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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 21, 2020, Vol. 21, No. 80

                           Headlines



F R A N C E

ALBEA BEAUTY: Moody's Places B2 CFR on Review for Downgrade
CAB SOCIETE: Fitch Affirms EUR1.3BB Sr. Sec. Loan Rating at B+
NOVAFIVES SAS: Moody's Cuts CFR to Caa1, Outlook Negative


G E O R G I A

TBC LEASING: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg.


G E R M A N Y

CERAMTEC BONDCO: Moody's Affirms B3 CFR, Alters Outlook to Neg.


L U X E M B O U R G

OSTREGION INVESTMENTGESELLSCHAFT: Moody's Affirms B1 Bond Ratings
PIOLON II: Moody's Cuts CFR to B3, On Review for Downgrade
SAMSONITE INTL: Moody's Affirms Ba2 CFR, Alters Outlook to Negative


N E T H E R L A N D S

BRIGHT BIDCO: Moody's Cuts CFR to Caa3, Outlook Negative


N O R W A Y

NORWEGIAN AIR: Four Subsidiaries File for Bankruptcy


P O L A N D

GETIN NOBLE: Fitch Cuts LT IDR to CCC+ on Coronavirus Outbreak
[*] Fitch Takes Action in 7 Polish Banks on Coronavirus Outbreak


R U S S I A

BANK URALSIB: Bank of Russia OKs Anti-Bankruptcy Plan Amendments


S W E D E N

[*] SWEDEN: Hotel Bankruptcies Expected to Triple in April, UC Says


U N I T E D   K I N G D O M

CARLUCCIO'S: Tesco Expresses Interest in Sites
VIRGIN ATLANTIC: Needs Gov't. Support to Survive, Branson Warns


X X X X X X X X

[*] EUROPE: Needs Extra EUR500BB to Help Cushion Covid-19 Blow

                           - - - - -


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F R A N C E
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ALBEA BEAUTY: Moody's Places B2 CFR on Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed on review for downgrade Albea
Beauty Holdings S.a r.l.'s B2 corporate family rating and B2-PD
probability of default rating. Albea Beauty Holdings S.ar.l is the
top entity of the restricted banking group, and parent of beauty
and personal care packaging company Albea. The outlook has been
changed to ratings under review from stable.

Concurrently, Moody's has placed on review for downgrade the B2
ratings on the EUR450 million and $408 million senior secured term
loans due April 2024 and on the $105 million revolving credit
facility due April 2023.

"We have placed Albea's B2 ratings on review for downgrade because
of the supply and demand shock caused by the coronavirus outbreak
on the company's operations, at a time when the use of the $900
million proceeds from the disposal of its dispensing business and
its metal and Brazil clusters is still uncertain, "says Donatella
Maso, a Moody's Vice President -- Senior Analyst and lead analyst
for Albea.

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

Albea's operations are highly exposed to the risks posed to the
global economies by the coronavirus outbreak because the majority
of its revenues can be considered as discretionary as they are
generated in end-markets such as color cosmetics, fragrances and
skin care. In addition, Albea is also facing a supply shock linked
to the manufacturing and logistics disruption owing to the
lockdowns implemented in a number of countries. Albea's production
facilities in China have been shut for a few weeks while other
factories in Italy, France, Mexico and Brasil remain closed.

A prolonged and widespread demand shock, combined with production
difficulties at some of the company's main facilities, and
deteriorating macroeconomic environment, could result in weaker
earnings, cash generation and liquidity for 2020. The longer the
current situation lasts, the larger the impact on Albea's credit
metrics and liquidity.

However, the ultimate impact on the company's credit metrics and
liquidity will largely depend on the use of proceeds from the $900
million disposal of Albea's dispensing business and metal and
Brazil clusters (project Alinea) to Silgan Holdings Inc. (Ba2
stable) announced on 27 January 2020 [1]. This sale is expected to
close before end of Q2 2020.

Prior to the review process, Albea's B2 rating was already weakly
positioned in the category because of the lack of revenue and
EBITDA growth in the first nine months of 2019, increasing gross
leverage to around 6.1x pro forma for the acquisitions of Orchard
and Fasten, and persistent negative or weak free cash flow
generation.

On the positive side, Moody's recognizes how the company's product
and geographic diversification, as well as proactive cost savings
initiatives implemented by the management could mitigate to a
degree the impact of the coronavirus outbreak.

The rating review process will focus on (1) the degree to which the
spread of the coronavirus outbreak will impair the company's
business; (2) the flexibility of the company to adapt its cost
structure and preserve cash; (3) the recovery prospects after the
normalization of operations in the context of a weakened
macroeconomic environment; (4) the assessment of Albea's business
risk profile following the sale of Alinea; and (5) the use of
proceeds and financial profile of the company post disposal.

The ratings are currently on review for downgrade. Prior to the
ratings review process, Moody's said that positive pressure on the
ratings could develop in if (1) the company continues to improve
its EBITDA margin, resulting in deleveraging, measured by
debt/EBITDA (Moody's-adjusted), below 5x, and (2) the company
maintains positive free cash flow (FCF).

Prior to the ratings review process, Moody's said that negative
pressure could emerge if (1) improvements in operating performance
from growth opportunities and cost efficiencies fail to
materialize, (2) debt/EBITDA (Moody's-adjusted) increases above
6.0x, or (3) FCF remains negative on a sustained basis or liquidity
deteriorates significantly. Immediate negative rating pressure
would also arise if the preferred equity certificates (PECs) no
longer qualify for equity treatment or the ring-fencing of the
pay-if-you-can (PIYC) notes from the restricted group became
compromised, or both.

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. The weaknesses in Albea's credit profile, including its
exposure to multiple affected countries 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. Its action reflects the impact on Albea of
the breadth and severity of the shock, and the broad deterioration
in credit quality it has triggered.

In terms of corporate governance considerations, Albea is
controlled by private equity firm PAI, which in common with other
financial sponsors, typically has tolerance for relatively high
leverage in the companies it controls. However, more positively,
the use of proceeds from the recent disposal provide the owner the
flexibility to ensure that Albea's capital structure is sustainable
over the medium term.

LIQUIDITY

Albea's adequate liquidity profile largely depends on the
completion of the announced disposal and on the use of proceeds.
The company had $89 million of cash on balance sheet at the end of
September 2019, albeit $49 million is restricted cash in China.

The company has $64 million availability under its RCF, although
Moody's expects the balance to be fully drawn by the end of Q1
2020. The company also relies on (1) a $60 million committed North
American ABL facility, ($18.6 million utilized against a borrowing
base of $59.1 million available), and due October 2022, (2) EUR130
million committed European receivables facility (factoring) ($26
million utilized against a borrowing base of $26.5 million,
maturing October 2022), and (3) local facilities and other
non-recourse factoring arrangements which are expected to be
renewed on an ongoing basis.

These sources of liquidity should be sufficient to cover the
immediate needs such as working capital, capital expenditures,
upstream distributions intended to serve the PIYC notes cash
interests and 0.25% quarterly debt amortization of the term loan B
USD tranche until the disposal completes.

The RCF has one springing financial covenant (net senior secured
leverage ratio), set at 7.97x, to be tested on quarterly basis when
the RCF is drawn by more than 40%. While headroom under the
covenant is reducing, Moody's expects the company to continue to
comply with its covenant when tested.

STRUCTURAL CONSIDERATIONS

The term loan B and the RCF, issued by Albea Beauty Holdings
S.a.r.l., both rated B2, are secured on a first-priority basis by
shares and certain assets, and on a second-priority basis by the
assets securing the US ABL facility and other local facilities, and
they are guaranteed by material subsidiaries which represent at
least 80% of consolidated EBITDA and 80% of consolidated assets.

Moody's also notes the presence of (1) EUR140 million PECs lent
into the restricted banking group, which have been treated as
equity; and (2) EUR150 million PIYC notes which, although issued
outside of the restricted group, represent a liability which could
over time negatively weigh on the rating of the restricted group.

LIST OF AFFECTED RATINGS

Issuer: Albea Beauty Holdings S.a r.l.

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 Bank Credit Facility, Placed on Review for
Downgrade, currently B2

Outlook Action:

Outlook, Changed To Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass, and Plastic Containers published in
May 2018.

COMPANY PROFILE

Headquartered in France, Albea is a leading producer of plastic
packaging for the beauty and personal care industries. For the last
twelve months to 30 September 2019, Albea generated $1.6 billion of
revenues and reported $200 million of EBITDA (pre IFRS 16 and pro
forma for the acquisitions of Orchard and Fasten), employing
approximately 15,500 people.

CAB SOCIETE: Fitch Affirms EUR1.3BB Sr. Sec. Loan Rating at B+
--------------------------------------------------------------
Fitch Ratings has affirmed CAB Societe d'excercice liberal par
actions simplifiee's senior secured debt rating related to the
EUR1.3 billion term loan B at 'B+'/RR3 after completion of the
add-on of EUR240 million in December 2019. Fitch has also affirmed
CAB's Long-Term Issuer Default Rating at 'B' with a Negative
Outlook. The 'B+(EXP)'/RR3 expected rating attached to the added-on
debt tranche has been withdrawn as Fitch now rates the enlarged
debt issue.

CAB's 'B' IDR reflects the defensive nature of the company's
routine medical testing business model expressed in high and stable
EBITDA and free cash flow margins. The rating is materially
constrained by the company's aggressive leverage profile and
financial policies. The accelerated pace of predominantly
debt-funded acquisitions has substantially increased CAB's
financial risk and weakened its deleveraging potential, with funds
from operations adjusted leverage projected to remain well above
8.0x over the next four years.

CAB's Negative Outlook reflects the company's excessive leverage
profile for its IDR, making it vulnerable to exogenous shocks or
M&A driven risks and increasing its downgrade prospects within the
next 18 months. Fitch expects the last announced debt-financed
acquisition of a French network of medical labs Laborizon, which
was delayed in March 2020 following the coronavirus outbreak, will
resume once the debt capital markets reopen, supporting the
Negative Outlook.

Fitch projects a broadly neutral rating impact from the COVID-19
outbreak as reduced volumes of non-critical routine tests following
the lockdown in France leading to less customer traffic are
mitigated by new volumes related to COVID-19 testing. With most of
the revolving credit facility remaining undrawn, Fitch projects the
company will maintain sufficient liquidity levels in 2020,
supporting the rating.

Fitch has withdrawn CAB Selas' expected rating as it is no longer
expected to convert to a final rating.

KEY RATING DRIVERS

Sustainable Business Model: CAB benefits from a defensive business
model with stable revenues and high and resilient operating
margins, which mitigate the company's low product and geographic
diversification. It operates in a sector with a positive long-term
demand outlook and high barriers to entry where scale is an
important factor of cost management. Given the company's well
established regional market footprint with growing national
coverage and focused approach to M&A, CAB is well placed to
continue capitalising on the supportive sector fundamentals and
deriving value from its buy-and-build strategy, which should allow
it to grow above the market.

