program, previously rated (P)Caa2

Senior Unsecured MTN Program, previously rated (P)Caa1

Backed Senior Unsecured MTN Program, previously rated (P)B1

Backed Other Short-term, previously rated (P)NP

Outlook Action:

Outlook Changed To Rating Withdrawn from Positive

Issuer: ERB Hellas (Cayman Islands) Limited

Withdrawals:

Backed Other Short-term, previously rated (P)NP

Backed Subordinate MTN Program, previously rated (P)Caa2

Backed Senior Unsecured MTN Program, previously rated (P)Caa1

No Outlook assigned

Issuer: ERB Hellas Funding Limited

Withdrawals:

Backed Preferred Stock Non-cumulative, previously rated Ca(hyb)

No Outlook assigned

Issuer: ERB Hellas PLC

Withdrawals:

Backed Other Short-term, previously rated (P)NP

Backed Commercial Paper, previously rated NP

Backed Subordinate MTN Program, previously rated (P)Caa2

Backed Senior Unsecured MTN Program, previously rated (P)Caa1

Backed Subordinate Regular Bond/Debenture, previously rated Caa2

Backed Senior Unsecured Regular Bond/Debenture, previously rated
Caa1, Outlook Changed to Rating Withdrawn from Positive

No Outlook assigned

Issuer: Eurobank S.A.

Assignments:

Adjusted Baseline Credit Assessment, Assigned caa1

Baseline Credit Assessment, Assigned caa1

Long-term Counterparty Risk Assessment, Assigned B1(cr)

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

Long-term Counterparty Risk Ratings, Assigned B2

Short-term Counterparty Risk Ratings, Assigned NP

Long-term Bank Deposit Ratings, Assigned Caa1, Outlook Assigned
Positive

Short-term Bank Deposit Ratings, Assigned NP

Outlook Action:

Outlook Assigned Positive

PRINCIPAL METHODOLOGY

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



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

PRO-GEST SPA: Moody's Cuts CFR to Caa2, Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded Pro-Gest S.p.A.'s
corporate family rating to Caa2 from Caa1, its probability of
default rating to Caa2-PD from Caa1-PD and the rating on the
company's EUR250 million senior unsecured notes due 2024 to Caa3
from Caa2. Pro-Gest is an Italian vertically integrated producer of
recycled paper, containerboard, corrugated cardboard and packaging
solutions. The outlook remains negative.

"The ratings downgrade reflects the spread of the coronavirus
across Italy and Europe and the resulting weakening operating
conditions which will hamper the performance recovery of Pro-Gest,
at least for 2020, at a time when the company's liquidity is
extremely fragile, its performance is already suffering from weaker
volumes and lower prices, and it remains exposed to
regulatory/legal developments related to its Mantova plant and the
payment of the anti-trust fine," says Donatella Maso, a Moody's
Vice President -- Senior Analyst and lead analyst for Pro-Gest.

RATINGS RATIONALE

The rating action reflects the weakening macroeconomic and
operating conditions that the company is facing on the back of the
coronavirus outbreak across Italy and Europe which will hamper the
performance recovery of Pro-Gest in 2020 at the time when its
liquidity is very tight.

While it is difficult to assess the impact at this point in time,
as it depends on the length and severity of the outbreak, Moody's
expects that Pro-Gest's sales volumes could be negatively affected
in 2020 because of its large exposure to Italy, where 90% of its
sales are generated, and to certain cyclical end-markets such as
manufacturing, chemicals and fashion retail, albeit over 66% of
sales derive from more resilient food end-markets. Moody's baseline
scenario currently assumes a 0.5% decline in GDP in Italy in 2020.
Potential fall in sales volumes combined with low selling prices,
which are not showing signs of stabilisation, will only be
partially mitigated by lower energy costs, and will constrain the
recovery in Pro-Gest's operating performance.

Despite the company has successfully achieved a waiver for the
covenants in its EUR75 million mini bonds and EUR59 million loans
outstanding for the December 2019 and June 2020 test dates, Moody's
expects that Pro-Gest will be in breach of covenants at the end of
December 2020, even if it obtains the authorisation to start the
production activities in Mantova, an event which could also be
further delayed given the current restrictions in Italy.

In order to complete the covenant waivers, the company has agreed
to an accelerated amortisation profile for one of the mini bonds
resulting in an incremental EUR7 million repayment to be paid
between March and April 2020, further pressuring an already weak
liquidity. The company relies only on cash on balance sheet cash
and short-term uncommitted lines, as Pro-Gest has not completed a
process to secure any additional external liquidity funding in the
past few months.

Moody's understands that the company is currently seeking
additional sources of liquidity including the disposal of assets,
mostly of one subsidiary company for EUR40 million in 2020 and
EUR18 million in 2022, inventory reduction, factoring or reverse
factoring arrangements for EUR45 million, and the potential equity
injection from a strategic investor. However, there is a high risk
that some of these transactions could be suspended or postponed in
light of the unprecedented environment owing to the coronavirus
outbreak.

Lastly, Pro-Gest might have to start repaying the EUR47.5 million
antitrust fine for engaging in alleged anti-competitive practices
in 20 monthly instalments if it does not obtain a payment
suspension (until the final decision of the Administrative Court).
Moody's notes that the company has already paid EUR2.4 million of
this fine in February.

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 paper
packaging sector could be affected to a degree by this shock given
its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Pro-Gest's credit profile,
including its exposure to Italy and to certain cyclical
end-markets, combined with a challenging trading environment
characterised by low selling prices, have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Pro-Gest 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 Pro-Gest of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

The lack of authorization to produce at its Mantova mill resulted
from environmental issues mainly linked to the building of an
incinerator in the plant. The suspension of operations in Mantova
have led to running costs of around EUR10 million through Q3 2019,
depressing the company's EBITDA. However, Moody's notes that
Pro-Gest has, in its most recent formal proposal, given up the
possibility to build such incinerator in an effort to resolve the
matter and to resume production at Mantova, and the administrative
procedure is ongoing under this assumption. From a corporate
governance perspective, Moody's has factored in the company's weak
liquidity management, at a time when operating performance has
deteriorated.

