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

                          E U R O P E

          Friday, May 8, 2020, Vol. 21, No. 93

                           Headlines



A U S T R I A

WIENERBERGER AG: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.


B E L A R U S

EXPORT-IMPORT: Fitch Affirms IFS Rating at 'B', Outlook Stable


F R A N C E

BANIJAY GROUP: Moody's Affirms B2 CFR, Alters Outlook to Negative
GETLINK SE: Fitch Corrects April 6, 2020 Ratings Release
TECHNICOLOR SA: Bank Debt Trades at 52% Discount


G E R M A N Y

LUFTHANSA AG: Haggles with Germany Over State Bailout Terms
NIDDA HEALTHCARE: Fitch Affirms Senior Secured Debt Rating at 'B+'
RHODIA ACETOW: Bank Debt Trades at 22% Discount


I R E L A N D

BILBAO CLO III: Fitch Gives 'BB-(EXP)sf' Rating on Class D Notes
STRANDHILL RMBS: Moody's Rates EUR 16.60M Class F Notes '(P)B3'


R O M A N I A

TRANSELECTRICA SA: Moody's Affirms CFR at Ba1, Outlook Positive


S L O V E N I A

ADRIA AIRWAYS: Creditors Submit EUR151MM Worth of Claims


S W E D E N

CORRAL PETROLEUM: Fitch Cuts LT IDR to B-, On Watch Negative
PERSTORP HOLDING: Bank Debt Trades at 19% Discount


S W I T Z E R L A N D

CLARIANT AG: Moody's Affirms Ba1 CFR, Alters Outlook to Stable


T U R K E Y

DENIZBANK AS: Fitch Rates $3BB EMTN Programme 'B+(EXP)'/'B(EXP)'


U N I T E D   K I N G D O M

AN LANNTAIR: Enters Liquidation, 20+ Jobs Affected
BBD PARENTCO: Moody's Cuts CFR to B3, Outlook Stable
COMET BIDCO: Bank Debt Trades at 38% Discount
DEBENHAMS PLC: Another Five Stores Won't Reopen After Lockdown
K3 BUSINESS: Sigma Dynamics Acquires Software Business

KCA DEUTAG: Enters Into Standstill Deal with Creditors
TOWD POINT 2019-GRANITE: Moody Reviews 3 Notes for Downgrade
VICTORIA PLC: Moody's Affirms B1 CFR, Alters Outlook to Negative


X X X X X X X X

[*] BOOK REVIEW: Mentor X

                           - - - - -


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A U S T R I A
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WIENERBERGER AG: Moody's Affirms Ba1 CFR, Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of the Austrian building materials producer Wienerberger AG.
Concurrently, the rating agency has affirmed the issuer's junior
subordinate rating at Ba3, the probability of default rating at
Ba1-PD and the senior unsecured rating at Ba1. The outlook has been
changed to negative from stable.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented and Moody's views
them as a social risk factor under its assessment of ESG
considerations.

Its rating action reflects Moody's belief that Wienerberger will
face challenging operating conditions across Europe, where the
company generates 90% of its revenues. Moody's expects a deep
recession in Europe in 2020 that will diminish cyclical demand for
Wienerberger's products. Lockdowns and social distancing are
disrupting construction activity and supply chains, raising the
risk of project delays and cancellations. Moreover, Moody's
anticipates that the eventual pick-up in construction activity once
the lockdowns are lifted will only be gradual and companies with
sizeable exposure to new-build construction, albeit reduced from
the last downturn, such as Wienerberger will be more affected by a
drop in business activity.

Wienerberger's credit metrics before the outbreak of the
coronavirus were relatively strong (Moody's adjusted gross leverage
of around 2.5x and retained cash flow/ net debt of around 31% at
the end of 2019), positioning the company solidly in its rating
category. However, Moody's expects metrics to deteriorate
substantially in 2020 against the backdrop of macroeconomic
slowdown. Moreover, metrics may remain outside required ranges for
the Ba1 rating also in the following year unless the economy
clearly recovers in 2021 and/or the company undertakes active steps
to restore its credit metrics.

The company's rating is supported by the reduced cyclicality of its
business profile since the last global crisis due to investments in
its pipe business, which now accounts for around 30% of the group
revenue and, together with Roof products (17% of revenue), has a
stronger exposure to more stable renovation and infrastructure
spending. Moreover, the rating reflects Wienerberger's strong
market position as the global leader in clay blocks as well as its
conservative financial policy targeting net debt/ EBITDA ratio of
below 2.5x.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects high uncertainty in regards to the
future credit metrics development and the pace of the macroeconomic
recovery once the lockdowns are lifted across Europe and the US.
Furthermore, the current rating is conditional upon Wienerberger
maintaining an at least adequate liquidity profile.

LIQUIDITY

The liquidity position of Wienerberger is adequate. The company had
around EUR129 million of cash and cash equivalents on balance sheet
and EUR360 million availability under its EUR400 million revolving
credit facility (unrated) at fiscal year-end 2019 plus EUR36
million of financial assets, which could be easily liquidated. In
addition, in December 2019 Wienerberger signed a EUR170 million
ESG-linked OeKB facility maturing in September 2027 that was drawn
down in January 2020. Wienerberger has a comfortable headroom under
its financial covenants with a December 2019 reported net leverage
of around 1.4x versus a 3.9x level to be in compliance with its
covenant.

Mid-April, Wienerberger has redeemed a EUR300 million bond, but has
also recently arranged a EUR300 million bridge facility for 18
months. As long as the bridge facility is not replaced with a
long-term instrument, Moody's considers Wienerberger's liquidity as
fragile and its debt maturity profile as short-dated.

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

WHAT COULD MOVE THE RATINGS - UP

Positive rating pressure could arise if:

  - Moody's adjusted gross debt/EBITDA declines sustainably towards
2.5x and

  - Moody's adjusted retained cash flow/ net debt sustainably above
30%

WHAT COULD MOVE THE RATINGS -- DOWN

Conversely, negative rating pressure could arise if:

  - Moody's adjusted gross debt/EBITDA increasing sustainably above
3.5x and

  - Moody's adjusted retained cash flow/ net debt falling
sustainably below 20%

  - Negative free cash flow leading to a deterioration in liquidity
profile

STRUCTURAL CONSIDERATIONS

Wienerberger is financed primarily through senior unsecured bank
debt and bonds raised by Wienerberger AG and there are no material
amounts of secured / priority debt in the capital structure. In
addition, the group's capital structure contains one Ba3 rated
EUR222 million outstanding hybrid bond with a call option in
February 2021, which is contractually subordinated to the company's
unsecured borrowings. Based on Moody's methodology for assigning
debt and equity treatment to hybrid securities of speculative-grade
non-financial companies the hybrid bonds are treated as debt in the
calculation of credit ratios. While hybrid bonds offer some loss
absorption, it is not sufficient to lead to an uplift of the senior
unsecured rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Building
Materials published in May 2019.

PROFILE

Headquartered in Vienna (Austria), Wienerberger AG is the world's
largest brick manufacturer and Europe's largest producer of clay
roof tiles as well as a leading supplier of plastic and ceramic
pipes. The group produces bricks, clay and concrete roof tiles,
clay and concrete pavers as well as clay and plastic pipes in 201
plants and operates in 30 countries worldwide. In fiscal year 2019
Wienerberger generated revenues of around EUR3.5 billion and
reported EBITDA of EUR610 million.



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B E L A R U S
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EXPORT-IMPORT: Fitch Affirms IFS Rating at 'B', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Export-Import Insurance Company of the
Republic of Belarus's Insurer Financial Strength Rating at 'B'. The
Outlook is Stable.

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 Eximgarant that
are compared with both rating guidelines defined in its criteria,
and relative to previously established Rating Sensitivities for
Eximgarant.

Fitch's pro-forma analysis indicates the resilience of Eximgarant's
capitalisation, as measured by Fitch's unchanged Prism Factor-Based
Model score, compared with the actual result based on end-2018
IFRS-based balance sheet. This should help the insurer absorb the
Fitch-modelled investment losses and a moderate recession-driven
decline in its underwriting profitability.

In addition to the pro-forma modelling, Fitch also notes that the
pandemic and the related economic recession may substantially
weaken the quality of the portfolio of domestic credit risks
insured by Eximgarant. Those risks are highly concentrated per
debtor and aggregated net retentions per single debtor are fairly
significant relative to Eximgarant's capital. This is partially
mitigated by many of the debtors being fully owned by the state.

Eximgarant's rating and Outlook are aligned with Belarus's
Long-Term Local-Currency Issuer Default Rating. The rating reflects
Eximgarant's 100% state ownership, systemic role as the local
export credit agency and the presence of guarantees for insurance
liabilities under compulsory lines and export insurance.

