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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

          Tuesday, April 7, 2020, Vol. 21, No. 70

                           Headlines



A U S T R I A

AI ALPINE: Moody's Affirms B3 CFR, Alters Outlook to Negative


A Z E R B A I J A N

[*] Moody's Takes Action on 4 Azeri Banks


B E L G I U M

HOUSE OF HR: S&P Cuts Issuer Rating to 'B', Outlook Negative


C Y P R U S

GLOBAL PORTS: Fitch Affirms BB+ LT IDRs, Outlook Stable


D E N M A R K

SCANDINAVIAN AIRLINES: Egan-Jones Cuts Sr. Unsec. Debt Ratings to C


F I N L A N D

AMER SPORTS: Moody's Cuts CFR to B3, Outlook Negative


F R A N C E

BANIJAY GROUP: Fitch Affirms 'B' LT IDR, Alters Outlook to Neg.
CMA CGM: Moody's Places B2 CFR on Review for Downgrade
ELIS SA: S&P Lowers ICR to 'BB' On COVID-19 Impact, Outlook Neg.
THOM EUROPE: Moody's Cuts CFR to B3, Outlook Negative
VALEO SA: Egan-Jones Lowers Senior Unsecured Debt Ratings to BB+



G E R M A N Y

DEUTSCHE LUFTHANSA: Egan-Jones Cuts Sr. Unsec. Debt Rating to BB-
THYSSENKRUPP AG: Egan-Jones Cuts LC Sr. Unsec. Debt Rating to B+


G R E E C E

NAVIOS HOLDINGS: Egan-Jones Cuts LC Commercial Paper Rating to D
NAVIOS MARITIME: Egan-Jones Cuts Unsec. Debt Ratings to CCC


I R E L A N D

ALLEGION PLC: Egan-Jones Lowers Senior Unsec. Debt Ratings to BB+
APTIV PLC: Egan-Jones Lowers Senior Unsecured Debt Ratings to BB-
CIMPRESS: Moody's Cuts CFR to B1, Outlook Negative
ENDO INTERNATIONAL: Egan-Jones Cuts Sr. Unsec. Debt Ratings to CCC


I T A L Y

BPER BANCA: Fitch Maintains BB LT IDR on Rating Watch Negative
FIAT S.P.A.: Egan-Jones Lowers Senior Unsecured Debt Ratings to BB


L U X E M B O U R G

ALTISOURCE PORTFOLIO: Egan-Jones Cuts Sr. Unsec. Debt Ratings to B
ARDAGH GROUP: Fitch Corrects April 1, 2020 Ratings Release
SUNSHINE LUXEMBOURG: S&P Downgrades ICR to 'B-', Outlook Stable


N E T H E R L A N D S

IPD 3: Moody's Places B2 CFR on Review for Downgrade
NXP SEMICONDUCTORS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
OCI NV: Fitch Affirms BB IDR; Alters Outlook to Negative
ROSE BEACHHOUSE: Moody's Places B2 CFR on Review for Downgrade


R U S S I A

ROSGOSSTRAKH INSURANCE: A.M. Best Affirms B- (Fair) FS Rating


S P A I N

NH HOTEL: Fitch Downgrades LT IDR to B-, Outlook Negative
PAX MIDCO: Moody's Places B1 CFR on Review for Downgrade
SANTANDER CONSUMO 3: Moody's Gives (P)B1 Rating to Class E Notes


S W E D E N

BRA: Applies for Court-Administered Reorganization


S W I T Z E R L A N D

CEVA LOGISTICS: Moody's Cuts CFR to Caa1, Outlook Negative
TE CONNECTIVITY: Egan-Jones Lowers Senior Unsec. Debt Ratings to BB


U K R A I N E

UKRAINE: Egan-Jones Lowers Senior Unsecured Debt Ratings to BB-


U N I T E D   K I N G D O M

B&M EUROPEAN: S&P Lowers Long-Term ICR to 'B+' on Watch Negative
BASSET & GOLD: Put Into Administration Due to Insolvency
COMET BIDCO: Moody's Cuts CFR to B3, On Review for Downgrade
COMPASS III: Moody's Places B3 CFR on Review for Downgrade
EASYJET: May Run Out of Money by August, Founder Warns

INSPIRED ENTERTAINMENT: Fitch Downgrades LT IDR to CCC+
JAGUAR LAND: S&P Downgrades ICR to 'B' On Weaker Credit Metrics
KCA DEUTAG: S&P Lowers ICR to 'SD' on Interest Nonpayment
NMC HEALTH: ADCB Applies to Appoint Administrators for Business
NMC HEALTH: PJT Advises Bondholders Ahead of Debt Restructuring

PINNACLE BIDCO: Moody's Cuts CFR to B3, On Review for Downgrade
RICHMOND UK: Moody's Cuts CFR to Caa1, Outlook Negative
VALARIS PLC: Egan-Jones Lowers Senior Unsecured Debt Ratings to CC
WSH: Owner Files Application to Appoint to Administrators
ZEPHYR MIDCO 2: S&P Lowers Ratings to 'B-' on Delayed Deleveraging


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A U S T R I A
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AI ALPINE: Moody's Affirms B3 CFR, Alters Outlook to Negative
-------------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family Rating
and the B3-PD Probability of Default Rating of Austria-based
distributed power technology company AI Alpine AT BidCo GmbH.
Concurrently, the rating agency downgraded to B3 from B2 the rating
of the senior secured first lien term loan B (TLB) and the $225
million revolving credit facility and affirmed the Caa2 rating of
the EUR264 million equivalent second lien term loan. The outlook on
the ratings has been changed to negative 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 manufacturing
industry 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 INNIO's credit profile,
including its exposure to the commercial & industrial as well the
oil & gas end markets and a weakened capital structure after a
sale-and-lease-back transaction and the subsequent distribution of
an extra dividend have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and INNIO
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. Its action reflects the impact on INNIO of the breadth and
severity of the shock, and the broad deterioration in credit
quality it has triggered.

The outlook change to negative on INNIO'S ratings reflects the
weakened capital structure following the distribution of a EUR150
million dividend to its shareholders in Q4/2019 and Moody's
expectation that the company's operating performance is likely to
weaken over the next quarters with weakening credit metrics,
against its previous expectation of performance and leverage
improvements. The downgrade of the EUR1,339 million equivalent
senior secured first lien term loan B and the $225 million
revolving credit facility mirrors the fact that following the sale
and lease back transaction and in the light of the negative outlook
the cushion provided by the second lien debt is no longer strong
enough to justify the one notch uplift of the first lien debt
against the CFR.

Immediately after closing of the acquisition by funds advised by
Advent International Corporation, a series of projects has been
started to complete the carve-out from GE. As of December 2019
INNIO, reports having exited or given notification on 108 out of
115 service agreements with GE and the organizational structure has
been changed in order to improve customer service. The ramp-up of
the new Waukesha plant in Welland (Canada) is progressing well,
however the term for the shut-down of the old facility in the US
has been extended compared to the initial plan by 12 months until
year-end 2020, alternative options for the previous plant are
currently being considered.

The magnitude of the carve-out work to be done is reflected in the
total amount of EUR105 million of adjustments the company adds to
the reported EBITDA of EUR211 million as of December 2019. In its
analysis the rating agency takes a conservative view and only
considers EUR22 million carve-out costs to be extraordinary, which
leads to a leverage of 9.1x as per Moody's definition.

The B3 Corporate Family Rating continues to be supported by (1) the
leading market position both Jenbacher and Waukesha hold in their
respective niches and a long track-record of reliable products
serving diversified end-markets with select barriers to entry; (2)
the mission critical nature of the products offered and some
tailwind resulting from a structural long-term shift to renewables
which drives demand for Jenbacher's products; (3) the high share of
revenues (c. 50%) generated with service business which has proven
to be more stable than the sale of new equipment and which is a key
contributor to the high margins generated; (4) strong free cash
flow generation capability; and (5) a well invested asset base.

At the same time the rating is constrained by (1) high adjusted
leverage of 9.1x debt / EBITDA based on December 2019 results; (2)
some reliance on the cyclical swings of the oil & gas upstream
business via Waukesha (c. 25% of revenues); (3) the challenge to
complete the transfer of Waukesha's production to the new plant in
Welland and to reap identified cost savings potential as planned,
on time without cost overruns; and (4) limited prospects of
deleveraging below 8.0x over the next 12 to 18 months.

LIQUIDITY

INNIO's liquidity profile is strong. As of December 2019, the
company had EUR68 million cash on balance sheet and almost full
availability under its $225 million revolving credit facility. This
is more than sufficient to cover expected liquidity uses over the
next 12 months including capital expenditures of EUR67 million,
about EUR80 million for the acquisition of Energas in Germany and
two distributors in the US and Mexico and EUR40 million required to
cover working cash net of some minor working capital release. For
December 2020, Moody's estimates INNIO's liquidity to amount to
EUR87 million in its base scenario.

STRUCTURAL CONSIDERATIONS

The rating of INNIO´s EUR1,339 million equivalent first lien
senior secured term loan facility (Facility B) and to the EUR206
million equivalent first lien revolving credit facility (RCF) is in
line with the CFR at B3 (LGD 3), the subordinated EUR264 million
equivalent second-lien facility is rated at Caa2 (LGD6). The credit
facilities, which also include a $157 million first lien
multi-currency guarantee facility, benefit from a guarantor package
including upstream guarantees from operating subsidiaries,
representing at least 80% of group EBITDA. The instruments are
secured by a security package including shares, bank accounts, and
material structural intercompany receivables with priority given to
the first lien credit facilities against the second lien facility.

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

Downward pressure would develop in case of leverage sustainably
exceeding 8.0x debt/EBITDA, interest cover falling below 1.0x
EBITA/interest, sustainably negative FCF or weak liquidity,
exemplified for instance by an extended use of the new revolving
credit facility as a bridge for the former factoring agreement or
by decreasing headroom under the springing financial covenant
Indications of a move towards a more shareholder-friendly financial
policy could also trigger a negative rating action.

Albeit currently unlikely the ratings could be upgraded in case of
a successful completion of the move of Waukesha's production to the
new Welland plant and completion of restructuring measures
indicated by EBITA margin sustainably exceeding 16%. An upgrade
would also require a sustainable leverage reduction to a level well
below 7.0x Debt/EBITDA and strong free cash flow generation leading
to mandatory prepayments of the Term Loan B.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

PROFILE

AI Alpine AT BidCo GmbH, operating under the trade name INNIO, is a
holding company heading the distributed power business carved-out
from GE's Power division in 2018. The group, owned by funds advised
by Advent International is headquartered in Austria. It is offering
mission critical solutions for power generation and gas
compression. AI Alpine AT BidCo GmbH operates under two well-known
brand names: Jenbacher, which accounts for c. 75% of group
revenues, offers reciprocating gas engines for distributed power
generation serving peak load power and backup power needs, an area
which becomes increasingly important with the shift of energy
production to renewable sources; Waukesha, representing the
remaining c. 25% of group revenues, is active in the field of gas
compression for the natural gas industry. Its engines are used for
the production and transmission of natural gas and on-site power
generation for oil and gas producers.



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A Z E R B A I J A N
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[*] Moody's Takes Action on 4 Azeri Banks
-----------------------------------------
Moody's Investors Service took rating actions on four Azeri banks.
Moody's affirmed the Baseline Credit Assessments (BCAs), Adjusted
BCAs and the long-term local and foreign currency deposit ratings
of International Bank of Azerbaijan (IBA), Kapital Bank OJSC, OJSC
XALQ BANK (XALQ), and Joint Stock Commercial Bank Respublika (Bank
Respublika). The outlooks on the long-term local and foreign
currency deposit ratings of IBA were changed to stable from
positive. The outlooks on the long-term local and foreign currency
deposit ratings of Kapital Bank OJSC, XALQ and Bank Respublika were
changed to negative from stable and positive, respectively.

Concurrently, Moody's affirmed the four banks' long-term local and
foreign currency Counterparty Risk Ratings (CRRs) and their
long-term Counterparty Risk Assessments (CR Assessments). The
banks' short-term local and foreign currency deposit ratings and
short-term local and foreign currency CRRs of Not Prime and
short-term CR Assessments of Not Prime(cr) were also affirmed.

RATINGS RATIONALE

The rating actions reflect the deteriorating operating environment
from the coronavirus (COVID-19) outbreak in Azerbaijan, the recent
oil price drop, and the associated downside risks to Azeri banks'
standalone credit profiles. Moody's expects that the spread of the
coronavirus and unprecedented stringent measures taken by the
government of Azerbaijan (Ba2 stable) to stem the spread of
coronavirus will be disruptive to economic activity. These shocks
will be compounded by the oil price collapse, given the importance
of this industry to the country's economy.

Moody's believes that the coronavirus-related restrictions will
likely hit small and medium-sized enterprises (SMEs), as well as
individuals employed in the most affected sectors, in particular,
non-food retail, catering, transportation, tourism and other
services. The BCAs of Azeri banks are particularly exposed to:

  - Worsening asset quality: despite the announced support measures
for economy and SMEs in particular, the rating agency expects a
material increase in problem loans and the cost of risk as
companies and individuals struggle to deal with their sudden change
in economic circumstances;

  - Deteriorating capitalization: the drop in oil prices has
increased the risk of a local currency depreciation which would
inflate the risk-weighted assets (RWAs) of the banks with higher
share of asset dollarization and hence cause a decline in
capitalization.

The negative outlooks assigned to the aforementioned ratings of
Azeri banks (except IBA) reflect the resulting pressure on these
banks' intrinsic financial strength (or BCAs).

  -- IBA

The change of outlook on the bank's local and foreign currency
long-term bank deposit ratings to stable from positive reflects the
relative resilience of IBA's creditworthiness to the aforementioned
external shocks.

The affirmation of the bank's BCA and Adjusted BCA at b3 as well as
local and foreign currency long-term bank deposit ratings at B1
reflects the balanced risk profile of the bank. On the one hand,
IBA is exposed to credit risks stemming from an expected
deterioration of its borrowers' creditworthiness amid a weaker
economic environment and the coronavirus outbreak, as well as
market risks related to its short foreign-currency position at
AZN1.4 billion as of 1 March 2020. On the other hand, the share of
the loan portfolio is relatively limited at about 23% of total
assets as of end-2019, while the largest loans are provided to
state-related companies which may count on state support in case of
need.

Moody's estimates IBA's capital adequacy in terms of tangible
common equity (TCE) to RWA at 33.1% as of end-2019 and considers
its capital cushion along with pre-provision revenue strong enough
to absorb both higher provisioning charges on the loan portfolio as
well as negative revaluation of its short foreign-currency position
in stressed scenario.

  -- Kapital Bank OJSC

In Moody's view high reliance on unsecured consumer lending (73% of
gross loans at mid-2019) exposes the bank to an asset quality
deterioration if economic conditions continue to worsen owing to
either the coronavirus outbreak or a prolonged period of low oil
prices. This is reflected by the change of outlook on the bank's
local and foreign currency long-term bank deposit ratings to
negative from stable.

The elevated credit risks are partially mitigated by (1) the bank's
focus on its existing deposit clientele, including payroll
customers, budget recipients and pensioners with relatively
predictable and stable cash flows; (2) the modest share of net
loans at 36% of total assets at end-2019; and (3) its limited share
of foreign-currency lending (12% of total).

The affirmation of the bank's BCA at b1 also reflects the good
loss-absorption capacity of the bank against the expected pressure
from the worsening environment. The bank posted strong net income
of AZN134.7 million in 2019, which translates into a 3.3% return on
total assets, as well as a high Tier 1 ratio at 14.9% as of 1 March
2020 under local GAAP.

  -- OJSC XALQ BANK

The affirmation of XALQ's B2 deposit ratings and the change of the
ratings outlook to negative from stable reflects, on the one hand,
the high vulnerability of the bank's asset quality metrics to the
potential weakening of the creditworthiness of its borrowers
negatively affected by the coronavirus outbreak and low oil prices,
and on the other hand, the bank's currently solid pre-provision
revenue generation and sound capital adequacy, which are expected
to dampen somewhat the negative effect.

A high 76% of XALQ's loan book was foreign currency-denominated
loans as of 1 February 2020, the highest proportion amongst Moody's
rated banks in Azerbaijan, and the rating agency estimates that
only approximately a half of borrowers have sufficient foreign
currency revenues to match they foreign currency loan repayments,
which makes both XALQ and its borrowers highly vulnerable to the
risks of a devaluation of the Azeri manat in case of a prolonged
period of low oil prices. XALQ has limited exposure to SMEs,
consumer loans and industries most vulnerable to the consequences
of coronavirus outbreak, but approximately 10% of the bank's loans
are issued to trading companies and hotels (including hotel
construction projects). Moody's expects the bank's profitability to
be negatively affected by higher credit losses and net interest
margin contraction. However, the bank' capitalization is solid: its
statutory Tier 1 ratio reported as of February 1, 2019 was 20.4%,
well above the regulatory minimum requirements.

  -- Bank Respublika

The change of outlook on the bank's local and foreign currency
long-term bank deposit ratings to negative from positive reflects
the higher vulnerability of the bank's risk profile to external
shocks largely owing to elevated exposure to borrowers likely to be
more affected, in particular SMEs (55% of gross loans at mid-2019)
and individuals (24%).

The affirmation of the bank's BCA and Adjusted BCA at b3 is driven
by the relatively good loss absorption capacity, strong
underwriting standards, a modest loan book (34% of total assets as
of end-2019) as well as limited foreign-currency lending (16% of
gross loans at end-2019). In 2019, Bank Respublika posted robust
pre-tax net profit of AZN20.4 million and reported a Tier 1 ratio
at 10.3% as of 1 March 2020 under local GAAP.

GOVERNMENT SUPPORT ASSUMPTIONS UNCHANGED FOR ALL AFFECTED BANKS

Moody's considers the probability of government support for IBA's
and Kapital Bank's deposits to remain high, while that for XALQ's
deposits to be moderate. This reflects the first two banks'
respective sizes and systemic importance and results in two and one
notches of uplift, respectively, for these banks' deposit ratings
from their respective BCAs.

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 banks have been
one of the sectors affected by the shock given an expected
deterioration in asset quality, profitability and capital
adequacy.

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 Azeri banks of the
breadth and severity of the shock, and the deterioration in credit
quality it has triggered.

Moody's does not apply any corporate behavior adjustment to Azeri
banks as a part of the rating action, and does not have any
specific concerns about their corporate governance, which is
nevertheless a key credit consideration, as for most banks.

PRINCIPAL METHODOLOGY

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

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

Upgrades in bank deposit ratings are unlikely given the current
negative outlooks (except IBA) and worsened operating environment.
The resilience in loss absorption capacity could enable
stabilization of the rating outlooks in the next 12-18 months.

The ratings could be downgraded or the ratings outlook could be
changed to negative (in the case of IBA) if the financial
fundamentals, namely asset quality, capitalisation and
profitability of the affected banks were to be eroded materially.



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B E L G I U M
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HOUSE OF HR: S&P Cuts Issuer Rating to 'B', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer and issue ratings on House of
HR and its senior secured facilities to 'B' from 'B+'.

The measures being taken to contain the COVID-19 pandemic are
expected to significantly weaken House of HR's credit metrics
compared with our previous forecasts.  House of HR's core
markets--Belgium, Netherlands, Germany, and France--are all are
affected by the ongoing COVID-19 pandemic. Although the measures
taken in each country differ, each is officially mandating various
forms of social distancing. As a result, in the short term,
ordinary economic activity has either ceased or been severely
curtailed.

As a provider of temporary workers across multiple sectors and
disciplines in each country, House of HR's operations are being
materially hampered by the measures being taken by governments to
curb the spread of the virus.

While many of the group's staff and placed workers can work
remotely at close-to-normal levels of productivity, a significant
number of its revenue-generating staff are affected by plant
closures or less-efficient remote working, such that S&P estimates
that the group is operating at about 50% of its normal levels at
present.

It is unclear for how long the present restrictions will remain in
force, or how gradually they will be released. S&P said, "However,
we now expect a material decline in revenue in 2020, and consider
it likely that activity will not return to 2019 levels before 2022.
Although House of HR's flexible cost base, and ability take
advantage of government programs relating to temporary unemployment
measures should help to mitigate the impact of this loss of
activity, we expect the group to try to retain its recruitment
capacity for when more normal activity levels resume. As a result,
we expect materially weaker EBITDA levels and higher leverage in
2020 and 2021, compared with our previous base case. We are
therefore lowering our ratings to 'B' from 'B+', reflecting the
weakened credit metrics over the next two years."

S&P said, "As a result of the anticipated weaker performance, we
expect the group to have limited headroom under its financial
covenants in 2020, heightening the risk of a breach if lower
activity levels persist.  Our forecasted sharp decline in revenue
and EBITDA is also likely to result in tight covenant headroom in
the latter half of 2020. The group is subject to a springing senior
net leverage covenant of 6.0x in its senior secured loan documents,
tested when the facility is 40% drawn. Covenant headroom was
comfortable at the end of 2019, at about 3.8x; however, we foresee
a risk that the group could breach its leverage covenants in the
second half of the year if current levels of activity are sustained
over the coming months."

Although there are remedies available to the group to prevent or
address a breach, should one occur and be enforced, the group would
have insufficient liquidity to cover its short-term requirements,
and we would likely lower the ratings further. Our outlook on the
ratings is therefore negative, to reflect the risk that if current
levels of activity persist beyond our base case, the group's
liquidity position could weaken.

S&P said, "The negative outlook indicates that we could lower the
ratings further if we expect the group to breach its financial
covenants. This could lead to a liquidity shortfall if not
addressed and could happen should current social distancing
measures persist beyond our base-case assumptions. In such a
scenario, the group's ability to prepay its revolving credit
facility (RCF) to below the test condition level could be
constrained.

"We could lower the ratings further if performance is weaker than
we currently expect, resulting in an expected covenant breach
without resolution, such that we anticipate a liquidity shortfall.
We could also lower the ratings if we expected a prolonged economic
downturn to cause free operating cash flow to turn negative.

"We could revise the outlook to stable if we anticipated a material
improvement in operations in the second half of 2020, such that
leverage is forecast to fall comfortably beneath covenant levels."




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C Y P R U S
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GLOBAL PORTS: Fitch Affirms BB+ LT IDRs, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Global Ports Investments Plc's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'BB+'. It has
also affirmed Global Ports Finance PLC's USD700 million senior
secured notes (Eurobonds) and RUB15 billion senior unsecured notes
issued by JSC First Container Terminal at 'BB+'. The Outlooks are
Stable.

RATING RATIONALE

The affirmation reflects GPI's projected Fitch-adjusted net
debt/EBITDAR decreasing below 3.5x by 2022 despite the expected
COVID-19 volume shock in 2020 and the weakening macroeconomic
environment in Russia, including rouble depreciation and low oil
prices. GPI's credit profile benefits from its previous
deleveraging path, strong cash flow generation, sufficient
liquidity to meet short-term needs and reasonable hedging of
exchange rate exposure. GPI has also some financial flexibility to
help offset the expected revenue shortfall.

The Eurobonds' rating is aligned with GPI's consolidated profile,
as the key consolidated operating companies and the holdco
unconditionally guarantee the Eurobonds.

KEY RATING DRIVERS

Coronavirus and Rouble Depreciation Affecting Demand

Under the Fitch rating case (FRC) Fitch factors a significant
volume contraction in GPI's terminals in 2020. The coronavirus
outbreak is leading to an unprecedented impact on global economy,
production and supply chains. At the same time Russia's port sector
is additionally hit by rouble depreciation of around 30% between
January and March 2020 amid the oil price drop to around USD25 from
USD60 per barrel. These macroeconomic conditions may hamper volume
recovery and prolong volume shock after the coronavirus is
contained.

Defensive Measures

GPI has the ability to reduce operating expenses, as shown by its
ability to maintain high EBITDA margins during the 2009 and 2014
crises. Further, Fitch expects reduced capex and no dividends if
there is a prolonged reduction in revenues due to the immediate
shock as well as any ongoing macroeconomic impact.