LIQUIDITY

Moody's considers Pro-Gest's liquidity as very weak. Given the lack
of committed lines, the company relies on the EUR39 million of cash
held on balance sheet and EUR63 million availability under EUR150
million of uncommitted short-term facilities at the end of February
2020 to support its near-term liquidity needs such as mandatory
debt repayments, committed investments, and the payment of the
antitrust fine. Moody's expects that the company will deplete its
cash balance by Q2/Q3 2020, unless it secures additional liquidity
sources, including the envisaged sale of non-core assets, new funds
from committed credit lines or a strategic equity partner.

STRUCTURAL CONSIDERATIONS

The Caa2-PD PDR is in line with the CFR. This is based on a 50%
family recovery rate, as typical for transactions with both bond
and bank debt. The Caa3 rating on the senior unsecured notes due
2024 is one notch below the CFR, reflecting the large amount of
debt sitting at operating subsidiaries that are not guaranteeing
the notes and considered senior to the notes. The capital structure
includes an export credit facility of EUR36 million, medium-and
long-term facilities of EUR48 million, Italian mini bonds of EUR75
million, and finance leases of EUR19.7 million.

The 2024 notes are unsecured and guaranteed by the issuer and
certain subsidiaries, which accounted for 60% of total assets on an
aggregated basis, 79% of consolidated revenue and other income, and
62% of EBITDA (gross of intragroup transactions) as of June 2019.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook on Pro-Gest's ratings reflects the high
uncertainty over any recovery prospects for the company's
performance and liquidity on the back of deteriorating trading
conditions and a heightening risk of near-term default on upcoming
debt service obligations.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward pressure on the ratings is unlikely in the short term but
the outlook on the ratings could be stabilised if the company (1)
sets up a stronger and permanent liquidity platform through
committed credit lines, or other external liquidity sources,
including the completion of the sale of non-core assets by the end
of Q1; (2) obtains the authorization to resume the production
activities in Mantova; and (3) demonstrates signs of improving its
operating performance in a very challenging operating environment.

Downward pressure on the ratings could develop if (1) the company's
performance and liquidity continue to deteriorate, for example if
the company fails to secure additional liquidity sources in the
coming months, or (2) recovery prospects for debtholders weaken in
a potential debt restructuring scenario.

LIST OF AFFECTED RATINGS

Issuer: Pro-Gest S.p.A.

Downgrades:

Probability of Default Rating, Downgraded to Caa2-PD from Caa1-PD

Corporate Family Rating, Downgraded to Caa2 from Caa1

Backed Senior Unsecured Regular Bond/Debenture, Downgraded to Caa3
from Caa2

Outlook Action:

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products Industry published in October 2018.

COMPANY PROFILE

Headquartered in Treviso (Italy), Pro-Gest S.p.A. is an Italian
vertically integrated producer of recycled paper, containerboard,
corrugated cardboard and packaging solutions. The company operates
three recycling plants, six paper mills, four corrugators, eight
packaging plants, and two tissue converting plants or overall 23
production facilities, all located in Italy, and employs over 1,100
people.

For the last twelve months ended September 30, 2019, Pro-Gest
reported core revenue of around EUR450 million and EBITDA of EUR77
million (Moody's adjusted, before the provision for the antitrust
fine). The company is family owned, and Bruno Zago, who founded
Pro-Gest in 1973, is also its CEO.



===================
L U X E M B O U R G
===================

CATLUXE ACQUISITION: Moody's Cuts CFR to Caa1, Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of CatLuxe Acquisition S.a.r.l. to Caa1 from B3, its
probability of default rating to Caa1-PD from B3-PD. Concurrently,
the rating agency has downgraded CatLuxe S.a.r.l.'s senior secured
bank credit facilities, consisting of a EUR215 million Term Loan B
and a EUR45 million revolving credit facility to B3 from B2. The
outlook remains negative on both entities.

"The decision to downgrade Pronovias and maintain the negative
outlook reflects the rapid and widening spread of the coronavirus
outbreak and its expectations that operational disruptions
associated with the outbreak will further weaken the company's
liquidity" said Guillaume Leglise, Moody's lead analyst for
Pronovias and Assistant Vice President.

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 apparel sector
is one of the sectors most significantly affected by the shock
given its sensitivity to consumer demand and sentiment.

More specifically, the closure of many stores across Europe will
likely lead to depressed sales and cash received by the company
over the coming months, potentially lower orders from wholesale
customers and potential supply chain disruptions - around 75% of
its products are manufactured in China, where the coronavirus first
hit. Moody's expects that a deterioration in EBITDA will also lead
to a reduction in the headroom it has under its springing net
leverage covenant. Under this covenant, which is tested when
drawings exceed 40% under the company's revolving credit facility
(RCF), net leverage shall not exceed 9.18x in any quarter (7.6x as
of the end of January 2020).

As of January 31, 2020, the company had very limited liquidity
cushion with only EUR10.8 million of cash and cash equivalents and
EUR4.0 million available under its EUR45 million committed RCF.

Combined with Moody's expectations of negative free cash flow
generation in the next 12 months, the company's liquidity will be
very stretched in 2020, especially given the company's sizeable
working capital swings and seasonality.