Assumptions for Coronavirus Impact (Rating Case):

Fitch used the following key assumptions, which are designed to
identify areas of vulnerability, in support of the pro-forma rating
analysis:

  -- 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 favourable 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.

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 one-notch downgrade of Belarus's Local-Currency Long-Term IDR
is likely to lead to an equivalent change in Eximgarant's IFS
Rating.

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 Belarusian insurance sector and
Eximgarant.

  - A one-notch upgrade of Belarus's Local-Currency Long-Term IDR
is likely to lead to an equivalent change in Eximgarant's IFS
Rating.

Stress Case Sensitivity Analysis

  - Fitch's stress case assumes a 60% stock market decline,
two-year cumulative high-yield bond default rate of 22%, an adverse
non-life industry-level loss ratio impact of 7pp for COVID-19
claims that is partially offset by a favourable 2pp impact for
motor, and a notch-lower sovereign rating.

- The implied-rating impact under the stress case would be an
affirmation of Eximgarant's rating.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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



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F R A N C E
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BANIJAY GROUP: Moody's Affirms B2 CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook of Banijay Group S.A.S., the largest independent content
producer worldwide.

Concurrently, Moody's has affirmed the company's B2 corporate
family rating, its B2-PD probability of default rating, and the B1
ratings of the EUR453 million senior secured term loan B due 2025,
the $460 million senior secured term loan B due 2025, the EUR170
million (equivalent) multicurrency revolving credit facility due
2024, the EUR575 million senior secured notes due 2025 and the $403
million senior secured notes due 2025, raised by Banijay
Entertainment S.A.S. and Banijay Group US Holdings Inc Moody's has
also affirmed the Caa1 rating of the EUR400 million senior notes
due 2026 issued by Banijay Group S.A.S

"The change in outlook to negative reflects its expectation that
company's credit metrics and liquidity will deteriorate due to the
material contraction in revenue and profits in 2020 on the back of
the coronavirus outbreak," says Victor Garcia Capdevila, a Moody's
AVP-Analyst and lead analyst for Banijay.

RATINGS RATIONALE

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

Banijay's business has been affected by the cancellation and
postponement of productions, both scripted and non-scripted, due to
the coronavirus outbreak and the social distancing measures and
lockdowns imposed in most of the countries where it operates.

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

Moody's anticipates a material operational disruption for Banijay
in 2020 due to the coronavirus outbreak. The rating agency
estimates that the company's EBITDA could drop by 25% in 2020, in a
scenario where business activity starts to normalize by the end of
June 2020. However, if the current situation extends through
September 2020, the fall in EBITDA could reach as much as 40% in
2020. This operational disruption will weaken the company's credit
metrics and liquidity.

In the base case scenario, where EBITDA falls by 25% in 2020,
Banijay's Moody's-adjusted gross leverage will reach 8.6x in 2020
before reducing towards 6.5x in 2021. In addition, the company is
exposed to the execution and integration risks associated with the
acquisition of Endemol Shine Group (ESG, rated at MediArena
Acquisition B.V., Caa1, ratings under review), which is expected to
close in summer 2020.

Despite the high leverage, Moody's derives comfort from (1) the
company's strong operational track record and good performance in
2019, (2) the resilience of content production to the economic
slowdown and the favourable industry demand dynamics, (3) the
company's leading position in non-scripted production and its
extensive library of content which can be monetised in the current
environment, and (4) its ability to manage costs, since around 77%
of its cost base is variable.

However, the group has limited headroom for operating or financial
underperformance in the current rating category and a failure to
reduce leverage towards 6.5x by 2021 could put downward pressure on
the rating.

LIQUIDITY

Moody's expects Banijay's liquidity will weaken over the next few
months due to the operational disruptions related to the
coronavirus outbreak.

The liquidity profile of the combined group will be supported by a
starting cash balance of around EUR100 million and an undrawn
EUR170 million revolving credit facility, which is subject to a
springing net leverage covenant of 6.5x, tested when drawings
exceed 40% of the total, and a EUR225 million receivable
securitization facility. The company will not have significant debt
repayments until the maturity in 2025 of the term loans and the
senior secured notes.

The rating agency expects the combined group to have a negative
change in working capital of around EUR40 million and capital
spending of about EUR60 million in 2020 leading to a negative free
cash flow for the year of around EUR20 million. Moody's also notes
that the group faces a cash outflow of around EUR45 million in Q2
2020 related to the put options of minority shareholders.

STRUCTURAL CONSIDERATIONS

The B2-PD PDR is in line with the B2 CFR, reflecting the 50% family
recovery rate assumption, in line with Moody's standard approach
for bond and loan capital structures. The ratings on the senior
secured notes and the senior secured bank credit facilities are B1,
one notch above the CFR, reflecting their priority in ranking with
respect to the senior unsecured notes, which are rated Caa1.

The security package for the senior secured instruments is limited
to share pledges, intercompany receivables and bank accounts. All
material subsidiaries (accounting for more than 5% of proforma
EBITDA) are guarantors, except those located in excluded
jurisdictions (Argentina, Brazil, China, India, Mexico, Russia,
South Korea and Thailand). The group is subject to a minimum EBITDA
guarantor coverage test of 75%.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the integration and execution risks
related to the acquisition of Endemol and the weakening of the
credit metrics and liquidity profile as a result of the coronavirus
outbreak.

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

Positive rating pressure is unlikely in the near term because
Banijay needs to demonstrate the successful integration of the two
businesses and develop a track record of deleveraging to levels
more consistent with the current rating. However, upward pressure
could build up on the ratings if Moody's-adjusted gross leverage is
reduced sustainably below 5.0x and RCF/net debt increases above 10%
on a sustained basis.

Negative pressure on the rating could develop if operating
performance deteriorates beyond current expectations or Banijay
engages in material debt funded acquisitions resulting in a
Moody's-adjusted gross leverage sustainably above 6.0x. Negative
free cash flow generation leading to a deterioration in the
company's liquidity profile would also exert negative pressure on
the ratings.

LIST OF AFFECTED RATINGS

Issuer: Banijay Group S.A.S.

Affirmations:

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Backed Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Action:

Outlook, Changed To Negative From Stable

Issuer: Banijay Entertainment S.A.S.

Affirmations:

Senior Secured Bank Credit Facility, Affirmed B1

Backed Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Action:

Outlook, Changed To Negative From Stable

Issuer: Banijay Group US Holdings Inc.

Affirmation:

Senior Secured Bank Credit Facility, Affirmed B1

Outlook Action:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Banijay Group S.A.S., headquartered in Paris, France, is the
world's largest independent content production group. It creates,
develops, sells, produces and distributes television content
worldwide across a well-diversified network of around 120
production companies in 20 different countries. The group has a
strong position in both scripted and non-scripted content
production and benefits from an extensive library of around 85,000
hours of content. Following Endemol Shine Group's acquisition, the
combined group will have pro forma reported revenue and EBITDA, of
about EUR2.6 billion and EUR467 million, respectively.

GETLINK SE: Fitch Corrects April 6, 2020 Ratings Release
--------------------------------------------------------
Fitch Ratings replaced a ratings release published on April 6, 2020
to correct the name of the obligor for the bonds.

Fitch Ratings has affirmed Channel Link Enterprise Finance Plc's
notes at 'BBB' and Getlink S.E.'s bond at 'BB+'. Outlook Stable.

CLEF is a ring-fenced structure secured by the core activities of
GET: shuttle services for trucks/cars/coaches as well as
infrastructure operator for railway services (Eurotunnel). CLEF
excludes other activities such as Europorte and ElecLink.

RATING RATIONALE

The ratings of CLEF reflect the critical nature of the asset
managed by GET, the long-term maturity of the concession
terminating in 2086 and the historical resilience of passenger
volumes on high-speed trains and car-shuttle businesses. Fitch
believes these factors will allow CLEF to navigate the financial
impact of the coronavirus pandemic, despite the sudden, albeit
potentially short-lived, drop in traffic. Fitch currently assumes
demand to progressively recover by 2022 from the shock in 2020.

The average debt service coverage ratio of 1.5x under the revised
Fitch Rating Case is slightly lower than in last year review but
still consistent with the 'BBB' rating, particularly in the context
of a still strong 1.6x minimum project life cover ratio until end
of concession.

Fitch is constantly monitoring the current pandemic and its effect
on the UK economy and may revise its FRC assumptions if the
severity and duration of the outbreak is worse-than-expected or if
the UK economy fails to recover quickly, derailing Eurotunnel
traffic recovery. Similarly, a material change in UK-EU
relationship following the UK's exit from the EU or impairment in
the UK supply chain undermining the critical role played by the
asset may lead us to revise FRC assumptions.