Sufficient Liquidity

Despite the expected shock in 2020, GPI has sufficient liquidity to
cover the next 18 months' needs. As of the beginning of March, GPI
had USD122 million in unrestricted cash, which mitigates the lack
of committed liquidity lines. Cash and free cash flow comfortably
covers RUB5 billion (around USD65 million) debt maturities in 2020
and RUB10 billion (around USD130 million) in 2021. The most
significant US dollar-denominated Eurobond maturities are in 2022
(USD204 million) and 2023 (USD304 million). Turmoil on the
financial markets makes it challenging at the moment to make
significant placements, but Fitch believes that GPI has sufficient
time to refinance its 2022-2023 bullet maturities well in advance.

Fitch Cases

Its updated FRC assumes yoy substantial traffic losses in 2Q20,
with knock-on effects in 2H20 traffic and a progressive recovery by
2022 to levels broadly similar to 2019. Under FRC volume declines
around 18% yoy in 2020. Fitch also assumes that rouble depreciation
will have a knock on impact on tariffs in US dollar terms in 2020
and slow down traffic recovery in 2021. Fitch also assumes GPI will
take mitigating measures by decreasing capex to 50% of its original
plan for 2020. The FRC does not factor in any shareholder
distributions, in line with GPI's stated zero dividend policy until
2.0x leverage is reached. Fitch also assumes no asset acquisitions.
Variable costs were assumed at 30% of total operating costs.

The Fitch stress case (FSC) is similar to FRC except Fitch applies
higher tariff stress and slower volume restoration after 2020.

Financial Profile

The updated FRC resulted in five-year average leverage of 3.5x with
a spike in 2020 and gradual decrease to below the downgrade
sensitivity of 3.5x by 2022. The FSC results in a similar profile
except leverage decreases more slowly, to 4.1x by 2024.

Risk Assessments

Fitch assesses GPI's revenue risk (volume and price) as 'Midrange',
infrastructure renewal as 'Stronger' and debt structure as
'Midrange'.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Negative Rating Action:

  - Projected Fitch's adjusted net debt/EBITDAR sustainably above
3.5x under the rating case, due to, among other factors, falling
operating cash flows, high shareholder returns, asset
acquisitions.

  - Slower-than-assumed recovery from the COVID-19 shock affecting
the expected credit metrics recovery.

  - Failure to prefund its bullet debt well in advance if
maturities could be credit negative.

Developments That May, Individually or Collectively, Lead to
Positive Rating Action:

  - An upgrade is unlikely, but projected Fitch's adjusted net
debt/EBITDAR sustainably below 2.0x under the rating case
accompanied by shareholders commitment to not re-leverage the group
could result in positive rating action.

BEST/WORST CASE RATING SCENARIO

Ratings of global infrastructure issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of three notches over three
years. The complete span of best- and worst-case scenario credit
ratings for all rating categories ranges from 'AAA' to 'D'. Best-
and worst-case scenario credit ratings are based on historical
performance.

TRANSACTION SUMMARY

GPI is a holding company and the leading container terminal
operator serving Russian cargo flows in the Baltic and the Far-East
basins. The group's main business is container handling. In
addition, the group handles a number of other types of cargo,
including cars and other types of roll-on roll-off cargo and bulk
cargoes. Its three main subsidiaries are the container terminals
FCT, Petrolesport and Vostochnaya Stevedoring Company, which are
100% owned by the group.

The coronavirus pandemic and related government containment
measures worldwide create an uncertain global environment for ports
sector in the near term. While GPI's most recent performance data
may not have indicated significant impairment so far, material
changes in revenue and cost profile are occurring across the EMEA
ports sector and likely to worsen in the coming weeks and months as
economic activity suffers and government restrictions are
maintained or broadened. Fitch's ratings are forward-looking in
nature, and Fitch will monitor developments in the sector for the
severity and duration of the crisis and its impact, and incorporate
revised base- and rating-case qualitative and quantitative inputs
based on expectations for future performance and assessment of key
risks.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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



=============
D E N M A R K
=============

SCANDINAVIAN AIRLINES: Egan-Jones Cuts Sr. Unsec. Debt Ratings to C
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Scandinavian Airlines to C from B. EJR also
downgraded the rating on commercial paper issued by the Company to
D from B.

Scandinavian Airlines, usually known as SAS, is the flag carrier of
Denmark, Norway and Sweden. SAS is an abbreviation of the company's
full name, Scandinavian Airlines System or legally Scandinavian
Airlines System Denmark-Norway-Sweden.




=============
F I N L A N D
=============

AMER SPORTS: Moody's Cuts CFR to B3, Outlook Negative
-----------------------------------------------------
Moody's Investors Service downgraded to B3 from B1 the corporate
family rating of Finland-based sporting goods company Amer Sports
Holding 1 Oy. Concurrently, Moody's has downgraded to B3-PD from
B1-PD the company's probability of default rating, and to B3 from
B1 the ratings on the EUR1,700 million term loan B and the EUR315
million revolving credit facility, both borrowed by Amer Sports'
subsidiary Amer Sports Holding Oy. The outlook has been changed to
negative from stable for both entities.

"The downgrade to B3 reflects the severe and protracted adverse
impact that the coronavirus outbreak will have on Amer Sports'
sales and earnings in 2020, resulting in a sharp spike in its
already elevated leverage," says Igor Kartavov, a Moody's lead
analyst for Amer Sports. "Weakening cash flow generation creates
imminent risks for the company's liquidity, including a likely
breach of its maintenance covenant and a possible cash shortfall in
the second and third quarters of 2020," adds Mr. Kartavov.

RATINGS RATIONALE

The downgrade of Amer Sports' ratings reflects the detrimental
impact that the worldwide spread of the coronavirus outbreak,
particularly across Europe and North America, is having and will
continue to have on the company's business in 2020. Amer Sports'
products are highly discretionary for consumers, and demand for
them is linked to a variety of travelling and sports activities,
which are currently restricted in many of the company's key markets
due to the social distancing measures imposed by governments in
response to the coronavirus. Moreover, over 80% of the company's
products are distributed via offline channels, including sporting
goods chains, specialty retailers, fitness clubs and own branded
stores, most of which have been temporarily shut down.

The impact of the growing spread of coronavirus on Amer Sports'
financial and operating results is currently difficult to estimate
because of the significant pace of negative developments, which
creates uncertainty regarding the duration and severity of
containment measures adopted by various countries.

Moody's base case incorporates the assumption that the company's
revenue in 2020 will decline by over 20% year-on-year. Although the
company is implementing a comprehensive set of measures to reduce
operating costs in response to the deteriorated operating
environment, it will be challenging for the company to fully offset
the sharp decline in revenue in 2020. As a result, Moody's expects
that Amer Sports' leverage, measured by Moody's-adjusted gross debt
to EBITDA ratio, will exceed 10x in 2020, up from an already high
level of 7.9x estimated by the rating agency for 2019. This
increase in leverage mainly results from an abrupt drop in EBITDA,
which Moody's estimates at around 40% year-on-year, assuming a
gradual recovery in sales and earnings in the second half of the
year, which normally accounts for 60% of Amer Sports' annual
revenue and 80% of its EBITDA.

Amer Sports' B3 CFR factors in (1) the company's aggressive capital
structure and very high leverage of 7.9x in 2019, expected to peak
at double-digit values in 2020; (2) uncertainty related to the pace
of recovery in the company's performance after the coronavirus
outbreak is tamed, because of the highly discretionary nature of
its products; (3) weak liquidity, exacerbated by significant
seasonality of earnings and net working capital, and a likely
covenant breach in 2020; and (4) significant capital spending and
marketing expenses required to implement expansion in China, which
put pressure on margins and free cash flow.

The company's rating continues to incorporate (1) its leading
market positions supported by a large and diversified portfolio of
globally recognised brands, and its large scale; (2) its broad
diversification across sports segments and geographies; (3)
favorable long-term demand dynamics in the outdoor and sports
market, with additional growth potential from expansion into the
direct-to-consumer channel of the Chinese outdoor apparel market;
and (4) strategic guidance and potential financial support from
ANTA Sports.

LIQUIDITY

The deterioration in earnings in 2020 creates imminent risks for
the company's liquidity. As of December 31, 2019, Amer Sports had
EUR306 million of cash and EUR119 million available under the RCF.
However, the company has to repay around EUR167 million of legacy
bank loans in the first half of 2020. In addition, part of the
consolidated cash is held at the level of operating subsidiaries
based in emerging markets, and may not be immediately available for
general corporate purposes. The company's business is highly
seasonal, with negative EBITDA and operating cash flow typically
generated in the second quarter of the year. Moody's expects that
the large negative cash flow in the second quarter of 2020,
exacerbated by implications of the coronavirus outbreak, will
require Amer Sports to fully draw down its RCF and will
significantly erode its cash cushion. Moody's also notes the high
uncertainty related to the company's net working capital evolution,
particularly with respect to accumulation of unsold inventories and
accounts receivable from distributors. Amer Sports faces
significant net working capital seasonality, with large outflows in
the third quarter of the year, which will put further stress on its
liquidity.

The company's RCF contains a maintenance covenant of senior secured
net leverage not exceeding 8.0x, tested when the facility is over
40% utilised. Moody's expects that Amer Sports' leverage will
exceed this threshold as of 30 June or 30 September 2020. While the
covenant breach can be remedied via a waiver or an equity cure, the
company has not made any such arrangements so far.

Amer Sports is owned by a consortium led by Chinese sportswear
company ANTA Sports Products Limited (ANTA Sports). Given the size
and strategic importance of this investment for ANTA Sports, as
well as its strong financial position, Moody's considers it likely
that the shareholders may provide financial support to Amer Sports
in case of extraordinary liquidity pressure. Moody's understands
that Amer Sports has already reached an agreement not to make a
EUR11.5 million dividend payment in March 2020 to service the
interest on a loan raised outside of the restricted group. However,
any further support from the shareholders remains uncertain at this
stage.

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
durables sector is one of the sectors most significantly affected
by the shock given its sensitivity to consumer demand and
sentiment. More specifically, the weaknesses in Amer Sports' credit
profile, including its exposure to highly discretionary spending,
have left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions and the company 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 rating action reflects the impact on Amer Sports of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The rating action also incorporates material governance
considerations. Following its acquisition by a consortium of
investors led by ANTA Sports in 2019, Amer Sports delisted from the
Helsinki Stock Exchange and its transparency and public disclosure
are now inferior to those of a listed company. However, Amer Sports
is a sizeable and strategic investment for ANTA Sports. ANTA Sports
has a strong credit profile and has the capacity to provide support
to Amer Sports, in Moody's view.

STRUCTURAL CONSIDERATIONS

The B3 ratings assigned to the EUR1,700 million senior secured term
loan B due 2026 and the EUR315 million senior secured RCF due 2025
are in line with the CFR, reflecting the fact that these two
instruments rank pari passu and represent substantially all of the
company's financial debt. The term loan and the RCF are secured by
pledges over Amer Sports' major brands as well as shares, bank
accounts and intragroup receivables and are guaranteed by the
group's operating subsidiaries representing at least 80% of the
consolidated EBITDA.

The B3-PD PDR assigned to Amer Sports reflects Moody's assumption
of a 50% family recovery rate, given the limited set of maintenance
financial covenants comprising only a springing covenant on the
RCF, tested when its utilization is above 40%.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that the decline in
revenue may be more severe than the rating agency currently
expects, because of the unpredictable nature of the current
operating environment. The negative outlook also reflects Moody's
view that it will be challenging for the company to achieve the
planned cost reduction to the full extent and in a timely way, and
that it may face a significant net working capital absorption,
which will exert additional pressure on its already strained
liquidity. The negative outlook also captures the uncertainty
related to the recovery in Amer Sports' performance beyond 2020,
including its ability to reduce leverage from a very high level
expected in 2020.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of Amer Sports' ratings is currently unlikely, given the
negative outlook, the challenging operating environment and the
uncertainty related to consequences of the company's likely
covenant breach. Positive pressure on the company's ratings might
build up over time if it (1) improves liquidity and maintains at
least moderate headroom against the covenant threshold; (2)
demonstrates a consistent revenue and EBITDA recovery path; (3)
reduces its leverage, measured by Moody's-adjusted gross debt to
EBITDA ratio, towards 6.5x on a sustainable basis; and (4) returns
to positive free cash flow generation.

The ratings could be downgraded further if the company's credit
metrics deteriorate beyond Moody's current expectations or remain
at very high levels beyond 2020, due to more protracted
implications of the coronavirus outbreak or the company's failure
to adjust its cost base in response to an abrupt revenue drop.
Quantitatively, this would translate into Amer Sports' leverage
remaining above 8.0x in 2021. The ratings would come under
immediate negative pressure if the company's liquidity further
deteriorates, such as if the likelihood of cash shortfall increases
or if the covenant breach occurs and is not remedied.

LIST OF AFFECTED RATINGS

Issuer: Amer Sports Holding 1 Oy

Downgrades:

Probability of Default Rating, Downgraded to B3-PD from B1-PD

Corporate Family Rating, Downgraded to B3 from B1

Outlook Action:

Outlook, Changed to Negative from Stable

Issuer: Amer Sports Holding Oy

Downgrade:

Backed Senior Secured Bank Credit Facility, Downgraded to B3 from
B1

Outlook Action:

Outlook, Changed to Negative from Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Domiciled in Helsinki, Finland, Amer Sports is a global sporting
goods company, with sales in 34 countries across EMEA, the Americas
and APAC. Focused on outdoor sports, its product offering includes
apparel, footwear, winter sports equipment, fitness equipment and
other sports accessories. Amer Sports owns a portfolio of globally
recognised brands such as Salomon, Arc'teryx, Peak Performance,
Atomic, Suunto, Wilson and Precor, encompassing a broad range of
sports, including alpine skiing, hiking, running, diving, tennis,
golf and American football. In 2019, Amer Sports generated a
revenue of EUR2.9 billion (2018: EUR2.7 billion) and EBITDA of
EUR286 million (2018: EUR301 million).



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

BANIJAY GROUP: Fitch Affirms 'B' LT IDR, Alters Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Banijay Group SAS's
Long-Term Issuer Default Rating to Negative from Stable and
affirmed the IDR at 'B'. Fitch has also affirmed the senior secured
debt rating of 'B+'/'RR3'/58% of Banijay Entertainment SAS and
Banijay Entertainment Holdings US, Inc. and affirmed the senior
unsecured debt rating of 'CCC+'/'RR6'/0% of Banijay Group SAS.

The Outlook revision reflects its expectations that Banijay's
performance will come under pressure in 2020, with the coronavirus
related confinement measures leading to some disruption of TV
production and the likely postponement of some scripted and
non-scripted shows. It also reflects the uncertainties around the
scale of the impact, in terms of length of production disruption,
pressure on broadcasters' content budgets and the pace of content
production resuming after containment measures fall away. Fitch
believes these uncertainties increase the chance that the pace of
Banijay's deleveraging after the Endemol acquisition is likely to
be slower than Fitch previously projected. Its scenario analysis
shows that Banijay's funds from operations (FFO) net leverage by
the end of 2021 could be above the range commensurate with a 'B'
rating.

Nearly 70% of Banijay's costs are flexible and its ability to
adjust formats to meet commissioned budgets under changing
circumstance should help the company protect its EBITDA margin,
even with revenue declines. Consequently Fitch views Banijay as
less affected than TV broadcasters, which are more exposed to
advertising revenues.

Fitch views Banijay's liquidity as satisfactory in 2020 even with
lower EBITDA and with delays in completing scripted shows and some
disruption of activities leading to likely increases in working
capital outflows. The undrawn revolving credit facility (to date)
of EUR170 million provides additional liquidity resources in the
short term.

Fitch understands the coronavirus crisis has a limited impact on
Banijay's 1Q20 performance given the containment measures in most
European countries only started two weeks ago.

KEY RATING DRIVERS

Production Disruption Affecting Revenue: The recent lockdown
measures following the outbreak of the coronavirus in markets where
Banijay operates will have a potential negative impact on the
company's revenue. Strict containment measures have led to some
production disruptions and postponement of scripted and
non-scripted shows, especially in severely affected countries like
Italy. Fitch expects the impact could lower enlarged Banijay's full
year 2020 revenue by about 12% compared with Fitch's pre-crisis
projection.

Non-scripted Shows Less Affected: Banijay intends to respond to the
contamination risk by adapting its production practices. For
instance, news and talk shows can be shot without studio audiences
and measures are in place to allow the post-production crews to
work from home. However, there may be less flexibility with some
non-scripted formats. Outdoor "adventure" type shows and those
requiring large live audiences could be postponed or even cancelled
depending on the timeframe that the containment measures continue.

Scripted Shows Postponement Risk: Banijay's scripted productions,
which account for about 20% of the enlarged group, are mostly local
productions that are less affected by travel bans compared with
more international productions. However, certain production
postponement caused by containment measures will prolong the
delivery cycle of scripted shows. As scripted productions usually
require higher working capital than non-scripted productions, Fitch
expects an increase in working capital outflows in 2020 to about
3.0% of revenue from the pre-crisis assumption of 1.8%.

The potential delay of scripted shows delivery could mean
postponement of revenues into 2021 but that should not lead to loss
of revenues in the medium term.

Slower Deleveraging Likely: Banijay still has deleveraging capacity
post the Endemol acquisition, helped by acquisition synergies.
However, the weaker performance under its revised rating case in
2020, caused by the uncertainties of the scale of coronavirus
impact, means Fitch now expects a slower pace of deleveraging than
its pre-crisis forecast.

Fitch expects FFO net leverage to decline to 6.3x by end-2021
(previous: 5.9x), assuming most productions will resume in 3Q20.
Fitch expects FFO net leverage to only reduce to 7.1x, which is
above the downgrade sensitivity of 6.5x by end-2021, should the
coronavirus disrupt Banijay's production beyond 3Q20 and have some
impact on profitability in 2021.

Variable Cost Structure Mitigates Margin Pressure: Banijay has a
largely flexible cost structure and about 70% of its total costs
are variable. This reflects the flexible usage of studios for
productions and the high portion of freelancers and short-term
contract staffs in the production teams. Costs being incurred due
to production disruption and postponement of shows put the EBITDA
margin under pressure, which can be partly mitigated by the
flexible cost structure. In its revised rating case Fitch expects a
1.1% lower EBITDA margin in FY20 than its previous no coronavirus
impact base case.

Content Demand Resilient: Fitch believes broadcasters' demand for
TV content will remain resilient amid the coronavirus-related
stress period. With people spending more time at home, there is an
increase in TV viewing hours and greater consumer demand for
content. Demand for Banijay's content is also higher due to the
shortage of live sport content. Although TV broadcasters are facing
lower advertising revenues due to the global economic slowdown,
Fitch expects they will still want to keep an attractive
programming schedule relevant for viewers. The larger content
library of enlarged Banijay, both for scripted and non-scripted
shows, should help meet demand from customers.

Liquidity Remain Satisfactory: Fitch estimates that the expected
EBITDA reduction and higher working capital outflows could lead to
negative free cash flow (FCF) in 2020. However, Fitch expects that
Banijay will have sufficient cash on balance sheet to cover
mandatory interest payments and close FY20 with a cash position of
about EUR70 million after completing the Endemol acquisition in
mid-2020.

The resumption of production once coronavirus related containment
is relaxed should restore cash generation rapidly in 2021. Its
scenario analysis shows that Banijay should not have to use its
EUR170 million undrawn RCF, which provides extra liquidity support
to the company.

Endemol Acquisition Go Ahead: The acquisition of Endemol remains
strategically important to Banijay and the acquisition is on track
for antitrust clearance process. Its revised rating case still
assumes the acquisition of Endemol will close in summer 2020.
Despite the current disruptive situation, Banijay has a good track
record of dealing with smaller acquisitions and executing synergy
plans. Its synergy delivery assumptions for the acquisition are
unchanged.

DERIVATION SUMMARY

After acquiring Endemol, Banijay will be the largest independent TV
production firm globally. Its primary competitors remain as ITV
Studios, Fremantle Media and All3Media. It has a greater proportion
of unscripted content than its peers, although the acquisition of
Endemol will further increase its exposure to scripted content.

Fitch covers several UK and US peers in the diversified media
industry such as Twenty-first Century Fox, Inc. (A/Stable; now
owned by Disney) and NBC Universal Media LLC (A-/Stable; now owned
by Comcast). They are much larger and more diversified, occupy
stronger competitive positions in the value chain and are less
leveraged than the enlarged Banijay. Compared with these investment
grade names, Banijay's profile is more consistent with a 'B'
rating.

KEY ASSUMPTIONS

  - Combined group's revenue to reach EUR2.7 billion in FY20 on a
pro-forma basis (lower than its previous projection of EUR3
billion) reflecting the impact of production disruption and show
postponement. Revenue to rebound rapidly to over EUR3 billion in
FY21

  - On a pre-IFRS16 basis Fitch estimates EBITDA margin to drop to
10.5% in FY20 on weaker revenue and costs incurred over the
production disruption period and recovering back to 12.4% in FY21
(including synergies)

  - Fitch estimates working capital outflows at 3% of revenue in
2020 and normalising to 1.8% afterwards

  - Acquisition-related integration costs estimated at about EUR60
million spread over 2020 and 2021

  - Fitch conservatively assumes run-rate synergies of about EUR40
million a year by 2022, compared with management's target of EUR60
million by 2022.

KEY RECOVERY RATING ASSUMPTIONS

  - Fitch uses a going-concern approach for the enlarged Banijay in
its recovery analysis, assuming that the company would be
considered a going-concern in the event of a bankruptcy
  
  - A 10% administrative claim

  - Post-restructuring going-concern EBITDA estimated at EUR265
million, 25% below its 2020 forecast EBITDA, reflecting distress
caused by loss of top shows

  - Fitch uses an enterprise value (EV) multiple of 5.5x to
calculate a post-restructuring valuation

  - Recovery prospects are 58% for the senior secured debt at
Banijay Entertainment, comprising EUR939 million equivalent of
notes and EUR869 million equivalent of term loan B. In its debt
claim waterfall, Fitch assumes EUR90 million of local facilities
issued by Banijay's non-guarantor subsidiaries and EUR61 million of
factoring rank prior to the senior secured debt. Ranking pari passu
to the senior secured notes and TLB, Fitch assumes a fully drawn
RCF of EUR170 million and EUR39 million of local facilities at
guarantor subsidiaries. EUR400 million of senior unsecured notes
issued by Banijay Group SAS have 0% recovery prospects.

RATING SENSITIVITIES

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

- FFO net leverage trending below 5.5x

  - Continued growth of EBITDA and FCF with continued demand for
non-scripted and scripted content without a significant increase in
competitive pressure

Developments That May, Individually or Collectively, Lead to
revision of Outlook to Stable

  - Evidence of sharp production recovery in 2H20 with very limited
delivery deferral post containment measures lifted
  
  - FFO net leverage below 5.5x by end of 2021

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

  - FFO net leverage trending above 6.5x

  - FFO fixed charge coverage sustained below 2.5x

  - Failure to renew leading shows and delays in increasing
distribution and secondary revenues

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Remains Satisfactory: Fitch expects the enlarged Banijay
to have EUR73 million cash on hand at end-2020 under its revised
forecasts. While FCF is expected to be negative in 2020, Banijay
should have adequate liquidity to absorb additional working capital
requirements caused by production postponements and to service its
debt interest. Additionally, the enlarged Banijay has a fully
undrawn committed RCF of EUR170 million to provide further
liquidity.

Higher liquidity pressure would materialise under its downside
scenario where production disruptions are prolonged into 3Q20.
Under this scenario, Fitch expects the cash balance to reduce to
EUR40 million at end-2020 with the RCF remaining undrawn.

ESG CONSIDERATIONS

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

CMA CGM: Moody's Places B2 CFR on Review for Downgrade
------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family rating
of CMA CGM S.A. on review for downgrade. This also includes the
B2-PD probability of default rating and the Caa1 senior unsecured
ratings. Concurrently, the negative outlook has been changed to
ratings under review.

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 shipping
sector in general and container shipping sector in particular are
dependent on world trade and activity demand for goods from
industrial companies as well as consumers. Given the rapid
development in terms of countries shutting down production and
putting populations in quarantine, it is inevitable that the demand
for container shipping will see contracting volumes from end of
April/beginning of May. Ultimately, the effect on the credit ratios
of European container companies will be dependent on (1) The
ability of the container shipping industry to meet lower volume
with cancelled (blanked) sailings, thus reducing operating costs;
(2) Time until demand picks up again and least but most importantly
(3) The impact on base freight rates.

