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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, April 29, 2020, Vol. 21, No. 86

                           Headlines



D E N M A R K

WELLTEC A/S: Moody's Cuts CFR to B3-PD, Outlook Stable


F R A N C E

BURGER KING: Moody's Affirms B3 CFR, Alters Outlook to Stable


G E R M A N Y

FLENSBURGER SCHIFFBAU: Files for Self-Administered Insolvency
LUFTHANSA: Prepares to File for Bankruptcy Amid Rescue Talks
TELE COLUMBUS: Moody's Places B3 CFR on Review for Downgrade


I R E L A N D

PREMIER LOTTERIES: Bank Debt Trades at 23% Discount
VESEY PARK: Fitch Gives 'B-sf' Rating to Class E Notes


I T A L Y

ARTSANA GROUP/THE: Bank Debt Trades at 20% Discount
COMDATA SPA/VIA: Bank Debt Trades at 36% Discount
CONCERIA PASUBIO: Bank Debt Trades at 16% Discount
STIGA SPA: Bank Debt Trades at 23% Discount


L U X E M B O U R G

ADB SAFEGATE: Bank Debt Trades at 31% Discount
ADB SAFEGATE: Bank Debt Trades at 32% Discount
AI MISTRAL: Bank Debt Trades at 32% Discount
ALPHA GROUP: Bank Debt Trades at 32% Discount
ARCHROMA FINANCE: Bank Debt Trades at 17% Discount

ARENA LUXEMBOURG: Moody's Cuts CFR to B1 & Alters Outlook to Neg.
ASTON FINCO: Bank Debt Trades at 16% Discount
AZELIS FINANCE: Bank Debt Trades at 18% Discount
BERING III: Bank Debt Trades at 22% Discount
BERING III: Moody's Cuts CFR to Caa1, Alters Outlook to Stable

BREITLING FINANCING: Bank Debt Trades at 18% Discount
CCP LUX: Bank Debt Trades at 20% Discount
EVERGREEN SKILLS: Bank Debt Trades at 35% Discount
EVERGREEN SKILLS: Bank Debt Trades at 83% Discount
LSF10 EDILIANS: Bank Debt Trades at 17% Discount

LSF10 EDILIANS: Moody's Cuts CFR to B2 & Alters Outlook to Neg.
PARADOCS HOLDING: Bank Debt Trades at 19% Discount
SK INVICTUS: Bank Debt Trades at 24% Discount
SWISSPORT FINANCING: Bank Debt Trades at 43% Discount
TI LUXEMBOURG: Bank Debt Trades at 18% Discount

TRAVELPORT FINANCE: Bank Debt Trades at 40% Discount
TRAVELPORT FINANCE: Bank Debt Trades at 62% Discount


N E T H E R L A N D S

BME GROUP: Bank Debt Trades at 22% Discount
BRIGHT BIDCO: Bank Debt Trades at 69% Discount
CALDIC INVESTMENTS: Bank Debt Trades at 25% Discount
CEVA LOGISTICS: Bank Debt Trades at 54% Discount
COLUMBUS FINANCE: Bank Debt Trades at 26% Discount

FLAMINGO GROUP: Bank Debt Trades at 35% Discount
HKM BIDCO: Bank Debt Trades at 24% Discount
IGNITION MIDCO: Bank Debt Trades at 24% Discount
INTERNATIONAL PARK: Bank Debt Trades at 22% Discount
INTERTRUST GROUP: Bank Debt Trades at 16% Discount

KETER GROUP: Bank Debt Trades at 25% Discount
KETER GROUP: Bank Debt Trades at 26% Discount
PROPHYLAXIS BV: Bank Debt Trades at 49% Discount
ROUGE BEACHHOUSE: Bank Debt Trades at 18% Discount
SAPPHIRE BIDCO: Bank Debt Trades at 29% Discount

STAGE ENTERTAINMENT: Bank Debt Trades at 23% Discount
STIPHOUT FINANCE: Bank Debt Trades at 18% Discount
SYNCREON GROUP: Bank Debt Trades at 29% Discount
SYNCREON GROUP: Bank Debt Trades at 52% Discount
VAN DIJK: Bank Debt Trades at 16% Discount



N O R W A Y

HURTIGRUTEN GROUP: Bank Debt Trades at 32% Discount
NORWEGIAN AIR: Bulk of Fleet to Remain Grounded for Next 12 Mos.
PGS ASA: Bank Debt Trades at 37% Discount


P O R T U G A L

LOGOPLASTE GROUP: Bank Debt Trades at 20% Discount
LUSOVENTO HOLDING: Bank Debt Trades at 20% Discount


R U S S I A

SUEK JSC: Moody's Affirms Ba2 CFR,  Alters Outlook to Negative


S P A I N

AERNNOVA AEROSPACE: Moody's Cuts CFR & EUR390MM Term Loan to B2
AUTOVIA DE: Moody's Affirms EUR110MM Sr. Sec. Loan Rating at 'Ba2'


S W E D E N

ETRAVELI GROUP: Bank Debt Trades at 37% Discount
FUSILLI HOLDCO: EUR300MM Bank Debt Trades at 21% Discount
HILDING ANDERS: Bank Debt Trades at 45% Discount
IGT HOLDING: Bank Debt Trades at 17% Discount
PERSTORP HOLDING: Bank Debt Trades at 21% Discount

QUIMPER AB: EUR288MM Bank Debt Trades at 18% Discount
QUIMPER AB: EUR98MM Bank Debt Trades at 22% Discount


U N I T E D   K I N G D O M

16 HOSPITALITY: In Administration, Seeks Buyer for Business
AUDIOTONIX LTD: Bank Debt Trades at 15% Discount
AUXEY BIDCO: Bank Debt Trades at 17% Discount
AUXEY BIDCO: Bank Debt Trades at 19% Discount
BBD BIDCO: Bank Debt Trades at 18% Discount

CIEP EPOCH: Bank Debt Trades at 82% Discount
COMET BIDCO: Bank Debt Trades at 33% Discount
EAGLE BIDCO: Bank Debt Trades at 16% Discount
EAGLE BIDCO: Bank Debt Trades at 22% Discount
EG FINCO: Bank Debt Trades at 35% Discount

ELYSIUM HEALTHCARE: Bank Debt Trades at 17% Discount
FRANKLIN UK: Bank Debt Trades at 18% Discount
HEATHROW FUNDING: Fitch Affirms BB+ Note Ratings, Outlook Now Neg.
HNVR HOLDCO: Bank Debt Trades at 25% Discount
HNVR HOLDCO: Bank Debt Trades at 26% Discount

HNVR HOLDCO: Bank Debt Trades at 34% Discount
HORIZON BIDCO: Bank Debt Trades at 28% Discount
INDIGOCYAN HOLDCO: Bank Debt Trades at 30% Discount
L1R HB: Bank Debt Trades at 38% Discount
LINCS LIFTS: Enters Administration, Seeks Buyer for Business

MATCHESFASHION LTD: Bank Debt Trades at 19% Discount
MATCHESFASHION LTD: Bank Debt Trades at 21% Discount
PACIFIC BC: Bank Debt Trades at 18% Discount
PRAESIDIAD LTD: Bank Debt Trades at 48% Discount
SHILTON BIDCO: Bank Debt Trades at 17% Discount

SURVITEC GROUP: Bank Debt Trades at 20% Discount
SURVITEC GROUP: Bank Debt Trades at 24% Discount
TAURUS MIDCO: Bank Debt Trades at 19% Discount
WATERLOGIC HOLDINGS: Bank Debt Trades at 18% Discount

                           - - - - -


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D E N M A R K
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WELLTEC A/S: Moody's Cuts CFR to B3-PD, Outlook Stable
------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 Welltec A/S'
corporate family rating and to B3-PD from B2 -PD the probability of
default rating. Concurrently, Moody's has downgraded to B3 from B2
the instrument rating of the $340 million backed senior secured
notes maturing in December 2022.

The outlook on all ratings remains stable.

RATINGS RATIONALE

Moody's has downgraded Welltec's ratings to reflect the sharp
decline in oil & gas prices over the past weeks driven by the Covid
19 crisis, which is likely to result in a meaningful decline of
Welltec's revenues and operating performance. Despite Welltec's
ongoing efforts to curtail its cost structure and reduce capex
investments, Moody's expects the company to report moderate
negative free cash flows in 2020 (Moody's definition),
predominantly driven by the high interest bill of about $36 million
(of which EUR32 million are due to the high 9.5% coupon of the
senior secured notes) that weighs on its cash generation.

Furthermore, Moody's notes that Welltec's EBITDA to interest
maintenance covenant, set at test level of 2.0x in 2020, before
increasing to 2.2x in Q1 2020 under its $40 million revolving
credit facility could become very tight by Q1 2021 potentially
limiting the company's ability to draw under its RCF. However,
Moody's believes that the company will be able to either maintain
compliance with its covenants or be able to reset the test level
due to its strong relations and track record with its banking
group, hence the stable outlook assigned to the rating.

Moody's considers the coronavirus outbreak as a social risk under
its ESG framework, given the substantial implications for public
health and safety. Its action reflects the impact on Welltec's
credit quality of the breadth and severity of the oil demand and
supply shock, and the broad deterioration in credit quality it has
triggered. The oilfield services sector will be one of the sectors
most significantly affected by the shock given its sensitivity to
demand and oil prices. Welltec will remain vulnerable to the
outbreak continuing to spread and oil prices remaining weak.

At the same time, Moody's takes into account that Welltec
successfully adjusted its cost structure and managed to maintain a
breakeven free cash flow in most of the years following the
downturn in oil prices in 2014/2015. This reflects the company's;
(i) relatively flexible cost structure; (ii) leading technological
advantage in robotics for well intervention, (iii) strong
geographical diversification, (iv) long lasting relationship with
its customers and is decisive for its high adjusted EBIT margin for
the sector of more than 20%, comparing favorably to most of its
peers.

The CFR is constrained by Welltec's: (i) limited scale with
expected sales of around $255 million for 2019, particularly when
compared to the competition from larger oilfield services
specialists and is reflective of a relatively limited product
range; (ii) limited visibility of a recovery in pricing; (iii)
short lead times ranging from several weeks to maximum three months
leading to potential revenue volatility, and (iv) a very high
interest bill related to the 9.5% coupon of its outstanding bond.

LIQUIDITY

Welltec's liquidity is adequate. As of end of 2019, the company had
$31 million cash on balance sheet and $27 million available under
its $40 million RCF maturing in November 2022 ($5 million drawn and
$8.6 million used for commercial guarantees). This should be
sufficient to offset working capital swings and moderate negative
free cash flows in 2020. However, tightness in achieving required
covenant level in beginning of 2021 could restrict the company's
access to cash.

STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Welltec will
be able to adapt its cost base quickly in order to limit the
negative impact on operating results and cash flows driven by the
decline in its revenues. Furthermore, it is predicated upon
Welltec's ability to maintain compliance with its covenants, which
Moody's will monitor closely.

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

The rating could be downgraded, if (i) Moody's-adjusted debt/EBITDA
rises above 6.5x on a sustained basis, (iii) EBIT margin falls
below 10% (on a sustained basis, (iv) liquidity position would
weaken, with the company not being able to return to a positive
free cash flow (FCF) generation or unable to meet or renegotiate
the test level of its maintenance covenant under its RCF.

Upward pressure on the rating , would build, if Welltec's (i)
revenue and operating performance recovers on the back of improving
E&P spending in the oil & gas industry; (ii) Moody's adjusted debt
to EBITDA remains below 5.0x; (iii) interest cover increases
towards 3.0x, and (4) Liquidity remains adequate and supported by
sustained positive free cash flow generation.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Allerod, Denmark, Welltec is an oil and gas
services company specializing in well intervention using
proprietary equipment developed, tested and manufactured in-house.
The company's services improve well production performance and
increase the amount of recoverable oil and gas reserves in
reservoirs. For2019, Moody's expects Welltec to report revenues of
around $255 million and Moody's-adjusted EBITDA of about $90
million. Welltec is a privately held company, whose main
shareholders are Jorgen Hallundbaek, the company's founder (50% of
the share capital), 7 Industries Holding BV and Exor NV (53% owned
by Giovanni Agnelli BV) with each 23% of share capital and the
remaining shares hold by employees of the company.



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

BURGER KING: Moody's Affirms B3 CFR, Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has changed to stable from positive the
outlook on the ratings of Burger King France SAS. Concurrently,
Moody's has affirmed BK France's B3 corporate family rating, its
B3-PD probability of default rating and the B3 ratings of EUR310
million senior secured floating-rate notes due 2023 and EUR315
million senior secured fixed-rate notes due 2024 issued by BK
France.