Neutral Impact from COVID-19: Fitch projects a neutral rating
impact from the COVID-19 outbreak in 2020. Fitch expects low levels
of activity until mid-June on the routine tests due to lower
customer traffic in a lockdown environment, with a catch-up in the
following months. Together with the extra volumes from COVID-19
testing, this should leave the company's 2020 trading overall
unaffected. COVID-19 testing should benefit from the exogenous
shock clause included in the new triennial agreements.

Excessive Leverage Drives Negative Outlook: The Negative Outlook
reflects the elevated credit risk after completion of predominantly
debt-funded acquisitions in excess of EUR1 billion since 2018.
Fitch expects financial leverage to stay above the negative
guidance at around 9.0x-10.0x during 2019-2022 on a FFO adjusted
basis (pro-forma for the recent acquisitions at around 9.0x in
2019-2020). These assumptions reflect the impact of the latest
acquisitions and future M&A estimated at EUR400 million until 2023
backed by FCF and the undrawn committed RCF.

Further Debt Funded M&A Likely: The Negative Outlook encapsulates
further near-term M&A. The last announced acquisition of a French
network of medical labs Laborizon, which was delayed in March 2020
following the coronavirus outbreak, will resume once the debt
capital markets reopen. Acquisitions in excess of EUR130 million a
year, requiring issuance of incremental debt, would likely lead to
FFO adjusted leverage remaining at or around 10.0x in 2021, at
which level Fitch would regard the 'B' IDR as no longer
appropriate.

Aggressive Financial Policy: In addition to the absence of
deleveraging, an aggressive financial policy with highly leveraged
acquisitions is a key rating factor. The company's decision to
tolerate significantly higher indebtedness levels over a prolonged
period of time exposes lenders to increased credit risk. At the
same time, Fitch does not expect value leakage in the form of
dividends or other shareholder distributions in the context of the
otherwise loosely structured senior loan documentation offering
little creditor protection.

Healthy FCF, Strong Execution: FCF and strong execution support the
'B' IDR. The combination of stable organic performance with well
executed business additions supports its forecast low double-digit
FCF margins, which are strong compared with much larger peers such
as Synlab. High intrinsic profitability is also evident in CAB's
stronger FCF/total debt cover ratio, which Fitch projects at around
5% in 2019-2022, against Synlab's and other peers at around 2%-4%.

Exposure to France's Reimbursement Regulation: CAB has an ESG
Relevance Score of 4 due to its exposure to social impact as the
company operates in the French regulated medical market, which is
subject to pricing and reimbursement pressures as the French
government seek to control national healthcare spending. This makes
CAB a price taker and may have a negative impact on its rating.
This is mitigated by the 2020-22 triennial plan agreement,
providing some market growth and earnings visibility over the next
three years.

DERIVATION SUMMARY

CAB's defensive business risk with strong execution evident in
superior operating and cash flow margins against similarly rated
peer Synlab (B/Stable) support the 'B' IDR. The Negative Outlook
primarily reflects Fitch's view of the elevated leverage profile
following successive acquisition rounds in 2018, 2019 and 2020 and
the limited expected deleveraging, suggesting a heightened
financial risk profile for CAB's rating. As a result of a rapid
acquisitive growth, the group's market position continues to
improve raising its sector relevance in the French lab testing
market.

Although the enlarged group will remain less diversified in terms
of geography and product portfolio than its larger peers, Fitch
expects lower integration risk from these acquisitions with good
visibility on contractual savings and synergies so that
profitability margins and FCF generation should remain sustainably
strong and above those of Synlab and other non-public peers.

Pro-forma for the planned acquisitions, CAB's FFO gross leverage
will remain well above 8.0x, which in isolation corresponds to a
'CCC' rating profile. Excessive leverage is a feature shared by
CAB's peers, but CAB's expected deleveraging is more limited with
FFO adjusted leverage expected to stay well above 8.5x through 2023
vs. steadier leverage levels of around 8.0x for Synlab by 2022.

KEY ASSUMPTIONS

  - Organic sales growth flat in 2020 as volume growth is offset by
planned tariff cuts (effective April 1, 2020) and an anticipated
market size rebasing as part of the new triennial plan. For 2021
and onward, Fitch is forecasting organic growth of 0.5%-0.6%
reflecting the slightly more beneficial triennial agreement
renewal;

  - Fitch forecasts slight integration delays for 2019 and 2020 and
booked a EUR10 million non-recurring charge for each year;

  - Fitch includes M&A of EUR130 million in 2021, EUR120 million in
2022 and EUR110 million in 2023 using all annual FCF and EUR80
million RCF across the three years;

  - As Fitch expects the company to keep acquiring, it includes
EUR2 million of recurring expenses (above FFO), EUR3 million of
non-recurring expenses and EUR5 million of M&A driven TWC outflows
a year over the rating horizon;

  - Slight improvement of EBITDA margin by 2022 as low-risk
synergies materialize;

  - No dividend payments throughout the life of the facilities.

KEY RECOVERY RATING ASSUMPTIONS

Fitch follows a going concern approach over balance sheet
liquidation given the quality of CAB's network and strong national
market position:

  - Projected pro-forma economic 2020E EBITDA less an estimated
cost of capital leases, discounted by 30% to arrive at a proxy of
the company's earnings to remain a going concern post-distress;

  - Distressed EV/EBITDA multiple of 5.5x, which reflects CAB's
strong market position albeit in a single geography, which would
imply a discount of 0.5x against Synlab's distressed EV/EBITDA
multiple of 6.0x

  - Committed RCF is assumed to be fully drawn prior to distress in
line with Fitch's criteria;

  - Structurally higher positioned senior debt at operating
companies is assumed to rank ahead of RCF and TLB;

  - RCF and TLB rank pari passu;

After deducting 10% for administrative claims from the estimated
post-distress EV, its waterfall analysis generates a ranked
recovery for the senior secured debt (including RCF and the
enlarged TLB) in the 'RR3' band, indicating a 'B+' instrument
rating. The waterfall analysis output percentage on current metrics
and assumptions is 54%.

RATING SENSITIVITIES

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

  - Larger scale, increased product/geographical diversification,
full realization of contractual savings and synergies associated
with acquisitions and/or voluntary prepayment of debt from excess
cash flow resulting in the following credit metrics:

  - FFO adjusted gross leverage trending towards 6.0x on a
sustained basis (pro forma for agreed acquisitions);

  - FFO fixed charge cover trending towards 3.0x (pro forma for
agreed acquisitions).

Developments That May, Individually or Collectively, Lead to a
Stable Outlook

  - FFO adjusted gross leverage trending below 8.0x by 2021;

  - FFO fixed charge cover above 2.0x (pro forma for agreed
acquisitions) on a sustained basis;

  - FCF/total debt ratio at mid-single digit and stable operating
performance.

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

  - Volume of COVID-19 testing failing to compensate for the loss
of routine activity in 2020, driving weak operating performance
with neutral to negative like-for-like sales growth

  - Declining EBITDA margins due to a delay in M&A integration,
competitive pressures or adverse regulatory changes;

  - Failure to show significant deleveraging towards 8.0x by 2021
on a FFO adjusted gross basis due to the evidence of lost
discipline in M&A and equity biased financial policy;

  - FCF reducing towards the mid-single digit percentage of sales
so that FCF/total debt ratio declines to low single digits;

  - FFO fixed charge cover below 2.0x (pro forma for agreed
acquisitions) on a sustained basis.

BEST/WORST CASE RATING SCENARIO

International scale credit 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: Fitch expects CAB will maintain
satisfactory liquidity in FY20, including the headroom under the
largely undrawn committed RCF. Fitch views this level of liquidity
as sufficient to face several weeks of limited routine test
activities before a gradual normalization of business volumes in
the second half of the year in combination with new testing for
COVID-19.

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

CAB has an ESG Relevance Score of 4 due to its exposure to social
impact as the company operates in a regulated French healthcare
market, which is subject to pricing and reimbursement pressures as
the government seeks to control national healthcare spending and
contain rising healthcare costs and may have a negative impact on
the credit profile. This is relevant to the rating in conjunction
with other factors.

NOVAFIVES SAS: Moody's Cuts CFR to Caa1, Outlook Negative
---------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B3 the corporate
family rating and to Caa1-PD from B3-PD the probability of default
rating of Novafives S.A.S. Concurrently Moody's downgraded to Caa2
from Caa1 the instrument ratings of EUR325 million fixed rate
Senior Secured Notes and EUR275 million floating rate Senior
Secured Notes both maturing 2025. The outlook remains negative.

Its rating action reflects the rapid spread of the coronavirus
outbreak across many regions and markets which will have a
significant negative impact on Novafives' financial metrics and
liquidity position and considers that Novafives was already weakly
positioning in the previous B3 rating category.

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. More specifically,
Novafives' exposure to cyclical end markets such as automotive,
metal, energy, cement and aerospace & industrial have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions. As a result, Novafives remains vulnerable to
the outbreak continuing to spread, despite its EUR1.4 billion
backlog as of December 2019 for which the company indicates that no
order has been cancelled so far.

Before the coronavirus outbreak, the ratings were already weakly
positioned in their previous rating category and included Moody's
expectation of a gradual improvement in operating performance and
leverage. Given the likely prolonged depressed operating
environment for most of the company's end-markets, and despite the
positive trends in the smart automation solutions division (notably
serving e-commerce and retail), Moody's forecasts that credit
metrics will deteriorate in the next 12-18 months, not being in
line anymore with expectations for the previous single B rating
category.

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

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

Given the negative outlook, an upgrade is unlikely in the short
term. However, upward rating pressure could arise should (1) the
Moody's adjusted EBITA margin sustainably improves above 3%, (2)
the Moody's adjusted debt / EBITDA sustainably improves below 7.5x,
(3) the free cash flow generation improves towards break-even
levels and/or the company achieve an adequate liquidity position
with comfortable covenant headroom.

Negative pressure could arise should the negative free cash flow
generation continue translating in a weakening of the liquidity
profile.

OUTLOOK

The negative outlook reflects the uncertainties related to the
length and severity of the coronavirus spread, which in a more
challenging downside scenario, could further deteriorate Novafives'
liquidity profile and credit metrics.

LIQUIDITY

Moody's considers the company's liquidity to be weak. As of
end-March 2020, the company had a cash on balance close to its
level as of end-December 2019 (representing around 5% of 2019
revenue) and EUR75 million drawings under the EUR115 million
revolving credit facility. Out of the total EUR115 million
committed amount, an initial EUR50 million layer is available
without leverage condition; the excess (EUR65 million) is available
subject to a leverage ratio tested below 6.0x at the previous
quarter end. As of December 2019, the leverage ratio, calculated as
per covenant documentation, reached 5.2x.