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 Pronovias of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

Pronovias' rating takes into account its aggressive financial
policy, which is reflected by its high leverage. Also, the company
has pursued an active acquisition strategy recently, which bears
execution risks. For instance, the recent acquisition of Ladybird
has been financed through debt. Pronovias is owned by a financial
sponsor, and as such, Moody's expects its financial policy to be
shareholder friendly, albeit the company's main shareholder did
inject EUR5 million of equity in January 2020.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Apparel
Methodology published in October 2019.

COMPANY PROFILE

CatLuxe Acquisition S.a.r.l. is an international bridal wear
company with a presence in 95 countries. In 2019, the company
reported net sales and EBITDA of EUR160.6 million and EUR40.5
million, respectively. The company is mostly present in Europe
(around 69% of sales). The company's largest markets are Spain (22%
of sales), followed by Italy (21%) and the US (12.5%).

EURASIAN RESOURCES: Moody's Affirms B2 CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of Eurasian Resources Group S.a r.l. Concurrently, Moody's
has affirmed ERG's B2 corporate family rating and B2-PD probability
of default rating.

RATINGS RATIONALE

The change of ERG's outlook to negative and affirmation of its
ratings primarily reflect Moody's view that the company's leverage
will remain elevated, while start of production and earnings growth
following commencement of Phase 1 of cobalt and copper production
at its RTR processing plant in the Democratic Republic of Congo
(DRC, Caa1 stable) in the end of 2018 and planned commencement of
Phase 2 of this project in Q2 2020 will not be able to offset weak
market fundamentals and extended period of low prices for the
company's core metals: ferrochrome, cobalt and aluminium. In
particular, Moody's expects ERG's leverage to remain above the
downgrade threshold of 5.0x Moody's-adjusted total debt/EBITDA
until at least the end of 2020. Also, despite substantial
improvements in liquidity since summer 2019 with the company
refinancing nearly $0.8 billion debt in December 2019 and fairly
manageable debt coming due in 2020 of about $0.5 billion, current
low commodity prices and a postponement of part of capital spending
into 2021 from 2020 will result in negative free cash flows and a
pick-up in the company's funding needs in 2021 exerting further
pressure on the company's leverage and liquidity from Q4 2020-Q1
2021, unless prices recover.

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 mining sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to demand and sentiment. More
specifically, the weaknesses in ERG's credit profile, including its
exposure to China have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and ERG
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 also reflects the impact on ERG of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

Weakening macroeconomic indicators and global growth expectations
raise concerns over demand for and prices of base metals.
Purchasing manager indexes in the second half of 2019 were
relatively weak as trade tensions between the US and China and
slowing demand globally caused contraction. The US and Europe
hovered around 50 in February 2020 while China's PMI dropped to 35
with the outbreak of the coronavirus in the Chinese city of Wuhan.
With the coronavirus spreading and being deemed a pandemic,
concerns over global economic growth decelerating have only
increased. Moody's global macro outlook 2020-21 (March 2020 update)
indicates simultaneous supply and demand shocks are likely to
materially hurt the global economy, particularly through June 2020.
The revised forecast puts US GDP growth in 2020 at 1.5%, the Euro
area at 0.7%, China at 4.8%, and at 2.1% for the G-20 countries
overall.

As the Kazakhstan government owns a 40% stake in ERG, Moody's
applies its Government-Related Issuers rating methodology. The
company's B2 CFR reflects a combination of (1) a baseline credit
assessment (BCA) of b3, which is a measure of the company's
standalone credit strength; (2) Kazakhstan's (Government of) Baa3
foreign-currency rating; (3) the high default dependence between
ERG and the government; and (4) the moderate probability of
government support in the event of financial distress.

Moody's expects ERG's leverage, as measured by Moody's-adjusted
total debt/EBITDA, to increase to 6.0x as of year-end 2019 from
4.5x a year earlier, because in 2019 the company generated lower
EBITDA than Moody's expected before, driven primarily by lower
ferroalloy, cobalt and aluminium prices and delays in launching
high-margin copper and cobalt production at the RTR project.

ERG's EBITDA and leverage remain sensitive to the volatile prices
of ferroalloys, aluminium, iron ore, copper and cobalt. Under its
base scenario, Moody's expects ERG's Moody's-adjusted EBITDA to
recover only modestly in 2020 from the 2019 level (with the 2019
EBITDA likely to be about 20%-22% lower than in 2018), driven by
the extended period of low prices for the company's main products,
primarily ferroalloys that generated about 47% of its reported
EBITDA in 2019. Moody's does not expect the company's
Moody's-adjusted total debt to decrease in 2020 from its 2019 level
(which is not disclosed by the company publicly) due to break-even
level of free cash flows, which the company is likely to generate.
As a result, leverage is likely to stay above 5.0x and EBIT
interest cover is likely to remain low at 1.5x-1.6x as of year-end
2020, on par with Moody's expectation for this ratio as of year-end
2019.

ERG's BCA takes into account (1) Moody's expectation that ERG's
Moody's-adjusted total debt/EBITDA has the capacity to fall to
below 5.0x after 2020; (2) ERG's high-grade and long-reserve-life
mining assets in Kazakhstan; (3) the company's competitive cost
structure, owing to high-quality mines and efficient processing
plants, particularly in the core ferroalloys business; (4) its high
degree of vertical integration in the alumina/aluminium,
ferroalloys and iron ore concentrate/pellets value chains; (5) its
good operational and product diversification, with several
operating mines and processing facilities in Kazakhstan and, for
copper and cobalt, in the DRC; (6) its solid market position for
ferrochrome globally, and for iron ore and aluminium in EMEA; (7)
its high share of exports in total revenue (more than 90%); (8) its
strong customer base and moderate customer diversification, with 10
largest customers representing 48% of sales; and (9) its improved
liquidity from summer 2019.