GET is credit-linked to CLEF. The 'BB+' rating reflects the
structural subordination of its debt and the refinancing risks
associated with its single-bullet debt structure.

Liquidity position is comfortable throughout 2020 both at CLEF and
GET. CLEF is endowed with a EUR350 million liquidity reserve, which
currently covers 18 months debt service, on top of around EUR291
million of available cash at Eurotunnel level as of end-March 2020.
GET has no debt maturity due until late 2023 and has a EUR20
million debt service reserve account on top of EUR242 million cash
available at end-March 2020 at holding company level.

Fitch notches GET's rating down twice from the consolidated profile
of CLEF, which largely depends on Eurotunnel performance. Using its
Parent Subsidiary Linkage Criteria, Fitch assesses the linkage
between CLEF and GET as weaker under the weak parent/strong
subsidiary approach. GET's dependency on Eurotunnel, underlined by
the one-way cross default provision and GET's covenants tested at
the consolidated level, drive the application of a consolidated
approach.

KEY RATING DRIVERS

Coronavirus Affecting Demand

The rapid spread of coronavirus is leading to an unprecedented
impact on travellers' and cargo mobility. During March 2020
passenger vehicles were down 46% year-on-year although this has
only been 18% for truck shuttles, highlighting the critical nature
of the route. Under its revised FRC, Fitch assumes car traffic to
fall by 25%, Eurostar traffic 25% and truck traffic 10% in 2020
before gradually recovering by end-2022.

Credit Metrics Maintain Buffer

This revised FRC leads to lower debt service cover ratios across
the debt tenor, leading to an average DSCR of 1.5x. This is
unchanged on its previous 2019 rating-case average of 1.5x and
still comfortably above its downgrade sensitivity of 1.3x

Fitch is closely monitoring developments in the sector and will
revise the FRC should its assessment of the impact of the pandemic
change.

Mitigants and Protective Measures

CLEF has some flexibility to partially offset the impact of the
expected significant revenue shortfall. In its revised FRC Fitch
assumes a deferral of planned capex over the next three years. The
capex plan is 100%-funded with projected cash flows and investments
are planned in advance taking into account market conditions,
providing flexibility in delivering the capex programme.

Solid Liquidity

CLEF and Eurotunnel had around EUR291 million of cash available as
of end-March 2020, committed credit facilities for around EUR260
million and EUR90 million liquidity guarantee. This strong
liquidity position provides ample coverage of CLEF's principal and
interest payments due even under severe traffic-stress
assumptions.

Getlink also benefits from EUR242 million cash available at holding
company level as of end-March 2020 and the company has recently
cancelled the proposal to pay a 2019 dividend of EUR225 million
while reserving the option of proposing the distribution to
shareholders of an interim dividend on the 2020 results. There are
no debt maturities until October 2023, interest payments are
minimal (EUR20 million/year, covered by a EUR20 million DSRA) and
the ElecLink project is currently on hold.

Sensitivity Case

Fitch has also run a sensitivity case where CLEF's traffic falls
further than the FRC with a 35% decline in car traffic, 40% in
Eurostar traffic and 15% in trucks before recovering by end-2022.
Mitigation measures are unchanged compared with those under FRC.
Under this scenario the average DSCR drops further to 1.3x.

RATING SENSITIVITIES

CELF

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

  - Average DSCR consistently above 1.5x under FRC, subject to
clearer visibility on the outcome of the negotiations between the
UK and EU.

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

  - Average DSCR below 1.3x under FRC.

  - Fitch will monitor the Brexit negotiations on trade and people
flows between the UK and EU. Any resulting revenue deterioration
beyond its FRC assumptions may result in negative rating action.

  - Indication that traffic volumes will deteriorate above its
expectations or take longer to recover than currently anticipated.

Getlink SE

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

  - An upgrade of CLEF could lead to an upgrade of Getlink.

  - The notching difference with the consolidated credit profile
might be reduced if after completion, Eleclink generates strong and
stable cash flow and GET continues to have direct and unconditional
access to its cash flow generation.

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

  - Given that GET is credit-linked to CLEF, a downgrade of CLEF
would lead to a downgrade of GET.

  - Failure to prefund GET debt well in advance of its maturity
could be rating-negative as could a material increase of debt at
GET or GET subsidiary levels.

BEST/WORST CASE RATING SCENARIO

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

TRANSACTION SUMMARY

CLEF is a ring-fenced structure secured by the core activities of
GET: shuttle services for trucks/cars/coaches as well as
infrastructure operator for railway services (Eurotunnel). CLEF
excludes other activities such as Europorte and ElecLink.

Eurotunnel accounted for around 90% of GET's total revenues and
substantially 100% of EBITDA in 2018.

GET is the concessionaire and operator of the Channel Tunnel, the
fixed railway link between the UK and France in operation since
1994.

CLEF Key Rating Drivers - Summary Assessments

Mixed Traffic Performance - Revenue Risk (Volume): Midrange

Some Flexibility - Revenue Risk (Price): Midrange

Largely Maintenance Capex - Infrastructure Development and Renewal:
Midrange

Fully Amortising, Back-Ended - Debt Structure: Midrange

GET Key Rating Drivers - Summary Assessments

Single Bullet Debt With Refinancing Risk - Debt Structure:
Midrange

The recent outbreak of coronavirus and related government
containment measures worldwide creates an uncertain global
environment for transportation in the near term. While CLEF's and
Getlink's most recently available performance data may not have
indicated impairment, material changes in revenue and cost profile
are occurring across the transportation sector in UK and France and
likely to worsen in the coming weeks and months as economic
activity suffers and government restrictions are maintained or
broadened. Fitch's ratings are forward-looking in nature, and Fitch
will monitor developments in the sector for their severity and
duration, and incorporate revised base- and rating-case qualitative
and quantitative inputs based on expectations for future
performance and assessment of key risks.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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).

TECHNICOLOR SA: Bank Debt Trades at 52% Discount
------------------------------------------------
Participations in a syndicated loan under which Technicolor SA is a
borrower were trading in the secondary market around 48
cents-on-the-dollar during the week ended Fri., May 1, 2020,
according to Bloomberg's Evaluated Pricing service data.

The $300 million facility is a term loan.  About $293.3 million of
the loan remains outstanding.  The loan is scheduled to mature on
December 31, 2023.

The Company's country of domicile is France.





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G E R M A N Y
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LUFTHANSA AG: Haggles with Germany Over State Bailout Terms
-----------------------------------------------------------
Birgit Jennen, William Wilkes and Matthias Wabl at Bloomberg News
report that Deutsche Lufthansa AG's talks with the German
government over a multi-billion euro aid package are coming down to
how much the state will profit over coming years for rescuing
Europe's biggest airline.

According to Bloomberg, people familiar with the matter said while
Lufthansa Chief Executive Officer Carsten Spohr said this weekend
that negotiations are moving toward a conclusion, the sides are
still haggling over financing terms.

Germany wants to be sure it emerges better than even from a bailout
after losing money when rescuing banks following the 2008 financial
rout, Bloomberg states.  Lufthansa fears that will make it harder
to weather a extended travel slump and compete with airlines that
have received more generous terms for state assistance, Bloomberg
notes.

Negotiations concern loans, credit guarantees and a state equity
injection, split between shares with voting rights and a so-called
silent participation limiting the government's day-to-day say,
Bloomberg discloses.  The people, as cited by Bloomberg, said
officials are pushing for a 9% guaranteed dividend for the latter,
a figure the airline says is too high.

They said an agreement is still expected to be in place in the next
few days or early next week, Bloomberg relays.

Like airlines the world over, Lufthansa is fighting for survival as
the coronavirus crisis punctures a decades-long aviation boom,
Bloomberg discloses.  It's cutting back the fleet and closing
discount arm Germanwings to resize for what it warns could be years
of depressed demand, Bloomberg says.

The four-nation carrier is also continuing negotiations with
Austria and Belgium after securing credit guarantees from
Switzerland, according to Bloomberg.  One person said Austria is
considering an equity or silent participation deal, with an
agreement likely to follow a German accord, Bloomberg notes.


NIDDA HEALTHCARE: Fitch Affirms Senior Secured Debt Rating at 'B+'
------------------------------------------------------------------
Fitch Ratings has affirmed Nidda Healthcare Holding GmbH's senior
secured debt at 'B+'/'RR3' ahead of the launch of a senior secured
note tap issue of EUR200 million, which will be used for general
corporate purposes including bolt-on M&A. Fitch has also affirmed
Nidda BondCo GmbH's Long-Term Issuer Default Rating at 'B' with
Stable Outlook.

Nidda is the parent of Nidda Healthcare Holding GmbH, an
acquisition vehicle, which acquired Stada Arzneimittel AG (Stada),
the Germany-based manufacturer of generic pharmaceutical and
branded consumer healthcare products in 2017.