Given the company's end-market exposure and the current lockdown
situation in key countries of operations such as France, Italy and
the US, Moody's forecasts the EBITDA and cash flow generation to
weaken in 2020 resulting in a likely liquidity stress in absence of
external support. Moody's understands that the company has
currently engaged discussions in order to raise a new loan largely
guaranteed by the French state which might provide short-term
liquidity relief.

Upcoming debt maturities primarily comprise small local loans held
by operating subsidiaries. No significant debt repayments are due
until 2025 when the company's Notes issued in April 2018 mature.

STRUCTURAL CONSIDERATIONS

Novafives S.A.S. is the top company in the restricted group and the
reporting entity for the consolidated group. The EUR325 million
fixed rate Senior Secured Notes and EUR275 million floating rate
Senior Secured Notes are secured by share pledges over shares of
Fives S.A., the main operating company, issuer's bank accounts and
intercompany receivables.

The EUR115 million Super Senior revolving credit facility is
borrowed by Novafives S.A.S. and Fives S.A. The revolving credit
facility ranks pari passu with all existing and future senior
secured debt and shares the same collateral package, but benefits
from a priority claim in an enforcement scenario. The Caa2
instrument rating on the senior notes, one notch below the CFR,
reflects the fact that in an enforcement scenario they would rank
behind the revolving credit facility.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Novafives S.A.S. is a global industrial engineering group. The
company designs machines, process equipment and production lines
for use in a number of different industries including automotive,
logistics (for e-commerce, courier and retail), steel, aluminum,
energy, cement, and aerospace sectors. As of December 31, 2019,
Novafives employed approximately 8,400 people and had a network of
over 100 operational units in nearly 30 countries. During 2019, the
company generated sales of EUR2.0 billion.



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G E O R G I A
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TBC LEASING: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings has revised JSC TBC Leasing's Outlook to Negative
from Stable, while affirming the company's Long-Term Issuer Default
Rating at 'BB-' and Support Rating at '3'.

The rating action follows the recent revision of the Outlook on
TBCL's parent, TBC Bank, to Negative from Stable. Fitch believes
that the economic fallout from the coronavirus outbreak represents
a medium-term risk to TBC Bank's ratings and thus to the bank's
ability to support.

KEY RATING DRIVERS

Unless noted, the key rating drivers for TBCL's IDR and senior debt
are in line with those outlined in its Rating Action Commentary
published in January 2020.

TBCL's IDRs are driven by support from TBC Bank (BB-/Negative).
Fitch's view of a high probability of support is based on full
ownership by, close integration with and the record of capital and
funding support from TBC Bank.

TBCL operates solely in Georgia, its domestic market, and is the
market leader in Georgian leasing. The company mainly provides
financial leasing to the corporate clientele of TBC Bank as well as
to SMEs, microbusinesses and individuals. TBCL's clients are often
higher-risk borrowers than those of TBC Bank, but this is partly
mitigated by access to liquid collateral and from the adequate
pricing of risk. TBCL aligns its strategy and risk policies to
those of the parent, although TBCL's management is independent in
their operational decisions.

TBC Bank has provided both capital and funding support over the
years. To support TBCL's further growth, the parent injected new
equity of GEL 6 million in December 2019 and, at the same time,
approved an additional injection in the amount of GEL 2.5 million,
to be disbursed in 2020 based on TBCL's needs. TBC Bank provides
TBCL with subordinated and senior loans as well as letters of
support to enable third-party borrowing. It also facilitates TBCL's
bond placements.

Fitch believes that TBCL's standalone rating profile would be below
the Long-Term IDR of 'BB-', which is driven by its assumptions of
institutional support from TBC Bank. TBCL's creditworthiness is
constrained by a monoline business model, weak asset quality and
high-risk appetite, particularly in respect to credit and FX risks.
Positively, TBCL's profitability is high and above TBC Bank's
target, highlighting TBCL's positive contribution to the parent's
performance.

The Negative Outlook mirrors that on the parent.

TBCL's senior secured debt rating is equalized with the company's
Long-Term IDR, notwithstanding the bond's secured nature and an
outstanding buffer of contractually subordinated debt. This
reflects high uncertainty on asset recoveries in a scenario where
both TBCL and TBC Bank are in default, a scenario which would
likely be accompanied by considerable macroeconomic stress in the
country.

RATING SENSITIVITIES

Developments that may collectively or individually lead to a
downgrade:

A downgrade of TBC Bank's Long-Term IDR would lead to a similar
downgrade of TBCL, because the two IDRs are equalized.

A material weakening of TBC Bank's propensity or ability to support
TBCL might result in the subsidiary's rating being notched down
from the parents. This could be driven by weak performance at TBCL,
a greater risk of regulatory restrictions on support or a
diminishing of TBCL's strategic importance.

A downgrade of TBCL's Long-Term IDR would be mirrored in a
downgrade of the company's senior secured bond rating.

The bond rating may be downgraded if converted to an unsecured
obligation relative to other senior obligations, unless this
conversion is accompanied by a similar conversion of TBCL's other
funding facilities.

Developments that may collectively or individually lead to an
upgrade:

An upgrade of TBC Bank's Long-Term IDR would lead to a similar
upgrade of TBCL, because the two IDRs are equalized.

An upgrade of TBCL's Long-Term IDR would be mirrored in an upgrade
of the company's senior secured bond rating.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
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.

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 TBCL is driven by the support from its 100%
shareholder, TBC Bank.

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).



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

CERAMTEC BONDCO: Moody's Affirms B3 CFR, Alters Outlook to Neg.
---------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating, the B3-PD probability of default rating and the Caa2
instrument rating of the senior secured 2nd lien notes, all issued
at the level of CeramTec BondCo GmbH. Concurrently, Moody's
affirmed the B2 instrument rating of the senior secured term loans
(B1 and B2) and the B2 instrument rating of the revolving credit
facility issued at the level of CTC AcquiCo GmbH. The outlook on
both entities 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. Its action
reflects the impact on CeramTec of the breadth and severity of the
shock, and the broad deterioration in credit quality it has
triggered. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety.

The coronavirus outbreak will affect both CeramTec's medical and
industrial segments.

On the medical segment, Moody's expects that guidance from various
public health authorities and physician associations is likely to
lead to a meaningful decline in elective procedures as treating
coronavirus patients will be a priority. Moody's believes that many
types of orthopedic procedures, such as knee and hip replacements,
will likely be considered elective and therefore will be deferred.
The impact is difficult to quantify as it will depend on the
breadth and duration of the health crisis. Moody's currently
expects a sizable decline in elective procedures in the second
quarter of 2020, with sequential improvement over the course of the
year. Importantly, Moody's expects that while near-term volumes
will be pressured, most procedures that were planned will
eventually still take place, and hence the revenue will not be
permanently lost.

Moody's considers CeramTec's industrial segment to be more cyclical
than the company's medical segment since it includes an exposure to
automobile, aerospace, industrial machinery and construction
industries, among others. Moody's believes that operating
environment for the industrial segment will remain largely
depressed during the course of 2020 and the extent and timing of an
eventual recovery in this segment remains uncertain at this stage.

As a result, Moody's expects CeramTec's key credit metrics to
weaken during the course of 2020.

LIQUIDITY

The evolution of the company's liquidity position, including the
company's compliance with its covenant will depend on the length
and severity of the coronavirus spread.

At this stage, CeramTec's liquidity is adequate. The liquidity is
supported by EUR39 million of cash on balance sheet at
end-September 2019 and a EUR75 million revolving credit facility
which was fully undrawn at the end of September 2019. The revolving
credit facility entails one springing covenant (senior secured net
leverage ratio), which will be tested when more than 40% of the
revolving credit facility is utilized (flat covenant requirement at
9x). The liquidity position has been weakened during the first
quarter of 2020 by a EUR55 million distribution to shareholders.
Following the coronavirus outbreak, Moody's expects CeramTec's free
cash flow generation to weaken from historic high levels.

OUTLOOK

The negative outlook reflects the uncertainties related to the
length and severity of the coronavirus spread, which in a more
challenging downside scenario, could further deteriorate CeramTec's
liquidity profile and credit metrics. The B3 rating is based on the
expectation that the company will proactively address upcoming
liquidity needs in a scenario of prolonged operational
disruptions.

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

Given the negative outlook, an upgrade is unlikely in the short
term. However, upward rating pressure could arise should (1) the
Moody's-adjusted debt/ EBITDA decline below 7.0x, (2) the
Moody's-adjusted EBITDA margin remain above 35% and (3) free cash
flow remain positive with Moody's-adjusted free cash flow/debt
above 5% on a sustained basis.

Downward rating pressure could arise should (1) the
Moody's-adjusted debt/EBITDA remain above 8.0x for a prolonged
period, (2) free cash flow turn negative, and (3) the liquidity
weakens.

STRUCTURAL CONSIDERATIONS

In its Loss Given Default assessment, Moody's ranks first the
senior secured term loans maturing in 2024 and revolving credit
facility maturing in 2023, which share the same security and are
guaranteed by certain subsidiaries of the group, accounting for at
least 80% of consolidated EBITDA. The B2 rating on the senior
secured instruments reflect their priority position in the group's
capital structure and the benefit of the loss absorption provided
by the junior ranking debt — the senior secured second-lien notes
that share the same guarantors and some of the same collateral as
the senior secured credit facilities on a subordinated basis. This
is reflected in the Caa2 rating of the notes.

The group's capital structure further includes shareholder loans,
which qualify for 100% equity treatment by Moody's and are,
therefore, not included in the Loss Given Default assessment and
debt calculations for the group.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.

COMPANY PROFILE

CeramTec, based in Plochingen, Germany, designs and manufactures
high-performance ceramics materials, primarily for medical
applications (ceramic components for hip joint implants) and for
industrial applications in the automobile, electronics, aerospace,
industrial machinery, textile and construction industries, among
others.

Founded over 100 years ago, CeramTec employs 3,500 people and
generated EUR600 million revenue for the full year 2018. In March
2018, the company was acquired by a consortium led by a private
equity firm, BC Partners.



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

OSTREGION INVESTMENTGESELLSCHAFT: Moody's Affirms B1 Bond Ratings
-----------------------------------------------------------------
Moody's Investors Service has affirmed the underlying and backed B1
ratings of the EUR425 million senior secured bonds and the EUR350
million senior secured European Investment Bank loan (the EIB Loan)
raised by Ostregion Investmentgesellschaft Nr.1 S.A. The outlook
remains stable.