The BCA also factors in (1) high sensitivity of ERG's leverage and
liquidity to the volatile prices of commodities; (2) the company's
aggressive financial policy, anticipating high debt-financed
expansionary capital spending along with dividend payouts, although
the company is unlikely to distribute dividends in 2020 for 2019;
(3) high business and event risks in the DRC; (4) execution risks
related to the company's development projects, which are common for
mining companies; (5) ERG's potential need to increase its debt to
finance development investment programme; and (6) uncertainty
regarding the outcome of the pending UK Serious Fraud Office (SFO)
investigation on Eurasian Natural Resources Corporation Ltd's
(ERG's subsidiary) past M&A transactions in Africa.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects currently low commodity prices and
growing risks of recession amid coronavirus outbreak, as well as
Moody's expectation that ERG's leverage will remain elevated
through at least the end of 2020 with its Moody's-adjusted total
debt/EBITDA above 5.0x. The negative outlook does not factor in the
potential negative outcome of the SFO investigation, which Moody's
views as an event risk and would assess separately if it were to
occur.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's could upgrade ERG's ratings if it were to upgrade the
company's BCA, which could be a result of (1) a reduction in the
company's total debt; (2) a decline in Moody's-adjusted debt/EBITDA
below 4.0x on a sustainable basis; (3) positive post-dividend free
cash flow generation on a sustainable basis; and (4) maintenance of
healthy liquidity and building of a track record of prudent
liquidity management. Although not currently anticipated, Moody's
could also consider an upgrade if it were to reassess the
assumptions related to the degree of support from, and dependence
on, the Kazakhstan government, based on potential new factors
indicating stronger support or lower dependence than currently
factored in the rating. The status of the SFO investigation would
also be assessed and taken into account at the time of an upgrade.

Moody's could downgrade the ratings if it were to downgrade the
company's BCA, which could be a result of (1) a further
deterioration of pricing environment and market conditions for the
company's key commodities; (2) the company's Moody's-adjusted
debt/EBITDA remaining above 5.0x on a sustained basis; (3) the
company's EBIT interest coverage declining below 1.5x on a
sustained basis; or (4) lack of improvements in the currently weak
liquidity or liquidity management. A reassessment of the
probability of government support in the event of financial
distress (which currently provides a one-notch uplift to the
rating) to a weaker level would also exert negative pressure on the
rating. A negative outcome of the SFO investigation, resulting in
material fines and penalties and high reputational damage, could
also lead to a downgrade.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

ERG is exposed to environmental, social and governance issues
typical for a company in the mining sector. The environmental risks
include, but not limited to, air, soil and water pollution as a
result of the processes used in the mining, processing and smelting
of metals. Moody's generally views these risks, including water
shortages and man-made hazards, as very high for mining companies.
Such hazards may include wall collapses at the company's open-pit
mines, flooding, underground fires and explosions, and cave-in or
ground falls at underground mines. Another type of hazard common to
the mining industry is the collapse or leakage of tailings dams.

ERG's subsidiary ENRC is subject to the ongoing SFO investigation
with regard to its past M&A transactions and assets in Africa. The
timing and outcome of this investigation, which was opened in 2013,
are uncertain. Moody's views the potential negative outcome of the
investigation as an event risk, and, if it were to materialise,
Moody's would assess the impact on ERG accordingly. Since the time
of the alleged unlawful practices, ERG has completely changed its
management team while its Board of Directors is comprised of five
members, including three founding shareholders and two
representatives of the government of Kazakhstan.

PRINCIPAL METHODOLOGY

The methodologies used in these ratings were Mining published in
September 2018, and Government-Related Issuers Methodology
published in February 2020.

Eurasian Resources Group S.a r.l. is a vertically integrated mining
group with main operating assets in Kazakhstan, the DRC and Zambia,
and a number of development assets in Africa and Brazil. The group
is primarily focused on the mining and processing of ferroalloys,
iron ore, aluminium, copper and cobalt. ERG is one of the world's
largest ferrochrome producers and a major exporter of iron ore in
Kazakhstan. In the last twelve months ended June 2019, ERG
generated revenue of $5.0 billion (2018: $5.4 billion). The
Kazakhstan government is ERG's largest single shareholder with a
40% stake. The company's three founding shareholders, Mr.
Machkevitch, Mr. Ibragimov and Mr. Chodiev, own in aggregate a 60%
stake.



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

HURTIGRUTEN GROUP: Moody's Cuts CFR to B3; On Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Hurtigruten Group AS to B3 from B2 and its probability of default
rating to B3-PD from B2-PD. Concurrently, the rating agency
downgraded to B3 from B2 the ratings assigned to the company's
existing senior secured bank facilities, consisting of a EUR655
million Term Loan B and an EUR85 million revolving credit facility,
as well as the rating of the EUR300 million senior secured note due
2025 recently issued by Explorer II AS, an indirect subsidiary of
Hurtigruten Group AS, the owner of Norwegian cruise operator
Hurtigruten AS. At the same time, Moody's placed the company's
ratings on review for further downgrade. The previous outlook on
the company was negative.

RATINGS RATIONALE

The rating action reflects Moody's expectations that decline in
bookings and increase in cancellations for Hurtigruten's cruises
driven by both coronavirus fears and travel restrictions will lead
to both weakening in the company's credit metrics and pressure on
its liquidity. In its recent announcement on the impact of
coronavirus, Hurtigruten pointed to an approximately 50% drop in
bookings and increase in cancellations beginning in the second week
of March as compared to the prior year. This was followed by a
further statement on the March 18, 2020 announcing temporary
suspension of operations through the end of April 2020. Given the
fluid nature of the pandemic and the resulting travel restrictions,
further deterioration is likely. Although the company indicated
that they were entitled to retain the deposit and that in case of
pandemics and government travel restrictions their insurance could
be applicable, the insurance proceeds are uncertain and could take
time considering that the insurance companies are likely to be
facing many similar claims.