Nidda's rating reflects Stada's 'BB' business profile that is
balanced against a highly aggressively leveraged capital structure
following a sponsor-backed acquisition of Stada. The Stable Outlook
reflects its expectations that expanding earnings and strong free
cash flow driven by organic and acquisitive growth will continue to
mitigate elevated leverage, which Fitch estimates will remain
between 7.0x and 8.0x in the medium term.

The Stable Outlook is also predicated on the continuation of a
disciplined approach in acquiring good- quality targets to
complement a strong portfolio of products, together with rigorous
integration of acquisitions. It also reflects its assumptions of
resilient near-term business performance during the current
COVID-19 pandemic.

KEY RATING DRIVERS

Incremental Issue Neutral to Rating: Fitch views the incremental
senior secured tap issue of EUR200 million as rating-neutral. Fitch
understands from management that the funds will be used for general
corporate purposes, including for acquisitions, and will,
therefore, contribute to Stada's value enhancement, and will not be
deployed for shareholder distributions. Its updated rating case
reflects an incremental annual EBITDA contribution of around EUR20
million from 2020 onwards. This leads to intact operating and
credit metrics as defined in its sensitivities, supporting the 'B'
IDR.

M&A to Drive Credit Profile: Following completion of the post-LBO
business clean-up, which has put Stada on a healthy organic growth
and profitability foundation, Fitch expects more efforts will be
invested in external growth opportunities. Fitch consequently
anticipates more opportunistic M&A activity, including larger
transactions. Its view is supported by the availability of suitable
pharmaceutical assets as large pharma players streamline their
product portfolios as well as by access to risk capital for
stronger-performing sector credits such as Stada. The threats Fitch
sees in this strategy lie in the risk profile of the target assets,
execution risk and financial discipline.

Deleveraging Potential but De-Risking Unlikely: Stada's steadily
growing and diversifying earnings offer scope for deleveraging from
high post-LBO funds from operations gross leverage of 8.6x in 2018.
Given the company's planned acquisitive growth, Fitch sees
debt-funding driving an estimated FFO gross leverage of 7.0x-8.0x
in the medium term. That deleveraging is not a priority is evident
in the contemplated tap, which together with the other recently
issued notes and terms loans to fund asset- and business-purchases,
will lead to a temporary spike in FFO gross leverage toward 8.5x in
2020. This follows benign FFO gross leverage of under 7.0x in 2019
in the absence of larger debt-funded M&A.

Solid Operating Performance: Strong organic business growth, new
product launches and realised cost savings have contributed to a
strong improvement in operating results in 2019 and created a solid
platform for medium-term growth. Stada's recent business additions
in the consumer healthcare have tangibly reinforced the company's
position as a pan-European marketing and distribution platform.
Fitch projects robust revenue growth in excess of 10% p.a. through
2022, leading to a sales increase toward EUR4 billion by 2022,
along with a stable Fitch-defined EBITDA margin of 24%. Its rating
case assumes resilient near-term performance in the current
COVID-19 pandemic.

Healthy Cash Flows: Fitch regards Stada's healthy cash flows as a
strong mitigating factor to the company's leveraged balance sheet,
which supports the 'B' IDR. Despite growing trade working capital
and capex requirements, Fitch expects sizeable and sustainably
positive FCF at around EUR200 million and robust mid-to-high
single-digit FCF margins. Such solid cash flow generation offers
scope for acquisitions of up to EUR400 million a year, using a
combination of internally generated cash and a revolving credit
facility.

DERIVATION SUMMARY

Fitch rates Nidda according to its global rating navigator
framework for pharmaceutical companies. Under this framework, the
company's generic and consumer business benefits from satisfactory
diversification by product and geography, with a balanced exposure
to mature, developed and emerging markets. Compared with more
global industry participants, such as Teva Pharmaceutical
Industries Limited (BB-/Negative), Mylan N.V. (BBB-/Rating Watch
Positive) and diversified companies, such as Novartis AG
(AA-/Stable) and Pfizer Inc. (A/Negative), Nidda's business risk
profile is affected by the company's European focus. High financial
leverage is a key rating constraint, compared with international
peers', and this is reflected in the 'B' rating.

In terms of size and product diversity, Nidda ranks ahead of other
highly speculative sector peers such as Financiere Top Mendel SAS
(Ceva Sante, B/Stable), IWH UK Finco Limited (Theramex, B/Stable),
Cheplapharm Arzneimittel GmbH (Cheplapharm, B+/Stable) and Antigua
Bidco Limited (Atnahs, B+/Stable). Although geographically
concentrated on Europe, Nidda is nevertheless represented in
developed and emerging markets. This gives the company a business
risk profile that is consistent with a higher rating. However, its
high financial risk, with FFO leverage projected to remain between
7.0x and 8.0xin 2019-2022, is more in line with a weak 'B-' rating
that is only supported by solid FCF. This is comparable with Ceva
Sante's 'B' IDR, balancing high leverage with high intrinsic cash
flow generation, due to stable and profitable operations, and
deleveraging potential.

In contrast, smaller peers such as Theramex is less aggressively
leveraged at 5.0x-6.0x. However, it is exposed to higher product
concentration risks. Cheplapharm's and Atnahs' IDRs of 'B+' reflect
a consistent and conservative financial policy translating into
contained leverage metrics, supported by stronger operating
profitability and FCF generation, which neutralise the companies'
lack of scale and certain portfolio concentration risks.

KEY ASSUMPTIONS

  - Sales CAGR of 13% for 2019-2022, due to volume-driven growth of
legacy product portfolio, new product launches, acquisition of IP
rights and business additions;

  - Fitch-adjusted EBITDA margin at 24% by 2022, supported by
revenue growth, further cost improvements and synergies realised
from the latest acquisitions;

  - Capex at 4%-5% of sales per year given recent capacity
expansion and expected increase in production volumes;

  - M&A estimated at EUR1.4 billion in 2020, including the latest
acquisition of Takeda's Russia/CIS portfolio, the food supplement
business Walmark, the GSK drug portfolio and a further unspecified
acquisition of EUR200 million. Thereafter product in-licencing and
further product IP rights additions estimated at EUR400 million a
year to be funded from internally generated funds and a committed
undrawn RCF;

  - M&A purchased at 10x enterprise value (EV)/EBITDA multiples
with a 20% EBITDA contribution;

  - Liability to non-controlling shareholders maintained at EUR3.82
gross per share resulting in around EUR15 million in payment, which
Fitch classifies as a preferred dividend;

  - Stada's legacy debt (mainly an outstanding EUR267 million 1.75%
bond due 2022) to be repaid at maturity; and

  - No dividends.

Recovery Assumptions:

  - Nidda would be considered a going-concern in bankruptcy and be
reorganised rather than liquidated.

  - Fitch estimates a post-restructuring EBITDA of around EUR550
million (increased from previously around EUR515 million due to
incremental earnings from M&A), which would allow Nidda to remain a
going- concern and cover the cash cost of debt of around EUR200
million, sustainable capex including product additions/in-licensing
of EUR150 million-EUR200 million, trade working capital of EUR100
million and tax of EUR50 million.

  - Fitch applies a distressed EV/EBITDA multiple at 7.0x, which
reflects Stada's size, product breadth and cash-generative
operations.

  - Based on the principal waterfall, with the RCF of EUR400
million assumed fully drawn in the event of default, Fitch assumes
Stada's senior unsecured legacy debt (at operating company level),
which is structurally the most senior, ranks on enforcement pari
passu with the senior secured acquisition debt, including the term
loans and senior secured notes. The incremental senior secured tap
of EUR200 million will rank pari passu with the existing senior
secured term loans and notes. Senior notes at Nidda will rank below
senior secured acquisition debt.

  - After deducting 10% for administrative claims, its principal
waterfall analysis generates a ranked recovery for the senior
secured debt in the 'RR3' category, leading to a 'B+' rating. The
waterfall analysis output percentage based on current metrics and
assumptions is 64% for existing senior secured debt. On completion
of the tap issue Fitch expects an output percentage of 62% for
enlarged senior secured debt leading to an unchanged 'B+'
instrument rating.

  - Senior debt's Recovery Rating is 'RR6' with 0% expected
recoveries. The 'RR6' band indicates a 'CCC+' instrument rating,
two notches below the IDR.

RATING SENSITIVITIES

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

  - Sustained strong profitability (Fitch-defined EBITDA margin in
excess of 25%) and FCF margin consistently above 5%.

  - Reduction in FFO gross leverage to below 7.0x, or FFO net
leverage toward 6.0x on a sustained basis.

  - Maintenance of FFO interest coverage close to 3.0x.

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

  - Evidence of changing approach to M&A shifting towards
higher-risk or lower-quality assets or weak integration resulting
in pressure on profitability and challenging positive FCF margins.