Moody's notes positively the recent progress on the terminal sale
and successful extension of USD535 million of RCF lines.
Nevertheless, Moody's views CMA CGM's capital structure as too weak
for the current B2 rating, especially factoring in the negative
effects on volumes but potentially also on freight rates, the
review process will focus on (1) CMA CGM's ability to recapitalize
its balance sheet, including raising new equity, alleviating
pressure on liquidity arising from the expected negative effects of
COVID-19; (2) CEVA Logistics potential need for additional
liquidity in order to avoid a covenant breach; (3) the effect on
freight rates stemming from contracting demand and (4) the ability
of the company to mitigate falling demand by cancelling sailings,
thus reducing operating costs and protecting profitability.

ESG CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on the companies of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

PRINCIPAL METHODOLOGY

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

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

Factors that Could Lead to an Upgrade

  - Moody's-adjusted debt/EBITDA would be sustainably below 5.0x
through the cycle

  - Moody's-adjusted FFO Interest coverage (FFO+Interest
expense)/Interest expense would be at or above 3x on a sustained
basis

Factors that Could Lead to a Downgrade

  - Moody's-adjusted debt/EBITDA above 5.5x for a prolonged period
of time

  - Moody's-adjusted FFO Interest coverage (FFO+Interest
expense)/Interest expense below 2x on a sustained basis

  - Weakened liquidity profile

LIST OF AFFECTED RATINGS:

On Review for Downgrade:

Issuer: CMA CGM S.A.

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

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

Senior Unsecured Regular Bond/Debenture, Placed on Review for
Downgrade, currently Caa1

Outlook Actions:

Issuer: CMA CGM S.A.

Outlook, Changed to Ratings Under Review from Negative

CMA CGM is the fourth-largest provider of global container shipping
services. The company operates primarily in the international
containerized maritime transportation of goods, but its activities
also include container terminal operations, intermodal, inland
transport and logistics. For the twelve months ending in September
2019m CMA CGM recorded revenues of $31 billion pro forma for the
acquisition of CEVA Logistics.

ELIS SA: S&P Lowers ICR to 'BB' On COVID-19 Impact, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Elis S.A to
'BB' from 'BB+'.

S&P said, "We expect the COVID-19 pandemic, which has led to
government intervention in the form of social distancing and
closure of many of Elis SA customer sites, will negatively impact
the company's performance in 2020.   27% of Elis' revenue is
generated from hospitality contracts, the majority of which across
Europe have been put on hold. In other sectors, operations are
being increasingly curtailed. Although we anticipate healthcare
activity will remain solid with potential volume increases, it will
not be sufficient to offset the declines across all other segments.
We anticipate revenue decline in 2020 of about 10%, with further
downside if the pandemic continues over a longer period.

"We anticipate the company will proactively reduce costs and
capital spending (capex) to support its credit metrics.   Elis has
already closed a number of its plants across Europe and moved a
significant number of employees to partial unemployment, taking
advantage of the various employee support schemes governments have
put in place. They have also proactively taken additional measures
to preserve cash flow including reducing capex, postponing all
noncontracted mergers and acquisition activity, and cancelling the
planned dividend payment in May 2020. In our revised base-case
scenario, we forecast adjusted debt to EBITDA will increase to over
4.0x in 2020, and funds from operations (FFO) to debt will fall
below 20%. Given the company's exposure to the hospitality sector,
we anticipate a post-crisis rebound in this sector will be more
muted that in other service sectors. However, we anticipate
stability and growth in the healthcare sector, and a rebound in
industry sectors, will result in metrics recovering to about
pre-crisis levels in 2021."

Elis has drawn on its revolving credit facility (RCF) and obtained
a covenant waiver in order to service its upcoming debt maturities.
  Outside of the EUR385 million short term commercial paper
maturities in 2020, Elis has no other material debt maturities
until the EUR900 million RCF matures in 2023. However, as the
company currently have no access to the commercial paper market to
refinance these, it will have to draw on its RCF to do so. Elis
intends to refinance these drawings once the commercial paper
market opens up again, although there is no clarity on when that
might be. As a result, the company obtained a waiver from lenders
of its June 2020 net leverage covenant set at 3.75x because they
project that leverage in June will be 3.7x as of June 2020 (versus
3.2x in December 2019). If the COVID-19 pandemic persists, the
company may be required to seek an additional waiver in December
when the 3.75x net leverage covenant is again tested. If they are
unable to obtain a waiver, the covenant will limit availability
under the RCF.

S&P said, "The negative outlook reflects our view that, although
liquidity is no longer constrained thanks to the waiver of the June
2020 covenant, there remains a risk that the December 2020 covenant
will be breached or the availability of the RCF will be restricted
if the operating environment remains challenging.

"We would consider lowering the ratings if the challenging
operating conditions continue, such that Elis' liquidity is
constrained and we view a covenant breach as likely.

"We could revise the outlook to stable if the effects of the
COVID-19 outbreak are short lived and the operating environment
returns to normal, such that we no longer expect the company's
liquidity will remain constrained or covenant headroom to be
limited over the next 12–18 months."


THOM EUROPE: Moody's Cuts CFR to B3, Outlook Negative
-----------------------------------------------------
Moody's Investors Service downgraded THOM Europe S.A.S.'s corporate
family rating to B3 from B2 and its probability of default rating
to B3-PD from B2-PD. Moody's has also downgraded the instrument
ratings of THOM Europe's EUR90 million RCF maturing in July 2023
and its EUR565 million term loan B maturing in July 2024 to B3 from
B2. The outlook has been changed to negative 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. This shock will
significantly affect the jewellery sector given its discretionary
nature and sensitivity to consumers' confidence.

Because of the Coronavirus outbreak, THOM Europe's leverage will
remain higher than 5.5x for a prolonged period of time, and a level
Moody's considers less commensurate with a B2 rating. Most of its
stores are likely to remain closed for an unknown period of time,
causing meaningful losses that are unlikely to be offset by
stronger online sales. This is despite the announcements by most
European governments of several financial measures to support
corporates, which will help limit the negative effects during the
lockdown period.

Moody's expects THOM Europe's debt/EBITDA ratio will deteriorate in
fiscal year 2021, rising to about 6-7x under Moody's projections,
and its free cash flows (FCF) is likely to turn negative, on a
Moody's-adjusted basis. While results may improve in subsequent
years as the disruption related to Coronavirus subsides, Moody's
expects French and Italian economies to slow down, which will
constrain THOM Europe's earnings growth and cash flow generation.

On the positive side, THOM Europe's liquidity is adequate. It had
EUR83 million of cash in March 2020 and a EUR90 million undrawn
RCF, which matures in July 2023. Apart from the RCF, there is no
significant term debt maturity until July 2024, when the term loan
will mature.

ESG CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its action reflects the impact on Hema of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

STRUCTURAL CONSIDERATIONS

The CFR is assigned to THOM Europe S.A.S., which is the holding
company and the top entity of the restricted group. The capital
structure includes a senior secured Term Loan B worth EUR565
million maturing in July 2024 and a EUR90 million RCF maturing in
July 2023, both rated B3. Under the terms of the loan agreement and
the intercreditor agreement, the RCF and the term loan rank pari
passu. These facilities benefit from a guarantee from guarantors
representing at least 80% of the group's EBITDA. Both instruments
are secured, on a first-priority basis, by certain share pledges,
intercompany receivables, bank accounts and certain trademarks.
However, Moody's cautions that there are significant limitations on
the enforcement of the guarantees and collateral under French law.

The probability of default rating of B3-PD reflects the use of a
50% family recovery assumption, reflecting a capital structure,
including bank debt and loose covenants, with RCF lenders relying
only on one maintenance covenant.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that the coronavirus
outbreak is likely to increase THOM Europe's leverage and weaken
its FCF generation in fiscal year 2020, although the magnitude of
the deterioration remains uncertain so far. Even though sales
should pick up when the epidemic will subside, and the group's
stores reopen, the coronavirus could have longer-lasting negative
effects on customer demand if consumer confidence falls further, or
economic conditions worsen.

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

The rating agency could downgrade THOM Europe if it sustains a
Moody's-adjusted debt/EBITDA above 6.5x, if its Moody's-adjusted
FCF remains significantly negative or if liquidity weakens. Such a
scenario could unfold if stores do not reopen in the coming months
or if economic conditions worsen materially in France or in Italy
over the next 12-18 months.

Although the probability of an upgrade is limited for the moment,
Moody's could upgrade THOM Europe if its Moody's-adjusted (gross)
debt/EBITDA falls below 5.5x on a sustainable basis and its FCF
generation becomes again significantly positive. This could occur
if THOM Europe's sales recover quickly and sustainably at the end
of the coronavirus epidemic, enabling it to grow its EBITDA more
quickly than Moody's currently forecasts.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Headquartered in Paris, France, THOM Europe is one of the leading
jewellery and watch retail chains in Europe, with EUR737 million of
revenue in fiscal year 2019. THOM Europe's business model is based
on directly operated stores, mostly located in shopping malls. Its
main banners — Histoire d'Or, Marc Orian and Stroili — have a
long-established history in France and Italy as generalist
jewellery retailers. As of September 30, 2019, the group directly
operated 1,036 stores and four e-commerce websites.

VALEO SA: Egan-Jones Lowers Senior Unsecured Debt Ratings to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Valeo SA to BB+ from BBB+.

Valeo SA is a French global automotive supplier headquartered in
France, listed on the Paris Stock Exchange. It supplies a wide
range of products to automakers and the aftermarket. The Group
employs 113,600 people in 33 countries worldwide. It has 186
production plants, 59 R&D centers, and 15 distribution platforms.




=============
G E R M A N Y
=============

DEUTSCHE LUFTHANSA: Egan-Jones Cuts Sr. Unsec. Debt Rating to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by Deutsche
Lufthansa AG to BB- from BBB.

Deutsche Lufthansa AG, commonly known as Lufthansa, is the flag
carrier and largest German airline which, when combined with its
subsidiaries, is the second-largest airline in Europe in terms of
passengers carried.


THYSSENKRUPP AG: Egan-Jones Cuts LC Sr. Unsec. Debt Rating to B+
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency senior unsecured rating on debt issued by ThyssenKrupp AG
to B+ from BB-.

ThyssenKrupp AG is a German multinational conglomerate with a focus
on industrial engineering and steel production. The company is
based in Duisburg and Essen and divided into 670 subsidiaries
worldwide. It is one of the world's largest steel producers; it was
ranked tenth-largest worldwide by revenue in 2015.




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

NAVIOS HOLDINGS: Egan-Jones Cuts LC Commercial Paper Rating to D
----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the local
currency commercial paper rating on debt issued by Navios Maritime
Holdings Incorporated to D from C.

Navios Maritime Holdings Incorporated is a global, vertically
integrated seaborne shipping and logistics company focused on the
transport and transshipment of dry bulk commodities including iron
ore, coal, and grain. Navios was created in 1954 by US Steel to
transport iron ore to the US and Europe.


NAVIOS MARITIME: Egan-Jones Cuts Unsec. Debt Ratings to CCC
-----------------------------------------------------------
Egan-Jones Ratings Company, on March 23, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Navios Maritime Acquisition Corporation to CCC from
CCC+.

Navios Maritime Acquisition Corporation is an owner and operator of
tanker vessels. The Company focusing on the transportation of
petroleum products (clean and dirty) and bulk liquid chemicals.
Navios Maritime Acquisition serves customers in Monaco and Greece.





=============
I R E L A N D
=============

ALLEGION PLC: Egan-Jones Lowers Senior Unsec. Debt Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Allegion plc to BB+ from BBB-.

Allegion plc is a Dublin-based provider of security products for
homes and businesses. It comprises thirty-one global brands,
including CISA, Interflex, LCN, Schlage and Von Duprin. The $US2
billion company sells products in more than 130 countries across
the world.


APTIV PLC: Egan-Jones Lowers Senior Unsecured Debt Ratings to BB-
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Aptiv PLC to BB- from BBB.

Aptiv PLC is a Jersey-domiciled auto Parts Company headquartered in
Dublin, Ireland.



CIMPRESS: Moody's Cuts CFR to B1, Outlook Negative
--------------------------------------------------
Moody's Investors Service downgraded all of Cimpress plc's existing
ratings, including the Corporate Family Rating to B1 from Ba3 and
Speculative Grade Liquidity rating to SGL-3 from SGL-1. Moody's
also downgraded all existing ratings at Cimpress subsidiary,
Cimpress USA Incorporated, including the senior secured credit
facility to Ba3 from Ba2. Rating outlooks at Cimpress plc and
Cimpress USA Incorporated were changed to negative from stable. The
rating actions reflect the impact of coronavirus outbreak on
Cimpress operating environment, the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered. Moody's rating actions consider a sharp reduction in
Cimpress' small and micro customers' business activity across all
markets as a result of pandemic, which will translate to a material
decline in Cimpress' earnings and liquidity as well as
deterioration in credit metrics over the next 12-18 months.

Downgrades:

Issuer: Cimpress plc

Corporate Family Rating, Downgraded to B1 from Ba3

Probability of Default Rating, Downgraded to B1-PD from Ba3-PD

Speculative Grade Liquidity Rating, Downgraded to SGL-3 from SGL-1

Senior Secured Bank Credit Facility, Downgraded to Ba3 from Ba2

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from B2

Issuer: Cimpress USA Incorporated

Senior Secured Bank Credit Facility, Downgraded to Ba3 from Ba2

Outlook Actions:

Issuer: Cimpress plc

Outlook, Changed To Negative From Stable

Issuer: Cimpress USA Incorporated

Outlook, Changed To Negative From Stable

RATINGS RATIONALE

The rating downgrade reflects Moody's expectation that the
coronavirus outbreak will diminish the demand for Cimpress print
marketing and consumer products across all of the company's
business lines in 2020, drastically reducing Cimpress revenues and
earnings for the remainder of calendar 2020, as well as the impact
of deteriorating economic conditions and consumer sentiment across
Cimpress' primary North American and European markets. The severe
compression in demand over the next two to four months will likely
be unprecedented. The company delivered strong revenue and earnings
for the year ending December 31, 2019 and Cimpress' liquidity,
financial results and business momentum were strong going into the
pandemic. However, Moody's anticipates that the pandemic and
ensuing economic downturn will lead to a prolonged decline in
earnings and debt-to-EBITDA rising from its current level (3.7x as
of LTM 12/2019) and staying in the 6x-6.5x range, well above 4x
(Moody's adjusted and after expensing capitalized software
development costs) for the next 12-18 months - the threshold that
Moody's previously said could lead to a downgrade. Moody's expects
that economic contraction will hurt Cimpress' customer base, which
primarily consists of small and microbusinesses, particularly hard,
leading to sustained pressure on the operating environment. Cash
flows will decline and leverage will remain at elevated levels due
to diminished earnings, making it very difficult for the company to
return to its target leverage during fiscal year ending June 2021.
The rating is supported by governance considerations, specifically
the company's leverage policy that targets Debt to EBITDA of under
3.5x (bank definition, before Moody's adjustments) and Moody's
expectation that Cimpress will halt its share repurchases to
preserve liquidity, until leverage returns to its target range.
Existing liquidity sources (including a sizable $1,099 million
revolver with approximately $800 availability pro-forma for
February refinancing and $37 million cash balance as of December
31, 2019) combined with meaningful cost cutting measures that
Moody's expects Cimpress to undertake should enable the company to
meet its basic cash needs without obtaining external financing in
the next four quarters assuming a severe contraction through
June-September and slow recovery thereafter.

The company earnings remain highly vulnerable to business and
consumer sentiment. The financial health of its small and
micro-business customers, undermined by the pandemic, will likely
reduce the amount of marketing these companies are willing and able
to spend during the recovery. Combined, these factors will
substantially erode operating performance and pressure the
company's liquidity over the remainder of fiscal year ending June
2020 and in fiscal year ending 2021.

A downgrade of Speculative Grade Liquidity Rating to SGL-3 from
SGL-1 reflects Moody's expectation that Cimpress' internally
generated cash flows will weaken but will still be sufficient to
meet basic cash needs for the next 12 months, reliance on the
revolving credit line will increase materially while the covenant
headroom will be tighter but still adequate to remain in compliance
with the credit facility covenant ratios.

The revision of outlook to negative from stable reflects Moody's
expectation that Cimpress operating performance and credit metrics
will continue to weaken and the numerous risks Cimpress will need
to face as it navigates through the deteriorating macroeconomic
environment over the 12-18 months.

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 business and
consumer services sector, particularly related to small businesses
has been one of the sectors most significantly affected by the
shock given its sensitivity to the health of the economy, and
business activity heavily pressured by plummeting consumer demand
and sentiment. More specifically, the weaknesses in Cimpress's
credit profile have left it vulnerable to shifts in market
sentiment in these unprecedented operating conditions and the
company remains vulnerable to the outbreak continuing to spread. In
response to the federal government's recommendation that public
gatherings should be restricted to ten or fewer individuals due to
the widespread coronavirus pandemic in the United States and
similar policies across the markets where Cimpress operates,
numerous business temporarily closed or drastically cut their
spending. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety.

The ratings could be downgraded if Cimpress' free cash flows are
negative or break-even on a sustained basis such that FCF/Debt is
maintained in the mid-single digit range or below or if earnings
continue deteriorate or debt balance rise such that Moody's expect
Debt/EBITDA to be sustained at 5x or higher. A downgrade could
result if operating performance fails to show steady signs of
recovery in the second half of 2020 as demonstrated by quarter over
quarter revenue growth or Cimpress existing liquidity substantially
weakens and is unable to access additional sources of liquidity to
cover the higher cash outlays. More aggressive financial policies,
as evidenced by a resumption of share repurchases before the
company delevers to its long-term target range would also create a
downgrade pressure on the ratings.

An upgrade is unlikely in the next 12-18 months given the difficult
macroeconomic environment and the negative outlook on the rating.
In the longer term, ratings could be upgraded if debt-to-EBITDA is
sustained below 4x (Moody's adjusted) with conservative financial
policies supportive of leverage remaining at such levels. In
addition, an upgrade will be based on the company's ability to
improve and sustain its organic revenue growth rates in the
mid-single digit percent range and maintain very good liquidity.

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

Headquartered in Dundalk, Ireland, Cimpress plc is a provider of
customized marketing products and services to small businesses and
consumers worldwide, largely comprised of printed and other
physical products. Revenue for the twelve months ended December 31,
2019 was approximately $2.8 billion.

ENDO INTERNATIONAL: Egan-Jones Cuts Sr. Unsec. Debt Ratings to CCC
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Endo International PLC to CCC from CCC+.

Endo International plc is an Irish-domiciled generics and specialty
branded pharmaceutical company that generated over 93% of 2017
sales from the U.S. healthcare system.




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

BPER BANCA: Fitch Maintains BB LT IDR on Rating Watch Negative
--------------------------------------------------------------
Fitch Ratings is maintaining BPER Banca S.p.A.'s (BPER) Long-Term
Issuer Default Rating (IDR) of 'BB' and Viability Rating (VR) of
'bb' on Rating Watch Negative (RWN).

KEY RATING DRIVERS

IDRS, VR AND SENIOR DEBT

The RWN on BPER's Long-Term IDR, VR and debt ratings continues to
reflect downside risk in the short-term given the economic
disruption in Italy following the coronavirus outbreak.

The bank enters the economic downturn from a position of relative
weakness given its still weaker-than-average asset quality, despite
recent progress in reducing impaired loans; capital encumbrance
from their unreserved portion; and the pressure this has had on
operating profitability, including from having to increase loan
loss allowances to be able to dispose of these loans.

Fitch believes the economic and financial market fallout from the
pandemic will likely result in an increased flow of new impaired
loans at the bank and, at the same time, might impair its ability
to deliver on planned impaired loan disposals.

During 2019 BPER's impaired loans fell to 11.1% of total loans,
from 13.9% at end-2018, due to the disposal of around gross EUR1.2
billion of impaired loans and the consolidation of Unipol Banca,
which had better asset-quality metrics. Despite improvements over
the past two years, BPER's impaired loan ratio still lags behind
the domestic industry average of around 8% and remains high by
international standards. This leaves BPER with less room to cope
with increasing asset-quality pressures from a rapidly
deteriorating operating environment and challenge the delivery of
its plans to dispose impaired loans as part of its de-risking
strategy. However, the bank's underwriting discipline and support
measures from the government might partly mitigate the effects of
the economic downturn on future asset-quality ratios.

Fitch's expects BPER's profitability for 2020 to be negatively
affected by weaker business volumes and revenues and rising loan
impairment charges. However, loan impairment charges could be
mitigated by ECB's flexibility in the prudential treatment of loans
backed by public-support measures and the recommendation to avoid
excessive pro-cyclical effects when applying the IFRS 9
international accounting standards. If the Italian economy rebounds
in 2021, BPER would likely benefit from a more diversified revenue
mix than most domestic regional banks, with a higher share of
fee-based services.

Fitch views the bank's capitalisation as a relative rating
strength, given that the bank's capital ratios have moderate
buffers over regulatory requirements. In 2019, capital encumbrance
by unreserved impaired loans improved further to 59% (down from 69%
in 2018), although the latter is still high compared with stronger
domestic peers' and international averages and remains sensitive to
severe asset-quality shocks. Fitch considers it likely that capital
encumbrance by unreserved impaired loans at BPER might increase in
the short-to-medium term.

BPER's funding and liquidity profile, which traditionally benefits
from a loyal deposit base, was strengthened further by the
consolidation of Unipol Banca. The bank's funding structure is less
diversified towards wholesale channels than larger domestic banks'
but has a record of stability during past periods of increased
market volatility when it also experienced deposit inflows from
smaller ailing banks. Access to wholesale market is mainly through
secured issuance. BPER's liquidity adequately covers short-term
maturities.

In February 2020, BPER agreed with Intesa Sanpaolo (BBB/Negative)
to purchase around 400-500 branches resulting from the business
combination of Intesa Sanpaolo and UBI Banca (BBB-/RWP). The
completion of this transaction, which is subject to the success of
the voluntary public exchange offer by Intesa on UBI Banca's
capital, would be transformational for the group as it would
increase its assets by 25%, branches 33% and customers 44%,
strengthening its exposure towards the wealthier northern Italian
regions. This transaction, which is coherent with the bank's
strategy to increase business scale, is expected to be completed by
end-2020.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor reflect Fitch's view
that, although external support is possible, it cannot be relied
upon. Senior creditors can no longer expect to receive full
extraordinary support from the sovereign if the bank becomes
non-viable. The EU's Bank Recovery and Resolution Directive and the
Single Resolution Mechanism for eurozone banks provide a framework
for the resolution of banks that requires senior creditors to
participate in losses, if necessary, instead of or ahead of a bank
receiving sovereign support.

SUBORDINATED DEBT

BPER's subordinated debt (B+/RWN) is notched down twice from the VR
for loss severity to reflect the prospects of below-average
recovery expectations relative to senior unsecured debt, given its
subordination status.

DEPOSIT RATING

BPER's Long-Term Deposit Rating (BB+/RWN) is rated one notch above
the Long-Term IDR to reflect the protection that will accrue to
this debt level from less preferred bank resolution debt and equity
buffers. This is because Fitch expects the bank will comply with
minimum requirement for own funds and eligible liabilities
targets.

RATING SENSITIVITIES

IDRS, VR AND SENIOR DEBT

Fitch expects to resolve the RWN in the near term, when the impact
of the pandemic on the bank's credit profile becomes more
apparent.

BPER's ratings are primarily sensitive to sustained deterioration
in asset quality and earnings, which could ultimately put pressure
on capital, including capital encumbrance from unreserved impaired
loans. The ratings are also highly sensitive to a protracted
weakening of the operating environment in Italy, which would make
its current expectation of an economic recovery in 2021 more
remote.

The ratings could be affirmed at the current levels if the bank
copes effectively with the economic downturn, limiting pressure on
its asset quality, profitability and capital. Fitch sees no
headroom for rating upside until the operating environment
improves.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the Support Rating and upward revision of the Support
Rating Floor would be contingent on a positive change in the
sovereign's propensity to support the bank. In Fitch's view, this
is highly unlikely, although not impossible.

SUBORDINATED DEBT

The subordinated debt rating is primarily sensitive to the same
factors that would affect the bank's VR.