In December 2006, Bonaventura Strabenerrichtungs-GmbH (ProjectCo)
entered into a 32 year concession agreement with the national
motorway authority Autobahnen-Und Schnellstrassen Finanzierungs
(Asfinag, Aa1 stable) to develop, construct, finance, operate and
maintain four motorway sections with a total length of 52
kilometers (km) to the north of Vienna, Austria (the Project). To
finance the construction works, the Issuer entered into the EIB
Loan and issued the Bonds and then on-lent the proceeds to
ProjectCo. Construction was completed in January 2010.

RATINGS RATIONALE

The B1 ratings reflect the following credit weaknesses: (1) the
Project experiencing significantly weaker shadow toll revenues than
expected at financial close; (2) the Issuer's high leverage, with
ADSCRs close to the 1.05x default level; and (3) the substantial
mark to market (currently approximately EUR300 million) on the
Issuer's super senior interest rate swap may limit recovery for
senior debt creditors in a debt acceleration scenario.

The ratings also reflect the following credit strengths: (1) the
long-term CA that ProjectCo entered into with the highly rated
Asfinag; (2) approximately 70% of ProjectCo's revenues are derived
from availability-based payments, which are not exposed to traffic
risk; (3) the banding mechanism for shadow toll traffic payments
and the traffic guarantee mechanism under the CA which provides
some mitigation against falls in traffic; and (4) the Issuer has a
strong liquidity position with over EUR45 million in cash
reserves.

The rapid and widening spread of the coronavirus outbreak, the
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 toll road
sector is among the 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.

Moody's expects 2020 annual traffic will be at least 30% lower than
in 2019. However, because 2020 shadow toll payments are almost
entirely based on 2019 traffic, there will be very limited cash
flow impact in 2020. The percentage reduction in 2021 shadow toll
revenue will be considerably lower than the percentage reduction in
2020 traffic because of the payment mechanism. In particular, if
traffic is between certain thresholds there is no incremental
revenue for additional traffic within that range. Therefore,
traffic reductions within certain thresholds do not result in lower
revenue. Overall Moody's estimates shadow toll revenue will be
around 10-15% lower in 2021 than in 2020.

Moody's expects 2020 debt service to be paid entirely from
operating cash flows. Moody's expects the vast majority of 2021
debt service to be paid from operating cash flows, with any minor
shortfalls fully covered by the Issuer's over EUR45 million in cash
reserves.

The Bonds and the EIB Loan benefit from financial guarantees of
scheduled principal and interest under insurance policies that
Ambac Assurance UK Ltd (Ambac UK, unrated) issued. As Moody's does
not maintain a rating on Ambac UK, the backed ratings do not factor
in any benefit from the guarantees.

The outlook on the rating is stable, reflecting Moody's expectation
that (1) the Issuer will be able to fully pay debt service despite
reduced traffic in 2020; (2) traffic levels will recover in 2021
such that subsequent ADSCRs will continue to strengthen, remaining
broadly above the 1.05x default level over the life of the
concession; and (3) the controlling creditors (EIB and Ambac) will
continue to waive any possible financial ratio defaults and will
not take any action that could result in the termination of the
concession agreement.

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

Upward rating pressure may arise if (1) shadow toll revenues were
to materially improve or operating costs reduce so that the
project's forecast ADSCR will be sustainably above 1.10x over the
life of the concession.

Conversely, Moody's could downgrade the ratings if (1) the Issuer
needs to make significant drawings from its cash reserves; or (2)
shadow toll revenues are weaker than the updated projections, or
costs are higher, leading to actual and projected ADSCRs close to
1.00x on a continuous basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Toll Roads published in October 2017.

PIOLON II: Moody's Cuts CFR to B3, On Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has downgraded Piolin II S.a.r.l.
corporate family rating to B3 from B2 and the probability of
default rating to B3-PD from B2-PD. Concurrently Moody's has
downgraded the EUR970 million guaranteed senior secured term loan B
and EUR200 million guaranteed senior secured revolving credit
facility issued by Piolin Bidco, S.A.U. to B3 from B2. The ratings
have been placed on review for further downgrade for both
entities.

The rating action reflects the rapid spread of the coronavirus
outbreak across many regions and markets, which will have a
significant negative impact on Parques' financial metrics. Parques'
highly leveraged capital structure and weak liquidity profile
provides limited headroom against a longer contraction of operating
performance.

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 leisure and
entertainment industry has been one of the sectors most
significantly affected by the extensive measures and restrictions
taken to contain the virus. More specifically, the weaknesses in
Parques's credit profile, including its high seasonality and weak
liquidity profile, makes it 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
Parques 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 2020 as the coronavirus pandemic continues to
spread. Moody's assumed that the outbreak will lead to the closure
of the parks until end of Q2 with a slow recovery in attendance
starting from Q3. However, there are risks of more challenging
downside scenarios with an extended closure of its parks for the
summer season. Given the high seasonality of the business, with
approximately 90% of EBITDA generated in Q3, a prolonged closure of
its parks beyond Q2 or a lower attendance level, could severely
affect the company's liquidity profile and lead to an unsustainable
capital structure.

Moody's expects revenues to decline by around 35% in 2020 with a
significant impact on profitability. Moody's recognizes
management's proactive approach in mitigating the impact with cost
and capex cutting measures. The company cancelled around EUR33
million of capital spending and is further delaying a number of
projects. Parques' fixed cost base structure represents around 60%
of its overall costs. The cost cutting measure currently
implemented could reduce its fixed costs by around 15% in 2020,
which should help limit the impact on its profitability to a
certain degree. The closure of its parks and the overall decline in
attendance will negatively affect the free cash flow generation in
2020 and significantly weaken the company's liquidity profile.
Moody's adjusted leverage is around 6.5x as of December 31, 2019
and is expected to increase materially in 2020.

At the same time, Moody's recognizes that a timely reopening of the
parks for the summer season with strong attendance could limit the
impact from the outbreak given that the majority of its EBITDA is
generated in Q3. It is also worth noting that Parques' visitors are
mostly domestic with limited dependence on tourism. This could
benefit the company as the coronavirus outbreak could reduce demand
for overseas destinations. Local and regional parks could also
benefit from their higher affordability, shorter catchment area,
lower length of stay and planning needs.

The review process will focus on (i) the current market situation
that will affect the duration of the parks' closure and visitation
levels, (ii) the additional external liquidity measures that the
company is contemplating to support its liquidity profile, and
(iii) its ability to deliver on its cost cutting and capital
spending measures to protect its cash flows.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Governance risks mainly relate to the company's private-equity
ownership which tends to tolerate a higher leverage, a greater
propensity to favor shareholders over creditors as well as a
greater appetite for M&A to maximize growth and their return on
investment. However, Moody's views Parques' ownership structure to
have a stronger focus on longer-term value creation and potentially
be more supportive in the current situation.

LIQUIDITY

Parques' liquidity is weak with around EUR100 million of cash on
the balance sheet at the end of March 2020, which includes the
fully drawn RCF of EUR200 million maturing in 2026. This is further
strained by the seasonality of the business and the current market
environment. The first quarter of each year is typically a seasonal
low point in terms of the company's liquidity position because
capex is spent off-season. Under normal market conditions,
liquidity would improve in the following months as the parks'
visitors increase. However, in the current situation this will
depend on the timing of the opening of its parks and the return of
domestic visitors, which remain highly uncertain at this point.
Moody's believes the liquidity to be sufficient to cover a full
closure of the parks until the end of Q2. However additional
sources of liquidity would likely be needed if Parques is unable to
deliver on its planned cost saving measures. Moody's understands
that the company is currently contemplating additional external
sources of liquidity, including government backed financing.

STRUCTURAL CONSIDERATIONS

The senior secured credit facilities due in 2026 are rated B3 in
line with the CFR as they are the only class of debt in the capital
structure. The credit facilities are secured, but only include
security over material intercompany receivables of obligors, shares
in each obligor and material company and bank accounts of each
obligor.

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

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control, restrictions are lifted, and
visitor levels return to more normal levels. Over time, Moody's
could upgrade the company's rating if Moody's adjusted Debt/EBITDA
declines to below 6.0x with a significant improvement it is
liquidity profile, including positive FCF generation.

Downward pressure could develop if the pandemic results in a more
severe impact on the operating performance, which could further
deteriorate Parques' liquidity profile and lead to an unsustainable
capital structure. Concern that Parques may not be able to raise
addition sources of liquidity and obtain an amendment to its
covenants if needed would also lead to a downgrade.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Parques is a global operator of regional amusement, animal and
water parks. The company operates 61 parks (45 regional parks) in
12 countries across three continents that receive around 20 million
visitors each year. In 2019, pro forma of the Tropical Islands
acquisition, Parques generated EUR694 million in revenue and EUR196
million in company-adjusted EBITDA.

SAMSONITE INTL: Moody's Affirms Ba2 CFR, Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Investors Service revised Samsonite International, S.A.'s
outlook to negative from stable. Moody's also affirmed the
company's rating including the Ba2 Corporate Family Rating. The
Speculative Grade Liquidity rating was downgraded to SGL-2 from
SGL-1.

Other rating actions affecting the company are listed below.

The negative outlook reflects Moody's expectation that reduced
travel related to the coronavirus will weaken demand for
Samsonite's products leading to lower revenue and earnings. The
coronavirus situation continues to evolve, and a high degree of
uncertainty remains regarding the degree and pace at which travel
related consumer spending will recover once travel restrictions are
eased. As a result, the company's liquidity and leverage could
deteriorate quickly over the next few months.

Samsonite is a designer, manufacturer and distributor of travel
luggage, travel accessories, and bags worldwide. As a result, the
company is inherently vulnerable to the discretionary nature of its
products that are exposed to cyclical consumer spending and travel
fluctuations. In terms of consolidated net sales, approximately 60%
is categorized by the company as travel related. The remainder is
categorized as non-travel, but vulnerable to changes in business
and consumer spending.

The affirmation of Samsonite's Ba2 CFR acknowledges the company's
substantial cash resources that support the company's liquidity to
manage through a period of earnings weakness. On March 16, the
company refinanced the revolving credit and term loan A portion of
its credit facility (the term B portion was not affected). The
refinancing resulted in a $200 million increase in revolver
capacity, to $850 million from $650 million. Prior to the
refinancing, the $650 revolver was undrawn. Samsonite drew down its
new revolver to ensure access, given current uncertainties and
potential volatility in financial markets. This combined with
current cash and cash equivalents provides the company with over
$1.2 billion of liquidity. Pro forma for the revolver draw, net
debt/EBITDA is low, at about 3.0x and a full turn below the 4.0x
level that Moody's indicated could lead to a downgrade. The
refinancing also supports the Ba2 CFR in that it extended the
maturity of the revolver and term loan approximately 2 years to
2025, lowered pricing, and reset the principal amortization
schedule, while maintaining existing covenants.