  - Failure to maintain FFO gross leverage below 8.5x, or FFO net
leverage below 7.5x.

  - FFO interest coverage weakening to below 2.0x

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

Comfortable Liquidity: Fitch projects a comfortable year-end cash
position of EUR200 milion-EUR250 million until 2022, supported by
healthy FCF generation. Organic cash flows would accommodate around
EUR400 million of annual M&A and cover maturing legacy debt at
Stada. However, Fitch projects a RCF drawdown of EUR200 million in
2022 - out of the committed EUR400 million available - to redeem
its EUR267 million bond and to keep readily available cash above
EUR100 million.

For the purpose of liquidity calculation Fitch has deducted EUR2
million-EUR3 million of cash held in China and a further EUR100
million as minimum operating cash, which Fitch assumes to increase
gradually to EUR120 million by 2022 as the business gains scale.

Nidda's financial flexibility benefits from recently extended
maturities of the term loans to June 2025 with a maturity extension
provision to August 2026, subject to senior notes being extended or
refinanced to fall due after the term loan F, improving Nidda's
maturity headroom.

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

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).

RHODIA ACETOW: Bank Debt Trades at 22% Discount
-----------------------------------------------
Participations in a syndicated loan under which Rhodia Acetow
Management GmbH is a borrower were trading in the secondary market
around 78 cents-on-the-dollar during the week ended Fri., May 1,
2020, according to Bloomberg's Evaluated Pricing service data.

The $241.7 million facility is a term loan.  About $235.1 million
of the loan remains outstanding.  The loan is scheduled to mature
on May 31, 2023.

The Company's country of domicile is Germany.




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BILBAO CLO III: Fitch Gives 'BB-(EXP)sf' Rating on Class D Notes
----------------------------------------------------------------
Fitch Ratings has assigned Bilbao CLO III Designated Activity
Company expected ratings.
  
Bilbao CLO III DAC      

  - Class A-1; LT AAA(EXP)sf Expected Rating   

  - Class A-2A; LT AA(EXP)sf Expected Rating   

  - Class A-2B; LT AA(EXP)sf Expected Rating   

  - Class B; LT A(EXP)sf Expected Rating   

  - Class C; LT BBB-(EXP)sf Expected Rating   

  - Class D; LT BB-(EXP)sf Expected Rating   

- Subordinated Notes; LT NR(EXP)sf Expected Rating   

TRANSACTION SUMMARY

Bilbao CLO III Designated Activity Company is a securitisation of
mainly senior secured obligations (at least 90%) with a component
of senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds will be used to fund a portfolio with a target
par of EUR275 million. The portfolio is actively managed by
Guggenheim Partners Europe Limited. The collateralised loan
obligation has a one-year reinvestment period and six year weighted
average life.

KEY RATING DRIVERS

'B'/ 'B-' Portfolio Credit Quality: Fitch places the average credit
quality of obligors in the 'B'/'B-' category. The Fitch weighted
average rating factor of the identified portfolio is 33.2, below
the maximum WARF covenant for assigning expected ratings of 37.

High Recovery Expectations: At least 90% of the portfolio will
comprise senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch weighted average recovery
rate of the identified portfolio is 67.5%, above the minimum WARR
covenant for assigning expected ratings of 65%.

Diversified Asset Portfolio: The covenanted maximum exposure of the
10 largest obligors for assigning the expected ratings is 20% of
the portfolio balance. The transaction also includes various
concentration limits, including the maximum exposure to the three
largest (Fitch-defined) industries in the portfolio at 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

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

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.

RATING SENSITIVITIES

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

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

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

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

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

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

Downgrades may occur if the build-up of credit enhancement for the
notes following amortisation does not compensate for a higher loss
expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration. As the disruptions to
supply and demand due to the COVID-19 disruption become apparent
for other vulnerable sectors, loan ratings in those sectors would
also come under pressure. Fitch will update the sensitivity
scenarios in line with the view of Fitch's Leveraged Finance team.

Coronavirus Baseline Scenario Impact: Fitch carried out a
sensitivity analysis on the target portfolio to envisage the
coronavirus baseline scenario. The agency notched down the ratings
for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario shows resilience of the
assigned ratings, with substantial cushion across rating
scenarios.

Fitch also considered the possibility that the stress portfolio,
determined by the transaction's covenants, would further
deteriorate due to the impact of coronavirus mitigation measures.
Fitch believes this circumstance is adequately addressed by the
inclusion of the downwards notching by a single subcategory of all
collateral obligations on Negative Outlook for the purposes of
determining compliance to Fitch WARF at the effective date.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Most of the underlying assets have ratings or credit opinions from
Fitch and/or other Nationally Recognised Statistical Rating
Organisations and/or European Securities and Markets
Authority-registered rating agencies.

Fitch has relied on the practices of the relevant groups within
Fitch and/or other rating agencies to assess the asset portfolio
information.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool was not
prepared for this transaction. Offering Documents for this market
sector typically do not include RW&Es that are available to
investors and that relate to the asset pool underlying the trust.
Therefore, Fitch credit reports for this market sector will not
typically include descriptions of RW&Es.

STRANDHILL RMBS: Moody's Rates EUR 16.60M Class F Notes '(P)B3'
---------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Strandhill RMBS Designated Activity Company:

EUR 221.30M Class A Mortgage Backed Floating Rate Notes due January
2065, Assigned (P)Aaa (sf)

EUR 33.19M Class B Mortgage Backed Floating Rate Notes due January
2065, Assigned (P)Aa2 (sf)

EUR 22.13M Class C Mortgage Backed Floating Rate Notes due January
2065, Assigned (P)A3 (sf)

EUR 16.60M Class D Mortgage Backed Floating Rate Notes due January
2065, Assigned (P)Baa3 (sf)

EUR 11.07M Class E Mortgage Backed Floating Rate Notes due January
2065, Assigned (P)Ba2 (sf)

EUR 16.60M Class F Mortgage Backed Floating Rate Notes due January
2065, Assigned (P)B3 (sf)

Moody's did not rate the EUR 47.85M Class Z Mortgage Backed Fixed
Rate Notes due January 2065 and the EUR 0.1M Class R Mortgage
Backed Notes due January 2065.

RATINGS RATIONALE

The Notes are backed by a static pool of residential, buy-to-let,
agricultural, commercial real estate, SME and other mortgage loans
secured over properties located in Ireland. The mortgage loans were
originated by ACC BANK plc a commercial lender specialized in the
farming industry which surrendered its banking license in 2014 and
which is fully owned by Cooperatieve Rabobank U.A. ("Rabobank"
Aa3/P-1 LT Deposit). The portfolio of assets amounts to EUR 369
million as of November 30, 2019 cut-off date.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a static portfolio and an amortising liquidity
reserve fully funded at closing at 0.5% of the inital pool balance.
The liquidity reserve is available to cover shortfall of senior
fees and Class A interest payments; depending on the actual pool
performance it can also increase from the initial 0.5% required
amount by capturing excess spread. In addition, on the first
interest payment date an amortising general reserve fund sized at
1.0% of the current pool balance will be funded by principal
collections. The general reserve is available for senior fees and
Class A to F interest, its excess amounts releases are available to
cover principal deficiencies.

However, Moody's notes that the transaction features some credit
weaknesses such as limited historical data on defaults, losses and
delinquencies, no data on original property values and high
exposure to SME type of borrower highly concentrated in the farming
industry. In addition, the portfolio has a large exposure to loans
collateralized by rural land (32.6% of closing balance) which are
mainly in favour of SME type of borrowers.

The day-to-day servicing of the portfolio is outsourced to Pepper
Finance Corporation (Ireland) DAC (NR) as servicer. The risk of
servicing disruption is mitigated by structural features of the
transaction. These include, among others, the issuer administrator
acting as a back-up servicer facilitator, who will assist the
issuer in appointing a back-up servicer on a best effort basis upon
termination of the servicing agreement and liquidity coverage of
more than 6 months for the two most senior tranches.

Moody's used a unified approach to analyze a 'mixed-pool'
portfolio, which is a portfolio with two sub-pools of mortgage
loans: one sub-pool made to individuals and another sub-pool made
to small and medium-sized enterprises. This approach combines the
standard EMEA rating methodologies for assessing RMBS and ABS SME
loan portfolios by splitting the portfolio into sub-components.
Taking into account the prevailing debt for each single individual
borrower, Moody's has identified the two sub-pool each representing
50% of the underlying portfolio.