DEPOSIT RATING

The Long-Term Deposit Rating is primarily sensitive to changes in
the bank's Long-Term IDR. The Long-Term Deposit Rating is also
sensitive to the bank meeting its MREL targets.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

FIAT S.P.A.: Egan-Jones Lowers Senior Unsecured Debt Ratings to BB
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 27, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Fiat S.p.A. to BB from BBB-.

Headquartered in, Turin, Italy, Fiat S.p.A., or Fabbrica Italiana
Automobili Torino, was an Italian holding company whose original
and core activities were in the automotive industry, and that was
succeeded by Fiat Chrysler Automobiles NV.




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

ALTISOURCE PORTFOLIO: Egan-Jones Cuts Sr. Unsec. Debt Ratings to B
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Altisource Portfolio Solutions S.A. to B from B+.
EJR also downgraded the rating on commercial paper issued by the
Company to B from A3.

Altisource Portfolio Solutions S.A. is a marketplace and
transaction solutions provider for the real estate and mortgage
industries. The Company's business processes vendor and electronic
payment management software and behavioral science-based analytics
manage outcomes for marketplace participants.


ARDAGH GROUP: Fitch Corrects April 1, 2020 Ratings Release
-----------------------------------------------------------
Fitch Ratings replaced a ratings release published on April 1, 2020
to correct the name of the obligor for the bonds.

Fitch Ratings has assigned Ardagh Group S.A. a Long-Term Issuer
Default Rating (IDR) of 'B+' with a Stable Outlook. Fitch has also
assigned ratings to Ardagh Group subsidiaries super senior and
senior secured debt of 'BB+'/RR1/100%, and its senior unsecured
debt of 'B'/RR5/29%. Fitch has assigned the toggle notes issued by
Ardagh's parent, ARD Finance S.A., a 'B-'/RR6/0% rating.

Ardagh's rating is based on its leading positions in the metal and
glass packaging segment in Europe, North America and Brazil. Fitch
views these markets as mature and competitive but offering stable
demand with virtually no cyclicality. Ardagh has some concentration
to large beverage customers that increased after the disposal of
the food & specialty metal packaging business, but this is
mitigated by strong and long-term relationships with its customers.
Ardagh's operations generate stable earnings and growing cash
flow.

The rating is constrained by high leverage and while Fitch sees
good potential to deleverage given Ardagh's strong cash flow
generation, Fitch expects the company will prioritise further
investments in its operations. As such Fitch expects leverage to
remain well above its main peers.

KEY RATING DRIVERS

High Leverage, Predictable Cash Flow: Ardagh remains highly
leveraged despite the repayment of USD2.4 billion debt using
proceeds of the disposal of parts of metal packaging to Trivium.
Fitch expects pro-forma funds from operations (FFO) adjusted
leverage to be around 7.5x for 2020, which is higher than many
rated peers. Fitch includes the USD1.13 billion and EUR1.0 billion
toggle notes in Ardagh's consolidated debt when calculating Ardagh
Group's leverage and interest cover. Fitch expects some
deleveraging, with FFO adjusted leverage likely to fall to 6x by
2022, mainly due to gradually improving EBITDA and FFO.

Capital Structure Complex: Fitch views Ardagh's financial policy as
aggressive compared with other global packaging companies, and
expects the company to continue to return a higher dividend to its
shareholders than its peers. Ardagh's debt and corporate structure
is more complex than most corporate issuers. Despite this, Ardagh
has demonstrated good access to the debt markets with substantial
refinancing of both group and holding company debt during 2019,
supported by strong capital markets conditions to extend maturities
and lower the cost of debt. Ardagh's maturity profile is
substantially more spread than most rating peers, reducing
refinancing risk.

Near-Term Corona Implications: Fitch expects Ardagh to be
moderately affected by the COVID-19 crisis, primarily due to weaker
demand for glass bottles consumed at restaurants and bars, offset
by potentially stronger household demand. Current financial market
risk during the crisis is offset by Ardagh's satisfactory liquidity
, comprising USD600 million of cash and further supported by a
USD663 million asset based revolving credit facility (all undrawn)
at December 31, 2019.

Continued Organic Growth: Fitch expects Ardagh's revenues to grow
organically at between 1%-2% per year, based on new contracts, with
capex driven by the investment in plants to service new contracts.
Further acquisitions would likely generate higher growth. Demand
for packaging is underpinned by population growth, urbanisation and
higher living standards. There is some risk of replacement between
various types of packaging made from plastics, metal, glass, carton
and composites and all materials can be subject to pressure from
rising raw material prices.

Beverage Sector Resilient: Following the Trivium disposal, Ardagh
will have more exposure to the beverage sector, representing 85% of
revenue. Fitch views the beverage market as highly resilient to
economic cycles as the consumption of beer, drinks, carbonated
soft-drinks or even wines and spirits show limited cyclicality. The
beverage market in Europe and North America is mature, albeit with
little over-capacity which is supportive.

Ardagh's smaller operations in Brazil (6% of sales) offer higher
growth as the market develops. There has been some transition in
the materials used in packaging, with metal cans replacing glass
for conventional beers, primarily in the US.

Strong Business Profile: Fitch views the packaging industry as
being stable in terms of the predictability of margin and free cash
flow. Fitch believes that Ardagh's business risk could support an
investment grade rating with significantly lower leverage. Fitch
views Ardagh's business risk as strong, supported by its scale with
revenue of about USD6.7 billion for the full year 2019, strong
market positions in the US and EMEA, and strategically located
packaging facilities, typically located close to customers to
reduce transportation costs.

Historically Acquisitive: Ardagh has grown quickly since 2007
through continued debt funded acquisitions. Fitch has not factored
further acquisitions into its own forecasts. However, Fitch
believes that higher than expected cash build up could be deployed
to further acquisitions, which would be EBITDA accretive. Fitch
expects Ardagh to maintain a high level of growth capex during 2020
and 2021, reflecting investment in new contracts, which would also
demonstrate a continued improvement in the business risk profile.

Ratings Uplift for Senior Secured Lenders: Fitch expects that
Ardagh will achieve better recoveries on a going concern basis in a
hypothetical default situation. Based on its assumptions of post
recovery EBITDA of approximately USD890 million, using a valuation
multiple of 5.5x, a discount of 10% for administrative claims and
further reduction of the enterprise value to take into account
receivables factoring of USD473 million, Fitch expects superior
recoveries for the super senior and senior secured lenders to
Ardagh Group S.A. and its subsidiaries in a hypothetical default
scenario. This allows Fitch to rate the senior secured debt three
notches above the IDR. Fitch expects the senior unsecured loans
issued by subsidiaries of Ardagh Group S.A. to have below average
recovery prospects, with ratings one notch lower than the IDR at
'B'. Fitch views the toggle notes issued by ARD Finance S.A. as
deeply subordinated, with no prospects recovery, reflected in a
rating two notches lower at 'B-'.

DERIVATION SUMMARY

Ardagh is similar to its main packaging peers (Ball Corporation,
Berry and Crown) in terms of diversification and strong market
positions in its geographic markets. However, it is smaller at
close to half the size in turnover but with EBITDA and FFO margins
in line with these peers. Fitch believes that Ardagh's business
profile is similar to that of Amcor (BBB/Stable) and Stora Enso
(BBB-/Stable), with strong EBITDA margins and good levels of free
cash flow. Ardagh's capital structure is substantially more
leveraged than its peers, resulting in a much lower IDR. Compared
with higher rated packaging related companies Irel/IFCO (B+/Stable)
Ardagh is substantially larger but with weaker EBITDA and FFO
margins.

KEY ASSUMPTIONS

  - Moderate sales growth for continuing Ardagh (excluding Trivium
assets) of 1% in FY20-21, thereafter 2% with contribution from
recent years growth capex

  - EBITDA margin forecast to grow by around 1% from FY20 to FY23
driven by cost savings, better product mix of glass packaging and
growth capex

  - Cash taxes of -10% of EBIT throughout the rating horizon

  - Common dividends of USD11 million paid to equity stakeholders

  - The dividend related to pay interest on the HoldCo PIK Toggle
notes as interest

  - Working capital outflow at around USD40 million per year

  - Capex of around 7%-8% of sales per year including maintenance
capex of USD350 million and growth capex of USD260 million-USD280
million in FY20-21

RECOVERY ANALYSIS

As Ardagh's IDR is in the 'B' rating category, Fitch undertakes a
bespoke recovery analysis in line with its criteria. Ardagh's
strong market positions and strategically located packaging
facilities in its view supports a going concern approach should the
company enter a distress situation.

Valuation and Discount: Fitch has applied an EBITDA discount of 15%
on 2019 EBITDA resulting in a post restructuring EBITDA of USD890
million, which Fitch finds adequately represents Ardagh's recovery
prospects. Fitch applies a 5.5x distressed EV/EBITDA multiple,
which is in line with similarly rated peers.

Outcome: After deducting 10% for administrative claims, Ardagh's
senior secured notes are rated 'BB+'/RR1/100%, its senior unsecured
notes 'B'/RR5/29% and the senior secured notes issued by ARD
Finance S.A. 'B-'/RR6/0%.

RATING SENSITIVITIES

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

  - Positive FCF margins towards mid-single digit of sales on a
sustained basis

  - FFO fixed charge cover sustainably > 3.0x

  - Clear deleveraging commitment and disciplined financial policy
having FFO-adjusted gross leverage sustainably below 5.5x

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

  - EBITDA margin deteriorating to below 15%

  - Neutral free cash flow, thereby reducing financial flexibility

  - FFO fixed charge cover  7.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Fitch views Ardagh's liquidity as satisfactory supported by USD614
million of cash and cash equivalents as of December 31, 2019,
together with access to a USD663 million global asset based RCF
(all undrawn) at December 31, 2019. Fitch restricts USD300 million
cash to reflect intra year working capital swings. Ardagh's
refinancing activity of recent years pushed most of its maturities
to 2026 and beyond, reducing repayment risk. The lower interest
rates on its debt helps support cash flow generation.

Fitch expects positive free cash flow over the rating horizon
driven by (i) modest EBITDA margin expansion, (ii) minimal working
capital outflows and (iii) lower interest expenses due to the
recent refinancing. Although counterbalanced by high capex spending
in FY20-21, Fitch expects Ardagh to generate consistent free cash
flow at around 3% of sales by FY23.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of 3 - ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch considers the USD2.1 billion of toggle notes issued by ARD
Finance as debt included in the Ardagh Group S.A. group as these
notes will be serviced by the cash flow of the group.

SUNSHINE LUXEMBOURG: S&P Downgrades ICR to 'B-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings revised its long-term issuer credit rating on
Sunshine Luxembourg VII (Galderma) to 'B-' from 'B'. S&P also
revised to 'B-' from 'B' our issue rating on the CHF3.5 billion
equivalent senior secured first-lien term loan B and multi-currency
revolving credit facility (RCF) of US$500 million equivalent.

Galderma's deleveraging is not expected to materialize as
originally planned because of the negative economic effects of the
COVID-19 outbreak.  Galderma has a relatively high quantum of
financial indebtedness within its capital structure, leading to
higher sensitivity to any deviation from our original base case.
This translates into limited rating headroom. S&P now forecasts
Galderma to maintain S&P Global Ratings-adjusted debt to EBITDA
above 10x during 2020-2021 while we estimate S&P Global
Ratings-adjusted FFO cash interest coverage at 1.0x-1.5x. This
represents a deviation compared with our previous base case of
adjusted debt to EBITDA of about 10x in 2020, down to 8.5x-8.0x in
2021, and FFO cash interest coverage close to 2.0x over the same
period.

Positively, the company grew during the second half of 2019 and
early in 2020 (before the COVID-19 outbreak) broadly in line with
S&P's original expectation. This testifies to sound management
execution and underlying growth potential when the macroeconomic
environments returns to normal.

S&P said, "We expect the aesthetics division to be the most
affected by the current situation, while the prescription and
consumer divisions will show greater resilience.  Among the
company's three divisions (aesthetics, consumer heath, and
prescription) we expect the aesthetics business (about 35% of total
sales) to be the most negatively affected. This is because majority
of clinics and practices are temporary closed, coupled with the
discretionary nature of products/treatments. The company's key
markets for aesthetics are the U.S., China, and Brazil (accounting
for 60%-65% of total division sales). Furthermore, considering the
aesthetics division has a better margin compared with the group's
average profitability, the overall negative impact on profitability
will be higher.

"We believe that the consumer health (skincare and dermo-cosmetic
products) and prescription (topical and oral drugs against dermo
conditions) divisions are less affected. This is explained by the
nature of the products sold and the status of their distribution
channels (such as supermarkets and pharmacies). Distribution is
expected to remain open during lockdowns, but we foresee delays in
the international roll-out of Cethaphil and the turnaround of
Proactiv (key brands in the consumer division).

"To date, we do not expect major disruptions to the supply chain
although we recognize the situation is evolving fast.  Regarding
the group's supply chain, we understand the situation is
continuously evolving. Galderma has a manufacturing base with
production facilities spread around the world, of which two in
Americas (Brazil and Canada), and three in Europe (France, Germany,
and Sweden), which enables it to cover about 75% of its main market
demand. All facilities are currently producing (although in some
cases at a reduced speed). The group does not anticipate short-term
problems with supply or stocks of raw materials, except for a few
specific stock-keeping units. Galderma has about three months of
stock of finished goods for the prescription and consumer business,
and slightly less for aesthetics.

"The stable outlook reflects our expectation of FFO cash interest
coverage staying around 1.0x-1.5x and the liquidity profile
remaining adequate. For the fiscal year 2020 we assume a material
reduction in earnings and cash flow generation with a gradual
recovery from 2021.

"We could lower the rating if FFO cash interest coverage falls
permanently below 1.0x or if liquidity comes under additional
pressure (including an increasing risk of covenant breach). This
could stem from a prolonged disruption related to COVID-19 on the
demand and/or supply side. This could progressively lead to an
unsustainable capital structure mainly because of the significant
debt amount.

"We could raise the rating if the leverage ratio falls below 10x
coupled with our expectation of a clear deleveraging path
approaching 8.0x and below. We would also need to see Galderma
posting adjusted FFO cash interest coverage above 2.0x. This
scenario could result from COVID-19 receding quickly over the next
few months with a sound economic rebound immediately after. Under
such circumstances, we would expect Galderma to effectively manage
the roll-out of the Cethaphil brand and the turnaround of Proactiv,
as well as see its aesthetics business effectively penetrate
emerging markets."




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

IPD 3: Moody's Places B2 CFR on Review for Downgrade
----------------------------------------------------
Moody's Investors Service has placed on review for downgrade the B2
corporate family rating of IPD 3 B.V., a leading European B2B
information provider and event's organizer. Concurrently, Moody's
has placed on review for downgrade the B2 rating on the EUR475
million senior secured notes due 2022 and the EUR175 million senior
secured floating rate notes due 2022 issued by IPD 3 B.V. The
outlook on the ratings was changed to rating under review from
stable.

"Moody's has placed IPD's ratings on review for downgrade because
Moody's expect a deterioration in the company's operating and
financial performance driven by the cancellations and postponements
of trade and exhibition shows over the next two quarters owing to
the coronavirus outbreak in its main European markets," says Victor
Garcia Capdevila, a Moody's AVP-Analyst and lead analyst for IPD.

"We also anticipate some revenue and profitability contraction in
the business-to-business information business over the coming
months due to the unprecedented shock that the coronavirus will
cause to the global macroeconomic environment, although this
business has proved to be more resilient in previous economic down
cycles due to its subscription-based model," adds Mr. Garcia.

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 contingency measures taken by public authorities and the
private sector to avoid the spreading and contagion of the
coronavirus, such as social distancing and travel are leading to
the cancellation and postponement of exhibitions and trade shows
around the world, affecting IPD's exhibition business which
generates 17 % of the company's revenues.

Moody's also expects a contraction in revenue and EBITDA in the
Information and Insights division as a result of the expected sharp
fall in business activity across advanced economies in the first
half of 2020.

Moody's expects that most of the revenue in the exhibitions
business originally expected in Q2 2020 and Q3 2020 will be lost,
while in Q4 2020, when this business generates around 43% of annual
sales, the company is likely to suffer a reduction in revenue
compared to last year.

The expected deterioration in operating performance will likely
lead to a rise in leverage above the 6x threshold that Moody's
requires for the B2 rating category.

The increase in leverage is partially mitigated by the acquisition
of Haynes Publishing Group P.L.C (Haynes), a multi-national
supplier of content, data and workflow solutions for the automotive
industry based in the UK. The transaction is expected to close
within the next two months for a total cash consideration of GBP115
million, fully funded with IPD's existing cash balances. In the
fiscal year ending in May 2019, Haynes reported revenue and EBITDA
of GBP36 million and GBP13 million, respectively.

Moody's also expects that IPD's liquidity will weaken, owing to the
lower cash generation caused by the cancellation and postponement
of some events, negative working capital movements and the large
cash outflow related to the acquisition of Haynes. Moody's also
anticipates IPD's revolver to be largely drawn over the next two
quarters.

IPD's liquidity profile is supported by a EUR55 million cash
balance and strong free cash flow generation prospects of around
EUR40 million in 2020. The EUR70 million SSRCF is currently fully
utilized. While under the current scenario Moody's expects IPD's
liquidity to remain sufficient, visibility in terms of operating
performance and swings in liquidity availability is fairly low.

The review process will focus on (1) the degree to which the spread
of the coronavirus across its key countries of operation will
affect the company's operating and financial performance, and (2)
the measures that the company may take to adapt to lower activity
volumes, and to preserve its liquidity.

Moody's expects to conclude the review within the next three
months.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Social and governance factors are important elements of IPD's
credit profile.

The business and consumer services sector has been significantly
affected by coronavirus outbreak given its sensitivity to consumer
demand and sentiment. More specifically, the weaknesses in IPD's
credit profile, including its large exposure to France have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and IPD 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. Its action reflects the
impact on IPD of the breadth and severity of the shock, and the
broad deterioration in credit quality it has triggered.

IPD's ratings also factor in its private equity ownership, its
financial policy, which is tolerant of relatively high leverage,
and its proven appetite for inorganic growth. At the same time, the
group has a good track record of integration of acquisitions.

STRUCTURAL CONSIDERATIONS

The B2 rating on the EUR650 million senior secured notes, in line
with the company's CFR, reflects the notes' second priority ranking
in the company's capital structure, behind only a moderate number
of first-ranking claims related to the super senior revolving
credit facility (SSRCF). The notes benefit from a security package
over shares only and are guaranteed by a group of subsidiaries,
representing no less than 75% of the consolidated group's adjusted
EBITDA. The B2-PD probability of default rating, at the same level
as the CFR, reflects Moody's assumption of a 50% recovery rate, as
is customary for bond and bank-debt capital structures.

IPD is subject to a springing covenant to be tested when drawings
under the EUR70 million SSRCF exceed 40% of the total. The
condition to be met when this covenant is tested is that
consolidated adjusted EBITDA is equal or greater than EUR54
million.

The company's capital structure contains a EUR195 million
shareholder loan accruing interest at a rate of 9% and due in 2026.
This instrument receives 100% equity credit under Moody's hybrid
methodology.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings are currently under review for downgrade.

Prior to the ratings review process, Moody's said that negative
pressure on the ratings could materialize if Moody's-adjusted gross
leverage increase towards 6.0x as a result of a softening in the
demand for IPD's products or in case of a deterioration in the
liquidity profile as a result of a weakening operating performance
or an aggressive M&A strategy.

Prior to the ratings review process, Moody's said that positive
ratings pressure could result if IPD achieves a mid-single-digit
revenue growth in percentage terms and Moody's-adjusted gross
leverage declines below 4.75x on a sustained basis.

LIST OF AFFECTED RATINGS

Issuer: IPD 3 B.V.

On Review for Downgrade:

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

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

Senior Secured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B2

Outlook Action:

Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

InfoPro Digital is a European B2B information company focusing on
industry-specific information platforms: (1) Information and
Insights; (2) software, data and leads division; and (3) global
trade shows. The company generated acquisition-adjusted revenue of
EUR448 million and acquisition-adjusted EBITDA of EUR128 million in
the last 12 months to September 2019.

NXP SEMICONDUCTORS: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by NXP Semiconductors N.V. to BB from BB+.

NXP Semiconductors N.V. is American Dutch semiconductor
manufacturer with dual headquarters in Eindhoven, Netherlands and
Austin, Texas. The company employs approximately 31,000 people in
more than 35 countries, including 11,200 engineers in 33 countries.
NXP reported revenue of $9.4 billion in 2018.


OCI NV: Fitch Affirms BB IDR; Alters Outlook to Negative
--------------------------------------------------------
Fitch Ratings has revised the Outlook on OCI N.V.'s Long-Term
Issuer Default Rating (IDR) to Negative from Stable and affirmed
the IDR at 'BB'. Fitch has simultaneously upgraded the senior
secured rating on OCI's notes due 2023 to 'BB' from 'BB-' and
assigned a final senior secured rating of 'BB' to the notes due in
2024.

The Negative Outlook reflects Fitch's view that leverage could
remain above its 4.5x negative sensitivity until 2021. While Fitch
expects the fertiliser market to demonstrate some resilience amid
the COVID-19 pandemic, the full impact of the weaker macroeconomic
environment on fertiliser and methanol markets in 2020-21 is
uncertain. This will determine the pace of OCI's debt repayment.
For the 2020 forecasts, Fitch includes an increase in volumes on
the back of lower turnarounds, higher utilisation rates, full year
contribution of ADNOC's Fertil assets (only one quarter
contribution in 2019) and debottlenecking at one of its
subsidiaries (OCI Beaumont). However, disruptions to trading routes
following the quarantine measures implemented by many countries and
labor shortages remain possible and may offset the volumes
ramp-up.

With funds from operations (FFO) net leverage at 7.3x at end-2019,
the group has no headroom under the 'BB' rating to face unexpected
operational challenges. However, OCI's IDR continues to incorporate
a solid business profile supported by a low cost position,
well-invested and efficient asset base and favourable locations of
assets.

Prior ranking secured debt at operating subsidiaries declined to
USD2.0 billion in FY19 from USD2.6 billion in FY18, supporting a
reduction in structural subordination risk for debt holders at the
OCI N.V. level (holdco). The average recovery prospects for the
noteholders underpin the alignment of the senior secured rating
with the IDR.

KEY RATING DRIVERS

Weak 2019 Results: An immaterial reduction in net debt together
with a decline in profitability and cash flow generation increased
FFO net leverage to 7.3x in FY19 from 4.7x in FY18. Lower realised
prices, resulting from a weather-related decrease in fertiliser
demand, and planned and unplanned shutdowns resulted in the EBITDA
margin declining to 20.2% (28.7% in FY18) and the FFO margin
reducing to 10% (18% in FY18).

Delayed Deleveraging: Fitch forecast a reduction in FFO net
leverage to 6.3x in FY20 and 4.3x in FYE21, on the back of higher
volumes (25% capacity increase compared with 2019) and improved
free cash flow generation (USD140 million in FY20 vs USD9 million
in 2019), partially offset by increased dividends to minorities.
However, the pace of deleveraging could be hampered by the global
economic slowdown should this negatively impact demand for crops in
2021 and farmers' ability to secure credit for the 2020 fall
planting season.

Post 2020, as prices recover, dividends from NatGasoline (equity
accounted JV with Consolidated Energy Limited) partly offset the
cash outflows to non-controlling interests and capex stabilises at
around USD200 million per year, Fitch expects deleveraging to
accelerate. OCI has indicated that it will only consider paying
external dividends when the company is on a clear path to reach its
internal leverage target of 2.0x net debt/EBITDA through the
cycle.

Limited Impact from COVID-19: Fertilisers have been classified as
essential products and their movement has not been stopped by
lockdown measures. OCI's plants have operated without interruption
so far and the company has taken measures to secure operations
against coronavirus disruptions, for example by creating back up
crews to replace on-site personnel in case of infection. As gas is
delivered through pipelines, Fitch does not envisage any impact on
the supply chain.

Deliveries to customers have progressed without major interruptions
so far due to the favourable location of assets (close to
customers) and use of more reliable transport modes such as rail in
the US and barges in Europe. OCI's past investments in warehousing
capabilities also help as distances to buyers are now shorter.
Fertiglobe's assets are located close to ports and shipments have
not been disrupted by port closures. The recently announced tender
in India for 1Mt of urea coupled with Indian plants operating at
low utilisation rates due to coronavirus, should support
Fertiglobe's operations, although delays are still possible.