Samsonite's substantial cash sources, low leverage, and increased
financial flexibility afforded by the refinancing provide a
substantial cushion to absorb a drop in EBITDA related to the
meaningful earnings decline over the next few months expected from
efforts to contain the coronavirus and the potential for a slow
recovery once travel begins to resume.

Downgrades:

Issuer: Samsonite International S.A.

Speculative Grade Liquidity Rating, Downgraded to SGL-2 from SGL-1

Affirmations:

Issuer: Samsonite Finco S.ar.l

Senior Unsecured Regular Bond/Debenture, Affirmed B1 (LGD5)

Issuer: Samsonite International S.A.

Probability of Default Rating, Affirmed Ba2-PD

Corporate Family Rating, Affirmed Ba2

Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD3)

Issuer: Samsonite IP Holdings S.ar.l

Senior Secured Bank Credit Facility, Affirmed Ba1 (LGD3)

Outlook Actions:

Issuer: Samsonite Finco S.ar.l

Outlook, Changed to Negative from Stable

Issuer: Samsonite International S.A.

Outlook, Changed to Negative from Stable

Issuer: Samsonite IP Holdings S.ar.l

Outlook, Changed to Negative from Stable

RATINGS RATIONALE

Samsonite's Ba2 CFR reflects expected earnings pressure related to
the coronavirus as well as the company's inherent vulnerability to
the discretionary nature of its product that are exposed to
cyclical consumer spending and travel fluctuations. Tariffs imposed
in June 2019 also increased product costs and was incremental to
the 10% tariff that was enacted in September 2018 on travel goods
imported by Samsonite's US business from China. Samsonite's credit
profile benefits from its solid credit metrics heading into the
downturn with debt to EBITDA around 3.0x.

Positive credit consideration includes Samsonite's good brand
strength and market position and its strong geographic
diversification. Other favorable credit factors include Samsonite's
characteristically high historic gross margins, at between 52.6%
and 56.5% during 2015-2019 period. The company mostly sells
exclusively its own luggage and products (both Samsonite and Tumi)
in its retail stores; Samsonite and Tumi are also sold through
other retailers. This distinguishes Samsonite from other luggage
retailers that sell various brands. Samsonite also distributes its
products through third party retail and online channels. By
offering retail as well as wholesale, Samsonite can mitigate some
of the inventory risks of other retailers. This gives Samsonite
stronger gross margins than the more traditional luggage
manufacturing companies. Samsonite has prudent financial policies
with measured shareholder returns and solid controls over its
related party transactions.

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. Travel related
sector's will be one of the sectors most significantly affected by
the shock given the sector's inherent sensitivity to consumer
demand and sentiment. Continued exposure to travel disruptions and
discretionary consumer spending, have left it vulnerable to shifts
in market sentiment in these unprecedented operating conditions
makes it 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 Samsonite of the
breadth and severity of the shock, and the broad deterioration in
credit quality it has triggered.

The downgrade of the liquidity rating to SGL-2 from SGL-1 reflects
the diminished projection cushion within the financial maintenance
covenants expected as a result of the decline in earnings. Moody's
nevertheless views the company's liquidity as good with a no
meaningful debt maturities until 2025 aside from debt amortization
of about $21 million in 2020 and $27 million in 2021.

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

Ratings could be downgraded if Moody's anticipates that any
earnings decline or liquidity deterioration will be deeper or more
prolonged because of actions to contain the spread of the virus or
reductions in discretionary consumer spending. Debt-to-EBITDA
sustained above 4.0x could also lead to a downgrade.

A ratings upgrade is unlikely given the anticipated weak operating
environment and continuing uncertainty related to the coronavirus.
An upgrade would require a high degree of confidence on Moody's
part that the travel sector has returned to a period of long-term
stability, and that Samsonite demonstrate the ability to generate
positive free cash flow, maintain good liquidity, and continue to
operate with a debt/EBITDA level at 3.0x or lower.

Samsonite is a publicly-traded designer, manufacturer and
distributor of travel luggage and bags worldwide. It offers
luggage, business, computer, outdoor, and casual bags, as well as
travel accessories and slim protective device cases. Major brands
include Samsonite, American Tourister and Tumi. Consolidated net
sales for the fiscal year-ended December 2019 was $3.64 billion.

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



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

BRIGHT BIDCO: Moody's Cuts CFR to Caa3, Outlook Negative
--------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Bright Bidco B.V. to Caa3 from Caa1 and the probability of default
rating to Caa3-PD from Caa1-PD. Moody's also downgraded to Caa3
from Caa1 the senior secured term loan B and the $200 million
senior secured revolving credit facility, both with BBBV as the
borrower. The outlook remains negative.

RATINGS RATIONALE

Moody's downgraded the ratings to Caa3 following extremely
challenging conditions in BBBV's core end-markets automotive and
consumer LED, which are additionally burdened by the impact from
the covid 19 outbreak. Despite successfully executing its cost
savings program BBBV's weak operational performance led to a highly
leveraged financial profile, which might not be sufficiently robust
to withstand the additional challenges resulting from the covid 19
pandemic. Against this backdrop Moody's believes that the current
capital structure might not be sustainable and sees an increasing
likelihood of a balance sheet restructuring.

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. 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 BBBV of the breadth and severity
of the shock, and the risk for the group's operating performance it
has triggered.

Challenging industrial conditions and significant uncertainties
regarding the recovery of the automotive sector in the coming
months, could offset BBBV's cost cutting efforts and might further
deteriorate the company's financial situation in the context of a
highly leveraged capital structure. In particular, BBBV's liquidity
of approximately $140 million at the end of Q1 2020 (including $58
million drawings under its $200 million RCF) might not be
sufficient to resist several consecutive quarters of negative free
cash flow, in particular in light of a likely covenant breach.

Furthermore, the Caa3 rating reflects a capital structure which has
been further leveraged due to BBBV's shareholder oriented financial
policy, evidenced by material, debt funded dividend payments
totaling to $523 million since July 2017, when the company was spun
off from Philips. Additionally, the elevated indebtedness weighs on
BBBV's cash flow generation as interest expenses related to the
term loan B consumed $99 million of BBBV's reported EBITDA of $107
million in 2019 (vs. $292 million in 2018).

As a credit positive, Moody's continues to appreciate BBBV's
well-established brand, broad product portfolio, technological
leadership in its market and high R&D efforts, which could be an
appropriate measure to differentiate itself on innovations against
low-cost competitors.

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. BBBV's operating performance is expected to be
materially impacted by the pandemic.

RATING OUTLOOK

The negative outlook reflects the significant risk from the impact
of the covid 19 pandemic on BBBV's operations as well as the
possibility of a near-term default and uncertainties about
potential losses for creditors.

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

Moody's could change the rating down if (1) BBBV default on its
debt obligations or pursue a formal reorganization of its debt or
(2) if recovery expectations on the company's debt instruments were
to weaken.

Moody's could change the rating up if (1) the company reduces its
indebtedness to a more sustainable level and (2) BBBV arrives at a
more comfortable liquidity position supported by operating
improvements despite the challenging market environment.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Bright Bidco B.V. is the parent company of Lumileds Holding B.V., a
manufacturer of LED components and automotive lighting activities
that Royal Philips N.V. wholly owned until June 2017, when it sold
an 80.1% stake to funds owned by Apollo Global Management. Lumileds
generated a revenue of $1.4 billion in 2019. The company has two
main operating segments: (1) LED solutions, which includes consumer
LED (specialty & display) and general illumination LED; and (2)
Automotive, which consists of auto LED products, accessories and
conventional lamps for the auto industry.



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

NORWEGIAN AIR: Four Subsidiaries File for Bankruptcy
----------------------------------------------------
Terje Solsvik at Reuters reports that Norwegian Air on April 20
said that four Swedish and Danish subsidiaries had filed for
bankruptcy and that it had ended staffing contracts in Europe and
the United States, putting some 4,700 jobs at risk.

According to Reuters, the airline is seeking to convert debt to
equity, money from shareholders and Norwegian state guarantees in a
bid to survive the coronavirus crisis.

Norwegian Air said the four subsidiaries in Sweden and Denmark were
companies that employed pilots and cabin crew, Reuters relates.
The cancelled agreements involve firms which provide crews based in
Spain, Britain, Finland, Sweden and the United States, Reuters
discloses.

Combined, it said some 4,700 pilots and cabin crew members would be
affected while about 700 pilots and 1,300 cabin crew based in
Norway, France and Italy remained unaffected, Reuters notes.




===========
P O L A N D
===========

GETIN NOBLE: Fitch Cuts LT IDR to CCC+ on Coronavirus Outbreak
--------------------------------------------------------------
Fitch Ratings has downgraded Getin Noble Bank SA's Long-Term Issuer
Default Rating to 'CCC+' from 'B-' and the bank's Viability Rating
to 'ccc+' from 'b-'. Getin's Long-Term IDR, like most ratings in
the 'CCC' category, does not carry an Outlook because of the
potentially high volatility of ratings at that level.

The rating actions reflect Fitch's view that the failure of Getin
is a real possibility because the bank's capacity to address its
capital shortfall is highly vulnerable to the economic fallout from
the coronavirus outbreak. In mid-March 2020, Getin's total capital
ratio shrank to 8.9%, about 0.4% below the legal requirement of
9.32% (including a 1.32% Pillar 2 buffer for Swiss franc
mortgages). The bank breached its combined buffer requirement in
2018 and since then its capital has been reduced by persistent
losses.

KEY RATING DRIVERS

IDRS, VR, NATIONAL RATINGS

Getin's ratings mainly reflect the bank's capital breach and
persistent losses. Fitch believes the economic and financial-market
fallout from the coronavirus outbreak creates additional risks to
its assessment of Getin's profitability and asset quality relative
to when Fitch last reviewed the bank's ratings in October 2019.

Getin's capital breach was driven by inflation of risk-weighted
assets (appreciation of Swiss franc), coupled with the revaluation
of Polish sovereign debt due to a spike in yields. The bank's
capital shortfall is small (about 4% of the regulatory capital
reported at end-2019) and Fitch does not expect immediate sanctions
for the bank. The regulator has publicly stated that it will take a
pragmatic approach to cases of temporary non-compliance driven by
coronavirus-related turbulence.

Fitch estimates that Getin needs to raise about PLN200 million
equity to meet its legal requirement or about PLN1.2 billion to
meet its combined buffer requirement (11.82% following the revision
of the systemic risk buffer to 0% from 3% in March 2020). Moreover,
the bank still needs to recognize almost PLN0.8 billion from the
deferred impact of IFRS 9 implementation, of which about PLN220
million will be in 2021. Getin plans to address its capital
shortfalls mainly through improved profitability and amortization
of high capital-absorbing Swiss franc loans (about 3% reduction of
risk-weighted assets annually). Fitch believes internal capital
generation in the current environment will be challenging for
Getin.