Moody's anticipates Hurtigruten's leverage (debt/EBITDA) to
increase to over 9x in 2020 instead of reducing to below 7x and its
coverage (EBITA/interest) to drop from 2.5x to 1.0x. The agency
further expects Hurtigruten to generate negative free cash flow
(after capex) in the coming years.

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 cruising
sector has been one of the sectors most significantly affected by
the shock given its sensitivity to consumer demand and sentiment.

Moody's expects Hurtigruten's liquidity to remain adequate in the
near term, albeit pressured from the downturn in its earnings. The
company had NOK436 million (EUR43 million) of cash at YE'2019 and
EUR40 million drawn on its RCF although the agency understands that
these drawings were repaid with sale-leaseback proceeds in January.
Moody's notes the presence of a springing covenant on its RCF in
the event of its being drawn over 40%. Whilst Moody's considers the
covenant headroom as comfortable in the near term, this could
rapidly tighten in the event of a sustained sharp fall in EBITDA.

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 Hurtigruten of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

RATIONALE FOR REVIEW

The review will focus on Hurtigruten's ability to preserve its
liquidity during this period of significant earnings decline, the
likely impact on future bookings from the spread of coronavirus in
Europe and North America, as well as Moody's view regarding the
long-term demand profile of the industry.

WHAT COULD CHANGE THE RATINGS DOWN/UP

Although considered unlikely in the near term, Moody's could revise
the rating outlook to stable if Hurtigruten (1) sustains an
adequate liquidity profile and (2) once greater clarity with
respect to cruising demand is available.

Conversely, Moody's could downgrade the ratings if Hurtigruten's
liquidity profile is further weakened or if the company fails to
evidence recovery in bookings and reduction in cancellations,
leading to a potentially unsustainable capital structure.

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

Headquartered in Tromso, Norway, Hurtigruten is a cruise ship
operator that offers cruises along the Norwegian coast, expedition
cruises including the Arctic and Antarctica, as well as land-based
Arctic experience tourism in Svalbard. In 2019, Hurtigruten
reported revenues of NOK5.99 billion and company-adjusted EBITDA of
NOK1.422 billion.



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

AMPHORA INTERMEDIATE: Moody's Cuts Ratings to B3, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded all ratings assigned to
Amphora Intermediate II Limited, Amphora Australia Holdings Pty Ltd
and Amphora Finance Limited to B3 from B2. The outlook on all
ratings is stable.

"The downgrade reflects slower than expected deleveraging due to a
delay in Berri project execution and a high level of restructuring
costs since Carlyle's acquisition." says Egor Nikishin, a Moody's
lead analyst for Accolade.

RATINGS RATIONALE

Accolade reported weaker than expected results in the 6 months to
December 2019 with company reported EBITDA declining to AUD42.1
million from AUD48.7 million in the prior year. Moody's-adjusted
leverage (debt / EBITDA) increased to 7.1x as of December 2019 from
6.6x at June 2019. Delays in the installation of the second line at
Berri facility and IT failures at the newly built warehouse
resulted in additional costs and some lost business during the
Christmas peak trading. The company's UK business was also affected
by a softer trading and discontinuation of the wholesale business
as the company took more prudent approach on the regulatory rules.
Looking into the next 12-18 months Moody's also expects additional
headwinds from the coronavirus outbreak which has temporarily hit
demand for drinking out in China and will likely have some negative
impact in other countries this year. As a result, the rating agency
expects Accolade's leverage to peak at around 7.5x by the end of
fiscal year 2020, ended June 2020 and remain elevated at 6.5-7x
into fiscal 2021.

More positively, the operational difficulties at Berri will likely
be resolved over the next 6 months and the company's bottom line
should benefit from improvements in the cost structure, from the
insourcing of bottling activities in Australia and some additional
improvements in its Accolade Park facility in the UK. In addition,
and beyond the coronavirus outbreak impact, there is a potential
for further growth in China, which represents a developing market
for the group.

Accolade's B3 corporate family rating reflects (1) a highly
leveraged capital structure with December 2019 Moody's-adjusted
leverage of 7.1x; (2) small scale relative to large alcoholic
beverage rated peers; (3) limited geographical diversity with
significant reliance on the UK and Australia; (4) exposure to
foreign currency fluctuations resulting in a volatility in results,
although recent strengthening of GBP will likely result in some
positive translation impact in fiscal 2020; and (5) ongoing
significant restructuring costs that weigh on the cash flow
generation.

The rating also factors in the company's (1) positive market
fundamentals in its geographies and portfolio of well-known brands;
(2) vertically integrated model across supply chain and
packing/bottling facilities; (3) the stable nature of the wine
industry and the low correlation to macroeconomic swings; (4)
potential for free cash flow from 2021 after the major efficiency
projects are completed.

Moody's would like to draw attention to certain governance
considerations related to Accolade. The company is controlled by
Carlyle which, as is common for private equity sponsored deals, has
a high tolerance for leverage and appetite for debt-funded
acquisitions. Moody's also notes that limited audited financial
information has been disclosed to date with the only consolidated
audited accounts for the group being for the 15-months period to
June 2019 and without comparables because in the past Accolade was
reporting separately for two legal entities in Australia and
Europe.

LIQUIDITY

Accolade's liquidity is adequate, driven by AUD125 million
available on the RCF and AUD53 million cash balance as of December
2019. The RCF is subject to a senior leverage covenant at 8.77x,
tested quarterly if more than 40% of the facility is drawn.

However, Moody's expects free cash flow to stay negative for the
next 12-18 month due to lower EBITDA generation as well as ongoing
investments to Berri facility and restructuring. The company's cash
flow is also seasonal with EBITDA over October-December being
traditionally the highest and at its lowest in January-March.
Working capital outflow also hits a high point over January-March
reflecting the harvest season.