2H20 Crucial for Fertiliser Outlook: The start of the planting
season in the northern hemisphere supported increased fertiliser
prices compared with the end of 2019 but the depreciation of
emerging market currencies linked to the US dollar may increase
competitiveness of peers in exporting countries such as Russia.
Following three poor application seasons due to unfavourable
weather, there is now an expectation that US corn acreage will
increase (94 million acres compared with 89 million acres in 2019)
and at least the same acreage in Europe.

Declining global GDP growth could negatively impact crop prices and
result in reduced demand of fertilisers in 2H20 and in 2021 but it
is likely governments will take steps to help farmers in case of
need.

Methanol Most Affected: The decline in oil prices creates downside
risk for OCI's methanol business, as methanol prices are correlated
to oil. However, low natural gas prices may provide a cushion for
profitability. OCI's methanol assets benefit from low cost
positions, years of investments in efficiency and close location to
customers.

Expansionary Capex Completed: The USD5 billion expansionary capex
programme was completed in 2019, doubling OCI's own volumes sold
since FY15 and improving the assets base. As of end 2019, 34% of
producing assets was under five years old and 56% under 10 years
old. The modern asset base and low cost position places OCI
favourably in a highly competitive environment. Fitch assumes
USD250 million of maintenance and up to USD30 million of expansion
capex in 2020-21, given that the lower number of turnarounds will
be partially offset by higher cost maintenance work.

JV with ADNOC Credit Neutral: Fitch views the transaction with Abu
Dhabi National Oil Company (ADNOC; AA/Stable) as positive, albeit
not so transformational that it warrants a revision of its overall
assessment of the group's operating profile.

The deal, which closed on September 30, 2019, combines the two
companies' fertiliser assets in the MENA region into a JV called
Fertiglobe, owned 58% by OCI and 42% by ADNOC and fully
consolidated by OCI. The deal was debt neutral and improves OCI's
position in the nitrogen fertiliser sector and its geographical
diversification by creating the largest seaborne exporter of
nitrogen fertilisers globally and the largest producer in the MENA
region.

Fertiglobe has a production capacity of 5 million tons of urea and
1.5 million tons of sellable ammonia, of which 2.1 million tons of
urea capacity comes from ADNOC's two Fertil plants in Ruwais.
Pro-forma 2019 sales are USD1.34 billion and the EBITDA margin is
in the mid-30s. Its commercial strategy follows OCI's
prioritisation of direct sales to final customers without the
intermediation of traders and the Ruwais plants benefit from a
25-year formula-based natural gas supply agreement with ADNOC. Its
forecasts do not incorporate the expected run-rate synergies of
around USD60 million-USD75 million.

Diversified Business Profile: OCI is a diversified chemical group
with a portfolio of products split 68%/32% between fertilisers
(i.e. ammonia, urea, urea ammonium nitrate, calcium ammonium
nitrate) and industrial chemicals (i.e. methanol, melamine, diesel
exhaust fuel). The group ranks among the top five players in
nitrogen fertilisers and methanol globally. The business profile is
supported by the vicinity of its assets to cost-effective supply
sources of natural gas and end- customers, allowing the group to
produce and distribute at a competitive cost versus other global
peers.

Methanol Strategic Review: Options under consideration include a
minority sale or a sale of the whole business. Fitch treats this
review as event risk, and will weigh the potential weakening in
OCI's diversification and scale against the group's financial
profile. Management has guided for the full use of proceeds towards
debt reduction.

DERIVATION SUMMARY

OCI's peers include CF Industries Holdings, Inc (BB+/Positive),
Eurochem Group AG (BB/Stable), Methanex Corp. (BB/Negative), and
Israel Chemicals Ltd. (ICL, BBB-/Positive). OCI is smaller than
Eurochem, ICL and CF Industries. In contrast with CF Industries
(100% fertilisers) and Methanex (100% methanol), and similar to
ICL, the company benefits from product and end-market
diversification with revenues derived from nitrogen fertilisers,
industrial chemicals such as methanol, melamine and diesel exhaust
fluid. Eurochem's concentrated exposure to the fertilisers markets
is partly mitigated by its presence across all nutrients and by its
strong cost position, although the company's geographical footprint
is less diversified than OCI's, with assets located predominantly
in Russia and Europe.

OCI's recent nitrogen fertiliser JV with ADNOC improves its
geographical reach and market access. The group's production assets
in the US and MENA are positioned in the first quartile of their
cost curves, and projected margins are comparable with peers which
also benefit from favourable feedstock prices.

OCI's rating incorporates a weak financial profile with the highest
leverage among the peer group. The group's debt levels are largely
the legacy of a highly ambitious capex programme. Leverage was
affected in 2019 by pricing pressure, turnaround and unplanned
shutdowns despite the capacity ramp-ups. With growth capex
completed and plants operating at high utilisation rates, OCI is
well positioned to deleverage by 2021. However, the current
macroeconomic situation could result in slower debt reduction than
previously expected.

KEY ASSUMPTIONS

  - Volumes sold (including third parties) increasing by 22% in
2020, 0% in 2021 and 3% in 2022

  - Ammonia FOB Black sea at USD229/t, Urea Egypt at USD244/t and
Urea NOLA at USD229/t for 2020;

  - Methanol price at USD278/t US Gulf and at EUR240/t Rotterdam in
2020;

  - Own volumes sold (excluding third parties) at 13,1Mt in 2020;

  - Neutral to positive working capital changes;
  
  - Maintenance capex of USD250 million and up to USD30 million of
expansion capex in 2020-2021; USD210 million thereafter;

  - Dividends from associates less dividends paid to minorities
resulting in outflows of USD200 million-USD225 million over the
next four years;

No dividends over 2020-2023

RATING SENSITIVITIES

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

  - Pricing pressure, significant capex and/or minority dividends
resulting in FFO net leverage remaining above 4.5x on a sustained
basis

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

  - The Outlook is Negative, therefore, positive rating action is
unlikely in the short term. However, a reduction in FFO net
leverage below 4.5x on a sustained basis would support a revision
of the Outlook to Stable.

  - Successful ramp-up of volumes and continued high utilisation
rates, resulting in debt reduction and FFO net leverage approaching
3.5x would support positive rating action

  - Sustained positive free cash flow would also be positive for
the rating

BEST/WORST CASE RATING SCENARIO

Ratings of Non-Financial Corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of end-March 2020, the company had
USD700 million of cash on balance sheet, around USD400 million
undrawn credit lines to cover USD160 million mandatory debt
amortisation.

In October 2019, OCI refinanced USD1.4 billion of debt and reduced
debt maturities due in the next 24 months by USD440 million. The
refinancing also included an upsize in the revolving credit
facility to USD850 million from USD700 million. After the
transaction, OCI can repay debt due in the next three years from
internally generated cash and is not reliant on refinancing in
potentially challenging market conditions.

SUMMARY OF FINANCIAL ADJUSTMENTS

USD285.3 million leases reclassified as other non-current
liabilities; USD5.8 million interest expense related to leases
reclassified as lease expense; depreciation & amortisation of right
of use assets of USD30.8 million reclassified as lease expense

USD130.4 million factoring added to short-term debt and trade
receivables; difference between end-2019 factoring and end-2018
factoring reclassified from working capital to cash flow from
financing;

USD1.9 million excluded from cash as held as collateral against
letters of credit and letters of guarantees issued

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

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

ROSE BEACHHOUSE: Moody's Places B2 CFR on Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family rating
and B2-PD probability of default rating of Rose Beachhouse B.V., a
leading holiday park operator in the Netherlands, on review for
downgrade. Concurrently, Moody's placed the B2 instrument rating on
the EUR280 million senior secured term loan B and EUR30 million
revolving credit facility issued by Rouge Beachhouse B.V. on review
for downgrade. The outlook was changed to rating under review from
stable.

The rating action reflects the rapid spread of the coronavirus
outbreak across many regions and markets which will have a
significant negative impact on Roompot's financial metrics and
liquidity position.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

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 leisure
industry 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 Roompot's credit profile, including its high seasonality, make
its more vulnerable to external factors and shifts in 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. Its action reflects the impact on Roompot of the breadth
and severity of the shock, and the broad deterioration in credit
quality it has triggered.

The current market environment is expected to result in a sharp
decline in revenue in at least the first half of 2020 as the
coronavirus pandemic continues to spread. Moody's base case assumes
that the coronavirus pandemic might lead to an almost full closure
of the parks until end of Q2 with a recovery in visitors demand
starting from Q3. However there are high risks of more challenging
downside scenarios with the full closure of its parks for the
summer season. Given the seasonality of the business with peak
demand during summer, a prolonged closures of its parks beyond Q2
could severely affect the company's free cash flow generation,
negatively impacting its liquidity profile and leading to an
unsustainable capital structure. In a scenario of an extended
disruption of operations, negative rating pressure could
intensify.

On the positive side, Roompot benefits from its good share of
upfront bookings and related prepayments as well as its
non-cancellation policy. Roompot's customers are being offered
rebooking vouchers as the parks are closed so that the stay is
postponed to later quarters. This provides some visibility on the
time after the re-opening and might lead to higher than usual
occupancy rates. Additionally, the current actions by the
Netherlands are less strict as opposed to most European States so
that the many Dutch parks are still opened, albeit with limited
additional services.

Roompot's operating performance improved in 2019 and the rating was
solidly positioned in the B2-rating category mainly due to good
rental performance of the parks operated, but also improvements in
the park partnerships. Free cash flow generation improved driven by
higher profitability and positive working capital from higher
prepayments, partially dampened by higher capital expenditure for
refurbishment which is typically done in off-season until February.
The positive performance in 2019 enabled the company to de-lever to
4.7x from 5.8x in 2018.

LIQUIDITY

Roompot's liquidity is adequate with around EUR55 million cash on
balance sheet including a precautious full drawing of the EUR30
million revolving credit facility. Under normal market conditions
liquidity would further increase in Q2 and especially in Q3 as the
visitors attendance increases. However in the current situation
this will depend on the timing of the opening of its parks and the
return of national and international visitors, which remain highly
uncertain at this point. In its base case, Moody's expects Roompot
to be slightly free cash flow positive in 2020 given its highly
flexible cost structure and assumed postponement of capital
expenditure.

RATIONALE FOR REVIEW

The review will focus on Roompot'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, as well as Moody's view regarding the long-term demand of
the industry.

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

Although considered unlikely in the near term, upward pressure will
arise if the impact of the pandemic crisis is less severe and the
company is able to protect its good margins level while leverage
moves towards 4.5x, free cash flow is consistently positive and
absent any debt-funded shareholder distributions.

Conversely, Moody's could downgrade the rating if Roompot's
liquidity profile is further weakened or if the company fails to
evidence recovery in bookings, leading to a potentially
unsustainable capital structure with leverage remaining above
6.0x.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Rose Beachhouse B.V. (Roompot) is a leading holiday park operator
based in the Netherlands. The company operates 33 owned parks and
acts as a booking agent for 130 third-party-operated parks in
different price segments, including budget, mass market and premium
brands. In 2019, Roompot generated EUR396 million in revenue and
EUR83 million in management-adjusted consolidated EBITDA (including
EUR8 million EBITDA generated outside of the restricted group).
Roompot has been owned by the private equity firm PAI Partners
since 2016.



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

ROSGOSSTRAKH INSURANCE: A.M. Best Affirms B- (Fair) FS Rating
-------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B- (Fair) and
the Long-Term Issuer Credit Rating of "bb-" of Rosgosstrakh
Insurance Company, OJSC (RGS) (Russia). The outlook of these Credit
Ratings (ratings) is stable.

The ratings reflect RGS' balance sheet strength, which AM Best
categorizes as adequate, as well as its marginal operating
performance, neutral business profile and marginal enterprise risk
management (ERM).

RGS' risk-adjusted capitalization was at the strongest level in
2019, as measured by the Best's Capital Adequacy Ratio (BCAR). The
BCAR scores were stronger than previously anticipated by AM Best
due to lower than expected capital requirements, as RGS did not
achieve planned premium growth. AM Best expects prospective RGS'
risk-adjusted capitalization to be supported by positive operating
results and the absence of a requirement to pay dividends over the
next three years. The balance sheet strength assessment also
reflects the insurer's conservative investment portfolio, which has
improved significantly over the past two years in terms of credit
quality, diversification and exposure to affiliated holdings.
Whilst RGS' balance sheet is exposed to the high financial system
risk in Russia, which has intensified in the first quarter of 2020
due to the impact of declining oil prices and economic consequences
of the COVID-19 pandemic, AM Best considers the insurer's
risk-adjusted capitalization to have a sufficient buffer to absorb
any near-term volatility. The company's financial flexibility is
adequate, supported by its association with The Central Bank of the
Russian Federation (CBR).

RGS has a track record of poor technical performance, driven by
losses in the compulsory motor third-party liability (CMTPL)
portfolio and demonstrated by a five-year (2015-2019) weighted
average combined ratio of 116.8%. In addition, a large
non-operating loss was incurred in 2017, largely due to impairments
of affiliated investments. In 2018 and 2019, underwriting
performance improved, with combined ratios of 94.7% and 98%,
respectively, helped by remediation of the CMTPL portfolio
initiated by the new management team. Over the medium term, AM Best
expects the combined ratio to remain below 100%, although there is
potential for the motor loss ratio to be affected negatively by the
recent depreciation of the Russian rouble. Prospective investment
performance is expected to be positive, but subject to potential
volatility.

RGS is one of the leading insurers in Russia, with a strong market
position in personal lines that benefits from an extensive
distribution network and a well-recognized brand. In 2017, RGS
received a capital injection of USD 2 billion from the CBR, which
became its ultimate shareholder and controlling party. In 2018, the
insurer significantly pruned its CMTPL portfolio, reducing its
market share in this segment. The company plans to grow strongly in
corporate and personal lines, and there are plans to grow
significantly in the life market (15% of gross written premium in
2019). In AM Best's opinion, implementation is subject to execution
risk, especially in the view of competitive conditions in its
domestic insurance market and the expected decline in the country's
economic growth in 2020, which is likely to impact insurance
demand.

AM Best considers RGS' ERM as marginal, with new organizational
structures and frameworks being developed in order to improve
governance and risk culture.



=========
S P A I N
=========

NH HOTEL: Fitch Downgrades LT IDR to B-, Outlook Negative
---------------------------------------------------------
Fitch Ratings has downgraded NH Hotel Group S.A.'s Long-Term Issuer
Default Rating to 'B-' from 'B' and senior secured long-term rating
to 'B+' from 'BB-'. The Outlook is Negative.

The downgrade reflects a weakening of the consolidated credit
profile of the Thai group Minor International Public Company
Limited (Minor), which owns 94% of NHH, due to severe operational
disruption in the lodging sector - one of the sectors most impacted
by the COVID-19 outbreak. Its assessment is based on the
application of Fitch's Parent Subsidiary Linkage Criteria.

The Negative Outlook reflects uncertainty around the financial
profile of the consolidated Minor group and of NHH once the crisis
concludes, which may exhibit weaker-than-expected credit metrics.

NHH's standalone credit profile (SCP) has been revised down to 'b'
from 'b+'. It however reflects satisfactory financial flexibility
to withstand the current crisis, with a progressive rebound of
operational performance in 2021 to levels seen in 2019, and a
continued deleveraging path, although delayed by around 24 months
compared with its previous rating case.

KEY RATING DRIVERS

High Exposure to Coronavirus Disruption: The downgrade reflects the
material impact of the COVID-19 economic disruption for lodging
companies. As a result of the restriction of movements imposed by
governments to limit the pandemic spread and exceptional measures
to offset sharp declining demand, Fitch expects worldwide
occupancies to fall sharply during 2020, before normalising
progressively from 4Q20 into 2021. Some government support to
soften the economic shock has been incorporated in its assumptions,
but additional initiatives could ease the immediate downturn impact
from the outbreak.

Parent Subsidiary Linkage: The near full ownership (94%) by Minor
has led us to assess the ties between the two entities as strong
since it technically can access NHH's cash flows through a change
in financial policy and could take control of the Board. This
assessment is in light of Minor's higher leverage and vulnerability
to credit profile deterioration from the pandemic versus NHH's.
NHH's rating is therefore constrained at 'B-', reflecting Minor's
consolidated credit profile and strong linkages between the two
entities in line with Fitch's Parent and Subsidiary Rating Linkage
Criteria.

Post-crisis Leverage Higher: Its rating case expects funds from
operations (FFO)-adjusted net leverage to peak in 2020 and to
remain above or at 5.5x up to 2022, albeit still with deleveraging
capacity. Operating leases remain a high burden on adjusted
financial debt, especially given the high share of fixed rents.
This is mitigated by NHH's efforts to renegotiate and cancel
onerous leases along with rent variability and by NHH introducing a
cap mechanism. As of December 2019, 24% of their rents were
variable or had a cap mechanism.

A return to pre-crisis trading conditions, coupled with a continued
focus on free cash flow (FCF) generation and the support of a
conservative financial policy by the shareholder, could accelerate
deleveraging. However, uncertainty around this scenario supports
the Negative Outlook.

Sharp Revenue Decline Expected: Fitch projects a sharp decline of
NHH's revenues by more than 50% in 2020, leading to a negative
EBITDA margin, due to forced closure of hotels in its main markets
(Spain and Italy) and voluntary temporary closure of hotels in
other countries based on low activity or occupancy. Fitch projects
a recovery towards 17% by 2022.

Actions Protecting Cost Base: NHH's cost base is aided by measures
from different European governments (especially in Spain where the
group is based) that will largely enable staff cost reduction on a
temporary basis and provide some fiscal relief, and by a
contingency plan being implemented to adapt operations. EBITDA is
also partially supported by the 21% freehold portfolio of NHH,
bargaining power with its landlords and the outsourced nature of
part of its operating expenditure.

Sufficient Liquidity to Weather Crisis: NHH's EUR289 million of
reported cash on balance sheet and more than EUR300 million of
committed lines available at end-2019 as well as no sizeable
maturities until 2023 provide a liquidity cushion to withstand the
current crisis, until early 2021. Fitch expects NHH to slow down
its capex and manage its working capital focusing on cash
preservation in the current highly volatile circumstances. However,
Fitch believes the risk that a more aggressive financial policy
imposed by its Asian shareholder may put pressure on already
forecast negative free cash flow (FCF) for the next two years.

Uncertain Shareholder's Financial Policy: Minor has publicly
established a long-term target net leverage of around 2.5x for NHH.
Despite restrictions imposed by the bond and revolving credit
facility (RCF) documentation on dividends, investments, guarantees
or new loans, Fitch views this as potentially detrimental to NHH's
credit quality. The current crisis could lead Minor to upstream
more cash from NHH than Fitch has assumed in its rating case,
putting pressure on NHH's credit profile.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

DERIVATION SUMMARY

NHH ranks among the top 10 European hotel chains in Europe,
significantly smaller than global peers such as Accor SA
(BBB-/Negative) or Melia Hotels International by breadth of
activities and number of rooms. NHH focuses on urban cities and
business travellers, while Accor and Melia are more diversified
across leisure and business customers. NHH is comparable with
Radisson Hospitality AB (B+/Stable) in size and urban positioning,
although Radisson is present in a greater number of cities. NHH had
an EBITDA margin above 17% in 2019, which is above close competitor
Radisson's, but still far from that of investment-grade,
asset-light operators such as Accor or Marriott.

NHH's FFO lease-adjusted net leverage at 4.8x (adjusted for
variable leases) at end-2019 was higher than peers' due to a large
exposure to leases. NHH remains a more asset-heavy hotel group than
peers, although the use of management contracts increased to around
18% of the hotel portfolio as of end-December 2019. NHH
nevertheless owns rather than leases a material proportion of its
hotel assets, which eases the cost base in a disruptive scenario
such as the coronavirus outbreak.

KEY ASSUMPTIONS

  - Revenue decreasing by more than 50% in 2020, driven by revenue
per average room (RevPar) decline across all regions.

  - EBITDA deteriorating more sharply than revenues in 2020 as a
result of limited immediate cost reductions versus the sudden
decline in trading activity. EBITDA margin to recover towards 17%
by end-2022 from negative in 2020.

  - Around EUR530 million of aggregate capex for 2020-2023 to cover
maintenance capex, additional repositioning within the portfolio,
develop current signed pipeline and some additional limited
expansion.

  - Stable dividend distribution with gross amount in line with
previous distributions, plus a total EUR130 million of
extraordinary dividends distributed over 2021 to 2023.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action (Outlook revised back to Stable)

  - Improvement of the credit profile of the consolidated Minor
group.

The following developments would be considered for the assessment
of NHH's SCP but only provided that links with Minor have been
reassessed as weak:

  - FFO lease-adjusted net leverage below 5.5x on a sustained
basis, due for instance to due for instance to NHH's limited
dividend distribution.

  - EBITDAR/(gross interest + rent) sustainably above 1.3x.

  - Continued improvement in the operating profile via EBIT margin
and RevPar uplift

  - Sustained positive FCF

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

  - Weakening of the credit profile of the consolidated Minor group
so long as links between Minor and NHH are assessed as strong.

The following developments would be considered for the assessment
of NHH's SCP and in the event of Minor displaying a stronger SCP
profile:

  - FFO lease-adjusted net leverage above 6.0x on a sustained
basis, for example due to shareholder's initiatives such as
increased dividend payments

  - EBITDAR/(gross interest +rent) below 1.3x

  - Weakening trading performance leading to EBIT margin (excluding
capital gains) trending toward 5% in 2021 and thereafter.

  - Negative FCF

BEST/WORST CASE RATING SCENARIO

Ratings of non-financial corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: NHH's EUR250 million revolving credit
facility (RCF) was fully drawn in March 2020 and provides a healthy
liquidity buffer, in addition to EUR254 million of readily
available cash on balance sheet as of end-2019 (as defined by
Fitch). This cash is partially derived from the sale and lease-back
of the Barbizon Palace in Amsterdam (EUR122 million net) .This
supports the current rating through its forecast-crisis scenario,
along with the capacity to shore up liquidity with further
cash-preservation measures, including flexing its capex plans and
cost base.

The ownership of unencumbered assets (EUR951 million of
un-encumbered assets as valued at end-June 2019 as partially
evaluated by a third-party appraiser) provides additional financial
flexibility.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The rating of NHH is directly linked to the credit quality of
Minor. A weakening in Fitch's assessment of the credit quality of
Minor would automatically result in a change in NHH's rating.

PAX MIDCO: Moody's Places B1 CFR on Review for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed the ratings of Pax Midco
Spain, a leading concession catering company, on review for
downgrade including the B1 corporate family rating and the B1-PD
probability of default rating. The B1 ratings on the senior secured
credit facilities at Financiere Pax S.A.S. have also been placed on
review for downgrade. The outlook on all entities was stable prior
to the rating action.

The rating action reflects the rapid spread of the coronavirus
outbreak across many regions and markets, which will have a
significant negative impact on Areas' operations and credit
quality.

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 concession
catering 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. Areas also 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.
Its action reflects the impact on Areas of the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

This includes Moody's expectations of a material decline in Areas'
revenue for at least two months as of March 2020 and the following
months due to confinement measures and travel restrictions across
the company's key geographies. The review process will focus on (i)
the current market situation with a review of confinement measures
and travel restrictions across Areas' key markets as well as
passenger traffic conditions and pre-booking trends for the next
few weeks, (ii) the liquidity measures taken by the company and
their impact on the company's balance sheet, and (iii) other
measures being taken by the company to reduce its cost base and
protect cash flows.

Governmental measures such as partial unemployment benefits and
other initiatives promptly undertaken by the company will help
reduce the company's cost base, but the company's lower revenues
will likely have a more severe impact on EBITDA if the company
fails to suspend or reduce the payments associated with fixed fees
embedded in most of its concession contracts also known as annual
minimum guarantees (MAG). Moody's understands that some of the
company's landlords have already consented to this. Rent and
concession fees in the fiscal year ended September 2019 represented
c.EUR364 million or c.19% of revenue, of which Moody's estimates
around two thirds were fixed.