Getin reported improvements in revenues and smaller credit losses
in 4Q19, but these trends will be reversed in 2020 due to the two
recent 50bp interest-rate cuts in Poland, temporary contraction of
business volumes and weaker asset quality. Consequently, Fitch
expects Getin to report a fifth annual consecutive loss this year.

At end-2019, Getin's high-risk Swiss franc loans represented 22% of
gross loans, equivalent to almost 3x the bank's CET1 capital. In
2019 the bank created PLN158 million of provisions (equal to 1.7%
of gross Swiss franc mortgages) for the legal risk related to these
exposures. A further increase in claims against the bank in 2020
may be temporarily slowed by coronavirus-driven court lockdowns.

The National Ratings reflect the bank's creditworthiness relative
to Polish peers.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating Floor of 'No Floor' and the Support Rating of
'5' for Getin express Fitch's opinion that potential sovereign
support for the bank cannot be relied upon. This is underpinned by
the Polish resolution legal framework, which requires senior
creditors to participate in losses, if necessary, instead or ahead
of a bank receiving sovereign support.

At the same time, Fitch believes the bank may continue to benefit
from regulatory forbearance, in particular while its capital ratios
are only moderately below minimum levels. Getin's sister company,
Idea Bank, has been allowed to operate despite a significant
capital breach reported at end-2018.

RATING SENSITIVITIES

IDRS, VIABILITY RATING

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Getin's ratings could be downgraded if Fitch expects its capital
shortfall to worsen to material levels and to remain unaddressed
for a prolonged period. The capital shortfall could worsen if asset
quality and performance deteriorate as a result of the economic
downturn, or if legal claims against the bank accelerate as the
lockdown is relaxed.

If the bank becomes dependent on prolonged regulatory forbearance
of an extraordinary nature this will also lead to a downgrade of
the VR, but the Long-Term IDR could be affirmed if Fitch believes
the risk of a default on senior obligations has not increased
materially.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Getin's ratings could be upgraded if the bank manages to restore
its internal capital generation and increase its capital ratios to
levels above the regulatory requirements.

NATIONAL RATINGS

The National Ratings are sensitive to changes in the bank's credit
profile relative to peers.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of Getin's Support Rating and upward revision of the
bank's Support Rating Floor would be contingent on a positive
change in the sovereign's propensity to support the bank, which
Fitch does not expect.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
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.

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).

[*] Fitch Takes Action in 7 Polish Banks on Coronavirus Outbreak
----------------------------------------------------------------
Fitch Ratings has taken rating action on seven Polish banking
groups reflecting the economic impact of the coronavirus outbreak
in Europe. The ultimate implications of the pandemic for banks'
credit profiles are unclear, but Fitch considers the risks to be
skewed to the downside. The actions on banks' Long-Term Issuer
Default Ratings are as follows:

Long-Term IDR affirmed; Outlook revised to Negative from Stable:

Bank Pekao S.A. (BBB+/Negative)

Santander Bank Polska S.A. (BBB+/Negative)

Alior Bank S.A. (BB/Negative)

Bank Ochrony Srodowiska S.A. (BB-/Negative)

Long-Term IDR affirmed, Outlook Remains Stable

mBank S.A. (BBB-/Stable), off Rating Watch Positive (RWP)

Bank Millennium (BBB-/Stable)

Long-Term IDR maintained on Rating Watch Negative:

ING Bank Slaski S.A. (A+/RWN)

Fitch's updated baseline is for Polish GDP to contract by 0.6% this
year (a 2.4pp swing from its March forecast), before returning to
3.8% growth in 2021. However, there is significant downside risk to
this scenario, given the rapidly evolving impact of the pandemic
and possible extensions of containment measures.

Polish authorities have taken monetary and fiscal measures to
support the private sector, which should be positive for the banks.
Nonetheless, Fitch expects asset quality to weaken compared with
previous expectations and earnings to come under pressure from
lower business volumes, higher loan impairment charges and pressure
on net interest margins resulting from two 50bp cuts in the policy
rate. Fitch recently revised the sector outlook for Polish banks to
negative. Fitch has also revised the outlook on its 'bbb+'
assessment of the operating environment for Polish banks to
negative from stable.

The Stable Outlooks on the Long-Term IDRs of Bank Millennium and
mBank reflect that (i) these banks have larger capital buffers and
less vulnerable asset quality and profitability than lower-rated
Alior and BOS; and (ii) their 'BBB-' ratings have somewhat greater
tolerance for impairment of financial metrics than higher-rated
Pekao and Santander. Fitch views the risk of deterioration in
performance at Millenium, mBank, Pekao, Santander and ING as
broadly similar, with differences in Outlooks or Rating Watches
primarily reflecting rating levels and the availability of parent
support.

KEY RATING DRIVERS

Bank Ochrony Srodowiska S.A.

Unless noted below, the key rating drivers for Bank Ochrony
Srodowiska S.A. (BOS) are those outlined in its Rating Action
Commentary published on December 17, 2019 (Fitch Affirms Bank
Ochrony Srodowiska, Outlook Stable).

Fitch has affirmed the bank's VR-driven Long-Term IDR and senior
debt ratings at 'BB-'. The Outlook on the Long-Term IDR has been
revised to Negative from Stable because in its view, the economic
fallout from the coronavirus crisis represents a medium-term risk
to BOS's rating. Fitch believes it creates downside risks to its
assessment of the bank's asset quality and profitability relative
to when Fitch last reviewed its ratings.

Fitch expects the bank's asset quality metrics to be negatively
affected by borrower financial difficulties caused by the lockdown.
BOS has limited earnings headroom to cushion the potentially
materially higher cost of risk and margin pressures. Nevertheless,
Fitch calculates that the bank enters the crisis with a capital
buffer that would allow it to write off a sizable 8% of gross loans
before reaching the regulatory minimum threshold. This compares
with an average 1% cost of risk over the last five years.

BOS's National Ratings have been affirmed at 'BBB-(pol)'/'F3(pol)'
and the Outlook on the Long-Term National Rating has been revised
to Negative from Stable in line with that on Long-Term IDR. BOS's
subordinated debt rating has been downgraded to 'BB(pol)' from
'BB+(pol)' to reflect the change in baseline notching for
loss-severity to two notches (from one previously) for such
instruments, in accordance with Fitch's revised Bank Rating
Criteria.

Alior Bank S.A.

Unless noted below, the key rating drivers for Alior are those
outlined in its Rating Action Commentary published on January 27,
2020 (Fitch Affirms Alior Bank at 'BB'; Outlook Stable).

Fitch has affirmed Alior's 'BB' Long-Term IDR and 'bb' VR. Fitch
has revised the Outlook on the bank's IDR to Negative from Stable
because Fitch believes the economic fallout from the coronavirus
outbreak represents a medium-term risk to Alior's ratings. Fitch
also affirmed Alior's 'BBB+(pol)/'F1(pol)' National Ratings and
revised the Outlook on the Long-Term National Rating to Negative
from Stable, in line with that on the Long-Term IDR.

The bank enters the economic downturn with moderate rating headroom
because of its material risk appetite, demonstrated by a
significant share of unsecured retail lending (38% of loans at
end-2019) and (gradually shrinking) exposure to real estate and
construction. The bank's earnings will suffer from lower business
volumes, margin pressure and higher credit losses.

Alior's CET1 capital surplus over regulatory minimum levels
provides only moderate loss absorption capacity given the bank's
already high average cost of credit risk. Fitch believes the
economic and financial market fallout from the coronavirus outbreak
creates additional risks to its assessment of asset quality,
earnings and capitalization relative to when Fitch last reviewed
the bank's ratings.

Bank Millennium S.A.

Unless noted below, the key rating drivers for Bank Millennium are
those outlined in its Rating Action Commentary published on October
15, 2019 (Fitch Affirms Bank Millennium at 'BBB-'/Stable; Withdraws
Euro Bank Ratings).

Fitch has affirmed Bank Millennium S.A.'s Long-Term IDR at 'BBB-'
with a Stable Outlook and VR at 'bbb-'. Fitch has also affirmed the
bank's National Ratings. The affirmation reflects its view that the
bank has sufficient headroom to resist the projected weakening of
the Polish economy with its ratings intact. Fitch expects the
fallout from the coronavirus crisis to result in deterioration of
Bank Millennium's earnings and asset quality, but believe this
should be within the tolerance levels of a 'BBB-' rating.

Bank Millennium's asset quality is vulnerable to the economic
downturn due to its material exposure to unsecured retail loans and
foreign currency mortgages (each about 20% of gross loans). Fitch
expects that substantially weaker demand for loans, the progressive
effects of the policy rate cuts and higher loan impairment charges
will pressure the bank's earnings. Bank Millennium enters the
economic downturn having just completed the integration of a
medium-sized acquisition, which will temporarily inflate the bank's
costs. However, Fitch believes that Bank Millennium's capital
levels offer substantial flexibility to absorb deterioration in
asset quality and profitability under the agency's baseline GDP
forecasts or a moderately weaker scenario.

mBank S.A., mBank Hipoteczny SA and mFinance France S.A.

Unless noted below, the key rating drivers for mBank, mBank
Hipoteczny (mBH) and mFinance France (mFF) are those outlined in
its Rating Action Commentary published on October 15, 2019 (Fitch
Downgrades mBank to 'BBB-' on Sale Announcement; on Rating Watch
Positive).

Fitch has affirmed mBank's Long-Term IDR at 'BBB-' with a Stable
Outlook, and its VR at 'bbb-'. The ratings have been removed from
RWP. The Stable Outlook reflects its view that mBank's solid
capital levels and buffers above minimum requirements are
sufficient to withstand the projected weakening of the Polish
economy without resulting in significant pressure on the ratings.

The removal from RWP reflects its view that under current market
conditions the sale of mBank is unlikely. Fitch believed that the
sale would be accompanied by the transfer of risks on the bank's
foreign currency mortgage portfolio to the parent, which would
support its assessment of mBank's company profile, risk appetite,
asset quality and capital.

mBank has reasonable headroom to emerge from the current crisis
with its ratings intact. However, this outcome will depend on the
depth and duration of the coronavirus shock to the Polish economy.
The bank's asset quality is vulnerable to the economic downturn due
to its material exposure to unsecured retail loans (about 20% of
gross loans at end-2019) and foreign currency mortgages (about
12%). Fitch expects that substantially weaker demand for loans, the
progressive effects of the policy rate cut and higher loan
impairment charges will pressure the bank's earnings.