STRUCTURAL CONSIDERATIONS

The Probability of Default Rating of B3-PD is in line with the CFR
and reflects a 50% recovery rate. The capital structure includes a
GBP301 million Term Loan and an AUD150 million Revolving Credit
Facility, both senior secured, ranking pari passu, and guaranteed
by at least 80% of Group EBITDA. The B3 instrument rating to the
Term Loan B and RCF is in line with CFR reflecting its position as
the material debt within the capital structure.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that operating
performance will gradually improve after a weak fiscal 2020 and the
Moody's-adjusted leverage will stay between 6.5x and 7x.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure on the rating could materialize as a combination
of (1) stronger free cash flow used for debt repayment, (2)
Moody's- adjusted leverage (gross debt/EBITDA) maintained below 6x
on a sustainable basis and (3) Moody's adjusted EBIT/interest
expense exceeds 1.5x.

Conversely, negative pressure on the rating could materialise if
(1) operating performance further deteriorates resulting in
sustained negative free cash flow or liquidity concerns, (2)
Moody's-adjusted leverage exceeds 7.5x or (3) Moody's-adjusted
EBIT/interest expense declines below 1.0x.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Alcoholic
Beverages Methodology published in February 2020.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Amphora Intermediate II Ltd

LT Corporate Family Rating, Downgraded to B3 from B2

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

Issuer: Amphora Australia Holdings Pty Ltd

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

Issuer: Amphora Finance Limited

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

Outlook Actions:

Issuer: Amphora Intermediate II Ltd

Outlook, Remains Stable

Issuer: Amphora Australia Holdings Pty Ltd

Outlook, Remains Stable

Issuer: Amphora Finance Limited

Outlook, Remains Stable

PROFILE

With reported revenue of close to AUD900 million and company
reported EBITDA of AUD85 million at December 2019, Accolade is the
fifth largest wine company in the world with a leading market
position in Australia and the UK.

FERGUSON MARINE: Administrators Owed GBP1.2 Million
---------------------------------------------------
Greig Cameron at The Times reports that the administrators of
shipbuilding company Ferguson Marine Engineering bought by the
Scottish government are owed GBP1.2 million.

According to The Times, a report by Deloitte shows the costs
charged for its staff working on the insolvency of Ferguson between
August and February.  

Ferguson went into administration in the summer after a long
dispute between it and Caledonian Maritime Assets over a GBP97
million contract to build two new ferries for the islands, The
Times relates.

Ferguson was taken into public hands in December and the bill for
the vessels has soared with estimates suggesting it could reach
GBP250 million, The Times discloses.

Holyrood's rural economy and connectivity committee is conducting
an inquiry into the collapse of the Port Glasgow yard, The Times
notes.


INTU PROPERTIES: Likely to Breach Debt Covenants in July
--------------------------------------------------------
George Hammond at The Financial Times reports that Intu received
less than a third of the rent it was owed by tenants on March 25,
pushing the struggling shopping centre owner closer to collapse and
highlighting the impact coronavirus is having on the UK's largest
commercial landlords.

The company, one of the UK's biggest shopping centre owners, said
it had received just 29% of the rent it was due for the second
quarter of the year, down from 77% for the same period last year,
the FT relates.

According to the FT, Matthew Roberts, chief executive, warned Intu
would need some waivers from its lenders and was likely to breach
its debt covenants in July.  The low rent take meant it was also
facing issues with interest cover, which was 1.67 times at the
company's full-year results on March 12, the FT discloses.

Intu, the FT says, is saddled with more than GBP4.5 billion of debt
and failed in its attempt to raise GBP1.5 billion of equity this
month.



SYSTEM BUILDING: Enters Administration, No Buyer Found
------------------------------------------------------
Business Sale reports that Leicestershire-based System Building
Products Limited has entered administration after a buyer could not
be found.

The company has engaged Conrad Beighton and David Griffiths of
Leonard Curtis Business Rescue & Recovery to act as joint
administrators, Business Sale relates.

In its most recent accounts, to the year ending December 31 2018,
the company saw its turnover triple from just over GBP10 million
the year before to over GBP30 million, with profits of GBP6.3
million, Business Sale discloses.

This followed a restructuring in which the company offloaded
several divisions, Business Sale states.  But, despite the results,
the company faced many challenges that impacted the building
products sector, Business Sale notes.

According to Business Sale, joint administrator Conrad Beighton
said: "The business has faced considerable challenges in the
external building products sector over the last three years but had
continued due to its excellent market goodwill and reputation,
underpinned by significant financial support from its parent
company."

"The company had attempted to secure a sale of the business over
the last few weeks and, despite some genuine interest, potential
acquirers were deterred by the current uncertainty".

The company's 71 staff have been made redundant, Business Sale
states.

System Building Products Limited trades from four sites in
Hinckley, Stafford, St Helens and Worcester.  Its brand include
Omnis and Burgess CEP.


TRAVELEX: Moody's Cuts CFR to 'Ca', Outlook Negative
----------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of a foreign currency exchange specialist TP Financing 3
Limited to Ca from Caa1 and the company's probability of default
rating to Ca-PD from Caa-PD. Moody's also downgraded to Ca from
Caa1 the rating assigned to the EUR360 million 8% senior secured
notes due 2022 issued by Travelex Financing plc, a subsidiary of
Travelex. The outlook on all ratings remains negative.

This rating action follows the announcement by Finablr PLC,
Travelex's parent, on the March 17, 2020 that it was preparing to
undertake contingency planning for a potential insolvency
appointment following an earlier statement on the March 16, 2020 of
the suspension of listing, liquidity pressures, CEO resignation and
the establishment of the Committee of Independent Non-Executive
Directors as well as the appointment of Kroll to undertake an
independent review.