For the RMBS sub-pool Moody's has determined the portfolio expected
loss of 7.00% and MILAN Credit Enhancement of 29%. RMBS Portfolio
expected loss of 7.00% is higher than average in the Irish Prime
RMBS sector and is based on Moody's assessment of the lifetime loss
expectation for the pool taking into account: (i) that no
historical performance data for the originator's portfolio is
available; (ii) benchmarking with comparable transactions in the
Irish market; and (iii) the current level of more than 90 days in
arrears which at the end of April 2020 already is 1.46%. MILAN CE
of 29%: This is higher than Irish Prime sector average and follows
Moody's assessment of the loan-by-loan information taking into
account the following key drivers: (i) lack of original property
valuation; (ii) some exposure to borrowers which are prevalently
residential but also have loans backed by commercial properties and
rural land ; (iii) 58% exposure to buy to let; and (iv) a
qualitative adjustment based on the quality of the portfolio
information provided.

For the SME sub-pool Moody's has determined the Portfolio Credit
Enhancement of 51% which is derived by: (i) a mean default rate of
27% over a weighted average life of 4.1 years (equivalent to a
B3/Caa1 proxy rating as per Moody's Idealized Default Rates); (ii)
stochastic recoveries with a mean recovery rate of 45% and a
standard deviation of 20%; and (iii) a coefficient of variation
(i.e. the ratio of standard deviation over the mean default) of
40%, as a result of the analysis of the portfolio concentrations in
terms of single obligors and industry sectors (i.e. 50% Food
Beverage and Tobacco). The 27% mean default rate takes into account
the current economic environment and its potential impact on the
portfolio's future performance, as well as the relatively high
proportion of loans more than 30 days in arrears that as of April
2020 already stands at more than 7% of the sub-pool balance.

For the combined pool, Moody's determined the combined loss
distribution by merging the loss distributions associated with the
two sub-pools. The combined distribution assumes a portfolio
expected loss of 11.4% and Aaa portfolio credit enhancement ("PCE")
of 40.0%.

Its analysis has considered the effect of the coronavirus outbreak
on the Irish economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of consumer and small businesses assets. The
contraction in economic activity in the second quarter will be
severe and the overall recovery in the second half of the year will
be gradual. However, there are significant downside risks to its
forecasts in the event that the pandemic is not contained and
lockdowns have to be reinstated. As a result, the degree of
uncertainty around its forecasts is unusually high. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage. Please see "Moody's Approach to Rating RMBS Using the MILAN
Framework" for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

Moody's issues provisional ratings in advance of the final sale of
securities, but these ratings represent only Moody's preliminary
credit opinions. Upon a conclusive review of the transaction and
associated documentation, Moody's will endeavor to assign
definitive ratings to the Notes. A definitive rating may differ
from a provisional rating.

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

Factors that may cause an upgrade of the ratings of the Notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of a servicing or cash management interruptions; and (ii) economic
conditions being worse than forecast resulting in higher arrears
and losses.



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TRANSELECTRICA SA: Moody's Affirms CFR at Ba1, Outlook Positive
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating and Ba1-PD probability of default rating of Transelectrica
S.A., the Romanian monopoly electricity transmission operator. The
rating outlook remains positive.

A CFR is an opinion of the Transelectrica's group ability to honour
its financial obligations and is assigned to Transelectrica as if
it had a single class of debt and a consolidated legal structure.

RATINGS RATIONALE

The affirmation of TEL's rating follows the start of the fourth
regulatory period and reflects continued consistent implementation
of key regulatory principles in the context of credit positive
developments in the overall framework.

As it enters the fourth regulatory period, TEL continues to benefit
from a fair and rather transparent regime under a revenue cap
model, which entitles the company to a 6.19% return on the
Regulatory Asset Base and reasonable and timely recovery of costs
incurred. The Regulator has also improved the process of in-period
adjustments of deviations against underlying tariff assumptions
concerning (1) electricity demand; (2) operational expenses
including grid losses; (3) capital returns; and (4) inflation. The
regulatory regime is in the process of establishing a track record
comparable with that in a number of Western European countries but
has previously been subject to governmental interference.

The Ba1 rating also reflects (1) a low business risk profile, given
TEL's natural monopoly as Romania's fully regulated electricity
transmission grid owner and operator, in addition to (2) its robust
financial metrics with available cash exceeding its outstanding
debt as at end of 2019, with significant leeway against net debt to
EBITDA covenants of 3.5x. Moody's assumes, however, that
investments will increase over the fourth period from current low
levels, which will gradually reduce the company's financial
flexibility. In this context, Moody's takes into account the
delayed implementation of the company's investment programme to
upgrade and improve the domestic grid and cross border connections
which has been hampered by difficulties in obtaining the necessary
land rights and construction permits. This investment backlog has
led to some erosion of the regulatory asset base, but Moody's
expects the level to remain stable over the course of the current
period.

TEL's rating is constrained by (1) the credit quality of its
majority-owner, the Romanian government (Baa3 negative); and (2)
continuing weaknesses in the company's governance.

Ownership and control, board oversight and effectiveness, and
management are key elements of Moody's assessment of how governance
affects creditworthiness. The composition of TEL's two-tier board
structure is strongly influenced by its majority owner, the
Romanian government and exhibits a lack of continuity as members of
the management and of the supervisory boards are only appointed for
very short terms and frequently replaced. As a result, Moody's
observes the lack of a clearly defined strategy and management
independence, which is also reflected in the absence of a financial
policy. In the past, this has occasionally led to significant
dividend extractions, driven by the major shareholder.
Disproportionate pay-outs could lead to weakening liquidity;
however, Moody's acknowledges that in the past distributions have
not caused liquidity shortfalls for the company.

TEL falls under Moody's rating methodology for Government-Related
Issuers given its 58.7% ownership by the Government of Romania.
Reflecting the continuing positive development in the regulatory
framework supporting a stronger business risk profile and more
stable cash flow generation, Moody's has upgraded TEL's Baseline
Credit Assessment (BCA), which measures the company's standalone
credit quality, to ba1 from ba2.

The Ba1 CFR is now in line with the BCA. While Moody's acknowledges
the strategic importance of TEL to Romania, uncertainty exists
around the development of the credit quality of the country,
reflected in its recently assigned negative rating outlook. Moody's
expectations of extraordinary support from the government in case
of financial distress at the company are therefore moderate.

RATING OUTLOOK

The outlook on TEL's Ba1 rating is positive, reflecting Moody's
expectations of continued consistent implementation of the
regulatory framework in the new period and the company's
maintenance of a strong financial profile while implementing its
planned investment programme.

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

Transelectrica's rating could be upgraded if the credit quality of
the Government of Romania improves, reflected in a stable outlook,
assuming no deterioration in the company's business or financial
profile in the meantime.

Downward pressure could develop on TEL's rating or outlook in the
event (1) that the rating of the sovereign was downgraded; or (2)
of a marked deterioration in the company's financial or liquidity
profile or business risk characteristics, potentially as a result
of a severely weakened regulatory environment or of a materially
adverse development of the governance profile.

The methodologies used in these ratings were Regulated Electric and
Gas Networks published in March 2017.

Headquartered in Bucharest, Transelectrica S.A. is the Romanian
high-voltage power transmission grid operator. As of the end of
December 2019, the company's reported consolidated revenues were
RON2,442 million (approximately EUR505 million). Transelectrica is
a publicly traded company, listed on the Bucharest Stock Exchange,
and the Romanian Government is the majority shareholder with a
stake of 58.7%.

Issuer: Transelectrica S.A.

Affirmations:

LT Corporate Family Rating, Affirmed Ba1

Probability of Default Rating, Affirmed Ba1-PD

Outlook Actions:

Issuer: Transelectrica S.A.

Outlook, Remains Positive



===============
S L O V E N I A
===============

ADRIA AIRWAYS: Creditors Submit EUR151MM Worth of Claims
--------------------------------------------------------
SeeNews reports that creditors have submitted EUR151 million
(US$163 million) worth of claims against Slovenia's collapsed flag
carrier Adria Airways.

According to SeeNews, state news agency STA on May 5 reported that
of all submitted claims, the company's bankruptcy trustee has
accepted as eligible claims worth EUR87.7 million, including EUR15
million sought by former company employees.

Adria Airways entered into bankruptcy proceedings in October after
in late September the troubled air carrier suspended all flights
over lack of funds to run its daily operations, SeeNews relates.

In January, local media reported that Air Adriatic, a Slovenian
company owned by local businessman Izet Rastoder, has bought Adria
Airways' operating license at an auction organized by the
bankruptcy trustee, paying the starting price of EUR45,000, SeeNews
recounts.

Last month, Slovenia launched the sale of Adria Airways' trademark
at a starting price of EUR100,000, with interested bidders facing a
July 6 deadline to submit their proposals, SeeNews discloses.