If confinement measures or travel restrictions are gradually lifted
during May or June in Areas' key geographies, Moody's estimates
that Moody's-adjusted debt/EBITDA could temporarily increase
towards 7.0x in 2020 from around 4.6x in 2019 while
Moody's-adjusted EBIT/interest could be well below 1.0x compared to
1.3x in 2019 (all metrics are post IFRS16). That said, there are
inherent uncertainties and variables involved in modeling
profitability and cash flows in times of great uncertainty. A
normalization of market conditions will support an improvement in
credit metrics in 2021 although it is difficult to forecast to what
extent at this stage.

Moody's expectations of negative free cash flow during the lockdown
period will weaken Areas' liquidity although it is considered
adequate at this stage. As of December 31, 2019, the company had
EUR72 million of cash and cash equivalents, EUR116 million
available under its EUR125 million revolving credit facility (RCF)
maturing in 2026, and EUR150 million available under the undrawn
acquisition and capex facility maturing in 2026, which could also
be used for general corporate purposes. Moody's understands the
company also has access to short-term overdraft facilities of
around EUR29 million. As typical for restaurant companies, the
company's cash balances also include working cash that Moody's
estimates at around 1.5%-2.0% of revenue i.e. petty cash at each
point of sale and cash in transit.

The company currently has ample headroom under the springing senior
secured net leverage covenant, which is tested when the RCF is
drawn by more than 40%. The net leverage as defined by the debt
indenture was 4.0x as of December 31, 2019 compared to a maximum
net leverage set at 10.7x. However, Moody's expects covenant
headroom to reduce in the coming quarters reflecting the rating
agency's expectation of lower EBITDA and negative free cash flow as
discussed above. That said, Moody's assumes that the company will
be able to obtain a waiver or a covenant reset in the event of a
covenant breach. There is also no debt maturing before 2026.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Moody's could take negative rating action on Areas' ratings if
confinement measures and travel restrictions extend through or
beyond the peak summer season, leading to further deterioration in
credit metrics and liquidity compared to Moody's current
expectations outlined above. Quantitatively, downward rating
pressure could materialize if i) Moody's-adjusted debt/EBITDA
remains sustainably above 5.0x; ii) Moody's-adjusted retained cash
flow/debt is below the mid-teens; or iii) liquidity weakens
including weak underlying free cash flow.

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control, travel restrictions are lifted,
and travel flows return to more normal levels. Over time, Moody's
could upgrade Areas' ratings if i) Moody's-adjusted debt/EBITDA
decreases sustainably towards 4.0x; ii) Moody's-adjusted retained
cash flow/debt is in the high-teens; and iii) the company maintains
a solid liquidity profile including Moody's-adjusted free cash
flow/debt of around 5%.

STRUCTURAL CONSIDERATIONS

The senior secured credit facilities are rated B1, at the same
level as the CFR, reflecting their pari passu ranking and upstream
guarantees from operating companies. The senior secured credit
facilities benefit from first ranking transaction security over
shares, bank accounts and intragroup receivables of material
subsidiaries. Moody's typically views debt with this type of
security package to be akin to unsecured debt. However, the credit
facilities will benefit from upstream guarantees from operating
companies accounting for at least 80% of consolidated EBITDA.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Restaurant
Industry published in January 2018.

COMPANY PROFILE

Areas, headquartered in Spain, is a leading operator of food and
beverage concessions in travel hubs such as airports, train
stations, and motorway service areas. The company had revenue of
EUR1.9 billion in the fiscal year ended September 2019.

SANTANDER CONSUMO 3: Moody's Gives (P)B1 Rating to Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the debts to be issued by Fondo De Titulizacion
Santander Consumo 3:

EUR[ ]M Class A Notes due December 2031, Assigned (P)Aa2 (sf)

EUR[ ]M Class B Notes due December 2031, Assigned (P)Baa1 (sf)

EUR[ ]M Class C Notes due December 2031, Assigned (P)Ba1 (sf)

EUR[ ]M Class D Notes due December 2031, Assigned (P)Ba2 (sf)

EUR[ ]M Class E Notes due December 2031, Assigned (P)B1 (sf)

Moody's has not assigned any rating to the EUR[ ]M Class F Fixed
Rate Notes due December 2031.

RATINGS RATIONALE

FT Santander Consumo 3 is a 12-month revolving securitization of
consumer loans granted by Banco Santander S.A. (Spain)
("Santander"), (A2/P-1 Bank Deposits; A3(cr)/P-2(cr)), to private
obligors in Spain. Santander is acting as originator and servicer
of the loans while Santander de Titulizacion S.G.F.T., S.A. (NR) is
the Management Company ("Gestora").

As of March 5, 2020, the eligible portfolio was composed of
[245,721] consumer loans granted to private obligors located in
Spain, [97.7]% of the loans are paying fixed rate. The weighted
average seasoning of the portfolio is [1.55] years and its weighted
average remaining term is [5.14] years. Around [53.65]% of the
outstanding portfolio are loans without specific loan purpose and
[22.26]% are loans to finance small consumer expenditures.
Geographically, the pool is concentrated mostly in Madrid
([19.8]%), Andalucia ([16.9]%) and Catalonia ([10.9]%). The
portfolio, as of its pool cut-off date, did include around [1.4]%
of loans with less than 30 days in arrears.

Moody's analysis focused, amongst other factors, on, (i) an
evaluation of the underlying portfolio of loans at closing and
incremental risk due to loans being added during the revolving
period; (ii) the historical performance information of the total
book and past ABS transactions; (iii) the credit enhancement
provided by the subordination, the excess spread and the cash
reserve; (iv) the liquidity support available in the transaction,
by way of principal to pay interest, and the cash reserve and (v)
the overall legal and structural integrity of the transaction.

According to Moody's, the transaction benefits from several credit
strengths such as the granularity of the portfolio, securitization
experience of Santander and the significant excess spread. However,
Moody's notes that the transaction features a number of credit
weaknesses, such as a complex structure including interest deferral
triggers for juniors' notes, pro-rata payments on all classes of
notes from the first payment date and the relatively high linkage
to Santander representing the originator, servicer and paying
agent. Moody's also took into account the performance of other
consumer loan ABS in Spain and the positive selection of consumer
loans in this portfolio not being originated through brokers. These
characteristics, amongst others, were considered in Moody's
analysis and ratings.

Hedging: As the collections from the pool are not directly linked
to a floating interest rate, a higher index payable on the Notes
would not be offset with higher collections from the pool. The
transaction therefore benefits from an interest rate swap, linked
to Three-month EURIBOR, with Santander (A2/P-1 Bank Deposits;
A3(cr)/P-2(cr)) as swap counterparty.

Its analysis has considered the increased uncertainty relating to
the effect of the coronavirus outbreak on the Spanish economy as
well as the effects that the announced government measures put in
place to contain the virus, will have on the performance of
consumer assets. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. It is a global health
shock, which makes it extremely difficult to provide an economic
assessment. The degree of uncertainty around its forecasts is
unusually high.

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
4.25%, expected recoveries of 15.00% and Aa1 portfolio credit
enhancement of 17.00% related to borrower receivables. The expected
defaults and recoveries capture its expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. Expected defaults and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in the ABSROM cash flow model to
rate Consumer ABS.

Portfolio expected defaults of 4.25% are lower than the Spanish
Consumer Loan ABS average and are based on Moody's assessment of
the lifetime expectation for the pool taking into account (i)
historic performance of the loan book of the originator, (ii)
higher quality products i.e. pre-approved loans being originated
through Santander branches directly instead of through brokers,
(iii) benchmark transactions, and (iv) other qualitative
considerations.

Portfolio expected recoveries of 15.00% are in line with the
Spanish Consumer Loan ABS average and are based on Moody's
assessment of the lifetime expectation for the pool taking into
account (i) historic performance of the loan book of the
originator, (ii) benchmark transactions, and (iii) other
qualitative considerations.

PCE of 17.00% is lower than the Spanish Consumer Loan ABS average
and is based on Moody's assessment of the pool taking into account
the relative ranking to originator peers in the Spanish consumer
loan market. The PCE of 17.00% results in an implied coefficient of
variation ("CoV") of 55.39%.

METHODOLOGY

The principal methodology used in these ratings was 'Moody's
Approach to Rating Consumer Loan-Backed ABS' published in March
2019.

Moody's issues provisional ratings in advance of the final sale of
securities and the above ratings reflects Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation and the final notes structure,
Moody's will endeavor to assign the definitive ratings to the Class
A, Class B, Class C, Class D and Class E Notes. The definitive
ratings may differ from the provisional ratings.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Factors that may cause an upgrade of the ratings include (i) a
significantly better than expected performance of the pool, (ii) an
increase in credit enhancement of the notes or (iii) an upgrade of
Spain's local country currency (LCC) rating.

Factors that may cause a downgrade of the ratings include (i) a
decline in the overall performance of the pool, (ii) the
deterioration of the credit quality of Santander or (iii) a
downgrade of Spain's local country currency (LCC) rating.



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

BRA: Applies for Court-Administered Reorganization
--------------------------------------------------
Anna Ringstrom at Reuters reports that Sweden-based airline BRA
said on April 6 it had applied for court-administered
reorganization as it sought to avoid bankruptcy after the rapidly
spreading new coronavirus caused a collapse in demand.

According to Reuters, the small privately held airline had said
only days ago it was temporarily discontinuing all traffic between
April 6 and May 31 due to the COVID-19 pandemic, of which there
have been more than 6,000 confirmed cases in Sweden.

BRA, created in 2016 in a merger of several smaller Nordic
airlines, has been serving about 20 destinations, mostly in Sweden,
Reuters discloses.  The company employed about 1,100 people in 2018
with an annual turnover of SEK2.7 billion, Reuters notes.





=====================
S W I T Z E R L A N D
=====================

CEVA LOGISTICS: Moody's Cuts CFR to Caa1, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded CEVA Logistics AG's
ratings, including Corporate Family Rating and Probability of
Default Ratings to Caa1 and Caa1-PD, from B3 and B3-PD,
respectively; and the senior secured credit facilities to Caa1 from
B3. Concurrently, the outlook has been changed to negative 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 weaknesses in
CEVA's credit profile, including its exposure to sectors such as
Automotive and Consumer Goods, sectors identified by Moody's
significantly affected by the shock, has left it vulnerable to
shifts in market sentiment in these unprecedented operating
conditions and the company 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 rating downgrade of CEVA's CFR reflects the expected pressure
on the company's credit metrics due to the coronavirus epidemic. As
a result, Moody's adjusted Debt/EBITDA, estimated at 5.8x as of
December 31, 2019, is likely to increase while free cash flow
generation will be negative in 2020, resulting in credit metrics
which will be below the requirements for the previous B3 rating
category. As such the net leverage financial covenant cushion will
weaken over the coming quarters.

RATING OUTLOOK

The negative outlook reflects an increasing risk that company's
liquidity could weaken over the next quarters if it does not
receive support from its shareholder CMA CGM S.A. (B2 RUR-Down).
CMA CGM has demonstrated the willingness to support CEVA with
injection of $200 million of cash in Q4 2020, however its
willingness to support may decrease if CMA CGM itself faces
financial difficulties in the midst of coronavirus crisis.

Moody's would consider changing the outlook back to stable, if the
company is able to raise additional liquidity or implement possible
short-term initiatives to strengthen its liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.

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

Moody's could downgrade the rating, if the company's earnings, cash
flow and liquidity continue to deteriorate and the risk of
breaching its financial covenant doesn't dissipate.

Although unlikely, rating upgrade requires the company to improve
its earnings and generate positive free cash flow, and Debt /
EBITDA, as adjusted by Moody's, to stay below 6.0x on a sustainable
basis.

LIST OF AFFECTED RATINGS:

Downgrades:

Issuer: CEVA Logistics AG

LT Corporate Family Rating, Downgraded to Caa1 from B3

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Issuer: CEVA Logistics Finance B.V.

Backed Senior Secured Bank Credit Facility, Downgraded to Caa1 from
B3

Outlook Actions:

Issuer: CEVA Logistics AG

Outlook, Changed to Negative from Stable

Issuer: CEVA Logistics Finance B.V.

Outlook, Changed to Negative from Stable

CEVA is one of the leading third-party logistics providers in the
world (number five in Contract Logistics, number 14 in Freight
Management). CEVA offers integrated supply-chain services through
the two service lines of Contract Logistics and Freight Management
and maintains leadership positions in several sectors globally
including automotive, high-tech and consumer/retail. The group is
fully owned by CMA CGM group since April 2019.

TE CONNECTIVITY: Egan-Jones Lowers Senior Unsec. Debt Ratings to BB
-------------------------------------------------------------------
Egan-Jones Ratings Company, on March 26, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by TE Connectivity Limited to BB from A.

TE Connectivity is a Swiss-domiciled technology company that
designs and manufactures connectivity and sensor products for harsh
environments in a variety of industries, such as automotive,
industrial equipment, data communication systems, aerospace,
defense, medical, oil and gas, consumer electronics and energy.




=============
U K R A I N E
=============

UKRAINE: Egan-Jones Lowers Senior Unsecured Debt Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company, on March 27, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Ukraine to BB- from BB+.

Ukraine is a large country in Eastern Europe known for its Orthodox
churches, Black Sea coastline and forested mountains. Its capital,
Kiev, features the gold-domed St. Sophia's Cathedral, with
11th-century mosaics and frescoes. Overlooking the Dnieper River is
the Kiev Pechersk Lavra monastery complex, a Christian pilgrimage
site housing Scythian tomb relics and catacombs containing
mummified Orthodox monks.




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

B&M EUROPEAN: S&P Lowers Long-Term ICR to 'B+' on Watch Negative
----------------------------------------------------------------
S&P Global Ratings said that it has taken the following rating
actions on five European specialty retail operators:

--  S&P lowered its long-term issuer credit rating on B&M European
Value Retail S.A. by one notch to 'B+', and placed the ratings on
CreditWatch with negative implications.

-- S&P lowered its long-term issuer credit rating on Kirk Beauty
One Gmbh by one notch to 'CCC+' and assigned a negative outlook.

-- S&P lowered its long-term issuer credit rating on Maxeda B.V.
by one notch to 'CCC+' and assigned a negative outlook.

-- S&P placed its 'BB+' long-term issuer credit ratings on El
Corte Ingles S.A. and our 'BBB-' issue rating on its senior
unsecured notes on CreditWatch with negative implications.

-- S&P affirmed its 'B+' long-term issuer credit rating on Peer
Holding III B.V. and assigned a negative outlook.

The COVID-19 pandemic will severely harm specialty retailers'
results for 2020, and could result in rapid deterioration of their
credit metrics and liquidity positions. Over recent weeks,
governments across Europe have introduced social distancing
measures to limit the spread of COVID-19.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. Some
government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. S&P believes the measures adopted to
contain COVID-19 have pushed the global economy into recession. As
the situation evolves, S&P will update its assumptions and
estimates accordingly.

In an attempt to contain the COVID-19 pandemic, governments have
announced mandatory social distancing in Austria, Belgium, Germany,
France, Italy, Spain, Switzerland, and the U.K., leading to closure
of nonessential businesses. Such closures will lead to subdued
earnings and cash flow generation, significantly harming the
specialty retail industry in 2020, and possibly beyond. Although
demand could pick up relatively quickly once the outbreak is
contained, there is significant uncertainty around the retailers'
ability to deleverage and to withstand the liquidity stress posed
by stalled revenue over an extended period of time.

Some governments have rolled out a raft of measures aimed at
mitigating the impact on the hardest hit sectors. For example,
fiscal measures across selected countries, according to the IMF
Policy Tracker, include:

The German federal government announced a EUR600 billion state
guaranteed loan package to support companies with liquidity
problems due to COVID-19 with the first loans already approved. The
government is also deferring tax payments and continues its
existing state-funded short-term work, where the state pays 60% of
the after-tax salary loss due to short-term work.

The Netherlands announced a package including compensation of up to
90% of labor costs for companies expecting a reduction in revenue
of 20% or more; support for entrepreneurs and the self-employed;
and scaling up of the short-time working scheme (unemployment
benefit compensation available to companies needing to reduce their
staff by at least 20%). In addition, companies can defer tax
payments without penalties. Also, public guarantee schemes,
especially for small and midsize enterprise (SME) loans, have been
expanded to help the most vulnerable companies to manage their
liquidity problems.

In Spain, key measures include entitlement to unemployment benefit
for workers temporarily laid off under the Temporary Employment
Adjustment Schemes (ERTE) due to COVID-19, an allowance for
self-employed workers affected by economic activity suspension;
exemptions of social contributions by affected companies that
maintain employment under the ERTE; tax payment deferrals for SMEs
for six months; 50% exemption from employer's social security
contributions, from February to June 2020, for workers with
permanent discontinuous contracts in the tourism sector and related
activities.

In the U.K., the measures include the government's intention to pay
up to 80% of the salary of workers in the most affected sectors for
an initial period of three months, a 12-month holiday in business
rates, and a three-month deferral on value-added tax (VAT)
payments. The U.K. government has also launched a commercial paper
purchase program for eligible large businesses, funded by the Bank
of England.

The cost structure and cash charges typical for specialty retailers
remain highly fixed. Rent, staff, and interest costs will weigh
heavily on the issuers' liquidity during this time of sharp revenue
decline. S&P said, "We therefore expect the companies to roll out
various cost-cutting and cash-preservation measures, such as
temporary staff reductions, deferral of rent and tax payments, and
cuts in capital expenditure (capex). Owing to the high level of
uncertainty and rapid pace of changes, we have not factored in a
large part of these assumptions into our base case at this stage."

S&P said, "Although the potential timing of a recovery is highly
uncertain, we currently assume that the first quarter of the year
will be affected only by a much-weaker March, with the second
quarter being the toughest for the retailers (with heavy operating
losses for most of them). We assume that the third quarter will see
a slow recovery in footfall (over the crucial summer period), and
that the fourth quarter of the year will approach normal market
conditions. However, this recovery could be delayed, weighing
further on credit metrics. We anticipate negative free operating
cash flow for majority of issuers, even after the likely deferrals
in rent payments and capex."

An additional aggravating factor is the temporary stress on credit
ratios, which could test the companies' ability to comply with
their maintenance covenants. As a result, S&P expects the
retailers' immediate focus to be on protecting their liquidity
positions in the short term, which might include seeking covenant
relief or additional liquidity facilities from lenders.

  Ratings List

  B&M European Value Retail S.A.
  Downgraded; CreditWatch  
                                         To     From
  B&M European Value Retail S.A.
   Issuer Credit Rating        B+/Watch Neg/--  BB-/Stable/--

  El Corte Ingles, S.A.
  Ratings Affirmed; CreditWatch Action  
                                         To     From
  El Corte Ingles, S.A.
   Issuer Credit Rating       BB+/Watch Neg/--  BB+/Positive/--

  Kirk Beauty One GmbH
  Downgraded; Outlook Action  
                                         To     From
  Kirk Beauty One GmbH
   Issuer Credit Rating       CCC+/Negative/--  B-/Stable/--

  Maxeda DIY Group B.V.
  Downgraded; Outlook Action  
                                         To     From
  Maxeda DIY Group B.V.
   Issuer Credit Rating       CCC+/Negative/--  B-/Stable/--

  Peer Holding III B.V.
  Ratings Affirmed; Outlook Action  
                                         To     From
  Peer Holding III B.V.
   Issuer Credit Rating         B+/Negative/--  B+/Stable/--


BASSET & GOLD: Put Into Administration Due to Insolvency
--------------------------------------------------------
Suzie Neuwirth at Peer2Peer Finance News reports that Basset & Gold
has gone into administration, after putting the majority of
investors' funds into payday lender Uncle Buck, which recently
collapsed.

According to Peer2Peer Finance News, the mini-bond provider is
believed to have around 1,800 customers who had collectively
invested GBP36 million.

"B&G Plc and [related company] B&G Finance took independent
solvency advice after the Financial Conduct Authority (FCA) raised
concerns about the viability of the B&G mini-bond scheme because
the money raised from the mini-bonds was almost entirely invested
in Uncle Buck," Peer2Peer Finance News quotes a statement on the
FCA's website as saying.

"In light of this advice, and following the entry into
administration by Uncle Buck, the directors concluded that both of
the firms were insolvent and took the necessary steps to place the
firms into administration."

The Financial Services Compensation Scheme (FSCS) has determined
that many investors have a good prospect of claiming compensation
due to the way that the B&G mini-bonds were sold and marketed,
Peer2Peer Finance News relates.

A statement on Basset & Gold's website revealed that Harrisons
Business Recovery and Insolvency has been appointed as
administrator of Basset & Gold and B&G Finance, a related company,
Peer2Peer Finance News notes.

The administrators will assess the firm's assets and put forward
proposals as to how they will proceed with the administration,
Peer2Peer Finance News states.


COMET BIDCO: Moody's Cuts CFR to B3, On Review for Downgrade
------------------------------------------------------------
Moody's Investors Service downgraded Comet Bidco Limited's (the
holding company of the restricted group that owns Clarion Events or
"Clarion") corporate family rating to B3 from B2 and probability of
default rating to B3-PD from B2-PD. Concurrently the GBP315 million
senior secured term loan (facility B1, due 2024), USD420 million
senior secured term loan (facility B2, due 2024), and the GBP75
million revolving credit facility (RCF, due 2023) have also been
downgraded to B3 from B2. All ratings are placed under review for
further downgrade.

The ratings downgrade reflects the significant pressure on
Clarion's revenue and EBITDA particularly in the first half of
FY2021 (fiscal year ending January 31, 2021) driven by the
cancellation and delays of its trade shows due to the coronavirus
outbreak globally. It remains unclear at this stage if the trade
shows will be held as currently planned for the rest of the year,
as it is difficult to predict when the coronavirus spread will be
contained effectively across geographies.

"Moody's adjusted Gross Debt/ EBITDA for Clarion will spike to
around 9.0x in FY2021. The company's liquidity position will also
weaken in Q2 of FY2021 as it will need to make meaningful cash
outflows towards working capital and other exceptional costs
associated with the cancellation/ postponement of trade shows",
says Gunjan Dixit, a Moody's Vice President -- Senior Credit
Officer and lead analyst for Clarion.

The review for further ratings downgrade captures the risk of
further cancellation/ postponement of events currently scheduled
for Q3 of FY2021 as well as potential negative impact that this may
have on the company's liquidity position. Moody's plans to conclude
the review of the ratings over the coming months. The review may
result in a further downgrade, particularly if it appears that the
company will struggle to maintain a sufficient liquidity buffer
should the coronavirus related disruptions prolong beyond the first
half of FY2021.

RATINGS RATIONALE

After the acquisition of Global Sources in 2018, Clarion has gained
significant presence in the APAC region. Many of its key shows are
held in Mainland China and Hong Kong, including the Consumer
Electronics and Mobile Electronics shows, held twice a year in Hong
Kong in April and October. So far, the group has cancelled the
April events in Hong Kong, which will result in a revenue loss of
about GBP30 million in 2020. Other large events in China, including
the industrial and machinery manufacturing show in Shenzhen and the
Design Shanghai show were postponed and are now likely to go ahead
in May 2020, as the country gradually returns to normal
operations.

Clarion had several large U.S. and U.K. shows scheduled for Q2 of
FY2021 including the Fire Department Instructors Conference in
Indianapolis, U.S. and Traffic and Conversion Summit West 2020 in
San Diego, U.S. Now the company does not expect to be running any
events in Europe or the US in April or May 2020.

During this difficult period, Clarion has adopted a prudent
strategy - (1) to defer events where it can (rather than cancel)
and move committed customers with the show; (2) where cancellation
is the only option, move the customers booking and any prepaid
revenues into the next years' show; (3) work with customers to
minimize refunds and with suppliers to delay payments; (4) minimize
any non-recoverable sunk costs; (5) explore potential savings of
direct and indirect costs; and (6) continue to sell and collect
revenues on the shows in the second half of FY2021 and FY2022 shows
where possible.

Moody's estimates that after incorporating the aforementioned show
cancellations/ postponements as well as some cost savings,
Clarion's revenue and reported EBITDA will reduce year-on-year both
by around 35% (at constant currencies) in FY2021, leading to a
spike in Moody's adjusted leverage to around 9x by the end of the
year.

As of March 20, 2020, the company had cash and cash equivalents of
GBP112 million. The cash balance was healthy as Clarion has fully
drawn its GBP75 million RCF. Moody's expects the company's
liquidity to remain adequate yet weaken meaningfully in Q2 of
FY2021 when it would need to make significant cash outflows for
working capital and exceptional costs associated with the trade
show cancellations/ postponements. If more shows are cancelled or
disrupted in the third quarter, this could put further pressure on
the group's cash flow and liquidity.