RATINGS RATIONALE

The downgrade to Ca reflects a deepening of the governance and
financial reporting shortfalls affecting Travelex's parent company.
The resignation of the CEO, the appointment of Kroll to undertake
an independent review and planning for a potential insolvency point
to significant weaknesses in terms of oversight, financial
management and operational controls. The rating action also took
into consideration high potential for default in the coming months
and the potential for low recoveries for the bonds which rank
junior to the super senior revolving credit facility in the event
of enforcement.

The downgrade also reflects Moody's view that Travelex's liquidity
is challenged and its ability to address potential covenant
breaches and maintain reliable access to funding is curtailed by
the challenges at its parent company which had historically
provided support. Travelex's weakened performance as a result of
the coronavirus also puts pressure on its liquidity both in terms
of continuing negative free cash flow generation and with respect
to the company's ability to comply with its net leverage covenant
in its revolving credit facility. The uncertainty with respect to
the ultimate ownership of Travelex may also trigger the change of
control provisions in its debt instruments. Positively, Travelex
announced on 18 March 2019 the resignation of its non-executive
directors Dr. B.R. Shetty, Binay Shetty and Abdulrahman Basaddiq
effective 18 March 2020, as well as the resignation of Promoth
Manghat with effect from March 16, 2020.

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 travel sector
has been one of the sectors most significantly affected by the
shock given its sensitivity to consumer demand and sentiment. More
specifically, the weaknesses in Travelex's credit profile,
including its exposure to global travel have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Travelex 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.

Corporate governance is another part of the agency's environmental,
social and governance assessment. While Travelex is not
significantly exposed to environmental risks, both the corporate
governance considerations discussed above and social risks, such as
the recent cyberattack and the resulting damage to Travelex's
brand, play a material role in Moody's analysis.

The negative rating outlook reflects Moody's expectation of
increased pressure on Travelex's performance in the wake of the
coronavirus, as well as the company's challenged liquidity and
covenant compliance.

Although there is no expectation of upward rating pressure in the
near term, the rating could be stabilised if Travelex successfully
addresses its covenant compliance issue and resolves ownership
uncertainty.

Further downward pressure could be precipitated by additional
performance or liquidity deterioration or worsening expectations
regarding recoveries.

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

Domiciled in Jersey, TP Financing 3 Limited, a holding company
owner of Travelex, an independent retail foreign exchange business,
with a wide network of stores (more than 1,500) and ATMs (more than
1,100) concentrated in some of the world's busiest international
airports and tourist locations in 30 countries. The company also
provides wholesale foreign exchange currencies to central banks,
financial institutions and travel agents and has partnerships with
supermarkets, high street banks, travel agencies, hotels and
casinos as a provider of outsourced foreign currency services. For
the first nine months of 2019, Travelex reported statutory revenues
of GBP567 million and statutory EBITDA of GBP134 million (before
exceptional items, as per statutory accounts).

VALARIS PLC: Moody's Cuts CFR to Caa3, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service downgraded Valaris plc's Corporate Family
Rating to Caa3 from Caa1, Probability of Default Rating to Caa3-PD
from Caa1-PD, and senior unsecured notes to Ca from Caa2. The SGL-3
Speculative Grade Liquidity Rating was unchanged. The rating
outlook remains negative.

"The downgrade reflects Valaris' unsustainable debt burden, large
projected negative free cash flow generation that will further
erode liquidity, and the high likelihood of a distressed exchange
or debt restructuring given the low trading prices of its debt,
tightening liquidity, and ongoing pressures from its largest
shareholder to optimize the capital structure," said Sajjad Alam,
Moody's Senior Analyst.

Downgraded:

Issuer: Valaris plc

Corporate Family Rating, Downgraded to Caa3 from Caa1

Probability of Default Rating, Downgraded to Caa3-PD from Caa1-PD

Senior Unsecured Notes, Downgraded to Ca (LGD4) from Caa2 (LGD4)

Issuer: ENSCO International Incorporated

Senior Unsecured Notes, Downgraded to Ca (LGD4) from Caa2 (LGD4)

Issuer: Pride International, Inc.

Senior Unsecured Notes, Downgraded to Ca (LGD4) from Caa2 (LGD4)

Issuer: Rowan Companies, Inc.

Senior Unsecured Notes, Downgraded to Ca (LGD4) from Caa2 (LGD4)

Outlook Actions:

Issuer: ENSCO International Incorporated

Outlook, Remains Negative

Issuer: Pride International, Inc.

Outlook, Remains Negative

Issuer: Rowan Companies, Inc.

Outlook, Remains Negative

Issuer: Valaris plc

Outlook, Remains Negative

Afirmed:

Issuer: Valaris plc

Senior Unsecured Commercial Paper, Affirmed NP

Unchanged:

Issuer: Valaris plc

Speculative Grade Liquidity Rating, Unchanged at SGL-3

RATINGS RATIONALE

Valaris is facing elevated restructuring risk, diminishing
liquidity and poor industry conditions. Additionally, Valaris'
largest shareholder has been pressing the company to improve its
capital structure, which could lead to some form of debt
restructuring. The company has over $6 billion of balance sheet
debt that has an associated annual interest cost of $400 million.
Management also intends to spend $160 million in capex in 2020,
including on rigs that are idle but not generating any revenue. As
a result, negative free cash flow could be in excess of $400
million requiring heavy borrowings on the revolving credit facility
this year.

Additionally, 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 Oilfield Services sector has been one of the
sectors most significantly affected by the shock given its
sensitivity to demand and oil prices. More specifically, the
weaknesses in Valaris' credit profile have left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and Valaris remains vulnerable to the outbreak
continuing to spread and oil prices remaining weak. 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 Valaris' credit quality of the
breadth and severity of the oil demand and supply shocks, and the
broad deterioration in credit quality it has triggered.

