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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

          Friday, April 24, 2020, Vol. 21, No. 83

                           Headlines



A R M E N I A

YEREVAN CITY: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg.


A U S T R I A

OSTREGION INVESTMENTGESELLSCHAFT: S&P Affirms BB- Sec. Debt Rating


B E L G I U M

HOUSE OF FINANCE: Bank Debt Trades at 17% Discount
RETAIL CONCEPTS NV: Bank Debt Trades at 16% Discount


B U L G A R I A

[*] BULGARIA: 15% of Restaurants to Go Bankrupt by May 13


F I N L A N D

WATERWORKS BIDCO: EUR120MM Bank Debt Trades at 16% Discount
WATERWORKS BIDCO: EUR50MM Bank Debt Trades at 16% Discount


F R A N C E

BUFFALO GRILL: Bank Debt Trades at 50% Discount
CASPER BIDCO SASU: Bank Debt Trades at 17% Discount
CASPER BIDCO SASU: EUR660-Mil. Bank Debt Trades at 17% Discount
CENTRE LYONNAIS DE PSYCHIATRIE: Bank Debt Trades at 17% Discount
CFT MN: Bank Debt Trades at 17% Discount

ELITECH GROUP SAS: Bank Debt Trades at 17% Discount
IMV TECHNOLOGIES: Bank Debts Trade at 17% Discount
ROSE INVEST 2: Bank Debt Trades at 17% Discount
ROSE INVEST 2: EUR5-Mil. Bank Debt Trades at 17% Discount
SEPUR SASU: Bank Debt Trades at 18% Discount

SOLINA FRANCE SASU: Bank Debt Trades at 17% Discount
TECHNICOLOR SA: Bank Debt Trades at 17% Discount


G E R M A N Y

COLOUROZ INVESTMENT: Bank Debt Trades at 18% Discount
CONSUS REAL ESTATE: S&P Downgrades ICR to 'B-', Outlook Stable
PROXES GMBH: Bank Debt Trades at 18% Discount
RACING BIDCO: Bank Debt Trades at 17% Discount
XELLA GROUP: S&P Alters Outlook to Negative & Affirms 'B+' ICR



I C E L A N D

ORKUVEITA REYKJAVIKUR: Fitch Affirms LT IDR at BB+, Outlook Stable


I R E L A N D

TABERNA EUROPE I: S&P Affirms 'CCC- (sf)' Rating on Class A2 Notes
TABERNA EUROPE II: S&P Lowers Class B Notes Rating to 'CC (sf)'
[*] Fitch Places 10 Tranches from 5 EMEA CLOs on Watch Negative
[*] Fitch Places 10 Tranches from 5 EU CLOs on Watch Negative
[*] Fitch Places 8 Tranches from 4 EU CLOs on Watch Negative

[*] Fitch Places 8 Tranches from 5 EU CLOs on Watch Negative
[*] Fitch Places 9 Tranches from 5 EU CLOs on Watch Negative


L U X E M B O U R G

ARCHROMA FINANCE SARL: Bank Debt Trades at 17% Discount
ARMACELL GROUP: S&P Alters Outlook to Negative & Affirms 'B' ICR
BREITLING FINANCING: Bank Debt Trades at 18% Discount
LSF10 EDILIANS: Bank Debt Trades at 17% Discount
RGI HOLDINGS: S&P Withdraw 'BB' Long-Term Issuer Credit Rating

SWISSPORT FINANCING: Bank Debt Trades at 43% Discount
TRAVELPORT FINANCE: Bank Debt Trades at 40% Discount


N E T H E R L A N D S

BOELS TOPHOLDING: Fitch Maintains Then Withdraws 'BB-' LT IDR/RWN
CEVA LOGISTICS: Bank Debt Trades at 43% Discount
SYNCREON GROUP: Bank Debt Trades at 52% Discount


R U S S I A

AEROFLOT: Fitch Cuts LT IDR to 'BB-', Outlook Negative
CB NECKLACE-BANK: Declared Bankrupt by Moscow Arbitration Court
NVKBANK JSC: Declared Bankrupt by Saratov Arbitration Court


S P A I N

GRUPO NEGOCIOS DE RESTAURACION: Bank Debt Trades at 16% Discount
IMAGINA MEDIA: Bank Debt Trades at 52% Discount
SAN PATRICK: EUR141MM Bank Debt Trades at 49% Discount
SAN PATRICK: EUR61MM Bank Debt Trades at 48% Discount
SANTANDER CONSUMER 2016-2: Fitch Alters D, E Notes Outlook to Neg.

SENA DIRECTORSHIP SAU: EUR30MM Bank Debt Trades at 16% Discount
SENA DIRECTORSHIP SAU: EUR63MM Bank Debt Trades at 16% Discount
SENA DIRECTORSHIP SAU: EUR7MM Bank Debt Trades at 16% Discount


S W E D E N

IGT HOLDING IV AB: Bank Debt Trades at 17% Discount


S W I T Z E R L A N D

ARCHROMA FINANCE SARL: Bank Debt Trades at 17% Discount


T U R K E Y

VESTEL TRADE: S&P Upgrades Rating to 'CCC-', Outlook Negative


U K R A I N E

DTEK RENEWABLES: S&P Affirms 'B-' LT Issuer Rating
KERNEL HOLDING: S&P Affirms 'B' Long-Term Issuer Credit Rating
MHP SE: S&P Affirms 'B' LT Issuer Credit Rating, Outlook Stable


U N I T E D   K I N G D O M

AUXEY BIDCO LTD: Bank Debt Trades at 16% Discount
DLG ACQUISITIONS: S&P Affirms 'B' ICR, Outlook Negative
ELYSIUM HEALTHCARE: Bank Debt Trades at 17% Discount
FINABLR: Travelex Put Up for Sale Amid Insolvency Risk
INSPIRED ASSET: Owes Creditors More Than GBP21 Million

PACIFIC BC BIDCO: Bank Debt Trades at 18% Discount
PRAESIDIAD LTD: Bank Debt Trades at 48% Discount
SHILTON BIDCO: Bank Debt Trades at 17% Discount
[*] Fitch Alters Outlook on NewDay Funding's Junior Notes to Neg.
[*] S&P Places Ratings on 7 UK Corp Securitizations on Watch Neg.



X X X X X X X X

[*] BOOK REVIEW: Mentor X

                           - - - - -


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A R M E N I A
=============

YEREVAN CITY: Fitch Affirms 'BB-' LT IDR, Alters Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has revised Yerevan City's Outlook to Negative from
Stable, while affirming the city's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB-'.

The revision of Outlook follows a recent similar action on the
sovereign ratings of Armenia, due to expected negative impact of
the coronavirus pandemic on the national economy. Fitch views the
city's ratings as being capped by the sovereigns.

CRA3 DEVIATION

Under EU credit rating agency regulation, the publication of local
and regional governments' reviews is subject to restrictions and
must take place according to a published schedule, except where it
is necessary for CRAs to deviate from this in order to comply with
their legal obligations. Fitch interprets this provision as
allowing us to publish a rating review in situations where there is
a material change in the creditworthiness of the issuer that Fitch
believes makes it inappropriate for us to wait until the next
scheduled review date to update the rating or Outlook/Watch status.
The next scheduled review date for Fitch's rating on Yerevan City
is May 22, 2020, but Fitch believes that recent developments in the
country warrant such a deviation from the calendar.

While Yerevan City's most recently available data may not have
indicated performance impairment, material changes in revenue and
cost profiles are occurring across the sector and likely to worsen
in the coming months as economic activity suffers and government
restrictions are maintained or broadened. Fitch's ratings are
forward-looking in nature, and Fitch will monitor developments in
the sector for their severity and duration, and incorporate revised
base- and rating-case qualitative and quantitative inputs based on
performance expectations and assessment of key risks.

KEY RATING DRIVERS

The rating action reflects the following key rating drivers and
their relative weights:

HIGH

Sovereign Cap

Yerevan's IDRs are capped by those of Armenia (BB-/Negative) as its
assessment of the city's standalone credit profile remains
unchanged at 'bbb-' since the last review on December 2, 2019.

LOW

Risk Profile: Weaker

Fitch has assessed Yerevan City' risk profile as 'Weaker'
reflecting a 'Weaker' assessment for four key factors - revenue
robustness and adjustability; expenditure adjustability; and
liabilities and liquidity flexibility. The other attributes,
expenditure sustainability and liabilities and liquidity
robustness, are assessed as 'Midrange'.

Debt Sustainability Assessment: 'aaa'

According to its rating case, Yerevan's debt payback ratio (net
direct risk-to-operating balance) - the primary metric of debt
sustainability assessment - will remain strong over the next five
years due to sufficient cash and expected low debt. The secondary
metrics, fiscal debt burden measured as net adjusted
debt-to-operating revenue, and actual debt-servicing coverage
ratio, are assessed at 'aaa'. This leads to the city's overall debt
sustainability assessment at 'aaa'.

DERIVATION SUMMARY

Under the new Rating Criteria for International Local and Regional
Governments, Fitch classifies Yerevan City as a Type B LRG, which
is required to cover debt service from cash flow on an annual
basis. The assessment of four 'Weaker' key factors and two
'Midrange' key factors resulted in overall assessment of the city's
risk profile as 'Weaker' under the risk profile guidance in its
criteria.

Yerevan's SCP of 'bbb-' reflects a combination of a 'Weaker' risk
profile and a 'aaa' debt sustainability. The SCP also factors in
international peer comparison. Fitch does not apply any asymmetric
risk or extraordinary support from the national government, while
the city's IDR remains capped by that of the sovereign.

KEY ASSUMPTIONS

Qualitative assumptions and assessments and their respective change
since the last review on December 2, 2019 and weight in the rating
decision:

Risk Profile: Weaker, unchanged with Low weight

Revenue Robustness: Weaker, unchanged with Low weight

Revenue Adjustability: Weaker, unchanged with Low weight

Expenditure Sustainability: Midrange, unchanged with Low weight

Expenditure Adjustability: Weaker, unchanged with Low weight

Liabilities and Liquidity Robustness: Midrange, unchanged with Low
weight

Liabilities and Liquidity Flexibility: Weaker, unchanged with Low
weight

Debt sustainability: 'aaa' category unchanged with Low weight

Extraordinary Support: n/a

Asymmetric Risk: n/a

Sovereign cap: Yes, weakening with High weight

Quantitative Assumptions - Issuer-Specific

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2015-2019 figures and 2020-2024 projected
ratios.

The key assumptions for the scenario include:

  - 5.7% yoy increase in operating revenue on average in 2019-2023,
including a 4.2% increase in taxes, 6.3% increase in non-tax
revenue and 6.7% increase in current transfers; and

  - 15.4% yoy increase in operating spending on average in
2019-2023.

Figures as per Fitch's sovereign forecast for 2020 and 2021,
respectively:

  - Real GDP growth (%): -0.5, 5.5

  - Consumer prices (annual average % change): 0.5, 3.5

  - General government balance (% of GDP): -5.5, -3.5

  - General government debt (% of GDP): 59.2, 56

  - Current account balance plus net FDI (% of GDP): -7.1, -5.8

  - Net external debt (% of GDP): 53, 52.9

  - IMF Development Classification: EM

  - CDS Market Implied Rating: n/a

RATING SENSITIVITIES

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

  - A downgrade of Armenia's IDRs; and

  - A multiple-notch revision of the city's SCP below 'bb-', which
could be driven by material deterioration of Yerevan's debt
metrics, particularly a debt payback sustainably above 5x
accompanied by fiscal debt burden overshooting 50% under Fitch's
rating case.

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

  - An upgrade/outlook revision to Stable of Armenia's IDRs.

BEST/WORST CASE RATING SCENARIO

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

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).



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A U S T R I A
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OSTREGION INVESTMENTGESELLSCHAFT: S&P Affirms BB- Sec. Debt Rating
------------------------------------------------------------------
S&P Global Ratings took the following rating actions on debt issued
by European toll road operators.

S&P lowered, by one notch:

-- To 'BBB-' the rating on the senior secured debt of Spanish toll
road operator Autopista del Sol Concesionaria Espanola, S.A. The
rating remains on CreditWatch with negative implications.

At the same time, S&P placed on CreditWatch with negative
implications:

-- The 'BBB-' S&P underlying rating (SPUR) on the senior secured
debt of French toll road operator Verdun Participation 2 S.A.

S&P affirmed ratings and revised its outlooks to stable from
positive on:

-- The 'A' SPUR on the senior secured debt of U.K. shadow-toll
motorway operators Autolink Concessionaires (M6) PLC on account of
the substantial liquidity cushion available to absorb temporary
shocks and support debt repayment. The outlook revision stems from
S&P's view that an upgrade is now unlikely, considering the road's
exposure to traffic and the outstanding uncertainty on the residual
life of the pavement.

-- The 'BBB' ratings on Road Management Consolidated PLC's senior
secured debt, due to sizable liquidity balances that allow the
project to absorb the shock and repay debt at maturity. The outlook
revision reflects our expectation that liquidity balances will no
longer increase as S&P previously projected.

S&P affirmed its:

-- 'BB-' ratings on the senior secured debt of Austrian mixed
availability and shadow toll road operator Ostregion
Investmentgesellschaft Nr. 1 S.A., since it is largely remunerated
based on the availability of the road rather than on traffic. The
outlook remains stable and the recovery rating at '4'.

-- 'BB-' SPUR on the senior secured debt of Irish toll tunnel and
road operator DirectRoute (Limerick) Finance DAC, reflecting S&P's
expectation that lenders will remain protected by the project's
revenue-guarantee mechanism. The outlook remains stable.

S&P said, "We are also lowering by one notch to 'BB+' the SPUR on
the senior secured debt of shadow-toll road operator Autovia de la
Mancha, S.A. This reflects our view of its granting authority's
weakening capacity and willingness to meet its financial
commitments in accordance with the terms of the road concession.
Although the project is exposed to traffic declines on account of
COVID-19 containment measures and deteriorating economic prospects,
we anticipate that revenue fluctuations will be limited, thanks to
a benign banding structure. The outlook is stable."

Where the rated debt is guaranteed by Assured Guaranty (Europe) PLC
(Assured; AA/Stable/--), the issue ratings and outlooks continue to
reflect those on Assured. Where Assured does not guarantee the
rated debt, the issue rating is the same as the SPUR and the
outlook reflects the outlook on the SPUR.

S&P said, "We are also withdrawing the recovery rating on the debt
issued by DirectRoute (Limerick) Finance DAC. This corrects a prior
error in the application of our project finance framework criteria
because we only assign recovery ratings to debt in project
financings when the project finance issue credit rating is 'BB+' or
lower." In the case of this issuer, the issue credit rating
reflects the rating and outlook on Assured.

Rationale

Measures introduced by governments to combat the COVID-19 pandemic
are severely restricting movement and leading to material traffic
declines on most European road concessions.   S&P said, "In our
current base case, we assume lockdown policies to remain in effect
across Europe for at least two months during 2020, severely
affecting traffic-exposed roads, especially those relying
materially on light vehicles. We forecast the fall in heavy vehicle
traffic to be less severe, since the movement of goods and a basic
level of economic activity are maintained. Even after the outbreak
is contained, social distancing policies may continue to a certain
degree. Furthermore, we now expect a recession in the eurozone and
U.K. in 2020. As such, in our view, traffic may remain subdued for
at least 12 months from the date the restrictions were first
implemented."

The impact of the COVID-19 measures would likely translate into a
year-on-year light vehicle traffic drop of between 15% and 30% in
2020 compared with 2019.  S&P said, "For heavy vehicles, we assume
a reduction in traffic of 0.5%-3.0%. We currently assume that
traffic will return to 2019 levels within one or two years,
depending on each road's growth factors. However, the credit impact
of the traffic decline and the pandemic is not uniform across the
road projects we rate. It depends on asset-specific features, type
of road users, and the remuneration mechanism, as well as each on
project's financial flexibility and liquidity cushion. For the road
projects we rate, we expect toll roads exposed to seasonal traffic,
leisure travel, or competition from free alternative routes to face
substantial headwinds during such unprecedented times." Although
exposed to traffic, rated roads remunerated by the granting
authority on the basis of actual traffic relative to defined
banding structures (shadow toll) are generally more resilient. This
is also the case for roads receiving revenues in the form of
availability as well as shadow toll payments, or in the case of
those benefitting from traffic guarantees.

Environmental, social, and governance (ESG) factors relevant to the
rating action:  

-- Health and safety

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

  Ratings List

  Autolink Concessionaires (M6) PLC
  Ratings Affirmed; Outlook Action  
                                       To            From
  Autolink Concessionaires (M6) PLC
   Senior Secured                  AA/Stable       AA/Stable
   S&P Underlying Rating           A/Stable        A/Positive

  Autopista del Sol Concesionaria Espanola, S.A.
  Downgraded; CreditWatch Action  
                                       To              From
  Autopista del Sol Concesionaria Espanola, S.A.
   Senior Secured                  BBB-/Watch Neg   BBB/Watch Neg

  Autovia de la Mancha, S.A.
  Downgraded  
                                       To              From
  Autovia de la Mancha, S.A.
   Senior Secured                  AA/Stable        AA/Stable
   S&P Underlying Rating           BB+/Stable       BBB-/Stable
  
  DirectRoute (Limerick) Finance DAC
  Ratings Affirmed; Recovery Rating Withdrawn  
  
  DirectRoute (Limerick) Finance DAC
   Senior Secured                  AA/Stable        AA/Stable
    Recovery Rating                NR               1(95%)
  S&P Underlying Rating            BB-/Stable       BB-/Stable

  Ostregion Investmentgesellschaft Nr. 1 S.A.
  Ratings Affirmed  

  Ostregion Investmentgesellschaft Nr. 1 S.A.
   Senior Secured                  BB-/Stable       BB-/Stable
    Recovery Rating                4(35%)           4(35%)

  Road Management Consolidated PLC
  Ratings Affirmed; Outlook Action  

  Road Management Consolidated PLC
   Senior Secured                  BBB/Stable       BBB/Positive

  Verdun Participation 2 S.A.
  Ratings Affirmed; CreditWatch Action  

  Verdun Participation 2 S.A.
   Senior Secured                 AA/Stable        AA/Stable
   S&P Underlying Rating          BBB-/Watch Neg   BBB-/Stable




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B E L G I U M
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HOUSE OF FINANCE: Bank Debt Trades at 17% Discount
--------------------------------------------------
Participations in a syndicated loan under which House of Finance
NV/The is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR550 million term loan is scheduled to mature on July 27,
2026.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Belgium.


RETAIL CONCEPTS NV: Bank Debt Trades at 16% Discount
----------------------------------------------------
Participations in a syndicated loan under which Retail Concepts NV
is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP40 million term loan is scheduled to mature on April 14,
2022.  As of April 17, 2020, the full amount is drawn and
outstanding.

Retail Concepts N.V. is an apparel & fashion company based out of
Smallandlaan 9, Hoboken, Belgium.



===============
B U L G A R I A
===============

[*] BULGARIA: 15% of Restaurants to Go Bankrupt by May 13
---------------------------------------------------------
SeeNews reports that Richard Alibegov, head of the Bulgarian
Association of Catering Establishments, said on April 16 about 15%
of Bulgarian restaurants, cafes and bars in Bulgaria will go
bankrupt by May 13, when the countrywide state of emergency
declared over the coronavirus pandemic ends.

If containment measures imposed due to the novel coronavirus
disease (COVID-19) pandemic remain in place until June, this share
will increase, Mr. Alibegov, as cited by SeeNews, said in a video
file published on the website of local television bTV.

Bulgaria declared the state of emergency on March 13 and
subsequently extended its term until May 13, SeeNews recounts.

According to SeeNews, Mr. Alibegov said the state of emergency will
be extended even further.

Mr. Alibegov commented the government's job retention scheme
popularly known as the '60-40' measure is not very effective for
local small and medium-sized enterprises (SMEs), including catering
establishments, as the requirement for lack of outstanding
liabilities makes them ineligible for state support, SeeNews
relates.  Furthermore, the measure is applicable only for companies
that are operational during the state of emergency, he noted,
adding that less than 10% of companies operating in the hospitality
sector have benefited from it, SeeNews discloses.




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

WATERWORKS BIDCO: EUR120MM Bank Debt Trades at 16% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Waterworks Bidco Oy
is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR120 million term loan is scheduled to mature on November 30,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Finland.


WATERWORKS BIDCO: EUR50MM Bank Debt Trades at 16% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Waterworks Bidco Oy
is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR50 million term loan is scheduled to mature on November 30,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Finland.




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

BUFFALO GRILL: Bank Debt Trades at 50% Discount
-----------------------------------------------
Participations in a syndicated loan under which Buffalo Grill SADIR
is a borrower were trading in the secondary market around 50
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR200 million term loan is scheduled to mature on January 31,
2025.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.

CASPER BIDCO SASU: Bank Debt Trades at 17% Discount
---------------------------------------------------
Participations in a syndicated loan under which Casper Bidco SASU
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR55 million term loan is scheduled to mature on July 30,
2026.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.


CASPER BIDCO SASU: EUR660-Mil. Bank Debt Trades at 17% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Casper Bidco SASU
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR660 million term loan is scheduled to mature on July 30,
2026.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.


CENTRE LYONNAIS DE PSYCHIATRIE: Bank Debt Trades at 17% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which CENTRE LYONNAIS DE
PSYCHIATRIE AMBULATOIRE EN ABREGE CLPA-INICEA SASU is a borrower
were trading in the secondary market around 83 cents-on-the dollar
during the week ended Fri., April 17, 2020, according to
Bloomberg's Evaluated Pricing service data.

The EUR33 million term loan is scheduled to mature on October 6,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.


CFT MN: Bank Debt Trades at 17% Discount
----------------------------------------
Participations in a syndicated loan under which CFT MN SASU is a
borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR53 million term loan is scheduled to mature on June 30,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.


ELITECH GROUP SAS: Bank Debt Trades at 17% Discount
---------------------------------------------------
Participations in a syndicated loan under which ELITech Group SAS
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD100 million term loan is scheduled to mature on July 19,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.


IMV TECHNOLOGIES: Bank Debts Trade at 17% Discount
--------------------------------------------------
Participations in a syndicated loan under which IMV Technologies
SADIR is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR40 million term loan is scheduled to mature on June 9, 2023.
As of April 17, 2020, the full amount is drawn and outstanding.

Participations in a syndicated loan under which IMV Technologies
SADIR is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR5 million term loan is scheduled to mature on June 9, 2023.
As of April 17, 2020, the full amount is drawn and outstanding.

The Company's country of domicile is France.


ROSE INVEST 2: Bank Debt Trades at 17% Discount
-----------------------------------------------
Participations in a syndicated loan under which Rose Invest 2 is a
borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR20 million term loan is scheduled to mature on September 30,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.


ROSE INVEST 2: EUR5-Mil. Bank Debt Trades at 17% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Rose Invest 2 is a
borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR5 million term loan is scheduled to mature on March 31,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.


SEPUR SASU: Bank Debt Trades at 18% Discount
--------------------------------------------
Participations in a syndicated loan under which Sepur SASU/France
is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR5 million term loan is scheduled to mature on December 15,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.

SOLINA FRANCE SASU: Bank Debt Trades at 17% Discount
----------------------------------------------------
Participations in a syndicated loan under which Solina France SASU
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR7 million term loan is scheduled to mature on December 17,
2022.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.


TECHNICOLOR SA: Bank Debt Trades at 17% Discount
------------------------------------------------
Participations in a syndicated loan under which Technicolor SA is a
borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR450 million term loan is scheduled to mature on December 23,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is France.




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

COLOUROZ INVESTMENT: Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
1 GmbH is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR609 million term loan is scheduled to mature on September 7,
2021.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Germany.


CONSUS REAL ESTATE: S&P Downgrades ICR to 'B-', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
German residential property developer Consus Real Estate AG
(Consus) to 'B-' from 'B' and its issue rating on the company's
senior secured notes to 'CCC+' from 'B-'. The recovery rating on
the senior secured debt remains unchanged at '5'.

Consus' deleveraging plans will take longer than S&P previously
anticipated, and the COVID-19 pandemic will likely cause some
delays to construction completions and reduce sales volumes.

Consus' reported debt expansion to support its rapidly growing
business outpaced its EBITDA growth considerably in the first nine
months of 2019. During the same period, the company issued EUR400
million of senior secured notes and about EUR300 million of
project-level debt. As a result, Consus' S&P Global
Ratings-adjusted debt increased to nearly EUR2.68 billion as of
September 2019, compared with our expectation of EUR2.28 billion
for the whole of that year.

S&P said, "In addition, we expect Consus' revenues to be lower than
we previously expected for 2019. In light of the COVID-19 pandemic,
we have revised our base-case forecast for property developers,
including Consus, for 2020. We now forecast a drop of about 10%-15%
in Consus' overall revenues for 2020, with a gradual recovery in
2021. We take account of the fact that Consus' construction sites
are still open, but that progress will be slower due to some
limitations on workforce capacity, as well as potential shortages
of materials.

"That said, we think that Consus will be able to reduce its
overheads and postpone any discretionary spending in the next
couple of months to partly offset any negative impact from
COVID-19. However, the company is unlikely to achieve our previous
forecasts and maintain credit metrics commensurate with a 'B'
rating. We now forecast that Consus' adjusted ratio of gross debt
to EBITDA will be 8x-9x in 2020, versus our previous expectation of
close to 5x, and its EBITDA interest coverage will be about
1.2x-1.4x in the same period, versus our previous expectation of
close to 2.0x. We expect that investments in real estate from
institutional investors--Consus' main customers--may slow down
significantly this year. The pandemic has also put jobs and
household income at risk, likely reducing affordability, and
possibly the demand for condominium sales that constitute about 20%
of Consus' sales.

"We see less likelihood of ADO Properties Ltd. (ADO) executing its
51% call option on Consus' shares, at least in 2020, following high
volatility in the capital markets. ADO holds about a 25% stake in
Consus and has a call option on a further 51% stake from another
shareholder, Aggregate, at an exchange ratio of 0.2390 ADO shares
per one Consus share. ADO can exercise this call option until June
2021, but we believe that the COVID-19 pandemic and strong
volatility in the equity and debt capital markets has made ADO's
execution of the call option less attractive in the short term. We
now see a low likelihood that Consus will become an integrated and
strategic part of a significantly stronger group, at least in 2020.
We previously reflected the exercise of the call option in 2020 at
least in a positive outlook on Consus, but this is no longer
applicable.

"Consus' funding and liquidity profile remains tight and we have
revised our liquidity assessment to less than adequate. As of Sept.
30, 2019, the company had about EUR900 million of short-term
project-related debt. We estimate that the amount remains similar.
In addition, we have reduced our forecast of cash FFO to about
EUR90 million-EUR100 million from EUR150 million-EUR160 million
previously. Therefore, our liquidity assessment has tightened and
we believe that Consus is able to cover its liquidity needs with
sources by about 1x. We do not expect Consus to face imminent
liquidity stress, despite its refinancing needs, and we understand
that the company will be able to extend or refinance the maturing
debt thanks to its solid banking relationships. We understand that
Consus did not breach any of its covenants in the latest tests and
we expect that the company will maintain sufficient headroom of
more than 10% under its covenants.

"The stable outlook reflects our expectation that Consus should be
able to continue benefiting from the favorable fundamentals of the
German residential real estate market and strong demand,
underpinned by its growing project pipeline. This should translate
into an adjusted debt-to-EBITDA ratio of 8x-9x and EBITDA interest
coverage well above 1x over the next 12-18 months, alongside a
sufficient liquidity buffer to cover short-term debt maturities and
working capital needs.

"We may lower the ratings if Consus' liquidity cushion deteriorates
materially and we believe that its capital structure has become
unsustainable. We would also take a negative rating action if
Consus pursues more significant debt-funded investments, or if its
cash flow generation is materially lower than we estimate--for
example, because of prolonged disruption due to COVID-19--such that
its EBITDA interest coverage ratio fails to exceed 1.0x in the next
12-18 months.

"We could take a positive rating action if Consus is able to offset
any project delays due to COVID-19 and continues to grow its
pipeline in line with its strategy, thereby enhancing its cash flow
generation more than we anticipate. This would result in debt to
EBITDA of close to 5x and EBITDA interest coverage of more than 2x
on a sustainable basis."


PROXES GMBH: Bank Debt Trades at 18% Discount
---------------------------------------------
Participations in a syndicated loan under which ProXES GmbH is a
borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR95 million term loan is scheduled to mature on July 15,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Germany.

RACING BIDCO: Bank Debt Trades at 17% Discount
----------------------------------------------
Participations in a syndicated loan under which Racing Bidco GMBH
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR134 million term loan is scheduled to mature on July 6,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Germany.


XELLA GROUP: S&P Alters Outlook to Negative & Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Xella Group (LSF10 XL
Investments S.a.r.l) to negative from stable and affirmed its 'B+'
long-term issuer credit rating.

S&P said, "We expect reduced demand in Xella's end markets due to
the extraordinary impact of the COVID-19 pandemic on economic
activity.  The global spread of COVID-19, the economic effects of
social-distancing measures to contain the spread, and plummeting
consumer and business confidence have dealt a heavy blow to global
economic growth prospects in the near term. More specifically, in
the eurozone, where Xella generates the majority of its total
sales, we now expect an economic contraction in 2020. As a building
materials player, Xella's performance is linked to the construction
market environment in Europe, which is subject to the current
economic downturn. In our base case, we assume a decline in sales
and EBITDA of 10%-15% this year, followed by a swift recovery in
2021 to 2019 levels.

"We expect Xella's leverage to weaken this year, but recover
swiftly in 2021.   In our base case, we now expect Xella's adjusted
gross debt to EBITDA to rise to 7.0x-7.5x this year (nearly 9.0x
including PECs) from about 6.3x in 2019 (7.7x). The high leverage
is to some extent mitigated by Xella's currently strong cash
position. However, we do not net cash from debt in calculating
Xella's leverage, since it is owned by a financial sponsor. We
expect Xella's leverage to recover swiftly to the 2019 level by the
end of next year, thanks to a rebound in sales and margins."
Nevertheless, rating headroom has become limited since deleveraging
is likely to be delayed by two years compared with our previous
expectation.

Despite weakening market demand and earnings in a recessionary
environment, we expect FOCF will remain solid.   Xella generated
more than EUR60 million in 2019. S&P notes that Xella has the
flexibility to cut or postpone a large part of its growth capital
expenditure (capex). In addition, the company has been focusing on
more efficient working capital management and achieved a net
working capital inflow of about EUR5 million last year despite
almost 6% growth of its top line.

Price increases in 2019, flexible cost structure, and effective
cost-cutting measures will mitigate margin pressure during the
economic downturn.   Xella performed strongly in 2018 and 2019.
Despite the softening economic environment in Europe, demand
remained strong and revenue increased 5.7% last year. This stemmed
from higher volumes and prices, especially in the building
materials business unit, which also benefited from capacity
expansion and acquisitions (primarily the full-year consolidation
of Macon group acquired in April 2018). Adjusted EBITDA increased
by 22.5% to about EUR305 million in 2019, thanks to Xella's
execution of a premium price strategy and productivity improvements
through its 'X-cite' efficiency and growth program, started last
year. The company expects to increase EBITDA by EUR52 million
through this program, which is well underway and will be fully
achieved in 2020. S&P understands that the majority of related
restructuring expenses were incurred in 2019 and the positive
impact on profitability will continue and increase in 2020 and
2021. In addition, Xella's labor costs will benefit from government
support for short-time working schemes in Germany and certain other
European countries. Xella also has some flexibility in adjusting
production levels since the autoclaving technology does not require
continuous operations to achieve a high degree of efficiency. All
these factors, combined with Xella's efforts to cut operating
expenses to counter the challenging market conditions due to
COVID-19, will help mitigate the margin pressure. As a result, S&P
expects a slight decrease in the EBITDA margin to comfortably above
18.0% this year compared with 19.2% in 2019 and a swift rebound to
more than 19.5% in 2021.

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

The negative outlook indicates that we could lower the rating if
the weakening of market demand and decline in Xella's EBITDA and
margins this year were more severe than in S&P's base case.

S&P could lower the rating if, in the next 12 months:

-- The decline in EBITDA and FOCF is steeper than its current
forecast and adjusted debt to EBITDA does not reduce to 6.5x or
toward 7.5x including PECs;

-- Adjusted EBITDA margin volatility increases significantly,
leading us to reassess the company's business risk profile. This
could occur as a result of a severe downturn across its main
markets; or

-- The company's liquidity deteriorates sharply.

S&P could revise the outlook to stable if it observed a swift
recovery in Xella's performance and continuous solid FOCF
generation in the next 12 months, while the company maintains the
current headroom for liquidity and under the springing covenant on
its RCF. This would also depend on Xella's financial policy,
especially on shareholder distributions, capex, and acquisitions,
remaining supportive of the current rating.




=============
I C E L A N D
=============

ORKUVEITA REYKJAVIKUR: Fitch Affirms LT IDR at BB+, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Orkuveita Reykjavikur's Long-Term Issuer
Default Rating at 'BB+' with a Stable Outlook.

The affirmation reflects RE's business profile, supported by a
significant proportion of quasi-regulated activities with modest
visibility in the medium term, as well as higher exposure to market
risks, including aluminum price and foreign exchange, than rated
peers. RE's credit metrics for 2019 and its forecast for 2020-2024
show levels strong for the rating. However, the impact from the
COVID-19 pandemic and global economic crisis represent a key
near-term risk. RE's ratings benefit from a two-notch uplift for
support from its majority shareholder, the City of Reykjavik, under
Fitch's government-related entities rating criteria. Fitch assesses
the company's Standalone Credit Profile at 'bb-'.

KEY RATING DRIVERS

Impact from COVID-19 Pandemic: The full impact of the COVID-19
pandemic and global economic crisis on Iceland and consequently on
RE are yet to be realized and are uncertain. An estimated 50%
decline in tourism, on which Iceland's economy is heavily reliant,
may have material implications on RE's revenues. However, the
company provides essential services to approximately 70% of the
population of Iceland and Fitch notes that during the peak of the
global financial crisis (2008-2010), RE experienced less than 1% in
terms of lost customer claims.

RE currently has sufficient liquidity (enough to service 18 months
of debt obligations), and is looking at additional funding options
to reinforce liquidity. RE also has flexibility in its capex plan
for its largest projects.

FX Important Credit Driver: RE's cash flows are exposed to currency
fluctuations (largest exposures being to US dollars and euros),
interest rates, and aluminum prices, to which some of the company's
generation contracts are linked. Depreciation of the krona against
US dollar will likely benefit krona-denominated group profits due
to ON Power's US dollar-linked revenues. Foreign currency debt,
which acts as a natural hedge given some of RE's US dollar
denominated operations, will partially limit the benefit of the
krona depreciation. At December 31, 2019, the company's total debt
was ISK154.0 billion, of which approximately 45% was denominated in
foreign currencies compared with around 13% of the company's
revenues in foreign currencies (total revenues stood at ISK46.6
billion for 2019).

The decline in aluminum prices will have a limited impact on RE in
the short term due to its hedging policy. However, as hedges roll
off, the impact would be visible if aluminum prices remain at lower
levels as contracted electricity price with key aluminum smelters
are linked to aluminum prices. Fitch notes that such contracts
reduce the counterparty risk for RE by supporting the viability of
smelting operations.

Positive Cash Flow Expectations: Fitch expects free cash flow to
remain positive throughout the forecast horizon supporting
deleveraging and with metrics strong for the rating. An increase in
cash interest paid (reflecting weakening of the krona), a stronger
than expected hit from global economic crisis, substantial changes
in planned capex or dividend payments would impact the FCF profile
and offset the positive momentum.

Quasi-Regulated Earnings Support Rating: RE's rating is supported
by a significant proportion of EBITDA being derived from
quasi-regulated businesses, albeit having recently declined
slightly to about 53% where Fitch expects it to remain over the
medium term. However, this could decline further depending upon
factors such as any reduction in regulated tariffs, Building Cost
Index or CPI, which in turn could be driven by the impact of the
economic shock. Increases in EBITDA from ON Power due to, for
example, continued weakness in the krona versus the US dollar could
also reduce the proportion of EBIDTA from regulated businesses.

Tariffs Expectations: The tariffs for the cold water and
electricity distribution businesses were lowered in 2018 by 5.9%
and 6.3%, respectively, while sewerage grew by 3.5%. The tariff
reductions were implemented as a result of the company achieving a
greater return on investment than stipulated by the shareholders
mainly due to operating cost efficiencies achieved by RE in those
regulated businesses, while the increase is linked to the BCI
index. For cold water and sewerage Fitch forecasts an annual tariff
growth of approximately 3% while electricity distribution tariff
was increased by 2.4% from beginning of 2020, and Fitch expects it
to grow on average 1.5% per year thereafter.

Shareholder Links Supportive: RE's rating reflects a bottom-up
approach under the GRE criteria, which results in two notches above
RE's SCP of 'bb-'. Fitch views the status ownership and control
factor as strong, given that the City of Reykjavik has a clear
influence on the company's strategy and ultimately approves RE's
business plan annually; and support track record and expectations
factor as moderate as a result of the conditional nature of the
guarantees provided by the parent.

The socio-political impact of default factor is assessed as
moderate as RE plays an important role in Iceland's strategic
energy sector. Fitch also views the financial implications of GRE
default as moderate as Fitch sees some contagion risk to the
municipalities and other GREs coming from a default by RE but Fitch
believes this would result in a moderate impact on availability and
costs of domestic financing options for the City of Reykjavik.

DERIVATION SUMMARY

RE is an integrated regional publicly owned utility with around 53%
of its earnings deriving from its quasi-regulated businesses, which
compares well with peers. The company is more leveraged than its
peers, with forecast funds from operations net leverage close to 5x
for 2020-2024, compared with Energia Group Limited (B+/Stable) with
forecast net leverage averaging 4.3x for 2019-2022 but with higher
business risk.

In addition, in contrast to its peers the company is more exposed
to market risk, including foreign exchange risk, and aluminum
price. The rating incorporates a two-notch uplift from the SCP
(bb-) as a result of its assessment of the links between the
company and its main shareholder, the City of Reykjavik.

KEY ASSUMPTIONS

  - Assumptions for inflation from Statistics Iceland, with a
reduction in 2020 and 2021 to reflect the impact of the COVID-19
crisis (CPI; 3.4% for 2019, 2.2% in 2021 and then averaging 2.6%
until 2024);

  - Aluminum prices for 2020: 50% of aluminum price per ton at RE's
forecasts (at hedged forward prices) and 50% as per Fitch's
commodity price assumptions (as of April 6, 2020) of USD1,560. For
2021: 26% of aluminum price per ton at hedged forward prices and
74% as per Fitch's commodity price assumptions of USD1,600 for 2021
and then USD1800 for 2022 and then USD1900 until 2024;

  - 18.5% annual appreciation of krona trade currency-weighted
index (implying krona depreciation against other currencies) from
2020 for FX-denominated debt and then an average of 2.8% from 2021
onwards;

  - Weighted average cost of debt of 4.0%

  - Average EBITDA of ISK31.7 billion for 2020-2024;

  - Total capital expenditure of around ISK86 billion for
2020-2024;

  - Dividend pay-out ratio of 15% in 2020 and 30% from 2021 onward

RATING SENSITIVITIES

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

  - Strengthening of the City of Reykjavik's credit profile
together with continued support from the parent, including
unconditional guarantees or prolonged restrictions on dividends.

  - Continued tariff increases and operational outperformance and
continued net repayments of debt leading to FFO net leverage below
5.0x and FFO interest cover over 5.0x on a sustained basis.

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

  - A weakening of the City of Reykjavik's credit profile.

  - Restrictions on tariff increases and higher investments leading
to FFO net leverage above 6x and FFO interest cover under 4.5x on a
sustained basis.

  - A reassessment of the likelihood of support in case of
financial difficulties of the GRE including de-linkage of tariffs
to inflation or a significant reduction of the conditional parent
guarantees for the company's debt.

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

Adequate Liquidity: At December 30, 2019 RE had about ISK18.5
billion in cash and cash equivalents and about ISK7 billion of
undrawn committed facilities against ISK14.8 billion of short-term
debt. Fitch assesses the company's current liquidity as adequate to
cover operational requirements over the next 24 months due to its
expectation that it will remain FCF positive over the medium term.

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).



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

TABERNA EUROPE I: S&P Affirms 'CCC- (sf)' Rating on Class A2 Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its credit ratings on Taberna Europe
CDO I PLC's class A2, B, C, D, and E notes.

Since S&P's previous review in October 2018, the class A2 notes
amortized by EUR21.5 million. The class C, D, and E notes continued
to defer their interest payments. The class B notes has paid timely
current interest but has not repaid its outstanding EUR3.0 million
of deferred interest.

Over this period, the performing portfolio's size reduced to
EUR40.0 million from EUR60.0 million (excluding assets that are
outside the scope of corporate rating framework). Following the
application of S&P's criteria, it gave EUR0.4 million credit to
expected recoveries on defaulted assets in the portfolio.

The class A2 notes are still undercollateralized. S&P said, "We
believe that a default, absent unanticipated significantly
favorable changes in the assets' performance, is inevitable. Under
our criteria for assigning 'CCC' category ratings, this is
commensurate with a 'CCC- (sf)' rating. We have therefore affirmed
our 'CCC- (sf)' rating on the class A2 notes."

The class B, C, D, and E notes are highly undercollateralized. A
default is virtually certain. S&P has therefore affirmed its 'CC
(sf)' rating on these notes, in line with its criteria.

Counterparty, operational, and legal risks are commensurate with
the ratings assigned under its relevant criteria.

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

Taberna Europe CDO I is a collateralized debt obligations (CDO)
transaction backed by a portfolio comprising perpetual and trust
preferred securities, and subordinated loan and bonds to European
and U.S. corporates.


TABERNA EUROPE II: S&P Lowers Class B Notes Rating to 'CC (sf)'
---------------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Taberna Europe CDO
II PLC's class B, C-1, and C-2 notes. At the same time, S&P has
affirmed its ratings on the class A-2, D, and E notes.

Since S&P's previous review in October 2018, the class A-1 notes
fully redeemed and the class A-2 amortized by EUR21.4 million. The
class C-1, C-2, D, and E notes continued to defer their interest
payments. The class B notes has paid timely current interest but
has not repaid its outstanding EUR1.9 million of deferred
interest.

S&P said, "Over this period, the performing portfolio's size
reduced to EUR62.7 million from EUR89.7 million (excluding assets
that are outside the scope of corporate rating framework).
Following the application of our criteria, we gave no credit to
expected recoveries on defaulted assets in the portfolio.

"Following the evolution in the amount due on the notes, and the
expected receipts from the portfolio, we believe that a default on
the class B, C-1, and C-2 notes has become a virtual certainty. We
have therefore lowered to 'CC (sf)' from 'CCC- (sf)' our ratings on
these classes of notes in line with our criteria for assigning
'CCC' category ratings.

"The class A-2 notes are still undercollateralized. We believe that
a default, absent unanticipated significantly favorable changes in
the assets' performance, is inevitable. Under our criteria, this is
commensurate with a 'CCC- (sf)' rating. We have therefore affirmed
our 'CCC- (sf)' rating on the class A-2 notes.

"The class D and E notes are highly undercollateralized. A default
is virtually certain. We have therefore affirmed our 'CC (sf)'
rating on these classes of notes."

Counterparty, operational, and legal risks are commensurate with
the ratings assigned under S&P's relevant criteria.

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

Taberna Europe CDO II is a CDO transaction backed by a portfolio
comprising perpetual and trust preferred securities, and
subordinated loan and bonds to European and U.S. corporates.


[*] Fitch Places 10 Tranches from 5 EMEA CLOs on Watch Negative
---------------------------------------------------------------
Fitch Ratings has placed 10 tranches from five European
collateralized loan obligations on Rating Watch Negative and
another three tranches on Negative Outlook.

Jubilee CLO 2014-XII B.V.      

  - Class E-R XS1672952154; LT BBsf; Rating Watch On

  - Class F-R XS1672952667; LT B-sf; Rating Watch On

Jubilee CLO 2018-XX      

  - Class E XS1826052471; LT BBsf; Rating Watch On

  - Class F XS1826052638; LT B-sf; Rating Watch On

Man GLG Euro CLO II DAC      

  - Class B XS1516362685; LT AAsf; Revision Outlook

  - Class D XS1516363733; LT BBBsf; Revision Outlook

  - Class E XS1516363063; LT BBsf; Rating Watch On

  - Class F XS1516363147; LT B-sf; Rating Watch On

Jubilee CLO 2017-XVIII B.V.      

  - Class E XS1619574962; LT BBsf; Rating Watch On

  - Class F XS1619575183; LT B-sf; Rating Watch On

Carlyle Global Market Strategies Euro CLO 2015-1 DAC      

  - Class C XS2109448006; LT BBB-sf; Revision Outlook

  - Class D XS2109448931; LT BB-sf; Rating Watch On

  - Class E XS2109449582; LT B-sf; Rating Watch On

TRANSACTION SUMMARY

The five transactions are cash flow CLOs mostly comprising senior
secured obligations. All the transactions are within their
reinvestment period and are actively managed by their collateral
managers.

KEY RATING DRIVERS

Coronavirus Sensitivity Analysis

Fitch placed the tranches on Rating Watch Negative and Negative
Outlook as a result of a sensitivity analysis it ran in light of
the coronavirus pandemic. The agency notched down the ratings for
all assets with corporate issuers with a Negative Outlook
regardless of sector and for all issuers in eight sectors with high
exposure to the coronavirus pandemic as identified by the EMEA
Leveraged Finance team.

Fitch assumed these assets will be downgraded by one notch (floor
at 'CCC'). In addition, the stress scenario includes a haircut to
recovery assumptions, by applying a multiplier of 0.85 at all
rating scenarios to issuers in these sectors.

The model-implied ratings for the affected tranches under the
coronavirus sensitivity test are below the current ratings. Fitch
will resolve the Rating Watch over the coming months as and when it
observes rating actions on the underlying loans.

Asset Credit Quality

'B' Category Portfolio Credit Quality: Fitch assesses the average
credit quality of obligors to be in the 'B' category. The Fitch
weighted average rating factors of the current portfolios are
between 35.3 and 37.2. After applying the coronavirus stress, the
Fitch WARF would increase to between 37.7 and 40.2.

Asset Security

High Recovery Expectations: At least 90% of the portfolios comprise
senior secured obligations. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. Fitch's stress scenario includes a haircut to
recovery assumptions by applying a multiplier of 0.85 at all rating
scenarios to issuers in the eight high-exposure sectors.

The recovery haircut reflects anticipated movement in going-concern
EBITDAs for the recovery analysis, increased use of the liquidation
approach instead of the going-concern approach and otherwise weaker
valuations in the affected sectors.

Portfolio Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligors are between 13.9% and 18.6% of the
total portfolio, and no obligor represents more than 2.5% of the
portfolio balance. Exposure to the eight sectors identified by the
EMEA Leveraged Finance team are from 15.0% to 20.1% compared with
an average exposure of 16.5% for all Fitch-rated European CLOs.

Cash Flow Analysis

Fitch used a customized proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests. The
transactions were modelled using the current portfolio and the
current portfolio with a coronavirus sensitivity analysis applied.
Fitch's analysis was based on the stable interest rate scenario but
included the front-, mid- and back-loaded default timing scenarios
as outlined in its criteria.

When conducting cash flow analysis, Fitch's model first projects
the portfolio scheduled amortization proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, these scheduled amortization proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntarily terminated, when applicable).

This adjustment avoids running out of performing collateral due to
amortization and ensures all the defaults projected to occur in
each rating stress are realized in a manner consistent with Fitch's
published default timing curve.

Portfolio Performance; Surveillance

All the transactions are in their reinvestment period and the
portfolios are actively managed by the collateral manager. All the
portfolio profile tests, collateral quality tests and coverage
tests are passing as of the investors report in March 2020. One
transaction has just published an updated report in April 2020 that
shows a small failure in three collateral quality tests, including
the maximum Fitch WARF and the minimum weighted average spread
tests.

All except two transactions are above their reinvestment target
par. Exposure to assets rated 'CCC' and below is between 8.3% and
10.3% and would increase to between 13.3% and 16.6% after applying
the coronavirus stress.

RATING SENSITIVITIES

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

The transactions feature a reinvestment period and the portfolio is
actively managed. At closing, Fitch uses a standardized stress
portfolio (Fitch's Stressed Portfolio) that is customized to the
specific portfolio limits for the transaction as specified in the
transaction documents. Even if the actual portfolio shows lower
defaults and losses (at all rating levels) than Fitch's Stressed
Portfolio assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, as the portfolio credit quality
may still deteriorate, not only through natural credit migration,
but also through reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of better portfolio credit quality and deal performance than
initially expected, leading to higher credit enhancement for the
notes and excess spread available to cover for losses on the
remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement for the
notes following amortization does not compensate for a higher loss
expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to the coronavirus pandemic become apparent
for other sectors, loan ratings in those sectors would also come
under pressure. Fitch will resolve the Rating Watch over the coming
months as and when it observes rating actions on the underlying
loans.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

Carlyle Global Market Strategies Euro CLO 2015-1 DAC: Monthly
investor report and loan-level data dated March 4, 2020 and
provided by U.S. Bank Global Corporate Trust

Jubilee CLO 2014-XII B.V.; Jubilee CLO 2017-XVIII B.V.; Jubilee CLO
2018-XX B.V.: Monthly investor report and loan-level data dated
March 4, 2020 and provided by BNY Mellon

Man GLG Euro CLO II DAC: Monthly investor report and loan-level
data dated March 9, 2020 and payment date report dated April 1,
2020 provided by US Bank Global Corporate Trust

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.

[*] Fitch Places 10 Tranches from 5 EU CLOs on Watch Negative
-------------------------------------------------------------
Fitch Ratings has placed 10 tranches from five European
collateralized loan obligations on Rating Watch Negative.

Bain Capital Euro CLO 2018-1      

  - Class E XS1713467030; LT BBsf; Rating Watch On

  - Class F XS1713466909; LT B-sf; Rating Watch On

Bain Capital Euro CLO 2018-2 DAC      

  - Class E XS1890843581; LT BBsf; Rating Watch On

  - Class F XS1890843664; LT B-sf; Rating Watch On

Aurium CLO V DAC      

  - Class E XS1951298600; LT BB-sf; Rating Watch On

  - Class F XS1951298865; LT B-sf; Rating Watch On

Bain Capital Euro CLO 2019-1 DAC      

  - Class E XS2075849914; LT BBsf; Rating Watch On

  - Class F XS2075850177; LT B-sf; Rating Watch On

Newhaven CLO DAC      

  - Class E-R XS1560858984; LT BBsf; Rating Watch On

  - Class F-R XS1560859446; LT B-sf; Rating Watch On

TRANSACTION SUMMARY

The five transactions are cash flow CLOs mostly comprising senior
secured obligations. All the transactions are within their
reinvestment period and are actively managed by their collateral
managers.

KEY RATING DRIVERS

Coronavirus Sensitivity Analysis

Fitch placed the tranches on Rating Watch Negative and Negative
Outlook as a result of a sensitivity analysis it ran in light of
the coronavirus pandemic. The agency notched down the ratings for
all assets with corporate issuers on Negative Outlook regardless of
sector and for all issuers in eight sectors with high exposure to
the coronavirus pandemic as identified by the EMEA Leveraged
Finance team.

Fitch assumed these assets will be downgraded by one notch (floor
at 'CCC'). In addition, the stress scenario includes a haircut to
recovery assumptions, by applying a multiplier of 0.85 at all
rating scenarios to issuers in these eight sectors.

The model-implied ratings for the affected tranches under the
coronavirus sensitivity test are below the current ratings. Fitch
will resolve the Rating Watch over the coming months as and when it
observes rating actions on the underlying loans.

Asset Credit Quality

'B/B-' Category Portfolio Credit Quality: Fitch assesses the
average credit quality of obligors to be in the 'B/B-' category.
The Fitch weighted average rating factors of the current portfolios
range from 33.2 to 35.47. After applying the coronavirus stress,
the Fitch WARF would increase to between 35.5 and 38.1.

Asset Security

High Recovery Expectations: At least 90% of the portfolios comprise
senior secured obligations. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. Fitch's stress scenario includes a haircut to
recovery assumptions by applying a multiplier of 0.85 at all rating
scenarios to issuers in the eight high-exposure sectors.

The recovery haircut reflects anticipated movement in going-concern
EBITDAs for the recovery analysis, increased use of the liquidation
approach instead of the going-concern approach and otherwise weaker
valuations in the affected sectors.

Portfolio Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligors are between 11.56% and 16.53% of
the total portfolio and no obligor represents more than 2.49% of
the portfolio balance. Exposure to the eight sectors identified by
the EMEA Leveraged Finance team is from 13.93% and 17.98%, compared
with an average exposure of 16.5% for all Fitch-rated European
CLOs.

Cash Flow Analysis

Fitch used a customized proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests. The
transactions were modelled using the current portfolio and the
current portfolio with a coronavirus sensitivity analysis applied.
Fitch's analysis was based on the stable interest rate scenario but
included the front-, mid- and back-loaded default timing scenarios
as outlined in its criteria.

When conducting cash flow analysis, Fitch's model first projects
the portfolio scheduled amortization proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, these scheduled amortization proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntarily terminated, when applicable).

This adjustment avoids running out of performing collateral due to
amortization and ensures all the defaults projected to occur in
each rating stress are realized in a manner consistent with Fitch's
published default timing curve.

Portfolio Performance; Surveillance

All the transactions are still in their reinvestment period and the
portfolios are actively managed by the collateral manager. All the
portfolio profile tests, collateral quality tests and coverage
tests except one are passing, as of the latest investor reports.
All the transactions are above their reinvestment target par.
Exposure to assets rated 'CCC' and below are between 5.67% and
9.67%, and would increase to between 9.65% and 17.49% after
applying the coronavirus stress.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

The transactions feature a reinvestment period and the portfolio is
actively managed. At closing, Fitch uses a standardized stress
portfolio (Fitch's Stressed Portfolio) that is customized to the
specific portfolio limits for the transaction as specified in the
transaction documents. Even if the actual portfolio has lower
defaults and losses (at all rating levels) than Fitch's Stressed
Portfolio assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, as portfolio credit quality may
still deteriorate, not only through natural credit migration, but
also through reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of better portfolio credit quality and deal performance than
initially expected, leading to higher credit enhancement for the
notes and excess spread available to cover for losses on the
remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement for the
notes following amortization does not compensate for a higher loss
expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to the coronavirus pandemic become apparent
for other sectors, loan ratings in those sectors would also come
under pressure. Fitch will resolve the Rating Watch over the coming
months as and when it observes rating actions on the underlying
loans.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

Aurium CLO V DAC

Loan-by-loan data provided by Deutsche Trustee Company Ltd as at
February 28, 2020.

Transaction reporting provided by Deutsche Trustee Company Ltd as
at February 28, 2020.

Bain Capital Euro CLO 2018-1 DAC

Loan-by-loan data provided by BNY Mellon Corporate Trustee Services
Ltd as at March 6, 2020.

Transaction reporting provided by BNY Mellon Corporate Trustee
Services Ltd as at March 6, 2020.

Bain Capital Euro CLO 2018-2 DAC

Loan-by-loan data provided by BNY Mellon Corporate Trustee Services
Ltd as at March 6, 2020.

Transaction reporting provided by BNY Mellon Corporate Trustee
Services Ltd as at March 6, 2020.

Bain Capital Euro CLO 2019-1 DAC

Loan-by-loan data provided by BNY Mellon Corporate Trustee Services
Ltd as at March 6, 2020.

Transaction reporting provided by BNY Mellon Corporate Trustee
Services Ltd as at March 6, 2020.

Newhaven CLO DAC

Loan-by-loan data provided by U.S. Bank as at March 6, 2020.

Transaction reporting provided by U.S. Bank as at March 6, 2020.

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.

[*] Fitch Places 8 Tranches from 4 EU CLOs on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed eight tranches from four European
collateralized loan obligations on Rating Watch Negative.

Dryden 62 Euro CLO 2017 B.V.      

  - Class E XS1826186832; LT BBsf; Rating Watch On

  - Class F XS1826186758; LT B-sf; Rating Watch On

Dryden 66 Euro CLO 2018 B.V.      

  - Class E XS1908335695; LT BB-sf; Rating Watch On

  - Class F XS1908337394; LT B-sf; Rating Watch On

Dryden 59 Euro CLO 2017 B.V.      

  - Class E XS1770931571; LT BB-sf; Rating Watch On

  - Class F XS1770931654; LT B-sf; Rating Watch On

Dryden 69 Euro CLO 2018 B.V.      

  - Class E XS1984222585; LT BB-sf; Rating Watch On

  - Class F XS1984222742; LT B-sf; Rating Watch On

TRANSACTION SUMMARY

The four transactions are cash flow CLOs mainly comprising senior
secured euro obligations. All the transactions are within their
reinvestment period and are actively managed by the collateral
manager.

KEY RATING DRIVERS

Coronavirus Sensitivity Analysis

Fitch placed the tranches on Rating Watch Negative as a result of a
sensitivity analysis it ran in light of the coronavirus pandemic.
The agency notched down the ratings for all assets with corporate
issuers with a Negative Outlook regardless of the sectors and to
all issuers in eight sectors with high exposure to the coronavirus
pandemic as identified by the EMEA Leverage Finance team. Fitch
assumed these assets will be downgraded by one notch (floor at
'CCC'). In addition, the stress scenario includes a haircut to
recovery assumptions, by applying a multiplier of 0.85 at all
rating scenarios to issuers in these sectors.

The model-implied ratings for the affected tranches under the
coronavirus sensitivity test are below the current ratings. Fitch
will resolve the Rating Watch status over the coming months as and
when it observes rating actions on the underlying loans.

Asset Credit Quality

'B/B-' Category Portfolio Credit Quality: Fitch assesses the
average credit quality of obligors to be in the 'B/B-' category.
The Fitch weighted average rating factors of the current portfolios
are between 34.86 and 35.59. After applying the coronavirus stress,
the Fitch WARF would increase to between 37.55 and 38.79.

Asset Security

High Recovery Expectations: At least 90% of the portfolios comprise
senior secured obligations. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. Fitch's stress scenario includes a haircut to
recovery assumptions by applying a multiplier of 0.85 at all rating
scenarios to issuers in the eight high-exposure sectors.

The recovery haircut reflects anticipated movement in going-concern
EBITDAs for the recovery analysis, increased use of the liquidation
approach instead of the going-concern approach and otherwise weaker
valuations in the affected sectors.

Portfolio Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligors are between 20.91% and 22.72% of
the total portfolio, and no obligor represents more than 3.05% of
the portfolio balance. Exposure to the eight sectors identified by
the EMEA Leveraged Finance team is from 16.9% to 18.6% compared
with an average exposure of 16.5% for all Fitch-rated European
CLOs.

Cash Flow Analysis

Fitch used a customized proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests. The
transactions were modelled using the current portfolio and the
current portfolio with a coronavirus sensitivity analysis applied.
Fitch's analysis was based on the stable interest rate scenario but
included the front-, mid- and back-loaded default timing scenarios
as outlined in Fitch's criteria.

When conducting cash flow analysis, Fitch's model first projects
the portfolio scheduled amortization proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, such scheduled amortization proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntarily terminated, when applicable).

This adjustment avoids running out of performing collateral due to
amortization and ensures all the defaults projected to occur in
each rating stress are realized in a manner consistent with Fitch's
published default timing curve.

Portfolio Performance; Surveillance

All the transactions are in their reinvestment period and the
portfolios are actively managed by the collateral manager. All the
portfolio profile tests, collateral quality tests and coverage
tests are passing and all transactions are above their reinvestment
target par as of the latest investor report available. Exposures to
assets rated 'CCC' and below are between 6.28% and 7.43% and would
increase to between 12.31% and 15.42% after applying the
coronavirus stress.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

The transactions feature a reinvestment period and the portfolio is
actively managed. At closing, Fitch uses a standardized stress
portfolio (Fitch's Stressed Portfolio) that is customized to the
specific portfolio limits for the transaction as specified in the
transaction documents. Even if the actual portfolio shows lower
defaults and losses (at all rating levels) than Fitch's Stressed
Portfolio assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, given the portfolio credit quality
may still deteriorate, not only by natural credit migration, but
also by reinvestments. After the end of the reinvestment period,
upgrades may occur in case of a better than initially expected
portfolio credit quality and deal performance, leading to higher
credit enhancement for the notes and excess spread available to
cover for losses on the remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement for the
notes following amortization does not compensate for a higher loss
expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to the coronavirus for other sectors become
apparent, loan ratings in such sectors would also come under
pressure. Fitch will resolve the rating watch status over the
coming months as and when Fitch observes rating actions on the
underlying loans.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

Dryden 59 Euro CLO 2017 B.V.

  - Loan-by-loan data provided by U.S. Bank Global Corporate Trust
as at February 29, 2020

  - Transaction reporting provided by U.S. Bank Global Corporate
Trust as at February 29, 2020

Dryden 62 Euro CLO 2017 B.V.

  - Loan-by-loan data provided by U.S. Bank Global Corporate Trust
as at February 29, 2020

  - Transaction reporting provided by U.S. Bank Global Corporate
Trust as at February 29, 2020

Dryden 66 Euro CLO 2018 B.V.

  - Loan-by-loan data provided by U.S. Bank Global Corporate Trust
as at February 29, 2020

  - Transaction reporting provided by U.S. Bank Global Corporate
Trust as at February 29, 2020

Dryden 69 Euro CLO 2018 B.V.

  - Loan-by-loan data provided by Deutsche Bank as at February 28,
2020

  - Transaction reporting provided by Deutsche Bank as at February
28, 2020

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.

[*] Fitch Places 8 Tranches from 5 EU CLOs on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed eight tranches from five European
collateralized loan obligations on Rating Watch Negative.

Bilbao CLO II DAC      

  - Class D XS1941079193; LT BB-sf; Rating Watch On

OZLME IV DAC      

  - Class E XS1829322301; LT BBsf; Rating Watch On

  - Class F XS1829323705; LT B-sf; Rating Watch On

Bilbao CLO I DAC      

  - Class D XS1804148788; LT BBsf; Rating Watch On

  - Class E XS1804148861; LT B-sf; Rating Watch On

OZLME VI DAC      

  - Class E XS1992149267; LT BB-sf; Rating Watch On

  - Class F XS1992148889; LT B-sf; Rating Watch On

Hayfin Emerald CLO II DAC      

  - Class E XS1962609357; LT BBsf; Rating Watch On

TRANSACTION SUMMARY

The five transactions are cash flow CLOs mostly comprising senior
secured obligations. All the transactions are within their
reinvestment period and are actively managed by their collateral
managers.

KEY RATING DRIVERS

Coronavirus Sensitivity Analysis

Fitch placed the tranches on Rating Watch Negative and Negative
Outlook as a result of a sensitivity analysis it ran in light of
the coronavirus pandemic. The agency notched down the ratings for
all assets with corporate issuers with a Negative Outlook
regardless of sector and for all issuers in eight sectors with high
exposure to the coronavirus pandemic as identified by the EMEA
Leverage Finance team.

Fitch assumed these assets will be downgraded by one notch (floor
at 'CCC'). In addition, the stress scenario includes a haircut to
recovery assumptions, by applying a multiplier of 0.85 at all
rating scenarios to issuers in these sectors.

The model-implied ratings for the affected tranches under the
coronavirus sensitivity test are below the current ratings. Fitch
will resolve the Rating Watch status over the coming months as and
when it observes rating actions on the underlying loans.

Asset Credit Quality

'B' Category Portfolio Credit Quality: Fitch assesses the average
credit quality of obligors to be in the 'B' category. The Fitch
weighted average rating factors of the current portfolios are
between 33.1 and 34.71. After applying the coronavirus stress, the
Fitch WARF would increase to between 35.6 and 36.9.

Asset Security

High Recovery Expectations: At least 90% of the portfolios comprise
senior secured obligations. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. Fitch's stress scenario includes a haircut to
recovery assumptions by applying a multiplier of 0.85 at all rating
scenarios to issuers in the eight high-exposure sectors.

The recovery haircut reflects anticipated movement in going-concern
EBITDAs for the recovery analysis, increased use of the liquidation
approach instead of the going-concern approach and otherwise weaker
valuations in the affected sectors.

Portfolio Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligors are between 14.2% and 18.4% of the
total portfolio, and no obligor represents more than 2.3% of the
portfolio balance. Exposure to the eight sectors identified by the
EMEA Leverage Finance team is from 16% to 18.3%, compared with an
average exposure of 16.5% for all Fitch-rated European CLOs.

Cash Flow Analysis

Fitch used a customized proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests. The
transactions were modelled using the current portfolio and the
current portfolio with a coronavirus sensitivity analysis applied.
Fitch's analysis was based on the stable interest rate scenario but
included the front-, mid- and back-loaded default timing scenarios
as outlined in its criteria.

When conducting cash flow analysis, Fitch's model first projects
the portfolio scheduled amortization proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, such scheduled amortization proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntarily terminated, when applicable).

This adjustment avoids running out of performing collateral due to
amortization and ensures all the defaults projected to occur in
each rating stress are realized in a manner consistent with Fitch's
published default timing curve.

Portfolio Performance; Surveillance

All the transactions are in their reinvestment period and the
portfolios are actively managed by the collateral manager. All the
portfolio profile tests, collateral quality tests and coverage
tests are passing as of the latest investor reports, except the
Fitch minimum weighted average recovery rate in one of the
transactions, which is failing marginally. All the transactions are
above their reinvestment target par. Exposure to assets rated 'CCC'
and below are between 4.1% and 6%, and would increase to between
8.4% and 13.4% after applying the coronavirus stress.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

The transactions feature a reinvestment period and the portfolio is
actively managed. At closing, Fitch uses a standardized stress
portfolio (Fitch's Stressed Portfolio) that is customized to the
specific portfolio limits for the transaction as specified in the
transaction documents. Even if the actual portfolio shows lower
defaults and losses (at all rating levels) than Fitch's Stressed
Portfolio assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, as the portfolio credit quality
may still deteriorate, not only through natural credit migration,
but also through reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of a better than initially expected portfolio credit quality
and deal performance, leading to higher credit enhancement for the
notes and excess spread available to cover for losses on the
remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement for the
notes following amortization does not compensate for a higher loss
expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to the coronavirus pandemic become apparent
for other sectors, loan ratings in such sectors would also come
under pressure. Fitch will resolve the rating watch status over the
coming months as and when it observes rating actions on the
underlying loans.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

Bilbao CLO I DAC:

Loan-by-loan data provided by BNY Mellon as at March 6, 2020

Transaction reporting provided by BNY Mellon as at March 6, 2020

Bilbao CLO II DAC:

Loan-by-loan data provided by BNY Mellon as at March 6, 2020

Transaction reporting provided by BNY Mellon as at March 6, 2020

Hayfin Emerald CLO II DAC:

Loan-by-loan data provided by Virtus Group LP as at March 16, 2020

Transaction reporting provided by Virtus Group LP as at March 16,
2020

OZLME IV DAC:

Loan-by-loan data provided by Virtus Group LP as at March 16, 2020

Transaction reporting provided by Virtus Group LP as at March 16,
2020

OZLME VI DAC:

Loan-by-loan data provided by BNY Mellon as at March 16, 2020

Transaction reporting provided by BNY Mellon as at March 16, 2020

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.

[*] Fitch Places 9 Tranches from 5 EU CLOs on Watch Negative
------------------------------------------------------------
Fitch Ratings has placed nine tranches from five European
collateralized loan obligations on Rating Watch Negative and one on
Negative Outlook.

Barings Euro CLO 2018-2 B.V.      

  - Class E XS1857763525; LT BBsf; Rating Watch On

  - Class F XS1857763871; LT B-sf; Rating Watch On

Oak Hill European Credit Partners VI DAC      

  - Class E XS1720169520; LT BBsf; Rating Watch On

  - Class F XS1720169876; LT B-sf; Rating Watch On

Avoca CLO XVI D.A.C.      

  - Class E-R XS1859000538; LT BBsf; Rating Watch On

  - Class F-R XS1859000702; LT B-sf; Rating Watch On

ALME Loan Funding II DAC      

  - Class D-RR XS2086813206; LT BBB-sf; Revision Outlook

  - Class E-RR XS2086813974; LT BB-sf; Rating Watch On

Oak Hill European Credit Partners IV DAC      

  - Class E-R XS1736671592; LT BBsf; Rating Watch On

  - Class F-R XS1736671915; LT B-sf; Rating Watch On

TRANSACTION SUMMARY

The five transactions are cash flow CLOs mostly comprising senior
secured obligations. All the transactions are within their
reinvestment period and are actively managed by their collateral
managers.

KEY RATING DRIVERS

Coronavirus Sensitivity Analysis

Fitch placed several tranches on Rating Watch Negative and Negative
Outlook as a result of a sensitivity analysis it ran in light of
the coronavirus pandemic. The agency notched down the ratings for
all assets with corporate issuers with a Negative Outlook
regardless of sector and for all issuers in eight sectors with high
exposure to the coronavirus pandemic as identified by the EMEA
Leveraged Finance team.

Fitch assumed these assets will be downgraded by one notch (floor
at 'CCC'). In addition, the stress scenario includes a haircut to
recovery assumptions, by applying a multiplier of 0.85 at all
rating scenarios to issuers in these sectors.

The model-implied ratings for the affected tranches under the
coronavirus sensitivity test are below the current ratings. Fitch
will resolve the Rating Watch over the coming months as and when it
observes rating actions on the underlying loans.

Asset Credit Quality

'B' Category Portfolio Credit Quality: Fitch assesses the average
credit quality of obligors to be in the 'B' category. The Fitch
weighted average rating factors of the current portfolios are
between 33.2 and 37.5. After applying the coronavirus stress, the
Fitch WARF would increase to between 35.6 and 41.1.

Asset Security

High Recovery Expectations: At least 90% of the portfolios comprise
senior secured obligations. Fitch views the recovery prospects for
these assets as more favorable than for second-lien, unsecured and
mezzanine assets. Fitch's stress scenario includes a haircut to
recovery assumptions by applying a multiplier of 0.85 at all rating
scenarios to issuers in the eight high-exposure sectors.

The recovery haircut reflects anticipated movement in going-concern
EBITDAs for the recovery analysis, increased use of the liquidation
approach instead of the going-concern approach and otherwise weaker
valuations in the affected sectors.

Portfolio Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligors are between 15.7% and 19.0% of the
total portfolio, and no obligor represents more than 2.7% of the
portfolio balance. Exposure to the eight sectors identified by the
EMEA Leveraged Finance team is from 13.5% to 27.2% compared with an
average exposure of 16.5% for all Fitch-rated European CLOs.

Cash Flow Analysis

Fitch used a customized proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests. The
transactions were modelled using the current portfolio and the
current portfolio with a coronavirus sensitivity analysis applied.
Fitch's analysis was based on the stable interest rate scenario but
included the front-, mid- and back-loaded default timing scenarios
as outlined in its criteria.

When conducting cash flow analysis, Fitch's model first projects
the portfolio scheduled amortization proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, these scheduled amortization proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntarily terminated, when applicable).

This adjustment avoids running out of performing collateral due to
amortization and ensures all the defaults projected to occur in
each rating stress are realized in a manner consistent with Fitch's
published default timing curve.

Portfolio Performance; Surveillance

All the transactions are in their reinvestment period and the
portfolios are actively managed by the collateral manager. All the
portfolio profile tests, collateral quality tests and coverage
tests are passing as of the latest investor report available. All
except two of the transactions are above their reinvestment target
par. Exposure to assets rated 'CCC' and below are between 3.5% and
13.7% and would increase to between 9.6% and 25.5% after applying
the coronavirus stress.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

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

The transactions feature a reinvestment period and the portfolio is
actively managed. At closing, Fitch uses a standardized stress
portfolio (Fitch's Stressed Portfolio) that is customized to the
specific portfolio limits for the transaction as specified in the
transaction documents. Even if the actual portfolio shows lower
defaults and losses (at all rating levels) than Fitch's Stressed
Portfolio assumed at closing, an upgrade of the notes during the
reinvestment period is unlikely, as the portfolio credit quality
may still deteriorate, not only through natural credit migration,
but also through reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of better portfolio credit quality and deal performance than
initially expected, leading to higher credit enhancement for the
notes and excess spread available to cover for losses on the
remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement for the
notes following amortization does not compensate for a higher loss
expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to the coronavirus pandemic become apparent
for other sectors, loan ratings in those sectors would also come
under pressure. Fitch will resolve the Rating Watch over the coming
months as and when it observes rating actions on the underlying
loans.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognized statistical rating organizations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

ALME Loan Funding II DAC:

Loan-by-loan data and transaction reporting provided by US Bank as
at February 29, 2020

Avoca CLO XVI D.A.C.:

Loan-by-loan data and transaction reporting provided by BNY Mellon
as at February 28, 2020

Barings Euro CLO 2018-2 DAC:

Loan-by-loan data and transaction reporting provided by US Bank as
at February 28, 2020

Oak Hill European Credit Partners IV DAC:

Loan-by-loan data and transaction reporting provided by BNY Mellon
as at March 6, 2020

Oak Hill European Credit Partners VI DAC:

Loan-by-loan data and transaction reporting data provided by BNY
Mellon as at March 6, 2020

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.



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

ARCHROMA FINANCE SARL: Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Archroma Finance
Sarl is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD225 million term loan is scheduled to mature on July 28,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Luxembourg.


ARMACELL GROUP: S&P Alters Outlook to Negative & Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings revised the outlook on Armacell International
S.A.'s parent, Neptune Holdco S.a.r.l, to negative from stable, and
affirmed its 'B' long-term issuer credit rating on the company.

S&P said, "We expect lower demand in Armacell's main markets due to
the pandemic's impact on economic activity, but less severe than
the average in the building materials industry.  The global spread
of COVID-19, the economic effects of social-distancing measures to
contain the spread, and plummeting consumer and business confidence
have dealt a heavy blow to global economic growth prospects in the
near term. We believe that the measures adopted to contain the
virus have pushed the global economy into recession. More
specifically, in the eurozone and the U.S., where Armacell
generates about 60% of its sales, we now expect the economies to
contract this year. Asia, where the company generates more than 20%
of its sales, will also face much lower GDP growth in 2020. Despite
diversified end markets, about 50% of Armacell's business relies on
the cyclical commercial construction, which is vulnerable to the
current economic downturn. However, Armacell continues to benefit
from good growth potential spurred by strong market demand for
innovative products like recycled PET foams (double-digit growth
trend) and aerogel, although these products only generate less than
10% of group sales. The utilization of new PET capacity is largely
secured by contracted sales (about 80% in 2020 and above 60% in
2021-2022). As a result, we anticipate lower demand and sales
volumes for Armacell in 2020, but less severe than the average in
the broad building materials sector. In our base-case scenario, we
assume a decline in revenues by about 10% and EBITDA by 10%-15%
this year, followed by a swift recovery in 2021.

"We expect Armacell's leverage to peak this year and is likely to
remain high in 2021 despite a gradual recovery.   The refinancing
transaction following the buyout by private-equity firms PAI and
KIRKBI that closed in February 2020, has resulted in about EUR100
million more senior secured debt and a releveraging of about 0.8x
(based on 2019 EBITDA) from 6.6x debt to EBITDA as of year-end
2019. In our revised base-case scenario, due to COVID-19, we now
expect Armacell's adjusted debt to EBITDA to further weaken to
above 8.0x in 2020. We expect the company's leverage to recover
gradually toward 7.5x by year-end 2021, driven by a rebound in
sales volumes. Rating headroom is minimal, given a delay in
deleveraging trend by at least two years and our forecast of
leverage remaining above 6.5x for the next two years.

"Continuous healthy FOCF and solid liquidity mitigates the very
high leverage to some extent.   Despite weakening market demand and
earnings in a recessionary environment, we expect that Armacell
will maintain healthy FOCF, which amounted to above EUR30 million
in 2019 (excluding the initial positive effect from the set-up of a
factoring program). This follows improved working capital
management as inventory levels normalize following the
implementation of footprint optimization and the asset-light
business model, with lower capital expenditure (capex) after large
investments in capacity expansion and footprint optimization in
2018. We understand that the company plans to maintain its budget
for strategic capex (about EUR20 million in 2020), given its solid
liquidity position and focus on growth in PET and aerogel with
strong market demand. At the same, we expect it to cut standard
capex by about EUR5 million this year. Armacell has drawn down
about EUR70 million of its EUR110 million long-term revolving
credit facility (RCF) as a precaution, and these funds remain on
the balance sheet, leading to above EUR120 million cash on hand as
of end March 2020, which is far more than necessary to run the
daily business. However, this results in temporarily higher
leverage, because we do not net cash from debt in calculating the
company's leverage, since it is owned by a financial sponsor."

Footprint optimization, lower material costs, and flexible cost
structure will mitigate margin pressure during the economic
downturn.   Armacell delivered a strong performance in 2019.
Revenue increased 5.6% to nearly EUR645 million on price increase
initiatives and volume growth across main regions. Adjusted EBITDA
increased 27% to about EUR123 million. The growth stemmed from
higher top line and efficiency gains from footprint optimization,
combined with much lower restructuring costs. S&P said, "We expect
that lower raw material costs due to the plunge in oil price will
help reduce production costs in 2020. In addition, Armacell has a
flexible cost structure with about 60% variable costs, 20% fixed
costs and 20% labor costs, the last of which will benefit from
government COVID-19 support for short-time work in Germany and
certain other European countries. All these factors will help
mitigate the margin pressure during the downturn. As a result, we
expect a slight decrease in EBITDA margin to still comfortably
above 18% this year from 19.1% in 2019 and a swift recovery to
above 19% in 2021." Nevertheless, the small EBITDA base makes the
company's credit metrics vulnerable to external shocks such as an
economic downturn, despite its good regional diversification.

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

S&P said, "The negative outlook reflects the risk that we could
lower the rating if the weakening in market demand and decline in
Armacell's EBITDA and FOCF this year were more severe than our base
case.

"We could lower the rating if EBITDA and margin decline in the next
12 months were to be more severe than our forecast, or if FOCF
deteriorated significantly. This could occur because of a severe
economic downturn and much weaker end-market demand. We could also
consider a downgrade if the company's liquidity were to weaken.

"We could revise the outlook to stable if we observed a swift
recovery in Armacell's performance and continuous healthy FOCF
generation in the next 12 months. A stable outlook would require
the company to maintain its headroom under liquidity. We would also
expect its financial policy, especially on shareholder
distributions, capex, and acquisitions, to continue supporting the
rating."


BREITLING FINANCING: Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Breitling Financing
Sarl is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR414 million term loan is scheduled to mature on July 12,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Luxembourg.


LSF10 EDILIANS: Bank Debt Trades at 17% Discount
------------------------------------------------
Participations in a syndicated loan under which LSF10 Edilians
Investments Sarl is a borrower were trading in the secondary market
around 83 cents-on-the-dollar during the week ended Fri., April 17,
2020, according to Bloomberg's Evaluated Pricing service data.

The EUR100 million term loan is scheduled to mature on October 11,
2026.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Luxembourg.


RGI HOLDINGS: S&P Withdraw 'BB' Long-Term Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'BB' long-term issuer credit rating
on RGI Holdings (Luxembourg) S.a r.l. at RGI Holdings
(Luxembourg)'s request.

S&P said, "We understand that RGI Holdings (Luxembourg) sold its
major asset, the controlling stake in the Russian insurance company
Reso-Garantia, to AXA S.A. and Stanpeak Ltd. on Feb. 14, 2020.
However, RGI Holdings (Luxembourg) has not yet produced audited
financial accounts following the deal. Therefore, we do not have
sufficient information that would comply with our information
quality requirements to review our rating of RGI Holdings
(Luxembourg). Consequently, we are withdrawing our ratings on RGI
Holdings (Luxembourg) without affirming them at the time of
withdrawal.

"Before RGI Holdings (Luxembourg) sold the stake in Reso-Garantia,
we rated it two notches below our 'bbb-' assessment of
Reso-Garantia's group credit profile. This indicated our view of
RGI Holdings (Luxembourg) as a nonoperating holding company and the
related structural subordination of its obligations, compared with
those of Reso-Garantia as an operating entity."


SWISSPORT FINANCING: Bank Debt Trades at 43% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Swissport Financing
Sarl is a borrower were trading in the secondary market around 57
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR850 million term loan is scheduled to mature on August 14,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Luxembourg.

TRAVELPORT FINANCE: Bank Debt Trades at 40% Discount
----------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 60 cents-on-the-dollar during the week ended Fri., April 17,
2020, according to Bloomberg's Evaluated Pricing service data.

The USD2800 million term loan is scheduled to mature on May 30,
2026.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Luxembourg.




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

BOELS TOPHOLDING: Fitch Maintains Then Withdraws 'BB-' LT IDR/RWN
-----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative on Boels
Topholding B.V.'s Long-Term Issuer Default Rating of 'BB-' and
senior secured debt rating of 'BB-'. The ratings have
simultaneously been withdrawn.

The ratings were withdrawn with the following reason: For
Commercial Purposes.

KEY RATING DRIVERS

The maintenance of the RWN on Boels' 'BB-' IDR and senior secured
debt ratings reflects limited changes to Boels' credit profile
since Fitch placed the ratings on RWN on April 3, 2020.

The RWN on Boels' Long-Term IDR reflects Fitch's view that Boels'
rental revenues will come under pressure in the short term due to
the lockdown measures in place to varying degrees across most
European countries. These affect business activity and associated
rental equipment demand in many sectors, notably construction.

Boels debt comprises a EUR1.6 billion Term Loan B and a EUR200
million revolving credit facility, each taken on as part of a
refinancing accompanying its recent acquisition of Cramo plc. The
debt is classified as secured, in keeping with other Term Loan B
transactions. However, in the absence of direct security over
Boels' operating assets, Fitch rates the facilities in line with
Boels' Long-Term IDR (as it would an unsecured obligation),
indicating average recovery prospects.

ESG CONSIDERATIONS

As Boels' ratings are now withdrawn, Fitch will no longer be
providing associated ESG Relevance Scores.

RATING SENSITIVITIES

Not applicable.

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.

AEROFLOT: Fitch Cuts LT IDR to 'BB-', Outlook Negative
------------------------------------------------------

Fitch Downgrades Aeroflot to 'BB-'; Outlook Negative
Fri 17 Apr, 2020 - 9:22 AM ET
Fitch Ratings - Moscow - 17 Apr 2020:

Fitch Ratings has downgraded Public Joint Stock Company Aeroflot -
Russian Airlines's Long-Term Issuer Default Rating to 'BB-' from
'BB'. The Outlook is Negative.

The downgrade reflects its updated macroeconomic and global
aviation industry expectations and a weakening of Aeroflot's
business and financial profiles over the next four years. With a
deep global recession in 2020 in Fitch's baseline forecast hitting
air travel demand well beyond the ongoing restrictions related to
the coronavirus pandemic, it now assumes Aeroflot's revenue
passenger kilometers to recover to its 2019 level only in 2023.
This will leave profit margins and credit metrics weak for the
previous rating level.

The Negative Outlook reflects uncertainty around air-travel and
social-distancing restrictions and demand recovery. It also
incorporates the heightened risk for Aeroflot to adjust its
operational base, investment program and capital structure in a
fast-evolving environment. Fitch estimates that liquidity will be
drained during 2020, but will remain sufficient to sustain
operations in 2Q20 and recovery from 2H20, assuming substantial
measures to preserve cash.

Under Fitch's Government-Related Entities Rating Criteria, Fitch
continues to apply a two-notch uplift to the group's standalone
credit profile, which Fitch has revised down to 'b' from 'b+'. The
group is majority state-owned. Based on the overall support and the
rating differential between Aeroflot's SCP and the Russian
Federation (BBB/Stable), the group's rating is capped at three
notches below the sovereigns.

KEY RATING DRIVERS

Deep Global Recession Scenario: Fitch assumes that Aeroflot's RPKs
will fall almost 100% from April to end-June with only marginal
domestic flights to remain in April before recovering slowly in
2H20 and beyond so that the annual decline is about 50% for 2020
versus 2019. Fitch expects RPK to gradually increase to about 2019
levels by 2022-2023. Its updated rating case reflects its updated
Global Economic Outlook published on April 2, 2020, in which it
projects a deep recession in 2020 and expect global and European
GDP to remain below 2019 levels through to 2021 and for airlines to
experience a deeper hit due to the pandemic.

Coronavirus to Hurt Airlines Beyond 2021: Fitch expects the
recovery of the aviation industry to lag the broader economies.
With relaxation of lockdowns and social-distancing uncertain, Fitch
assumes air-travel restrictions, especially on international
flights, to remain in place well beyond 2H20. This, together with
the economic slowdown, will affect the propensity to travel beyond
2021.Fitch therefore forecasts weaker passenger load factors and
yields for Aeroflot. Fitch believes the recovery of different
travel segments will vary, with faster recoveries in the domestic
segment, which accounted for about 40% of revenue in 2019, and
discretionary travel to remain more vulnerable, in its view.

Defensive Measures Assumed: Fitch assumes Aeroflot will reduce
operating expenses and manage working capital outflows. It has also
agreed with VTB Leasing on operating and finance lease payments
restructuring in 2020. Fitch also assumes no dividends payments in
2020-2023.

Leverage to Peak in 2020: Fitch expects Aeroflot's passenger
numbers, profitability and therefore credit metrics to deteriorate
substantially compared with its previous estimates. This will
result in Aeroflot's funds from operations adjusted gross leverage
breaching its negative rating sensitivity for the current rating in
2020-2021, before returning close to its threshold in 2022 as
debt-repayment capacity diminishes on weaker EBITDA and FFO
compared with pre-pandemic levels.

High FX, Fuel Exposure: Aeroflot continues to be exposed to FX
fluctuations as around 90% of debt and aircraft leases are
denominated in foreign currencies, mainly US dollars. This is
partially mitigated by over half of its revenue being generated in
US dollars or euros, or linked to euros, although Fitch expects
revenue from international flights to be under pressure due to
disruptions from the pandemic. Aeroflot will benefit from a decline
in fuel prices, as it is not using fuel hedging, unlike some of its
European peers.

Strong State Links: The Russian Federation is the majority
shareholder of Aeroflot Group, with 51.2% direct ownership. Fitch
views status, ownership and control as well as support track record
and expectations as strong, in accordance with its GRE Rating
Criteria, also reflecting Aeroflot's inclusion in the list of
strategically important enterprises in Russia. Fitch expects
tangible state support for Aeroflot to be forthcoming, if needed.
However, extraordinary financial support is not included in its
updated rating-case forecast.

Socio-Political Importance: Fitch views the socio-political
implications of Aeroflot Group's default as moderate, since the
airline is important for developing connectivity among various
regions in Russia and substitution is likely to lead to temporary
disruption in service. The financial implications of a default by
Aeroflot Group for the sovereign or other GREs are weak, in its
view.

DERIVATION SUMMARY

Aeroflot benefits from a significant share of revenue being
generated in the domestic market, which Fitch expects to recover
quicker than international flights. Aeroflot has a stronger
business profile than GOL Linhas Aereas Inteligentes S.A (B/Rating
Watch Negative and LATAM Airlines Group S.A. (B+/RWN) in terms of
scale and diversity of operations, stronger market position and
more favorable cost position. Aeroflot's 'BB-' rating benefits from
a two-notch uplift for state support.

KEY ASSUMPTIONS

Fitch revised its rating case to reflect fast-evolving developments
around the pandemic and its new macroeconomic scenario:

  - Russian GDP in the range of -1.4% to 2.2% and CPI growth of
4%-4.7% over 2020-2023

  - RPKs will fall almost 100% from April to end-June with only
marginal domestic flights to remain in April before recovering
slowly in 2H20 and beyond so that the annual decline is about 50%
for 2020 versus 2019. RPK to gradually increase to about 2019
levels by 2022-2023

  - Deterioration in load factor to about 70% in 2020 before
recovering close to 2019 levels in 2023

  - Oil price of USD35/bbl in 2020, USD45/bbl in 2021, USD53/bbl in
2022 and USD55/bbl thereafter

  - Cutbacks to capex in 2020-2021

  - No dividends payment

  - In projections starting from 2020 (and also calculations for
2019 financials) Fitch uses its new criteria for leases reported
under IFRS 16 based on the Corporate Rating Criteria from 27 March
2020. Under the new lease criteria FFO adjusted gross leverage is
lower by about 1.5x than under its previous criteria (based on 2018
restated financials).

RATING SENSITIVITIES

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

  - Upgrade: Fitch does not anticipate an upgrade as reflected in
the Negative Outlook

  - Stable Outlook: A quicker-than-assumed recovery from the market
shock supporting a sustained credit metric recovery to levels
stronger than outlined in the negative sensitivities below would
allow us to revise the Outlook to Stable

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

  - Failure to adapt to changing market conditions with effective
mitigation measures, prolonged air-travel and social-distancing
restrictions, further substantial rouble depreciation, a protracted
downturn in the Russian economy, weaker-than-expected yields or
overly ambitious fleet expansion

  - FFO adjusted gross leverage above 5.5x and FFO fixed charge
cover below 1x on a sustained basis

  - Weakening of state support

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

Manageable Liquidity: At end-2019, Aeroflot had cash and short-term
deposits of RUB26 billion, plus available credit facilities of
RUB101 billion, in contrast to short-term debt maturities of RUB83
billion, including RUB71-billion of leases. The group does not pay
commitment fees under its credit lines but given its state
ownership Fitch would expect funds from banks to be available.
Fitch expects free cash flow to be negative in 2020 due to the
impact of pandemic disruption, which will add to funding
requirements.

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).

CEVA LOGISTICS: Bank Debt Trades at 43% Discount
------------------------------------------------
Participations in a syndicated loan under which CEVA Logistics
Finance BV is a borrower were trading in the secondary market
around 57 cents-on-the-dollar during the week ended Fri., April 17,
2020, according to Bloomberg's Evaluated Pricing service data.

The USD475 million term loan is scheduled to mature on August 3,
2025.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Netherlands.


SYNCREON GROUP: Bank Debt Trades at 52% Discount
------------------------------------------------
Participations in a syndicated loan under which Syncreon Group BV
is a borrower were trading in the secondary market around 48
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD525 million term loan is scheduled to mature on October 28,
2020.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Netherlands.




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

AEROFLOT: Fitch Cuts LT IDR to 'BB-', Outlook Negative
------------------------------------------------------
Fitch Ratings has downgraded Public Joint Stock Company Aeroflot -
Russian Airlines's Long-Term Issuer Default Rating to 'BB-' from
'BB'. The Outlook is Negative.

The downgrade reflects its updated macroeconomic and global
aviation industry expectations and a weakening of Aeroflot's
business and financial profiles over the next four years. With a
deep global recession in 2020 in Fitch's baseline forecast hitting
air travel demand well beyond the ongoing restrictions related to
the coronavirus pandemic, it now assumes Aeroflot's revenue
passenger kilometers to recover to its 2019 level only in 2023.
This will leave profit margins and credit metrics weak for the
previous rating level.

The Negative Outlook reflects uncertainty around air-travel and
social-distancing restrictions and demand recovery. It also
incorporates the heightened risk for Aeroflot to adjust its
operational base, investment program and capital structure in a
fast-evolving environment. Fitch estimates that liquidity will be
drained during 2020, but will remain sufficient to sustain
operations in 2Q20 and recovery from 2H20, assuming substantial
measures to preserve cash.

Under Fitch's Government-Related Entities Rating Criteria, Fitch
continues to apply a two-notch uplift to the group's standalone
credit profile, which Fitch has revised down to 'b' from 'b+'. The
group is majority state-owned. Based on the overall support and the
rating differential between Aeroflot's SCP and the Russian
Federation (BBB/Stable), the group's rating is capped at three
notches below the sovereigns.

KEY RATING DRIVERS

Deep Global Recession Scenario: Fitch assumes that Aeroflot's RPKs
will fall almost 100% from April to end-June with only marginal
domestic flights to remain in April before recovering slowly in
2H20 and beyond so that the annual decline is about 50% for 2020
versus 2019. Fitch expects RPK to gradually increase to about 2019
levels by 2022-2023. Its updated rating case reflects its updated
Global Economic Outlook published on April 2, 2020, in which it
projects a deep recession in 2020 and expect global and European
GDP to remain below 2019 levels through to 2021 and for airlines to
experience a deeper hit due to the pandemic.

Coronavirus to Hurt Airlines Beyond 2021: Fitch expects the
recovery of the aviation industry to lag the broader economies.
With relaxation of lockdowns and social-distancing uncertain, Fitch
assumes air-travel restrictions, especially on international
flights, to remain in place well beyond 2H20. This, together with
the economic slowdown, will affect the propensity to travel beyond
2021.Fitch therefore forecasts weaker passenger load factors and
yields for Aeroflot. Fitch believes the recovery of different
travel segments will vary, with faster recoveries in the domestic
segment, which accounted for about 40% of revenue in 2019, and
discretionary travel to remain more vulnerable, in its view.

Defensive Measures Assumed: Fitch assumes Aeroflot will reduce
operating expenses and manage working capital outflows. It has also
agreed with VTB Leasing on operating and finance lease payments
restructuring in 2020. Fitch also assumes no dividends payments in
2020-2023.

Leverage to Peak in 2020: Fitch expects Aeroflot's passenger
numbers, profitability and therefore credit metrics to deteriorate
substantially compared with its previous estimates. This will
result in Aeroflot's funds from operations adjusted gross leverage
breaching its negative rating sensitivity for the current rating in
2020-2021, before returning close to its threshold in 2022 as
debt-repayment capacity diminishes on weaker EBITDA and FFO
compared with pre-pandemic levels.

High FX, Fuel Exposure: Aeroflot continues to be exposed to FX
fluctuations as around 90% of debt and aircraft leases are
denominated in foreign currencies, mainly US dollars. This is
partially mitigated by over half of its revenue being generated in
US dollars or euros, or linked to euros, although Fitch expects
revenue from international flights to be under pressure due to
disruptions from the pandemic. Aeroflot will benefit from a decline
in fuel prices, as it is not using fuel hedging, unlike some of its
European peers.

Strong State Links: The Russian Federation is the majority
shareholder of Aeroflot Group, with 51.2% direct ownership. Fitch
views status, ownership and control as well as support track record
and expectations as strong, in accordance with its GRE Rating
Criteria, also reflecting Aeroflot's inclusion in the list of
strategically important enterprises in Russia. Fitch expects
tangible state support for Aeroflot to be forthcoming, if needed.
However, extraordinary financial support is not included in its
updated rating-case forecast.

Socio-Political Importance: Fitch views the socio-political
implications of Aeroflot Group's default as moderate, since the
airline is important for developing connectivity among various
regions in Russia and substitution is likely to lead to temporary
disruption in service. The financial implications of a default by
Aeroflot Group for the sovereign or other GREs are weak, in its
view.

DERIVATION SUMMARY

Aeroflot benefits from a significant share of revenue being
generated in the domestic market, which Fitch expects to recover
quicker than international flights. Aeroflot has a stronger
business profile than GOL Linhas Aereas Inteligentes S.A (B/Rating
Watch Negative and LATAM Airlines Group S.A. (B+/RWN) in terms of
scale and diversity of operations, stronger market position and
more favorable cost position. Aeroflot's 'BB-' rating benefits from
a two-notch uplift for state support.

KEY ASSUMPTIONS

Fitch revised its rating case to reflect fast-evolving developments
around the pandemic and its new macroeconomic scenario:

  - Russian GDP in the range of -1.4% to 2.2% and CPI growth of
4%-4.7% over 2020-2023

  - RPKs will fall almost 100% from April to end-June with only
marginal domestic flights to remain in April before recovering
slowly in 2H20 and beyond so that the annual decline is about 50%
for 2020 versus 2019. RPK to gradually increase to about 2019
levels by 2022-2023

  - Deterioration in load factor to about 70% in 2020 before
recovering close to 2019 levels in 2023

  - Oil price of USD35/bbl in 2020, USD45/bbl in 2021, USD53/bbl in
2022 and USD55/bbl thereafter

  - Cutbacks to capex in 2020-2021

  - No dividends payment

  - In projections starting from 2020 (and also calculations for
2019 financials) Fitch uses its new criteria for leases reported
under IFRS 16 based on the Corporate Rating Criteria from 27 March
2020. Under the new lease criteria FFO adjusted gross leverage is
lower by about 1.5x than under its previous criteria (based on 2018
restated financials).

RATING SENSITIVITIES

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

  - Upgrade: Fitch does not anticipate an upgrade as reflected in
the Negative Outlook

  - Stable Outlook: A quicker-than-assumed recovery from the market
shock supporting a sustained credit metric recovery to levels
stronger than outlined in the negative sensitivities below would
allow us to revise the Outlook to Stable

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

  - Failure to adapt to changing market conditions with effective
mitigation measures, prolonged air-travel and social-distancing
restrictions, further substantial rouble depreciation, a protracted
downturn in the Russian economy, weaker-than-expected yields or
overly ambitious fleet expansion

  - FFO adjusted gross leverage above 5.5x and FFO fixed charge
cover below 1x on a sustained basis

  - Weakening of state support

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

Manageable Liquidity: At end-2019, Aeroflot had cash and short-term
deposits of RUB26 billion, plus available credit facilities of
RUB101 billion, in contrast to short-term debt maturities of RUB83
billion, including RUB71-billion of leases. The group does not pay
commitment fees under its credit lines but given its state
ownership, Fitch would expect funds from banks to be available.
Fitch expects free cash flow to be negative in 2020 due to the
impact of pandemic disruption, which will add to funding
requirements.

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).

CB NECKLACE-BANK: Declared Bankrupt by Moscow Arbitration Court
---------------------------------------------------------------
The provisional administration to manage the credit institution CB
Necklace-Bank, Ltd.(hereinafter, the Bank) appointed by virtue of
Bank of Russia Order No. OD-7, dated January 10, 2020, following
the revocation of its banking license, in the course of its
inspection of the credit institution established that the Bank's
officials and management conducted operations to conceal assets
previously siphoned off by assigning the Bank's receivables and to
divert the Bank's assets by lending to borrowers unable to meet
their obligations.

According to the assessment by the provisional administration, the
value of the Bank's assets is insufficient to fulfil its
obligations to creditors.

On March 11, 2020, the Arbitration Court of the City of Moscow
recognized the Bank as bankrupt.  The State Corporation Deposit
Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on the financial
transactions suspected of being criminal offences that had been
conducted by the Bank's officials to the Prosecutor General's
Office of the Russian Federation and the Investigative Committee of
the Ministry of Internal Affairs of the Russian Federation for
consideration and procedural decision-making.



NVKBANK JSC: Declared Bankrupt by Saratov Arbitration Court
-----------------------------------------------------------
The provisional administration to manage the credit institution JSC
NVKbank (hereinafter, the Bank) appointed by virtue of Bank of
Russia Order No. OD-112, dated January 24, 2020, following the
revocation of its banking license, in the course of its inspection
of the credit institution established facts suggesting the
intention to divert the Bank's assets by lending to borrowers with
dubious creditworthiness or invariably unable to meet their
obligations.

According to the assessment by the provisional administration, the
value of the Bank's assets is insufficient to fulfil its
obligations to creditors.

On March 19, 2020, the Arbitration Court of the Saratov Region
recognized the Bank as insolvent (bankrupt).  The State Corporation
Deposit Insurance Agency was appointed as receiver.

The Bank of Russia submitted the information on the financial
transactions suspected of being criminal offences that had been
conducted by the Bank's officials to the Prosecutor General's
Office of the Russian Federation and the Investigative Committee of
the Ministry of Internal Affairs of the Russian Federation for
consideration and procedural decision-making.




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

GRUPO NEGOCIOS DE RESTAURACION: Bank Debt Trades at 16% Discount
----------------------------------------------------------------
Participations in a syndicated loan under which Grupo Negocios de
Restauracion del Sur SL is a borrower were trading in the secondary
market around 84 cents-on-the-dollar during the week ended Fri.,
April 17, 2020, according to Bloomberg's Evaluated Pricing service
data.

The EUR5 million term loan is scheduled to mature on December 27,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

Grupo Negocios de Restauracion del Sur manages 45 Burger King
restaurants in the south of Spain.

IMAGINA MEDIA: Bank Debt Trades at 52% Discount
-----------------------------------------------
Participations in a syndicated loan under which Imagina Media
Audiovisual SA is a borrower were trading in the secondary market
around 48 cents-on-the-dollar during the week ended Fri., April 17,
2020, according to Bloomberg's Evaluated Pricing service data.

The EUR180 million term loan is scheduled to mature on December 28,
2025.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Spain.

SAN PATRICK: EUR141MM Bank Debt Trades at 49% Discount
------------------------------------------------------
Participations in a syndicated loan under which SAN Patrick SL is a
borrower were trading in the secondary market around 51
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR141 million term loan is scheduled to mature on October 2,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Spain.





SAN PATRICK: EUR61MM Bank Debt Trades at 48% Discount
-----------------------------------------------------
Participations in a syndicated loan under which SAN Patrick SL is a
borrower were trading in the secondary market around 52
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR61 million term loan is scheduled to mature on October 2,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Spain.


SANTANDER CONSUMER 2016-2: Fitch Alters D, E Notes Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Santander Consumer Spain
Auto 2016-2 (SCSA 2016) and Santander Consumer Spain Auto 2019
(SCSA 2019) class D and E notes to Negative due to the anticipated
effects of the coronavirus pandemic on the securitized portfolios.
Fitch has also revised the Outlook on SCSA 2016's class C notes to
Stable from Positive and affirmed all ratings.

Santander Consumer Spain Auto 2019-1, FT      

  - Class A ES0305442008; LT AA+sf; Affirmed

  - Class B ES0305442016; LT AA+sf; Affirmed

  - Class C ES0305442024; LT Asf; Affirmed

  - Class D ES0305442032; LT BBB+sf; Affirmed

  - Class E ES0305442040; LT BBB-sf; Affirmed

FT, Santander Consumer Spain Auto 2016-2      

  - Class A ES0305213003; LT AA+sf; Affirmed

  - Class B ES0305213011; LT AA+sf; Affirmed

  - Class C ES0305213029; LT Asf; Affirmed

  - Class D ES0305213037; LT BBB+sf; Affirmed

  - Class E ES0305213045; LT BB+sf; Affirmed

TRANSACTION SUMMARY

The transactions are revolving securitizations of consumer loans
for new and used car purchases extended to obligors in Spain by
Santander Consumer E.F.C., S.A., a wholly-owned and fully
integrated subsidiary of Santander Consumer Finance (SCF,
A-/Negative/F2), whose ultimate parent is Banco Santander, S.A.
(A-/Negative/F2).

KEY RATING DRIVERS

COVID-19 Related Stresses

The Outlook revisions reflect the vulnerability of the ratings to
the more uncertain and weaker macro-economic expectations in Spain
as a result of the coronavirus pandemic. While Fitch believes that
the economic recession and increased unemployment could impair
borrowers' capacity to make payments, it expects the tranches'
current and projected credit enhancement to sufficiently compensate
for additional projected losses as reflected by the affirmations.

Spain is under a state of emergency with full lockdown measures
since mid-March 2020. Fitch has made assumptions about the spread
of coronavirus and the economic impact of the related containment
measures. Fitch's baseline scenario assumes a global recession in
1H20 driven by sharp economic contractions in major economies with
a rapid spike in unemployment, followed by a recovery that begins
in 3Q20 as the health crisis subsides. However, if the crisis
extends through 2021 because of the re-emergence of infections, a
prolonged period of economic contraction will take place linked to
continued job losses and depressed markets. In this scenario the
ratings of some notes would be downgraded, as explained in Ratings
Sensitivities below.

Commentary describing Fitch's credit views and analytical approach
as a consequence of coronavirus is available within the reports
"Global Economic Outlook - COVID-19 Crisis Update April 2 2020",
"Coronavirus Baseline and Downside Scenarios" and "Global SF Rating
Assumptions Updated to Reflect Coronavirus Risk".

Weaker Asset Performance Outlook

Fitch's credit analysis of the portfolios accounted for higher
default base cases of 6.5% and 8% for new and used cars,
respectively, to reflect the weaker macro-economic outlook, which
compare with the prior 3.5% and 6.5% expectations. Default
multiples on the 'AA+' rating level have been recalibrated to 3.7x
and 3.5x from 5.0x and 4.1x for new and used cars, respectively, to
recognize the high stress incorporated within the base cases. Fitch
considers the structures as sufficiently resilient to support the
recalibrated stresses across the full capital structure.

Payment Interruption Risk Mitigated

Emergency support measures introduced in Spain to mitigate the
effects of the coronavirus crisis include payment moratoriums for
consumer credit to vulnerable borrowers. Fitch views payment
interruption risk on the securitizations notes as mitigated, given
the structural liquidity protection in place.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action/upgrade include:

- Credit enhancement ratios increase as the transactions
deleverage, able to fully compensate the credit losses and cash
flow stresses commensurate with higher rating scenarios, all else
being equal.

- For the class A notes in both transactions, modified account bank
minimum eligibility rating thresholds compatible with 'AAAsf'
ratings as per the agency's Structured Finance and Covered Bonds
Counterparty Rating Criteria. This is because the class A notes
ratings are capped at 'AA+sf' due to the eligibility thresholds
contractually defined of 'A-' or 'F1', which are insufficient to
support a 'AAAsf' ratings.

Developments that may, individually or collectively, lead to
negative rating action/downgrade include:

- A longer-than-expected coronavirus crisis that deteriorates
macroeconomic fundamentals and the credit markets in Spain beyond
Fitch's current base case. This scenario could lead to a one-notch
downgrade for the class B, D and E notes for both transactions and
the class C of SCSA 2019. The other rated notes would not be
affected.

- A multi-notch downgrade of Spain's Long-Term Issuer Default
Rating that could decrease the maximum achievable rating for
Spanish structured finance transactions below 'AA+sf'. This is in
connection to the class A notes that are rated 'AA+sf'.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring. Fitch did not undertake a review of the information
provided about the underlying asset pools ahead of the
transactions' initial closing. The subsequent performance of the
transactions over the years is consistent with the agency's
expectations given the operating environment and Fitch is therefore
satisfied that the asset pool information relied upon for its
initial rating analysis was adequately reliable.

SOURCES OF INFORMATION

The information below was used in the analysis.

Loan level data sourced from the European Data Warehouse as at
February 2020 for SCSA 2016 and as at March 2020 for SCSA 2019.

Issuer and servicer reports provided by Santander de Titulizacion,
S.G.F.T., S.A as at January 2020 for SCSA 2016 and as of March 2020
for SCSA 2019.

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).

SENA DIRECTORSHIP SAU: EUR30MM Bank Debt Trades at 16% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Sena Directorship
SAU is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR30 million term loan is scheduled to mature on April 7,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

Sena Directorship SAU provides management consulting services. The
Company serves customers in Spain.

SENA DIRECTORSHIP SAU: EUR63MM Bank Debt Trades at 16% Discount
---------------------------------------------------------------
Participations in a syndicated loan under which Sena Directorship
SAU is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR63 million term loan is scheduled to mature on April 7,
2023.  As of April 17, 2020, the full amount is drawn and
outstanding.

Sena Directorship SAU provides management consulting services. The
Company serves customers in Spain.

SENA DIRECTORSHIP SAU: EUR7MM Bank Debt Trades at 16% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Sena Directorship
SAU is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR7 million term loan is scheduled to mature on April 7, 2023.
As of April 17, 2020, the full amount is drawn and outstanding.

Sena Directorship SAU provides management consulting services. The
Company serves customers in Spain.



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

IGT HOLDING IV AB: Bank Debt Trades at 17% Discount
---------------------------------------------------
Participations in a syndicated loan under which IGT Holding IV AB
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR680 million term loan is scheduled to mature on July 25,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Sweden.




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

ARCHROMA FINANCE SARL: Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Archroma Finance
Sarl is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR486 million term loan is scheduled to mature on July 28,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

Swiss-based Archroma is a global leader in the textile chemicals
(64% of its revenues in fiscal 2019), paper solutions and emulsion
products businesses. In FY ending September 2019, Archroma reported
consolidated revenues of USD 1,332m and an adjusted EBITDA margin
of 11.3%.






===========
T U R K E Y
===========

VESTEL TRADE: S&P Upgrades Rating to 'CCC-', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings raised its rating on Turkey-Based Vestel Trade
Co. to 'CCC-' from 'SD'.

Vestel's liquidity pressure eased in Q2 2020, but a default remains
possible in Q3.   Vestel has shifted a significant portion of debt
maturing in Q2 to Q3. S&P said, "Although this has eased Vestel's
liquidity pressure in the short term, we think it could default in
Q3, based on current liquidity sources because of the significant
amount of debt maturing and our expectation of cash burn in Q2 and
Q3 caused by COVID-19 disruptions. However, we think a default in
the next six months could be avoided if Vestel successfully rolls
over the existing debt due in Q3, supported by Vestel's operations
gradually normalizing once COVID-19 disruptions end."

S&P said, "The negative outlook reflects our view that Vestel could
default in the next six months if it fails to roll over its debt or
secure additional liquidity."

S&P could lower the rating if it expects default to be a virtual
certainty, regardless of time to default, in particular if Vestel
announces:

-- That it will miss a payment on its obligations;

-- That it intends to undertake an exchange offer or similar
restructuring that S&P classifies as distressed; or

-- That it intends to file for bankruptcy.

S&P said, "We see limited rating upside at this stage, given
Vestel's weak liquidity and the strong headwinds caused by
COVID-19. However, we could revise the outlook to stable or raise
the rating if Vestel significantly improves its 12-month liquidity
coverage ratio toward 1x." This could occur if it is able to:

-- Roll over the majority of the loans with a much longer
maturity; or

-- Demonstrate a much stronger cash flow generation than S&P
currently forecasts.

S&P said, "We continue to assess Vestel's liquidity as weak. This
reflects Vestel's long track record of relying on various forms of
short-term funding, including bilateral loans and receivables
factoring. We view this as an indication of aggressive liquidity
management, since the company fully exposes itself to local capital
market volatility.

"We calculate that the company's liquidity sources will cover its
liquidity uses by only 0.3x in the 12 months from April 1, 2020. We
anticipate headroom of at least 20% in Q2 2020 under the current
financial covenants in Vestel's loan agreement with the European
Bank for Reconstruction and Development. However, we expect Vestel
could exhaust its funding in Q3 if the impact of COVID-19
persists."

Principal liquidity sources over the 12 months from April 1, 2020,
include:

-- Cash of about Turkish lira (TRY) 2.4 billion; and
-- Funds from operations of TRY300 million to TRY400 million.

Principal liquidity uses for the same period include:

-- Maturing debt of TRY8.5 billion;

-- Seasonal working capital requirements of TRY100 million to
TRY200 million

-- Annual capital expenditure of TRY500 million to TRY600
million.




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

DTEK RENEWABLES: S&P Affirms 'B-' LT Issuer Rating
--------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer rating on
Ukraine-Based DTEK Renewables B.V. and on its euro-denominated
bond.

Proposed changes to the energy law undermine the durability and
stability of the current FiT scheme, while COVID-19 could further
exacerbate offtake risks.

DTEK Renewables' ambitious expansion strategy could come under
pressure from the energy law's changes and if its sole off-taker,
the government-owned guaranteed buyer, delays payments. S&P said,
"We expect higher prospective volatility in DTEK Renewables' credit
metrics if the reduction in secured FiT is more material than
expected and the company amends its construction pipeline. If the
draft law passes in its current form, we expect only marginal
impact on DTEK Renewables' credit metrics in 2020-2021. Still, we
cannot rule out additional changes. The changes to Ukraine's energy
law were supposed to be voted in parliament in late March 2020. The
vote was postponed because Ukraine currently doesn't have a
Minister of Energy to approve the draft law, which will then have
to pass through parliament. We believe that on top of procedural
uncertainties, COVID-19 challenges could shift the government's and
policymakers' priorities from climate agenda to energy
affordability for end-customers and further tighten customers'
liquidity situation."

Ukraine's proposed changes to the energy law provides for secured
euro-denominated FiTs for both solar and wind projects to be
lowered until 2030 (for some of the options) all existing renewable
generators.

The proposed changes by the Ministry of Energy suggest that there
might be the following options for renewable generators to choose
from. For solar power plants commissioned in 2017-2019:

Option 1: FIT reduction of 12.5% without PPA extension

Option 2: FIT reduction of 15% for less than 10 megawatts (MW); 20%
for 10-50 MW, and 25% for more than 50 MW with five years of PPA
extension

For wind power plants commissioned in 2009-2019:

Option 1: FIT reduction of 5% without PPA extension

Option 2: FIT reduction of 10% with 5 years of PPA extension

The proposed changes also indicate that the authorized deadline for
construction of new projects with secured FiT will decrease to six
months for solar projects and 12 months for wind projects (from two
and three years, respectively) but the tariffs to remain
euro-denominated despite material weakening of Ukraine's local
currency in recent months (to 29.8 Ukrainian hryvnia [UAH] per euro
as of April 10 from 26.66 at year-end 2019). DTEK Renewables has
four solar power plants in the pipeline, which could face delays
depending on the energy law. S&P said, "We understand that the
company has a solid track record in building large scale solar
power plants therefore they could finish some of the projects
within six months, in our view. That said, we believe that DTEK
will reevaluate its pipeline depending on the final law. If it
continues its capacity expansion but fails to finish in due time,
the secured FiT will not apply and the company will likely face
lower and market prices but we understand that auctioned PPAs might
be still euro-denominated. In addition, since the move from
Energorynok to the state-owned guaranteed buyer as the sole buyer
of green energy in Ukraine in 2019, DTEK Renewables has faced
continuous delays in payments from the buyer due to the buyer's
liquidity issues. As of this date, the company faces delays from
the guaranteed buyer of about 1.5 months."

Uncertainties about the energy law and COVID-19 could shift DTEK
Renewables' 1.5 gigawatt (GW) capacity target to 2022 from
previously expected by the end of 2021 despite the company securing
power purchase agreements (PPAs) for its renewable projects

At the end of 2019, the company's pipeline reached 950 megawatts
(MW), with four wind power plants having a combined 500 MW
capacity, and three solar plants with 450 MW. DTEK Renewables has
secured PPAs for four other solar power plants. In November 2019,
S&P had expected the company to commission two solar plants
amounting to 220 MW by the end of 2020, and two more with 275 MW
capacity by the end of 2021. Once the new energy law is passed by
parliament, whether the company will be able to commission its
projects by the end of 2021 is unclear.

S&P's recent revision to country risk in Ukraine leads an improved
business risk profile, but challenges remain.

S&P said, "DTEK Renewables generates of its cash flows in Ukraine
(B/Stable/B), which we view as a constraint for its business risk
profile. Following our upgrade of Ukraine to 'B' from 'B-'as well
as continuous improvement of Ukraine's financial health, we now
view as high risk compared with very high risk before improving
DTEK Renewables' business risk profile to weak from vulnerable."
Still, Ukraine's lack of institutional predictability, low income
level of electricity consumers, lack of a well-developed payment
culture and volatile exchange rate (with UAH depreciating from
26.66 to 29.8 months) continue to constrain our assessment on the
company.

DTEK Renewables is currently unaffected by DTEK Energy B.V's recent
debt restructuring.

DTEK Renewables is a wholly owned subsidiary of parent DTEK B.V., s
Ukraine's largest vertically integrated electricity generation
company with EBITDA of EUR1.26 billion in 2018. Although DTEK B.V.
subsidiary DTEK Energy recently announced debt restructuring, this
does not constrain our ratings on DTEK Renewables. S&P said, "We
believe the company is operationally and financially autonomous
entity with sufficient liquidity after the 2019 bond placement,
with no cross-default provisions with the sister entity, so we do
not envisage any generalized group default. We believe that DTEK
B.V.'s strategy for DTEK Renewables is to focus on growth capex and
avoid large dividends or loans to related parties, but we'll
continue to monitor any changes."

At year-end 2019, DTEK Energy, a coal miner and thermal plants
operator, finalized the restructuring, which S&P viewed as positive
for the DTEK B.V. group.

However, due to the COVID-19 pandemic, the deterioration of
financial markets and weather conditions, and DTEK Energy's need to
provide sufficient power to Ukraine with fewer resources, the
company is developing a debt restructuring proposal with respect to
its 10.75% senior PIK toggle notes due 2024 and other bank loans.
Consequently, interest on DTEK Energy's notes due April 1, 2020,
and on the loans due March 31 has not been paid, but will be paid
in accordance with the proposal once approved by bondholders.

Outlook

S&P said, "The stable outlook on DTEK Renewables reflects our view
that the company will maintain sufficient liquidity, refrain from
any large-scale dividends or loans to related parties, and deliver
renewable projects by 2021 if the energy law is favorable. The
stable outlook takes into account the stable financial performance
of parent DTEK B.V. It assumes that possible changes to FiT if and
the energy law's adoption will have a relatively moderate impact on
DTEK Renewables' cash flow. We expect the company to demonstrate
FFO to debt of above 12% and debt to EBITDA close to 4x from
2020."

Downside scenario

S&P would lower its rating on DTEK Renewables if the following
conditions were met:

-- DTEK Renewables faces significant liquidity issues, for example
due to considerable delays in FiT payment, large dividends or loans
to related parties, introduction of intra-group cross-guarantees
from the company to weaker group members, or exposure to weak
banks;

-- The FiT are sharply cut compared with S&P's base-case under the
new energy law, or the law isn't voted on in 2020, leading to
additional delays on projects or cost overruns; and

-- The credit quality of parent DTEK B.V weakens, resulting in a
generalized group default or triggering debt restructuring at DTEK
Renewables (which is not our base-case scenario).

Upside scenario

S&P sees an upgrade as unlikely in the next 12 months. However, it
could raise the ratings on DTEK Renewables if it meets the
following conditions:

-- FFO to debt improves materially above 20% for a prolonged
period and debt to EBITDA falls materially below 4x;

-- S&P sees a successful track record on operating performance and
asset commissioning;

-- There is clarity on the new energy law and its impact on DTEK
Renewables;

-- The company maintains an adequate liquidity position despite
growth capex or potential working capital outlays; and

-- DTEK Energy restructures its debt, and there are no calls on
DTEK Renewables' resources from other parts of the group.


KERNEL HOLDING: S&P Affirms 'B' Long-Term Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Ukraine-Based Kernel Holding S.A. S&P also affirmed its 'B'
issue rating on the company's outstanding senior unsecured notes.

Risks in Ukraine's domestic corporate business environment are
abating, but this only has a limited positive impact on Kernel's
overall creditworthiness in the near term due to its
export-oriented business model.   The stabilizing macroeconomic
environment in Ukraine is paving the way toward a more favorable
corporate business environment. A stronger macroeconomic
management, lower public debt, and record-high foreign-exchange
reserves should allow domestic policymakers to continue to
implement reforms, while managing near-term foreign-currency debt
redemptions.

That said, in S&P's view, this improving domestic picture has a
limited near-term positive impact on the creditworthiness of
Kernel's export-oriented business. Kernel generated about 96% of
its total revenues--about $2.3 billion as of the first half of the
fiscal year (FY) ending June 30, 2020--from exports. Kernel's
operating performance is therefore predominantly influenced by
external factors such as global trade policies and restrictions,
and global grain prices, with the latter largely beyond the control
of Ukrainian policymakers.

The COVID-19 pandemic is contributing to the delay in the execution
of Kernel's heavy capital expenditure (capex) program, but free
operating cash flow (FOCF) generation is set to remain negative
this year, and highly constrained next year.   S&P said, "We
continue to forecast negative FOCF for Kernel this year, but a
lesser amount than we previously anticipated, which should result
in S&P Global Ratings-adjusted debt to EBITDA of around 3.5x-3.8x
in FY2020, versus our previous expectations of close to 4.0x. We
continue to expect positive, albeit constrained, FOCF generation in
FY2021, with adjusted debt to EBITDA of 3.0x-3.5x. Our revised
expectations reflect the delay in the completion of the company's
heavy capex program, as well as lower operating lease obligations
than we previously expected following the implementation of
International Financial Reporting Standard (IFRS) 16. The delay in
executing the capex program is due to the COVID-19 pandemic
affecting certain European suppliers' ability to deliver the
equipment to enable Kernel to open its new oilseed crushing plant
and several turbines. As a result, the overall expansion capex
program will now likely conclude during FY2021-FY2022."

S&P said, "To date, we understand that Kernel does not expect the
COVID-19 pandemic to have a material impact on its operations, and
all its facilities remain fully operational. Importantly, Kernel's
growth prospects remain sound, and the company's export activities
are covered by signed contracts that provide near-term revenue and
earnings visibility. The recent depreciation of the Ukrainian
hryvna against the U.S. dollar should have a positive impact on
Kernel's profitability because its earnings are largely denominated
in U.S. dollars. Still, we think that this positive impact could be
partly offset if the global market prices for sunflower oil and
other grains remain depressed as a result of the pandemic." This is
especially the case for corn, which constituted about 45% of
Kernel's planted acreage (513 thousand hectares) during FY2020.

On April 7, 2020, the Ukrainian authorities announced restrictions
on exports of wheat to an average of 14,000 tonnes a day, down from
44,000 tonnes previously, amid fears of inflation in local food
prices. This does not have any impact on Kernel's operations
because it has already completed its wheat exports for FY2020. S&P
said, "While we think that these measures will likely be temporary,
and note that wheat accounts for only about 19% of Kernel's total
plant acreage, we will continue to monitor the situation over the
coming months." A prolongation of the pandemic further into 2020
and widening restrictions on exports could have a materially
negative impact on the company's operations, in our view.

Kernel has sufficient near-term liquidity and a lack of meaningful
short-term debt maturities, but a large refinancing need in January
2022.  Kernel's funding needs have adequate coverage for the next
12 months, which supports the ratings. The company's expansion
capex program is secured primarily with long-term funding from the
European Bank for Reconstruction and Development and the European
Investment Bank, which collectively cover over 70% of what S&P
expects Kernel's cash outflows to be in FY2020, and about 25% in
FY2021.

S&P said, "While Kernel has access to a large $441 million pool of
committed undrawn pre-export financing facilities maturing beyond
the next 12 months, we have only taken into account about $134
million in our liquidity calculation. This is because the company
should have relatively tight headroom under its secured bank
facility covenants--net leverage no higher than 3.7x and EBITDA net
interest coverage no lower than 2.3x--at the end of this fiscal
year. We do not forecast a covenant breach, but Kernel has
requested a waiver of the covenant on EBITDA net interest coverage
for 2021, which we think it will receive, given its historical
track record of receiving waivers."

The COVID-19 pandemic comes at a relatively inconvenient time for
Kernel, as $500 million of its main Eurobond is maturing in January
2022. In S&P's view, a continuation of the pandemic further into
2020 would likely challenge Kernel's ability to refinance this bond
well in advance, given the current market conditions. This could
put downward pressure on our ratings within the next 12 months.

S&P said, "The stable outlook reflects our view that the COVID-19
pandemic will not lead to substantial trade restrictions, and that
Kernel will be able to complete its large capex program within the
next 18 months, thereby returning to positive FOCF by FY2021. The
outlook also reflects our expectations that Kernel will be able to
refinance the large amount of debt maturing in January 2022 within
the next 12 months.

"We could take a negative rating action within the next 12 months,
if, contrary to our current base case, we see a decline in Kernel's
operating margins to below 8%, which could prevent the company from
returning to positive FOCF generation by FY2021. Further
deterioration in margins could come as a result of weakening global
grain prices, or of widening export restrictions from Ukraine to
incorporate grains other than wheat. In our view, this could hinder
Kernel's ability to refinance its bond well in advance.

"We are unlikely to consider raising the ratings on Kernel over the
next 12-18 months because we expect that the company's FOCF will be
negative in 2020, and highly constrained in 2021, as a result of
the delay in its heavy investments to increase its production and
export capacity. Kernel also faces a large refinancing need in
January 2022.

"Nevertheless, we could consider raising the ratings on Kernel if
FOCF returns to positive territory and adjusted debt to EBITDA
moves closer to 3.0x on a sustained basis. This would stem from
stronger export volumes than we anticipate and operating cost
savings following Kernel's acquisition of Ukraine's largest private
railcar operator RTK-Ukraine in 2019. It would also restore a
sufficient cushion under the financial maintenance covenants tied
to Kernel's secured bank facilities. Under such a scenario, an
upgrade is also contingent on Kernel comfortably passing our
sovereign stress test, including our transfer and convertibility
scenario."


MHP SE: S&P Affirms 'B' LT Issuer Credit Rating, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
and stable outlook on Ukraine-based poultry group MHP SE. S&P also
affirmed its 'B' issue-level rating on the group's outstanding
senior unsecured notes.

Risks to Ukraine's domestic corporate business environment are
abating, but this has only a limited positive impact on MHP's
overall creditworthiness, given its export-oriented business model.
  S&P views the improving macroeconomic environment in Ukraine as
an important milestone, which is paving the way for a more
corporate-friendly business environment. Stronger macroeconomic
management, lower public debt, and record-high foreign exchange
reserves should allow domestic policymakers to continue pursuing
ongoing implementation of reforms, while managing near-term foreign
currency debt redemptions.

That being said, in our view, this improving domestic picture has a
limited positive effect on the creditworthiness of large
export-oriented businesses such as MHP, at least in the near term.
About 58% of MHP's total sales ($2.056 billion in 2019) are
generated from exports, while the company's operating performance
in recent years has been predominantly influenced by exogenous
factors such as disease outbreaks, global trade policies and
restrictions, and global grain prices, which are largely beyond the
control of Ukrainian policymakers.

The lifting of import restrictions to the EU and increased
financial flexibility should allow the company to tackle potential
headwinds from COVID-19.  S&P said, "We continue to forecast
positive FOCF in 2020, because we understand that the company
retains its original plans to defer its expansionary capital
expenditure (capex) program at the Vinnytsia 2 poultry complex
until 2021. This is despite the European Commission's decision on
March 7, 2020, to lift the import restrictions on Ukraine. We now
project S&P Global Ratings-adjusted debt to EBITDA of 3.5x-4.0x in
2020. We net about 50% of available cash balances against debt in
our metrics, reflecting our view of the seasonal requirements of
the business."

S&P said, "To date, we understand that all facilities of MHP in
Ukraine and the Balkan region are fully operational, reflecting the
company's status as part of the "essential" economy. We think
COVID-19 poses minimal demand-side risk, because global consumption
of poultry remains sound. This is supported by poultry's market
price competitiveness compared with other meat produce (such as
beef and pork), and reputation as a healthy food. In our view,
potential COVID-19-related headwinds lie more on the distribution
side, with potentially higher logistics costs, longer lead-time on
exports, higher raw material costs (fodder protein components), and
salary costs." On the distribution side, within Ukraine, the
company supplies mostly to the retail and supermarket channels
(out-of-home channel accounts for less than 5% of sales volume). If
existing foreign exchange rates persist, the depreciation of the
Ukrainian hryvnia versus the U.S. dollar should lead to some
increase in raw material prices, partially mitigated by the U.S.
dollar-denominated exports in the farming and poultry divisions.

Further risk lies on the exports side, where Ukrainian authorities
announced restrictions on exports of wheat (to an average of 14,000
tonnes a day, from 44,000 tonnes previously) amid fears of
inflationary pressure on local food prices. S&P said, "While we
think that these measures will likely be temporary, and note that
wheat accounts for only about 13% of the company's total plant
acreage (about 360,000 hectares), we will continue to monitor
further developments over the coming months. A prolonged pandemic
and potentially widening restricting measures on exports (on
poultry) could have a material impact on the company's operations,
in our view, with the potential to lead to a negative rating
action."

The decision to press ahead with a dividend distribution is credit
negative; however, external growth appetite will continue to be a
major financial policy determinant.   The company announced reduced
dividends of about $30 million for 2020. The reduction is because
the company is restricted in distributing higher amounts under the
bank debt and Eurobond documentations, with reported net leverage
of just over 3.0x at the end of 2019. S&P said, "Our assessment of
the group's financial policy takes into account its relative
shareholder friendliness, which we view as negative from a credit
perspective. This is especially relevant during times of
uncertainty in the overall operating environment, when financial
metrics are likely to be stretched. However, our financial policy
assessment also incorporates the ongoing risks of further large
debt-funded acquisitions. We understand that MHP retains its
acquisitive appetite, and is continuously scanning existing markets
in Europe, the Middle East, and North Africa for potential
opportunities."

Sufficient liquidity and the lack of sizable near-term refinancing
needs remain commensurate with the current rating level.   S&P
said, "MHP has available unrestricted cash balances of about $340.7
million (as of Dec. 31, 2019), and we project for cash funds from
operations (FFO) of about $250 million-$300 million over the next
12 months. The company does not face any major refinancing needs
until November 2024, and it has secured additional funding of about
$50 million in the first quarter of 2020 for working capital
purposes. There will likely be a reversal in working capital
movements in 2020, with high working capital absorption. This is
because of the temporary export restrictions to the EU in the first
quarter, and our expectations for a build-up in inventories and
likely slower lead-time on exports due to the COVID-19 outbreak.
However, we understand that the company has enough stock of raw
materials to meet demand in the second quarter."

Even though MHP has tested its incurrence-based financial net
leverage covenant (of no higher than 3.0x) under the outstanding
senior unsecured notes and secured bank facilities, it has passed
the test successfully under the permitted additional indebtedness
baskets. The company's ability to borrow more over the next 12
months should be constrained, given the restrictions under the bond
documentation, but available sources of cash should be enough to
meet potential headwinds in the next 12 months.

S&P said, "The stable outlook reflects our view that MHP has
sufficient financial flexibility and liquidity to withstand
potential headwinds related to the COVID-19 pandemic. The lifting
of export restrictions to Europe and an overall resilient demand
for poultry should enable the company to maintain positive FOCF and
adjusted debt to EBITDA of about 3.5x-4.0x over the next 12
months.

"We could lower our ratings on MHP if, contrary to our current base
case, FOCF turned negative on a protracted basis, such that
adjusted debt to EBITDA approaches 4.5x-5.0x with little prospect
for rapid improvement." This could occur if underlying growth
faltered, including the reinstatement of noticeable import
restrictions in key markets, and if grain prices were low, such
that the company's financial flexibility were exhausted. This could
also happen if the company attempted a large debt-funded
acquisition, despite the presence of incurrence-debt restrictions
tied to outstanding debt facilities.

Rating upside depends on the company's ability to reduce debt, and
on its commitment to maintain adjusted debt to EBITDA below 3.0x.
Under such a scenario, an upgrade would also rest on the company's
ability to pass our sovereign stress test, including a transfer and
convertibility scenario assessment, enabling S&P to rate it one
notch above the sovereign long-term foreign currency rating on
Ukraine ('B').





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

AUXEY BIDCO LTD: Bank Debt Trades at 16% Discount
-------------------------------------------------
Participations in a syndicated loan under which Auxey Bidco Ltd is
a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD162 million term loan is scheduled to mature on June 29,
2025.  As of April 17, 2020, the full amount is drawn and
outstanding.

Auxey Bidco Limited provides management and administration
consulting services.  The Company's country of domicile is Great
Britain.


DLG ACQUISITIONS: S&P Affirms 'B' ICR, Outlook Negative
-------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
DLG Acquisitions Ltd. at 'B', its'B' issue rating on the group's
senior secured debt and its 'CCC+' issue ratings on the second-lien
term loan. The recovery ratings on the debt are unchanged at '3'
and '6', respectively.

In 2020, DLG Acquisitions, the parent of U.K.-based TV production
company All3Media Group, will face a significant disruption to its
operations and delays to the production and release of its shows
due to the COVID-19 pandemic.

In 2020, the production and delivery of All3 Media's shows will be
delayed by the measures implemented to curb the spread of COVID-19,
significantly reducing its revenue, EBITDA, and cash flow.

S&P said, "We expect the measures that governments are implementing
to contain the pandemic, combined with the health and safety risks
associated with the group's production activities, to lead to a
significant disruption of its operations in 2020. We currently
expect the pandemic to peak about mid-2020, in line with some
government authorities' estimates, but it remains highly uncertain
when different countries will lift their lockdown measures and when
production of shows can resume at previous levels. All3 Media
derives about 60% of its revenue from the U.K. and more than 15%
from the U.S. In our base case, we assume the group's revenue will
fall by about 30% in 2020 to about GBP520 million from our 2019
estimate of about GBP745 million. This incorporates our expectation
of relatively strong performance in the first quarter of 2020, a
sharp drop in the second quarter as most productions were suspended
to protect the health and safety of filming crews and staff, and
our assumption that gradual recovery will likely start in the third
quarter. We assume the group will probably achieve significant
savings on discretionary spending, and government support schemes
will help it alleviate staff costs. At the same time, we think it
will have to bear additional costs and invest in ramping up
production after the lockdowns are over. Hence, we assume a
more-pronounced negative impact on EBITDA, and a higher outflow of
working capital than in 2019. This will result in adjusted debt to
EBITDA increasing to 11.0x-11.5x in 2020, from the 6.0x-6.5x that
we estimated at the end of 2019."

The group could also face lower demand and delays in payments from
some of its largest customers, primarily the traditional
broadcasters that depend heavily on advertising revenue.

S&P said, "We expect broadcasters' revenue and earnings will be
significantly hit by the drop in advertising spending in 2020. As a
result, they will cut their programming budgets. We estimate that
traditional broadcasters, including Channel 4, RTL, ProSieben
Sat.1, ITV, and others, account for more than 30% of All3 Media's
revenue. We expect these risks will mean All3 Media's revenue and
EBITDA generation will be materially weaker in 2020, its free
operating cash flow (FOCF) negative, and its liquidity weaker than
we previously forecasted.

"In our view, All3 Media's liquidity has become less than adequate
due to weaker cash flow and lack of headroom under the financial
covenant.

"At the end of March 2020, we estimate the group had GBP25
million-GBP30 million cash on its balance sheet and about GBP20
million available for drawing under its GBP50 million revolving
credit facility (RCF). There is a springing covenant set at 6.25x
that is tested when the RCF is more than 40% drawn. Due to the drop
in EBITDA and significantly higher leverage that we forecast for
2020, we do not expect the group to have headroom under the
covenant if it were tested at the end of September 2020, so we
assume the RCF to be available up to the level that triggers a
covenant test. We forecast that, in 2020, the group will generate
sufficient adjusted EBITDA to cover cash interest on its debt,
which we estimate at about GBP30 million, and the cash on balance
will allow it to cover seasonal and year-on-year working capital
needs. This is subject to the group performing in line with our
base case and its operating performance starting to show a gradual
recovery in the third quarter of 2020. If the pandemic and the
lockdowns in the countries where All3 Media operates last longer
than we currently expect, its capital structure could become
unsustainable. This could be demonstrated by persistently negative
FOCF and EBITDA cash interest cover reducing toward 1x."

S&P's rating incorporates the potential extraordinary support that
All3 Media could receive from its strategic owners.

All3 Media is a joint venture, 50/50 owned by Discovery Inc. and
Liberty Global PLC. S&P said, "We consider that both shareholders
see their investment in the group as important to their strategy of
increasing their presence in content production, and broadening
their international reach. We assume that if All3 Media faced a
temporary liquidity shortfall in 2020, the shareholders would
likely provide financial support. The track record of support in
growth strategy, including equity contributions to finance
acquisitions, and the refinancing of the second-lien term loan by
Liberty Global in 2019, support our view. At the same time,
potential for extraordinary support is limited because none of the
shareholders exercise full control of the company, provide debt
guarantees, or have cross-default provisions."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety.

The negative outlook indicates that COVID-19 will disrupt All3
Media's operating performance in 2020 and will lead to a
significant reduction in its revenue, EBITDA, and cash due to
delays in the production and delivery of shows, leading to weaker
liquidity and adjusted EBITDA cash interest coverage deteriorating
to about 1.5x. The path to recovery in 2021 remains uncertain.

S&P could lower the rating over the next six to 12 months if:

-- All3 Media's earnings and free operating cash flow deteriorated
more substantially than S&P currently expects. This could occur if
its operations are disrupted for longer because of COVID-19
measures, or if it faced a material outflow of working capital due
to delayed payments from broadcasters, such that its capital
structure became unsustainable over the long term;

-- Adjusted EBITDA interest reducing to 1x or lower;

-- Weaker liquidity with sources falling materially below uses;
or

-- If S&P perceived that the likelihood of shareholder support had
declined from the level we currently incorporate in its rating.

S&P said, "We could revise the outlook to stable if over the next
12 months All3 Media can successfully reschedule and manage
production and delivery of shows, while prudently controlling
costs, and its operating performance shows a gradual recovery in
the third quarter of 2020, in line with our base case. An outlook
revision would depend on adjusted debt to EBITDA being likely to
fall to 7.0x-7.5x in 2021, narrowing negative FOCF, adjusted EBITDA
cash interest coverage recovering to 2.0x, and liquidity sources
being enough to cover liquidity uses. It would also require
continued shareholder support."


ELYSIUM HEALTHCARE: Bank Debt Trades at 17% Discount
----------------------------------------------------
Participations in a syndicated loan under which Elysium Healthcare
Holdings 3 Ltd is a borrower were trading in the secondary market
around 83 cents-on-the-dollar during the week ended Fri., April 17,
2020, according to Bloomberg's Evaluated Pricing service data.

The GBP251 million term loan is scheduled to mature on April 4,
2025.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Great Britain.


FINABLR: Travelex Put Up for Sale Amid Insolvency Risk
------------------------------------------------------
Business Sale reports that British foreign exchange provider
Travelex has put itself up for sale, a month after parent company
Finablr warned that it was preparing for potential insolvency.

Late last December, Travelex was hit with a ransomware attack that
is projected to have up to a GBP25 million hit on its first-quarter
underlying core earnings, Business Sale recounts.

At the same time, the devastating impact of coronavirus on
international travel has severely affected demand for currency
exchange services while disrupting the moving of bank notes between
locations and forcing the company to close its high street stores,
Business Sale discloses.

According to Business Sale, as a result, the company board has
decided to seek offers for the group, saying in a statement: "As
part of its continuing assessment of strategic options to maximize
value for its stakeholders, the Board of Travelex Holdings Limited
has decided to seek offers for the Travelex group, and has
communicated this intention to Finablr plc."

Interested parties have been instructed to contact PwC, Business
Sale states.  Travelex added that it would provide updates on "the
sale process and parallel discussions with creditors as
appropriate", Business Sale notes.


INSPIRED ASSET: Owes Creditors More Than GBP21 Million
------------------------------------------------------
According to Bisnow's Mike Phillips, citing a new report from
administrators, Inspired Asset Management, a development firm that
went into administration last year, owes creditors more than GBP21
million after a big spike in claims against it.

Partners from MHA MacIntyre Hudson said that the amount creditors
claimed they were owed by the micro-flat specialist has risen from
GBP12 million to GBP21 million, after they received an unexpected
claim, Bisnow relates.

The company was put into administration on Aug. 30 last year,
Bisnow recounts.

MHA, as cited by Bisnow, said in its progress report to creditors
that it had received a GBP14 million claim from Gemini Credit
Investments, a high-yield lender from which Inspired raised money
in the months before it went into administration.  

MHA said it could not say whether creditors would be repaid any of
the money owed, but pointed out that the shares Inspired owned in
developments did not appear to have much value, because the schemes
were worth less than the debt secured against them, Bisnow relays.


Inspired still owns shares in a 41-apartment scheme called
Abbeville Place in Clapham, but the sale of remaining units is
unlikely to cover the debt owed, Bisnow notes.

It also owns shares in a 235-apartment office-to-residential
conversion in Croydon and a 78-unit build-to-rent scheme in
Crawley, Sussex, but again, lenders have already taken over these
developments and the administrators said there is unlikely to be
any return from them, Bisnow states.


PACIFIC BC BIDCO: Bank Debt Trades at 18% Discount
--------------------------------------------------
Participations in a syndicated loan under which Pacific BC Bidco
Ltd is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR498 million term loan is scheduled to mature on January 6,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Great Britain.

PRAESIDIAD LTD: Bank Debt Trades at 48% Discount
------------------------------------------------
Participations in a syndicated loan under which Praesidiad Ltd is a
borrower were trading in the secondary market around 52
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR290 million term loan is scheduled to mature on October 4,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is United Kingdom.


SHILTON BIDCO: Bank Debt Trades at 17% Discount
-----------------------------------------------
Participations in a syndicated loan under which Shilton Bidco Ltd
is a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 17, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR575 million term loan is scheduled to mature on July 31,
2024.  As of April 17, 2020, the full amount is drawn and
outstanding.

The Company's country of domicile is Great Britain.


[*] Fitch Alters Outlook on NewDay Funding's Junior Notes to Neg.
-----------------------------------------------------------------
Fitch Ratings has affirmed NewDay Funding's Series 2017-1, Series
2018-1, Series 2018-2, Series 2019-1, Series 2019-2, Series VFN-F1
V1 and Series VFN-F1 V2 notes. Fitch has revised the Outlooks on
notes rated at or below 'Asf' to Negative from Stable. The Negative
Outlook reflects that ratings could be negatively affected in the
event of a severe and prolonged economic stress caused by the
coronavirus pandemic that materially affects the trust's long-term
performance. The Outlooks on notes rated at 'AAAsf' and 'AAsf' are
Stable.

NewDay Funding      

  - 2017-1 Class A XS1634772468; LT AAAsf Affirmed

  - 2017-1 Class B XS1634772971; LT AAsf Affirmed

  - 2017-1 Class C XS1634774084; LT Asf Affirmed

  - 2017-1 Class D XS1634774167; LT BBBsf Affirmed

  - 2017-1 Class E XS1634803792; LT BBsf Affirmed

  - 2017-1 Class F XS1634834912; LT Bsf Affirmed

  - 2018-1 Class A1 65120JAA4; LT AAAsf Affirmed

  - 2018-1 Class A2 XS1846632013; LT AAAsf Affirmed

  - 2018-1 Class B XS1846632443; LT AAsf Affirmed

  - 2018-1 Class C XS1846632799; LT Asf Affirmed

  - 2018-1 Class D XS1846632955; LT BBBsf Affirmed

  - 2018-1 Class E XS1846633250; LT BBsf Affirmed

  - 2018-1 Class F XS1846633508; LT Bsf Affirmed

  - 2018-2 Class A1 65120BAA1; LT AAAsf Affirmed

  - 2018-2 Class A2 XS1882673434; LT AAAsf Affirmed

  - 2018-2 Class B XS1882673780; LT AAsf Affirmed

  - 2018-2 Class C XS1882674085; LT Asf Affirmed

  - 2018-2 Class D XS1882674754; LT BBBsf Affirmed

  - 2018-2 Class E XS1882675306; LT BBsf Affirmed

  - 2018-2 Class F XS1882675991; LT Bsf Affirmed

  - 2019-1 Class A XS2001273668; LT AAAsf Affirmed

  - 2019-1 Class B XS2001274559; LT AAsf Affirmed

  - 2019-1 Class C XS2001274393 LT Asf Affirmed

  - 2019-1 Class D XS2001275101; LT BBBsf Affirmed

  - 2019-1 Class E XS2001275879; LT BBsf Affirmed

  - 2019-1 Class F XS2001276257; LT B+sf Affirmed

  - 2019-2 Class A XS2052240251; LT AAAsf Affirmed

  - 2019-2 Class B XS2052209256 LT AAsf Affirmed

  - 2019-2 Class C XS2052209413; LT Asf Affirmed

  - 2019-2 Class D XS2052209769; LT BBBsf Affirmed

  - 2019-2 Class E XS2052210189; LT BBsf Affirmed

  - 2019-2 Class F XS2052210346; LT B+sf Affirmed

  - VFN-F1 V1 Class A; LT BBBsf Affirmed

  - VFN-F1 V1 Class E; LT BBsf Affirmed

  - VFN-F1 V1 Class F; LT Bsf Affirmed

  - VFN-F1 V2 Class A LT AAAsf Affirmed

  - VFN-F1 V2 Class B; LT AAsf Affirmed

  - VFN-F1 V2 Class C; LT Asf Affirmed

  - VFN-F1 V2 Class D; LT BBBsf Affirmed

  - VFN-F1 V2 Class E; LT BBsf Affirmed

  - VFN-F1 V2 Class F; LT Bsf Affirmed

TRANSACTION SUMMARY

The notes are collateralized by a pool of non-prime UK credit card
receivables. NewDay is one of the largest specialist credit card
companies in the UK, where it is also active in the retail credit
card market. However, the co-brand retail card receivables do not
form part of this transaction.

KEY RATING DRIVERS

Non-Prime Asset Pool

Fitch maintains a steady-state charge-off rate of 18%, a
steady-state monthly payment rate (MPR) of 10% and a steady state
yield of 30% for the trust. Due to the non-prime nature of the
underlying assets, the portfolio has a higher charge-off rate, a
lower MPR and a higher portfolio yield than other Fitch rated UK
credit card trusts.

COVID-19 Related Stresses

Fitch assesses the impact of the COVID-19 crisis under a baseline
scenario as well as a downside scenario, with steady-state
assumptions based on a forward-looking expectation covering the
next five years and the transaction's amortization phase.

Under a baseline scenario, Fitch expects a sharp economic
contraction in 1H20 but recovery beginning from 3Q20 as the health
crisis subsidies. While the economic recession and increased
unemployment could impair borrowers' capacity to make payments,
Fitch expects the stress weighing on the trust performance to be
short-term under this scenario. Due to the benign economic
conditions in recent years, the portfolio's charge-off rate (15% as
at end-February 2020) has remained below Fitch's 18% steady state
assumption, which provides space for potential deterioration before
reaching the long-term steady-state level.

While the portfolio's charge-off rate is likely to increase and may
exceed the steady state level due to the coronavirus pandemic,
Fitch's analytical approach aims to look through short-term
performance fluctuations; changes to steady state assumptions would
only be considered if trust performance is expected to re-set to
materially different levels more permanently. Similarly, the
trust's MPR is expected to fall and the yield is likely to decline
in the short term, also considering the potential impact of payment
holidays, but they could revert afterward. As a result of the
containment measures, including closure of all non-essential shops,
a ban on public gatherings of more than two people and travel
restrictions, Fitch expects a significant temporary reduction in
card utilization.

In revising the Outlooks to Negative on several classes of notes,
Fitch acknowledges the increased risk of a more prolonged period of
below trend economic activity. A longer lasting wealth shock with
wage declines and job losses would materially impact the trust
performance, particularly considering the non-prime nature of the
borrowers. Under this scenario, Fitch expects notes rated at or
below 'Asf', particularly those that have non-investment-grade
ratings, to be more affected by revisions of asset assumptions.

Liquidity Risk Mitigated

On April 9, the Financial Conduct Authority confirmed its rules on
a temporary payment freeze for up to three months for credit cards
(see Fitch Ratings: Vulnerable Consumers Not Immune Despite UK
Credit Card Payment Holiday). Lengthy payment holidays could expose
credit card ABS to liquidity risk. However, Fitch views the
liquidity risk as sufficiently mitigated for NewDay Funding.
Historical performance data shows the availability of excess
spread, which will provide protection against a substantial take-up
of payment holidays. In addition, the transaction has funded
liquidity reserves, which could cover current interest payments for
the class A to D notes and senior expenses for about six months.

Key Counterparties Unrated

The NewDay Group acts in several capacities through its various
entities, most prominently as originator, servicer and cash manager
to the securitization. In most other UK trusts, these roles are
fulfilled by large institutions with strong credit profiles. The
degree of reliance is mitigated in this transaction by the
transferability of operations, agreements with established card
service providers, a back-up cash management agreement and a
series-specific liquidity reserve.

Negative Asset Performance Outlook

Fitch has a negative asset performance outlook for the UK consumer
ABS sector. This reflects the economic impact of the coronavirus
pandemic, as well as the heightened uncertainty and urgency over
Brexit negotiations.

Steady State:

Annualized Charge-offs - 18.00%;

Monthly Payment Rate - 10.00%;

Annualized Yield - 30.00%;

Base Purchase Rate - 100.00%.

Rating Level Stresses (for
'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'Bsf', respectively):

Charge-offs (increase) - 3.50x/3.00x/2.25x/1.75x/1.50x/1.10x;

Payment Rate (% decrease) -
45.00%/40.00%/35.00%/30.00%/20.00%/10.00%;

Yield (% decrease) - 40.00%/32.50%/27.50%/22.50%/17.50%/12.50%;

Purchase Rate (% decrease) -
100.00%/100.00%/100.00%/90.00%/70.00%/50.00%.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

Long-term asset performance deterioration, such as increased
charge-offs, reduced MPR or reduced portfolio yield, which could be
driven by changes in portfolio characteristics, macroeconomic
conditions, business practices, credit policy or legislative
landscape, would contribute to negative revisions of Fitch's asset
assumptions that could negatively affect the notes' ratings.

Fitch conducted rating sensitivity analysis on the closing date of
each series of notes, which provides insight into the model-implied
sensitivities the transaction faces when one assumption is modified
while holding others equal. It shows rating sensitivities to
increased charge-off rate, reduced monthly payment rate and reduced
purchase rate.

Coronavirus Downside Scenario Sensitivity: Fitch has added a
coronavirus downside sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies, before a slow recovery begins in
2Q21. Fitch's initial expectation is that this scenario could lead
to a higher risk of downgrade in the notes rated at or below 'Asf',
particularly for those that have non-investment-grade ratings.

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

Long-term asset performance improvement such as decreased
charge-offs, increased MPR or increased portfolio yield driven by a
sustainable positive change of the underlying asset quality would
contribute to positive revisions of Fitch's asset assumptions,
which could positively affect the notes' ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that affected the
rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

The information below was used in the analysis.

  - Transaction reporting provided by NewDay Cards Ltd as at
end-February 2020

  - Servicer and originator update regarding Covid-19 provided by
NewDay Cards Ltd as of April 15, 2020

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.

[*] S&P Places Ratings on 7 UK Corp Securitizations on Watch Neg.
-----------------------------------------------------------------
S&P Global Ratings placed on CreditWatch negative its ratings on 34
classes of notes issued by Mitchells & Butlers Finance PLC, Greene
King Finance PLC, Marston's Issuer PLC, Spirit Issuer PLC, Unique
Pub Finance PLC, CPUK Finance Ltd., and Arsenal Securities PLC.

The CreditWatch placements reflect the potential effect that the
U.K. government's measures to contain the spread of COVID-19 could
have on both the U.K economy and the relevant business sectors. In
S&P's view, the credit quality of each transaction may decline due
to health and safety fears related to COVID-19. S&P believes this
may negatively impact the cash flows available to the issuers.

In the U.K., a mandatory closure of all public houses (pubs),
restaurants, cafes, and other non-essential businesses came into
effect on March 22, 2020, with initial three-week-long restrictions
put in place starting the following evening. In addition, a ban on
mass gatherings, such as sporting events, was put in place on March
16, 2020. These restrictions were extended by a further three weeks
on April 16, 2020. The measures could have a material adverse
impact on the financial performance of the corporate borrowers in
seven corporate securitization transactions that S&P rates.

The ability of the borrower in each transaction to withstand the
loss of turnover will come down to their current level of headroom
over their financial covenants and readily available sources of
liquidity.

S&P said, "As we receive more issuer-specific and industry-level
data, and learn more about what actions issuers will be taking to
mitigate the impact on turnover, we will assess these transactions
to determine whether rating reviews are warranted. We expect that
companies will take immediate and decisive steps in order to manage
costs and preserve cash flow. The extent to which each company is
able to conserve cash may also depend on how they adjust their
dividend policy, reduce discretionary capital investment, or
benefit from the U.K. government's announced policies meant to
provide relief to companies in the form of a 12-month business
rates holiday, as well as the deferral of corporation tax payments,
holiday on value-added tax (VAT), national insurance, and payroll
tax payments. Many firms hold comprehensive insurance policies, but
in many cases, an insurance policy may not cover the effect of
COVID-19 on the business. We will continue to monitor the
transactions closely and provide additional transparency as we
receive further information."

Pub securitizations

The U.K. government ordered the closure of all restaurants and
public houses (pubs), wine bars, or other food and drink
establishments, including those within hotels and members' clubs.
Transactions backed by operating cash flows from pub companies
(pubcos) will be particularly hard hit by the mandatory
restrictions imposed by the U.K. government, which prohibit dine-in
business and only permit take-away sales and deliveries. For the
managed-pub sector, it is likely that delivery will not grow
meaningfully enough to offset the loss of revenue due to the
cessation of dine-in. As a result, S&P expects a material reduction
in turnover across the pubcos that it rates. For strictly wet-led
(leased and tenanted) estates, the ability to generate revenue from
delivery is generally very low and the loss of revenue can be
expected to be nearly total while the government's restrictions are
in place.

S&P has reached out to management at each pubco that backs a
corporate securitization that it rates seeking guidance on what
measures they have taken or plan to take to preserve cash and
mitigate the impact of the U.K. government's policies on business
closures in response to the COVID-19 pandemic. Most of the pubcos
have undertaken various cost saving measures, which may include the
furloughing of majority employees under the government's
Coronavirus Job Retention Scheme (CJRS), with remaining staff
taking a pay cut, working with suppliers to agree extended
repayment terms, the deferral of corporation tax payments and
business rates holiday, and discussions with their pension trustee
to seek a suspension of the pension deficit payments.

Arsenal Securities

Arsenal Securities is a corporate securitization backed primarily
by revenue generated from ticket sales for Arsenal Football Club's
(AFC) football matches played at the Arsenal Emirates Stadium in
London. On March 16, 2020, the U.K. government issued guidance on
social distancing that bans large gatherings, such as sporting
events, shortly after the English Premier League's (EPL) decision
to suspend play on March 13, 2020. Ticket sales for the 2019/2020
season may be affected depending on if and when play resumes and
whether refunds of season tickets and match-day tickets are
demanded and issued. The league has acknowledged that match play
will not resume in early May, as originally expected, and will
return when it is judged appropriate to do so. At the time of the
suspension, the Football Association made the decision to extend
the current season indefinitely, while the UEFA postponed the EURO
2020 competition, which opened a window to allow for the completion
of the current season should play resume.

At this point it is unclear how broadcasters will respond to either
the suspension in play or, in the extreme, to a cancellation of the
remaining season, which will ultimately determine the constrain on
broadcasting income. Should broadcasters seek compensation, it may
have a dramatic effect on the financial performance of any club
within the EPL. Commercial contracts may be better insulated given
that they are bilateral arrangements between a club and a sponsor
and contain fixed components that are not tied to on-pitch
performance. However, it is unclear how the variable
performance-based revenues will be affected. As for match-day
revenues, the most likely scenario is that play will resume once
the current stoppage is lifted, and both the season and box-office
tickets will be otherwise unaffected.

CPUK Finance

Center Parcs U.K. closed its five U.K. holiday villages from March
20, 2020, which is now extended until May 15. In order to mitigate
the potential impact on revenue, Center Parcs is contacting its
guests who have a break booked during the closure period to discuss
the options available to them. Under their terms and conditions, if
Center Parcs cancels breaks they may offer guests a date change or
a refund. Additionally, Center Parcs is offering a financial
incentive of GBP100 per accommodation unit for guests who opt for a
date change rather than a full refund. However, we view this as a
cash preservation measure given the historically high
annual-occupancy rates (97%-98%). Furthermore, revenue from
on-village spending will be lost over the duration of the shutdown,
which amounted to GBP189.6 million, or 39% of total reported
revenue in FY2019.

Center Parcs announced measures that it has taken in order to
manage costs and preserve cash flow, namely:

-- Cash management procedures;

-- A 12-month business rates holiday, where Center Parcs' annual
rates cost is approximately GBP24 million payable monthly;

-- Deferral of corporation tax payments, which they estimate will
amount to GBP3 million over the next three months; and

-- An agreed three-month holiday on corporation tax payments, a
holiday on VAT, national insurance, and payroll tax payments. They
expect the payment holidays will preserve GBP12 million and they
will consider applying for the government's "time to pay"
initiative for a further three-month deferral of payments.

CreditWatch resolutions

S&P said, "As we develop better clarity on the expected size and
duration of reductions in transactions' securitized net cash flows,
we will evaluate whether adjustments to our base-case and downside
projections are appropriate. Changes in our projections could
adversely affect our debt service coverage ratio (DSCR) estimates,
which, in turn, could put pressure on our ratings on the notes. If
longer-term effects emerge that reshape the economy or industry, we
may revise our assessment of a company's business risk profile,
which could also result in rating changes. We expect to resolve the
CreditWatch placements within the next 90 days when we have a
clearer guidance on the overall effect on each company's liquidity
during the shutdown, our evolving view of the severity and duration
of the COVID-19 driven stress, the prospects for recovery, and the
long-term effects on the U.K economy and each industry."

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

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

A list of Affected Ratings can be viewed at:

                 https://bit.ly/3cx2Jup




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

[*] BOOK REVIEW: Mentor X
-------------------------
The Life-Changing Power of Extraordinary Mentors
Author: Stephanie Wickouski
Publisher: Beard Books
Hard cover: 156 pages
ISBN: 978-1-58798-700-7
List Price: $24.75

Order this Book: https://is.gd/EIPwnq

Long-time bankruptcy lawyer Stephanie Wickouski at Bryan Cave
impressively tackles a soft problem of modern professionals in an
era of hard data and scientific intervention in her third published
book entitled Mentor X. In an age where employee productivity is
measured by artificial intelligence and resumes are prescreened by
computers, Stephanie Wickouski adds spirit and humanity to the
professional journey.

The title is disarmingly deceptive and book browsers could be
excused for assuming this work is just another in a long line of
homogeneous efforts on mentorship. Don't be fooled; Mentor X is
practical, articulate and lively. Most refreshingly, the book
acknowledges the most important element of human development: our
intuition.

Mrs. Wickouski starts by describing what a mentor is and
distinguishes that role from a teacher, coach, role model, buddy or
boss. Younger professionals may be skeptical of the need for a
mentor, but Mrs. Wickouski deftly disabuses that notion by relating
how a mentor may do nothing less than change the course of a
protege's life. Newbies to this genre need little convincing
afterwards.

One of the book's worthiest contributions is a definition of mentor
that will surprise most readers. Mentors are not teachers, the
latter of which impart practical knowledge. Instead, according to
Mrs. Wickouski, her mentors "showed me secrets that I could learn
nowhere else. They showed me how doors are opened. They showed me
how to be an agent of change and advance innovative and
controversial ideas." What ambitious professional doesn't want more
of that in their life?

The practicality of the book continues as Mrs. Wickouski outlines
the qualities to look for in a mentor and classifies the various
types of mentors, including bold mentors, charismatic mentors, cold
and distant mentors, dissolute mentors, personally bonded mentors,
younger mentors, and unexpected mentors. Mentor X includes charts
and workbooks which aid the reader in getting the most out of a
mentor relationship. In a later chapter, Mrs. Wickouski provides an
enormously helpful suggestion about adopting a mentor: keep an open
mind. Often, mentors will come in packages that differ from our
expectations. They may be outside of our profession, younger, less
educated, etc . . . but the world works in mysterious ways and Mrs.
Wickouski encourages readers to think about mentors broadly.  In
this modern era of heightened workplace ethics, Mrs. Wickouski
articulates the dark side of mentors. She warns about "dementors"
and "tormentors" -- false mentors providing dubious and sometimes
self-destructive advice, and those who abuse a mentor relationship
to further self-interested, malign ends, respectively. She
describes other mentor dysfunctions, namely boundary-crossing,
rivalry, corruption, and a few others. When a mentor manifests such
behaviors, Mrs. Wickouski counsels it's time to end the
relationship.

Mrs. Wickouski tells readers how to discern when the mentor
relationship is changing and when it is effectively over. Those
changes can be precipitated by romantic boundaries crossed,
emergence of rivalrous sentiment, or encouragement of unethical
behavior or corruption. Mrs. Wickouski aptly notes that once
insidious energies emerge, the mentorship is effectively over.
At this point, certain readers may say to themselves, "Okay, I've
got it. Now I can move on." Or, "My workplace has a formal
mentorship program. I don't need this book anymore." Or even,
"Can't modern technology handle my mentor needs, a Tinder of
mentorship, so to speak?"

Mrs. Wickouski refutes that notion. She analyzes how many mentoring
programs miss the mark. In one of the best passages in the book,
Mrs. Wickouski writes, "Assigning or brokering mentors negates the
most critical components of a true mentor–protege relationship:
the individual process of self-awareness which leads a person to
recognize another individual who will give the advice singularly
needed. That very process is undermined by having a mentor assigned
or by going to a mentoring party." She does not just criticize; she
offers a solution with three valuable tips for choosing the right
mentor and five qualities to ascertain a true mentor in the
unlimited sea of possibilities.

Next, Mrs. Wickouski distinguishes between good advice and bad
advice. She punctuates that discussion with many relevant and
relatable examples that are easy to read and colorfully enjoyable.
This section includes interviews with proteges who have had
successful mentorships. The punchline: in the best mentorships, the
parties harmoniously share personal beliefs and values. Also
important, the protege draws inspiration and motivation from the
mentor. The book winds down as usefully as it started: Mrs.
Wickouski interviews proteges, asking them what they would have
done differently with their mentors if they could turn back the
clock. A common thread seems to be that the proteges would have
gone deeper with their mentors -- they would have asked more
questions, spent more time, delved into their mentors' thinking in
greater depth.

The book wraps up lightly by sharing useful and practical
suggestions for maintenance of the mentor relationship. She answers
questions such as, "Do I invite my mentor to my wedding?" and "Who
pays for lunch?"

Mentor X is an enjoyable read and a useful book for any
professional in any industry at, frankly, any point in time.
Advanced individuals will learn much from the other side, i.e., how
to be more effective mentors. Mrs. Wickouski does a wonderful job
of encouraging use of that all knowing aspect of human existence
which never fails us: proper use of our intuition.

                         About The Author

Stephanie Wickouski is widely regarded as an innovator and
strategic advisor. A nationally recognized lawyer, she has been
named as one of the 12 Outstanding Restructuring Lawyers in the US
by Turnarounds & Workouts and as one of US News' Best Lawyers in
America. She is the author of two other books: Indenture Trustee
Bankruptcy Powers & Duties, an essential guide to the legal role of
the bond trustee, and Bankruptcy Crimes, an authoritative resource
on bankruptcy fraud. She also writes the Corporate Restructuring
blog.



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

Troubled Company Reporter-Europe is a daily newsletter co-
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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