The company faces no large debt maturities or refinancing risks in
the near term. There is a springing covenant that applies to the
RCF and is tested when it is more than 40% drawn. The covenant is
set at a maximum senior secured leverage to EBITDA ratio of 10.2x.
Moody's currently estimates that Clarion has adequate covenant
headroom, but notes it will reduce meaningfully in Q2 2020. Moody's
currently does not envisage that a covenant breach is likely in Q2
of FY2021 although liquidity cushion will be absorbed meaningfully
in that quarter.

ESG CONSIDERATIONS

The rapid and widening spread of the coronavirus outbreak in 2020,
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 B2B events
sector has been one of the sectors most significantly affected by
the shock. More specifically, Clarion's exposure to B2B events has
left it vulnerable to shifts in market sentiment in these
unprecedented operating conditions, particularly if the outbreak
continues to spread or remains an issue for a prolonged period.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Its rating action reflects the impact on Clarion of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Moody's will resolve its ratings review once it is able to assess
if the company will be able to maintain sufficient liquidity buffer
in the instance the coronavirus related disruptions last beyond Q2
of FY2021. The review will result in a downgrade if the company's
liquidity position weakens further due to (1) the coronavirus
impact lasting significantly longer than expected; (2) customer
refunds being greater than expected; and/or (3) if cash collection
for FY2022 events turns out to be slower than expected.

Moody's could confirm the current rating if Clarion is able to hold
the shows currently scheduled for rest of FY2021. The rating
confirmation would also require Clarion's liquidity profile to be
adequate to cover its working capital needs and any exceptional
cash outflows and it maintains adequate covenant headroom.

The rating parameters for the B3 rating level are defined below.

Negative pressure on the rating could develop should (1) the
company's leverage not fall well below 7.5x (Moody's-adjusted gross
debt/EBITDA, smoothed for biennial events) beyond FY 2021, (2)
liquidity deteriorate as a result of a prolonged weakness in the
underlying business performance and/ or (3) there is a more
permanent reduction in demand for its shows beyond FY2021.

Positive pressure on the rating could develop over time should
Clarion's leverage (Moody's-adjusted gross debt/EBITDA, smoothed
for biennial events) fall below 6.0x on a sustained basis as a
result of strong operating performance.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Comet Bidco Limited

Corporate Family Rating, Downgraded to B3 from B2; placed Under
Review for further Downgrade

Probability of Default Rating, Downgraded to B3-PD from B2-PD;
placed Under Review for further Downgrade

BACKED Senior Secured Bank Credit Facility, Downgraded to B3 from
B2; placed Under Review for further Downgrade

Outlook Actions:

Issuer: Comet Bidco Limited

Outlook, changed to Rating Under Review from Negative

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Clarion Events is a UK-based events business that organizes and
runs approximately 220 events worldwide. Its revenue is diversified
across geographies, with roughly equal proportions coming from Asia
(36%), Europe (32%) and North America (25%) in a normal year of
operations. In 2019, the company generated revenues of GBP 397
million and EBITDA of GBP 112 million.

COMPASS III: Moody's Places B3 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
corporate family rating and probability of default rating of B3 and
B3-PD assigned to Compass III Limited, a leading European manager
of holiday rentals. Concurrently, Moody's has placed on review for
downgrade the B2 rating on the senior secured facilities and the
Caa2 rating on the second lien loan issued by Awaze Limited. The
outlook on all ratings has been changed to ratings under review,
from stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus pandemic,
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 leisure 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. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety. Its action
reflects the impact on Awaze of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The rating action was prompted by the very sharp decline in
bookings and leisure sites closures driven by both fears and travel
restrictions since the outbreak of coronavirus started during
January 2020. From a regionally contained outbreak the virus has
rapidly spread to many different regions severely denting air
travel and the lodging sector.

Moody's base case assumptions are that the coronavirus pandemic
will lead to a period of severe reductions in the number of park
and holiday home guests over at least the next 3 months with
regulatory closures of parks and holiday homes in the Netherlands,
UK and Germany. The base case assumes that there will be a gradual
recovery in the third quarter this year. However, there are high
risks of more challenging downside scenarios and the severity and
duration of the pandemic and hence on travel restrictions and
consumer sentiment is uncertain. Moody's analysis assumes around a
75% reduction in revenues for Awaze in the second quarter and a 30%
fall for the full year but depending on length and severity of the
travel restrictions and government confinement measures could
include a significantly deeper downside cases including close to
zero occupancy during the peak summer season.

The rating also reflects flexibility of the company's cost base, as
Awaze uses a significant number of freelancers and seasonal
workers. In addition, the company will benefit from the government
support programmes for the payroll for its other staff. Awaze has
responded to the crisis by reducing capex to below EUR20 million
from EUR60 million in 2019 and cutting administrative costs.
Moody's also understands that the company's planned M&A
transactions are now naturally on hold, even though Awaze continue
to maintain close dialogues with the respective sellers. Moody's
expects that Awaze will be able to reduce its overall cash cost by
more than 70% assuming close to full shutdown scenario and little
revenues.

At the moment the company's rental agency business in Denmark
continues to operate and a few Landal parks in the Netherlands
remain open, although with a significantly declining occupancy. The
company is offering free re-bookings to the affected customers into
the late summer / autumn and Moody's understands that the risk of
potential cash outflow for reimbursements is mitigated by the terms
and conditions of the company's contracts which do not allow for
free cancellations. Moody's estimates that the company has
sufficient cash to cover potential reimbursements for the next 3
months, however, in a more negative scenario of a prolonged
shutdown and many guests claiming their money back for the key
summer period Awaze's liquidity will likely come under pressure.

Assuming that confinement measures or travel restrictions are
gradually lifted throughout June in Awaze's key geographies,
Moody's estimates that Moody's-adjusted debt/EBITDA could
temporarily spike to around 9x in 2020 from around 7x in 2019 while
Moody's-adjusted EBITA/interest could reduce below 1.0x compared to
1.4x in 2019. That said, Moody's cautions there are inherent
uncertainties and variables involved in modelling profitability and
cash flows in times of great uncertainty.

The review process will focus on (i) the current market situation
with a review travel restrictions and occupancy levels across
Awaze's key markets, (ii) the liquidity measures taken by the
company and their impact on the company's balance sheet, and (iii)
other measures being taken by the company to reduce its cost base
and protect cash flows.

Moody's considers certain governance considerations related to
Awaze as the company is controlled by Platinum Equity which, as is
common for private equity sponsored deals, has a high tolerance for
leverage and potentially high appetite for shareholder-friendly
actions. Moody's also notes that the company is executing its large
business optimisation programme following the carve-out from
Wyndham Worldwide, which makes it more difficult to monitor the
underlying business performance. That said, the company has made a
notable effort to improve transparency by providing additional
disclosures, including third party reviewed quarterly reports.

LIQUIDITY

Moody's expects that the company will have sufficient liquidity to
go through 2020 season even in a scenario of substantial shutdown
during the peak summer months. Awaze accumulated approximately
EUR250 million cash on balance sheet, including fully drawing the
EUR105 million revolving credit facility (RCF) and the recent
EUR130 add-on to the term loan B. The RCF is mostly used to cover
seasonal working capital outflows in the fourth quarter of the
year. The company does not have any notable debt maturities until
2024 apart from ongoing finance lease payments of circa EUR10
million per year. The RCF contains a leverage-based springing
covenant tested if the facility is drawn more than by 35% and for
which Moody's expects the company to remain in compliance, albeit
with a reducing headroom.

STRUCTURAL CONSIDERATIONS

The B2 ratings assigned to the EUR715 million senior secured first
lien and the EUR105 million RCF are one notch above the group's
corporate family rating. The ratings on these instruments reflect
their contractual seniority in the capital structure and the
cushion provided by the second lien, which is rated Caa2. The
collateral package consists of a pledge over the majority of the
group's bank accounts, intragroup receivables and shares. and does
not include the company's owned parks and land in the Netherlands
with an approximate value of EUR300 million.

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

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control, travel restrictions are lifted,
and travel flows return to more normal levels. Over time, Moody's
could upgrade the company's rating if Awaze builds a track record
of profitability improvements and reduce restructuring costs.
Quantitatively, an upgrade would require Moody's adjusted
Debt/EBITDA to decline to sustainably below 6x while maintaining a
consistently positive free cash flow generation.

Moody's could downgrade Awaze's ratings if confinement measures and
travel restrictions extend through or beyond the peak summer
season, leading to further deterioration in credit metrics and
liquidity. Over a longer term a negative rating pressure would
result from any operational difficulties preventing the company's
EBITDA to grow and its free cash flow generation to remain
positive.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS:

On Review for Downgrade:

Issuer: Compass III Limited

LT Corporate Family Rating, Placed on Review for Downgrade,
currently B3

Probability of Default Rating, Placed on Review for Downgrade,
currently B3-PD

Issuer: Awaze Limited

Backed Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently B2

Backed Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently Caa2

Outlook Actions:

Issuer: Compass III Limited

Outlook, Changed to Rating Under Review from Stable

Issuer: Awaze Limited

Outlook, Changed to Rating Under Review from Stable

PROFILE

Awaze is a carve-out from Wyndham Worldwide, acquired by Platinum
Equity Advisors in May 2018. The company operates in three main
business segments: Landal Parks (Netherlands-based holiday parks
operator and franchisor), Novasol (professional agent for
Continental European holiday homes) and Awaze Vacation Rentals U.K.
(Awaze UK), which includes a rental agency business for UK holiday
cottages, lodges, parks and boating accommodations, as well as a
specialist villa tour operator business. In the last 12 months to
September 30, 2019, Awaze generated around EUR697 million in
revenue and EUR126 million in management-adjusted EBITDA.

EASYJET: May Run Out of Money by August, Founder Warns
------------------------------------------------------
Simon Foy at The Telegraph reports that the founder of easyJet has
ramped up his campaign against the airline's board by threatening
to remove its finance chief and warning it could run out of money
by August.

Sir Stelios Haji-Ioannou, whose family is easyJet's largest
shareholder with a 34% stake, said he would attempt to remove chief
financial officer Andrew Findlay, as well as non-executive director
Andreas Bierwirth, over the company's failure to terminate a GBP4.5
billion order from Airbus, The Telegraph relates.

According to The Telegraph, the Greek-Cypriot billionaire said the
low-cost carrier "will run out of money around August, perhaps even
earlier", if the contract with the aircraft manufacturer is not
cancelled.

It comes after the tycoon last week issued a blistering defence of
the airline's decision to pay his family GBP60 million of
dividends, and threatened to oust one director from the board every
two months over the Airbus deal, The Telegraph recounts.

EasyJet plc, styled as easyJet, is a British low-cost airline group
headquartered at London Luton Airport.  It operates domestic and
international scheduled services on over 1,000 routes in more than
30 countries via its affiliate airlines EasyJet UK, EasyJet
Switzerland, and EasyJet Europe.


INSPIRED ENTERTAINMENT: Fitch Downgrades LT IDR to CCC+
-------------------------------------------------------
Fitch Ratings has downgraded Inspired Entertainment, Inc.'s
(Inspired) Long-Term Issuer Default Rating (IDR) to 'CCC+' from
'B'. Fitch has also downgraded Inspired's GBP220 million equivalent
term loan B (TLB; in tranches of GBP140 million and EUR90 million)
senior secured debt rating to 'B'/'RR2' from 'BB-'/'RR2'. All
ratings have been placed on Rating Watch Negative (RWN).

The downgrade reflects its view of large disruption caused by the
coronavirus outbreak. Inspired mainly relies on land-based
operations, including OPAP's and William Hill's retail venues, and
pubs, which are most affected by the lockdown imposed by
governments across Europe. It also reflects much weaker financial
flexibility than expected for as long as the lockdown remains in
place, despite the group's mitigating measures in place. Although
Fitch expects a temporary spike in leverage in 2020, Fitch
envisages credit metrics reverting to levels that are commensurate
with a higher rating when trading normalises.

The RWN on Inspired reflects near-term liquidity risks, potentially
undermining its ability to service its debt in accordance with the
debt facilities' terms, or in the event that the current lockdown
is extended beyond June 2020 in the absence of further external
cash flow support. These factors could drive a multi-notch
downgrade.

The RWN on the senior secured debt also reflects the risk of
additional debt or the committed revolving credit facility (RCF)
being upsized. This could erode recovery prospects for secured
creditors into the 'RR3' category, compressing the rating uplift on
senior secured debt to a maximum of one notch above the IDR.

KEY RATING DRIVERS

High Pandemic Exposure: Land-based operations account for 90% of
Inspired's revenues (adjusted for the acquisition of UK Gaming
Technology Group (NTG) completed in October 2019), including OPAP's
and William Hill's retail venues as well as UK pub operators, which
are currently closed due to the pandemic. The UK alone generated a
significant 70% of estimated pro-forma revenues for 2019. Fitch
assumes that gaming retail venues would remain closed for three
months, leading to a significant revenue loss for Inspired.

Negative Free Cash Flow: Fitch expects Inspired will be able to
implement measures during the shutdown to preserve cash, such as
temporarily cutting staff expenses, and also take advantage of UK
government measures including VAT and employment tax deferral.
Although that would limit the pace of cash burn, Fitch estimates
that free cash flow (FCF) would largely be negative during the
shutdown, leading to very tight liquidity by mid-summer 2020.

Reduced Financial Flexibility: Fitch expects Inspired's financial
flexibility to materially reduce over the next few months. Fitch
does not expect the current GBP20 million RCF to provide sufficient
cushion, particularly in a more prolonged shutdown beyond June
which Fitch considers, at present, a stress case rather than its
central scenario. The RWN captures the execution risks around
near-term liquidity and Inspired's ability to continue to service
debt in line with the terms of the group's debt issues.

Impaired Financial Structure: Although Fitch expects FFO-adjusted
gross leverage to peak in 2020 at an estimated 9.4x, Fitch
envisages credit metrics reverting to levels that are commensurate
with a 'B' rating category when trading normalises. Based on the
current capital structure Fitch estimates intact deleveraging
capabilities with funds from operations (FFO)-adjusted gross
leverage below 5.0x and FFO fixed charge cover trending above 2.5x
from 2021 onwards. However, Fitch sees significant near-term
execution and liquidity risks. Depending on how Inspired addresses
its most immediate liquidity needs, this will determine the rating
trajectory in 2020 before stabilising.

Improving Credit Profile post-COVID-19: Fitch continues to assess
Inspired's business model as sustainable once the pandemic
subsides. Inspired has established itself in the global gaming
sector as an innovative and reliable provider of virtual, mobile
and served-based games. This enables the group to win new contracts
for the supply of technology and the management of online games and
virtual sports- betting in its markets. These contracts have a
typical duration of three-to-five years, which support long-term
cash flow visibility.

ESG Factors: Inspired has an ESG Relevance Score of 4 under
customer welfare - fair messaging, privacy & data security due to
increasing regulatory scrutiny on the sector, in the context of a
greater awareness around social implications of gaming addiction
and increasing focus on responsible gaming. This factor has a
negative impact on the credit profile, as already reflected in the
rating, and is relevant to the rating in conjunction with other
factors.

DERIVATION SUMMARY

The merger between Inspired and NTG creates a growing,
moderately-sized B2B gaming technology company, with higher EBITDAR
margin and FFO capabilities than that of peers such as Intralot
S.A. (CCC), but with lower liquidity before the pandemic. Inspired
is smaller and has slightly weaker profitability than global peers
such as International Game Technology plc (IGT) and Scientific
Games Corporation (SGC). This constrains its ability to compete
should these larger groups decide on aggressive marketing and
pricing policies. Inspired has a strong presence in the
fast-growing gaming software market in a diverse number of
countries.

KEY ASSUMPTIONS

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

Three months of retail-estate closures, combined with slow footfall
recovery as social distancing continues. Fitch expects revenues of
around USD200 million in 2020;

Ability to cut operating expenses during the lockdown

EBITDA margin of 16.5% in 2020 and above 30% from 2021

Capex reduced by USD37 million in 2020, then maintained at maximum
capex covenant level

GBP20 million RCF fully drawn, and covenants successfully waived

Delay in synergies generation, unchanged at an annualised USD10
million

No dividends

No acquisitions

GBP/USD FX rate of 1.3

KEY RECOVERY RATING ASSUMPTIONS

Fitch assumes that Inspired would be considered a going-concern in
bankruptcy and that it would be re-organised rather than
liquidated.

In its bespoke going-concern recovery analysis Fitch considered an
estimated post-restructuring EBITDA available to creditors of
around USD49 million. Fitch applied a distressed enterprise value
(EV)/ EBITDA multiple of 5x, in line with comparable companies of
the same sector.

Both GBP20 million senior secured RCF and GBP220 million senior
secured term loan B (TLB) rank equally with each other.

After deducting 10% for administrative claims, its principal
waterfall analysis generated a ranked recovery in the 'RR2' band,
indicating a 'B' instrument rating. The waterfall analysis output
percentage on current metrics and assumptions is 72%, at the
low-end of the 'RR2' band. The low level of headroom under the
'RR2' Recovery Rating means that issuing additional debt, or
potentially increasing the size of the committed RCF, would erode
recovery prospects for secured creditors, and could lead to a
further downgrade of the instrument rating.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to an
Upgrade

  - Evidence that financial flexibility and liquidity cushion have
improved sustainably over the next 24 months, either underpinned by
external support or by at least a neutral-to-positive FCF margin

  - Maintenance of financial policies and structure with FFO
adjusted gross leverage below 6x on a sustained basis

  - FFO fixed charge cover returning above 2.0x

Developments That May, Individually or Collectively, Lead to
Affirmation of the Rating

  - Evidence that financial flexibility and liquidity cushion have
improved by September 2020, while servicing its debt according to
the terms of the debt facilities, underpinned by external support
or expectations that the business would achieve breakeven monthly
EBITDA, and at least neutral FCF by June 2020

  - FFO fixed charge cover remaining above 1.5x in 2020

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

  - Heightened liquidity risks, for example by way of sustained
negative FCF, reflected in thin liquidity buffer by June 2020
absent of any external liquidity support or other cash-preservation
actions

  - Indication that the group may not be able to service its debts
in accordance with its original terms triggering a Distressed Debt
Exchange

BEST/WORST CASE RATING SCENARIO

Ratings of non-financial corporate issuers have a best-case rating
upgrade scenario (defined as the 99th percentile of rating
transitions, measured in a positive direction) of three notches
over a three-year rating horizon; and a worst-case rating downgrade
scenario (defined as the 99th percentile of rating transitions,
measured in a negative direction) of four notches over three years.
The complete span of best- and worst-case scenario credit ratings
for all rating categories ranges from 'AAA' to 'D'. Best- and
worst-case scenario credit ratings are based on historical
performance.

LIQUIDITY AND DEBT STRUCTURE

Unfunded Liquidity: As with many high-yield issuers, Inspired has
fully drawn down its GBP20 million RCF, building up a cash balance
of more than GBP25 million by end-March 2020. Fitch expects largely
negative FCF until July 2020, when gaming venues are expected to
reopen. Fitch understands from management that the group is
implementing a series of cash-preservation measures, but based on
the current capital structure, Fitch estimates that the liquidity
buffer could be exhausted by end-July 2020, absent of any further
actions or external support, even if temporarily, and until trading
is allowed to resume.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

Inspired has an ESG Relevance Score of 4 under Customer Welfare -
Fair Messaging, Privacy & Data Security due to increasing
regulatory scrutiny on the sector.

Except for the matters discussed, the highest level of ESG credit
relevance, if present, is a score of 3. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by Inspired.

JAGUAR LAND: S&P Downgrades ICR to 'B' On Weaker Credit Metrics
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.K.-based premium car manufacturer Jaguar Land Rover Automotive
PLC's (JLR) to 'B' from 'B+'. S&P also lowered its issue rating on
the company's debt to 'B' from 'B+'.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak
between June and August, and we are using this assumption in
assessing the economic and credit implications. We believe the
measures adopted to contain COVID-19 have pushed the global economy
into recession. As the situation evolves, we will update our
assumptions and estimates accordingly."

The COVID-19 pandemic's effect on the global automotive market will
harm JLR's financial results, despite the recent good progress the
company's management has made in steering the business back to
profitability and improving credit metrics.

S&P said, "Prior the COVID-19 pandemic, we were already forecasting
a decline in JLR's overall sales volumes for FY2020 due to tough
end market conditions and continued pricing pressure in some of its
core markets. We note that the pandemic affected many of JLR's core
markets quite late in FY2020, so the fallout will mostly carry
across into the company's FY2021 results.

"Although it is difficult to quantify at this stage, we expect the
COVID-19 pandemic will undoubtedly harm JLR's sales volumes in the
first quarter (Q1) of FY2021, not just in China and Asia-Pacific
but also in the U.K., EMEA, and North America as the pandemic
gathers pace in these regions. This could also weigh on core model
sales and planned new Defender deliveries and sales in the summer
as the pandemic continues to escalate. JLR has a global supply
chain and sources many parts from the EU and China, some of which
are critical to the production and assembly of its cars in its U.K.
plants. We do not think JLR is close to running out of critical
parts. The company decided to close its plants in the U.K. until at
least April 20, 2020 in response to the economic uncertainty and
expected sudden drop in demand caused by the spread of COVID-19.

"We note positively that JLR's management is already adept at
operating in adverse conditions because it has had to prepare to
navigate the business through a potential no-deal Brexit, possible
U.S. import tariffs, and the slump in demand for diesel engines. We
also note that management has exceeded its previous cost-cutting
expectations via Project Charge, and identified significant further
measures via Project Charge+.

"At this stage, we are not forecasting the specific effect that
COVID-19 will have on JLR versus rated OEM peers. Instead, we start
by accounting for a one-month production shutdown. We then assume
severely depressed volumes in Q1 FY2021. For the remainder of
FY2021, we apply our base-case view on global automotive sales to
JLR's base case. In doing so, we assume that JLR will perform
broadly in line with these assumptions and the wider peer group in
this regard. We also note that the COVID-19 pandemic's effect on
the economy is fast moving and unprecedented. Our expectations
could therefore change rapidly, hence the negative outlook.

"We forecast JLR will sell about 510,000 vehicles in FY2020, with a
slightly positive operating profit margin despite a very tough
final few weeks of FY2020, supported by good gains made under
Project Charge. We think free operating cash flow (FOCF) will be
negative by about GBP1.2 billion-GBP1.3 billion for FY2020, in line
with our previous forecasts. We expect the deeply negative FOCF
trend will continue through 2021 despite management's cost-cutting
measures and capex reduction plans. We expect JLR will experience a
further and deeper fall in sales volumes in FY2021, in line with
our assumptions for global automotive markets. This will be partly
offset by the rollout of the new Defender model, for which JLR
expects high demand. We expect JLR's overall sales for FY2021 to
fall to 450,000-460,000 vehicles, assuming roughly the same pricing
conditions as in FY2020.

"We think temporary U.K. plant closures and accelerated
cost-cutting measures will keep JLR's operating profit slightly
positive. High capital expenditure (capex) and research and
development (R&D) costs will continue to result in materially
negative FOCF. That said, management plans to reduce total
capex--including R&D--toward GBP3 billion, versus our previous
forecast of more than GBP4 billion. We still expect JLR's FOCF
generation to remain significantly negative for at least for the
next two to three years, until the economic effect of COVID-19
abates, global auto demand recovers, and ongoing cost-reduction
measures restore the company's profitability. Due to the weakening
in JLR's credit metrics, we have reassessed its financial risk
profile as highly leveraged from aggressive. This is because deeply
negative FOCF will continue to weigh heavily on the company's
weakening core leverage metrics."

As the COVID-19 pandemic exacerbates economic instability,
liquidity will become critical for all companies affected.

However, due to multiple positive actions taken through FY2020 to
bolster its liquidity position, JLR is currently in a good position
to weather short-term economic uncertainty and a temporary
production shutdown at its U.K. plants until April 20, 2020.