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

CORRAL PETROLEUM: Fitch Cuts LT IDR to B-, On Watch Negative
------------------------------------------------------------
Fitch Ratings has downgraded Swedish-based Corral Petroleum
Holdings AB's Long-Term Issuer Default Rating to 'B-' from 'B+' and
placed it on Rating Watch Negative.

The downgrade reflects the deterioration in liquidity following the
sharp drop in oil and oil product prices. In 1Q20, the downward
revaluation of CPH's borrowing base facility, one of two key
funding arrangements, resulted in a liquidity squeeze. CPH
cancelled USD85 million of dividend payment to support liquidity.

Fitch understands that the funding banks remain supportive of CPH,
and operations remain largely intact and refining margins solid.
Fitch views CPH's business model, strategy and cash flows as
commensurate with the 'B' rating category. CPH hedges open position
in oil and oil products, which reduces the risk of a short-term
funding squeeze in case of further decline in oil prices, but
liquidity remains limited underpinning the RWN.

KEY RATING DRIVERS

Market Volatility Weakened Liquidity: The drop in oil prices and
the characteristics of CPH's funding arrangements are the key drags
on CPH's credit profile. CPH's funding mix includes a USD540
million term loan and a BBF with a maximum availability of USD1.6
billion revalued weekly depending on receivables and inventory
value, which in turn are driven by oil and oil products prices. The
decrease in the availability of the BBF resulted in a liquidity
squeeze in March 2020.

Hedging Mitigates Short Term Risk: The company hedges open oil
exposure by put options, which can offset negative revaluation of
the BBF in case of a drop in oil prices. Unlike in March 2020, the
options are currently in-the-money and can be liquidated to boost
cash balance. However, there is a risk that if the options are
exercised, the exposure to market volatility will increase, which
could result in negative rating action, unless the liquidity
situation considerably improves.

Operations in Good Shape: Sweden, CPH's key market of operations,
has not formally announced lockdowns, but Fitch understands
business and social activity is hampered due to the general
awareness among population. CPH's capacity utilisation has not been
reduced so far and sales volumes in March and April decreased by a
single-digit number in percentage terms, far smaller than the
50%-60% reduction reported by refiners operating in other European
countries that introduced full lockdowns. CPH's refining margins in
January to April 2020 have been strong, buoyed by lower crude oil
costs and still good demand for diesel.

Demand Recovery Expected in 2H20: Fitch assumes a gradual recovery
in demand for fuels in 2H20 and no second wave of lockdowns. Fitch
forecasts CPH's EBITDA to decrease 14% yoy in 2020. Positively,
supply-and-demand imbalances in the market for fuels and the
overcapacity in the oil market widening the differentials between
various heavy crude oil blends and Brent may help CPH, as the
company has access to a variety of crude oil blends thanks to its
coastal location.

At the same time, CPH's smaller scale of operations compared with
European Fitch-rated peers such as PKN ORLEN, MOL or Tupras, and
higher fuel oil yield, which is sold at a discount to Brent oil,
will result in a slower recovery in profitability and cash flow in
the medium term.

Higher Leverage: Fitch expects CPH's FFO net leverage to increase
to 6.2x in 2020 from 5.9x in 2019 and an average of 2.6x in
2016-2018. There is also a risk of covenant breach in 2020, but
Fitch expects CPH would receive a waiver from funding banks.

Good-Quality Assets: Key subsidiary Preem operates two refineries,
the 220,000 barrel per day (bpd) Preemraff Lysekil plant and the
125,000 bpd Premraff Gothenburg site. The high complexity of the
Lysekil refinery allows the company to benefit from higher yield of
light and middle distillates and the ability to process lower
quality crude blends. Use of renewable feedstock and large storage
capacity has historically allowed CPH to achieve gross margins at
Gothenburg (Preem's less complex refinery) higher than the average
for hydroskimming assets in north-west Europe.

Strategy Focused on Renewables: CPH plans to boost production of
renewable fuel products with the upgrades made in the Gothenburg
and Lysekill refineries, including installation debottlenecking,
construction of a hydrogen unit and a residue converting unit.
Fitch views these plans as positive for CPH's credit profile due to
increasing global environmental awareness and regulatory efforts to
curb fossil fuel related pollution. However, the implementation of
those plans may be hampered by the weaker cash flow generation due
to the coronavirus outbreak.

Owner Support Not Reflected in Rating: CPH's ultimate owner, Sheikh
Mohammed Al-Amoudi, agreed to forego a dividend payment of USD85
million, effectively alleviating liquidity problems. While Fitch
does not exclude the possibility of additional support to be
provided, Fitch does not have enough information on the financial
position of the owner or his commitment to support the company to
reflect the potential support in its forecasts.

DERIVATION SUMMARY

CPH closest peer is KMG International N.V. (KMGI; B+/Stable).
KMGI's 'B+' rating reflects a two-notch uplift from the Standalone
Credit Profile of 'b-' due to the presence of moderate legal,
operational and strategic ties between the company and its parent,
JSC National Company KazMunayGas (NC KMG, BBB-/Stable). Fitch
forecasts CPH to have higher leverage than KMGI over the rating
horizon. CPH operates two medium-sized refineries in Sweden with
total capacity of 345 mbpd compared with KMGI, whose main assets
comprise a 100 mbpd refinery in Romania, another 10 mbpd refinery,
and a small petrochemical plant. CPH's retail network is made of
around 600 filling stations, while KMGI runs a trading business
servicing NC KMG group and a retail chain of over 1000 gas
stations.

CPH lags behind PKN ORLEN S.A. (BBB-/Stable), MOL Hungarian Oil and
Gas Company Plc (BBB-/Stable) and Turkiye Petrol Rafinerileri A.S.
(Tupras) (BB-/Negative) in refining capacity and lacks integration
with petrochemical and upstream assets.

KEY ASSUMPTIONS

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

  -- Capital expenditure of SEK1billion in 2020 and around 2% of
revenue thereafter.

  -- Working capital inflow in 2020 due to low oil price

  -- Shareholder debt included in total debt from 2020.

RATING SENSITIVITIES

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

The rating is on RWN, therefore, un upgrade is unlikely in the
short term. However, the RWN could be resolved and a Stable Outlook
assigned if the company achieves a more sustainable liquidity
profile.

  -- Reduction in gross debt could be positive for the rating.

  -- More prudent liquidity management leading to a sustainable
liquidity profile would support a rating upgrade.

  -- FFO net leverage sustained below 6.0x.

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

  -- Sustained liquidity issues.

  -- Unremedied covenant breach

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

Cash balance at YE19 amounted to SEK3 billion with no short-term
bank debt, but the liquidity position deteriorated in March 2020
following the drop in oil and oil products prices. With demand for
oil in 2H20 stabilising, the availability under the BBF should
improve enhancing CPH's liquidity position.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

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.

PERSTORP HOLDING: Bank Debt Trades at 19% Discount
--------------------------------------------------
Participations in a syndicated loan under which Perstorp Holding AB
is a borrower were trading in the secondary market around 81
cents-on-the-dollar during the week ended Fri., May 1, 2020,
according to Bloomberg's Evaluated Pricing service data.

The $386.2 million facility is a term loan.  About $382.3 million
of the loan remains outstanding.  The loan is scheduled to mature
on February 26, 2026.

The Company's country of domicile is Sweden.






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

CLARIANT AG: Moody's Affirms Ba1 CFR, Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has changed the outlook on all ratings of
Clariant AG to stable from positive. Concurrently, Moody's affirmed
the company's Ba1 corporate family rating, Ba1-PD probability of
default rating and the Ba1 ratings assigned to its CHF 160m senior
unsecured Swiss Bonds due 2024 and CHF 175m senior unsecured Swiss
Bonds due 2022.

"Changing the outlook on Clariant's ratings to stable reflects the
reduced prospects of material improvements of the company's
operating performance and financial profile over the next 12-18
months to justify an upgrade to Baa3. While Moody's expects
Clariant to be relatively resilient to the macroeconomic headwind
from the coronavirus outbreak, the current crisis will nevertheless
negatively impact the company's earnings and cash flow generation
in 2020." says Sven Reinke, a Moody's Senior Vice President.

RATINGS RATIONALE

Its outlook change reflects Moody's expectation that Clariant's
operating performance will be negatively impacted in 2020 by the
global recession thereby preventing the company from achieving a
reduction of its Moody's adjusted debt to EBITDA ratio to below
3.0x and an improvement of the retained cash flow to net debt
metric to the mid-twenties in percentage terms which Moody's
requires to consider a potential ratings upgrade.