Fitch has affirmed the IDRs of mBank's mortgage bank subsidiary mBH
with a Stable Outlook and the debt issued through mFF. mBH's
ratings are driven by support from its direct parent, mBank, as
Fitch views the subsidiary as core to mBank. mFF is a
special-purpose vehicle used by mBank to issue Eurobonds, which are
fully guaranteed by mBank. The ratings of mBH and debt issued by
mFF are equalized with those of mBank.

The National Ratings of mBank and mBH have been affirmed at
'A+(pol)'/'F1(pol)' with Stable Outlooks in line with the actions
on the Long-Term IDR.

Bank Pekao S.A. and Pekao Bank Hipoteczny S.A.

Unless noted below, the key rating drivers for Bank Pekao are those
outlined in its Rating Action Commentary published on October 7,
2019 (Fitch Affirms Pekao and Pekao Bank Hipoteczny at 'BBB+';
Outlook Stable).

Fitch has affirmed Bank Pekao's Long-Term IDR at 'BBB+' and
Viability Rating at 'bbb+'. Fitch has revised the Outlook on the
bank's IDR to Negative from Stable because Fitch believes the
economic fallout from the coronavirus crisis represents a
medium-term risk to the bank's ratings.

Fitch has also revised the Outlook to Negative from Stable on the
Long-Term IDR of Bank Pekao's 100% owned mortgage subsidiary Pekao
Bank Hipoteczny. Pekao Bank Hipoteczny's IDRs are driven by support
available from Bank Pekao and its IDRs are equalized with those of
its parent.

The National Ratings for both entities have been affirmed at
'AA(pol)/F1+(pol) and the Outlooks on the National Long-term
Ratings revised to Negative from Stable in line with those on the
Long-Term IDRs.

Pekao enters the economic downturn from a position of relative
strength, given its strong domestic retail and corporate franchise,
well diversified credit exposures, solid capitalization and strong
deposit-driven funding and liquidity. In its view, sizeable CET1
capital buffers above revised regulatory minimums provide sizeable
loss absorption capacity of around 7% of total gross loans compared
with an average cost of risk of around 40bp over the last five
years.

The bank's loan book is well diversified and exposure to more
vulnerable products/customer segments is low. However, given its
currently high level, the bank's VR has limited tolerance for
weakening of key credit metrics. At its current level, its
assessment of the Polish operating environment will also to a large
degree act as a constraining factor for the bank's VR.

Santander Bank Polska S.A.

Unless noted below, the key rating drivers for Santander Bank
Polska (Santander BP) are those outlined in its Rating Action
Commentary published on October 7, 2019 (Fitch Affirms Santander
Bank Polska at 'BBB+'; Outlook Stable).

Fitch has affirmed Santander BP's IDR at 'BBB+' and its VR at
'bbb+'. Fitch has revised the Outlook on the bank's IDR to Negative
from Stable because Fitch believes the economic fallout from the
coronavirus outbreak represents a medium-term risk to Santander
BP's ratings. The Outlook revision also reflects the potential for
available support from the bank's parent, Banco Santander
(A-/Negative/a-), to weaken, given the recent revision of the
Outlook on the latter's ratings to Negative from Stable. Santander
BP's IDRs are underpinned by both the bank's VR and potential
shareholder support.

The bank's National Ratings have been affirmed at
'AA(pol)'/'F1+(pol)' and the Outlook on the National Long-term
rating revised to Negative from Stable, in line with that on the
Long-Term IDR.

Santander BP enters the economic downturn from a position of a
relative strength, given its strong domestic franchise, solid
capital position and healthy funding and liquidity profile. Fitch
believes the economic and financial market fallout from the
coronavirus outbreak adds risks to its assessment of the operating
environment for Polish banks as well as Santander BP's asset
quality and profitability relative to when Fitch last reviewed the
bank's ratings.

In its view, the bank's capital could withstand a significant
stress. However, given its currently high level, the bank's VR has
limited tolerance for weakening of key credit metrics. At its
current level, its assessment of the Polish operating environment
will to a large degree act as a constraining factor for the bank's
VR.

ING Bank Slaski S.A.

Unless noted below, the key rating drivers for ING Bank Slaski's
IDRs, National Ratings and SR are those outlined in its Rating
Action Commentary published on April 6, 2020 (Fitch Upgrades ING
Bank Slaski to 'A+' and Removes from UCO, Places Ratings on RWN),
while the key VR drivers were stated in the commentary published on
October 7, 2019 (Fitch Affirms ING Bank Slaski at 'A'; Outlook
Stable).

Fitch has affirmed the bank's VR at 'bbb+'. Fitch believes that the
economic fallout from the coronavirus crisis creates medium-term
risks for ING Bank Slaski's standalone credit profile.

The bank enters the crisis from a position of strength given its
sound asset quality, moderate exposure to unsecured retail loans
and cyclical sectors and solid capital, which should be able to
withstand significant stress. Fitch expects both asset quality and
profitability to come under pressure from the deteriorating
operating environment. The bank's earnings will suffer from
substantially weaker credit demand, progressive effects of policy
rate cuts and higher loan impairment charges.

RATING SENSITIVITIES

Bank Ochrony Srodowiska S.A.

IDRs, VR AND SENIOR DEBT

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

The Long-Term IDR and senior debt ratings are sensitive to
downgrade of BOS's VR. The VR would be downgraded if the bank
experiences a sharp deterioration in asset quality and operating
profitability metrics.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The Outlook on Long-Term IDR could be revised back to Stable if the
impact of the pandemic on the Polish economy is short and the
recovery swift.

An upgrade of BOS's VR, and subsequent upgrade of its Long-Term IDR
and debt ratings, is unlikely given the pressure arising from the
coronavirus outbreak and the bank's exposure to foreign currency
mortgages. In the event the bank is able to withstand ratings
pressure arising from the pandemic, an upgrade of the bank's VR
would require broadening of its franchise coupled with a longer
record of profitable operation under the current business model,
and improvements in its key credit metrics.

NATIONAL RATINGS

The National Ratings are sensitive to changes to the bank's
Long-Term IDR and the bank's creditworthiness relative to Polish
peers.

SUBORDINATED DEBT

The National Long-Term Rating of BOS's subordinated debt is
primarily susceptible to a change in the bank's National Long-Term
Rating, from which it is notched.

Alior Bank S.A.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Alior's ratings would be downgraded in case of i) an expected
material increases in its impaired loans ratio ii) an expected
sustained reduction of its operating profitability driven by credit
losses and subdued revenues and iii) a material capital erosion
which would be difficult to restore in a relatively short period of
time.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

In the event Alior withstands ratings pressure arising from the
coronavirus outbreak, the most likely trigger for an upgrade would
be a significant improvement in the impaired loans ratio and lower
loan book concentrations, an extended sustainable record of
improved profitability and stronger capital buffers.

NATIONAL RATINGS

The National Ratings are sensitive to changes to the bank's
Long-Term IDR and the bank's creditworthiness relative to Polish
peers.

Bank Millennium S.A.

IDRs AND VR

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Bank Millennium's VR and IDRs would be downgraded if the depth and
duration of the pandemic shock to the Polish economy significantly
exceeds its baseline scenario, leading to sustained pressure on
earnings, asset quality and capitalization from a material increase
in loan impairment charges and appreciation of the Swiss franc.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

In the event the bank is able to withstand ratings pressure arising
from the pandemic, an upgrade of Bank Millennium's VR and Long-Term
IDR would require further significant strengthening of the bank's
franchise and a material reduction in the bank's exposure to
foreign-currency mortgages relative to capital, which is unlikely
in the near term.

NATIONAL RATINGS

The National Ratings are sensitive to changes to the bank's
Long-Term IDR and the bank's creditworthiness relative to Polish
peers.

mBank S.A., mBank Hipoteczny SA and mFinance France S.A.

IDRs and VR

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

mBank's VR and IDRs would be downgraded if the depth and duration
of the pandemic shock to the Polish economy significantly exceeds
its baseline scenario, leading to sustained pressure on earnings,
asset quality and capitalization from a material increase in loan
impairment charges and appreciation of the Swiss franc.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

In the event the bank is able to withstand ratings pressure arising
from the pandemic, an upgrade of mBank's VR and Long-Term IDR would
require further significant strengthening of the bank's franchise
and a material reduction in its exposure to foreign-currency
mortgages relative to capital, which is unlikely in the near term.
The IDR could also be upgraded if a sale of the bank, involves the
current parent assuming all risks related to the foreign currency
mortgage portfolio.

NATIONAL RATINGS

The National Ratings are sensitive to changes in the bank's
Long-Term IDR and its creditworthiness relative to Polish peers.

mBH and mFF

The ratings of mBH and mFF's debt rating ratings are primarily
sensitive to changes in mBank's Long Term IDR.

Bank Pekao S.A., Pekao Bank Hipoteczny S.A.

IDRs AND VR

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Bank Pekao's VR and Long-Term IDR would be downgraded if the bank
experiences sharp deterioration in asset quality and operating
profitability metrics. They would also be downgraded if pressures
on the operating environment for Polish banks materialize to the
extent that would trigger its reassessment below 'bbb+'.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The Outlook on the Long-Term IDR could be revised back to Stable if
the impact of the pandemic on the Polish economy is short and the
recovery swift, given the strength of the bank's company profile,
low risk appetite and the current health of its assets,
capitalization and funding profile.

In the event Bank Pekao is able to withstand rating pressure
arising from the pandemic, an upgrade would be unlikely in the
foreseeable future given its high rating level relative to peers
and the Polish operating environment (bbb+).

NATIONAL RATINGS

The National Ratings are sensitive to changes in the bank's
Long-Term IDR and its creditworthiness relative to Polish peers.

Pekao Bank Hipoteczny S.A.

Pekao Bank Hipoteczny's ratings are primarily sensitive to changes
in Bank Pekao's IDRs.

Santander Bank Polska S.A.

IDRs, SR and VR

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

The IDR will be downgraded if the bank's VR is downgraded and the
propensity or ability of its parent to support its Polish
subsidiary weakens.

The VR would be downgraded if the bank experiences a sharp
deterioration in asset quality and operating profitability metrics.
It would also be downgraded if pressures on the operating
environment for Polish banks materialize to the extent that would
trigger its reassessment below 'bbb+'.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

The Outlooks on the IDR and National Long-Term Rating could be
revised back to Stable if i) the impact of the pandemic on the
Polish economy is short and the recovery swift, given the strength
of the bank's company profile, low risk appetite and the current
health of its assets, capitalization and funding profile; or ii)
the Outlook on the parent's IDR is revised to Stable and its view
of the parent's propensity to support the bank remains strong

In the event Santander Bank Polska is able to withstand rating
pressure arising from the pandemic, an upgrade of its VR would be
unlikely given its high rating level relative to peers and the
Polish operating environment (bbb+).