As of Dec. 31, 2019, JLR had about GBP5.8 billion of liquidity,
including a GBP1.935 billion undrawn committed revolving credit
facility (RCF). The company has been taking several positive
measures to bolster liquidity, including EUR1 billion of new bonds
issued in November and December 2019, GBP625 million of new UKEF
funding signed October 2019, and a GBP100 million fleet buyback
facility agreed in November 2019. JLR repaid a $500 million bond
due November 2019 and has just repaid its $500 million bond due
March 2020 from cash on balance sheet. S&P said, "We note that the
company shelved a planned new bond issuance a few weeks ago due to
market volatility caused by the arrival of COVID-19 in Europe, and
we expect bond market conditions will remain extremely challenging
for new issuers in the coming weeks."

S&P said, "After the repayment of the $500 million bond in March,
we estimate that JLR had about GBP3.3 billion-GBP3.5 billion of
cash and liquid short-term investments--less about GBP300 million
that we consider restricted--at end-FY2020, and the GBP1.935
billion RCF remained undrawn. We estimate that a one-month shutdown
of its U.K. plant and severely reduced production and volumes
through Q1 FY2021 will require JLR to burn about GBP1 billion of
cash per month to keep operational. We understand management is
also exploring further sources of funding and note that the U.K.
government recently announced financial support for U.K.
businesses.

"The negative outlook indicates our expectation that the spread of
the COVID-19 pandemic will materially harm global automotive sales
through 2021 and weaken JLR's results. JLR faces risks from lower
volumes, pressured profitability, and weaker credit metrics. The
negative outlook also reflects that JLR's growth strategy and
ability to generate positive FOCF depend on the success of new
model rollouts.

"We would lower the ratings if we thought the effect of the
COVID-19 pandemic on global automotive markets would become more
severe than we currently assume, with further downward revisions to
our base case for volumes. We could lower the ratings on JLR if
further plant shutdowns were to occur, or if the company's
liquidity position were to weaken.

"We could revise the outlook to stable if JLR improves its
performance in line with our expectations and the risks relating to
the industry from COVID-19 become less imminent. We could also
revise the outlook to stable if the company's FOCF prospects were
to trend materially toward breakeven thanks to supportive industry
conditions and improvement stemming from management's
implementation of Project Charge and Project Charge+."


KCA DEUTAG: S&P Lowers ICR to 'SD' on Interest Nonpayment
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.K.-based
oilfield services company KCA DEUTAG Alpha Ltd. (KCA) to 'SD'
(selective default) from 'CCC+'. At the same time, S&P lowered the
issue credit ratings on the affected notes, which mature in 2022
and 2023, to 'D' from 'CCC+'.

S&P also lowered its issue level ratings on the unaffected rated
instruments to 'CC' from 'CCC+', indicating that they are currently
highly vulnerable to nonpayment.

S&P Global Ratings lowered the issuer credit rating to 'SD' because
KCA has decided to use its 30-day grace period. It will not pay
about $45 million in interest due to the holders of its senior
secured notes maturing 2022 and 2023 on April 1, 2020. In S&P's
view, this decision is part of a wider capital improvement review
that the company initiated in late 2019, and which has been
accelerated due to the recent events in relation to falling oil
prices and COVID-19.

Conditions in the drilling market have been testing over the past
few years, causing KCA's capital structure to become unsustainable,
with adjusted debt to EBITDA above 6.5x. The recent drop in oil
prices to about $25 per barrel and the spread of COVID-19 greatly
exacerbated the problem. As a result, it is less clear whether KCA
will be willing to pay the interest by the end of the grace period.
S&P sees a high chance that it aims to preserve cash ahead of a
potential debt restructuring. S&P therefore considers that there is
a high risk of a distressed exchange offer, which it views as a
selective default under our criteria, in the following weeks.

Once the company completes the distressed exchange, S&P will
reassesses the ratings based on the new capital structure.


NMC HEALTH: ADCB Applies to Appoint Administrators for Business
---------------------------------------------------------------
Sameer Hashmi at BBC News reports that the Abu Dhabi Commercial
Bank, one of the United Arab Emirates' largest banks has applied to
the UK's High Court to appoint administrators for the troubled
private hospital operator NMC Health.

The UK-listed firm has been under scrutiny for alleged unauthorized
financial activities, BBC notes.

According to BBC, the Abu Dhabi Commercial Bank wants
administrators to launch a full investigation into its conduct.

The lender said the move was aimed at safeguarding the future of
the company, BBC relates.

The Abu Dhabi Commercial Bank, also known as ADCB, is one of NMC
Health's largest lenders with an exposure of US$981 million (GBP800
million), BBC states.

NMC Health, which has a debt of US$6.6 billion, is estimated to
have borrowings with more than 80 regional and international
creditors, BBC discloses.

The country's fourth largest lender, Dubai Islamic Bank, said on
April 5 that it had an exposure of US$541 million to the troubled
hospital operator, BBC relays.

Trouble started for the firm last year after a report by US-based
activist investor Muddy Waters alleged that NMC Health had inflated
its cash balances, overpaid for assets and understated its debt,
BBC recounts.

It then made a series of damaging disclosures including alleged
theft and excess undisclosed borrowings by former directors, BBC
notes.  The company lost more than half of its market value within
a few weeks and share trading was suspended in February amid
several high-profile sackings, according to BBC.


NMC HEALTH: PJT Advises Bondholders Ahead of Debt Restructuring
---------------------------------------------------------------
Dinesh Nair, Nicolas Parasie, Irene Garcia Perez and Luca Casiraghi
at Bloomberg News report that NMC Health Plc convertible
bondholders are working with PJT Partners Inc. as the troubled
Middle Eastern hospital operator prepares for a restructuring,
people with knowledge of the matter said.

PJT is advising a group of investors in NMC Health's US$360 million
of convertible bonds due 2025, the people, as cited by Bloomberg,
said, asking not to be identified because the information is
private.

NMC Health's known debt pile has more than tripled in recent weeks
to US$6.6 billion, up from the US$2.1 billion reported at the end
of June, after it uncovered borrowings that hadn't been disclosed
to the board, Bloomberg discloses.  

The company said March 24 it hired Matthew Wilde, the former head
of PwC's Middle East corporate finance and restructuring practice,
as its chief restructuring officer to draw up a plan to address its
indebtedness, Bloomberg relates.

NMC Health announced last month it found evidence of suspected
fraud and debt that had been used for unknown purposes, Bloomberg
recounts.  It has sought an informal standstill on existing loan
facilities and hired Moelis & Co. as an independent financial
adviser, Bloomberg discloses.

NMC Health's shares were suspended from trading in February and the
U.K.'s Financial Conduct Authority has started a formal
investigation, Bloomberg notes.


PINNACLE BIDCO: Moody's Cuts CFR to B3, On Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and to B3-PD from B2-PD the probability of
default rating of Pinnacle Bidco plc ("PureGym" or the company).
Concurrently, Moody's has downgraded the rating on the GBP430
million senior secured notes due 2025 to B3 from B2 and the rating
on the GBP95 million super senior revolving credit facility (SSRCF)
due 2024 to Ba3 from Ba2. All ratings are placed on review for
downgrade.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus pandemic,
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 leisure 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. Moody's regards the coronavirus
outbreak as a social risk under Moody's ESG framework, given the
substantial implications for public health and safety. Its action
reflects the impact on PureGym of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The rating action was prompted by the government decisions to close
gyms in all countries where PureGym operate, including the UK,
Denmark, Switzerland and Poland. From a regionally contained
outbreak the virus has rapidly spread to many different regions
triggering introduction of unprecedented confinement measures in
many countries around the world.

Moody's base case assumptions are that the coronavirus pandemic
will lead to a period of all the company's gyms being closed until
the end of June. The base case assumes that there will be a
re-opening of the gyms and a gradual recovery of membership in the
third quarter this year. However, there are high risks of more
challenging downside scenarios and the severity and duration of the
pandemic and hence the government restrictions and consumer
sentiment is uncertain. Moody's analysis assumes zero revenue for
PureGym in the second quarter and close to 30% fall for the full
year but depending on length and severity of the travel
restrictions and government confinement measures could include a
significantly deeper downside cases including zero revenue during
both second and third quarters.

PureGym has been focussing on cost reduction and Moody's expects
that the company will benefit from the proposed government schemes
to compensate for payroll of the staff as well as business rates
holiday. The company also freezes its new gyms substantial rollout
program which should result in only GBP15 million committed capex
for Q2-Q4. Pro-forma for the planned mitigating measures the
management estimated a weekly cash burn of between GBP4.5 and
GBP5.5 million per week, which the rating agency views as
reasonable and which means the company will have sufficient
liquidity at least until end of September, assuming that all the
gyms remain closed. Moody's also expects that should the closures
continue beyond June PureGym will likely be able to further reduce
its cash burn and secure liquidity for a longer period.

Assuming the gyms are re-opened at end of June, Moody's estimates
that Moody's-adjusted debt/EBITDA could temporarily exceed 10x in
2020 before going to circa 7x-7.5x in 2021 -- this is compared to
around 6.5x leverage in 2019 pro-form for Fitness World
acquisition. Moody's also highlights there are inherent
uncertainties and variables involved in modeling profitability and
cash flows in times of great uncertainty.

The company's rating is supported by PureGym's competitive and
clear price offering, which is based on a monthly subscription, and
by user-friendly technology, that should help PureGym to recover
quicker and cope with a potential recession or lower customer
demand following the re-opening. The company also does not rely on
international travel and benefits from an improved diversification
to Denmark and Switzerland, although the current crisis is global
in nature.

The review process will focus on (i) the current market situation
with a review of restrictions and gym membership dynamics across
PureGym's key markets, (ii) the liquidity measures taken by the
company and their impact on the company's balance sheet, and (iii)
other measures being taken by the company to reduce its cost base
and protect cash flows.

Moody's considers certain governance considerations related to
PureGym. The company is controlled by Leonard Green & Partners, as
is common for private equity sponsored deals, has a high tolerance
for leverage and appetite for debt-funded acquisition.

LIQUIDITY

Moody's expectations of negative free cash flow during the closure
period will weaken PureGym's liquidity although it will remain
adequate if the impact of the outbreak is limited to the summer
period only. The company fully drawn its SSRCF and had
approximately GBP150 million cash on balance sheet plus GBP10
million available on overdraft at end of March. The SSRCF has one
springing covenant that is tested when the facility is over 40%
drawn. The senior secured leverage covenant is set at net debt of
7.7x Run Rate Adjusted EBITDA and will come under pressure,
although PureGym is expected to have some flexibility to reduce the
drawing below 40% for the June testing.

STRUCTURAL CONSIDERATIONS

The capital structure comprises GBP430 million of senior secured
notes due 2025, a GBP95 million SSRCF due 2024 and GBP334 million
of shareholder loan that Moody's treats as equity. The B3
instrument rating on the notes is in line with the company's CFR
while the Ba3 instrument rating on the RCF reflects its super
senior ranking ahead of the notes.

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

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control, government confinement measures
are lifted and leisure activity returns to more normal levels. Over
time, Moody's could upgrade the company's rating if (1) the company
continues returns to positive organic revenue and EBITDA growth;
(2) Moody's adjusted Debt/EBITDA reduces sustainably below 6.5x;
(3) EBITA / Interest improves towards 1.5x; and (4) the company
maintains an adequate liquidity profile while it continues to scale
up its operations.

Moody's could downgrade PureGym's ratings if the gym closure
extends through the summer months, leading to further deterioration
in credit metrics and liquidity. Over a longer term a negative
rating pressure would arise if: (1) Moody's adjusted gross leverage
is sustained above 7.5x; (2) EBITA /interest sustainably below 1x;
or (3) if there is any material and sustained decline in number of
members or in membership yield.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS:

Downgrades:

Issuer: Pinnacle Bidco plc

LT Corporate Family Rating, Downgraded to B3 from B2; Placed Under
Review for further Downgrade

Probability of Default Rating, Downgraded to B3-PD from B2-PD;
Placed Under Review for further Downgrade

Senior Secured Bank Credit Facility, Downgraded to Ba3 from Ba2;
Placed Under Review for further Downgrade

Backed Senior Secured Regular Bond/Debenture, Downgraded to B3 from
B2; Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Pinnacle Bidco plc

Outlook, Changed To Rating Under Review From Stable

PROFILE

Founded in 2009, PureGym is the leading gym operator in the UK, by
number of members and gyms. Pro-forma for the planned acquisition
of Fitness World PureGym reported revenue of around GBP442 million
and company-adjusted EBITDA of circa GBP131 million (before IFRS 16
impact) in 2019. The company achieved significant growth through
organic gym rollouts and acquisitions. The company derives more
than 90% of its revenue from membership fees, with the remainder
coming from nutrition and sport goods sales, joining fees, day pass
income, administration fees and other. Private equity sponsor
Leonard Green & Partners holds 80% of the company and the remaining
20% is owned by management.

RICHMOND UK: Moody's Cuts CFR to Caa1, Outlook Negative
-------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
Corporate Family Rating and to Caa1-PD from B3-PD the Probability
of Default Rating of Richmond UK Holdco Limited (Parkdean).
Concurrently, Moody's downgraded to B3 from B2 the instrument
ratings of the GBP538.5 million outstanding senior secured first
lien term loan due 2024 and the GBP100 million senior secured first
lien revolving credit facility due 2023, which are co-borrowed by
Richmond UK Bidco Limited and Richmond Cayman LP. The outlook on
all ratings is changed to negative from stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus pandemic,
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 leisure 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. Moody's regards the coronavirus
outbreak as a social risk under Moody's ESG framework, given the
substantial implications for public health and safety. Its action
reflects the impact on Parkdean of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered.

The rating action was prompted by the very sharp decline in
bookings and leisure sites closures driven by both fears and travel
restrictions since the outbreak of coronavirus started during
January 2020. From a regionally contained outbreak the virus has
rapidly spread to many different regions severely denting air
travel and the lodging sector.

Moody's base case assumptions are that the coronavirus pandemic
will lead to a period of all the company's parks being closed until
mid-June. The base case assumes that there will be a re-opening of
the parks and a gradual recovery of occupancy in the third quarter
this year. However, there are high risks of more challenging
downside scenarios and the severity and duration of the pandemic
and hence the government restrictions and consumer sentiment is
uncertain. Moody's analysis assumes around a 75% reduction in
revenues for Parkdean in the second quarter and a 30% fall for the
full year but depending on length and severity of the travel
restrictions and government confinement measures could include a
significantly deeper downside cases including zero occupancy during
the peak summer season.

Parkdean has been focussing on cost reduction and made a decision
to postpone non-essential maintenance capex, including the major 60
park wi-fi project. Moody's expects that the company will be able
to benefit from the proposed government schemes to compensate for
payroll of the staff as well as business rates holiday. Moody's
also understands that the company has an insurance in place that
covers for infectious diseases. However, given the early stage of
the process and also the unprecedented magnitude of the impact it
is not clear how easily the company may be able to receive any
proceeds.

Assuming the parks are re-opened in June, Moody's estimates that
Moody's-adjusted debt/EBITDA could temporarily exceed 15x in 2020
from around an already high level of 9x in 2019 while
Moody's-adjusted EBITA/interest could reduce below 0.5x compared to
1.1x in 2019. Moody's also cautions there are inherent
uncertainties and variables involved in modelling profitability and
cash flows in times of great uncertainty.

The rating is supported by the company's solid market position in
the UK and the affordable nature of its offering, which is oriented
on domestic demand and may see a quicker recovery beyond the impact
of the outbreak compared to international travel. Parkdean also
benefits from a sizeable value in freehold land and property with
book value of circa GBP580 million as of December 2019, which are
pledged to the term loans.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Moody's considers certain governance considerations
related to Parkdean, including its ownership by Onex which, as is
common for private equity sponsored deals, has a high tolerance for
leverage and potentially high appetite for shareholder-friendly
actions.

LIQUIDITY

Parkdean's liquidity is challenged by the decline in free cash flow
generation. The company had GBP70 million cash as of March 2020
pro-forma for the fully drawn revolving credit facility (RCF) of
GBP100 million. The company is subject to a consolidated net
leverage covenant which Moody's expect to be in breach in the
second quarter.

Moody's also notes that Parkdean's cash flow is influenced by
seasonality. In the first quarter, when a number of its parks are
shut (except for occasional events), the internally generated cash
flow is negative. This is offset, however, in the third quarter
when most of the cash flow from vacations and on-park spend is
received. Hence, if the company misses the high summer season it
will be impossible to compensate for the lost cash flows later in
the year.

STRUCTURAL CONSIDERATIONS

The rated debt consists of a GBP538.5 million outstanding
first-lien term loan and a GBP100 million RCF. In addition, the
financing consists of a GBP150 million second-lien term loan and
two ground rent transactions at a total amount of GBP232.6 million,
which are structured as an on-balance-sheet finance lease
liability. Both rated instruments are secured on a first priority
ranking basis by all assets of the company, including most of the
real estate holdings. Since the first-lien term loan and the
first-lien RCF rank ahead of the second-lien term loan in the
capital structure, they are rated B3 — one notch above the Caa1
corporate family rating.

RATIONALE FOR THE NEGATIVE OUTLOOK

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

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

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control, travel restrictions are lifted,
and travel flows return to more normal levels. Over time, Moody's
could upgrade the company's rating if Parkdean builds a track
record of profitability improvements and deleveraging.
Quantitatively, an upgrade would require Moody's adjusted
Debt/EBITDA to decline below 7.5x and EBITA / Interest well above
1x while generating positive free cash flow.

Moody's could downgrade Parkdean's ratings if the park closure
extends through or beyond the peak summer season, leading to
further deterioration in credit metrics and liquidity. Over a
longer term a negative rating would result from any operational
difficulties that would result in declining company's EBITDA and
sustainably negative free cash flow generation or an increasing
likelihood of debt restructuring

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS:

Downgrades:

Issuer: RICHMOND UK HOLDCO LIMITED

LT Corporate Family Rating, Downgraded to Caa1 from B3

Probability of Default Rating, Downgraded to Caa1-PD from B3-PD

Issuer: Richmond UK Bidco Limited

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

Outlook Actions:

Issuer: RICHMOND UK HOLDCO LIMITED

Outlook, Changed To Negative From Stable

Issuer: Richmond UK Bidco Limited

Outlook, Changed To Negative From Stable

PROFILE

Parkdean Resorts was formed through the merger of Park Resorts,
Parkdean, Southview & Manor Park and South Lakeland Parks. It
controls a portfolio of 67 caravan parks that are geographically
diversified across the coastal areas of England, Wales and
Scotland. It owns around 31,000 pitches (around 10% of the UK
market) and has relationships with around 21,000 caravan owners.
The combined entity generated GBP453 million of reported revenue
and GBP104 million of reported EBITDA in 2018; its owned property
assets exceeded GBP700 million as of December 2019. The Canadian
Onex Corporation acquired the company in March 2017. The group
operates in four business segments: (1) caravan and lodge sales,
(2) holiday sales, (3) owners income, and (4) on-park spend.

VALARIS PLC: Egan-Jones Lowers Senior Unsecured Debt Ratings to CC
------------------------------------------------------------------
Egan-Jones Ratings Company, on March 25, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Valaris plc to CC from B. EJR also downgraded the
rating on commercial paper issued by the Company to C from B.

Valaris plc is an offshore drilling contractor headquartered in
London, United Kingdom. It is the largest offshore drilling and
well drilling company in the world and owns 74 rigs, including 50
offshore jack-up rigs, 16 drillships, and 8 semi-submersible
platform drilling rigs.


WSH: Owner Files Application to Appoint to Administrators
---------------------------------------------------------
Oliver Gill at The Telegraph reports that celebrity chef Mark Hix
has appointed administrators, throwing the future of this
restaurant empire into doubt as Britons stay at home due to the
coronavirus lockdown.

The chef and restaurateur, who was awarded an MBE in 2017 for
services to hospitality and catering, filed an application to
appoint administrators across three of his businesses, The
Telegraph relates.

According to The Telegraph, the companies affected were Mr. Hix's
parent organization WSH & Mark Hix Restaurants along with
Restaurants etc and Hix Townhouse.


ZEPHYR MIDCO 2: S&P Lowers Ratings to 'B-' on Delayed Deleveraging
------------------------------------------------------------------
S&P Global Ratings lowered to 'B-' from 'B' its ratings on Zephyr
Midco 2 Ltd. and its debt.

The downgrade reflects S&P's expectation that the coronavirus
pandemic and its effects on the economic environment will weigh on
Zephyr's growth prospects and weaken its earnings and credit
metrics in 2020.

Zephyr operates in two major segments: the U.K.'s online property
search (Zoopla) and household service comparison (uSwitch). S&P
said, "We believe property searches will be the segment mostly
affected by COVID-19 because this activity has virtually frozen
after recent social distancing and stay-at-home initiatives.
Revenues from this segment represent around one-third of total
revenues for Zephyr and we expect them to decline by a
mid-single-digit percentage in 2020. Even though we believe that
other segments in Zephyr's operations are more resilient than
Zoopla to this shock, in the current environment there is a high
degree of uncertainty surrounding how hard Zephyr's operations will
be hit and the timeline for recovery once the virus is contained."

The impact of coronavirus on Zephyr's operations could delay its
deleveraging.

S&P said, "Zephyr's headroom was already limited at the previous
rating level; its S&P Global Ratings-adjusted leverage was very
high at almost 11x for fiscal year (FY) 2019 (ending Sept. 30,
2019), and we expected it to decline to 8x and reduce further
afterward. However, we expect that the effects of coronavirus will
likely translate into lower EBITDA and cash flows, resulting in a
persistently-elevated adjusted leverage of around 8x this year.
Moreover, we believe that further risks of elevated leverage hinge
on whether the U.K. government decides to extend its containment
measures, leading to prolonged closure of the property market. At
the same time, we understand that the group has a quite flexible
cost structure with most of the marketing costs (one of the main
cost items comprising about 30% of revenues) being discretionary.
Assuming Zephyr prudently manages its cost base, we believe it has
headroom to withstand this temporary shock without significant
deterioration in its cash flow generation and liquidity position."

Liquidity sources are sufficient, so far, to withstand the
headwinds of 2020.

S&P said, "Zephyr has a healthy cash balance of around GBP100
million as and has fully drawn its GBP150 million revolving credit
facility (RCF), which we understand will not be used and will be
kept on deposit during the current market disruption. There are no
debt maturities in the coming 12 months; there will be a GBP26
million payment for deferred consideration out of which GBP20
million has already been paid. We believe that liquidity sources of
around GBP250 million in total should sufficiently cover its needs
for at least 12 months. As main cash outflows, we expect cash
interest payments of around GBP50 million, capex of about GBP10
million, and negative working capital swings most likely within
GBP5 million-GBP10 million (outflow). That said, we believe, there
is sufficient liquidity for Zephyr to go through this temporary
disruption and it should recover relatively rapidly afterward.
Also, despite the high level of debt, we still believe its capital
structure is sustainable in the longer term because its business
model maintains sound cash generation. We therefore have a stable
outlook on the rating at this stage.

"The stable outlook reflects our view that Zephyr's credit metrics
will remain elevated in 2020 amid increased uncertainty around how
much the COVID-19 pandemic will weigh on the group's 2020
performance, liquidity, and ability to reduce leverage in the next
12 months. Based on our current assumption that the virus will wane
by mid-2020, we expect Zephyr to be able to sustain S&P Global
Ratings-adjusted leverage around 8.0x and funds from operations
(FFO) cash interest coverage of at least 2x, and to generate
sufficient cash flow to maintain its liquidity at adequate levels
over the next 12 months.

"We could lower the rating over the next 12 months if the economic
impact of COVID-19 is more significant than we currently expect,
leading to higher decline in revenues that will not be fully offset
by lower costs. This would result in lower EBITDA and cash flow
generation, negative free operating cash flow (FOCF), and a
constrained liquidity position, such that the group's capital
structure would become unsustainable in the medium term.

"We are unlikely to upgrade Zephyr over the next 12 months due to
its very high financial leverage, as well as the prevailing
unsupportive macroeconomic conditions. However, we could raise the
ratings if the coronavirus subsided with limited longer-term
implications for Zephyr's credit measures and if the company
rapidly restored its operating performance by significantly
outperforming our forecasts. More importantly, the upgrade would
hinge on Zephyr adhering to financial policies that strengthened
and reduced its S&P Global Ratings-adjusted debt to EBITDA toward
7.5x and FOCF to debt above 5% along with material FOCF generation
in absolute terms. Furthermore, a stable outlook would require
liquidity to remain adequate with sufficient sources to cover
working capital needs."



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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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