"The change of outlook to stable from positive reflects its
expectation that BK France's credit metrics will deteriorate in
2020 because of the temporary restaurants closure driven by the
coronavirus outbreak, removing the near-term upward pressure on the
rating," says Igor Kartavov, a Moody's lead analyst for BK France.

"However, the affirmation of the company's B3 ratings reflects its
adequate liquidity, supported by a sizeable cash cushion and
moderate cash burn rate, which will allow it to weather even a
prolonged shutdown and to restore operations in due course," adds
Mr. Kartavov.

RATINGS RATIONALE

The change of outlook to stable from positive reflects the adverse
impact that the continuing spread of the coronavirus outbreak in
France is having and will continue to have on the company's
business in 2020 as a result of the social distancing measures
imposed by the government. On March 19, 2020, BK France announced
[1] that it had temporarily closed all of its restaurants,
including takeaway, drive-through and home delivery services, since
March 16, in compliance with the government order to shut down
nonessential public locations, including cafes and restaurants.

The impact of the growing spread of coronavirus on BK France's
financial and operating results is currently difficult to estimate
because of the rapid pace of negative developments, which creates
uncertainty regarding the duration and severity of containment
measures adopted by the government of France. However, the company
may choose to reopen some of its services, such as drive-through
and home delivery, before the social distancing measures are
lifted, subject to developing and implementing the appropriate
safety procedures.

Moody's estimates that BK France's leverage, measured as
Moody's-adjusted gross debt/ EBITDA, may reach 10x in 2020. The
longer the current situation lasts, the larger the impact on the
company's credit metrics. However, Moody's expects that BK France's
sales and earnings will start to recover in the second half of 2020
and will return to sustainable levels in 2021, owing to the
resilience of the fast food sector to macroeconomic slowdown and
the company's various distribution channels, including takeaway,
drive-through and home delivery, which imply limited social
interaction, mitigating potential changes in consumer behaviour.

Prior to the coronavirus outbreak, the company was strongly
positioned in the B3 rating category. BK France's financial and
operating metrics continued to improve in 2019, including a 12%
growth in systemwide sales and 17% growth in reported EBITDA, as
the company proceeded with its expansion and transformation plan,
having opened 22 Burger King restaurants and converted 29 Quick
restaurants into Burger King restaurants in 2019. As a result, BK
France's Moody's-adjusted leverage declined to 6.3x at year-end
2019 from 7.0x at year-end 2018 (excluding discontinued
operations).

Under the terms of its Master Franchise Agreement for the use of
Burger King brand in France, after 2020 the company will no longer
be able to operate Quick restaurants anywhere in the world. The
company previously planned to sell approximately 100 of its 146
Quick restaurants in the course of 2020 and convert the remaining
ones into Burger King restaurants. Moody's expects that the company
will aim to extend the timeline for operating its Quick business,
although the outcome of these efforts remains unclear at this
point.

LIQUIDITY

BK France has adequate liquidity, which will allow it to weather a
prolonged period of complete or partial shutdown of its
restaurants. As of end-March 2020, the company had approximately
EUR160 million of cash, including EUR60 million drawn under its
revolving credit facility following the restaurants closure. BK
France will have a fairly limited cash burn rate during the
shutdown, owing to its asset-light business model, whereby around
80% of its restaurants are operated by franchisees and the company
has no exposure to these restaurants' operating costs.

The company also benefits from certain government support measures,
including a temporary unemployment scheme applied for all of its
restaurant personnel. According to BK France, it has reached an
agreement with a substantial majority of its landlords to postpone
rental payments during the shutdown. Although it is currently
unclear whether these payments will ultimately be cancelled or
postponed, Moody's believes that BK France's negotiations with its
landlords will be constructive, owing to the long-term nature of
their contracts and the company's status as a large and solvent
tenant. The company's franchising model also means that rental
costs for the franchised restaurants will effectively be paid by
the franchisees, although this may happen with a time lag. BK
France's current operating expenses comprise salaries paid to a
part of its headquarters staff, as well as certain maintenance
works and service contracts. Moody's estimates the company's cash
burn rate at below EUR10 million per month.

Apart from the limited operating cash burn, the company also
benefits from fully flexible capital spending, which comprises
primarily restaurant openings, conversions and refurbishments. All
of these operations are now on hold, limiting the cash burn rate,
although postponement of these investments will result in a slower
sales and earnings growth rate than the company initially
envisaged. The company will also have to pay coupons on its notes
of EUR13.5 million in May, EUR4.1 million in August, and EUR13.5
million in November. Moody's liquidity analysis currently does not
consider the fact that the company may raise a state-guaranteed
loan for up to 25% of its 2019 revenue, as part of the support
package implemented by the government of France.

The company's RCF contains a maintenance covenant of senior secured
net leverage not exceeding 7.5x, tested when the facility is over
35% utilised. Depending on the duration and severity of social
distancing measures in France, BK France's leverage may exceed this
threshold in 2020. However, the company intends to reduce RCF
utilisation to below the testing level using its cash balances.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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

The rating action also incorporates material corporate governance
considerations related to BK France. The company is controlled by
Groupe Bertrand, one of the leading hotels and restaurant operators
in France. Moody's understands that BK France does not intend to
provide support to or receive support from other entities of this
group. Moreover, Moody's understands that BK France will not pay
dividends in 2020 to service the interest on the PIK notes issued
by an entity outside of the restricted group.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that BK France's
credit metrics will recover to levels commensurate with a B3 rating
in 2021, after a significant deterioration in 2020 on the back of a
temporary restaurant's shutdown. The stable outlook also factors in
the rating agency's expectation that BK France will maintain
adequate liquidity.

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

Moody's could consider an upgrade of BK France's ratings if its
credit metrics recover following the temporary shutdown, with
Moody's-adjusted gross debt/EBITDA decreasing below 6.5x and
Moody's-adjusted EBIT/interest expense rising above 1.5x on a
sustainable basis. An upgrade would also be conditional on greater
clarity regarding the timing and use of proceeds from the sale of
the company's remaining Quick restaurants.

Downward pressure on the ratings could arise in case of more
protracted implications of the coronavirus outbreak on the
company's financial metrics, such that its Moody's-adjusted gross
debt/EBITDA does not recover to below 7.5x in 2021. The ratings
would come under immediate negative pressure if the company's
liquidity deteriorates beyond Moody's current expectations.

LIST OF AFFECTED RATINGS

Issuer: Burger King France SAS

Affirmations:

Probability of Default Rating, Affirmed B3-PD

Corporate Family Rating, Affirmed B3

Backed Senior Secured Regular Bond/Debenture, Affirmed B3

Outlook Action:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Paris, Burger King France SAS is the
second-largest fast-food restaurant chain in France with a network
of 486 restaurants as of December 31, 2019, including 340
restaurants under the Burger King brand and 146 restaurants under
the Quick brand (of which 7 outside of France). For the year ended
December 31, 2019, the company reported systemwide sales of
EUR1,361 million, revenue of EUR588 million and EBITDA of EUR197
million (including operations presented as discontinued).



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

FLENSBURGER SCHIFFBAU: Files for Self-Administered Insolvency
-------------------------------------------------------------
Carla Wilson at Times Colonist reports that Flensburger
Schiffbau-Gesellschaft, the German company that built three
Coastal-class vessels for B.C. Ferries more than a decade ago, is
insolvent.

A B.C. Ferries official said on April 24 that the organization has
no relationship with the Flensburger Schiffbau-Gesellschaft
shipyard anymore, since the warranty period for the ships was two
years, Times Colonist relates.

Flensburger Schiffbau-Gesellschaft, which had been operating at a
loss for some time, filed for self-administered insolvency on April
24, Times Colonist relays, citing the publication NIFerry.  It said
the goal of the shipyard's filing is to permit it to start afresh,
Times Colonist notes.


LUFTHANSA: Prepares to File for Bankruptcy Amid Rescue Talks
------------------------------------------------------------
Oliver Gill at The Telegraph reports that Lufthansa, one of the
world's most powerful airlines, is preparing to file for bankruptcy
as talks intensify over an EUR8 billion (GBP7 billion) German
government rescue.  

According to The Telegraph, a potential court filing, known as
Schutzschirm, would protect Lufthansa from creditors for three
months as it restructures its finances.

The global airline industry is in turmoil after being brought to a
near-standstill from the coronavirus pandemic, The Telegraph
discloses.

The precariously placed talks came as airline bosses warned of a
"capacity crunch" that was delaying delivery of vital medical
supplies, The Telegraph notes.

"We don't have enough capacity to meet the remaining demand for air
cargo.  There is a doubling of demand for pharmaceutical shipments
that are critical to this crisis.  Governments must cut the red
tape needed to approve special flights and ensure safe and
efficient facilitation of crew," The Telegraph quotes Alexandre de
Juniac, head of trade body IATA, as saying.

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


TELE COLUMBUS: Moody's Places B3 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade Tele
Columbus AG's B3 corporate family rating, B3-PD probability of
default rating, and the B3 instrument rating on the senior secured
bank credit facilities and senior secured notes.

The review for downgrade follows the approaching maturity of its
revolving credit facility in January 2021. Since Moody's expects
the company to generate limited free cash flow in 2020, Moody's
believes the company will need to secure an extension of the RCF or
additional liquidity funds to support its liquidity profile.

"We are placing Tele Columbus' ratings on review for downgrade
because the company has not yet secured an extension of its
revolving credit facility maturing in January 2021," says Agustin
Alberti, a Moody's Vice President -- Senior Analyst and lead
analyst for Tele Columbus.

"While the company is making good progress on the turnaround plan,
and its business should be fairly resilient in the current
uncertain environment, it still generates little free cash flows,
leaving no room for underperformance if additional liquidity is not
secured," adds Mr. Alberti.

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

Moody's expects Tele Columbus' free cash flow generation to be
marginally positive in 2020 between EUR5 to EUR10 million, on the
back of lower restructuring costs, further savings from efficiency
measures, and lower capital spending. Therefore, there is limited
room for underperformance if the company is not able to secure an
extension of the RCF or additional liquidity sources. While the
company is confident that it should generate sufficient cash flows
going forward to cover its business requirements and that it can
take additional measures if needed (such as temporarily reducing
its discretionary capex), Moody's regards Tele Columbus' liquidity
risk management as aggressive, particularly in the current
uncertain environment caused by the coronavirus outbreak and the
subsequent macroeconomic impact. The company plans to update the
market on its 2020 guidance on 20 May, 2020.

Moody's expects the company's revenues (excluding low margin
construction revenues) to be broadly stable in 2020, as positive
broadband customer additions, new B2B wins and additional wholesale
revenues will compensate for the decline in basic TV customer base
and related revenues.

The rating review process will focus on (1) the ability of the
company to secure an extension of the existing RCF or additional
liquidity funds; (2) the company's expected operating performance
in the context of a weakened macroeconomic environment owing to the
coronavirus outbreak; and (3) its capacity to adapt its cost
structure and preserve cash.

Prior to the ratings review process, Moody's said that positive
pressure on the ratings could develop if (1) the company continues
to show improvement in its operating metrics, including growth in
the overall number of customers; (2) returns to sustained revenue
and EBITDA growth; and (3) maintains Moody's-adjusted gross
debt/EBITDA below 6.0x on a sustained basis and generates positive
FCF (after capital spending and dividends).

Prior to the ratings review process, Moody's said that negative
pressure could emerge if (1) Tele Columbus' Moody's-adjusted gross
debt/EBITDA leverage deteriorates and remains above 7.0x on a
sustained basis; (2) FCF remains meaningfully negative; (3) a
timely execution of the turnaround plan is unsuccessful, such that
the business fails to return to growth; or (4) the liquidity
position deteriorates.

LIQUIDITY

Tele Columbus' liquidity largely depends on the renewal and
extension of the EUR50 million RCF maturing in January 2021.

As of year-end 2019, the company had cash and cash equivalents of
EUR11.0 million. The company's RCF, which was EUR13 million drawn
as of year-end 2019, includes a maintenance financial covenant set
at 6.5x (net debt/normalised EBITDA, tested when the RCF is 35%
drawn on a quarterly basis), under which headroom will be around
10% as of year-end 2020. Besides the RCF due in January 2021, the
company does not face any debt maturities before 2023, when its
EUR75 million term loan is due.

LIST OF AFFECTED RATINGS

Issuer: Tele Columbus AG

On Review for Downgrade:

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

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

Senior Secured Bank Credit Facility, Placed on Review for
Downgrade, currently B3

Senior Secured Regular Bond/Debenture, Placed on Review for
Downgrade, currently B3

Outlook Action:

Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pay TV
published in December 2018.

COMPANY PROFILE

Tele Columbus AG is a holding company, which through its
subsidiaries offers basic cable television services (CATV), premium
TV services and, where the network is migrated and upgraded,
Internet and telephony services in Germany where it is the second
largest cable operator. The company is based in Berlin (Germany)
and reported revenue of EUR499 million and normalised EBITDA of
EUR239 million in 2019.



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I R E L A N D
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PREMIER LOTTERIES: Bank Debt Trades at 23% Discount
---------------------------------------------------
Participations in a syndicated loan under which Premier Lotteries
Ireland DAC is a borrower were trading in the secondary market
around 77 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.

The EUR255 million term loan is scheduled to mature on June 26,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Ireland.

VESEY PARK: Fitch Gives 'B-sf' Rating to Class E Notes
------------------------------------------------------
Fitch Ratings has assigned Vesey Park CLO DAC the following
ratings.

Vesey Park CLO DAC      

  - Class X; LT AAAsf; New Rating

  - Class A-1; LT AAAsf; New Rating

  - Class A-2A; LT AAsf; New Rating

  - Class A-2B; LT AAsf; New Rating

  - Class B; LT Asf; New Rating

  - Class C; LT BBB-sf; New Rating

  - Class D; LT BB-sf; New Rating

  - Class E; LT B-sf; New Rating

  - Subordinated; LT NRsf; New Rating

TRANSACTION SUMMARY

Vesey Park CLO DAC is a cash flow collateralized loan obligation.

Net proceeds from the issuance of the notes have been used to
purchase a portfolio of EUR400 million of mostly European leveraged
loans and bonds. The portfolio is actively managed by
Blackstone/GSO Debt Funds Management Europe Limited. The CLO
envisages a 4.5-year reinvestment period and an 8.5 year weighted
average life.

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
identified portfolio is 32.84.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favorable than for second-lien, unsecured and mezzanine assets. The
Fitch-weighted average recovery rate of the identified portfolio is
65.53%.

Limited Interest Rate Exposure

Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 3.75% of the target par.
Fitch modelled both 0% and 10% fixed-rate buckets and found that
the rated notes can withstand the interest-rate mismatch associated
with each scenario.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors for
assigning the ratings is 20% of the portfolio balance. The
transaction also includes limits on maximum industry exposure based
on Fitch's industry definitions. The maximum exposure to the
three-largest (Fitch-defined) industries in the portfolio is
covenanted at 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

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.

Coronavirus Impact Analysis: Fitch has analyzed the warehouse
portfolio, which includes EUR396 million of assets. Fitch has
identified the following sectors with the highest exposure to the
impact of the coronavirus: automobiles, transportation and
distribution (airline and shipping related); gaming and leisure and
entertainment; retail, lodging and restaurants; metal and mining;
energy, oil and gas; and aerospace and defense (airline related).
The total portfolio exposure to these sectors is EUR53million
(13.4%).

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:

A 25% default multiplier applied to the portfolio's mean default
rate, and with this subtracted from all rating default levels, and
a 25% increase of the recovery rate at all rating recovery levels,
would lead to an upgrade of up to five notches for the rated notes,
except for class X and A where the notes' ratings are at the
highest level on Fitch's scale and cannot be upgraded.

The transaction features 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:

A 125% default multiplier applied to the portfolio's mean default
rate, and with the increase added to all rating default levels, and
a 25% decrease of the recovery rate at all rating recovery levels,
would lead to a downgrade of up to five notches for the rated
notes

Downgrades may occur if the built 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 COVID-19 crisis for other vulnerable
sectors become apparent, loan ratings in such sectors would also
come under pressure. Fitch will update the sensitivity scenarios in
line with the view of Fitch Leveraged Finance team.

Coronavirus Impact Analysis: Fitch has analyzed the warehouse
portfolio, which includes EUR396 million of assets. Fitch has
identified the following sectors with the highest exposure to the
impact of the coronavirus: automobiles, transportation and
distribution (airline and shipping related); gaming and leisure and
entertainment; retail, lodging and restaurants; metal and mining;
energy, oil and gas; and aerospace and defense (airline related).
The total portfolio exposure to these sectors is EUR53million
(13.4%).

The transaction was also 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 include the front-, mid- and back-loaded default
timing scenarios as outlined in the agency's criteria. Fitch gave
credit to the manager's ability to build par in the current
environment in its analysis, by modelling an increased aggregate
collateral balance. The negative migration of the portfolio
modelled in the coronavirus stress was offset by the par built and
all notes passed with a small cushion.

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 the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

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.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms that are disclosed in the offering document
and which relate to the underlying asset pool was not prepared for
this transaction. Offering Documents for this market sector
typically do not include RW&Es that are available to investors and
that relate to the asset pool underlying the trust. Therefore,
Fitch credit reports for this market sector will not typically
include descriptions of RW&Es. For further information, please see
Fitch's Special Report titled 'Representations, Warranties and
Enforcement Mechanisms in Global Structured Finance Transactions'.



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

ARTSANA GROUP/THE: Bank Debt Trades at 20% Discount
---------------------------------------------------
Participations in a syndicated loan under which Artsana Group/The
is a borrower were trading in the secondary market around 80
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR250 million term loan is scheduled to mature on June 16,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Italy.

COMDATA SPA/VIA: Bank Debt Trades at 36% Discount
-------------------------------------------------
Participations in a syndicated loan under which Comdata SpA/Via
Caboto is a borrower were trading in the secondary market around 64
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR355 million term loan is scheduled to mature on May 30,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Italy.

CONCERIA PASUBIO: Bank Debt Trades at 16% Discount
--------------------------------------------------
Participations in a syndicated loan under which Conceria Pasubio
SpA is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR110 million term loan is scheduled to mature on June 23,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Italy.

STIGA SPA: Bank Debt Trades at 23% Discount
-------------------------------------------
Participations in a syndicated loan under which Stiga SpA is a
borrower were trading in the secondary market around 77
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR230 million term loan is scheduled to mature on August 26,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Italy.



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

ADB SAFEGATE: Bank Debt Trades at 31% Discount
----------------------------------------------
Participations in a syndicated loan under which ADB Safegate
Luxembourg 2 Sarl is a borrower were trading in the secondary
market around 69 cents-on-the-dollar during the week ended Fri.,
April 24, 2020, according to Bloomberg's Evaluated Pricing service
data.

The EUR344 million term loan is scheduled to mature on October 2,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

ADB SAFEGATE: Bank Debt Trades at 32% Discount
----------------------------------------------
Participations in a syndicated loan under which ADB Safegate
Luxembourg 2 Sarl is a borrower were trading in the secondary
market around 68 cents-on-the-dollar during the week ended Fri.,
April 24, 2020, according to Bloomberg's Evaluated Pricing service
data.

The USD145 million term loan is scheduled to mature on October 2,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

AI MISTRAL: Bank Debt Trades at 32% Discount
--------------------------------------------
Participations in a syndicated loan under which AI Mistral
Luxembourg Subco Sarl is a borrower were trading in the secondary
market around 68 cents-on-the-dollar during the week ended Fri.,
April 24, 2020, according to Bloomberg's Evaluated Pricing service
data.

The USD515 million term loan is scheduled to mature on March 9,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

ALPHA GROUP: Bank Debt Trades at 32% Discount
---------------------------------------------
Participations in a syndicated loan under which Alpha Group Sarl is
a borrower were trading in the secondary market around 68
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR300 million term loan is scheduled to mature on January 29,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

ARCHROMA FINANCE: 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 24, 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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

ARENA LUXEMBOURG: Moody's Cuts CFR to B1 & Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Investors Service has downgraded Arena Luxembourg
Investments S.a.r.l.'s corporate family rating and probability of
default rating to B1 and B1-PD from Ba3 and Ba3-PD, respectively.
In addition, Moody's has downgraded to B1 from Ba3 the rating of
the senior secured note issued by Arena Luxembourg Finance
S.a.r.l., the financing conduit of Arena. The Notes have a loss
given default assessment of LGD4. The company is indirectly owned
by Macquarie European Infrastructure Fund 5 and other minority
investors and the ratings primarily reflect the credit quality of
its main operating subsidiary Empark Aparcamientos y Servicios S.A.
The outlook was changed to negative from stable.

RATINGS RATIONALE

The downgrade of Arena's ratings to B1 reflects Moody's expectation
that the increase in leverage that will result from the material
loss of revenues and deterioration in operating performance in 2020
will lead to credit metrics no longer commensurate with its
guidance for the Ba3 rating over the foreseeable future. The
negative outlook takes account of the large uncertainties around
the timing and scope of a traffic recovery and the consequent risk
that financial metrics will not recover to levels commensurate with
a B1 rating.

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, falling oil prices and asset
price declines are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented.

The car park operating industry has been one of the sectors most
significantly affected by the shock notably because of its exposure
to mobility restrictions. Arena also remains vulnerable to
confinement and travel restriction measures should these remain in
place beyond the second quarter of 2020, although this is not
currently Moody's current base case. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Moody's expects that the company's consolidated funds from
operations (FFO)/debt ratio will fall to below 7% over the next
eighteen months while Moody's adjusted debt/EBITDA will increase to
above 9.0x. Subject to the length of the confinement measures and
travel restrictions as well as the level of deterioration of the
economic environment affecting consumer spending in Spain and
Portugal, it is unlikely that Arena's key credit metrics recover to
pre-crisis levels at least until 2022.

Moody's expects a material decline in Arena's traffic volumes
through the second quarter of 2020 due to confinement measures and
travel restrictions across Iberia. The agency currently assumes
that the decline in Arena's off-street volumes will translate into
a reduction of consolidated revenue of at least 20% in the calendar
year ending 2020. Government measures and other initiatives
promptly undertaken by the company, including the enforcement of
its rights under the concession agreements, will help reduce
Arena's cost base.

Notwithstanding the significantly reduced cash flow over at least
the next few weeks, Arena remains a relevant infrastructure
provider with potential for recovery once the coronavirus outbreak
and its effects have been contained.

The B1 CFR continues to reflect 1) the long track record of
operations and Arena's well-established position as a leading car
park operator in Spain and Portugal; (2) the strategic location of
Empark's assets, which somewhat mitigates competitive threats and
demand risk; (3) a significant number of long-term off-street
concessions which accounted for around 83% of the group's
consolidated EBITDA in 2018 and which provide a degree of
medium-term visibility for the group's future cash flow generation;
(4) a track record of strict cost controls implemented by the
management, which have historically enabled the company to maintain
a relatively stable recurring EBITDA and (5) the positive operating
track record prior to the current coronavirus crises, as evidenced
by like-for-like off-street revenue growing annually at around 4%
between 2017-2019.

The CFR is, however, susceptible to downside risks linked to the
consequences of the coronavirus outbreak which results in
significant uncertainty over Arena's recovery prospects. In
addition, the CFR is constrained by (1) the high financial leverage
of the consolidated Arena group, with a pro-forma Moody's-adjusted
debt/EBITDA expected to be at least above 9.0x over the next two
years; (2) the execution risks inherent in the delivery of the
company's multiyear business plan; (3) the renewal risk associated
with Empark's maturing concessions and contracts; (4) the
competitive and fragmented nature of the car parking sector in
Iberia; and (5) Empark's relatively small size and limited
geographic diversification.

The negative outlook reflects Arena's rising credit risks due to
the sharp decline in volumes as a result of the implementation of
travel restrictions and confinement measures in Spain and Portugal.
Furthermore, the outlook reflects a great uncertainty around the
timing and depth of volume rebound prospects.

LIQUIDITY AND DEBT COVENANTS

Arena's liquidity position is adequate. As of 31 March 2020, Arena
had around EUR30 million of available cash. In addition, the
company has drawn the full amount of its available EUR100 million
revolving credit facility due in 2026. Arena's major debt
maturities relate to the EUR100 million floating rate notes due in
2027 and the EUR475 million fixed rate notes due in 2028. Hence,
Arena does not face any substantial debt maturity until 2026 and
Moody's expects that the company will be able to cover upcoming
interest expense and other obligations with its available resources
taking into account the company's initiatives to reduce its
operating and capital spending at least for 2020.

The company is subject to one springing financial covenant, a net
consolidated debt/EBITDA ratio, tested quarterly if the RCF is 40%
drawn. Arena shall ensure that the ratio is no more than 12x at
each calculation date. However, the financial covenant only acts as
a drawstop to new drawings under the RCF and, if breached, will not
trigger an event of default under the RCF. Given Arena drew the
full amount available under the RCF in March 2020, the drawstop
condition will only apply to future drawdowns in case of prepayment
of some of the outstanding amounts.

STRUCTURAL CONSIDERATIONS

The B1 rating of the senior secured notes issued by Arena Finance
is in line with Arena's B1 CFR. This reflects the upstream
guarantees and share pledges from material subsidiaries of the
group. The B1 rating also takes into account the presence of the
relatively small super senior RCF ranking ahead in the event of
enforcement and the pari-passu ranking with other liabilities in
the structure, such as trade payables. Accordingly, Moody's loss
given default estimate for the rated notes is LGD4.

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

The outlook on Arena's ratings could move to stable in the scenario
of a sustainable improvement in the operating environment and
revenue recovery such that Arena is able to maintain a Moody's
adjusted Debt to EBITDA ratio of between 8.0x and 8.5x and an FFO
to Debt ratio of between 6% and 7% on a sustained basis.

Conversely, Arena's ratings could be downgraded if Arena's Moody's
adjusted Debt to EBITDA ratio would likely remain above 8.5x and
the FFO to Debt ratio below 6% over the medium term. This could
result from an extension of mobility restrictions or a weaker than
anticipated recovery in demand for parking services. A
deterioration of Arena's liquidity profile would exert negative
pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Toll Roads published in October 2017.
LIST OF AFFECTED RATINGS:

Downgrades:

Issuer: Arena Luxembourg Finance S.a r.l.

BACKED Senior Secured Regular Bond/Debenture, Downgraded to B1 from
Ba3

Issuer: Arena Luxembourg Investments S.a r.l.

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

Corporate Family Rating, Downgraded to B1 from Ba3

Outlook Actions:

Issuer: Arena Luxembourg Finance S.a r.l.

Outlook, Changed To Negative From Stable

Issuer: Arena Luxembourg Investments S.a r.l.

Outlook, Changed To Negative From Stable

COMPANY PROFILE

Arena is the parent company of Empark, which is the largest car
parking operator in the Iberian Peninsula with a consolidated
portfolio of more than 403 contracts in almost 145 municipalities.
The group's major geographic focus is Spain and Portugal, where it
generated some 70% and 30% of EBITDA, respectively, in the twelve
months ended September 30, 2019. On the same date, Empark reported
around EUR196 million of adjusted revenue and EUR90 million of
adjusted EBITDA.

ASTON FINCO: Bank Debt Trades at 16% Discount
---------------------------------------------
Participations in a syndicated loan under which Aston Finco Sarl is
a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP285 million term loan is scheduled to mature on October 9,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

AZELIS FINANCE: Bank Debt Trades at 18% Discount
------------------------------------------------
Participations in a syndicated loan under which Azelis Finance Sarl
is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR710 million term loan is scheduled to mature on November 7,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

BERING III: Bank Debt Trades at 22% Discount
--------------------------------------------
Participations in a syndicated loan under which Bering III Sarl is
a borrower were trading in the secondary market around 78
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR164 million term loan is scheduled to mature on November 30,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

BERING III: Moody's Cuts CFR to Caa1, Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating of Bering III S.a.r.l., the parent company
of Spanish fishing company Grupo Iberica de Congelados, S.A.
Concurrently, Moody's has downgraded to Caa1-PD from B3-PD the
company's probability of default rating and to Caa1 from B3 the
senior secured rating on the EUR310 million 1st lien term loan B
(B1 & B2) facility due 2024 and on the EUR75 million Revolving
Credit Facility due 2024 (together the senior secured facility)
raised by Bering III. The outlook has been changed to stable from
under review.

This concludes the review that was initiated on November 21, 2019
when the company's rating was downgraded and placed on review for
further downgrade following the downgrade and review process of the
rating on the Government of Argentina.

The downgrade of Iberconsa to Caa1 reflects the company's reliance
on its operations in Argentina, where it sources around 69% of its
catches, and follows the April 3, 2020 downgrade of the Government
of Argentina's bond rating to Ca from Caa2 and of its long-term
foreign-currency bond ceiling to Caa3 from Caa1, with the outlook
changed to negative from ratings under review.

Moody's views the company's reliance on activities in Argentina as
substantial and its downgrade reflects the deteriorated
macroeconomic environment in Argentina. The downgrade takes into
account the large share of catches in the country, but also
acknowledges that Iberconsa is incorporated in Spain, has basically
no debt in Argentina and has a track record of managing previous
crises in Argentina.

RATINGS RATIONALE

The downgrade of Iberconsa follows the downgrade of the Government
of Argentina's rating and reflects Moody's view that the
creditworthiness of the company cannot be completely de-linked from
the credit quality of the Argentine government. Moody's believes
that a weaker sovereign has the potential to create a drag on the
credit profile of companies operating within its borders.

With a leverage of around 6.5x in 2019, and a weak liquidity
profile, Iberconsa was already weakly positioned in the previous B3
rating category. Although Iberconsa has been relatively immune so
far to the difficult economic environment in Argentina, Moody's
views its rating as exposed to potential decisions by the
Argentinian government that could affect its business. This is
because of the large exposure of Iberconsa's profit and cash
generation to assets and operations located in the country. The
current Caa1 rating recognises nonetheless that Iberconsa has
basically no local debt in Argentina, is incorporated in Spain,
collects its cash in Spain before transferring the cash needs to
its Argentinian subsidiary and mainly sells its products in hard
currencies, which protects Iberconsa to a large extent from the
risk of moratorium on its financial liabilities or difficulties in
sourcing hard currencies.

The company sources around 69% of its catches from Argentina and
most of these are then processed or shipped from Argentinian
facilities. Furthermore, the company's Argentinian shrimps
business, which represents more than half of its profit, requires a
higher level of inland processing. In addition, although Moody's
believes that the current regulatory regime is favourable to the
company and recognises some recent positive developments, the
rating agency cannot exclude that more adverse rules or taxes might
be put in place by the government which could result in lower cash
generation for the company.

Despite the company's operating performance in 2019 was below
Moody's expectations, mainly due to some difficulties in its
important shrimp business, the rating agency expects the company to
maintain a financial leverage adequate to guarantee the
sustainability of its capital structure. Moody's expects Iberconsa
to be only moderately affected by the current coronavirus outbreak
as despite the lockdown in Spain, its main European plant has been
operating as usual and it has experienced good demand level so far.
In addition, the current low oil prices might also reduce the
company's operating costs. Moody's cannot exclude, however, that
the prolonged lockdown across Europe and potential disruptions in
the supply chain and logistic activities might impact the company's
European operations.

In this context, the company's sales to the Horeca channel (hotel,
restaurant and catering) represent a quarter of its revenues and
these volumes are likely to be severely affected by the current
lockdown across Europe. At the same time, however, some of the lost
sales to the Horeca segment are moving to the retail channel where
the company is currently experiencing strong growth rates.

The rating agency anticipates the company's financial leverage, on
a Moody's adjusted gross debt to EBITDA basis, was around 6.5x at
year end 2019, and expects it to remain around these levels during
2020. However, this ratio is exposed to event risk related to
potential disruption because of the coronavirus outbreak or any
potential adverse rules on the sector that the Argentinian
government may take.

LIQUIDITY

Iberconsa's liquidity has deteriorated in light of weaker than
expected free cash flow generation in 2019, higher than expected
drawings under its EUR75 million RCF and reduction in the company's
financial covenants headroom. Moody's understands that as of March
2020, the company has drawn EUR57.5 million out of its EUR75
million revolving credit facility, while inventory build-up
requirements are substantial during the third quarter of the year.
Although Moody's expects covenant headroom to deteriorate during
the second and third quarters of 2020, the rating agency also
recognizes that the company has some flexibility to reduce capex if
needed. Over the next 12 months, however, the company will have to
pay some installments related to new vessels under construction and
to the deferred consideration related to the acquisition of
Valastro in 2019, for a total of approximately EUR20 million.

STRUCTURAL CONSIDERATIONS

The Caa1 ratings on the EUR310 million term loans and EUR75 million
RCF, in line with the CFR, reflect the fact that the senior bank
facility represents most of the group's debt and that the two
instruments rank pari passu and share the same guarantee and
security package. Moody's expects a standard 50% recovery rate and
considers the structure all unsecured because it benefits mainly
from share pledges. Moody's assessment of Iberconsa's capital
structure includes a EUR50 million vendor loan, which is outside of
the restricted group but pays a cash coupon. The rating agency also
notes that a large portion of the company's vessels is
unencumbered, which strengthens the potential recovery rate for
senior creditors.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook recognises a degree of de-linkage between the
rating of Iberconsa and that of the Government of Argentina and
reflects Moody's view that the company should only be moderately
affected by the current Coronavirus outbreak and maintain credit
metrics that will be positioned reasonably well for a Caa1 rating.

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

Iberconsa's rating could be lowered (1) in case the Argentinian
government would take measures affecting Iberconsa's operating
environment; (2) if the company's operating performance and free
cash flow generation deteriorates beyond Moody's expectations; (3)
the company implements a more aggressive financial policy that
leads to a permanent deterioration in credit metrics; or (4) its
liquidity profile weakens.

The current negative outlook and country ceiling of Argentina
limits upside potential on the rating. However, positive rating
pressure could materialise in case of (1) a long track record of
stable operating margins and proven ability to weather potential
market price volatility; (2) a Moody's adjusted debt to EBITDA
remaining below 6.5x on a sustainable basis; and (3) sustained free
cash flow generation together with an improved liquidity profile,
including more flexibility under financial covenants.

LIST OF AFFECTED RATINGS

Issuer: Bering III S.a r.l.

Downgrades (previously on review for downgrade):

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

Corporate Family Rating, Downgraded to Caa1 from B3

Senior Secured Bank Credit Facilities, Downgraded to Caa1 from B3

Outlook Action:

Outlook, Changed To Stable From Rating Under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Protein and
Agriculture published in May 2019.

COMPANY PROFILE

Bering III, headquartered in Luxemburg, is the parent company of
Grupo Iberica de Congelados, S.A. (Iberconsa), incorporated in
Spain. Iberconsa's main activity is to catch, process and
distribute frozen hakes, shrimps and squid. The company fishes in
Argentina, Namibia and South Africa, freezes its catches directly
on its vessels or in some production facilities in Argentina or
Namibia and distributes its product mainly across Europe,
particularly in Spain, Italy and Portugal and across Asia, mainly
in China and Japan. In 2018, the company reported revenues and
EBITDA of EUR344 million and EUR70 million, respectively. These
stood at EUR358.9 million and EUR80.4 million as of June 2019 on a
last twelve-month basis.

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 24, 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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

CCP LUX: Bank Debt Trades at 20% Discount
-----------------------------------------
Participations in a syndicated loan under which CCP Lux Holding
Sarl is a borrower were trading in the secondary market around 80
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR327 million term loan is scheduled to mature on February 8,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

EVERGREEN SKILLS: Bank Debt Trades at 35% Discount
--------------------------------------------------
Participations in a syndicated loan under which Evergreen Skills
Lux Sarl is a borrower were trading in the secondary market around
65 cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD1365 million term loan is scheduled to mature on April 28,
2021.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

EVERGREEN SKILLS: Bank Debt Trades at 83% Discount
--------------------------------------------------
Participations in a syndicated loan under which Evergreen Skills
Lux Sarl is a borrower were trading in the secondary market around
17 cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD670 million term loan is scheduled to mature on April 28,
2022.  As of April 24, 2020, the full amount has been drawn and is
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 24,
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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

LSF10 EDILIANS: Moody's Cuts CFR to B2 & Alters Outlook to Neg.
---------------------------------------------------------------
Moody's Investors Service has downgraded LSF10 Edilians Investments
S.a r.l.'s corporate family rating and Probability of Default
rating to B2 and B2-PD from B1 and B1-PD, respectively.
Concurrently Moody's has downgraded the instruments' ratings on its
EUR500 million senior secured 1st lien term loan B2 and its EUR90
million senior secured 1st lien revolving credit facility to B2
from B1. The rating on the EUR100 million senior secured 2nd lien
term loan B was also downgraded to Caa1 from B3. The outlook
changed to negative from stable.

"The downgrade of Edilians' ratings reflects the deterioration in
the operating environment for European building materials
producers. Accordingly, Moody's expects that Edilians' leverage,
which was already high for its former B1 rating will not gradually
decline over the next 12 to 18 months but rather increase with an
uncertain pace of recovery in 2021, " says Ana Luz Silva, a Moody's
Assistant Vice President-Analyst and lead analyst for Edilians.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Amid the expected
economic contraction in 2020, Moody's anticipates a substantial
deterioration in the operating conditions of the building materials
industry due to its cyclical nature and sensitivity to consumer
demand and sentiment. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety.

The downgrade of Edilians CFR to B2 reflects that deleveraging
prospects for this company have materially deteriorated following
the economic disruption caused by Covid-19. Moody's expects
weakening of credit metrics and free cash flow generation because
of the lower revenue generation in 2020 driven by the lockdown and
business interruptions in its main country of operations France.

The outlook of the European building materials industry was revised
from stable to negative as the major European economies are
entering a recession and unemployment prospects rise. Accordingly,
Moody's expects knock-on effects on the demand for building
materials, in both new-built and renovation markets. This could put
a greater strain on Edilians' credit metrics through 2021.

The company's very strong and historically stable market position
in the French roofing market, protected by high barriers to entry
as well as its best in class profitability are credit strengths
that will help Edilians to navigate through these turbulent market
conditions.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's view that the market
environment will remain challenging amid uncertainty around how
long economic activity will remain disrupted and the market
backdrop afterwards. Accordingly, Moody's expects that Moody's
adjusted debt to EBITDA remains well above 5x over the next 12 to
18 months.

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

  - Upward rating pressure is unlikely at this point given the
negative outlook but could arise if Debt/EBITDA would drop
sustainably below 5.0x and FCF/debt would increase to double digit
in percentage terms. A higher rating would also require the
recovery of operating margins to the historically high levels.

  - Conversely, negative pressure on the rating would arise if
Debt/EBITDA would increase sustainably above 6.0x, operating
margins would decline steeply and FCF generation would turn
negative, leading to a deterioration of Edilian's liquidity
profile.

LIQUIDITY

Despite weaker cash flow generation expected in 2020, Edilian's
liquidity is adequate for now, backed by around EUR109 million cash
on balance sheet, which includes the full utilization of its EUR90
million senior secured RCF. This is expected to adequately cover
maintenance capex and debt interest payments. For funding
short-term working capital swings, Edilians has access to factoring
lines. Moody's understands that the company could also take
additional measures to preserve cash flows such as reducing project
capital spending throughout 2020 and 2021.

Its liquidity assessment also considers the covenant lite structure
of the bank debt with a springing covenant on the revolving credit
facility, to be only tested if the revolver is drawn more than 40%
and with a test level of maximum 6.64x net leverage. Covenant
headroom will tighten materially over the coming months and
covenants may be breached, depending on the severity of current
disruptions.

STRUCTURAL CONSIDERATIONS

Edilians' capital structure includes a EUR500 million senior
secured 1st lien term loan B2 and EUR90 million senior secured 1st
lien revolving credit facility, guaranteed by material subsidiaries
representing at least 80% of consolidated EBITDA. The security
package includes share pledges over the shares of LSF10 Edilians
Investments S.a r.l. and operating subsidiaries accounting for at
least 80% of group consolidated EBITDA.

The senior secured EUR100 million 2nd lien term loan B debt will
have access to the same security package as 1st lien lenders but
their claim will be junior to 1st lien lenders. LSF10 Edilians
Investments S.a r.l and operating subsidiaries will guarantee both
the 1st lien and 2nd lien debt.

Both the senior secured 1st lien term loan B and the revolving
credit facility will rank pari passu.

Moody's assumes a standard recovery rate of 50%, which reflects
both the presence of a 2nd lien debt instrument in the capital
structure and the covenant lite nature of the loan documentation.

PARADOCS HOLDING: Bank Debt Trades at 19% Discount
--------------------------------------------------
Participations in a syndicated loan under which Paradocs Holding
Sarl is a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR245 million term loan is scheduled to mature on March 22,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

SK INVICTUS: Bank Debt Trades at 24% Discount
---------------------------------------------
Participations in a syndicated loan under which SK Invictus
Intermediate II Sarl is a borrower were trading in the secondary
market around 76 cents-on-the-dollar during the week ended Fri.,
April 24, 2020, according to Bloomberg's Evaluated Pricing service
data.

The USD170 million term loan is scheduled to mature on March 28,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

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 24, 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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

TI LUXEMBOURG: Bank Debt Trades at 18% Discount
-----------------------------------------------
Participations in a syndicated loan under which TI Luxembourg SA is
a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD81 million term loan is scheduled to mature on February 14,
2025.  As of April 24, 2020, the full amount has been drawn and is
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 24,
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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.

TRAVELPORT FINANCE: Bank Debt Trades at 62% Discount
----------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 38 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.

The USD500 million term loan is scheduled to mature on May 30,
2027.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Luxembourg.




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

BME GROUP: Bank Debt Trades at 22% Discount
-------------------------------------------
Participations in a syndicated loan under which BME Group Holding
BV is a borrower were trading in the secondary market around 78
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR280 million term loan is scheduled to mature on November 1,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

BRIGHT BIDCO: Bank Debt Trades at 69% Discount
----------------------------------------------
Participations in a syndicated loan under which Bright Bidco BV is
a borrower were trading in the secondary market around 31
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD1683 million term loan is scheduled to mature on June 30,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

CALDIC INVESTMENTS: Bank Debt Trades at 25% Discount
----------------------------------------------------
Participations in a syndicated loan under which Caldic Investments
BV is a borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR84 million term loan is scheduled to mature on July 18,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

CEVA LOGISTICS: Bank Debt Trades at 54% Discount
------------------------------------------------
Participations in a syndicated loan under which CEVA Logistics
Finance BV is a borrower were trading in the secondary market
around 46 cents-on-the-dollar during the week ended Fri., April 24,
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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

COLUMBUS FINANCE: Bank Debt Trades at 26% Discount
--------------------------------------------------
Participations in a syndicated loan under which Columbus Finance BV
is a borrower were trading in the secondary market around 74
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR238 million term loan is scheduled to mature on July 5,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

FLAMINGO GROUP: Bank Debt Trades at 35% Discount
------------------------------------------------
Participations in a syndicated loan under which Flamingo Group
International Ltd is a borrower were trading in the secondary
market around 65 cents-on-the-dollar during the week ended Fri.,
April 24, 2020, according to Bloomberg's Evaluated Pricing service
data.

The EUR280 million term loan is scheduled to mature on February 7,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

HKM BIDCO: Bank Debt Trades at 24% Discount
-------------------------------------------
Participations in a syndicated loan under which HKM Bidco BV is a
borrower were trading in the secondary market around 76
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR280 million term loan is scheduled to mature on February 10,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

IGNITION MIDCO: Bank Debt Trades at 24% Discount
------------------------------------------------
Participations in a syndicated loan under which Ignition Midco BV
is a borrower were trading in the secondary market around 76
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR325 million term loan is scheduled to mature on July 4,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

INTERNATIONAL PARK: Bank Debt Trades at 22% Discount
----------------------------------------------------
Participations in a syndicated loan under which International Park
Holdings BV is a borrower were trading in the secondary market
around 78 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.

The EUR620 million term loan is scheduled to mature on June 14,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

INTERTRUST GROUP: Bank Debt Trades at 16% Discount
--------------------------------------------------
Participations in a syndicated loan under which Intertrust Group BV
is a borrower were trading in the secondary market around 85
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD200 million term loan is scheduled to mature on November 7,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

KETER GROUP: Bank Debt Trades at 25% Discount
---------------------------------------------
Participations in a syndicated loan under which Keter Group BV is a
borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR690 million term loan is scheduled to mature on October 1,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

KETER GROUP: Bank Debt Trades at 26% Discount
---------------------------------------------
Participations in a syndicated loan under which Keter Group BV is a
borrower were trading in the secondary market around 74
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR89 million term loan is scheduled to mature on October 31,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

PROPHYLAXIS BV: Bank Debt Trades at 49% Discount
------------------------------------------------
Participations in a syndicated loan under which Prophylaxis BV is a
borrower were trading in the secondary market around 51
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR268 million term loan is scheduled to mature on May 30,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

ROUGE BEACHHOUSE: Bank Debt Trades at 18% Discount
--------------------------------------------------
Participations in a syndicated loan under which Rouge Beachhouse BV
is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR266 million term loan is scheduled to mature on August 1,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

SAPPHIRE BIDCO: Bank Debt Trades at 29% Discount
------------------------------------------------
Participations in a syndicated loan under which Sapphire Bidco BV
is a borrower were trading in the secondary market around 71
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR200 million term loan is scheduled to mature on June 8,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

STAGE ENTERTAINMENT: Bank Debt Trades at 23% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Stage Entertainment
BV is a borrower were trading in the secondary market around 77
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR335 million term loan is scheduled to mature on May 2, 2026.
As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

STIPHOUT FINANCE: Bank Debt Trades at 18% Discount
--------------------------------------------------
Participations in a syndicated loan under which Stiphout Finance BV
is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR423 million term loan is scheduled to mature on October 26,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

SYNCREON GROUP: Bank Debt Trades at 29% Discount
------------------------------------------------
Participations in a syndicated loan under which Syncreon Group BV
is a borrower were trading in the secondary market around 71
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD225 million term loan is scheduled to mature on April 1,
2025.  As of April 24, 2020, the full amount has been drawn and is
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 24, 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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Netherlands.

VAN DIJK: Bank Debt Trades at 16% Discount
------------------------------------------
Participations in a syndicated loan under which Van Dijk Educatie
BV is a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR100 million term loan is scheduled to mature on September
24, 2023.  As of April 24, 2020, the full amount has been drawn and
is outstanding.

The Company's country of domicile is Netherlands.



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

HURTIGRUTEN GROUP: Bank Debt Trades at 32% Discount
---------------------------------------------------
Participations in a syndicated loan under which Hurtigruten Group
AS is a borrower were trading in the secondary market around 68
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR655 million term loan is scheduled to mature on February 22,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Norway.

NORWEGIAN AIR: Bulk of Fleet to Remain Grounded for Next 12 Mos.
----------------------------------------------------------------
Richard Milne at The Financial Times reports that Norwegian Air
Shuttle has warned that the bulk of its fleet is likely to remain
grounded for the next 12 months and that a full recovery would not
take place until 2022, laying bare the scale of the crisis
engulfing the airline industry.

As part of a planned US$1.2 billion debt-for-equity swap to try to
ensure the low-cost airline's survival, Norwegian said on April 27
that its base case was that its fleet would remain fully grounded
until April 2021, apart from the seven aircraft currently flying in
Norway, the FT relates.

It would then begin a gradual ramp-up of both its European
short-haul and long-haul operations to the US and Asia over the
rest of 2021 before normal activity returns in January 2022, the FT
discloses.

As well as its base case of a full recovery in 2022, the airline
added two other scenarios: an early recovery starting in the third
quarter of this year, with short-haul back to normal in the third
quarter of 2021 and long haul in 2022; and a sustained grounding of
its fleet under which its cash would run out in six to nine months,
the FT notes.

According to the FT, airline executives have warned that their
industry is facing its worst crisis because of the pandemic, which
has brought flying to a near halt.

Norwegian, one of the most leveraged airlines in the world, has
been fighting for survival for the past two years, during which
time it has held three emergency rights issues and watched its
share price plunge 97%, the FT relays.

Norwegian warned its existing shareholders on April 27 that they
would be all but wiped out by its debt-for-equity swap and a fourth
rights issue, the FT recounts.

The restructuring is part of Norwegian's attempt to unlock NOK2.7
billion of loan guarantees from the government to rescue the
airline, the FT states.


PGS ASA: Bank Debt Trades at 37% Discount
-----------------------------------------
Participations in a syndicated loan under which PGS ASA is a
borrower were trading in the secondary market around 63
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD523 million term loan is scheduled to mature on March 19,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Norway.



===============
P O R T U G A L
===============

LOGOPLASTE GROUP: Bank Debt Trades at 20% Discount
--------------------------------------------------
Participations in a syndicated loan under which Logoplaste Group
Sarl is a borrower were trading in the secondary market around 80
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR205 million term loan is scheduled to mature on October 31,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Portugal.

LUSOVENTO HOLDING: Bank Debt Trades at 20% Discount
---------------------------------------------------
Participations in a syndicated loan under which Lusovento Holding
Sociedade Unipessoal Lda is a borrower were trading in the
secondary market around 80 cents-on-the-dollar during the week
ended Fri., April 24, 2020, according to Bloomberg's Evaluated
Pricing service data.

The EUR144 million term loan is scheduled to mature on October 9,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Portugal.



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

SUEK JSC: Moody's Affirms Ba2 CFR,  Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating and Ba2-PD probability of default rating of SUEK JSC as well
as the Ba2 ratings assigned to the senior unsecured bonds issued by
SUEK Finance, a Russia-domiciled wholly owned subsidiary of SUEK.
The outlook on SUEK and SUEK Finance has been changed to negative
from stable.

RATINGS RATIONALE

Average steam coal prices in the Pacific and Atlantic basins, as
measured by Australia Newcastle and API2 benchmarks, fell in 2019
to $78/tonne and $61/tonne from $107/tonne and $92/tonne in 2018,
respectively. Prices adjusted downward from these averages further
in 2020. Moody's expects a very challenging year for the coal
industry in 2020. The decline has been caused by falling gas
prices, warmer weather in northeast Asia, increased nuclear
generation in Japan and South Korea, stable coal supply and high
coal and gas stocks in Europe. Based on the assumption of average
steam coal prices in the Pacific and Atlantic basins of $65/tonne
and $55/tonne, respectively, and exchange rate of 70 roubles per US
dollar, Moody's expects that SUEK's EBITDA will amount to $1.9
billion in 2020 - down from $2.1 billion in 2019 and $2.8 billion
in 2018, which will keep the leverage, as measured by
Moody's-adjusted debt/EBITDA, at about 3.7x as of year-end 2020,
above the agency's trigger for downgrade of 3.0x.

SUEK's leverage, as measured by Moody's-adjusted debt/EBITDA
increased to 3.8x at the end of 2019 from 2.5x a year earlier
(2017: 2.4x), driven primarily by the decrease in the company's
Moody's-adjusted EBITDA by 23% to around $2.1 billion in 2019 due
to lower seaborne thermal coal prices amid higher debt following
recognition of lease liability under new IFRS 16 standard and M&A
transactions in 2018-19 related to acquisition of energy generation
and railcar businesses. In 2018, the company bought Siberian
Generating Company for $1.9 billion from the company's common
shareholder (installed electricity capacity of about 10.9
gigawatts) consolidating about $1.6 billion of SGC's debt. In 2019,
SUEK bought Reftinskaya GRES (installed capacity of 3.8 GW) for
about $259 million and railcar leasing company Nitrohimprom for
$425 million. In 2020, company bought Krasnoyarskaya GRES-2 for
$157 million with the installed electricity capacity of about 1.3
GW.

Despite fairly challenging market environment in 2019, the company
generated positive free cash flows, while the key reason behind a
pick-up in reported debt and debt-like balances as of year-end 2019
compared with a year before was recognition of a lease liability
under IFRS 16 "Leases" of nearly $1,209 million, including the
lease liability of about $399 million related to the railcars under
leasing, which were purchased following acquisition of
Nitrokhimprom. Moody's expects the company to be able to continue
generating positive free cash flows of about $400-$500 million per
year in 2020-21 under a range of pricing scenarios, which will
allow the company to reduce absolute amount of Moody's-adjusted
debt to below its 2018 level by year-end 2021 with leverage, as
measured by Moody's-adjusted debt/EBITDA falling to about 3.0x-3.3x
by then.

Exports make up about half of SUEK's total coal sales volumes and
87% of SUEK's coal revenues. Domestically, its coal sales are
mainly to power generators, including the company's captive power
plants thanks to SUEK's diversification into this segment. SUEK's
own power plants buy more than half of its domestic sales of
thermal coal, reducing the company's business risk. SUEK's
installed electricity capacity is now about 16.0 GW while the power
generation segment will contribute up to 35% into SUEK's
consolidated EBITDA in 2020.

The electricity and heat generation business, which SUEK had not
been exposed to before acquiring SGC in 2018, is somewhat less
volatile than thermal coal mining, which is sensitive to the
performance of key thermal coal export benchmarks, and will
contribute to financial metrics relative resilience at a time of
coal prices volatility. However, substantial debt following these
M&A transactions makes the company's rating weakly positioned in
its Ba2 rating category amid currently low coal prices.

SUEK's Ba2 rating factors in (1) the company's status as a global
thermal coal producer; (2) the company's competitive operating
costs on the back of the weak rouble and cost-efficiency measures
as well as the ability to manage its capital spending needs; (3)
integration into power generation, which reduces volatility of
financial metrics through the cycle; (4) its vast coal reserves and
high operational diversification, with 27 operating sites; (5) the
company's control over a considerable portion of its transportation
infrastructure (including ports in Vanino, Murmansk and Maly, and a
large railcar fleet), which improves stability and reduces costs of
coal deliveries; (6) its high quality of coal products, and
diversified domestic and international customer base; (7) its
sustainable revenue from domestic sales, which is not linked to
seaborne benchmark prices; and (8) the proximity of the company's
mines to its power generation customers in Russia.

At the same time, the rating takes into account (1) the high
sensitivity of SUEK's earnings and leverage to the volatile thermal
coal prices in seaborne markets and the rouble exchange rate; (2)
the company's exposure to thermal coal; (3) its sizeable railway
expenses, which mainly depend on the level of regulated cargo
transportation tariffs in Russia; (4) the company's reliance on
available credit facilities to maintain adequate liquidity; (5)
SUEK's history of fairly aggressive liquidity management, as the
company tends to address its large refinancing needs shortly before
debt maturity dates, on the back of continued access to domestic
and international debt financing; (6) the risks related to the
company's concentrated ownership structure, although mitigated by
good corporate governance; and (7) the uncertainty regarding the
long-term development of carbon emission regulation, which could
weaken global demand for thermal coal.

The rating action incorporates Moody's view that difficult industry
conditions will persist, continuing to pressure SUEK's financial
performance in 2020. The rapid and widening spread of the
coronavirus outbreak, deteriorating global economic outlook,
falling oil prices, and asset price declines are creating a severe
and extensive credit shock across many sectors, regions and
markets. The combined credit effects of these developments are
unprecedented. The mining sector has been one of the sectors
significantly affected by the shock given its sensitivity to demand
and sentiment. More specifically, the weaknesses in SUEK's credit
profile, including its exposure to steam coal have left it
vulnerable to shifts in market sentiment in these unprecedented
operating conditions and SUEK remains vulnerable to the outbreak
continuing to spread. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Its action also reflects
the impact on SUEK of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered. SUEK
operates in the sector considered essential for the Russian
economy, which provides for the uninterrupted operations despite
the measures taken in Russia to contain the spread of coronavirus
and selective lock-downs in certain sectors and regions. SUEK has
been included in the list of Russia's strategic entities, which
would allow the company to tap certain sources of state support, in
case of need, amid fairly challenging macro conditions.

The company has adequate liquidity. As of December 31, 2019, SUEK's
liquidity comprised $176 million in cash and equivalents, around
$1.8 billion in available credit facilities, part of which was
committed, with final maturities beyond the following 12 months,
and more than $1.7 billion in operating cash flow, which Moody's
expects the company to generate over the same period. This
liquidity would be sufficient to cover the company's short-term
debt maturities of around $1.8 billion, and capital spending of
nearly $1.2 billion, including lease payments, over the following
12 months. Moody's expects that the company will be able to extend
the upcoming debt maturities in due course and views the related
refinancing risk as low because of SUEK's continued access to
international and domestic debt financing.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects low steam coal prices and the
uncertainty with respect to the near-term recovery of the seaborne
market, which may delay the company's deleveraging over the next
12-18 months.

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

Upgrade is not likely in the current market environment. However,
over time Moody's could upgrade SUEK's rating if the company were
to (1) reduce its total debt and Moody's-adjusted total debt/EBITDA
to below 2.0x; (2) generate positive post-dividend free cash flow;
and (3) maintain healthy liquidity and build a track record of
addressing its upcoming debt maturities in advance, on a
sustainable basis.

Moody's could downgrade the ratings if (1) the company's
Moody's-adjusted total debt/EBITDA were to exceed 3.0x on a
sustained basis; (2) the company was unable to generate positive
post-dividend free cash flow; or (3) its liquidity were to
deteriorate materially.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Environmental, social, and governance factors will have a growing
impact on SUEK's credit quality. Moody's also believes that
investor concerns about the coal industry's ESG profile are
intensifying and coal producers will be increasingly challenged by
the access to capital issues in the future. A growing portion of
the global investment community is reducing or eliminating exposure
to the coal industry with greater emphasis on moving away from
thermal coal. The aggregate impact on the credit quality of the
coal industry is that debt capital will become more expensive over
this horizon, particularly in the public bond markets, which will
lead to much more focus on individual coal producers' ability to
fund their operations and articulate clearly their approach to
addressing environmental, social, and governance considerations.

Governance risks are an important consideration for all debt
issuers and are relevant to bondholders and banks because
governance weaknesses can lead to a deterioration in a company's
credit quality, while governance strengths can benefit a company's
credit profile. Similarly, to its domestic peers, SUEK has a
concentrated ownership structure - Andrey Melnichenko is the
company's principal ultimate beneficiary. Concentrated ownership
structure creates the risk of rapid changes in the company's
strategy and development plans, revisions to its financial policy
and an increase in shareholder payouts that could weaken the
company's credit quality. The risk is mitigated by the company's
commitment to a conservative financial policy. Corporate governance
function is exercised through the oversight of independent members,
which make up four out of eight of the board of directors' seats,
as well as via relevant board's committees with the audit committee
being chaired by an independent director.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in September 2018.

COMPANY PROFILE

SUEK JSC is the holding company of one of the world's largest
thermal coal producers and one of Russia's largest producers of
thermal coal, electricity and heat. The company operates 19
opencast mines, eight underground mines and ten coal-washing plants
in eight geographical regions, mostly in Siberia and the Russian
Far East, as well as 26 power generation stations in Siberia. In
2019, the company generated revenue of $7.5 billion and
Moody's-adjusted EBITDA of $2.1 billion. SUEK owns rail
infrastructure, rail rolling stock, the Vanino Bulk Terminal (a
coal terminal at Vanino in the Sea of Japan), the ice-free Murmansk
Commercial Seaport in the northwest of Russia and a 49.9% stake in
the Maly Port in the Russian Far East. The company's principal
ultimate beneficiary is Andrey Melnichenko.



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

AERNNOVA AEROSPACE: Moody's Cuts CFR & EUR390MM Term Loan to B2
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of the Spanish aerospace manufacturer Aernnova Aerospace
Corporation S.A. to B2 from B1 and placed the ratings on review for
downgrade.

Concurrently Moody's has downgraded to B2 from B1 the company's
EUR390 million senior secured term loan B-1 and the EUR100 million
delayed draw senior secured term loan B-2, both due 2027 and its
EUR100 million senior secured revolving credit facility due 2026.
Debt instruments are issued by Aernnova Aerospace S.A.U. and
guaranteed by Aernnova. The company's probability of default rating
was also downgraded to B2-PD from B1-PD.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The commercial
aviation sector has been one of the sectors most significantly
affected by the shock given its exposure to declining passenger
traffic, travel restrictions and sensitivity to consumer demand and
sentiment. Moody's regards the coronavirus outbreak as a social
risk under its ESG framework, given the substantial implications
for public health and safety.

The expected knock-on effects of drastically reduced volumes of
airline passengers have started to materialize. For example,
airlines requesting deferrals of aircraft deliveries to OEMs in
2020 and possibly beyond. Moreover, airlines' damaged balance
sheets are anticipated to hurt demand for new aircraft, forcing
OEMs to lower production rates, with strains spreading throughout
the commercial aerospace supply chain. Airbus announced on 8 April
a reduction of average production rates affecting three platforms
in which Aernnova participates: A350 represented 43%, A320
represented 18% and A330 represented 3% of its order backlog as per
September 2019.

The weaknesses in Aernnovas' credit profile, including its high
concentration in terms of customers, end markets (commercial
aerospace) and widebody platforms, make the company vulnerable to
shifts in demand and changed market sentiment in these
unprecedented operating conditions. The downgrade to B2 reflects
the expected weakening of credit metrics and free cash flow
generation as a consequence of the lower revenue generation in
2020, following the production cuts of the company's main end
customer Airbus. Moody's further expects that more slack market
conditions afterwards could put a greater strain on company's
credit metrics throughout 2021. A strong liquidity of EUR290
million cash on hand, a long-term and well-established cooperation
with its main customer Airbus SE (Airbus, A2 negative) as well as
Aernnova's in-house composite capabilities, which are expected to
remain on demand for new generation planes, partially mitigate the
uncertainty around duration of the coronavirus outbreak and the
market backdrop afterwards.

The rating review reflects the uncertainties around the magnitude
of performance and credit metrics contraction and the timeline of
the expected underperformance. During the rating review process,
Moody's will focus on (i) the severity and duration of the
outbreak's negative impact on the manufacturing operations of
Aernnova and related financial implications, (ii) the impact on
demand from the aerospace end markets and any potential impact on
the medium term demand outlook, for example around aircraft
production and deliveries, (iii) the impact of any governmental
action to support corporates and consumers in the main end markets,
and (iv) the impact of mitigating actions Aernnova may be taking.

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

Upward rating pressure is unlikely at this point given the review
for downgrade. Positive rating pressure would not arise until the
coronavirus outbreak is brought under control, travel restrictions
are lifted, airline passenger traffic resumes and the market for
commercial aircraft stabilises.

Negative rating pressure could develop if the Covid-19 business
disruptions extend beyond 2020, or if Moody's expects a high level
of passenger airlines distress to translate into structurally
weaker demand in the commercial aerospace segment. Other factors
that could lead to a downgrade include:

  - Weakening liquidity driven by sustained negative or low single
digit FCF/Debt, leading to further drawings under RCF and rising
risk of non-compliance with covenants or financial restructuring

  - Leverage expected to remain above 6x on a sustained basis and
EBIT/interest falling below 2.5x; both on a Moody's-adjusted basis

  - Execution challenges which could exacerbate pressure on
earnings

  - A more aggressive financial policy, capital allocation away
from debt reduction.

LIQUIDITY

Despite the expected materially reduced cash flow generation,
Aernnova's liquidity will remain adequate backed by around EUR290
million cash on balance sheet. This is expected to adequately cover
maintenance capex and debt interest payments. For funding
short-term working capital swings, Aernnova has access to factoring
and reverse factoring lines.

In order to preserve liquidity, the company has put on hold the
initially planned EUR100 million dividend distribution and while it
has already drawn the EUR100 million delayed tranche under its Term
Loan B-2; these proceeds are expected to remain on the balance
sheet to bolster liquidity. Moody's understands that the company
could also take additional measures to preserve cash flows such as
reducing project capital spending throughout 2020 and 2021.

Aernnova has still EUR65 million available under its EUR100 million
senior secured RCF. The capital structure is covenant lite, with
only one springing net leverage covenant (tested if drawings under
the RCF exceed 40%). However, Moody's expects that further drawings
under the RCF will be limited due to the expected material
deterioration of the covenant headroom during 2020 and 2021.

STRUCTURAL CONSIDERATIONS

Aernnova had EUR115 million unsecured public institution debt on
its balance sheet as of December 2019, mostly non-interest bearing
and amortising over a period extending up to 10 years. Following
its refinancing in January, the new capital structure includes a
EUR390 million senior secured Term Loan B-1 and EUR100 million Term
Loan B-2 both with maturity in 2027, as well as a pari passu
ranking senior secured EUR100 million RCF due 2026.

The senior debt instruments are guaranteed by the parent company
Aernnova, Aernnova Aerospace, S.A.U. and its material subsidiaries
representing at least 80% of consolidated EBITDA. The security
package includes pledges over shares, bank accounts and intragroup
receivables.

Term Loan B-1, Term Loan B-2, the RCF and the public institution
debt are all senior claims at the same operating level, but the RCF
and the term loans are secured, while the public institution debt
is unsecured.

The B2 ratings on the senior secured Term Loan B-1 and B-2, as well
as the senior secured RCF, are in line with the corporate family
rating. Despite the security package guaranteeing the
above-mentioned facilities, the fact that the public institution
debt is a relatively small part of the capital structure and is
also amortising over time reduces the buffer for any given loss in
case of financial difficulties.

Moody's assumes a standard family recovery rate of 50%, which
reflects the covenant-lite nature of the loan documentation, and
this results in a B2-PD probability of default rating.

CORPORATE PROFILE

Aernnova Aerospace Corporation S.A., headquartered in Álava,
Spain, is a leading aerostructure company, specialized in the
design and manufacturing of aerostructures, components and
engineering solutions for aerospace OEMs. The group's operations
are organized in three main divisions: (1) Aerostructures and
Components, representing 79% of revenue; (2) Engineering and
Services (10%); (3) Process Automation (10%) next to others (1%).
The group owns 21 production facilities in the Spain, Mexico,
Brazil, the US and China, which support its global activities
across 25 aerospace platforms.

The company is an integrated supplier with composite and metallic
capabilities. For the 12 months ended September 30, 2019, Aernnova
reported revenue of EUR733 million.

Downgrades:

Issuer: Aernnova Aerospace Corporation S.A.

Probability of Default Rating, Downgraded to B2-PD from B1-PD;
Placed Under Review for further Downgrade

Corporate Family Rating, Downgraded to B2 from B1; Placed Under
Review for further Downgrade

Issuer: Aernnova Aerospace, S.A.U.

Senior Secured Bank Credit Facility, Downgraded to B2 (LGD3) from
B1 (LGD3); Placed Under Review for further Downgrade

Outlook Actions:

Issuer: Aernnova Aerospace Corporation S.A.

Outlook, Changed To Rating Under Review From Stable

Issuer: Aernnova Aerospace, S.A.U.

Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Aerospace and
Defense Industry published in March 2018.

AUTOVIA DE: Moody's Affirms EUR110MM Sr. Sec. Loan Rating at 'Ba2'
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 underlying rating of
the EUR110 million guaranteed senior secured loan, due 2031 raised
by Autovia de la Mancha S.A., a Spanish shadow toll-road operator
and special purpose company. The outlook on the ratings remains
stable.

In June 2003, Aumancha entered into a 30-year concession agreement
with Castilla-La Mancha, Junta de Comunidades de (Castilla-La
Mancha, Ba1 stable) to build, operate and maintain a 52.3 km shadow
toll road, the Toledo to Consuegra section of the Autovia de los
Vinedos motorway, linking the cities of Toledo and Tomelloso in
central Spain.

The backed rating on the loan, taking into account the benefit of a
guarantee of scheduled payments of principal and interest provided
by Assured Guaranty (Europe) plc (A2 stable, the Insured Rating),
is unchanged at A2.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak, the
deteriorating global economic outlook, falling oil prices and asset
price declines, are creating a severe and extensive credit shock
across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The toll road
sector is among the most significantly affected by the shock given
its exposure to travel restrictions and sensitivity to consumer
demand and sentiment.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. As a result of the pandemic, already existing trends of
lifestyle changes may accelerate, such as increase in remote
working and teleconferences that could negatively impact traffic
volumes and reduce profits for toll roads.

In response to the coronavirus outbreak, the Spanish government
imposed a series of restrictive measures and travel bans. The
unprecedented public health measures aimed to contain the wider
spread of coronavirus will be in place for an unknown period of
time. The restrictions on movements resulted in sharp declines in
traffic. Whilst this is expected to result in weaker credit
metrics, Aumancha shows resilience derived from its sound
liquidity, with a 12-months debt service reserve account, a banded
payment mechanism that softens the impact of a decline in traffic
figures, and strong financial metrics with minimum and average
DSCR's of 1.40x and 1.62x respectively under Moody's base case.
These considerations support Aumancha's Ba2 rating and stable
outlook.

Nevertheless, unlike previous negative shocks, the prospects for
traffic rebound is more uncertain in this case because (1)
governments may choose to keep some form of restrictions or travel
bans even if the spread of the virus seems contained; and (2) the
deteriorating economic conditions could slow down the recovery in
traffic and consumer spending, even if travel restrictions are
eased. As events continue to unfold rapidly, there is a higher than
usual degree of uncertainty around the duration of travel
restrictions and drop in consumer demand. Hence, it is difficult to
predict the overall traffic volumes for 2020. Given the current
minimal levels of traffic and assuming a rebound in the second half
of the year, Moody's expects traffic on Aumancha to decline by at
least 25% in 2020.

The Ba2 rating reflects the following credit strengths: (1)
Aumancha has been fully operational for around 14 years; (2) the
toll road saw strong traffic performance in the more recent years
until the Covid-19 crisis; (3) revenues are derived from a banded
payment mechanism that softens the impact of a decline in traffic
figures; (4) sound liquidity with a 12-month debt service reserve
account; and (5) strong financial metrics with minimum and average
DSCR of 1.40x and 1.62x respectively under the Moody's base case.

These strengths are however partially offset by: (1) Aumancha is
highly leveraged, which reduces its ability to withstand unexpected
and extended stress; (2) 2020 traffic is likely to be significantly
lower than in 2019 because of the movement restrictions and social
distancing measures introduced by the Spanish government in March
2020 in response to the coronavirus outbreak, although Aumancha
shows resilience under stress caused by the decrease in traffic;
and (3) the underlying rating is capped by the weak credit quality
of the offtaker, given that all of Aumancha's revenue, based on
traffic, is due from Castilla-La Mancha.

Moody's expects traffic on Aumancha to decline by at least 25% in
2020. However, because 2020 shadow toll payments are almost
entirely based on 2019 traffic, the cash flow impact will be
delayed to 2021. The percentage reduction in 2021 shadow toll
revenue will be considerably lower than the percentage reduction in
2020 traffic because of the payment mechanism. Traffic within bands
2,3 and 4 receive 50%, 25% and 0% of the band 1 tariff,
respectively. Therefore, the decrease in revenues is not
proportional to the decrease in traffic. Moody's expects 2020 and
2021 debt service to be paid entirely from operating cash flows.

The outlook on the rating is stable, reflecting its expectation
that (1) Aumancha will continue to be resilient to stress caused by
the decrease in traffic; and (2) the outlook further reflects the
stable outlook on Castilla-La Mancha's Ba1 rating.

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

Upward rating pressure may arise if (1) the rating of Castilla-La
Mancha is upgraded; and (2) Aumancha's traffic revenues and
financial metrics were at least in line with Moody's Base Case.

Conversely, Moody's could downgrade the ratings if (1) forecast
traffic growth and/or forecast inflation was to be revised
downwards and there were a deterioration in shadow toll revenues;
(2) operating, maintenance and lifecycle cost assumptions were to
prove inadequate; or (3) the rating of Castilla-La Mancha were
downgraded.



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

ETRAVELI GROUP: Bank Debt Trades at 37% Discount
------------------------------------------------
Participations in a syndicated loan under which Etraveli Group
Holding AB is a borrower were trading in the secondary market
around 63 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.

The EUR270 million term loan is scheduled to mature on August 1,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Sweden.

FUSILLI HOLDCO: EUR300MM Bank Debt Trades at 21% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Fusilli Holdco AB
is a borrower were trading in the secondary market around 79
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR300 million term loan is scheduled to mature on October 12,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Sweden.

HILDING ANDERS: Bank Debt Trades at 45% Discount
------------------------------------------------
Participations in a syndicated loan under which Hilding Anders
International AB is a borrower were trading in the secondary market
around 55 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.

The EUR500 million pik term loan is scheduled to mature on November
22, 2024.  As of April 24, 2020, the full amount has been drawn and
is outstanding.

The Company's country of domicile is Sweden.

IGT HOLDING: 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 24, 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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Sweden.

PERSTORP HOLDING: Bank Debt Trades at 21% Discount
--------------------------------------------------
Participations in a syndicated loan under which Perstorp Holding AB
is a borrower were trading in the secondary market around 79
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR510 million term loan is scheduled to mature on February 26,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Sweden.

QUIMPER AB: EUR288MM Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Quimper AB is a
borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR288 million term loan is scheduled to mature on March 1,
2027.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Sweden.

QUIMPER AB: EUR98MM Bank Debt Trades at 22% Discount
----------------------------------------------------
Participations in a syndicated loan under which Quimper AB is a
borrower were trading in the secondary market around 78
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD98 million term loan is scheduled to mature on March 1,
2027.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Sweden.



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

16 HOSPITALITY: In Administration, Seeks Buyer for Business
-----------------------------------------------------------
Business Sale reports that 16 Hospitality, which manages four pubs
across Cheshire and Anglesey, has appointed administrators from
Grant Thornton UK.

According to Business Sale, the Wythenshawe-based group's pubs are
currently closed due to ongoing coronavirus-related restrictions
and the majority of its employees have been furloughed.

Sarah O'Toole -- sarah.a.toole@uk.gt.com -- and Jason Bell --
jason.bell@uk.gt.com -- from Grant Thornton UK LLP's Manchester
office have been appointed as joint administrators for the
business, with the administration taking effect on April 9,
Business Sale relates.

"We are hopeful that we can find a buyer for the businesses despite
the current challenges facing the pub and hospitality sector,"
Business Sale quotes Ms. O'Toole as saying.

16 Hospitality Limited's most recent accounts are made up to the
year ending December 31 2018.  At the time, the group had fixed
assets of GBP23,430, slightly down from just over GBP24,600 the
year before, Business Sale discloses.