Valaris should have adequate near term liquidity, which is
reflected in the SGL-3 rating. While the company had $100 million
in cash and $1.6 billion of availability under its committed
revolving credit facility at December 31, 2019, Moody's expects
less than $200 million in annual EBITDA generation and potentially
$700-$800 million in negative free cash flow through 2021. The
company also has to address a series of debt maturities, including
$123 million in 2020, $113 million in 2021, and $621 million in
2022. Although the company should be able to use the revolver to
refinance the smaller 2020 and 2021 maturities, the company will
need to refinance the $621 million 2022 notes on a permanent basis
given the revolver's maturity in September 2022. Moody's believes
that Valaris has sufficient headroom to comply with the financial
covenants in its credit agreement to maintain access to its
revolver through mid-2021. Valaris still has an unsecured capital
structure and therefore, has the capacity to raise debt on a
secured basis, if capital markets conditions permit.

Valaris' Caa3 CFR reflects its untenable capital structure,
significant ongoing negative cash flow generation and elevated near
term distressed exchange risk. The CFR also considers the weak
fundamentals of the deepwater drilling markets and the high
re-contracting risk Valaris faces beyond 2020. While contracting
activity and dayrates have recovered in shallow water markets since
2018, there is still significant excess rig supply in deepwater and
ultra-deepwater markets. A protracted recovery in floater dayrates
combined with significant maintenance costs associated with idle
rigs will continue to hurt Valaris' earnings and deplete liquidity.
Valaris' primary credit supports include its large and high-quality
rig fleet, excellent diversification across geography, rig types,
and customers, and some contracted backlog, which stood at $2.45
billion as of December 31, 2019.

Valaris' senior unsecured notes are rated Ca, one notch below the
Caa3 CFR given their structural subordination to the revolving
credit facility that benefits from rig-owning operating subsidiary
guarantees.

The CFR could be downgraded in the event of a distressed exchange,
restructuring or bankruptcy filing. The ratings are unlikely to be
upgraded absent a material amount of debt reduction or improvements
to its cash flow situation. The CFR could be upgraded if
fundamental conditions and dayrates in offshore drilling markets
meaningfully improve, enabling the company to achieve interest
coverage of at least 1x and sustainable good liquidity.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Valaris plc is headquartered in London, UK and is one of the
world's largest providers of offshore contract drilling services to
the oil and gas industry.

[*] IoD Seeks Emergency Insolvency Measures to Avert Collapses
--------------------------------------------------------------
Chris Kelsey at Business News Wales reports that the Institute of
Directors is calling for emergency insolvency measures to prevent
widespread company collapses.

Under current laws, the board of directors has a strict duty to
cease trading if the company is facing insolvency, and may face
personal financial or legal liabilities at a later date if they
seek finance instead of doing so, Business News Wales discloses.

According to Business News Wales, the IoD therefore calls on the
Government to relax existing insolvency obligations -- including a
moratorium on the current offence of wrongful trading -- on a
temporary basis in order to prevent a large number of company
collapses.

The IoD is also calling for a temporary suspension of the ability
of creditors to present winding-up petitions, Business News Wales
states.

In these extraordinary circumstances, boards should be allowed to
continue to run their companies even if technically insolvent as a
means of maintaining employment levels and preventing a major
economic downturn, according to Business News Wales.

In addition, they should not hesitate to seek government support if
their business was a viable concern before the onset of the crisis,
Business News Wales notes.  In this environment, maximizing the
ability of creditors to recover funds from a struggling entity
after a lengthy legal process is not the economic priority,
Business News Wales says.




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

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today. Albert Waldo
Snoke was director of the Grace-New Haven Hospital in New Haven,
Connecticut from 1946 until 1969. In New Haven, Dr. Snoke also
taught hospital administration at Yale University and oversaw the
development of the Yale-New Haven Hospital, serving as its
executive director from 1965-1968. From 1969-1973, Dr. Snoke worked
in Illinois as coordinator of health services in the Office of the
Governor and later as acting executive director of the Illinois
Comprehensive State Health Planning Agency. Dr. Snoke died in April
1988.


[*] EUROPE: Airports Lobby to Be Added to Any Airline Bail-out
--------------------------------------------------------------
Nikou Asgari at The Financial Times reports that airports in Europe
are lobbying to be added to any bail-out of airlines, forecasting
they will suffer a EUR14 billion decline in revenue this year
because of the rapid spread of coronavirus and the subsequent
international travel restrictions.

According to the FT, ACI Europe, the airport industry trade body,
forecast that European airports would see 700m fewer passengers in
2020, a decrease in footfall of 28% compared with a "business as
usual scenario".

The estimate assumes that current flight restrictions will be
lifted by the end of April and followed by a gradual recovery in
demand for air travel, the FT notes.

In a letter sent to the European Commission on March 23 and seen by
the Financial Times, ACI urged Brussels to introduce
"comprehensive, inclusive and non-discriminatory support to the
entire aviation ecosystem".

The letter, sent jointly by ACI Europe and the trade bodies for
airline caterers, ground handlers and travel retailers, called on
the Commission and national governments to ensure any support
packages do not benefit one section of the aviation industry "at
the expense of another", the FT relates.

It added that airport operators and other service providers "are as
important as airlines and their staff in the delivery of air
connectivity", according to the FT.

The group is calling for the suspension or deferment of tax
payments and that airlines notify airports of flight cancellations
owing to coronavirus at least eight days in advance, the FT
discloses.

The aviation sector has borne the brunt of the economic disruption
unleashed by coronavirus as numerous countries have banned both
domestic and international travel in attempts to reduce the spread
of the disease, the FT relays.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *