/raid1/www/Hosts/bankrupt/TCREUR_Public/200501.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Friday, May 1, 2020, Vol. 21, No. 88

                           Headlines



B E L G I U M

RETAIL CONCEPTS: Bank Debt Trades at 16% Discount
RETAIL CONCEPTS: Bank Debt Trades at 23% Discount


B U L G A R I A

BUSINESS PARK: Bank Debt Trades at 16% Discount


F I N L A N D

STOCKMANN: Sales Down 49.1% in March 2020 Due to Coronavirus


F R A N C E

CASPER BIDCO: Bank Debt Trades at 17% Discount
GYMSPA SAS: Bank Debt Trades at 16% Discount
IMV TECHNOLOGIES: Bank Debt Trades at 17% Discount
NOVAFIVES SAS: S&P Cuts Rating to 'B-', Outlook Stable
SEQENS GROUP: Bank Debt Trades at 29% Discount



G E R M A N Y

ADLER REAL ESTATE: S&P Affirms 'BB' ICR, Off Watch Developing
ADO PROPERTIES: S&P Cuts ICR to BB on Completion of Adler Takeover
AL-KO VT: Bank Debt Trades at 18% Discount
APCOA PARKING: Bank Debt Trades at 21% Discount
ARVOS HOLDING: EUR293-Mil. Bank Debt Trades at 30% Discount

ASK CHEMICALS: Bank Debt Trades at 21% Discount
ATLAS PACKAGING: Bank Debt Trades at 18% Discount
CHRIST JUWELIERE: Bank Debt Trades at 33% Discount
COLOUROZ INVESTMENT: Bank Debt Trades at 17% Discount
DEUTSCHE LUFTHANSA: Egan-Jones Cuts Sr. Unsec. Debt Ratings to B+

DOUGLAS GMBH: Bank Debt Trades at 24% Discount
DOUGLAS GMBH: Bank Debt Trades at 25% Discount
DOUGLAS GMBH: Bank Debt Trades at 35% Discount
HC STARCK: Bank Debt Trades at 18% Discount
HOFMANN-MENUE HOLDINGS: Bank Debt Trades at 18% Discount

KALLE GMBH: Bank Debt Trades at 28% Discount
LUFTHANSA: Switzerland, Austria to Help Provide Loans
OEP TRAFO: Bank Debt Trades at 56% Discount
PCF GMBH: Bank Debt Trades at 22% Discount
PROALPHA BUSINESS: Bank Debt Trades at 19% Discount

PROXES GMBH: Bank Debt Trades at 18% Discount
RACING BIDCO: Bank Debt Trades at 18% Discount
REVOCAR 2019-2: Fitch Affirms Class D Debt at 'BBsf'
REVOCAR 2019: DBRS Confirms BB Rating on Class D Notes
RHODIA ACETOW: Bank Debt Trades at 24% Discount

RODENSTOCK HOLDING: Bank Debt Trades at 23% Discount
ROHM HOLDING: Bank Debt Trades at 19% Discount
ROHM HOLDING: Bank Debt Trades at 32% Discount
SLV GMBH: Bank Debt Trades at 26% Discount
SPEEDSTER BIDCO: Bank Debt Trades at 18% Discount

VAC GERMANY: Bank Debt Trades at 18% Discount
WITTUR HOLDING: Bank Debt Trades at 17% Discount
[*] S&P Takes Negative Rating Actions on Multiple German Banks


G R E E C E

GREECE: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
HELLENIC REPUBLIC: DBRS Confirms BB(low) LT Issuer Ratings
NAVIOS ACQUISITION: S&P Alters Outlook to Neg. & Affirms 'B-' ICR
NAVIOS MARITIME: S&P Alters Outlook to Negative & Affirms B- ICR


I C E L A N D

LBI EHF: EUR150-Mil. Bank Debt Trades at 82% Discount


I R E L A N D

FROSN-2018: DBRS Lowers Class E Notes Rating to B (high)


I T A L Y

A-BEST 14: Fitch Affirms Class E Debt at 'BBsf'
INFRASTRUTTURE WIRELESS: S&P Assigns 'BB+' ICR, Outlook Stable
MARCOLIN SPA: S&P Cuts ICR to 'B-' on Liquidity Stress Due to COVID
SUNRISE SPV Z80 2019-2: Fitch Affirms Class E Debt at 'BBsf'
UNICREDIT S.P.A.: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB



L U X E M B O U R G

ALTISOURCE SARL: Bank Debt Trades at 22% Discount
ARCELORMITTAL S.A: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
ARVOS BIDCO: Bank Debt Trades at 26% Discount
CONSOLIDATED ENERGY: Bank Debt Trades at 24% Discount
INTELSAT SA: Egan-Jones Lowers Senior Unsec. Debt Ratings to D

MALLINCKRODT INTERNATIONAL: Bank Debt Trades at 29% Discount
NETS TOPCO: S&P Downgrades ICR to 'B-' on COVID-19 Impact
NORTHPOLE NEWCO: Bank Debt Trades at 16% Discount
SWISSPORT FINANCING: Bank Debt Trades at 31% Discount


M O N A C O

DYNAGAS LNG: Bank Debt Trades at 20% Discount


N E T H E R L A N D S

CEVA LOGISTICS: Bank Debt Trades at 54% Discount
FLAMINGO GROUP: Bank Debt Trades at 35% Discount
GTT COMMUNICATIONS: Bank Debt Trades at 18% Discount
PHM NETHERLANDS: Bank Debt Trades at 23% Discount
PROPHYLAXIS BV: Bank Debt Trades at 49% Discount

SAPPHIRE BIDCO: Bank Debt Trades at 29% Discount
SYNCREON GROUP: Bank Debt Trades at 52% Discount
WATSON BIDCO: Bank Debt Trades at 58% Discount


N O R W A Y

NORWEGIAN AIR: Egan-Jones Lowers Senior Unsec. Debt Ratings to D


P O R T U G A L

PORTUGAL SGPS: Bank Debt Trades at 18% Discount


R U S S I A

ALFASTRAKHOVANIE: Fitch Affirms BB+ IFS Rating, Outlook Now Neg.
OTP BANK: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Negative
URALKALI PJSC: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
VSK INSURANCE: Fitch Affirms 'BB' IFS Rating, Alters Outlook to Neg


S P A I N

DEOLEO SA: Bank Debt Trades at 62% Discount
DURO FELGUERA: Bank Debt Trades at 66% Discount
IMAGINA MEDIA: Bank Debt Trades at 37% Discount
IMAGINA MEDIA: Bank Debt Trades at 53% Discount
SAN PATRICK: Bank Debt Trades at 76% Discount

WIZINK MASTER: DBRS Confirms BB (high) Rating on 5 Note Classes
[*] Fitch Places Spanish & Italian SME CDO Tranches on Watch Neg.


S W E D E N

PERSTORP HOLDING: Bank Debt Trades at 20% Discount


U N I T E D   K I N G D O M

CABLE & WIRELESS: S&P Alters Outlook to Neg. & Affirms 'BB-/B' ICRs
CENTRAL BUILDING: Cash Flow Problems Prompt Administration
ENGINE GROUP: Bank Debt Trades at 35% Discount
ENQUEST PLC: Bank Debt Trades at 19% Discount
FINABLR PLC: Uncovers US$1 Billion in Debt Hidden from Board

OASIS: To Close Permanently, Fails to Find Buyer
PAYSAFE GROUP: S&P Downgrades Rating to 'B-', Outlook Stable
SEADRILL OPERATING: Bank Debt Trades at 84% Discount
WALNUT BIDCO: Fitch Cuts LT IDR & Sr. Sec. Rating to 'B'
[*] UK: Scottish Construction Firms at Risk of Financial Collapse



X X X X X X X X

FAERCH PLAST: Bank Debt Trades at 19% Discount
[*] BOOK REVIEW: Mentor X

                           - - - - -


=============
B E L G I U M
=============

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

The GBP40 million term loan is scheduled to mature on April 14,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Belgium.

RETAIL CONCEPTS: Bank Debt Trades at 23% Discount
-------------------------------------------------
Participations in a syndicated loan under which Retail Concepts NV
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 EUR200 million term loan is scheduled to mature on April 14,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Belgium.



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

BUSINESS PARK: Bank Debt Trades at 16% Discount
-----------------------------------------------
Participations in a syndicated loan under which Business Park Sofia
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 EUR133 million term loan is scheduled to mature on August 2,
2027.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Bulgaria.



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

STOCKMANN: Sales Down 49.1% in March 2020 Due to Coronavirus
------------------------------------------------------------
Anne Kauranen at Reuters reports that Finland's Stockmann suffered
a 49.1% fall in March sales hurt by the impact of the coronavirus,
said the department store operator, which has filed for corporate
restructuring.

The company said its adjusted operating loss widened to EUR30.5
million from EUR21.4 million a year earlier, Reuters relates.

Known for its upmarket department stores, Stockmann has struggled
for years in the face of a consumer shift to online shopping,
prompting cost cuts and divestments, Reuters discloses.

On April 6, Stockmann announced it would file for corporate
restructuring, Reuters relays.

A day later, it said more than 50% of its creditors had indicated
they supported the restructuring, a form of administration in which
a court appointee is charged with restructuring the company to
avoid bankruptcy, Reuters recounts.





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

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

The EUR660 million term loan is scheduled to mature on July 30,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is France.

GYMSPA SAS: Bank Debt Trades at 16% Discount
--------------------------------------------
Participations in a syndicated loan under which Gymspa SAS 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 EUR10 million term loan is scheduled to mature on October 20,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is France.

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

The EUR5 million term loan is scheduled to mature on June 9, 2023.
As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is France.

NOVAFIVES SAS: S&P Cuts Rating to 'B-', Outlook Stable
------------------------------------------------------
S&P Global Ratings lowered its ratings on Novafives SAS and its
term loan to 'B-' from 'B' and on the super senior revolving credit
facility (RCF) to 'B+' from 'BB-'.

S&P said, "We downgraded Novafives to 'B-' because of its high
leverage metrics, combined with COVID-19-related uncertainty for
2020.   At the end of 2019, Novafives had a preliminary S&P Global
Ratings-adjusted debt-to-EBITDA ratio of 8.3x, which was higher
than previously anticipated. Additionally, the COVID-19 pandemic
will likely cause demand for Novafives' services to slow. We
estimate that revenue will decrease by 20% in 2020, and that S&P
adjusted EBITDA will be about EUR90 million, down from about EUR100
million in 2019. The 2020 figure includes EUR5 million-EUR10
million in restructuring costs, a materially lower amount than the
EUR18 million spent in 2019. More positively, the company's
liquidity is not, in our view, an immediate concern. Novafives
currently has EUR110 million in cash on its balance sheet and we
forecast that the group will generate neutral to slightly positive
FOCF in 2020. In our view, shareholders would also be expected to
provide liquidity support in case of need.

"FOCF stood at about EUR20 million in 2019. We anticipate that
Novafives' debt to EBITDA will spike to about 9.0x-10.x in 2020,
before starting to reduce its leverage again in 2021. In addition,
we still expect its FFO cash interest coverage to be above 1.5x for
2020, slightly below our preliminary figure of about 2.0x for 2019.
These metrics are not commensurate with a 'B' rating, triggering
the downgrade to 'B-'.

"Although Novafives will see demand slow due to the COVID-19
pandemic, its profit margins will improve thank to materially lower
restructuring costs.   We expect the economic impact of COVID-19 to
be longer and more intense than previously anticipated. Therefore,
we have lowered our macroeconomic forecasts. We now expect global
GDP to fall 2.4% this year, rather than rising by 0.4% as we
forecast before. In 2020, the U.S. will see GDP contract by 5.2%
and the eurozone will see a contraction of 7.3%. We expect global
growth to rebound to 5.9% in 2021. For Novafives, our base case
assumes that the recovery will start in the second half of 2020.
Although Novafives is exposed to cyclical markets, such as
automotive and cement, which represent about 24% of its 2019 sales,
it is also exposed to the e-commerce and retail end-markets,
through its automation and logistics technologies (smart automation
solutions division). 2020 holds a lot of uncertainty and
unpredictability, and we now expect Novafives' top-line to decrease
by 20% in 2020 to EUR1.6 million, from about EUR2.0 billion in
2020. On the plus side, its profit margins could improve by about
50 basis points in 2020 to 5.0%-6.0% from below 5.0% in 2019,
thanks to the company's materially lower restructuring costs. Under
our revised base case, we estimate restructuring costs of up to
EUR10 million for 2020, down from the about EUR18 million they
reached in 2019. As a result, adjusted EBITDA drops to about EUR90
million in 2020 from EUR100 million the year before.

"Our rating on Novafives is supported by the fact that liquidity is
not an immediate concern.   The rating depends on Novafives
maintaining adequate liquidity over time. We estimate that
Novafives' liquidity sources will exceed its uses by 1.5x over the
next 12 months. Novafives drew EUR75 million under its EUR115
million RCF on March 31. As a result, it should have about the same
level of cash on its balance sheet in March and April as it did on
Dec. 31. We also understand that Novafives has processed a request
for a loan guaranteed by the French state, and that shareholders of
the group are likely to be supportive if needed." In addition,
Novafives has no significant debt maturities until 2025.

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

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

-- Health and safety

S&P said, "The stable outlook indicates that we estimate that debt
to EBITDA will be 9.0x-10.0x in 2020, and to improve toward 7.5x in
2021, supported by positive FOCF for both 2020 and 2021 and
performance improvement in 2021. Additionally, we expect its FFO
cash interest coverage to remain sustainably above 1.5x. We do not
have immediate liquidity concerns, and see the company's ability to
maintain adequate liquidity as instrumental in supporting the
current rating.

"We could lower the rating on Novafives if we believed its capital
structure had become unsustainable. This could occur, for example,
if FOCF turns negative, debt to EBITDA did not improve from 2020
levels, or its FFO cash interest coverage was below 1.5x.
Additionally, tightening liquidity or a covenant breach would put
immediate pressure on the ratings.

"Although unlikely in the next 12 months, we could raise the rating
if debt to EBITDA falls comfortably below 6x with a FFO debt
interest coverage ratio sustainably above 2.5x. This could occur
following stronger-than-expected revenue growth and margin
improvement as the company works to improve profitability."


SEQENS GROUP: Bank Debt Trades at 29% Discount
----------------------------------------------
Participations in a syndicated loan under which Seqens Group Bidco
SASU 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 EUR40 million term loan is scheduled to mature on June 22,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is France.



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

ADLER REAL ESTATE: S&P Affirms 'BB' ICR, Off Watch Developing
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating on Adler
Real Estate AG (Adler) (bringing it in line with the issuer credit
rating on ADO Properties SA (ADO)) and removed it from CreditWatch,
where S&P placed it with developing implications on Feb. 13, 2020.
S&P also affirmed its 'BB+' issue rating on Adler's senior
unsecured notes, with a '2' recovery rating.

On April 9, 2020, ADO successfully closed its takeover of Adler and
now owns about 94.15% of the company.   S&P said, "We understand
ADO will fully integrate Adler as a core division that will play a
role in the group's current identity and future strategy.
Therefore, we have aligned our ratings on Adler with the ratings on
ADO. We understand Adler's planned strategy, financial policies,
and long-term strategic objectives are in line with ADO's."

S&P said, "In our opinion, the combined group will benefit from
enhanced scale, scope, and diversification, with a German
residential property portfolio worth about EUR8.6 billion versus
Adler's stand-alone portfolio of about EUR5.0 billion as of Dec.
31, 2019.

"We assess the final capital structure at the group level.   We
understand ADO will fully consolidate Adler in its financial
accounts. As a result, we assess the final capital structure at the
group level. We think the combined entity has a better financial
profile, with lower leverage, including debt to debt plus equity of
close to 50%-52%, excluding any potential bargain purchase gain
from the transaction. This is lower than Adler's current
stand-alone debt to debt plus equity of about 56% as of Dec. 31,
2019. Moreover, we expect EBITDA interest coverage at the combined
entity of 2.1x-2.3x for the next 12-18 months, which is well above
Adler's current stand-alone ratio of 1.8x as of Dec. 31, 2019.

"In line with the group assessment, we think the management and
governance framework is not fully clear and transparent, and there
is a limited track record in executing its operational and
financial strategy.   We understand the management of the combined
entity will mainly comprise two chief executive officers (CEOs).
The board of directors will comprise 10 members, including both
co-CEOs and Adler's previous CEO. We also understand that five of
the 10 members will be defined as independent, including the
chairman, who will also have a casting vote. We note that the final
management and governance structure will be strongly represented by
Adler's previous management, which had a limited track record of
successfully converting strategic decisions into constructive
actions and achieving operational and financial goals in a timely
manner. The occasional occurrence of unexpected events prevented
Adler from achieving set operational and financial targets in a
given timeframe. In addition, we think recent events--relationship
management with stakeholders such as ADO Group's bondholders, for
example--are weaknesses for the entity's creditworthiness. We also
note a relatively high fluctuation of management teams in recent
years, compared to other rated listed real estate companies. We
have therefore reassessed Adler's management and governance score
to weak from fair, in line with that on ADO, and apply one downward
notch to the issuer credit rating on Adler as a result.

"That said, we understand the company aims to takes steps to
improve its management and governance framework on a combined
entity level.

"We have reassessed our comparable rating analysis modifiers to
positive, reflecting that Adler's stand-alone credit metrics could
improve thanks to debt transferals to ADO.  As of Dec. 31, 2019,
Adler's stand-alone debt to debt plus equity stood at 56% and its
EBITDA interest coverage was 1.8x. We note that Adler faces some
refinancing needs over the next 12 to 18 months and we think the
group may simplify the capital structure and transfer debt at
Adler's level to the group level. Therefore, debt transferals would
enable Adler's stand-alone credit profile to improve beyond the
ranges of our current financial risk assessment.

"We have affirmed our recovery ratings on Adler's senior unsecured
debt.   Our recovery analysis on Adler remains unchanged and
recovery prospects are still above 70% for Adler's bondholders.
Therefore, we have affirmed our 'BB+' issue rating on Adler's
senior unsecured debt, one notch above the issuer credit rating of
the combined group. The recovery rating remains '2'.

"We understand there are no cross-default or guarantee provisions
between ADO and Adler. That said, we think ADO is likely to support
Adler under any foreseeable circumstance, since Adler is
fundamental to its strategy and performance.

"The stable outlook on Adler reflects the outlook on ADO. It also
reflects our expectation of continued favorable demand for
residential real estate in Germany, translating into stable cash
flow generation, resilient occupancy rates, and ongoing low but
positive like-for like rental income growth. On a group level, our
base case assumes the S&P Global Ratings-adjusted ratio of debt to
debt plus equity will be about 50%-52% in the next 12 months, with
an EBITDA interest coverage ratio of about 2.1x-2.3x.

"We would consider lowering the rating if ADO's debt to debt plus
equity exceeds 60% and its EBITDA interest coverage ratio falls
below 2.0x as a result of additional debt-funded investments,
higher refinancing costs, or weaker-than-expected cash flow
generation. We could also take a negative action if the company
struggles to refinance its upcoming debt maturities--such as
upcoming debt maturities at the end of 2021--well ahead of time,
with liquidity headroom deteriorating as a result."

A positive rating action would hinge on ADO's ability to establish
a track record of executing its operational and financial strategy
on the combined entity, the successful integration of the
transaction through the realization of anticipated synergies, and a
clear and stable management and governance structure. This would be
supported by the group reaching its aimed leverage targets in a
timely manner, the absence of material credit negative effects from
unforeseen events, and credit supportive financial decisions by
management or the board.

S&P could also take a positive rating action if the combined group
reduces its debt to EBITDA substantially below 20x--in line with
other rated German residential real estate companies--by extending
its absolute cash flow base and increasing the amount of income
generated and available for paying down debt. An upgrade would also
depend on the group maintaining its debt to debt plus equity and
EBITDA interest coverage in line with S&P's current base case.

Adler is a listed residential real estate holding company in
Germany, focusing mainly on secondary locations. Its portfolio was
worth about EUR5 billion as of Dec. 31, 2019, and comprised about
58,083 owned residential units in Germany.


ADO PROPERTIES: S&P Cuts ICR to BB on Completion of Adler Takeover
------------------------------------------------------------------
S&P Global Ratings downgraded its long-term issuer credit rating on
German residential real estate company ADO Properties SA (ADO) to
'BB' from 'BBB-', and its short-term rating to 'B' from 'A-3'. The
outlook is stable.

ADO has completed its acquisition of Adler, and S&P understands
that Adler will be fully integrated within the group structure.  On
April 9, 2020, ADO's takeover offer of Adler successfully closed,
and ADO now owns about 94.15% (including treasury shares) of the
company. S&P understands that ADO has gained control of Adler and
will fully integrate the company as a core division of the group,
which would be part of the group's current identity and future
strategy.

The transaction enhances ADO's scale, scope, and diversity, yet is
not sufficiently transformative for a higher business risk
assessment.  The combined group will have greater scale and scope,
as well as improved geographical diversification, while maintaining
its focus on residential assets in Germany. Its overall portfolio
base combines over 75,000 units, worth about EUR8.6 billion (versus
EUR3.63 billion on a stand-alone ADO level as of Dec. 31, 2019). On
a combined basis, the group's Berlin exposure will reduce to 50%
(compared with 100% on a stand-alone ADO level), and the rest of
its assets are spread across Germany (16% Lower Saxony, 13% North
Rhine-Westphalia, 11% Saxony and Saxony-Anhalt, 3% Brandenburg, and
7% in other cities). S&P understands that the level of rent per
square meter on the combined basis stood at EUR6.20, with occupancy
at about 95.2%.

S&P said, "We view the German residential real estate market as
favorable, with solid market fundamentals, and a
demand-supply-imbalance in metropolitan areas. We forecast that the
combined entity will be able to maintain positive like-for-like
rental growth of approximately 1%-2% throughout 2020, despite
uncertainties around the current economic situation in light of the
COVID-19 pandemic, and the new regulatory framework, which contains
a rent freeze in Berlin. That said, the transaction would not be
sufficiently transformative to the company's business risk
assessment, as the enhanced scale and increasing geographical
spread is partly offset by Adler's lower asset quality, with a
lower average rent per square meter (EUR5.60 versus EUR7.40 for ADO
stand-alone) and higher vacancy rates (5.4% versus 2.7% ADO
stand-alone). In addition, we acknowledge the increasing appetite
for development activities, following the stake acquisition of 25%
in German residential real estate developer Consus Real Estate AG
(Consus; B-/Stable/--), with a call option for another 51% stake.
We believe a clear operational strategy is yet to be determined,
and is currently less transparent than those of other rated
residential real estate players with a higher business risk
profile. For these reasons, although the transaction improves ADO's
market position, our assessment of its business risk profile
remains unchanged, but we view it now at the better end of our
satisfactory category.

"ADO's credit metrics will be weaker as a result of Adler's higher
leverage.  As of Dec. 31, 2019, ADO's stand-alone
debt-to-debt-plus-equity ratio stood at 26.9%, and its EBITDA
interest coverage was 2.8x. In our base case for 2020, we assume a
full consolidation of Adler's financials as well as a nine-month
earnings contribution from the transaction. We expect the S&P
Global Ratings-adjusted debt-to-debt-plus-equity ratio to increase
to about 50%-52%, and EBITDA interest coverage to decline to
2.1x-2.3x in the next 12-18 months (excluding any potential bargain
purchase gain from the transaction). Our forecast includes the
group's fully underwritten EUR500 million equity issuance, which we
anticipate will be executed in the third or fourth quarter of 2020.
In addition, we expect the group's debt-to-annualized-EBITDA ratio
to remain high above 20x over the same period. As a result, we have
revised our financial risk profile assessment downward to
significant, from our previous assessment of intermediate. Our
assessment also takes into account the group's financial policy on
a combined basis of targeting a reported net loan-to-value (LTV)
ratio of 50% over the medium term. Including Adler's higher
yielding debt structure, we assume overall cost of debt will be
about 2.0%, and its average debt maturity is 3.8 years."

S&P's anchor score is assessed at 'bbb-', reflecting the company's
sizable portfolio of well-diversified residential assets.

S&P said, "We believe the management and governance framework is
not fully clear and transparent, and the group has a limited track
record in executing its operational and financial strategy,
including the successful integration of the transaction.   We
understand that the combined entity's management will mainly
consist of two co-CEOs, with the board of directors comprising 10
members, including both co-CEOs and Adler's previous CEO. We also
understand that five of the 10 members will be defined as
independent, including the chairman who will also have a casting
vote. We believe Adler's previous management will have strong
representation within the final management and governance
structure, and their historical success in converting strategic
decisions into constructive actions, and achieving operational and
financial goals in a timely manner, is limited. Occasionally
occurring unexpected events have restrained Adler's ability to
achieve set operational and financial targets in a given timeframe
in the past. In addition, recent events, such as the clashing
relationship management with stakeholders--for example, ADO Group's
bondholders--have weakened the combined entity's creditworthiness,
in our view. We also take into account a relatively high turnover
among both ADO's and Adler's management teams in recent years,
compared with those of other rated listed real estate companies. As
a result, we have reassessed our management and governance score to
weak from fair, which affects the company's anchor rating by one
notch downward.

"That said, we understand that the combined entity aims to take
steps to improve its management and governance framework as well as
relationship management with stakeholders on a combined entity
level. We also understand that, combined, its three largest
shareholders currently hold about 22.2% (Klaus Wecken, Mezzanine IX
Investors LP, and Fairwater Capital LLP, each owning 7%-8% of total
shareholding), and free float amounts to 77.8% on a combined entity
level.

"We apply a negative comparable ratings analysis modifier due to
weaker cash flow generation to pay down debt, resulting in a higher
debt-to-EBITDA ratio compared with similar rated residential peers.
  We apply a negative notch for our comparable ratings analysis to
reflect the company's weaker cash flow generation from relatively
high-yielding assets (5.6% yield on combined basis) compared with
rated peers in the same operating environment, translating into our
expectation of debt to annualized EBITDA above 20x in the next
12-18 months. As a comparison, the ratio of debt to EBITDA for even
lower-yielding peers, such as Vonovia SE (EPRA net initial yield of
3.3%) or Grand City Properties (EPRA net initial yield of 4.9%),
stands at 13x to 15x, respectively. While we believe the group
could benefit from synergies of the combined structure, it remains
to be seen how it will benefit from the combined cash flow
generation and overall operational cost base.

"In addition, our rating assessment also takes into account the
execution risk attached to the planned equity rights issue of up to
EUR500 million and the receivables of the disposal proceeds, which
could--if further delayed--weigh more negatively on the company's
credit metrics and hamper the achievement of its financial policy
target. Although we do not see a short-term liquidity risk, we have
seen yields widening in the debt capital markets during the first
quarter, 2020. The combined entity needs to undertake substantial
refinancing activities in the next 18-24 months, which could
significantly depress its cash flow generation or deteriorate its
liquidity. We estimate these funding needs could amount to about
EUR2.6 billion on a combined entity basis, which includes:
unsecured bonds of roughly EUR1,030 million; secured debt of EUR600
million-EUR700 million maturing in 2021-2022; and a drawn bridge
facility (provided by several banks) of EUR885 million, which first
matures in December 2020 and is further extendable until December
2022.

"Liquidity remains adequate for the next 12 months.  In our view,
liquidity on the combined entity will remain at adequate, because
we expect liquidity sources to continue exceeding uses by more than
1.2x over the next 12 months. We understand that the combined
entity had about EUR500 million of cash available at March 31,
2020, and already refinanced the EUR885 million bridge facility of
Adler with ADO's undrawn, approximately EUR2.5 billion bridge
facility, which brings the undrawn facility to EUR1.5 billion,
maturing in 2022. We further understand the majority of the
remaining EUR1.5 billion undrawn bridge facility is mainly
available for the potential put option on Consus and cannot be used
to refinance any upcoming debt at combined entity level. We expect
the company to maintain solid headroom (more than 10%) under its
covenants.

"As previously stated, we understand that the combined entity
expects to complete an underwritten rights issue of up to EUR500
million, to be launched in 2020. That said, we remain cautious
about the exact timing of ADO's fully underwritten up to EUR500
million planned equity issuance, which it has already postponed
from immediately after the closing of the transaction, to the third
quarter of 2020; and its ability to absorb high-impact,
low-probability events without the refinancing of upcoming
maturities at the end of 2021 and 2022.

"We see less likelihood of ADO executing its 51% call option on
Consus' shares, at least in 2020, following high volatility in the
capital markets.   ADO holds about a 25% stake in Consus and has a
call option on a further 51% stake from another shareholder,
Aggregate, at an exchange ratio of 0.2390 ADO shares per one Consus
share. ADO can exercise this call option until June 2021, but we
believe that the COVID-19 pandemic and strong volatility in the
equity and debt capital markets makes ADO's execution of the call
option less attractive in the short term. Therefore, we have not
included the acquisition of Consus in our analysis, and will review
our assessment if we believe the execution of the call option
becomes more likely.

"The recovery of Adler's senior unsecured debt remains unaffected
on a combined entity level.   Our recovery analysis on Adler
remains unchanged, and recovery prospects are still above 70% for
Adler's bondholders on a consolidated group level basis. Therefore,
we affirmed our 'BB+' issue rating on Adler's senior unsecured
debt, one notch above the issuer credit rating of the combined
entity."

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

-- Strategy, execution, and monitoring

Governance factors

The stable outlook reflects our expectation of continued favorable
demand for residential real estate in Germany, translating into
stable cash flow generation, resilient occupancy rates, and ongoing
low but positive like-for-like rental income growth. We have also
taken into account ADO's plans to improve its credit profile,
including asset disposals and an equity increase in 2020. Our base
case assumes that adjusted debt to debt plus equity will be about
50%-52% in the next 12 months, with an EBITDA interest coverage
ratio of about 2.1x.-2.3x.

Downside scenario

S&P said, "We could consider lowering the rating if the combined
entity's debt to debt plus equity exceeds 60% and its EBITDA
interest coverage ratio falls to below 2.0x, as a result of
additional debt-funded investments, higher refinancing costs, or a
weaker-than-expected cash flow generation. We could also take a
negative action if the company faces difficulties in refinancing
its upcoming debt maturities well ahead of time--for example,
upcoming debt maturities at the end of 2021--meaning its liquidity
headroom would deteriorate."

Upside scenario

A positive rating action would hinge on the company's ability to
establish a track record of executing its operational and financial
strategy on the combined entity, the successful integration of the
transaction through the realisation of anticipated synergies, and a
clear and stable management and governance structure. This would be
supported by reaching its leverage targets in a timely manner, the
absence of material credit negative effects from unforeseen events,
and credit-supportive financial decisions by management or the
board.

S&P could also take a positive rating action if the company extends
its absolute cash flow base and therefore increases the amount of
income generated and available for paying down debt, so that its
debt-to-EBITDA ratio would be comparable with other rated German
residential real estate companies and substantially below 20x,
while maintaining its credit metrics of debt-to-debt-plus-equity
and EBITDA interest coverage in line with its current base case.


AL-KO VT: Bank Debt Trades at 18% Discount
------------------------------------------
Participations in a syndicated loan under which AL-KO VT Holdings
GmbH 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 EUR180 million term loan is scheduled to mature on July 24,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

APCOA PARKING: Bank Debt Trades at 21% Discount
-----------------------------------------------
Participations in a syndicated loan under which APCOA Parking
Holdings GmbH 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 EUR514 million term loan is scheduled to mature on March 20,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

ARVOS HOLDING: EUR293-Mil. Bank Debt Trades at 30% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Arvos Holding GmbH
is a borrower were trading in the secondary market around 70
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR293 million term loan is scheduled to mature on August 29,
2021.  As of April 24, 2020, EUR284 million from the loan remains
outstanding.

The Company's country of domicile is Germany.

ASK CHEMICALS: Bank Debt Trades at 21% Discount
-----------------------------------------------
Participations in a syndicated loan under which ASK Chemicals GmbH
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 EUR190 million term loan is scheduled to mature on May 3, 2023.
As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

ATLAS PACKAGING: Bank Debt Trades at 18% Discount
-------------------------------------------------
Participations in a syndicated loan under which Atlas Packaging
GmbH 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 EUR317 million term loan is scheduled to mature on July 31,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

CHRIST JUWELIERE: Bank Debt Trades at 33% Discount
--------------------------------------------------
Participations in a syndicated loan under which Christ Juweliere
und Uhrmacher seit 1863 GmbH 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 EUR170 million term loan is scheduled to mature on December 17,
2021.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

COLOUROZ INVESTMENT: Bank Debt Trades at 17% Discount
-----------------------------------------------------
Participations in a syndicated loan under which ColourOZ Investment
1 GmbH 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 EUR609 million term loan is scheduled to mature on September 7,
2021.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

DEUTSCHE LUFTHANSA: Egan-Jones Cuts Sr. Unsec. Debt Ratings to B+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Deutsche Lufthansa AG to B+ from BB-.

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.


DOUGLAS GMBH: Bank Debt Trades at 24% Discount
----------------------------------------------
Participations in a syndicated loan under which Douglas GmbH 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 EUR348 million term loan is scheduled to mature on August 13,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

DOUGLAS GMBH: Bank Debt Trades at 25% Discount
----------------------------------------------
Participations in a syndicated loan under which Douglas GmbH 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 EUR300 million term loan is scheduled to mature on August 13,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

DOUGLAS GMBH: Bank Debt Trades at 35% Discount
----------------------------------------------
Participations in a syndicated loan under which Douglas GmbH 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 EUR296 million term loan is scheduled to mature on August 13,
2022.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

HC STARCK: Bank Debt Trades at 18% Discount
-------------------------------------------
Participations in a syndicated loan under which HC Starck GmbH 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 USD178 million term loan is scheduled to mature on May 30,
2020.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

HOFMANN-MENUE HOLDINGS: Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Hofmann-Menue
Holdings GmbH 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 EUR198 million term loan is scheduled to mature on April 10,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

KALLE GMBH: Bank Debt Trades at 28% Discount
--------------------------------------------
Participations in a syndicated loan under which Kalle GmbH is a
borrower were trading in the secondary market around 73
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR145 million term loan is scheduled to mature on June 30,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

LUFTHANSA: Switzerland, Austria to Help Provide Loans
-----------------------------------------------------
Arno Schuetze, John Miller and Alexandra Schwarz-Goerlich at
Reuters report that Switzerland and Austria pledged to help
Lufthansa with state-backed loans as the German airline pursues
talks with Berlin over a EUR9 billion (US$9.8 billion) rescue
package.

The Swiss government said on April 29 it would ask parliament for
CHF1.275 billion in loan guarantees for Lufthansa units Swiss and
Edelweiss, Reuters relates.

Strict travel restrictions to contain the coronavirus pandemic have
brought flights to a near-halt across the world and there is no end
in sight for when they can restart, leaving many airlines begging
governments for rescue packages, Reuters states.

According to Reuters, Lufthansa's Austrian airline AUA said on
April 28 that it had applied for EUR767 million in state aid, of
which a large part should be repayable loans and the remainder
grants.

An AUA spokesman said these grants were still under negotiation and
both Switzerland and Austria attached conditions on their
participation in the bailout, Reuters notes.

"The funds guaranteed by the Swiss government are only to be used
for Swiss infrastructure," the government, as cited by Reuters,
said, adding that the loans would be secured by shares in Swiss and
Edelweiss.

It added dividends or other payments would be forbidden until
public assistance has been repaid, Reuters discloses.

According to Reuters, Economy Minister Peter Altmaier said that in
bailouts such as that of Lufthansa, Germany would ensure that
companies did not pay dividends, while also making sure
entrepreneurial freedom was guaranteed and any state involvement
limited in time.

A German government source said talks about Lufthansa would
continue, but gave no timing, Reuters notes.

While the exact split of the rescue deal is unclear, the combined
contribution in loans from all countries participating could be
around EUR6 billion, while the equity component may be around EUR3
billion, Reuters relays, citing one person close to the matter.


OEP TRAFO: Bank Debt Trades at 56% Discount
-------------------------------------------
Participations in a syndicated loan under which OEP Trafo BidCo
GmbH is a borrower were trading in the secondary market around 44
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR360 million term loan is scheduled to mature on July 18,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

PCF GMBH: Bank Debt Trades at 22% Discount
------------------------------------------
Participations in a syndicated loan under which PCF GmbH 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 EUR445 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 Germany.

PROALPHA BUSINESS: Bank Debt Trades at 19% Discount
---------------------------------------------------
Participations in a syndicated loan under which ProAlpha Business
Solutions GmbH 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 EUR130 million term loan is scheduled to mature on October 12,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

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

The EUR95 million term loan is scheduled to mature on July 15,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

RACING BIDCO: Bank Debt Trades at 18% Discount
----------------------------------------------
Participations in a syndicated loan under which Racing Bidco GMBH
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 EUR134 million term loan is scheduled to mature on July 6,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

REVOCAR 2019-2: Fitch Affirms Class D Debt at 'BBsf'
----------------------------------------------------
Fitch Ratings has affirmed RevoCar 2017 UG (haftungsbeschraenkt)
and RevoCar 2019-2 UG (Haftungsbeschraenkt).

RevoCar 2017 UG (haftungsbeschraenkt)      

  - Class A XS1578768217; LT AAAsf; Affirmed

  - Class B XS1578768720; LT A+sf; Affirmed

  - Class C XS1578769298; LT A+sf; Affirmed

  - Class D XS1578769538; LT BBB+sf; Affirmed

RevoCar 2019-2 UG (Haftungsbeschraenkt)      

  - Class A XS2053516550; LT AAAsf; Affirmed

  - Class B XS2053516808; LT A+sf; Affirmed

  - Class C XS2053516980; LT BBB+sf; Affirmed

  - Class D XS2053517012; LT BBsf; Affirmed

TRANSACTION SUMMARY

RevoCar 2017 and 2019-2 are true sale securitisations of pools of
German auto loan receivables originated by Bank11 für Privatkunden
und Handel GmbH. Both pools consist of amortising loans
(EvoClassic) and balloon loans with special features
(EvoSupersmart), while the pool for RevoCar 2017 also contains
usual balloon loans (EvoSmart). Bank11 has granted these loans
primarily to private customers.

The notes pay a fixed interest rate and amortise sequentially. They
are repaid through a combined waterfall.

KEY RATING DRIVERS

Coronavirus Shocks Economy

Fitch expects that sharp economic contractions in major economies
in 1H20 will cause unemployment to spike. A solid recovery should
begin in 3Q20. To reflect this, Fitch has increased the base case
default rate from 1.7% to 2.2% for both transactions. For RevoCar
2019-2, Fitch maintained the 'AAA' default rate to reflect its
through-the-cycle rating approach. For RevoCar 2017, Fitch adjusted
the 'AAA' default multiple to 5.0x from 6.0x to reflect the end of
its revolving period. Recoveries (40%) and the recovery haircut
(50%) are unchanged, as Fitch does not expect a noticeable effect
on prices in the used car market in this baseline scenario.

Fitch also tested the ratings' sensitivity to Fitch's downside
scenario. It envisions a deeper recession and a drawn-out recovery
starting no earlier than 2Q21. Fitch assumesd a further increase in
the default rate (3.0%), and allowed this to affect the 'AAA'
default rate (15% vs 11.0% for RevoCar 2017 and 13.2% for RevoCar
2019-2 in the baseline scenario). Fitch expects recovery rates to
be unaffected, similar to what it saw during the financial crisis
in 2008/2009.

Payment Holidays Stress Liquidity

New German legislation requires payment holidays for borrowers
affected by the COVID-19 economic fallout. This will reduce funds
available to make interest payments in the near term. While the
liquidity reserve cannot be used to bridge payment holidays, Fitch
notes that the combined waterfall means both transactions would
have sufficient funds to pay time-sensitive obligations, in
particular class A interest, as long as at least some borrowers
continue paying.

One Positive Outlook Maintained

Fitch regarded an upgrade on RevoCar 2017's Class D rating as
premature under the economic uncertainty that Coronavirus currently
causes globally. Instead, Fitch maintained the Outlook Positive
indicating that an upgrade is likely at the next review, if credit
enhancement continues increasing and its baseline scenario
materializes. All other tranches' outlooks remain Stable.

RATING SENSITIVITIES

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

Because the ratings on all tranches below class A are capped at
A+sf due to liquidity issues, only a change to the liquidity
support will allow any tranche apart from class A to surpass this
limit. For RevoCar 2017 Class D, Fitch deems an upgrade at the next
review likely if credit enhancement continues increasing.
Additionally, any performance that exceeds its expectations may
warrant an update of the assumptions and an upgrade.

RevoCar 2017

Default Rate -10%: Class A: AAAsf; Class B: A+sf; Class C: A+sf;
Class D: Asf

Default Rate -25%: Class A: AAAsf; Class B: A+sf; Class C: A+sf;
Class D: A+sf

Recovery Rate +10%: Class A: AAAsf; Class B: A+sf; Class C: A+sf;
Class D: A-sf

Recovery Rate +25%: Class A: AAAsf; Class B: A+sf; Class C: A+sf;
Class D: Asf

Default Rate -10% and Recovery Rate +10%: Class A: AAAsf; Class B:
A+sf; Class C: A+sf; Class D: Asf

Default Rate -25% and Recovery Rate +25%: Class A: AAAsf; Class B:
A+sf; Class C: A+sf; Class D: A+sf

RevoCar 2019-2

Default Rate -10%: Class A: AAAsf; Class B: A+sf; Class C: BBB+sf;
Class D: BB+sf

Default Rate -25%: Class A: AAAsf; Class B: A+sf; Class C: Asf;
Class D: BBB-sf

Recovery Rate +10%: Class A: AAAsf; Class B: A+sf; Class C: BBB+sf;
Class D: BB+sf

Recovery Rate +25%: Class A: AAAsf; Class B: A+sf; Class C: BBB+sf;
Class D: BB+sf

Default Rate -10% and Recovery Rate +10%: Class A: AAAsf; Class B:
A+sf; Class C: A-sf; Class D: BBB-sf

Default Rate -25% and Recovery Rate +25%: Class A: AAAsf; Class B:
A+sf; Class C: Asf; Class D: BBBsf

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

Generally, performance below its expectations may necessitate an
adjustment to its assumptions and would thus result in a downgrade.
RevoCar 2017

Default Rate +10%: Class A: AAAsf; Class B: A+sf; Class C: A+sf;
Class D: BBB+sf

Default Rate +25%: Class A: AAAsf; Class B: A+sf; Class C: A+sf;
Class D: BBBsf

Recovery Rate -10%: Class A: AAAsf; Class B: A+sf; Class C: A+sf;
Class D: BBB+sf

Recovery Rate -25%: Class A: AAAsf; Class B: A+sf; Class C: A+sf;
Class D: BBB+sf

Default Rate +10% and Recovery Rate -10%:

Class A: AAAsf; Class B: A+sf; Class C: A+sf; Class D: BBB+sf

Default Rate +25% and Recovery Rate -25%: Class A: AAAsf; Class B:
A+sf; Class C: A+sf; Class D: BBB-sf

RevoCar 2019-2

Default Rate +10%: Class A: AA+sf; Class B: Asf; Class C: BBBsf;
Class D: BBsf

Default Rate +25%: Class A: AAsf; Class B: A-sf; Class C: BBB-sf;
Class D: BB-sf

Recovery Rate -10%: Class A: AA+sf; Class B: Asf; Class C: BBBsf;
Class D: BBsf

Recovery Rate -25%: Class A: AA+sf; Class B: Asf; Class C: BBBsf;
Class D: BB-sf

Default Rate +10% and Recovery Rate -10%: Class A: AA+sf; Class B:
Asf; Class C: BBBsf; Class D: BB-sf

Default Rate +25% and Recovery Rate -25%: Class A: AAsf; Class B:
BBB+sf; Class C: BB+sf; Class D: Bsf

Coronavirus Downside Scenario Sensitivity

Fitch has added a Coronavirus Sensitivity Analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2Q21.

RevoCar 2017: Class A: AAAsf; Class B: AA+sf; Class C: A+sf; Class
D: BBB-sf

RevoCar 2019-2: Class A: AA+sf; Class B: Asf; Class C: BBBsf; Class
D: BB-sf

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has not conducted any checks on the consistency and
plausibility of the information it has received about the
performance of the asset pools and the transactions. Fitch has not
reviewed the results of any third party assessment of the asset
portfolio information or conducted a review of origination files as
part of its ongoing monitoring.

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

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).

REVOCAR 2019: DBRS Confirms BB Rating on Class D Notes
------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by
RevoCar 2019 UG (haftungsbeschränkt) (the Issuer) as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in April 2033. The ratings on the Class B
Notes, Class C Notes, and Class D Notes address the ultimate
payment of interest and principal on or before the legal final
maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables;

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

The Issuer is a securitization consisting of auto loan receivables
granted to private individuals and commercial clients residing in
Germany by Bank11 fur Privatkunden und Handel GmbH (Bank11), which
also acts as the servicer. The initial EUR 400.0 million portfolios
included loans granted primarily to private clients (96.4% of the
initial pool balance) for the purchase of both new (36.7%) and used
vehicles (63.3%). The transaction closed in April 2019 and includes
a 12-month revolving period ending on the 21 April 2020 payment
date.

PORTFOLIO PERFORMANCE

As of the April 2020 payment date, loans one month and two months
in arrears represented 0.3% and 0.1% of the outstanding portfolio
balance, respectively, while loans three months in arrears
represented 0.03%. Gross cumulative defaults amounted to 0.22% of
the aggregate initial collateral balance, with cumulative
recoveries of 15.0% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 1.3% and 60.7%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the rated notes. As of the April 2020 payment
date, credit enhancement to the Class A Notes was 8.5%; credit
enhancement to the Class B Notes was 3.8%; credit enhancement to
the Class C Notes was 2.8%, and credit enhancement to the Class D
Notes was 1.0%. The credit enhancement levels have remained
unchanged since the DBRS Morningstar initial rating due to the
inclusion of the revolving period scheduled to end in April 2020.

The transaction benefits from an amortizing liquidity reserve,
which will only become available to the Issuer upon a servicer
termination event, with a target balance equal to 0.7% of the
outstanding collateral balance. The reserve would be available to
cover senior fees and expenses, swap payments, and interest
payments on the Class A Notes. As of the April 2020 payment date,
the reserve was at its target of EUR 2.8 million.

The transaction additionally benefits from a commingling reserve,
funded by Bank11 at closing to EUR 10.0 million. This reserve is
maintained at a balance equal to the amount of the scheduled
collection for the next collection period plus 0.5% of the
outstanding performing collateral balance. As of the April 2020
payment date, the reserve was funded to EUR 11.0 million.

The Bank of New York Mellon, Frankfurt Branch (BNYM-Frankfurt) acts
as the account bank for the transaction. Based on the DBRS
Morningstar private rating of BNYM-Frankfurt, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the rating assigned to the
notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

UniCredit Bank AG acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating of UniCredit Bank AG
is consistent with the First Rating Threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

ESG CONSIDERATIONS

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
arise in the coming months for many ABS transactions, some
meaningfully. The ratings are based on additional analysis and,
where appropriate, additional stresses to expected performance as a
result of the global efforts to contain the spread of the
coronavirus. On 16 April 2020, the DBRS Morningstar Sovereign group
published its outlook on the impact on key economic indicators for
the 2020-22 time frame.

Notes: All figures are in Euros unless otherwise noted.

RHODIA ACETOW: Bank Debt Trades at 24% Discount
------------------------------------------------
Participations in a syndicated loan under which Rhodia Acetow
Management GmbH 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 $242 million term loan is scheduled to mature on May 31, 2023.
As of April 24, 2020, $235 million from the loan remains
outstanding.

The Company's country of domicile is Germany.


RODENSTOCK HOLDING: Bank Debt Trades at 23% Discount
----------------------------------------------------
Participations in a syndicated loan under which Rodenstock Holding
GmbH 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 EUR395 million term loan is scheduled to mature on June 15,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

ROHM HOLDING: Bank Debt Trades at 19% Discount
----------------------------------------------
Participations in a syndicated loan under which Rohm Holding GmbH
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 EUR977 million term loan is scheduled to mature on July 31,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

ROHM HOLDING: Bank Debt Trades at 32% Discount
----------------------------------------------
Participations in a syndicated loan under which Rohm Holding GmbH
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 USD601 million term loan is scheduled to mature on July 31,
2026.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

SLV GMBH: Bank Debt Trades at 26% Discount
------------------------------------------
Participations in a syndicated loan under which SLV GmbH 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 EUR397 million term loan is scheduled to mature on December 16,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

SPEEDSTER BIDCO: Bank Debt Trades at 18% Discount
-------------------------------------------------
Participations in a syndicated loan under which Speedster Bidco
GmbH 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 EUR225 million term loan is scheduled to mature on March 31,
2028.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

VAC GERMANY: Bank Debt Trades at 18% Discount
---------------------------------------------
Participations in a syndicated loan under which VAC Germany Holding
GmbH 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 USD225 million term loan is scheduled to mature on March 8,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Germany.

WITTUR HOLDING: Bank Debt Trades at 17% Discount
------------------------------------------------
Participations in a syndicated loan under which Wittur Holding GmbH
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 EUR530 million term loan is scheduled to mature on September
23, 2026.  As of April 24, 2020, the full amount has been drawn and
is outstanding.

The Company's country of domicile is Germany.

[*] S&P Takes Negative Rating Actions on Multiple German Banks
--------------------------------------------------------------
S&P Global Ratings took rating actions on various German banking
groups and their core operating entities.

S&P said, "Notably, we lowered by one notch the long-term issuer
credit on Commerzbank AG. We also lowered by one notch our issue
ratings on its senior preferred instruments and its debt including
subordinated and hybrid instruments, among them senior nonpreferred
debt. We affirmed our short-term issuer credit ratings. The outlook
is negative."

S&P also affirmed the long-and short-term issuer credit ratings on
Deutsche Bank AG, Grenke AG, and members of Sparkassen-Finanzgruppe
Hessen-Thueringen (SFHT) and:

-- Revised to negative from stable the outlook on Deutsche Bank,
most of its branches and its core subsidiaries in Europe and the
U.S.

-- Revised to negative from stable the outlook on Grenke.

-- Revised to negative from stable the outlook on members of SFHT
including Landesbank Hessen-Thueringen Girozentrale (Helaba).

In addition, S&P affirmed the long-and short-term issuer credit
ratings on Deutsche Pfandbriefbank (pbb). The outlook remains
negative.

For Deutsche Bank, Grenke, Helaba and pbb, S&P also affirmed all
issue ratings on senior preferred instruments and subordinated and
hybrid instruments, including senior nonpreferred debt.

S&P said, "We have taken these rating actions because we see
increased downside risks to various German banks' credit profiles
resulting from the economic and financial market implications of
the COVID-19 pandemic. We expect this pandemic to cause a severe
recession in Germany and in most European countries in 2020. We
expect a recovery in 2021, but anticipate it will not immediately
and entirely offset the damage caused to the economy, household
wealth, and various corporate sectors. We also note that this
crisis comes at a time the German banking sector was already
suffering from profitability pressure, notably due to the
low-interest-rate environment and heavy cost bases. We already
reflect these pressures in our negative trends on economic risk and
industry risk for the German Banking Industry Country Risk
Assessment, or BICRA. The anchor for a domestically-focused German
bank remains 'a-'."

Until the start of March, banks in Germany and across Europe were
fully engaged with the same two key themes that have been paramount
in recent years--harmonizing balance sheet strength with solid
investor returns, and identifying how to refine business and
operating models in the face of the looming risks and opportunities
of the digital era. For the short term at least, the COVID-19
pandemic has changed (almost) everything. In addition to the human
cost, large parts of economic activity in Germany and much of the
rest of Europe have ground to a halt. With isolation strategies
still very much in force, S&P's economists expect a sharp economic
contraction in second-quarter 2020, followed by a rebound starting
in the third quarter. However, they are now more cautious on the
strength of recovery through year-end 2020 and into 2021,
envisaging a 6% GDP contraction in Germany (and 7.3% in the
eurozone), with a recovery of 4.3% in 2021. Even under this base
case, the effects of COVID-19 will be evident long after the crisis
subsides.

Authorities have delivered unprecedented policy responses in the
form of monetary, fiscal, and regulatory support to their
economies. The better-capitalized, better-funded, more-liquid banks
that have gradually emerged in Germany since the global financial
crisis have played an instrumental role as a conduit of the
expansion of low-cost credit to affected households and businesses.
S&P said, "However, while we expect banks in Germany and across
Europe to remain resilient in the face of this short-term cyclical
shock, we expect that it will have a meaningful impact on asset
quality, revenue, profitability, liquidity, and, potentially,
capitalization. We expect very few of these negative trends to be
strongly evident in banks' first-quarter results, but consider that
they would become increasingly apparent through 2020 and persist
into 2021." Banks' asset quality will be key to this outcome.

S&P said, "We are acutely mindful that this base case remains
subject to significant downside risks. Although we see German
fiscal measures as substantial and quite rapidly deployed, even
under our economic base case the policy responses may not be
totally successful in avoiding permanent economic damage later. We
note also that a significant component of the fiscal support
package comprises additional indebtedness--for the sovereign, some
households, and many businesses. At best, the easing of physical
isolation will not start for some weeks, is likely to be slow, and
could be subject to setbacks. The longer the delay in the recovery
of economic activity, the less sustainable this extra debt will
be.

"Among our rating actions across the German banking sector, we have
lowered by one notch the ratings on Commerzbank since we believe it
will become increasingly challenging for it to deliver on its
essential multiyear restructuring amid the cyclical downturn
arising from the COVID-19 pandemic. We have affirmed the ratings on
Deutsche Bank, SFHT, pbb, and Grenke as we expect them to
demonstrate resilience in the face of this short-term cyclical
event. However, the outlook on all five entities remains or was
revised to negative to reflect the significant downside risks that
we see, and our expectation that we could lower the ratings if the
economic rebound is delayed, fiscal countermeasures prove
ineffective or, for some, restructuring initiatives could fall
short, questioning their capacity to return to stronger earnings."

These rating actions follow two that S&P took already in the past
month:

-- On March 30, 2020, we revised the outlook on Hamburg Commercial
Bank AG (BBB/A-2) to negative, since we expect the COVID-19
pandemic could delay its restructuring progress and ultimately
challenge its return to sustainable profitability. The successful
execution remains a key assumption for the current rating level.

-- On March 27, 2020, S&P affirmed the 'A-/Negative/A-2' ratings
on Volkswagen Bank GmbH after the outlook revision to negative on
its parent, German automaker Volkswagen AG (BBB+/A-2). This action
reflected rapidly declining auto demand globally, and risk of
extended production shutdowns associated with COVID-19 pandemic.
The action on Volkswagen AG also led to a outlook revision to
negative on its core subsidiary Volkswagen Financial Services AG
(BBB+/Negative/A-2).

At this stage, S&P's ratings on a number of German banks remain
unaffected in light of increasing COVID-19-related downside risks.
They comprise:

Members of the Cooperative Banking Sector Germany, including DZ
Bank AG, Deutsche Apotheker- und Aerztebank AG, DZ HYP AG, and DVB
Bank SE, as well as DekaBank Deutsche Girozentrale, a core member
of the German savings banks sector. We believe that these banks'
membership in diversified and stable banking groups could provide
higher resilience and robustness against this economic shock.

UniCredit Bank AG (BBB+/Negative/A-2), since we believe the main
risk to the ratings remains the implementation of a single point of
entry resolution strategy for UniCredit group. If considered
effective, this could mean we are unable to rate the German
subsidiary above the 'bbb' group credit profile.

However, the current negative outlook an all entities mentioned
above means that their financial profiles are sensitive to overall
expanding economic and industry risks for the German banking sector
that we have observed since Sept. 2019.

Our ratings on the core or highly strategic German subsidiaries of
foreign banks, and Wuestenrot Bausparkasse AG (WBSK; A-/Stable/A-1)
remain driven by our view of the creditworthiness of their broader
groups. For example, for WBSK we consider that pressure on its
financial profile will be mitigated by resilient earnings from W&W
group's stronger insurance subgroup.

Commerzbank AG

S&P said, "We believe that the cyclical downturn arising from the
COVID-19 pandemic has led to a weakened economic and operating
environment for Commerzbank. In our view, this deterioration will
make it increasingly challenging for the bank to deliver on its
essential multiyear "Commerzbank 5.0" restructuring program. We
also see increased risks in its main markets that are likely to
affect revenue and asset quality and moderately weaken
capitalization. The negative outlook acknowledges substantial
downside risks beyond our already-more negative base case.


"We continue to closely monitor management's progress in executing
the Commerzbank 5.0 program. The program seeks to improve the
efficiency and long-term sustainability of the bank's domestic
business model and franchise, and spur digitalization. The
extensive nature of the program demonstrates the substantial
challenges Commerzbank already faced to sustainably improve its
risk-adjusted earnings and capital in the face of strong
competition and ultra-low interest rates. We now see the program as
more difficult to implement. The intended sale of Commerzbank's
Polish subsidiary, mBank, to fund about EUR1.6 billion of
investments in digitalization and restructuring needs has also
become more complex, in our view."

Deutsche Bank AG

S&P said, "We believe that the cyclical downturn arising from the
COVID-19 pandemic has led to a weakened economic and operating
environment for Deutsche Bank. We now expect the bank's earnings,
asset quality, and capitalization to be weaker than we previously
envisaged through year-end 2020 and into 2021. We have affirmed the
ratings on the bank because, even under this revised base case, we
consider management's restructuring plan to be fundamentally on
track. We believe that management will likely deliver a
significantly improved business and operating model, bringing it
close to covering its cost of capital by 2022. However, the
negative outlook acknowledges substantial downside risks.

"Our base case already acknowledges the prospect for significant
additional stress on revenues or asset quality that could occur in
2020. A downgrade would therefore reflect more substantive
concerns--that the restructuring plan had been fundamentally
jeopardized and that a return to stronger earnings was not so much
delayed due to the crisis, but rather threatened. This is not our
current view. We would reflect these concerns through a revision to
the group's 'bbb' stand-alone credit profile."

Grenke AG

S&P said, "The outlook revision reflects our view that Grenke's
creditworthiness could be vulnerable to the rapid deterioration of
economic conditions that has taken place in recent weeks. The bank
is a specialist lender, focusing mainly on small ticket information
technology-leasing across many European countries. The COVID-19
pandemic and sudden stop of the global economy have led us to
sharply revise our GDP forecasts. We now expect a global recession
in 2020, which will materially harm the economies to which Grenke
is heavily exposed-–particularly Germany, Italy, and France.
Furthermore, despite ample fiscal stimulus, credit losses for banks
in these markets will likely start to rise through 2020.

"We have affirmed our ratings on Grenke because we think it will
enter the anticipated recession with solid profitability compared
with peers, superior capitalization, and sound asset quality.
Although we anticipate much worsened operating credit conditions in
Grenke's main markets, we expect a manageable increase in the
bank's cost of risk, nonperforming loan (NPL) levels, and similar
risk metrics. We view positively the high granularity and
collateralization of Grenke's portfolios, and comparably high
risk-adjusted margins that provide a substantial buffer to absorb a
rise in credit losses. Accordingly, we continue to anticipate that
Grenke will maintain its very strong capitalization--we forecast
the bank's S&P Global Ratings risk-adjusted capital (RAC) ratio to
remain at 15%-16% over the coming 12 to 24 months."

Sparkassen-Finanzgruppe Hessen-Thueringen (SFHT)

S&P said, "We believe that SFHT's profitability prospects have
deteriorated because we expect the German and eurozone economies to
face a recession this year as a result of the COVID-19 pandemic. We
also expect that SFHT's scheduled cost-cutting measures could be
delayed in light of the pandemic. This implies that the group's
efficiency will remain only moderate compared with international
peers'. Finally, we see increasing tail risk to our asset-quality
projection given Helaba's sizable exposure to more-cyclical and
concentrated segments. Although we expect SFHT to remain resilient,
we are revising our outlook on its members to negative from
stable."

Deutsche Pfandbriefbank AG (pbb)

S&P said, "We have affirmed our 'A-/A-2' ratings on pbb, and the
outlook remains negative. Our ratings on pbb already acknowledge
its concentrated business model, which is focused on commercial
real estate in Europe and the U.S. This sector is sensitive to
economic cycles and lenders' loan books tend to exhibit relatively
higher single-name concentrations than other banks. Pbb's
performance was stable in recent years, although it has faced
steady pressure on already-narrow sector margins in the
ultra-low-interest-rate environment. It enters this crisis with a
clean portfolio (NPL ratio of 0.9% as of year-end 2019) and strong
capitalization, demonstrated by an S&P Global Ratings RAC ratio of
11.8% as of year-end 2019. In our view, this provides buffer to
absorb a moderate increase in credit losses.

"In the context of the global economic downturn, we now project
deteriorating asset quality for pbb. However, the magnitude of
stress on pbb's credit portfolio, and so its earnings and
capitalization, remains subject to material uncertainty. We
consider the bank's lending exposure to hotels (EUR1.3 billion as
of year-end 2019) and retail properties (EUR4.9 billion), notably
large shopping centers, particularly at risk."

Outlook

Downside scenario:  S&P said, "We could downgrade pbb in the next
12-24 months if we revise downward our capital projection, for
example, because impairments appeared likely to bring our RAC ratio
below the 10% threshold. We could also downgrade the bank if we see
industry or economic risks in the German banking sector as having
risen, leading to a change in the anchor for pbb--the starting
point of our bank ratings." A downgrade would affect all of pbb's
rated debt, including its senior preferred debt, senior
subordinated debt, and capital instruments.

Upside scenario:  S&P could revise the outlook to stable if it
considered that both economic and industry trends for the German
banking sector had stabilized, and pbb keeps a favorable capital
position and asset quality through the downturn. This would also
require that S&P saw reduced downside risks from the COVID-19
pandemic to pbb's financial profile.

  Ratings List

  Commerzbank AG

  Downgraded; Ratings Affirmed  
                                         To             From   
  Commerzbank AG

  Resolution Counterparty Rating     A-/--/A-2         A/--/A-1
  Issuer Credit Rating           BBB+/Negative/A-2  A-Negative/A-2
  Senior Unsecured                      BBB+              A-
  Senior Unsecured                      BBB+p            A-p
  Senior Subordinated                   BBB-             BBB
  Subordinated                          BB+              BBB-
  Preferred Stock                       BB-              BB
  
  HT1 Funding GmbH
  Issuer Credit Rating           BBB+/Negative/--   A-/Negative/--
  Junior Subordinated                   B+               BB-

  Dresdner Funding Trust I
  Junior Subordinated                   BB-              BB

  Dresdner Funding Trust IV
  Subordinated                          BB+              BBB-

  Deutsche Bank AG
  
  Ratings Affirmed; Outlook Action  

  Deutsche Bank AG
  Deutsche Bank Trust Corp.
  Deutsche Bank Trust Co. Delaware
  Deutsche Bank Trust Co. Americas
  Deutsche Bank National Trust Co.
  Deutsche Bank Luxembourg S.A.

  Deutsche Bank Securities Inc.
  Issuer Credit Rating          BBB+/Negative/A-2  BBB+/Stable/A-2

  Deutsche Pfandbriefbank AG

  Ratings Affirmed  

  Deutsche Pfandbriefbank AG

  Issuer Credit Rating               A-/Negative/A-2

  S-Finanzgruppe Hessen-Thueringen

  Ratings Affirmed; Outlook Action  

  Frankfurter Sparkasse
  Wartburg-Sparkasse
  Taunus-Sparkasse
  Staedtische Sparkasse Offenbach am Main
  Stadtsparkasse Schwalmstadt
  Stadtsparkasse Grebenstein
  Stadtsparkasse Borken
  Stadt- und Kreis-Sparkasse Darmstadt
  Sparkasse Wetzlar
  Sparkasse Werra-Meissner
  Sparkasse Waldeck-Frankenberg
  Sparkasse Unstrut-Hainich
  Sparkasse Starkenburg
  Sparkasse Sonneberg
  Sparkasse Rhoen-Rennsteig
  Sparkasse Odenwaldkreis
  Sparkasse Oberhessen
  Sparkasse Mittelthueringen
  Sparkasse Marburg-Biedenkopf
  Sparkasse Laubach-Hungen
  Sparkasse Langen-Seligenstadt
  Sparkasse Jena-Saale-Holzland
  Sparkasse Hanau
  Sparkasse Gruenberg
  Sparkasse Giessen
  Sparkasse Gera-Greiz
  Sparkasse Fulda
  Sparkasse Dillenburg
  Sparkasse Dieburg
  Sparkasse Bensheim
  Sparkasse Battenberg
  Sparkasse Bad Hersfeld-Rotenburg
  Sparkasse Arnstadt-Ilmenau
  Sparkasse Altenburger Land
  Nassauische Sparkasse
  Landesbank Hessen-Thueringen Girozentrale
  Kyffhaeusersparkasse
  Kreissparkasse Weilburg
  Kreissparkasse Schwalm-Eder
  Kreissparkasse Schluechtern
  Kreissparkasse Saalfeld-Rudolstadt
  Kreissparkasse Saale-Orla
  Kreissparkasse Nordhausen
  Kreissparkasse Limburg
  Kreissparkasse Hildburghausen
  Kreissparkasse Gross-Gerau
  Kreissparkasse Gotha
  Kreissparkasse Gelnhausen
  Kreissparkasse Eichsfeld

  Kasseler Sparkasse
  Issuer Credit Rating             A/Negative/A-1    A/Stable/A-1

  Grenke AG
  Ratings Affirmed; Outlook Action  

  Grenke AG
  Issuer Credit Rating          BBB+/Negative/A-2  BBB+/Stable/A-2




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

GREECE: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Greece's Long-Term
Foreign-Currency Issuer Default Rating to Stable from Positive and
affirmed the rating at 'BB'.

Under EU credit rating agency regulation, the publication of
sovereign reviews is subject to restrictions and must take place
according to a published schedule, except where it is necessary for
CRAs to deviate from this in order to comply with their legal
obligations. Fitch interprets this provision as allowing us to
publish a rating review in situations where there is a material
change in the creditworthiness of the issuer that Fitch believes
makes it inappropriate for us to wait until the next scheduled
review date to update the rating or Outlook/Watch status. The next
scheduled review date for Fitch's sovereign rating on Greece will
be July 24, 2020, but Fitch believes that developments in the
country warrant such a deviation from the calenda.

KEY RATING DRIVERS

The revision of the Outlook on Greece's IDRs reflects the following
key rating drivers and their relative weights:

High

The revision of the Outlook to Stable reflects the significant
impact of the COVID-19 crisis on economic activity, the public
finances and external accounts. Fitch forecasts real GDP to decline
by 8.1% this year, reflecting the necessary restrictive measures to
slow the spread of the pandemic, the global recession and sharp
fall in tourism. Fitch expects some recovery in activity in the
second half of this year and next year, with GDP growth reaching
5.1% in 2021.

The extent of the fall in GDP and subsequent recovery are highly
uncertain. There are downside risks to its projections around the
extent and duration of the coronavirus outbreak. Prolonged lockdown
periods or a second wave of infections in Greece and other European
countries would imply much larger declines in output in 2020 and a
weaker recovery in 2021. Tourism contributes around 10% of GDP
according to data from the World Travel & Tourism Council.

The combination of the severe fall in activity and discretionary
measures by the government to support the economy through the
pandemic will lead to a sharp deterioration in the budget balance
this year. The Greek government has announced EUR5 billion (around
2.9% of forecast GDP) of support measures for the businesses and
employees affected by closures related to the coronavirus outbreak,
extra health spending, and tax deferrals. Further support (around
EUR2 billion) will come from EU structural funds. Fitch estimates
that the general government balance will swing from an estimated
surplus of 1.5% of GDP in 2019 to a deficit of 7.4% of GDP this
year. Fitch then expects the deficit to ease somewhat to 4.6% of
GDP in 2021. The primary balance will also turn negative this year,
following fits consecutive years of surpluses and overperformance
of fiscal targets.

The increase in borrowing will translate into a reversal of the
decline in the general government to GDP ratio seen last year.
Fitch estimates that the debt ratio fell to 176.6% at end-2019,
from 181.2% in 2018 (BB median estimate: 45.7%). Its projections
are consistent with the debt ratio increasing to 194.8% at
end-2020, before falling back to 187.1% in 2021. Its debt ratio
projection for this year assumes that the government draws down on
slightly more than a quarter of its large buffer (amounting to
EUR10 billion, around 5.8% of forecast GDP) of liquid assets. If
all the extra borrowing Fitch forecasts this year was met by
increased debt issuance, the debt ratio would surpass 200%.

Medium

Fitch expects the current account deficit to widen substantially
this year, given that travel restrictions and voluntary social
distancing due to the COVID-19 pandemic will restrict tourist
arrivals to Greece. In 2019, revenues from travel accounted for 22%
of current account receipts or 9.7% of GDP. Fitch expects the
current account deficit to widen to 6.7% of GDP this year and 5.7%
in 2021, from 1.6% in 2019 of GDP (BB median estimate for 2019:
2.7%).

External finances are a rating weakness. The stock of external debt
(132.5% at end-2019) and the net international investment position
(-150.6%) as a share of GDP are significantly higher than the 'BB'
median (19.1% and -16.2%, respectively). Risks are mitigated by the
large share of liabilities owed to official creditors and are
largely euro-denominated but the large stock exposes the country to
swings in market sentiment.

Greece's 'BB' IDRs also reflect the following key rating drivers:

Greece has high income per capita levels, which far exceed 'BB' and
'BBB' medians. Governance indicators are also significantly
stronger than in most sub-investment-grade peers. These strengths
are set against weak medium-term growth potential, an extremely
high level of non-performing loans in the banking sector and high
stocks of general government debt and net external debt.

While Greece's public debt stock is and will remain very high over
a prolonged period, there are mitigating factors that support debt
sustainability. Fitch projects the ratio to start to decline again
in 2021. The liquid asset buffer is more than sufficient to
accommodate the increased financing needs for this year and next.
The concessional nature of the vast majority of Greece's public
debt means that debt-servicing costs are low. Around 95% of the
debt is at fixed rate, and the average maturity of Greek debt (20.5
years) is among the longest across all Fitch-rated sovereigns,
reducing the risk from interest rate increases.

Moreover, the European Central Bank will include Greek government
bonds in its pandemic emergency purchase programme, in contrast to
most previous asset purchase schemes. The PEPP has an overall
envelope of EUR750 billion. On the basis of Greece's capital key at
the ECB, this would allow for up to around EUR16 billion (around
9.3% of forecast GDP) to be bought on the secondary market by the
Eurosystem. This will provide an additional source of financing
flexibility.

Asset quality in the banking sector continued to improve in 2019,
but the pandemic will delay further improvements and poses downside
risks, in its view. The introduction of the moratorium on debt
payments by Greek banks and the provision of around EUR5 billion in
state loan guarantees to non-financial companies could mitigate the
pressures on reported asset quality in the near term. The ECB's
response to the COVID-19 pandemic also includes capital-relief
measures and extensive monetary-policy support facilities that will
alleviate the economic implications for the banks.

The stock of NPLs declined by almost 16% in the fIts quarters to
3Q19, to EUR71.2 billion, and by around a third from the peak
recorded in 1Q16. At the same time, due to the ongoing process of
deleveraging in the banking sector, the NPL ratio remains very
high, at 42.1% in 3Q19, down from 46.7% a year earlier. At the end
of 2019, the Greek government approved the 'Hercules' Asset
Protection Scheme, which would have had the potential to help
reduce further the stock of NPLs in the banking system this year.

ESG - Governance: Greece has an ESG Relevance Score of 5 for both
Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators have in its
proprietary Sovereign Rating Model. Greece has a medium/high WBGI
ranking at 61.8, well above both the 'BB' and 'BBB' medians,
reflecting well established rights for participation in the
political process, relatively strong institutional capacity,
regulatory quality, and rule of law.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Greece a score equivalent to a
rating of 'BB+' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - Structural Features: -1 notch, to reflect weaknesses in the
banking sector, including a very high level of NPLs, which
represent a contingent liability for the sovereign. The
government's stable parliamentary majority and the constructive
relationship with EU creditors reduce risks of financial market
instability.

The rating committee decided to remove the -1 notch from external
finances. This reflects: 1) the fact that Greece's eligibility for
the ECB's PEPP further reduces external financing risks, which are
already mitigated by the large share of external liabilities
accounted for by official sector debt; and 2) the expected sharp
increase in the current account deficit this year crystallises some
risks related to Greece's external position.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade are:

  - Government debt/GDP returning to a firm downward path after the
COVID-19 shock, for example due to fiscal consolidation, a return
to GDP growth and sustained low interest rates.

  - An improvement in medium-term growth performance following the
COVID-19 shock, particularly if supported by the implementation of
effective structural reforms.

  - Reduced risks of crystallization of banking sector risks on the
sovereign balance sheet.

The main factors that could, individually or collectively, lead to
negative rating action/downgrade:

  - Failure to reduce government debt/GDP, for example due to a
more pronounced and longer period of fiscal easing and economic
contraction.

  - Adverse developments in the banking sector increasing risks to
the public finances and the real economy.

  - Continued large current account deficits, for example from a
prolonged decline in tourist demand, with a further weakening of
the external position.

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.

KEY ASSUMPTIONS

Fitch assumes that the global economy develops in line with the
Global Economic Outlook published on April 22. Eurozone GDP is
forecast to decline by 7.0% in 2020, before recovering by 4.3% in
2021. There is an unusually high level of uncertainty around the
projections at present, and risks are to the downside.

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

Greece has an ESG Relevance Score of 5 for Political Stability and
Rights as World Bank Governance Indicators have the highest weight
in Fitch's SRM and are highly relevant to the rating and a key
rating driver with a high weight.

Greece has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Greece has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver.

Greece has an ESG Relevance Score of 4 for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Greece, as for all sovereigns.

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

HELLENIC REPUBLIC: DBRS Confirms BB(low) LT Issuer Ratings
----------------------------------------------------------
DBRS Ratings GmbH confirmed the Hellenic Republic's Long-Term
Foreign and Local-Currency – Issuer Ratings at BB (low). At the
same time, DBRS Morningstar confirmed the Hellenic Republic's
Short-Term Foreign and Local-Currency – Issuer Ratings at R-4.
The trend on the Short-Term ratings remains Stable while the trend
on the Long-Term ratings is changed from Positive to Stable.

KEY RATING CONSIDERATIONS

Since the last rating review, the Coronavirus Disease (COVID-19)
has led to the economic shutdown and likely recession and the
timing and speed of an eventual recovery is uncertain, leading to
the Trend change from Positive to Stable. In response to the
crisis, the government has engineered a swift response and
prevented a severe health crisis thus far. Extraordinary fiscal
measures will reduce the severity of the economic impact, but
still, the economy is likely to contract heavily this year,
exacerbated by the importance of tourism and shipping; and
unemployment will rise. At the same time, the timing of economic
recovery and, therefore, the 2021 growth outlook remains unclear.
Under these circumstances, the public debt ratio and the fiscal
balance will deteriorate and the duration of the deterioration is
highly uncertain.

The confirmation of the ratings reflects the fact that the majority
government is in place with strong commitment and momentum in
introducing its reform agenda. Greece emerged from the crisis with
three years of growth and five years of a primary surplus,
contributing to a large cash buffer. Still, the public debt burden
is large at 176.6% of GDP at end-2019 and now is set to increase
further. The high public debt stock is mitigated to some extent by
the very long weighted-average debt maturity and the fact that
European Union (EU) institutions hold the majority of it. Also,
Greek government bonds are now included in the European Central
Bank's (ECB's) Pandemic Emergency Purchase Programme (PEPP).

RATING DRIVERS

Triggers for an upgrade include (1) effective management of the
coronavirus crisis, returning the economy to growth; (2) compliance
with EU institutions' post-program monitoring, co-operation on
fiscal efforts, and continuation with structural reforms.
By contrast, triggers for a downgrade include: (1) persistent
negative economic performance; (2) a reversal or stalling in
structural reforms and longer-term, lack of fiscal effort; (3)
renewed financial-sector instability.

RATING RATIONALE

The COVID-19 Outbreak is Set to Derail Economic Recovery, but the
Government has Engineered a Swift Response

As of April 23, 2019, 2,463 cases and 127 deaths have been
confirmed in Greece from the COVID-19 disease. The government's
swift response to the epidemiological crisis has prevented a severe
health crisis thus far. In an attempt to slow the spread of the
virus and to support the health system, the government on 2nd March
closed schools and universities, followed by closures of
non-essential businesses. A national lockdown was imposed on 23rd
March. In response to the health crisis, the government has
announced extraordinary fiscal measures to mitigate the economic
impact and to provide liquidity to corporate and households.
Moreover, since its election in July 2019, the first one-party
government in Greece after nearly ten years has passed a number of
bills to support productivity and strengthen growth by reducing the
bureaucracy that has in the past curtailed private investment. This
supports DBRS Morningstar's positive qualitative assessment for the
"Political Environment" building block.

As the coronavirus outbreak takes its toll, the Greek economy is
heading into recession with GDP likely declining over 5% this year.
Prior to the outbreak, the European Commission projected GDP growth
above 2% in 2020 and in 2021, supported by higher consumption and
strong investment growth. Exports have been a consistent
contributor to the past recovery, reflecting the substantial
improvement of the export share from 19% of GDP in 2009 to 39% in
2019.

The impact of the spread of COVID-19 is set to derail the recovery
of the Greek economy through various avenues. Weaker global and
domestic demand will hit exports and imports of goods
significantly. Moreover, the strict containment measures and travel
restrictions pose an elevated risk to Greece's tourism sector,
which contributes directly more than 10% of GDP. The high reliance
on tourism is also evident in the labor market with approximately
16% of the total workforce employed in the tourism industry. Given
the high seasonality of the tourism sector, with almost 77% of
tourist arrivals concentrated in the third quarter of the year, the
losses for the industry could be contained if the travel
restrictions loosen in the second half of the year. The
deterioration in Greece's growth prospects supports DBRS
Morningstar's negative qualitative assessment of the "Economic
Structure and Performance" building block.

The economy accelerated in 2019 posting a solid annual growth rate
of 1.9%, again underpinned mainly by strong export growth and a
rebound in private consumption. Significant progress has been made
in improving the prospects of the Greek economy. Since July 2019,
the Greek government has passed a number of bills to support
productivity and strengthen growth by reducing the bureaucracy that
has in the past curtailed private investment. However, the
deteriorating investment climate will likely delay the government's
plan to boost foreign investment.

After Five Years of Fiscal Outperformance Extraordinary Measures
Will Result in Deficit in 2020

After five consecutive years of fiscal target outperformance, DBRS
Morningstar expects the fiscal balance to turn negative this year,
as the coronavirus outbreak takes its toll. In response to
COVID-19, the Greek government announced a set of fiscal measures,
amounting to 3.5% of GDP, aiming to support the economy and dampen
the impact of the pandemic. The fiscal package announced so far
includes (1) postponement of VAT and social contribution payments
for companies until the end of August, VAT reduction in goods
related to addressing the outbreak, (2) financial support to
employees and the self-employed covering 81% of the private sector
employees and the extension of unemployment benefits, (3) payment
of government arrears to provide liquidity and (4) increased
expenditures to support the health system. The cost of the fiscal
package is estimated at EUR 6.8 billion (3.5% of GDP). The IMF is
forecasting a headline fiscal deficit this year of 9% of GDP
compared with a small surplus of 0.4% in 2019 and this expected
deterioration weighs on DBRS Morningstar's qualitative assessment
of the "Fiscal Management and Performance" building block. To
support fiscal measures dealing with the consequences of the
coronavirus, the European Commission agreed that the 3.5% of GDP
primary surplus fiscal target for 2020 is no longer a requirement
for Greece as flexibility with the fiscal rules is granted.

Since 2010, Greece has undertaken an unprecedented fiscal
adjustment repairing its fiscal accounts. Various reforms
implemented during the economic adjustment programs improved
Greece's fiscal management and corrected the fiscal imbalances.
Primary surpluses of around 4% of GDP on average since 2015 reflect
Greece's commitment to fiscal consolidation. In DBRS Morningstar's
view, Greece has made a significant fiscal adjustment, however, a
prolonged shock that requires significantly larger fiscal measures
to support households and businesses could pose a downside risk to
Greece's fiscal sustainability.

External Imbalances - Worsening in Tourism Partially Offset by
Likely EU Inflows

After years of large deficits, Greece's current account narrowed by
more than ten percentage points of GDP. In 2019, the deficit stood
at 1.4% of GDP from 2.8% in 2018. This is due to the improvement in
the balance of services, and also in the increased receipts of the
primary and secondary income accounts. Overall, Greek exports have
increased significantly, due to improved competitiveness. The
strong performance of the services balance, which is mainly
attributed to the improvement in the travel balance with foreign
arrivals increasing by almost 20% in the period 2016-2018, is
expected to be affected severely by the global health crisis.
Dented external demand will have a negative impact on the travel
balance, which represents almost 70% of the balance of services,
although partially offset by EU funds flows. Furthermore, Greece's
net external liabilities remain high at 151% of GDP in 2019, up
from 88.8% in 2011, mostly reflecting public sector external debt.
It is expected to remain at high levels because of the long-term
horizon of foreign official-sector loans to the public sector.

The Debt Ratio is High, but Mitigating Factors are in Place

After falling to 176.6% in 2019 from its peak at 181.1% in 2018,
the debt ratio is set to increase this year amid mounting fiscal
costs to mitigate the economic impact of COVID-19. The debt stock
remains at a very high level, however, mitigants to this include
the fact that the official sector holds around 81% of government
debt. This contributes to the very long weighted-average maturity
and the fact that most of the debt is financed at very low-interest
rates, with more than 90% of debt at fixed rates, mitigating the
risks arising from increased market volatility.

In 2019, Greece has made further progress towards the consolidation
of bond market access, rising around EUR 9 billion, while achieving
historically low yields. In addition to the favorable environment
in international bond markets, this also reflects the growing
confidence in the Greek economy. The ECB's decision to include
purchases of Greek government bonds in its EUR 750 billion PEPP
until the end of 2020 should also contribute to more favorable
financing conditions. Moreover, the sizeable liquidity buffer that
amounts to around Euro 36 billion in total, is supporting Greece's
efforts to strengthen confidence among market participants. These
reserves reduce repayment risk leading to an upward qualitative
assessment of the "Debt and Liquidity" building block.

Steps Taken to Strengthen Financial Institutions, But Key Systemic
Vulnerabilities Remain

Non-performing exposures (NPE's) remain high, totaling around EUR
71 billion at end-September 2019. This equates to an NPE ratio of
approximately 42.1% of gross loans, the highest in the EU, and
continues to pose a challenge for Greece's financial stability.
However, NPEs have been on a downward trend, decreasing by more
than EUR 30 billion from the peak in March 2016. The reduction has
been mainly driven by sales and write-offs.

In December 2019, the Hercules Asset Protection Scheme (HAPS) was
legislated as a systemic solution to accelerate the reduction of
the banks' NPEs through securitizations, for which government
guarantees would be provided for the senior tranches. All four
systemic banks have announced plans to utilize HAPS and remove from
their balance sheets NPEs for a combined amount of around EUR 32.5
billion. However, elevated uncertainty related to the COVID-19
outbreak in terms of both the domestic economy and the disruptions
in the financial markets will most likely result in the major
banks' NPE reduction plans slowing down. For further details, see
DBRS Morningstar commentary "Coronavirus Likely to Disrupt Greek
Banks' NPE Reduction Plans."

ESG CONSIDERATIONS

Human Capital and Human Rights (S) and Institutional Strength,
Governance, and Transparency (G) were among the key drivers behind
this rating action. Compared with its euro system peers, Greece's
per capita GDP is relatively low at $20k in 2019. According to
World Bank Governance Indicators 2018, Greece ranks in the 59th
percentile for Rule of Law and in the 66th percentile for
Government Effectiveness. However, DBRS Morningstar notes Greece's
institutional strengths associated with Eurosystem membership and
recent improvements in these areas. These factors have been taken
into account within the following building blocks: Fiscal
Management and Policy, Economic Structure and Performance, and
Political Environment.

Notes: All figures are in Euros unless otherwise noted. Public
finance statistics reported on a general government basis unless
specified.

NAVIOS ACQUISITION: S&P Alters Outlook to Neg. & Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable and
affirmed its 'B-' issuer credit ratings on Navios Acquisition and
its finance-vehicle core entity Navios Acquisition Finance (US)
Inc. S&P affirmed its 'B-' issue on the notes due November 2021;
the '3' recovery rating on the notes is unchanged.

Navios Acquisition's liquidity profile will be increasingly
constrained over the next 12 months.   The company's improving cash
flow generation, thanks to the upturn in tanker rates, will only
partially cover sizable debt maturities, including scheduled
amortization of $175 million this year. That means Navios
Acquisition depends on uninterrupted access to secured bank funding
to tackle its debt repayment schedule in a timely manner. S&P
understands the company is negotiating a few secured refinancing
transactions that it will start executing in the coming weeks.
Besides, Navios Acquisition faces a mounting refinancing risk, with
its $670 million first-priority ship mortgage notes ($658 million
of which is outstanding) coming due mid-November 2021, seeing the
company's access to bond and equity markets as presently
constrained. This is because the notes are trading significantly
below par and Navios Acquisition's share price is at its historical
lows.

S&P said, "We base our affirmation on the company's expected
improvement in operating performance and timely refinancing.   
Improved tanker rates and additional vessels will support EBITDA
generation, translating into positive free operating cash flow
(FOCF) and strengthened credit measures in the next 12 months.
Navios Acquisition could increase its S&P Global Ratings-adjusted
EBITDA to $160 million-$170 million in 2020 from about $120 million
in 2019. This, along with our assumption of no major new debt
incurred and debt amortization continuing as scheduled (to reach
S&P Global Ratings-adjusted debt of about $1.1 billion as of Dec.
31, 2020), indicates adjusted funds from operations (FFO) to debt
improving to 7%-8% in 2020 (from about 3% in 2019) and adjusted
debt to EBITDA to 6x-7x in 2020 (from about 10x). We believe that
Navios Acquisition will refinance the maturing loans on time,
although a risk of delays remains.

"We forecast an upturn in tanker rates on low oil prices and
moderating active fleet capacity.  We see significantly higher
year-to-date average tanker rates compared with 2019 (with, for
example, one-year time charter [T/C] rates for very large crude
carriers [VLCC] at $48,500 per day [/day] for January 2020 to
mid-April 2020 compared with $29,000/day the same period a year
earlier). This is despite relatively difficult start this year held
back by the outbreak of COVID-19 in China. The momentum continues
with VLCC T/C rates trending at about $60,000/day and index BDTI
TD3C-TCE: 270,000 tons VLCC Middle East Gulf to China at about
$160,000/day, up from about $120,000/day at the start of January,
according to Clarkson Research. We think the rate heights are
unlikely to be sustainable in the medium term due to oil demand
likely to feel the impact of COVID-19 disruptions and the knock-on
effect on global economic growth."

A mix of factors will largely counterbalance the impact from soft
demand in 2020.   Crude oil prices are at historical lows despite a
record output cut recently agreed by OPEC and other major oil
producing countries. This typically creates a high demand for
floating storage, absorbing tanker capacity, and also leads to
inventories' build-up by major oil importers (such as Asia and the
U.S.). Furthermore, low oil prices prop up the profitability (and
therefore activity) of refineries. Combined with a continued
transfer of refining capacity to the Middle East and Asia away from
major importers and volumes stemming from the IMO 2020 regulation
shifting consumption toward marine gas- and low-sulfur fuels (away
from heavy fuel), this boosts global oil trades, with Clarkson
Research forecasting about 2% growth in product tanker tonne-miles
in 2020.

S&P expects industry supply and delivery of new tankers will shrink
in the coming two years, with the historically low orderbook of
crude tankers accounting for 9% of total global fleet and product
tankers for 3% (not seen in the past 30 years).  Accordingly,
tanker fleet should expand at an annual rate of 2%-4% in the next
two years. Nevertheless, a few factors will contain the supply
growth even more during 2020 and likely into 2021. These include
contango in oil markets; diversion of some tankers to floating
storage; ships off-hire for dry-docking, retrofit, and installation
of scrubbers; delays in new delivery of tankers from China; and
intensified demolition of older tonnage. All combined will absorb
global fleet capacity and reduce tanker supply growth by 1.0%-2.0%
in 2020 and 2021.

The negative outlook reflects the risk that Navios Acquisition
might find it increasingly difficult to refinance its debt
maturities in a timely manner amid the uncertainty around the
severity and longevity of the COVID-19 pandemic and the currently
constrained access to funding via debt capital markets.

S&P said, "We understand the company is close to execution a few
secured funding transactions. However, we would downgrade it in
case of unexpected delays and if it appears likely that a timely
refinancing of 2020 debt maturities will fail. We would also lower
the rating if the COVID-19 pandemic cannot be contained or
recession gets worse, leading to sluggish demand for crude oil and
petroleum products and consequently tanker rates falling short of
our expectations. This would increase Navios Acquisition's leverage
and could hinder its ability to refinance its ship mortgage notes
due November 2021 in a timely manner, which we will consider at
least 12 months ahead of maturity."

Because our rating on Navios Acquisition is linked to the wider
group credit profile (GCP) with Navios Maritime Holdings Inc.
(Navios Holdings), a deterioration of Navios Holdings' credit
standing, resulting in a downward revision of its stand-alone
credit profile to 'ccc+' (from 'b') would put pressure on Navios
Acquisition's creditworthiness.

S&P could revise the outlook to stable if Navios Acquisition
refinances its debt maturities, including the ship mortgage notes,
and its liquidity sources to uses stabilize at well above 1.2x.
This would also depend on tanker rates sufficiently supporting the
company's cash flow generation for its debt servicing needs. An
outlook revision to stable on Navios Acquisition would also require
our GCP assessment of at least 'b-'.


NAVIOS MARITIME: S&P Alters Outlook to Negative & Affirms B- ICR
----------------------------------------------------------------
On April 23, 2020, S&P Global Ratings revised its outlook to
negative from stable and affirmed its 'B-' long-term issuer credit
rating on Navios Maritime Midstream Partners L.P. (Navios
Midstream), following the same rating action on its parent Navios
Maritime Acquisition Corp. (Navios Acquisition).

An upturn in tanker rates on the back of low oil prices and
moderating supply growth leads to an improvement in Navios
Midstream's cash flow generation and leverage profile. However, as
a fully owned subsidiary of Navios Acquisition, Navios Midstream's
credit standing is constrained by S&P's view that the group might
find it increasingly difficult to refinance its debt maturities in
a timely manner amid the uncertainty around the severity and
longevity of the COVID-19 pandemic and currently constrained access
to funding via debt capital markets.

At the time of withdrawal, Navios Midstream operated 11 of Navios
Acquisition's fleet of 46 modern crude oil and product tankers,
including three very large crude carriers to be delivered in 2020
and 2021. Navios Midstream was fully acquired by Navios Acquisition
and has been fully consolidated since December 2018.




=============
I C E L A N D
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LBI EHF: EUR150-Mil. Bank Debt Trades at 82% Discount
------------------------------------------------------
Participations in a syndicated loan under which LBI ehf 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 EUR150 million facility is a revolving loan.  It was scheduled
to mature on July 26, 2009.  

The Company's country of domicile is Iceland.





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

FROSN-2018: DBRS Lowers Class E Notes Rating to B (high)
--------------------------------------------------------
DBRS Ratings GmbH downgraded its ratings on the Class A2, Class B,
Class C, Class D, and Class E notes of FROSN-2018 DAC (the Issuer)
as follows:

-- Class A2 to AA (high) (sf) from AAA (sf)
-- Class B to A (high) (sf) from AA (low) (sf)
-- Class C to BBB (high) (sf) from A (low) (sf)
-- Class D to BB (high) (sf) from BBB (low) (sf)
-- Class E to B (high) (sf) from BB (low) (sf)

The ratings on the Class RFN and Class A1 notes have been confirmed
as follows:

-- Class RFN at AAA (sf)
-- Class A1 at AAA (sf)

All trends are Stable.

The rating downgrades reflect the performance decline and the
likely decrease in the value of the remaining portfolio after the
sales of 15 assets since 30 April 2019. The rating confirmations on
the senior tranches are driven by the robust loan covenant setting
and structural features, which are expected to protect senior
noteholders in case of covenant breaches.

FROSN 2018 DAC is a securitization of one floating-rate EUR 590.9
million senior commercial real estate loan, which was advanced by
Morgan Stanley and Citibank, N.A., London Branch. The loan
refinanced the existing indebtedness of the borrowers in addition
to providing capex to the underlying collateral. The collateral
comprised 63 mixed office and retail properties located throughout
Finland. As of the Q4 2019 interest payment date (IPD), nine
properties were sold and the sales of another six assets were
completed in Q1 2020, bringing down the whole senior loan balance
to EUR 473.2 million. However, these six assets were still included
in the Q1 2020 investor report. For the avoidance of doubt, DBRS
Morningstar conducted its review based on a pool of 48 assets
(48-Portfolio) and a total senior loan amount of EUR 307.9
million.

In term of performance, based on the September 30, 2019 rent roll
and excluding the six disposed assets in Q1 2020, reported gross
rental income (GRI) of the remaining 48-Portfolio has seen a 13.0%
GRI drop to EUR 49.4 million compared with EUR 56.8 million at
issuance. The occupancy of the 48-Portfolio also went down to 63.8%
as of 30 September 2019 compared with 67.3% at issuance. DBRS
Morningstar has revised its underwritten vacancy rate up by 4.5
percentage points to 24.5%. The new DBRS Morningstar net cash flow
(NCF) is EUR 27.9 million.

DBRS Morningstar also remains cautious on the future cash flow of
the remaining assets as 36.5% of their GRI is set to expire before
September 2020, with another 21.4% expiring before September 2021.
In the context of the current Coronavirus Disease (COVID-19)
outbreak and increasing competition from new office buildings, it
is highly likely that GRI would further decrease in the next few
months. In addition, DBRS Morningstar expects the upcoming
portfolio revaluation, due in May 2020, to register a lower
double-digit percentage drop in the portfolio's market value.

DBRS Morningstar noted that the 15 disposed assets represented
40.0% of market value (MV) but only 22.1% of area at issuance. As a
result, the MV/sqm of the 48-Portfolio has decreased to EUR
1,295.7/sqm based on the May 2019 valuation compared with EUR
1,312.5/sqm for the same 48 properties or EUR 1693.9/sqm for the
whole portfolio (63 properties) at inception, thus confirming a
reduction of the remaining portfolio's value. Accordingly, DBRS
Morningstar has revised its cap rate up to 8.3% from 7.5% to
reflect the lower asset quality of the remaining 48-Portfolio. The
new DBRS Morningstar value is EUR 336.9 million.

As mentioned above, there is a senior EUR 13.9 million capex
facility included in the transaction. Since inception, a EUR 2.9
million capex facility has been released to the borrowers
representing a total capex spending of EUR 4.5 million based on a
loan-to-cost ratio of 65.0%. As of Q1 2020, the remaining
unutilized capex reserve is EUR 10.9 million. The unutilized capex
reserve is excluded from covenant calculation and will be used to
pay down the loan at repayment date.

Besides the above-mentioned credit-negative points, DBRS
Morningstar also recognizes that the senior loan currently benefits
from a high interest coverage ratio and a relatively moderate
loan-to-value (LTV) ratio of 59.3%. Moreover, the LTV and debt
yield (DY) cash trap covenants are set at a conservative level of
70% and 10%, respectively for the current year, and will continue
to tighten on an annual basis, should the borrowers request to
exercise the two remaining one-year extension options. The senior
loan was extended on 15 February 2020 for one year. This is
expected to motivate the sponsor to proactively manage the upcoming
lease breaks or expiries to avoid triggering such as cash trap
covenants. As default financial covenants are not applicable before
a permitted change of control, DBRS Morningstar does not foresee
any obstacles for the current borrowers to exercise the next
one-year extension option.

Regarding the current coronavirus outbreak, the Finnish government
has started to loosen the lockdown implemented in mid-March. The
asset manager has granted rent-free periods for tenants whose
business was severely disrupted by the pandemic. Despite the
rent-free period being granted, the asset manager is confident that
the debt service and covenant tests will be met for the next IPD.

The coronavirus pandemic and the resulting isolation measures have
caused an economic contraction, leading to sharp increases in
unemployment rates and income reductions for many borrowers. DBRS
Morningstar anticipates that delinquencies may arise in the coming
months for many SME transactions, some meaningfully. The rating is
based on additional analysis and adjustments to expected
performance as a result of the global efforts to contain the spread
of the disease. On 16 April 2020, the DBRS Morningstar Sovereign
group published its outlook on the impact on key economic
indicators for the 2020-22 period.

Notes: All figures are in Euros unless otherwise noted.



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

A-BEST 14: Fitch Affirms Class E Debt at 'BBsf'
-----------------------------------------------
Fitch Ratings has taken rating actions on Asset-Backed European
Securitisation Transaction Seventeen S.r.l. and Asset-Backed
European Securitisation Transaction Fourteen S.r.l.

Asset-Backed European Securitisation Transaction Fourteen S.r.l.
(A-Best 14)      

  - Class A IT0005187072; LT AAsf; Affirmed

  - Class B IT0005187080; LT A+sf; Upgrade

  - Class C IT0005187098; LT A-sf; Upgrade

  - Commingling Facility; LT BBB+sf; Affirmed

  - Class D IT0005187106; LT BB+sf; Affirmed

  - Class E IT0005329708; LT BBsf; Affirmed

Asset-Backed European Securitisation Transaction Seventeen S.r.l.
(A-Best 17)      

  - Class A IT0005388746; LT AAsf; Affirmed

  - Class B IT0005388753; LT A+sf; Affirmed

  - Class C IT0005388761; LT BBB+sf; Affirmed

  - Class D IT0005388779; LT BB+sf; Affirmed

  - Class E IT0005388787; LT BB+sf; Affirmed

TRANSACTION SUMMARY

The two transactions are securitizations of performing auto loans
advanced to Italian individuals, including VAT borrowers (ie,
professionals and artisans) by FCA Bank S.p.A. (FCAB;
BBB+/Negative/F1), a joint venture between Fiat Chrysler
Automobiles and Credit Agricole Consumer Finance.

KEY RATING DRIVERS

Portfolios Still Revolving

Both transactions are still in their revolving periods scheduled to
end in December 2020 for A-Best 17 and May 2020 for A-Best 14 with
portfolio composition and performance triggers within their
revolving limits. As of the end-February 2020 collection period,
the three-month rolling-average delinquency ratios for A-Best 17
and A-Best 14 were close to zero and 0.4%, respectively, below
their respective thresholds of 1.2% and 1.8%. As of the same
reference period, A-Best 17 had not reported defaults while the
gross cumulative default ratio for A-Best 14 was 0.4%.

Considering the forthcoming end of the revolving period for A-Best
14, Fitch has modelled the current portfolio composition as of the
February 2020 payment date and reflects the removed uncertainty
about potentially weakening underwriting and the upcoming build-up
of credit enhancement by reducing the default multiple slightly by
0.5x for all new vehicles, used vehicles and loans extended to VAT
borrowers at the highest assigned rating level. This also supports
the upgrade of the class B and C notes.

The Outlook on the 'BBB+sf' rating of the commingling reserve
facility in A-Best 14 has been revised to Negative from Stable
following the same rating action on FCAB's IDR. The CRF rating is
based on a weakest link approach between the rating of FCAB, the
account bank (Elavon Financial Services DAC, AA-/Stable), and the
model-implied rating to timely pay the interests on the CRF using
the interest available funds.

Coronavirus Impact

Fitch has made assumptions about the spread of the coronavirus and
the economic impact of the related containment measures assuming a
global recession in 1H20, driven by sharp economic contractions in
major economies with a rapid spike in unemployment. To incorporate
the related potential economic impact on the transaction's
performance, Fitch has increased the weighted average base case
probability of default for the stressed portfolio to 2.3%, from
2.0% applied initially for A-Best 17. Fitch has reduced the 'AA'
multiple to 4.6x from 5.2x initially applied in A-Best 17
reflecting the now higher level of base case.

For the same reason, for A-Best 14 Fitch has increased the weighted
average base case probability of default for the portfolio to 2.2%,
from the 2.0% initially applied. Fitch has further reduced the 'AA'
multiple, in addition to the reduction because of the end of the
revolving period, to an average of 4.6x.

Despite the increase in the base case, sufficient funds are
available to meet the rated notes' interest and principal payments
in their current rating scenarios for A-Best 17. This supports the
affirmations. For A-Best 14, the effects of the end of the
revolving period more than offsets the increase in the probability
of defaults, supporting the upgrades of the class B and C notes.

The revisions of the Outlooks on several classes of notes to
Negative reflect the increased risk of a more prolonged period of
below trend economic activity. A longer lasting economic shock with
wage declines and job losses would materially impact the
transactions' performance with below-investment grade tranches more
affected by revisions of asset assumptions.

Ratings Capped at 'AAsf'

The class A notes of both transactions are rated 'AAsf', the
maximum achievable rating for Italian structured finance
transactions, six notches above Italy's Long-Term Issuer Default
Rating (IDR; BBB/Negative/F2). The Outlook on the class A notes
mirrors that on the sovereign.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce loss levels higher than the base
case and could result in rating action on the notes. For example, a
simultaneous increase of the default base case by 25% and a
decrease of the recovery base case by 25% would lead to a one-notch
downgrade for class A notes two-notch downgrade for class B to E
notes for A-Best 17. The same simultaneous increase of default base
case and decrease in recovery base case would lead to a two-notch
downgrade of the class B, C, D and E notes and a one-notch
downgrade of the class A notes for A-Best 14.

Further negative rating action could be the result of Fitch
obtaining evidence that the use of payment deferrals reduces the
effectiveness of the delinquency and cumulative default revolving
triggers in terminating the revolving period to protect the
structure against deteriorating performance in both transactions.
In A-Best 17, the use of payment deferrals may also reduce the
effectiveness of the delinquency and cumulative default pro-rata
triggers in activating the sequential paydown in case of
performance deterioration.

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

Unanticipated decrease in the frequency of defaults or increase in
recovery rates could produce loss levels lower than the base case.
A simultaneous decrease in the default base case by 25% and
increase in the recovery base case by 25% would leave the class A
rating unchanged for both transactions, as they are already at the
maximum achievable rating for Italian SF transactions, and would
lead to a one-notch upgrade of the class B notes, a four-notch
upgrade of the class C notes and a three-notch upgrade of the class
D and E notes for A-Best 17. The same simultaneous decrease of the
default base case and increase in the recovery base case would lead
to a one-notch upgrade of the class B notes, a three-notch upgrade
of the class C notes, and a two-notch upgrade of the class D and E
notes for A-Best 14.

Coronavirus Downside Scenario Sensitivity

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

The CRF rating is the lower of FCAB's IDR, the account bank's IDR
(Elavon Financial Services) and the maximum achievable rating to
ensure timely payment of interest due on the CRF. As such, any
change in the relevant counterparty's IDR as well as any
significant improvement or deterioration of the portfolio
performance beyond expectations may trigger a downgrade or upgrade
of the CRF rating.

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.

CRITERIA VARIATION

Under its Global Structured Finance Rating Criteria, Fitch foresees
that certain structured finance transactions that are dependent on
the credit quality of an underlying entity may be credit-linked to
those entities. However, the issuer's ability to repay the CRF for
A-Best 14 depends on a combination ('weakest link') of counterparty
(i.e., the exposure towards FCAB and the account bank) and
portfolio risk (cash flows deriving from the securitized pool for
the interest payments) rather than any of the two separately. The
assessment of the two risks combined is a criteria variation that
the agency deemed necessary to properly address credit
characteristics of the commingling facility. Without this criteria
variation, Fitch could have not rated the CRF.

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

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

DATA ADEQUACY

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

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

Prior to the (first) transaction restructuring for A-Best 14, Fitch
conducted a review of a small targeted sample of the origination
files and found the information contained in the reviewed files to
be adequately consistent with the originator's policies and
practices and the other information provided to the agency about
the asset portfolio.

Overall, Fitch's assessment of the 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.

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).

INFRASTRUTTURE WIRELESS: S&P Assigns 'BB+' ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issuer credit
rating to Infrastrutture Wireless Italiane S.p.A. (INWIT).

The tower industry enjoys very supportive credit characteristics.
The wireless tower industry's low risk profile reflects the
sector's low volatility and cyclicality, and the high
predictability of cash flows, given its critical infrastructure
nature. This is further supported by typically long-term contracts
between tower companies and telecommunications carrier customers;
very high barriers to entry, due in particular to permitting and
land sourcing constraints; and the very difficult replication of
established networks. In addition, the industry enjoys favorable
long-term growth prospects from increasing demand for mobile data
and video and continued investment by telecom carriers in wireless
networks, including for the 5G technology deployment. Frequencies
acquired by mobile network operators (MNOs) recently were tied to
5G coverage obligations, which make 5G-related growth opportunities
for INWIT more certain.

The company has a very strong market position in Italy.  It boasts
a very strong position of in Italy, capturing about half of the
Italian tower market through a nationwide dense network of 22,000
sites hosting about 39,000 points of presence, and ranks distantly
ahead of the nos. 2 and 3 tower operators (Cellnex and WindTre).
The network overlap with competition is limited, which strengthens
INWIT's pricing power. The company does not compete at the national
level against Italian incumbents TIM and Vodafone, because its
network would comprise the entirety of the latter two's towers.
This translates into a domestic market position that is
significantly stronger than that of European peers such as TDF in
France and Cellnex in Spain, in our view. INWIT's domestic position
is more comparable with that of its smaller-scale Mexican peer
Operadora de Sites Mexicanos. Moreover, the company's nearest
competitors are relatively distant, which further strengthens is
position and should support growth on the back of 4G densification
and 5G build-up, further underpinned by the preferred supplier
agreement with TIM and Vodafone.

INWIT operates a high quality network under protective long-term
contracts.  The high quality of the company's site network stems
from its favorable locations, reflecting the historically first
movers' advantage of TIM's and Vodafone's networks, as well as a
meaningful degree of its tower backhaul being equipped with fiber,
a more powerful technology than traditional airwaves to connect the
radio sites to the clients' local exchanges. In addition, INWIT
operates under extremely protective, eight-year, indefinitely
renewable, all or nothing, CPI-indexed (with 0% floor) contracts
signed with TIM and Vodafone, providing high revenue visibility.

INWIT's heavy customer concentration, which is typical for the
industry, is not a ratings constraint, given the critical nature of
its services and the credit standing of customers.  The company's
revenues are heavily concentrated on TIM and Vodafone, which
together account for about 90% of total revenue. In this regard,
INWIT is significantly less diversified than Cellnex, both in terms
of countries and end-customers. S&P doesn't see a mechanical link
between the company's credit quality and that of its customers,
given the infrastructure and critical nature of its services for
mobile operators. Still, any increasing divergence between INWIT's
credit quality and that of either main client could ultimately
become a more material constraint on the company's business risk
profile and the overall rating.

INWIT has a strong operating efficiency track record and meaningful
synergies likely from the merger of TIM's and Vodafone's networks.
Management's track record is solid, reflected in steady increases
in colocation and revenues per site, as well as ongoing reduction
in ground lease costs achieved since 2015. Significant potential
synergies exist, ranging from ground leases, optimized site
portfolio, and increased colocation on existing sites. This stems
from INWIT's post-merger stronger local position, as well as the
passive and active network sharing between TIM and Vodafone, that
will free up space for third parties; and the antitrust remedies
requiring additional site opening to third parties.

INWIT has higher margins and a stronger domestic position than most
of its rated peers.  These are in line with those of Operadora de
Sites Mexicanos (BB+/Stable/--). The company has also significantly
greater scale than France-based Tivana France Holdings (TDF;
BBB-/Stable/--), while Cellnex (BB+/Stable/--) has a larger scale
and broader markets and clients diversity than INWIT. Overall, we
view both INWIT and Cellnex in the high end of the strong business
risk profile category; TDF's business profile is weaker, but its
significantly lower debt leverage translates into a higher rating.
While the European and Mexican players' business risk profiles are
in the strong category, U.S. peers' business risk profiles are in
the higher excellent category, because they enjoy a much larger
scale across the country and operate in the very mature and
consolidated U.S. market.

S&P said, "The stable outlook reflects our view that management
will smoothly execute the merger of TIM's and Vodafone's tower
portfolios, and leverage the extended network sharing
opportunities, as well as INWIT's very strong market position and
favorable MNO market context, to generate new revenues on 4G sites
densification and the 5G rollout kickoff. We also anticipate
continuation of the solid operating efficiency track record, and
the successful execution of cost synergies allowed by the merged
network optimization.

"The stable outlook also reflects our forecasts that S&P Global
Ratings-adjusted leverage, funds from operations (FFO)-to-debt and
free operating cash flow (FOCF)-to-debt ratios will sustainably
remain below 6x, and above 12% and 7%, respectively."

S&P could lower its rating on INWIT should it sees:

-- Any setbacks in the merger or implementation of development
plans; or

-- S&P Global Ratings-adjusted debt to EBITDA above 6x, or S&P
Global Ratings-adjusted FFO to debt or FOCF to debt to below 12%
and 7%, respectively, due to operational setbacks or a more
aggressive financial policy than foreseen.

Ratings upside would exist should the following happen:

-- Swift progress in merger execution and management's development
and refinancing plans;

-- S&P Global Ratings-adjusted leverage, FFO-to-debt, and
FOCF-to-debt ratios improved to less than 5x, above 15%, and 10%
respectively;

-- S&P is comfortable these levels, which could be reached by
2022, are sustainable and that management is willing to sustain
leverage at below 5x.

-- At this stage, S&P understands that management target a
leverage of less than 6x, so it would not expect leverage of lower
than 5x to be sustained.


MARCOLIN SPA: S&P Cuts ICR to 'B-' on Liquidity Stress Due to COVID
-------------------------------------------------------------------
S&P Global Ratings lowered to 'B-' from 'B' its issuer credit
rating on Marcolin SpA and its issue rating on the group's senior
secured notes.

COVID-19 fallout will impair Marcolin's growth and lead to higher
leverage in 2020.  Marcolin had sound fundaments to report solid
top line growth in 2020 thanks to the portfolio of new licenses
signed in 2019, including Longines, Omega, Max&Co, and Adidas,
among others. However, the spread of COVID-19 across Europe and the
U.S. will likely hurt Marcolin's growth prospects and its ability
to deleverage toward 6x. S&P now forecast a material contraction in
sales in 2020 of about 25% from EUR487 million revenues reported at
end-2019, and an S&P Global Ratings-adjusted EBITDA margin at
around 9.0% from about 9.0%-9.5% in 2019, which includes EUR8.5
million extraordinary costs. As a result, S&P believes the group's
adjusted debt to EBITDA will rise in 2020 to nearly 9.5x-10.0x,
which is not commensurate with a 'B' rating. At the same time, S&P
projects the EBITDA interest coverage will reduce to about 2x.

Marcolin will likely see lower demand because of the
COVD-19-related containment measures' impact on optical retailers
across Europe and U.S.  Marcolin hasn't been directly affected by
public authorities' shutdowns because the company doesn't operate
any retail networks, but rather distributes its eyewear through
wholesale and distributor partners. S&P believes that, once the
confinement measures are lifted, optical retailers, particularly
the smallest players, will likely order reduced quantities of
Marcolin's products. This is because the financial and liquidity
strain throughout the store closures will likely prompt retailers
to prioritize de-stocking and streamlining the product offering to
support their liquidity. S&P said, "In addition, mobility
restrictions and social distancing measures could be in place until
summer, reducing the traffic in the optician stores, and the
magnitude of the rebound by the end of this year remains uncertain
due to our macroeconomic forecasts of a global recession in 2020.
We anticipate lower consumer demand as consumers potentially cut
back on discretionary spending, mainly hurting Marcolin's
sunglasses division (47% of total sales in 2019 according to our
estimates), while the prescription business (53% of sales) could
partially mitigate the setback."

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

S&P said, "We expect Marcolin will face liquidity pressures and
tight covenant headroom despite cash preservative measures and
support from PAI Partners.  Given our expectations of decreased
demand in the coming months, Marcolin reduced its manufacturing
operations in Italy for luxury brands, while production in China
resumed after a 10-days stop. We understand the company is actively
looking for measures to avoid significant EBITDA erosion and to
support liquidity, including a nine-week temporary lay-off program
supported by the Italian government and trimmed marketing expenses.
In addition, the company's main shareholder PAI Partners is
committed to support Marcolin via the injection of cash in the form
of a shareholder loan that we view as equity-like. It will support
Marcolin's liquidity in the very near term and ongoing investments
in Thelios, the joint venture with LVMH. Despite a delayed start at
Thelios' new manufacturing plant in Italy, the launch of the first
Dior collection is still scheduled for the beginning of 2021,
indicating the strategic importance of the investments for both
Marcolin and LVMH (51% owner of Thelios and 10% owner in Marcolin).
Nevertheless, we estimate Marcolin's liquidity position will be
under pressure in the next 12 months, and more importantly, that
headroom under the financial covenant (senior secured net leverage
below 7.5x) will be very tight, with a high risk of covenant breach
that could trigger cross-acceleration on the notes. However, we
understand that Marcolin is actively tackling this issue. There are
ongoing discussions with lenders to obtain waivers on covenants and
the company should be eligible to receive government-backed loans
form the Italian government. We see the shareholder cash injection,
the Thelios joint venture, and the 10% ownership from LVMH group as
supporting factors in the negotiation with banks. Still, at this
point, the certainty and the timing of liquidity supporting
measures are still unclear.

"The negative outlook reflects our view that Marcolin has very
tight headroom under its springing financial covenant requiring a
maximum senior secured net leverage ratio of 7.5x. In addition, the
cross-acceleration provision would accelerate bond repayment in
case of breach of covenant.

"We could lower the rating if we observed additional pressure on
the already tight headroom on the financial covenant, leading us to
believe that the risk of covenant breach has increased. In
addition, we could take a negative rating action if leverage rose
significantly and sustainably above 10x, increasing our concerns on
Marcolin's ability to refinance its capital structure.

"We could revise the outlook to stable if Marcolin's liquidity
position strengthened and covenant headroom restored above 15%.
This could happen thanks to successful renegotiations of covenant
with lenders, access to government-backed loans, or in the event of
further support from the shareholders."


SUNRISE SPV Z80 2019-2: Fitch Affirms Class E Debt at 'BBsf'
------------------------------------------------------------
Fitch Ratings has taken multiple rating actions on Sunrise S.r.l.-
Series 2016-2, Sunrise S.r.l.- Series 2017-1, Sunrise SPV 40 S.r.l.
2018-1, Sunrise SPV 50 S.r.l. 2018-2, Sunrise SPV Z80 S.r.l. 2019-1
and Sunrise SPV Z90 S.r.l. 2019-2.

Sunrise SPV Z80 S.r.l. - Series 2019-2      

  - Class A IT0005388480; LT AAsf; Affirmed

  - Class B IT0005388498; LT Asf; Affirmed

  - Class C IT0005388506; LT BBB+sf; Affirmed

  - Class D IT0005388514; LT BBB-sf; Affirmed

  - Class E IT0005388522; LT BBsf; Affirmed

Sunrise SPV Z70 S.r.l. - Series 2019-1      

  - Class A IT0005372252; LT AAsf; Affirmed

  - Class B IT0005372260; LT Asf; Affirmed

  - Class C IT0005372278; LT BBBsf; Affirmed

Sunrise SPV 50 S.r.l. - Series 2018-2      

  - Class A IT0005351686; LT AAsf; Affirmed

  - Class B IT0005351694; LT A+sf; Upgrade

  - Class C IT0005351710; LT BBB+sf; Upgrade

Sunrise SPV 40 S.r.l. - 2018-1      

  - Class A IT0005337313; LT AAsf; Affirmed

  - Class B IT0005337339; LT AA-sf; Upgrade

  - Class C IT0005337347; LT Asf; Upgrade

  - Class D IT0005337354; LT BBB+sf; Upgrade

  - Class E IT0005337362; LT BB-sf; Upgrade

Sunrise S.r.l. - Series 2017-1      

  - Class M IT0005245862; LT AAsf; Affirmed

Sunrise S.r.l. - Series 2016-2      

  - Class M IT0005219081; LT AAsf; Affirmed

KEY RATING DRIVERS

Deleveraging Supports Upgrades

The fast amortization of the pools, common to all now static
transactions, boosted by the high level of prepayments, lead to a
substantial build-up of credit enhancement. Increased CE drives the
upgrades of the mezzanine notes of Sunrise 2018-1 and 2018-2 and
the affirmation of the other notes outstanding.

In particular, as of most recent payment date, CE for Sunrise
2018-1 was between 48.9% for the class A notes and 9.7% for the
class E notes. For Sunrise 2018-2 CE it was between 39.1% for the
class A notes and 16.1% for the class C notes. CE is provided by an
amortizing cash reserves fund and the subordination of junior
notes.

Coronavirus Impact Drive Asset Assumptions

In its baseline scenario Fitch expects the Italian economy to be
significantly affected by the measures adopted to contain the
spread of COVID-19. These measures are likely to have a profound
economic impact in the near term, particularly on non-essential
consumer spending. Fitch considers a more severe and prolonged
period of stress as a downside (sensitivity) scenario in the Rating
Sensitivities section.

Fitch has increased the base case probability of default of
personal loans to 10.25%, from 9.5%, of new vehicles to 2.5% from
2.25%, of used vehicles to 3.5% from 3% and of furniture and
finalized loans to 2% from 1.75% to incorporate the expected
economic impact of the coronavirus on the transactions'
performance. Fitch has reduced the WA 'AAsf' multiple to 4x. This
reflects that an expectation of substantial economic stress is now
already part of the base case. The 'AAsf' rating default rate (RDR)
for all the Sunrise transactions remained substantially similar at
around 35.5%.

Adequate Liquidity Protection

In its analysis Fitch acknowledged that Agos could grant payment
holidays to borrowers in need as a consequence of the COVID-19
outbreak. Even if the agency does not expect liquidity shocks
because of the payment holidays, as borrowers will have to continue
to pay interests on their loans, the liquidity coverage provided by
the reserves and structural features (ie principal borrowings to
pay interest and senior costs) protects the transactions from the
risk of liquidity shortages. The reserves, present in all
transactions, are sufficient to cover more than a quarter of senior
expenses and interest payments should there be no collections at
all.

High Excess Spread

The weighted average yield at end-February 2020 is from 8.2% and 7%
for all the pools, translating to a high gross excess spread that
has enabled the rapid build-up of the cash reserve funds to their
target level. It is also available to provision for defaults
through the transaction's principal deficiency ledger mechanism,
providing an extra layer of credit enhancement in case of
defaults.

Ratings Capped at 'AAsf'

The most senior class of notes of all transactions are rated
'AAsf', the maximum achievable rating for Italian structured
finance transactions, six notches above Italy's Long-Term Issuer
Default Rating (IDR; BBB/Negative/F2). The Outlook on the class A
notes mirrors that on the sovereign.

RATING SENSITIVITIES

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

If Fitch obtains evidence that the use of payment holidays reduces
the effectiveness of early amortization triggers in terminating the
revolving period to protect the structure against deteriorating
performance

Unexpected increases in the frequency of defaults or decreases in
recovery rates that could produce loss levels higher than the base
case and could result in potential rating action on the notes. For
example, a simultaneous increase of default base case by 25% and
decrease of the recovery base case by 25% would lead to:

  - Sunrise 2016-2: no impact

  - Sunrise 2017-1: no impact

  - Sunrise 2018-1: two-notch downgrades on class B, C, D and E

  - Sunrise 2018-2: one-notch downgrade on class A and two notches
on class B and C

  - Sunrise 2019-1: a two-notch downgrades on class A B and C

  - Sunrise 2019-2: three-notch downgrades on class A and E, two
notches downgrades on class B, C and D

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

Unexpected decrease in the frequency of defaults or increase in
recovery rates that could produce loss levels lower than the base
case. Most senior classes cannot be upgraded because they are
already at the highest achievable rating. A simultaneous decrease
in default base case by 25% and increase in the recovery base case
by 25% would lead to:

  - Sunrise 2018-1: one-notch upgrades on class B, three notches
upgrades on class C and E and two-notch upgrades on class D

  - Sunrise 2018-2: two-notch upgrades on class B and three notches
upgrade on class C

  - Sunrise 2019-1: three-notch upgrades on classes B and C

  - Sunrise 2019-2: three-notch upgrades on class B and C, two
notches on class D and E

Coronavirus Downside Scenario Sensitivity

Fitch has added a coronavirus downside sensitivity analysis that
contemplates a more severe and prolonged economic stress caused by
a re-emergence of infections in the major economies, before a slow
recovery begins in 2Q21.

In this downside scenario, Fitch modelled a sharper increase in
delinquencies than was experienced during the financial crisis,
leading to an increased base default probability to 11% for
personal loans, 2.75% for new vehicles, 3.75% for used vehicles,
and 2% for furniture and finalized loans. The 'AAsf' default
multiples are unchanged. Under this downside scenario, the notes'
ratings would be:

  - Sunrise 2016-2: no impact

  - Sunrise 2017-1: no impact

  - Sunrise 2018-1: one-notch downgrade on class D

  - Sunrise 2018-2: one-notch downgrade on classes B and C

  - Sunrise 2019-1: one-notch downgrade on class A

  - Sunrise 2019-2: one-notch downgrade on class A, C, D and E

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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

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

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).

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 is available by
clicking the link to the Appendix. The appendix also contains a
comparison of these RW&Es to those Fitch considers typical for the
asset class as detailed in the Special Report titled
"Representations, Warranties and Enforcement Mechanisms in Global
Structured Finance Transactions", dated May 31, 2016.

UNICREDIT S.P.A.: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 14, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by UniCredit S.p.A. to BB from BB+.

Headquartered in Milan, Italy, UniCredit S.p.A. is an Italian
global banking and financial services company.




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

ALTISOURCE SARL: Bank Debt Trades at 22% Discount
-------------------------------------------------
Participations in a syndicated loan under which Altisource 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 $412 million term loan is scheduled to mature on April 3, 2024.
As of April 24, 2020, $277 million from the loan remains
outstanding.

The Company's country of domicile is Luxembourg.

ARCELORMITTAL S.A: Egan-Jones Lowers Sr. Unsec. Debt Ratings to BB-
-------------------------------------------------------------------
Egan-Jones Ratings Company, on April 17, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by ArcelorMittal S.A. to BB- from BB+.

ArcelorMittal S.A. is a multinational steel manufacturing
corporation headquartered in Luxembourg City.



ARVOS BIDCO: Bank Debt Trades at 26% Discount
---------------------------------------------
Participations in a syndicated loan under which Arvos BidCo Sarl 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 USD100 million term loan is scheduled to mature on August 29,
2021.  As of April 24, 2020, USD95 million from the loan remains
outstanding.

The Company's country of domicile is Luxembourg.


CONSOLIDATED ENERGY: Bank Debt Trades at 24% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Consolidated Energy
Finance SA 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 USD600 million term loan is scheduled to mature on May 7, 2025.
As of April 24, 2020, USD590 million from the loan remains
outstanding.

The Company's country of domicile is Luxembourg.

INTELSAT SA: Egan-Jones Lowers Senior Unsec. Debt Ratings to D
--------------------------------------------------------------
Egan-Jones Ratings Company, on April 15, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Intelsat SA to D from CCC-. EJR also downgraded the
rating on commercial paper issued by the Company to D from C.

Headquartered in Luxembourg District, Luxembourg, Intelsat S.A.
operates as a satellite services company that provides diversified
communications services to the media companies, fixed and wireless
telecommunications operators, and data networking service providers
for enterprise and mobile applications, multinational corporations,
and Internet service providers.


MALLINCKRODT INTERNATIONAL: Bank Debt Trades at 29% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Mallinckrodt
International Finance SA 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 $1,865 million term loan is scheduled to mature on September
24, 2024.  As of April 24, 2020, $1,516 million from the loan
remains outstanding.

The Company's country of domicile is Luxembourg.

NETS TOPCO: S&P Downgrades ICR to 'B-' on COVID-19 Impact
---------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and
issue-level ratings on Nets Topco 3 S.a.r.l (Nets) and its senior
secured first-lien debt to 'B-' from 'B'.

S&P said, "We expect the COVID-19 pandemic to harm Nets' revenue in
2020 and see downside risk to our forecast.   We think the economic
damage caused by the COVID-19 pandemic--which we reflect in our
macroeconomic forecast for a global recession and a steep decline
in eurozone GDP of more than 7% in 2020--will harm Nets' topline
this year. We estimate that well over 60% of net revenue in Nets'
merchant services division (contributing about 65% to total net
revenue from continuing operations of about EUR1 billion in our
forecast for full-year 2019) is transaction-related revenue from
point-of-sale (POS) and online transactions. POS revenue is
severely affected by government-mandated shop closures in Nets' key
markets in the Nordics and Germany. Furthermore, we think lower POS
revenue will be only partly offset by a shift toward online
transactions, also due to the current near halt to online sales in
certain sectors such as travel and leisure. In addition, we expect
transaction volumes to remain softer throughout the remainder of
2020, even after the possible easing of lockdowns, because economic
uncertainty and continued social distancing practices are likely to
hamper consumer confidence and spending. As a result, we now
forecast group net revenue will decline by 8%-10% in 2020, compared
with our previous expectation of 2%-4% organic growth. Furthermore,
there are some downside risks to our forecast if it takes longer to
contain the COVID-19 pandemic, which might jeopardize our
expectation of an economic recovery from second-half 2020.

"We see a material risk that COVID-19 will trigger merchant
chargeback losses, which could result in substantial cash burn.  
In 2019, Nets' German subsidiary Concardis booked a EUR150 million
provision to cover losses related to the insolvency of travel
operator Thomas Cook, which lowered reported EBITDA and FOCF by the
same amount. We believe Nets could incur additional provisions for
chargeback losses as a result of COVID-19-related financial
difficulties at merchants. The extent these occur in industries
with "payment before delivery", for example travel and leisure, and
depending on the payment method used, Nets could be liable for
refunding the end customers for the value of any undelivered goods
and services. This risk can be reduced by appropriate
risk-management techniques, such as limits or exclusions for
certain sectors, collateral requirements, predictive analytics, or
other provisions in merchant contracts. However, these mechanisms
have failed to minimize losses for Nets in the case of Thomas Cook.
As a result, we are unsure about Nets' ability to manage credit
risk exposure in its acquired businesses during the impending
COVID-19-induced economic downturn. We acknowledge, however, that
the company has taken measures to improve contract structures in
response to the Thomas Cook incident. Noting the significant
uncertainty in forecasting the level of such items, we assume
merchant chargeback losses and cash-outs in 2020 of 8%-12% of net
revenue in our revised base case. In sum, the effect of
COVID-19-related topline decline, chargeback losses, and other
higher nonrecurring business transformation costs are set to
significantly pressure our adjusted EBITDA forecast, with margins
that are 15-18 percentage points lower in 2020 than in our previous
base case, and still about nine percentage points lower in 2021. At
the same time, we project that Nets will continue to burn cash in
the near term, with our forecast of FOCF (excluding discontinued
operations) below negative EUR100 million in 2020, after our
estimate of below negative EUR200 million in 2019 (including
discontinued operations).

"The expected proceeds from the pending disposal could in principle
improve Nets' capital structure beyond 2020, but the magnitude of
actual debt reduction by Nets' owners is uncertain.   Given our
expectations for the effects of COVID-19 on revenue and adjusted
EBITDA, we think Nets' pending decision on the use of proceeds is
unlikely to alter our view of its credit metrics in 2020. For 2020,
we expect materially negative FOCF and adjusted leverage well above
8x (except if Nets applied 100% of proceeds for debt repayment
while avoiding material downside to our EBITDA forecast from
chargeback losses or weaker topline, but we currently regard such a
scenario as remote). However, the use of the EUR2.85 billion
proceeds from the sale of the A2A business to Mastercard, which
Nets expects to close by the end of the second quarter, will have a
material impact on the longer-term sustainability of Nets' capital
structure, in our opinion. In theory, the cash would allow Nets to
repay more than 80% of its EUR3.5 billion gross debt (as of
third-quarter 2019), but the amount of debt prepayment that will
occur is unknown at this stage. We believe Nets' financial-sponsor
owners will continue to pursue aggressive financial policies and
maintain high leverage in the future. This, in our view, implies a
high risk that a sizable chunk of the cash will be returned to
shareholders. If we assume Nets undertakes debt repayments equal to
about 50% of proceeds and our aforementioned operating assumptions
hold, Nets' adjusted debt to EBITDA would still be 11x-13x in 2021,
with adjusted FOCF to debt of 0%-2% (scenario 1), after leverage of
greater than 25x in 2020. If Nets used 75% of proceeds to prepay
debt, we forecast adjusted leverage would still be 8x-10x in 2021,
with FOCF to debt somewhat stronger at 2%-4% (scenario 2). The
absence of or more favorable performance for chargeback losses
would affect our leverage projections for 2020, but not 2021
because we have not assumed any such loss beyond 2020."

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

-- Health and safety

Risk management and internal controls

The negative outlook reflects the risk that COVID-19 results in
higher-than-expected cash burn for Nets, paired with the
possibility of high shareholder distributions from the disposal
proceeds, rendering the capital structure unsustainable in the long
term.

S&P said, "We could lower the rating if Nets faced a more
pronounced cash burn than we currently expect, preventing the
company from returning to positive FOCF and EBITDA cash interest
coverage of at least 1x from 2021, or causing unexpected liquidity
issues. This could result from COVID-19 triggering higher
chargeback losses or putting stronger pressure on revenue,
potentially exacerbated by high transformation and integration
costs. We could also lower the rating if Nets used the majority of
the disposal proceeds for shareholder returns or acquisitions that
do not materially enhance our view of the business, leading us to
view the capital structure as unsustainable.

"We could revise the outlook to stable if Nets successfully
contained the effects of COVID-19 on its financial results,
allowing the company to return to sustainably positive FOCF and
EBITDA cash interest cover above 1x from 2021. In addition, we
would require Nets to use a substantial portion of the disposal
proceeds to prepay debt to ensure the long-term sustainability of
the capital structure.

"Although unlikely in the next 12 months, we could raise the rating
if Nets successfully managed risks in its merchant customer base
during the COVID-19 pandemic, reflected in limited chargeback
losses, coupled with a more limited revenue impact than we
currently forecast, and if it used the bulk of the disposal
proceeds for debt repayment. This could lead to adjusted debt to
EBITDA below 8x and FOCF to debt approaching 5% in 2021."


NORTHPOLE NEWCO: Bank Debt Trades at 16% Discount
--------------------------------------------------
Participations in a syndicated loan under which NorthPole Newco
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 EUR101 million term loan is scheduled to mature on March 3,
2025.  As of April 24, 2020, EUR96 million from the loan remains
outstanding.

The Company's country of domicile is Luxembourg.


SWISSPORT FINANCING: Bank Debt Trades at 31% Discount
------------------------------------------------------
Participations in a syndicated loan under which Swissport Financing
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 EUR850 million facility is a term loan.  It is scheduled to
mature on August 14, 2024.  

The Company's country of domicile is Luxembourg.




===========
M O N A C O
===========

DYNAGAS LNG: Bank Debt Trades at 20% Discount
---------------------------------------------
Participations in a syndicated loan under which Dynagas LNG
Partners LP 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 USD675 million term loan is scheduled to mature on September
19, 2024.  As of April 24, 2020, USD651 million from the loan
remains outstanding.

The Company's country of domicile is Monaco.



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

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.

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.

GTT COMMUNICATIONS: Bank Debt Trades at 18% Discount
----------------------------------------------------
Participations in a syndicated loan under which GTT Communications
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 EUR750 million term loan is scheduled to mature on May 31,
2025.  As of April 24, 2020, EUR737 million from the loan remains
outstanding.

The Company's country of domicile is Netherlands.


PHM NETHERLANDS: Bank Debt Trades at 23% Discount
--------------------------------------------------
Participations in a syndicated loan under which PHM Netherlands
Midco 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 EUR186 million facility is a term loan.  It is scheduled to
mature on August 1, 2026.  

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.

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.

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.

WATSON BIDCO: Bank Debt Trades at 58% Discount
-----------------------------------------------
Participations in a syndicated loan under which Watson Bidco BV is
a borrower were trading in the secondary market around 42
cents-on-the-dollar during the week ended Fri., April 24, 2020,
according to Bloomberg's Evaluated Pricing service data.

The EUR425 million term loan is scheduled to mature on May 19,
2024.  As of April 24, 2020, EUR385 million from the loan remains
outstanding.

The Company's country of domicile is Netherlands.



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

NORWEGIAN AIR: Egan-Jones Lowers Senior Unsec. Debt Ratings to D
----------------------------------------------------------------
Egan-Jones Ratings Company, on April 13, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Norwegian Air Shuttle ASA to D from CC.

Norwegian Air Shuttle ASA, trading as Norwegian, is a Norwegian
low-cost airline and Norway's largest airline.




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

PORTUGAL SGPS: Bank Debt Trades at 18% Discount
-----------------------------------------------
Participations in a syndicated loan under which PT Portugal SGPS 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 EUR80 million delay-draw term loan is scheduled to mature on
May 1, 2023.  As of April 24, 2020, EUR62 million from the loan
remains outstanding.

The Company's country of domicile is Portugal.



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

ALFASTRAKHOVANIE: Fitch Affirms BB+ IFS Rating, Outlook Now Neg.
-----------------------------------------------------------------
Fitch Ratings has revised AlfaStrakhovanie PLC (Russia)'s Outlook
to Negative from Stable, while affirming the company's Insurer
Financial Strength Rating at 'BB+'.

KEY RATING DRIVERS

The rating action is based on Fitch's current assessment of the
impact of the coronavirus pandemic, including its economic impact,
under a set of rating assumptions. These assumptions were used by
Fitch to develop pro-forma financial metrics for AlfaStrakhovanie
that Fitch compared with both rating guidelines defined in its
criteria, and relative to previously established rating
sensitivities for AlfaStrakhovanie.

The Negative Outlook reflects a fairly thin buffer in the insurer's
risk-adjusted capital position, as measured by Fitch's Prism
factor-based capital model score, to mitigate potential investment
losses as per Fitch's pro-forma modelling of the coronavirus
pandemic and its economic implications.

The affirmation of the rating reflects the superior quality of
AlfaStrakhovanie's investment portfolio compared with peers', the
insurer's comfortable liquidity position and absence of financial
debt. The affirmation also takes into account the insurer's good
record of managing non-life underwriting profitability and no major
reserving deficiencies to date.

Fitch's pro-forma analysis, which is based on end-2019 figures,
indicates a notable weakening of the Prism FBM Score compared with
the actual end-2019 balance sheet, and therefore AlfaStrakhovanie's
reduced ability to absorb potential investment and underwriting
losses. The insurer's actual IFRS-based Prism FBM score
strengthened to just 'Adequate' at end-2019 from 'Somewhat Weak' at
end-2018. At end- 1Q20 AlfaStrakhovanie's available capital grew
RUB9 billion or 28% due to the rouble depreciation against the US
dollar and euro and a notable surplus of foreign
currency-denominated investment assets over the insurer's foreign
currency-denominated liabilities.

The insurer's capital has traditionally been generated through
earnings, but profit in 2020 is likely to be curbed by a
sector-wide contraction in premium volumes, reduced underwriting
profit margins, a weakening quality of insurance receivables and
investment losses.

Assumptions for Coronavirus Impact (Rating Case):

Fitch used the following key assumptions in support of the
pro-forma ratings analysis discussed above:

  - Decline in key stock market indices by 35% relative to January
1, 2020.

  - Increase in two-year cumulative high-yield bond default rate to
13%, applied to current non-investment grade assets, as well as 12%
of 'BBB' assets.

  - For the non-life and reinsurance sectors, a negative impact on
the industry-level accident year loss ratio from COVID-19-related
claims at 3.5pp, partially offset by a favorable impact from the
motor lines averaging 1.5pp.

RATING SENSITIVITIES

The rating remains sensitive to a material change in Fitch's
rating-case assumptions with respect to the coronavirus pandemic.
Periodic updates to its assumptions are possible given the rapid
pace of changes in government actions in response to the pandemic,
and the pace with which new information is made available on the
medical aspects of the outbreak. An illustration of how the rating
would be expected to be impacted under a set of stress-case
assumptions is included at the end of this section to help frame
sensitivities to a severe downside scenario.

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

  - A material adverse change in Fitch's rating assumptions with
respect to the coronavirus impact.

  - The rating could be downgraded if AlfaStrakhovanie's
capitalization weakens to below 'Somewhat Weak' as measured by
Prism FBM or if profitability weakens substantially.

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

  - A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the coronavirus pandemic on the
financial profiles of both the insurance industry and
AlfaStrakhovanie.

  - The rating could be upgraded if AlfaStrakhovanie improves its
risk-adjusted capital position to at least 'Adequate' under Fitch's
Prism FBM on a sustained basis, provided that financial performance
remains strong.

Stress Case Sensitivity Analysis

  - Fitch's stress case assumes a 60% stock market decline,
two-year cumulative high-yield bond default rate of 22%, heightened
pressure on capital-market access, and an adverse non-life
industry-level loss ratio impact of 7pp for COVID-19 claims that is
partially offset by a favorable 2pp for the motor lines.

  - The implied-rating impact under the stress case would be a
downgrade of up to two notches.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

OTP BANK: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has revised Joint Stock Company OTP Bank's Outlook to
Negative from Stable. At the same time, Fitch has affirmed OTP's
Long-Term Issuer Default Ratings at 'BB+' and Viability Rating at
'bb-'.

KEY RATING DRIVERS

IDRS, VIABILITY RATING, SUPPORT RATING

Unless noted, the key rating drivers for the bank are those
outlined in its Rating Action Commentary published on October 11,
2019 ('Fitch Upgrades Tinkoff to 'BB'; Affirms Home Credit and
OTP').

The revision of the Outlook on OTP's IDRs to Negative from Stable
reflects its view that the coronavirus outbreak will result in
negative pressure on the ability of its parent, Hungary-based OTP
Bank Plc, to provide support to its Russian subsidiary.

OTP's IDRs and Support Rating reflect moderate probability of
support from parent, due to majority ownership (98%), a high level
of integration, common branding and reputational damage from a
default of the subsidiary.

The standalone creditworthiness of OTP, as reflected by its VR,
could also suffer as a result of the pandemic and its economic and
financial-market implications in Russia. Fitch recently revised the
sector outlook for Russian banks to Negative. Fitch's updated
baseline is for Russian GDP to contract 3.3% this year (a negative
4.3pp swing from its March forecast), before returning to 2.5%
growth in 2021. However, the rapidly evolving impact of the
pandemic and additional containment measures may further constrain
economic activity.

However, Fitch has not downgraded OTP's VR as the bank is entering
the economic downturn with reasonable capital buffers and
comfortable liquidity, while its unreserved problem loans are
limited. In Fitch's view, OTP's VR could withstand a short-term,
sharp economic decline in 2Q20 if this is followed by stabilisation
in 2H20. However, an extended period of suppressed economic
activity would be more likely to result in the downgrade of its
VR.

RATING SENSITIVITIES

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

OTP's IDRs and Support Rating could be downgraded in case of a
weakening of OTP Bank Plc's propensity and ability to provide
support to the Russian subsidiary.

The VR could be downgraded if the bank sees marked deterioration in
its financial metrics, in particular asset quality, profitability
and capitalisation. The VR could also be downgraded if the economic
downturn turns out to be more severe than currently anticipated.

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

OTP's IDRs could be affirmed and the Outlook could be revised to
Stable if pressures ease on OTP Bank Plc's ability to provide
support to the Russian subsidiary.

Upside for OTP's VR is currently limited unless the bank sees a
moderation of risks related to the pandemic economic shock, limited
credit losses through the cycle and stable profitability, while
maintaining adequate capital buffers. Diversification of the bank's
business model and earnings structure would also be
credit-positive.

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.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

OTP's Long-Term IDR and Support Rating are linked to the credit
quality of OTP Bank Plc.

ESG CONSIDERATIONS

OTP has an ESG Relevance Score of 4 for group structure, which
reflects significant exposure to, and potential contingent risks
related to, its sister company, which operates as a microfinance
lender. This has a negative impact on the credit profile, and is
relevant to the rating in conjunction with other factors.

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

URALKALI PJSC: S&P Alters Outlook to Stable & Affirms 'BB-' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Uralkali PJSC to stable
from positive and affirmed its 'BB-' issuer credit rating.

Global recession in 2020 will restrict Uralkali's sales volume
growth and will put pressure on prices this year.   S&P said, "Our
previous positive outlook on Uralkali reflected our expectation of
improving credit metrics as a result of improved earnings in 2020,
supported by stronger prices and solid growth in demand. However,
prices have declined from a peak in 2019 and robust growth in
demand now appears unlikely, given the negative effects of the
coronavirus outbreak on GDP and market demand, which is why we have
revised our outlook to stable. Countries around the world have put
substantial restrictions on movement and person-to-person contact.
This has led to substantially lower economic activity in 2020,
although we expect some recovery in 2021." S&P Global Ratings now
forecasts a global recession in 2020, with global GDP declining by
2.4% and downside risks to the economy remaining in place.

S&P said, "We expect pressure on profitability from lower prices to
be offset in 2020 by ruble depreciation.   The weak ruble and
Uralkali's flexible production model will help limit the negative
impact on EBITDA margins. Most of Uralkali's costs are in rubles
while potash prices are linked to the U.S. dollar; therefore, ruble
depreciation supports the company's margins. The Russian ruble
(RUB) depreciated to 76 rubles per dollar from 62 per dollar at
year-end 2019. S&P Global Ratings expects the average exchange rate
for 2020 to be RUB78/$1. Uralkali also enjoys a flexible production
model. The company can, in response to changes in market demand and
price trends, optimize and reduce costs or switch production of
about half of its potash plants between the two products it offers,
standard muriate of potash (MOP) and granular MOP. The company's
substantial potash reserves offer it a firm foundation and it
benefits from a highly favorable position on the global potash cost
curve.

"We believe that Uralkali will not decrease leverage materially in
the next two years.   We expect Uralkali's FFO-to-debt ratio to
fluctuate around 20% in the next two years but remain commensurate
with our 12%-20% range for the current rating. Moreover, we believe
Uralkali might even resume paying dividends from 2021 if it cancels
its existing treasury shares. Furthermore, we expect Uralkali to
grant a loan to its shareholder in 2020 as it did in 2019, which
also limits its deleveraging prospects.

"The stable outlook reflects our view that Uralkali will maintain
an adjusted FFO-to-debt ratio below 20% and adjusted debt to EBITDA
of less than 4x over the next 12 months. We anticipate that
recovering prices for fertilizers and the weaker ruble will support
Uralkali's operating performance in 2020.

"We could lower the rating if fertilizer prices declined materially
or the ruble appreciated significantly against the dollar, which
would result in the FFO-to-debt ratio falling below 20% and
adjusted debt to EBITDA increasing to more than 4x without
near-term prospects of recovery. We could also take a negative
rating action if Uralkali substantially increases shareholder
remuneration, which would likely increase the company's leverage.
In addition, we may take a negative rating action if Uralkali does
not refinance its debt maturities well ahead of time, or if
headroom under the maintenance covenant tightens and is not
addressed in a timely manner.

"We could raise the rating if Uralkali maintains an adjusted
FFO-to-debt ratio materially above 20% on a sustainable basis and
adjusted debt to EBITDA comfortably below 4x. An upgrade would
hinge on the absence of refinancing or liquidity risks and a
commitment to reducing leverage."



VSK INSURANCE: Fitch Affirms 'BB' IFS Rating, Alters Outlook to Neg
-------------------------------------------------------------------
Fitch Ratings has revised Russia-based VSK Insurance Joint Stock
Company's Outlook to Negative from Stable, while affirming the
company's Insurer Financial Strength Rating at 'BB'.

KEY RATING DRIVERS

The rating action is based on Fitch's current assessment of the
impact of the coronavirus pandemic, including its economic impact,
under a set of rating assumptions. These assumptions were used by
Fitch to develop pro-forma financial metrics for VSK that are
compared with both rating guidelines defined in its criteria, and
relative to previously established Rating Sensitivities for VSK.

The Negative Outlook reflects the downside pressure on the
insurer's capital strength, as measured by Fitch's Prism
factor-based capital model score, from the coronavirus pandemic
coupled with lower oil prices and the resulting economic recession.
The affirmation of the ratings reflects the marginal impact of the
pandemic so far on VSK's operating performance metrics, financial
leverage and debt-servicing ability.

Fitch's pro-forma analysis, which is based on end-2019 figures,
indicates a meaningful weakening of the Prism FBM Score compared
with the actual end-2019 balance sheet, and therefore VSK's limited
ability to absorb potential investment losses. Based on actual 2019
IFRS-based consolidated financial results the Prism FBM score
remained below 'Somewhat Weak', albeit slightly stronger than the
2018 score. Its significant profit generation, reflected in a
double-digit return on equity, was not sufficient to offset rapidly
growing net business volumes and capital repatriation in recent
years. At end-1Q20 the company's available capital was supported by
net income of RUB2.5 billion on a regulatory standalone reporting
basis. The net income was driven by rouble depreciation and the
excess of foreign currency-denominated investment assets over
foreign currency-denominated liabilities.

KEY ASSUMPTIONS

Assumptions for Coronavirus Impact (Rating Case):

Fitch used the following key assumptions in support of the
pro-forma ratings analysis discussed above:

  -- Decline in key stock market indices by 35% relative to January
1, 2020.

  -- Increase in two-year cumulative high-yield bond default rate
to 13%, applied to current non-investment-grade assets, as well as
12% of 'BBB' assets.

  -- For the non-life and reinsurance sectors, a negative impact on
the industry-level accident year loss ratio from COVID-19-related
claims at 3.5pp, partially offset by a favorable impact from the
auto line averaging 1.5pp.

RATING SENSITIVITIES

The ratings remain sensitive to a material change in Fitch's
rating-case assumptions with respect to coronavirus pandemic.
Periodic updates to its assumptions are possible given the rapid
pace of changes in government actions in response to the pandemic,
and the pace with which new information is made available on the
medical aspects of the outbreak. An illustration of how ratings
would be expected to be impacted under a set of stress-case
assumptions is included at the end of this section to help frame
sensitivities to a severe downside scenario.

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

  -- A material adverse change in Fitch's rating assumptions with
respect to the coronavirus impact.

  -- A significant weakening in VSK's capitalization, as measured
by Prism FBM, on either an actual or a pro-forma basis.

  -- A sharp deterioration in VSK's operating profitability with
the combined ratio deteriorating to 105% or worse on a sustained
basis.

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

  -- A positive rating action is prefaced by Fitch's ability to
reliably forecast the impact of the coronavirus pandemic on the
financial profiles of both the Russian insurance sector and VSK.

  -- A strengthening of VSK's risk-adjusted capital and ongoing
profitable diversification of VSK's insurance portfolio as well as
accurate reserving for each of the major lines of business.

Stress Case Sensitivity Analysis

  -- Fitch's stress case assumes a 60% stock market decline,
two-year cumulative high-yield bond default rate of 22%, high-yield
bond spreads widening by 600bp, more prolonged declines in
government rates, and an adverse non-life industry-level loss ratio
impact of 7pp for COVID-19 claims partially offset by a favorable
2pp for motor and a notch-lower sovereign rating.

  -- The implied-rating impact under the stress case would be a
downgrade of up to two notches.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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



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

DEOLEO SA: Bank Debt Trades at 62% Discount
-------------------------------------------
Participations in a syndicated loan under which Deoleo SA 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 EUR460 million term loan is scheduled to mature on June 12,
2021.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Spain.

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

The EUR85 million term loan is scheduled to mature on July 27,
2023.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Spain.

IMAGINA MEDIA: Bank Debt Trades at 37% Discount
-----------------------------------------------
Participations in a syndicated loan under which Imagina Media
Audiovisual SA 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 EUR238 million term loan is scheduled to mature on June 28,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Spain.

IMAGINA MEDIA: Bank Debt Trades at 53% Discount
-----------------------------------------------
Participations in a syndicated loan under which Imagina Media
Audiovisual SA is a borrower were trading in the secondary market
around 47 cents-on-the-dollar during the week ended Fri., April 24,
2020, according to Bloomberg's Evaluated Pricing service data.

The EUR180 million term loan is scheduled to mature on December 28,
2025.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Spain.

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

The EUR141 million term loan is scheduled to mature on October 2,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Spain.

WIZINK MASTER: DBRS Confirms BB (high) Rating on 5 Note Classes
---------------------------------------------------------------
DBRS Ratings Limited confirmed its ratings on the notes issued by
Wizink Master Credit Cards Fondo de Titulizacion (the Issuer) as
follows:

-- Series 2017-03, Class A Notes at AA (high) (sf)
-- Series 2017-03, Class C Notes at BB (high) (sf)
-- Series 2018-01, Class A Notes at AA (sf)
-- Series 2018-01, Class C Notes at BB (high) (sf)
-- Series 2019-01, Class A Notes at AA (sf)
-- Series 2019-01, Class C Notes at BB (high) (sf)
-- Series 2019-02, Class A Notes at AA (high) (sf)
-- Series 2019-02, Class C Notes at BB (high) (sf)
-- Series 2019-03, Class A Notes at AA (sf)
-- Series 2019-03, Class C Notes at BB (high) (sf)

The ratings address timely payment of scheduled interest and
ultimate repayment of principal by the legal final maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, charge-off
rates, principal payment rates, and yield rates as of the March
2020 payment date;
-- The ability to withstand stressed cash flow assumptions;
-- No purchase termination events have occurred;
-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

The Issuer is a securitization of credit card receivables related
to credit agreements originated by Wizink Bank S.A. granted to
individuals in Spain. Each series is currently in its respective
revolving period.

PORTFOLIO PERFORMANCE, ASSUMPTIONS, AND KEY DRIVERS

As of March 2020, the principal payment rate (PPR) was 13.2%, the
annualized gross charge-off rate was 8.0%, and the annualized yield
rate was 20.4%. DBRS Morningstar maintained its expected PPR,
charge-off rate, and yield assumptions at 12.5%, 9.25%, and 22.0%,
respectively.

As of March 2020, loans that were two to three months in arrears
represented 0.4% of the outstanding receivables balance, down from
1.1% in March 2019. Receivables more than three months in arrears
represented 3.5% of the outstanding receivables balance, down from
4.1% in March 2019.

CREDIT ENHANCEMENT AND RESERVES

Credit enhancement to the Class A and Class C notes for each series
consists of subordination of the junior notes.

The transaction benefits from a general reserve fund which can be
used to cover senior fees and any interest shortfall on the Class A
notes across the entire program. The general reserve is currently
funded to its target level of EUR 13.5 million, equal to 1.2% of
the initial Class A notes balances for all series.

A commingling reserve facility is also funded to EUR 22.5 million,
equal to 1.5% of the outstanding receivables balance, and is
available to the fund following the servicer's breach of its
payment obligations.

Banco Santander S.A. acts as the Account Bank for the transaction.
Based on the DBRS Morningstar account bank reference rating of A
(high), one notch below the DBRS Morningstar public Long-Term
Critical Obligations Rating of Banco Santander of AA (low), the
downgrade provisions outlined in the transactions' documents, and
other mitigating factors inherent in the transactions' structures,
DBRS Morningstar consider the risk arising from the exposure to the
Account Bank in all four transactions to be consistent with the
ratings assigned to the Class A Notes for each series, as described
in DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology.

DBRS Morningstar analyzed the transaction structure in its
proprietary cash flow engine.

Notes: All figures are in Euros unless otherwise noted.

[*] Fitch Places Spanish & Italian SME CDO Tranches on Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has placed four Spanish and two Italian SME CDO
tranches on Rating Watch Negative and revised the Outlooks on one
Spanish and one Italian tranche to Negative from Stable due to the
anticipated effects of the coronavirus pandemic on the securitized
portfolios.

Foncaixa FTGENCAT 4, FTA      

  - Series C ES0338013032; LT BBB+sf; Revision Outlook

  - Series D ES0338013040; LT BB-sf; Rating Watch On

Caixa Penedes PYMES 1 TDA, FTA      

  - Class C ES0357326026; LT BBBsf; Rating Watch On

FT PYMES Santander 14      

  - Series B ES0305381016; LT B+sf; Rating Watch On

FTPYME TDA CAM 4, FTA      

  - Series C ES0339759047; LT BB+sf; Rating Watch On

Siena PMI 2016 S.r.l   - Series 2      

  - Series B IT0005372963; LT AA-sf; Revision Outlook

  - Series C IT0005372971; LT BB+sf; Rating Watch On

Siena PMI 2016 S.r.l.      

  - Series C IT0005218240; LT BBBsf; Rating Watch On

TRANSACTION SUMMARY

The transactions are securitizations of Spanish and Italian SME
Loans.

KEY RATING DRIVERS

COVID-19 Related Stresses

The RWN reflects the increased probability of a downgrade on six
SME CDO tranches as a result of the coronavirus pandemic,
considering that the economic recession and contraction in demand
could impair the capacity of SMEs and self-employed workers to make
payments. Fitch considers the affected tranches' credit enhancement
levels are insufficient to compensate for additional projected
losses on the portfolio. Fitch considers the tranches on Negative
Outlook, although still exposed to the macroeconomic development
have a slightly higher resilience to the downturn. Fitch's
sensitivity analysis is based on an increase of 30% to default
rates combined with a 25% haircut to recovery assumptions for the
transactions in Spain and Italy. This sensitivity analysis includes
stable and decreasing interest rate stress scenarios, as well as
front-, mid- and back-loaded default timing scenarios.

Spain and Italy have been under a state of alert since February and
March 2020, respectively, with full lockdown measures running for
more than six weeks already. Fitch has made assumptions about the
spread of coronavirus and the economic impact of the related
containment measures. Fitch's baseline scenario assumes a global
recession in 1H20 driven by sharp economic contractions in major
economies with a rapid spike in unemployment, followed by a
recovery that begins in 3Q20 as the health crisis subsides.
However, if the crisis extends through 2021 because of the
re-emergence of infections, a prolonged period of economic
contraction will take place linked to continued job losses and
depressed markets.

Fitch expects to resolve the RWN in the coming months, with a
likely rating impact that could range between affirmations to
multi-category downgrades depending on the trajectory of the
coronavirus crisis.

Payment Interruption Risk (PiR):

Emergency support measures introduced in Spain and Italy include
payment moratoriums for SMEs and micro companies for three months.
This governmental measure could lead to a reduction of collections
during the months the COVID-19 crisis lasts. It could have a
material impact on Siena PMI 2016 S.r.l.'s class C notes, currently
the most senior notes and paying interest on a timely basis, as the
only source of liquidity was the reserve fund (RF) that was
released when class B paid in full during 2019.

Fitch views the exposure to PiR as mitigated for the remaining
transactions as there are dedicated facilities are in place, or the
RF provides enough coverage against PiR, collections are swept at
least every two days, and servicer and collection account bank
roles are performed by regulated financial institutions in a
developed market.

Weaker Asset Performance Outlook:

Fitch expects a generalized weakening of companies' ability to keep
up with payments, especially in sectors like tourism, restaurants &
lodging, and self-employed workers, which are the most vulnerable
groups with business lock downs.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade are: - Transaction liquidity sources
are resilient to coronavirus-associated stresses such as payment
moratoriums and new loan defaults, all else being equal. This is in
connection with the notes affected by liquidity and PiR.

  - Credit enhancement ratios increase as the transactions
deleverage, able to fully compensate the credit losses and cash
flow stresses commensurate with higher rating scenarios, all else
being equal. This is in connection with the notes affected by a
weaker asset performance outlook due to the coronavirus crisis.

The main factors that could, individually or collectively, lead to
negative rating action/downgrade are: - Transactions' liquidity
positions weaken due to large take ups of loan payment moratoriums
and new defaults as a consequence of the coronavirus crisis. This
is in relation to the notes affected by liquidity and payment
interruption risk.

  - A longer-than-expected coronavirus crisis that deteriorates
macroeconomic fundamentals and the lending market in Spain and
Italy beyond Fitch's current base case. CE ratios cannot fully
compensate the credit losses and cash flow stresses associated with
the current ratings scenarios, all else being equal. This is in
connection with the notes affected by a weaker asset performance
outlook due to the coronavirus crisis.

  - A downgrade of Spain and Italy's Long-Term Issuer Default
Ratings that could decrease the maximum achievable rating for both
Italian and Spanish structured finance transactions. This is in
connection with the senior notes rated 'AAsf' and 'AAAsf' rated at
the maximum achievable rating in the country six notches above the
sovereign IDR in line with Fitch's Structured Finance and Covered
Bonds Country Risk Rating Criteria.

Fitch expects to resolve the RWN in the coming months, with a
likely rating impact that could range between upgrades and
affirmations to multi-category downgrades depending on the
trajectory of the coronavirus crisis, the take up rate of payment
holidays and the rating actions on SPV counterparties.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has not conducted any check on the consistency and
plausibility of the information it has received about the
performance of the asset pools and the transactions. Fitch has not
reviewed the results of any third party assessment of the asset
portfolio information or conducted a review of origination files as
part of its ongoing monitoring

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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



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

PERSTORP HOLDING: Bank Debt Trades at 20% Discount
---------------------------------------------------
Participations in a syndicated loan under which Perstorp Holding AB
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 USD386 million term loan is scheduled to mature on February 26,
2026.  As of April 24, 2020, USD382 million from the loan remains
outstanding.

The Company's country of domicile is Sweden.



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

CABLE & WIRELESS: S&P Alters Outlook to Neg. & Affirms 'BB-/B' ICRs
-------------------------------------------------------------------
On April 23, 2020, S&P Global Ratings revised its outlook on
U.K.-based telecommunications group Cable & Wireless Communications
Ltd. (CWC) to negative from stable and affirmed its 'BB-' long- and
'B' short-term issuer credit ratings. S&P also affirmed the
existing issue-level ratings on CWC's subsidiaries.

Economic downturn stemming from the COVID-19 pandemic could weaken
company's key credit metrics.   The virus outbreak has caused a
sudden stop to travel in 2020, which could take a toll on the
company's operating performance, mainly in the Caribbean. S&P
estimates that a collapse in tourism could hit CWC's mobile
services through lower roaming charges and sales of SIM cards. In
addition, the pandemic could shrink the company's B2B services due
to lower business expenditures on telecoms services. As a result,
the negative outlook reflects the potential drop in the company's
operating and financial performance. S&P now expects its EBITDA
margin to drop slightly below 35%, its proportionate debt to EBITDA
ratio to be above 4.5x, and funds from operations (FFO) to debt to
be below 15% during 2020, compared with S&P's previous expectations
of around 37%, close to 4.0x, and 20%, respectively.

But communications will likely be one of the most widely used
services during the pandemic, supporting the rating.   S&P said,
"We view the telecoms sector to be more resilient amid the current
economic crisis. With the restrictions on mobility and human
contact to contain the spread of the virus, demand for CWC's
services remains sound. The main reasons are the increasing number
of people working from home, as well as the lack of leisure
activities that increase the use of video and broadband services
through streaming entertainment options. As a result, we believe
that CWC's leading position in the markets where it operates as a
wired and wireless telecoms and cable TV provider supports the
rating."

Debt maturity profile has improved significantly, because of debt
refinancing in the past couple of years and maintainance of strong
liquidity.  CWC has improved its debt maturity profile by reducing
sharply its short-term debt. During the first quarter of 2020, the
company refinanced about $1.65 billion in existing debt by
extending the weighted average debt maturity profile to 7.5 years
from 6.7 and maintaining a comfortable debt maturity schedule. S&P
also believes that the company will continue to maintain a strong
liquidity position, given its fully available revolving credit
facilities of about $728 million at the end of 2019, coupled with
the ability to cut investments resulting from its success-based
capital expenditures--investments dependent on customer wins.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and Safety

S&P said, "The negative outlook reflects our view that economic
disruption in CWC's markets could jeopardize expected improvements
in its EBITDA margins and cash flows, preventing the company from
deleveraging. Deteriorating metrics, such as debt to EBITDA above
5.0x and FFO to debt below 12%, could trigger a downgrade in the
next 12 months.

"We may lower the rating if CWC's debt to EBITDA is above 5.0x and
FFO to debt is below 12% on a sustained basis. This could occur if
economic weakening in the company's core markets dents its
operating performance, reducing residential, mobile, and B2B
services revenue or if the magnitude and duration of the pandemic
are greater than our current expectations.

"We could revise our outlook to stable if the impact on performance
is lower than expected amid gloomy economic conditions, translating
into a return to revenue and EBITDA growth and resulting in
adjusted debt to EBITDA close to 4.0x, FFO to debt averaging 20%,
while CWC maintains strong liquidity and a disciplined financial
policy."


CENTRAL BUILDING: Cash Flow Problems Prompt Administration
----------------------------------------------------------
Business Sale reports that Glasgow-based Central Building
Contractors has gone into administration, after the coronavirus
lockdown exacerbated challenging trading conditions in the
construction industry.

The family-run company, which employed 159 staff, was established
in 1971 and provided construction design, development and
maintenance services across Scotland.

Blair Nimmo -- blair.nimmo@kpmg.co.uk -- and Geoffrey Jacobs --
geoffrey.jacobs@kpmg.co.uk -- of KPMG have been appointed as joint
administrators and eleven company employees have been retained to
assist in the process, Business Sale relates.

According to Business Sale, the imposing of coronavirus lockdown
saw all projects closed down and the administrators said that the
business would not be able to trade in administration, even if the
lockdown is lifted soon.

The administrators, as cited by Business Sale, said they were
exploring the possibility of an early sale of the business and some
of its assets.  Its assets include three freehold properties,
several contracts, an order book of work in progress and
construction equipment, Business Sale notes.

"Despite the efforts of the directors, the business faced a range
of cash flow challenges in recent times, which were amplified by
the recent Covid-19 lockdown," Business Sale quotes Mr. Nimmo as
saying.

In the company's last accounts, for the year ended September 30
2018, the company reported fixed assets of GBP4.3 million and
current assets of GBP18.1 million, up from GBP13.8 million 2017,
Business Sale discloses.  Net assets stood at around GBP8.5
million, Business Sale states.


ENGINE GROUP: Bank Debt Trades at 35% Discount
-----------------------------------------------
Participations in a syndicated loan under which Engine Group
Ltd/The 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 $174 million term loan is scheduled to mature on September 15,
2022.  As of April 24, 2020, $152 million from the loan remains
outstanding.

The Company's country of domicile is Great Britain.

ENQUEST PLC: Bank Debt Trades at 19% Discount
----------------------------------------------
Participations in a syndicated loan under which EnQuest PLC 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 USD1,050 million term loan is scheduled to mature on October 1,
2021.  As of April 24, 2020, USD799 million from the loan remains
outstanding.

The Company's country of domicile is Great Britain.


FINABLR PLC: Uncovers US$1 Billion in Debt Hidden from Board
------------------------------------------------------------
Nicolas Parasie at Bloomberg News reports that Finablr Plc, the
embattled owner of two foreign-exchange businesses, uncovered about
US$1 billion of debt hidden from its board that may have been used
for purposes outside of the company, compounding a scandal that
pushed its sister firm NMC Health Plc into administration.

According to Bloomberg, a statement said the London-listed company
and its creditors found that Finablr Group's overall debt was about
US$1.3 billion, excluding the debt of its Travelex Holdings Ltd.
unit and "materially above" its last reported figure.  Finablr had
US$334 million of debt at the end of June, Bloomberg relays, citing
a statement at the time.

Houlihan Lokey Inc., which carried out the investigation with Kroll
LLC, said it is still verifying Finablr's indebtedness and will
engage with creditors to explore options, Bloomberg relates.

Finablr had a market value of GBP77 million (US$96 million) when it
was halted from trading in March, down from a peak of GBP1.5
billion in December, Bloomberg discloses.



OASIS: To Close Permanently, Fails to Find Buyer
------------------------------------------------
Patricia Nilsson at The Financial Times reports that high-street
fashion chains Oasis and Warehouse are to close permanently with
the loss of more than 1,800 jobs, after administrators failed to
find a buyer to rescue them.

The two brands and some stock had been sold to restructuring
specialist Hilco Capital, the administrators said on April 30, but
their online outlets, 92 stores and 400-plus concessions across the
UK will close "indefinitely", the FT relates.

Deloitte was appointed to the Oasis group this month and had hoped
to reopen stores after the lockdown, the FT recounts.  But it said
the costs of delivering clothes bought over the internet had kept
rising until a decision was made to suspend online trading last
week, at which point it became "clear" that it would not be
possible to sell the business, the FT notes.

In the year to March 2019, the last for which accounts are
available, the group returned to a small profit having lost GBP10
million the previous year, the FT discloses.


PAYSAFE GROUP: S&P Downgrades Rating to 'B-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its rating on U.K.-based Paysafe Group
Holdings II Ltd. to 'B-' from 'B'. S&P also lowered its rating on
Paysafe's senior secured loans from 'B' to 'B-', and subordinated
loans from 'CCC+' to 'CCC'.

Social-distancing measures should lead to a significant
deterioration in credit metrics over the next 12 months, with
uncertainties regarding the pace of recovery. S&P said, "We assume
social-distancing measures will cause a significant drop in revenue
over the next 12 months, contrary to our previous expectations of
about 6%-8% revenue increase. This is because Paysafe has high
exposure to payment processing and merchant acquiring (about 50% of
revenue, of which about 70% is done at the physical point of sale),
and we expect significant decline in processing volumes on the back
of declining consumer spending amid social-distancing measures.
About 20%-30% of processed volume comes from restaurants and
leisure businesses that are most affected by the social-distancing
measures, and expected to experience an extremely sharp decline in
volumes in 2020."

S&P said, "We also expect Paysafe's e-wallet division (about a
third of revenue) to suffer--albeit to a lesser extent--due to the
suspension of live sporting events, because a substantial amount of
e-wallet revenue is related to online sport betting. This is only
partially offset by some pickup in online poker and foreign
exchange trading.

"We expect the prepaid card segment, mostly used for online
purchases (about a fifth of revenue), to show resilience, because
most of the sales are generated via businesses that are still open.
We also anticipate resilience in e-commerce.

"In our view, Paysafe will see revenue decline of about 10%-20% and
EBITDA decline of about 20%-25% after exceptional costs. This
results in leverage of about 9.5x-10.5x and FOCF generation
dropping significantly below 5% to debt, compared with previous
expectations of about 6.8x-7x and 4%.

"Our base case assumes the peak of the pandemic in June, and
gradual economic recovery and loosening of social-distancing
measures starting from the second half of the year. Nevertheless,
COVID-19's potential impact on credit metrics and recovery
prospects could be significantly worse, depending on the duration
of social distancing and its longer-term implications on consumer
demand and potential bankruptcies, especially amongst susceptible
small and midsize enterprises (SMEs), to which Paysafe has high
exposure in processing and acquiring division.

"Despite the expected significant revenue drop, we still expect
positive FOCF generation on the back of cost-cutting initiatives,
lower nonrecurring costs and high cash conversion. Under our
current base case, we still expect Paysafe to generate positive
FOCF. This is mostly thanks to cost-cutting initiatives,
significant reduction in nonrecurring costs, low capital
expenditure (capex; 2%-3% of net revenue excluding capitalized
development costs), and interest savings amid a U.S. Libor interest
cut.

"We expect Paysafe to reduce operating expenses by about $40
million-$50 million, mostly from headcount reduction and COVID-19
government subsidies; and lower nonrecurring costs to about $30
million, as the integration of past acquisitions nears completion.
This should result in positive FOCF of about $30 million-$60
million.

"Despite high exposure to small businesses in the
payment-processing and acquiring division, we do not assume a
material risk of chargebacks, because Paysafe mainly caters for
point-of-sale merchants with immediate physical delivery of
products and services."

A sizable cash balance supports the medium-term liquidity. Paysafe
withdrew its entire revolving credit facility (RCF) and invested in
U.S. government securities, making about $420 million available
cash and cash equivalents at the end of February 2020. In S&P's
view, the current liquidity position should support the company's
ability to adequately service its debt, even if it were to
experience more stressed operating performance than in our base
case.

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety

S&P said, "The stable outlook reflects our expectation of positive
FOCF and ample liquidity over the next 12 months, despite the
anticipated 10%-20% revenue decline.

"We could lower the rating if Paysafe materially underperforms our
base case leading to negative FOCF and less than 5% headroom under
the RCF covenants."

This could happen if the COVID-19-related economic downturn is more
severe, with a slower recovery leading to an increase in enterprise
closures and significant chargebacks.

S&P could raise the rating to 'B' if Paysafe improves cash flow
generation close to 5% to debt, with S&P Global Ratings-adjusted
leverage remaining below 7.5x.

This could happen if the economy recovers quickly from COVID-19,
leading to double-digit growth in payment processing and e-wallet
segments.


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

The $2,900 million term loan is scheduled to mature on February 21,
2021.  As of April 24, 2020, $2,600 million from the loan remains
outstanding.

The Company's country of domicile is Great Britain.

WALNUT BIDCO: Fitch Cuts LT IDR & Sr. Sec. Rating to 'B'
--------------------------------------------------------
Fitch Ratings has downgraded Walnut Bidco Plc's Long-Term Issuer
Default Rating and senior secured rating to 'B' from 'B+'. The
Outlook is Stable.

The downgrade reflects its expectation that disruption from the
coronavirus outbreak and weakened consumer sentiment will prevent
Oriflame from deleveraging towards levels consistent with a 'B+'
rating over the next three years. Furthermore, the company's high
exposure to emerging markets and FX risks limits visibility on how
quickly sales and profits could recover once lockdowns are lifted
in Oriflame's countries of operations.

The 'B' rating is supported by Oriflame's sufficient liquidity to
withstand the crisis due to its good ability to generate free cash
flow, which Fitch expects to be restored in 2021, and access to a
EUR100 million revolving credit facility due 2024 (undrawn at
end-2019). The rating also takes into account the company's good
position in the direct-selling beauty market and diversity of its
operations by geography and beauty product category.

KEY RATING DRIVERS

Coronavirus Outbreak Disrupts Sales: As sales of direct selling
companies rely on recruitment of new sales consultants and physical
meetings between them and customers, Fitch expects revenues to be
negatively affected by the movement restrictions imposed by
governments to limit the pandemic spread. However, the reduction in
Oriflame's revenue may be less than its peers due to the
digitalisation of its business, with 96% of all orders placed
online. Fitch currently assumes that global lockdowns last for a
maximum of one quarter, with a reduction in sales of up to 40%
during this period.

Reduced Product Demand: In addition to impaired ability to generate
sales and fulfil orders, Oriflame is likely to face lower demand
for some of its product categories in 2020. Fitch expects color
cosmetics (19% of 2019 sales), fragrances (19%) and accessories
(5%) to be more affected by weakened consumer sentiment than
skincare (28%), personal and hair care (16%) and wellness products
(13%).

FX, Emerging-Markets Exposure: Oriflame operates in more than 60
countries across Europe, Asia and Latin America, which are
predominantly emerging markets. This exposes the company to the
inherent volatility of developing economies and FX risks as the
cost of its products is linked to hard currencies and its debt is
effectively in euros. Fitch believes that these risks will
materialise in 2020, negatively affecting the company's revenue and
profit in addition to disruptions from the coronavirus outbreak.

Its rating case assumes that the depreciation of emerging market
currencies relative to euro will decrease Oriflame's revenue by
around 5% in 2020. This takes into account the geographical
diversity of Oriflame's operations, which insulates the company
from the adverse impact of significant depreciation of a single
currency. Oriflame's largest markets - Russia and China - accounted
for 16% and 12% of the company's 2019 revenue, respectively. Other
important currencies that Oriflame sells its products in are the
Indian rupee, Indonesian rupiah, Mexican peso and Turkish lira.

Delayed Deleveraging: Oriflame's deleveraging path will be eroded
by the sharp drop in revenues and profits Fitch expects in 2020 and
potential delay in recovery until 2022 due to weakened consumer
spending and FX headwinds. Fitch projects that reduction of around
20% in the company's revenue will translate into around a 35%-40%
decline in Fitch-adjusted EBITDA in 2020, assuming some flexibility
in costs. Under current assumptions, Fitch expects funds from
operations (FFO) net leverage to stay high (2019: 6.3x) and more
consistent with a low 'B' category rating over the next three
years. This is reflected in the downgrade.

FCF to Turn Positive in 2021: Oriflame's credit profile benefits
from its ability to generate FCF due to the asset-light business
model and therefore limited capex needs. Fitch expects FCF to turn
positive in 2021, supporting the company's liquidity and cash
accumulation. Further growth in FCF over 2021-2023 is likely to
result from EBITDA recovery and the favorable price-mix effect from
the company's strategy to increase sales of more expensive and
profitable skincare and wellness products.

Prudent Financial Policy Assumed: As Oriflame's strategy and
corporate governance have not changed materially after the company
was taken private by its founding family, Fitch expects it to
maintain its prudent financial policy. Oriflame's capital structure
historically included low debt levels as it abstained from dividend
payments in years of challenging market conditions and refrained
from M&A over at least the past 15 years.

Fitch also believes that the presence of a strategic shareholder
favourably differentiates Oriflame from other high-yield debt
issuers. Nevertheless, any shift to a more aggressive than
anticipated financial strategy would be negative for Oriflame's
ratings and may lead us to consider gross, rather than net,
leverage for rating sensitivities.

Mid-Size Company in Competitive Market: Oriflame holds leading
market shares in the direct-selling beauty sector in its core
countries of operation. However, it is a medium-size company in the
global beauty industry and is vulnerable to competition from large
multi-national companies, innovative direct sellers, and niche
firms that have emerged due to low-cost marketing via social media.
This positions the company's business profile in the low 'BB'
rating category, based on the Ratings Navigator for consumer
companies.

DERIVATION SUMMARY

Fitch rates Oriflame according to its Ratings Navigator framework
for consumer companies. Oriflame's closest sector peer is Naturas
Cosmeticos S.A. (BB/Negative) as it also operates in the
direct-selling beauty market. Natura has stronger business and
financial profiles than Oriflame, which is reflected in its higher
rating. Similar to Oriflame, it is geographically diversified and
has exposure to emerging markets but benefits from greater
diversity across sales channels and substantially larger scale in
the sector, as pro-forma for the acquisition of Avon Products Inc.,
Natura is the fourth-largest pure-play beauty company globally. The
Negative Outlook on Natura's rating reflects the challenge of
adapting its business model to an omni-channel strategy and
boosting its digital platform, while integrating The Body Shop
store chain and becoming more integrated with its sister company,
Avon.

Oriflame is rated higher than color cosmetics company Anastasia
Intermediate Holdings, LLC (CCC). Anastasia's rating reflects its
unsustainable capital structure due to ongoing deterioration in
operating results and cash flow generation, which raise significant
questions regarding the long-term health of the brand and the
ability of management to successfully execute new product launches
and expense management. Anastasia is smaller than Oriflame by sales
and EBITDA and has narrower diversification by products and
geographies.

No Country Ceiling, parent-subsidiary linkage or operating
environment aspects apply to Oriflame's ratings.

KEY ASSUMPTIONS

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

  - Global lockdowns lasting for not more than one quarter in
2020;

  - Around 15% decline in local currency revenue in 2020, followed
by a recovery in 2021; low single-digit growth thereafter;

  - Negative FX impact on revenue of 5% in 2020, -1% a year
thereafter;

  - Flexibility in costs, preventing the EBITDA margin from falling
below 8.5% in 2020 (2019: 11.5%); EBITDA margin recovery to 12% in
2021 and gradual improvement to above 13% by end-2023 due to
manufacturing optimization and changes in product mix;

  - Outflows under working capital not exceeding EUR25
million-EUR30 million a year in 2020-2021; limited outflows in
2022-2023;

  - Capex of EUR18 million a year

  - No dividend distribution considering the internal net
debt-to-EBITDA target of around 2.0x

  - No M&A

KEY RECOVERY RATINGS ASSUMPTIONS

The recovery analysis assumes that Oriflame would be considered a
going-concern in bankruptcy and that the company would be
reorganized rather than liquidated. Fitch has assumed a 10%
administrative claim.

Oriflame's going concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which it bases
the enterprise valuation. The assumption reflects the company's
exposure to FX volatility and emerging markets. However, Oriflame
would be able to cover its cash interest, taxes and capex and still
be able to generate mildly positive FCF. An enterprise value
(EV)/EBITDA multiple of 4x is used to calculate a
post-reorganization valuation and is around half of the transaction
multiple of 7.2x.

Oriflame's super senior RCF of EUR100 million is assumed to be
fully drawn upon default and ranks senior to senior secured notes
of EUR773 million. The waterfall analysis generated a ranked
recovery for senior secured notes in the 'RR4' band, indicating a
'B' rating. The waterfall analysis output percentage on current
metrics and assumptions was 48%.

RATING SENSITIVITIES

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

  - Revenue recovery to 2019 level in 2021 and mid-single digit
local-currency revenue growth thereafter

  - EBITDA margin recovering above 13% due to favorable changes in
the product mix, cost efficiencies and the ability to pass on cost
increases to customers

  - FCF margin above 4.5% on a sustained basis;

  - Visibility of FFO net leverage reducing below 4.5x

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

  - A deeper economic disruption as part of or following the
coronavirus crisis than currently modelled by Fitch, leading to a
meaningful delay in normalization of operations

  - Sustained operating underperformance in key markets, driven by
intensifying competitive pressure, material reduction in number of
active representatives (if not offset by improvements in
productivity) or inability to protect revenue and profit from
adverse changes in FX

  - Neutral to negative FCF margin

  - More aggressive financial policy or operating underperformance
preventing a decline of FFO net leverage below 5.5x by end-2022

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch estimates Oriflame has sufficient
liquidity to withstand the current crisis, despite its assumption
of temporarily negative FCF in 2020. Liquidity is supported by
Fitch-adjusted cash balances of EUR73 million at end-2019 (after
excluding EUR70 million required for operating purposes) and EUR100
million undrawn RCF due 2024, to which Fitch expects the company to
retain access despite the presence of a springing covenant. There
are no debt maturities before 2024 when Oriflame's senior secured
notes are due and Fitch does not expect any significant intra-year
working capital swings, which could exhaust currently available
liquidity sources.

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).

[*] UK: Scottish Construction Firms at Risk of Financial Collapse
-----------------------------------------------------------------
BBC News reports that The Federation of Master Builders has said
many construction firms in Scotland face the prospect of financial
collapse within months unless the lockdown can be eased.

According to BBC, all but essential construction sites in Scotland
have been closed for more than five weeks since the coronavirus
restrictions were introduced.

From next week, three of the UK's biggest housebuilders will reopen
their sites in England, BBC discloses.

The industry body wants the same rules for Scottish firms, BBC
notes.

And it has warned that many smaller builders will go bust if they
are not allowed to follow suit, BBC states.

The group is now asking the Scottish government for a timeline --
and updated guidance -- to allow them to get safely back to work,
BBC relays.

According to BBC, FMB Scotland director Gordon Nelson said that
financial problems were mounting as each week goes by.

Mr. Nelson, as cited by BBC, said: "There's evidence that about two
thirds of small and medium-sized construction firms may only have
the cash to survive another two to three months if the present
circumstances continue.

"We're pleased about the job retention scheme from the UK
government for furloughed workers.

"But we're also asking for small grants for more building companies
around the country so that they can survive."




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

FAERCH PLAST: Bank Debt Trades at 19% Discount
----------------------------------------------
Participations in a syndicated loan under which Faerch Plast Bidco
ApS 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 GBP244 million term loan is scheduled to mature on August 15,
2024.  As of April 24, 2020, the full amount has been drawn and is
outstanding.

The Company's country of domicile is Denmark.

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

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

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

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

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

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

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

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

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

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

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

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

                         About The Author

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



                           *********


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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