In Cheshire, 16 Hospitality runs The Partridge in Stretton and The
Old Hall Hotel in Frodsham.  Its beach side Anglesey pubs are The
White Eagle in Rhoscolyn and The Oyster Catcher in Rhosneigr.


AUDIOTONIX LTD: Bank Debt Trades at 15% Discount
------------------------------------------------
Participations in a syndicated loan under which Audiotonix Ltd is a
borrower were trading in the secondary market around 85
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The term loan is scheduled to mature on March 31, 2024.  As of
April 24, 2020, the full amount has been drawn and is outstanding.

The Company's country of domicile is Great Britain.

AUXEY BIDCO: Bank Debt Trades at 17% Discount
---------------------------------------------
Participations in a syndicated loan under which Auxey Bidco Ltd is
a borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 24, 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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

AUXEY BIDCO: Bank Debt Trades at 19% Discount
---------------------------------------------
Participations in a syndicated loan under which Auxey Bidco Ltd is
a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP200 million term loan is scheduled to mature on June 29,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

BBD BIDCO: Bank Debt Trades at 18% Discount
-------------------------------------------
Participations in a syndicated loan under which BBD Bidco Ltd is a
borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP265 million term loan is scheduled to mature on November 7,
2027.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

CIEP EPOCH: Bank Debt Trades at 82% Discount
--------------------------------------------
Participations in a syndicated loan under which CIEP Epoch Bidco
Ltd is a borrower were trading in the secondary market around 18
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP200 million term loan is scheduled to mature on December 18,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

COMET BIDCO: Bank Debt Trades at 33% Discount
---------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 67
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP315 million term loan is scheduled to mature on October 6,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.


EAGLE BIDCO: Bank Debt Trades at 16% Discount
---------------------------------------------
Participations in a syndicated loan under which Eagle Bidco Ltd is
a borrower were trading in the secondary market around 84
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR50 million term loan is scheduled to mature on May 12, 2022.
As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

EAGLE BIDCO: Bank Debt Trades at 22% Discount
---------------------------------------------
Participations in a syndicated loan under which Eagle Bidco Ltd is
a borrower were trading in the secondary market around 78
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP567 million term loan is scheduled to mature on May 12,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

EG FINCO: Bank Debt Trades at 35% Discount
------------------------------------------
Participations in a syndicated loan under which EG Finco Ltd is a
borrower were trading in the secondary market around 65
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR199 million term loan is scheduled to mature on April 20,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

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 24,
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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

FRANKLIN UK: Bank Debt Trades at 18% Discount
---------------------------------------------
Participations in a syndicated loan under which Franklin UK Bidco
Ltd is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR250 million term loan is scheduled to mature on December 9,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

HEATHROW FUNDING: Fitch Affirms BB+ Note Ratings, Outlook Now Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Heathrow Funding Limited's
class A and B bonds to Negative from Stable and affirmed the
ratings at 'A-' and 'BBB', respectively. Fitch has also revised the
Outlook of Heathrow Finance plc's outstanding notes to Negative
from Stable and affirmed the ratings at 'BB+'.

RATING RATIONALE

The Negative Outlook reflects the ongoing uncertainty relating to
the timing and duration of the traffic shock and recovery triggered
by the COVID-19 pandemic, together with uncertainties relating to
the tariff regime and capex program in the next regulatory period,
H7, starting in 2022.

The affirmation of Heathrow reflects its expectation that its
financial flexibility in the form of largely deferrable shareholder
distributions, together with its ability to reduce its cost base,
will enable it to deleverage below its rating sensitivities after a
severe COVID-19-related volume shock in 2020, followed by gradual
recovery between 2021 and 2024. Heathrow's liquidity position is
solid in part due to significant debt issuance in 2019 ahead of
anticipated capex related to the third runway project, which it now
expects to be significantly delayed.

Heathrow Funding Limited is the issuer of the class A and Class B
debt and Heathrow Finance Plc is the holding company and a
high-yield issuer.

Fitch currently assumes the 2020 shock to be progressively
recovered but if the severity and duration of the outbreak is
worse-than-expected Fitch will revise its rating case accordingly.

KEY RATING DRIVERS

Coronavirus and Travel Restrictions Affecting Demand: The rapid
spread of coronavirus is leading to an unprecedented impact on
travelers' mobility. Under the revised Fitch rating case, Fitch
assumes traffic to fall around 47% in 2020, and remain around 22%
below 2019 levels in 2021 before gradually recovering by 2023-2024.
Heathrow's role as a primary hub offering strong yield for its
resident airlines, its location and connectivity and the
attractiveness of London as an international business center,
together with the capacity constraint due to which demand for slots
exceeds supply, all support Heathrow's resilience to shocks.

Defensive Measures Provide Flexibility: Heathrow's significant
balance-sheet flexibility, together with its expectation of
management's commitment to the current rating, provides some
support. Operating costs are partly variable. Fitch continues to
expect significant delays in expansionary capex and limited
spending on the third runway project in 2020-2021, which should
support liquidity during this period. Heathrow also has the
capacity to reduce maintenance capex significantly while ensuring
that safe and secure operations are maintained in case of prolonged
traffic reduction.

Credit Metrics Recovery from 2022: Under the updated FRC, after the
2020 shock causing a large peak in Fitch-adjusted net
debt-to-EBITDAR well above its downgrade sensitivities of 8x, 9x
and 10x respectively for all three classes, it will fall back under
the thresholds by 2022. This suggests only a temporary impairment
of its credit profile. Fitch is closely monitoring developments in
the sector as airports' operating environment has substantially
worsened and will revise the FRC in case the severity and duration
of the pandemic is worse-than-expected.

Fitch ran two versions of the FRC: with a lower (3.6%) and a higher
(5.3%) weighted-average cost of capital assumption for the H7
period starting in 2022. Fitch notes that under its lower WACC
scenario, management may not choose to undertake the third runway
expansion as due to inadequate returns to shareholders from the
substantial investment.

Solid Liquidity: Heathrow had cash and committed undrawn liquidity
of about GBP3.2 billion at end-March 2020 including around GBP2.9
billion at Heathrow Funding Limited, providing sufficient liquidity
in the FRC. Heathrow Finance has over GBP270 million in cash, plus
significant additional facilities, which will be drawn between
March and May 2020. The cash is expected to be retained to ensure
sufficient liquidity at the Heathrow Finance level. It has no large
debt maturities until 2024.

Sensitivity Case: Fitch has also run a sensitivity case where
Heathrow's traffic falls around 47% in 2020 with gradual recovery
thereafter. Leverage for all three classes of debt have higher
peaks in 2020 in this scenario and deleveraging is slower,
returning to below downgrade thresholds by 2023. Fitch ran both
lower and higher WACC versions of this scenario as well; leverage
under both scenarios assuming lower WACC starts rising towards 2024
due to expansion capex ramp-up. However, Fitch assumed zero
shareholder equity contribution to capex though Fitch expects
equity contributions sized to maintain Heathrow Funding's
investment-grade ratings.

Risk Assessments: Fitch assesses Heathrow's volume risk as
'Stronger' and price risk, infrastructure renewal and debt
structure all as 'Midrange'.

RATING SENSITIVITIES

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

- An upgrade is unlikely given its expectations of significant
traffic reductions in 2020-2021, and the uncertainties around the
runway expansion project as well as the WACC for H7.

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

  - Net debt-to-EBITDA for class A consistently above 8x; for class
B above 9x and for high-yield notes above 10x

  - Deterioration of aviation industry beyond its current
expectations due to a more severe or prolonged period of travel
restrictions or consequent economic downturn due to the pandemic

  - Weakening of Heathrow management and shareholders' commitment
to the existing investment-grade ratings for class A and class B
Debt

  - Expansion plans that include a WACC and/or level of shareholder
contribution insufficient to maintain leverage sustainably within
its negative rating thresholds

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.

TRANSACTION SUMMARY

Heathrow is a major global hub airport with significant
origin-and-destination traffic and resilience due to its status as
the preferred London airport and capacity constraints. Peers
include Aeroports de Paris, in terms of size, and Gatwick, in terms
of location and debt structure.

Revenues are regulated and subject to an inflation price cap on a
single-till basis. Fitch views the structured, secured and
covenanted senior debt as offsetting some of the higher expected
five-year average leverage under the FRC for the class A and B
bonds compared with peers. The high-yield bonds are, by nature,
structurally subordinated.

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).

HNVR HOLDCO: Bank Debt Trades at 25% Discount
---------------------------------------------
Participations in a syndicated loan under which HNVR Holdco Ltd is
a borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR325 million term loan is scheduled to mature on September
12, 2023.  As of April 24, 2020, the full amount has been drawn and
is outstanding.

The Company's country of domicile is Great Britain.

HNVR HOLDCO: Bank Debt Trades at 26% Discount
---------------------------------------------
Participations in a syndicated loan under which HNVR Holdco Ltd is
a borrower were trading in the secondary market around 74
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR683 million term loan is scheduled to mature on September
12, 2023.  As of April 24, 2020, the full amount has been drawn and
is outstanding.

The Company's country of domicile is Great Britain.

HNVR HOLDCO: Bank Debt Trades at 34% Discount
---------------------------------------------
Participations in a syndicated loan under which HNVR Holdco Ltd is
a borrower were trading in the secondary market around 66
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR400 million term loan is scheduled to mature on September
30, 2025.  As of April 24, 2020, the full amount has been drawn and
is outstanding.

The Company's country of domicile is Great Britain.

HORIZON BIDCO: Bank Debt Trades at 28% Discount
-----------------------------------------------
Participations in a syndicated loan under which Horizon Bidco Ltd
is a borrower were trading in the secondary market around 72
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP55 million term loan is scheduled to mature on January 26,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

INDIGOCYAN HOLDCO: Bank Debt Trades at 30% Discount
---------------------------------------------------
Participations in a syndicated loan under which IndigoCyan HoldCo 3
Ltd is a borrower were trading in the secondary market around 71
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP320 million term loan is scheduled to mature on December 31,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Jersey.

L1R HB: Bank Debt Trades at 38% Discount
----------------------------------------
Participations in a syndicated loan under which L1R HB Finance Ltd
is a borrower were trading in the secondary market around 62
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR416 million term loan is scheduled to mature on August 31,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Jersey.

LINCS LIFTS: Enters Administration, Seeks Buyer for Business
------------------------------------------------------------
Business Sale reports that Scunthorpe-based powered access hire
business Lincs Lifts is seeking a buyer, after appointing
administrators from Begbies Traynor.

The company fell into administration after seeing business impacted
by the coronavirus crisis, Business Sale relates.  It has
furloughed around a dozen of its staff as administrators seek a
buyer for the business, Business Sale discloses.

An insider, as cited by Business Sale, said talks are underway with
potential buyers and those involved are hopeful that a deal for the
business can be agreed soon.

According to its most recent accounts, made up to the year ending
December 31, 2018, the company held fixed assets of around GBP1.8
million, a significant increase from GBP627,458 the year prior,
Business Sale relays.

Lincs Lifts specializes in the renting and leasing of powered
access machinery such as telehandlers, scissor lifts, cherry
pickers, boom lifts and towable lifts, among others.



MATCHESFASHION LTD: Bank Debt Trades at 19% Discount
----------------------------------------------------
Participations in a syndicated loan under which Matchesfashion Ltd
is a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The USD116 million term loan is scheduled to mature on November 8,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

MATCHESFASHION LTD: Bank Debt Trades at 21% Discount
----------------------------------------------------
Participations in a syndicated loan under which Matchesfashion Ltd
is a borrower were trading in the secondary market around 79
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR25 million term loan is scheduled to mature on November 8,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

PACIFIC BC: 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 24, 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 24, 2020, the full amount has been drawn and is
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 24, 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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

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 24, 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 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

SURVITEC GROUP: Bank Debt Trades at 20% Discount
------------------------------------------------
Participations in a syndicated loan under which Survitec Group Ltd
is a borrower were trading in the secondary market around 80
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR175 million term loan is scheduled to mature on March 12,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

SURVITEC GROUP: Bank Debt Trades at 24% Discount
------------------------------------------------
Participations in a syndicated loan under which Survitec Group Ltd
is a borrower were trading in the secondary market around 76
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The GBP125 million term loan is scheduled to mature on March 12,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

TAURUS MIDCO: Bank Debt Trades at 19% Discount
----------------------------------------------
Participations in a syndicated loan under which Taurus Midco Ltd is
a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR60 million term loan is scheduled to mature on September 29,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.

WATERLOGIC HOLDINGS: Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Waterlogic Holdings
Ltd is a borrower were trading in the secondary market around 82
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR108 million term loan is scheduled to mature on March 20,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Great Britain.


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
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