NATIONAL RATINGS

The National Ratings are sensitive to changes in the bank's
Long-Term IDR and its creditworthiness relative to Polish peers.

ING Bank Slaski S.A.

IDRs AND VR

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

ING Bank Slaski's Long-Term IDR would be downgraded if ING's
Long-Term IDR is downgraded, reflecting the parent's reduced
ability to support its subsidiary. The Long-Term IDR could also be
downgraded if Fitch believes that ING's propensity to support ING
Bank Slaski has weakened or there is a change in ING Group's SPE
resolution strategy regarding ING Bank Slaski. However, Fitch does
not expect the bank's importance to ING Group to diminish in the
medium term. Fitch expects to resolve the RWN on the IDRs upon the
resolution of the RWN on the parent. Fitch expects to resolve the
RWN on ING's IDR in the near term, when the impact of the outbreak
on the group's credit profile becomes more apparent.

The VR would be downgraded if the bank experiences a simultaneous
and sharp deterioration in asset quality and operating
profitability metrics. It would also be downgraded if pressures on
the operating environment for Polish banks materialize to the
extent that would trigger its reassessment below 'bbb+'.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of ING Bank Slaski's IDRs is unlikely given the RWN on
its parent's rating.

In the event ING Bank Slaski's VR is able to withstand rating
pressure arising from the pandemic, an upgrade of the VR would be
unlikely given its high rating level relative to peers and the
Polish operating environment (bbb+).

NATIONAL RATINGS

The National Ratings are sensitive to a multi-notch downward
revision of ING's IDR. This is considered unlikely in the near
term, which is why the Outlook on the Long-Term National Ratings is
Stable.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions
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.

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 Support Rating of mBank is linked to the Long-Term IDR of
Commerzbank. The ratings of mBH and mFinance France are linked to
mBank's ratings.

Pekao Bank Hipoteczny S.A IDRs are linked to the IDR of Bank Pekao

Handlowy's IDRs and SR are linked to Citigroup's IDRs.

Santander BP IDR's and SR are linked to those of Banco Santander's
IDR.

ING Bank Slaski's IDRs and SR are linked to ING Bank N.V.'s IDRs.

Bank Millennium's SR is linked to Banco Comercial Portugues S.A.'s
IDR.

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).  

Bank Millennium S.A.

  - LT IDR BBB-; Affirmed

  - ST IDR F3; Affirmed

  - Natl LT A(pol); Affirmed

  - Natl ST F1(pol); Affirmed

  - Viability bbb-; Affirmed

  - Support 4; Affirmed

mBank S.A.

  - LT IDR BBB-; Affirmed

  - ST IDR F3; Affirmed

  - Natl LT A+(pol); Affirmed

  - Natl ST F1(pol); Affirmed

  - Viability bbb-; Affirmed

  - Support 3; Affirmed

  - Senior unsecured; LT BBB-; Affirmed

  - Senior unsecured; ST F3; Affirmed

Bank Ochrony Srodowiska S.A.

  - LT IDR BB-; Affirmed

  - ST IDR B; Affirmed

  - Natl LT BBB-(pol); Affirmed

  - Natl ST F3(pol); Affirmed

  - Viability bb-; Affirmed

  - Support 4; Affirmed

  - Support Floor B; Affirmed

  - Senior unsecured; Natl LT BBB-(pol); Affirmed

  - Senior unsecured; Natl ST F3(pol); Affirmed

  - Subordinated; Natl LT BB(pol); Downgrade

mFinance France S.A.       

  - Senior unsecured; LT BBB-; Affirmed

ING Bank Slaski S.A.

  - LT IDR A+; Rating Watch Maintained

  - ST IDR F1+; Rating Watch Maintained

  - Natl LT AAA(pol); Affirmed

  - Natl ST F1+(pol); Affirmed

  - Viability bbb+; Affirmed

  - Support 1; Affirmed

Pekao Bank Hipoteczny S.A.

  - LT IDR BBB+; Affirmed

  - ST IDR F2; Affirmed

  - Natl LT AA(pol); Affirmed

  - Natl ST F1+(pol); Affirmed

  - Support 2; Affirmed

mBank Hipoteczny SA

  - LT IDR BBB-; Affirmed

  - ST IDR F3; Affirmed

  - Natl LT A+(pol); Affirmed

  - Natl ST F1(pol); Affirmed

  - Support 2; Affirmed

Santander Bank Polska S.A.

  - LT IDR BBB+; Affirmed

  - ST IDR F2; Affirmed

  - Natl LT AA(pol); Affirmed

  - Natl ST F1+(pol); Affirmed

  - Viability bbb+; Affirmed

  - Support 2; Affirmed

  - Senior unsecured; LT BBB+; Affirmed

  - Senior unsecured; ST F2; Affirmed

Bank Pekao S.A.

  - LT IDR BBB+; Affirmed

  - ST IDR F2; Affirmed

  - Natl LT AA(pol); Affirmed

  - Natl ST F1+(pol); Affirmed

  - Viability bbb+; Affirmed

  - Support 5; Affirmed

  - Support Floor NF; Affirmed

Alior Bank S.A.

  - LT IDR BB; Affirmed

  - ST IDR B; Affirmed

  - Natl LT BBB+(pol); Affirmed

  - Natl ST F1(pol; Affirmed

  - Viability bb; Affirmed

  - Support 5; Affirmed

  - Support Floor NF; Affirmed



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

BANK URALSIB: Bank of Russia OKs Anti-Bankruptcy Plan Amendments
----------------------------------------------------------------
The Bank of Russia has approved amendments to the Plan for the
Participation of the State Corporation Deposit Insurance Agency in
the Implementation of Measures to Prevent the Bankruptcy of PJSC
BANK URALSIB (Registration No. 2275, Moscow) (hereinafter, the
anti-bankruptcy plan).  These amendments are related to the
disclosure of the information on the engagement of Lyudmila Kogan
as an investor in the implementation of the measures aiming to
prevent the bankruptcy of PJSC BANK URALSIB.  The title to 81.8% of
the shares in PJSC BANK URALSIB was transferred to Lyudmila Kogan
by way of inheritance.

The measures within the Plan for the Participation of the State
Corporation Deposit Insurance Agency in the Implementation of
Measures to Prevent the Bankruptcy of PJSC BANK URALSIB will be
continued in the current mode.





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

[*] SWEDEN: Hotel Bankruptcies Expected to Triple in April, UC Says
-------------------------------------------------------------------
Anna Ringstrom at Reuters reports that Sweden is witnessing a jump
in bankruptcies this month with the rate among hotels and
restaurants set to triple to 3.6 from 1.2 per day a year ago, and
3.1 retailers per day going under versus 1.8 per day a year
earlier, credit information firm UC said on April 16.

According to Reuters, UC said the rate of bankruptcies in the hotel
and restaurant segment will probably accelerate further.

UC on April 1 said bankruptcies in the restaurant and hotel sector
shot up 123% in March, with the transport sector also seeing a big
jump, up 105%, Reuters relates.

It said on April 16 that in the retail sector in April it was
primarily durable goods retailers that were struggling with many
apparel stores reporting sales drops of 50% or more, Reuters notes.
UC's forecasts were based on data for the first half of the month,
Reuters states.

Employer organization the Swedish Trade Federation said in a
separate statement the durable goods sector is suffering an acute
liquidity crisis, Reuters relays.




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

CARLUCCIO'S: Tesco Expresses Interest in Sites
----------------------------------------------
Alice Hancock and Daniel Thomas at The Financial Times report that
supermarket chain Tesco is among those that have expressed an
interest in Carluccio's sites and other assets after the Italian
chain collapsed into administration last month.

FRP Advisory, the insolvency specialist running the sale process,
has received offers for Carluccio's locations from Tesco, Boparan
Holdings, the company behind the Giraffe and Ed's Easy Diner
chains, and Three Hills Capital, owner of the burger brand Byron,
the FT relays, citing people with knowledge of the negotiations.

No buyer has come forward for the whole business, one source said,
but a number of offers for the Carluccio's name was being
considered, the FT notes.  The deadline for bids was April 15, the
FT states.

Carluccio's was an early casualty of the casual dining sector
following the government's enforced closure of restaurants in
March, the FT relays.

According to the FT, Carluccio's administrators are looking to save
around half of the chain's sites, according to one person, the top
30 of which made around GBP6 million in annual earnings before
interest, tax, depreciation and amortization.

A source close to Tesco, as cited by the FT, said that the
supermarket chain was considering a small number of Carluccio's
sites for its convenience-style Express stores.


VIRGIN ATLANTIC: Needs Gov't. Support to Survive, Branson Warns
---------------------------------------------------------------
Simon Read at BBC News reports that Sir Richard Branson has warned
that airline Virgin Atlantic needs government support to survive.

The boss of the Virgin Group said he was not asking for a handout,
but a commercial loan, believed to be GBP500 million, BBC relates.

According to BBC, in an open letter to staff, Mr. Branson said:
"Many airlines around the world need government support and many
have already received it.

Mr. Branson wrote in his letter that without UK government support
for Virgin Atlantic "there won't be any competition left and
hundreds of thousands more jobs will be lost", BBC notes.

Virgin Atlantic -- which is owned jointly by Mr. Branson and US
carrier Delta -- has reportedly asked for GBP500 million in aid,
BBC discloses.  However, according to an FT report, the request has
been rejected by the Treasury, BBC states.

It said the airline had not done enough to show it had explored
other options to bolster cash before asking for state aid, BBC
relays.

Mr. Branson, as cited by BBC, said that he would use his luxury
private Carribean island Necker as collateral to raise funds to
save jobs at his businesses.

Mr. Branson offered to inject GBP250 million into the Virgin Group
last month, with most of that going to the airline, BBC discloses.




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

[*] EUROPE: Needs Extra EUR500BB to Help Cushion Covid-19 Blow
--------------------------------------------------------------
Hannah Boland at The Telegraph reports that the eurozone will need
at least another EUR500 billion (GBP435 billion) in support through
the pandemic, the head of the bloc's bailout agency has said.

European Union finance ministers agreed on a EUR540 billion package
to help cushion the blow from Covid-19 earlier this month,
including credit lines from the bailout fund and a joint employment
insurance fund, The Telegraph relates.

According to The Telegraph, the managing director of European
Stability Mechanism, Klaus Regling, said a second phase would "need
at least another EUR500 billion from the European institutions, but
it could be more".

In comments to Italy's Corriere della Sera, he warned ministers
would "need to discuss new instruments with an open mind, but also
use the existing institutions, because it is easier, including in
particular the Commission and the EU budget", The Telegraph
discloses.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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