In addition to the muted projections for Clariant's operating
performance this year, the company's decision to propose an
extraordinary dividend of approximately CHF1 billion to be paid
post the completion of the Masterbatches divestments also reduces
the prospects of positive rating pressure in the next 12-18 months.
Clariant announced in December 2019 that it had agreed to sell its
Masterbatches business to PolyOne Corporation (PolyOne, Ba2
stable), a global provider of customized polymers and services. The
transaction values the Masterbatches business at $1,560 million.
Closing of the transaction is expected by Q3 2020.[1]

Clariant's decision to propose an extraordinary dividend was based
not only on the agreed disposal of the Masterbatches operations but
was also made in anticipation of the divestment of its Pigments
business by the end of 2020. While a swift execution of both
transactions at attractive valuations could have improved
Clariant's financial profile as the company could have used the
reminder of the cash proceeds to invest into the core business and
to reduce debt, Moody's believes that the current global economic
crises reduces the probability that a disposal of the Pigments
business can be agreed in 2020. Moody's also notes the possibility
that the Masterbatches disposal might not be executed as
anticipated. However, the rating agency anticipates that under such
scenario Clariant would cancel its plans for an extraordinary
dividend.

Clariant's financial performance in 2019 was solid against a
difficult macroeconomic backdrop. The company's revenue of the
continuing operations was largely flat at CHF4.4 billion and its
Moody's adjusted EBITDA increased slightly to CHF821 million
compared with CHF 811 million in 2018. However, the Moody's
adjusted EBITDA excludes a CHF231 million provision for an ongoing
investigation by the European Commission into potential competition
law violation with regards to the ethylene purchasing market.
Moody's adjusted EBITDA also excludes the earnings from Clariant's
discontinued Masterbatches and Pigments operations. The company
reported EBITDA after exceptional items of CHF158 million for its
discontinued operations in 2019. However, Clariant's Moody's
adjusted free cash flow was negative at CHF91 million in 2019 owing
to working capital outflow of CHF110 million compared with an
outflow of CHF67 million in 2018, higher capital expenditures of
CHF347 million compare with CHF331 million in 2018 and higher
dividend payments of CHF201 million compared with CHD181 million in
2018. Clariant achieved disposal proceeds of CHF306 million in 2019
mainly related to the sale of its Healthcare Packaging business
which resulted in an improvement of its Moody's adjusted net debt
to CHF2,185 million compared with CHF2,423 million in 2018. The
company's Moody's adjusted total debt fell only slightly to
CHF3,127 million compared with CHF3,282 million in 2018.
Accordingly, Clariant's Moody's adjusted debt to EBITDA metric
improved gradually to 3.8x in 2019 compared with 4.0x in 2018.
Moody's estimates that including the earnings from the discontinued
operations the Moody's adjusted debt to EBITDA metric would have
been at around 3.2x, still above its guidance for a potential
upgrade to a Baa3 rating.

Clariant's Q1 2020 result already signalled that the company will
be impacted by the coronavirus crisis. Clariant's sales from
continuing operations decreased by 12 % and the company's reported
EBITDA generation fell 14%. However, around half of the sales and
EBITDA decline was driven by the strengthening to the CHF reporting
currency. Accordingly, the company's reported EBITDA margin
remained resilient at 15.4% comparted to 15.7% in Q1 2019.
Nevertheless, in particular the aviation business suffered from
falling air travel and Moody's expect that Clariant's financial
performance will be impacted more negatively in Q2 2020 from the
overall economic decline although partially offset by the cost
benefits of falling raw material prices.

While the financial projections for Clariant for 2020 are uncertain
at the moment, Moody's estimates that revenue and EBITDA generation
could fall by 6% - 12% compared with 2019. The rating agency also
assumes under its base case scenario that the Masterbatches
disposal will be executed as agreed and that Clariant will pay an
extraordinary dividend of CHF1 billion to its shareholders with
some of the remainder of the proceeds being used for debt
reduction. Accordingly, Moody's expect that in 2020 Clariant's
Moody's adjusted debt to EBITDA metric will remain at around the
2019 level of 3.8x thereby missing the rating agency's requirement
for a Baa3 rating. Bearing in mind the macroeconomic headwinds,
Moody's believes that Clariant would only be able to achieve a
substantial improvement of its financial profile if in addition to
the Masterbatches transaction the company would also dispose of its
Pigments business and if disposal proceeds would mainly be used to
strengthen the company's balance sheet. However, the rating agency
considers this as rather unlikely to occur in the next 12-18
months.

ESG CONSIDERATIONS

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The chemical
sector has been one of the sectors affected by the shock given its
sensitivity to consumer demand and sentiment. More specifically,
Clariant's credit profile is vulnerable to shifts in market
sentiment in these unprecedented operating conditions. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

LIQUIDITY

Clariant's liquidity is good. It is primarily supported by a cash
balance of CHF942 million at the end of 2019 and a five-year
undrawn CHF500 million revolving credit facility maturing in
December 2023, which contains an accordion option to increase the
size of the facility up to CHF600 million. The company's short-term
debt maturities are manageable with CHF587 million (excl. leases)
at the end of 2019 incl. a EUR150 million Schuldschein, whjch
matured in April 2020, and a EUR200 million Schuldschein maturing
in October 2020. Moody's also expects under its base case that
Clariant will receive CHF1,560 million of disposal proceeds in 2020
from the sale of the Masterbatches business of which CHF560 million
will be retained after the projected payment of a CHF1 billion
special dividend.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects the projected relative resilience of
Clariant to the current global economic crisis and its good
liquidity. However, the stable outlook also reflects Moody's
expectation that the company's financial profile will not
materially improve in the next 12-18 months contrary to the rating
agency's previous expectation as the timing and magnitude of
disposal proceeds of the targeted divestment of the Pigments
operations and the potential use of proceeds to reduce the
company's debt burden are now less certain.

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

Sustained positive free cash flow generation leading to a permanent
reduction in the group's leverage and improvement in financial
metrics, including:

  - RCF/net debt in the mid-20s in percentage terms, and

  - Moody's adjusted total debt/EBITDA below 3.0x would support an
upgrade to an investment-grade rating. A successful execution of
the intended divestments and the use of a material part of the
disposal proceeds to reduce the company's debt burden would
accelerate the positive rating momentum towards a Baa3 rating.

Conversely, the Ba1 rating would come under pressure should
Clariant increase its leverage materially, with:

  - Moody's-adjusted gross debt/EBITDA above 4x, and

  - RCF/adjusted net debt below 20% on a sustained basis

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Headquartered in Muttenz, Switzerland, Clariant AG is a leading
international specialty chemicals group. The company's continued
operations contain three main businesses: Care Chemicals,
Catalysis, Natural Resources (including Additives). In 2019,
Clariant reported EBITDA before exceptional items of CHF740 million
on revenues of approximately CHF4.4 billion.



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

DENIZBANK AS: Fitch Rates $3BB EMTN Programme 'B+(EXP)'/'B(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned Denizbank A.S.'s USD3 billion Euro
medium-term note programme expected long- and short-term ratings of
'B+(EXP)'/'B(EXP)', respectively.

The expected ratings are in line with Denizbank's Long- and
Short-Term Issuer Default Ratings of 'B+' and 'B', respectively,
and apply only to senior unsecured certificates issued under the
programme.

All other notes that can be issued under the programme, such as
subordinated notes, will be rated on a case-by-case basis. There is
no assurance that all notes issued under the programme will be
rated or that all rated notes will be aligned with the programme
rating.

The assignment of final ratings is contingent upon receipt of final
documents conforming to information already received by Fitch.

KEY RATING DRIVERS

SENIOR DEBT

The programme's ratings are in line with Denizbank's Long- and
Short-Term Foreign-Currency IDRs, reflecting Fitch's view that the
likelihood of default on senior unsecured notes issued under this
programme will be the same as the likelihood of Denizbank's
default.

Denizbank's IDRs are driven by potential support from the bank's
100% shareholder, Emirates NBD (ENBD, A+/Stable). Fitch's view of
support, as reflected in the '4' Support Rating, is based on the
bank's ownership and strategic importance to ENBD. Fitch regards
ENBD's propensity to support Denizbank as high. However,
Denizbank's Long-Term Foreign-Currency IDR is notched once below
Turkey's 'BB-' sovereign rating, reflecting Fitch's view that in
case of a marked deterioration in Turkey's external finances, the
risk of government intervention in the banking sector would be
higher than that of a sovereign default.

Senior debt issued by Denizbank under its programme constitutes
direct, unconditional and unsecured and unsubordinated obligations
of the bank and will rank at least pari passu with all other
outstanding unsecured and unsubordinated obligations of the bank.

The programme documentation includes a negative-pledge provision,
as well as financial reporting obligations, covenants and
cross-default acceleration clauses. The notes and any
non-contractual obligations arising out of or in connection with
the notes will be governed by, and shall be construed in accordance
with, English law.

RATING SENSITIVITIES

The programme ratings are sensitive to changes in Denizbank's Long-
and Short-Term Foreign Currency IDRs, which, in turn, are sensitive
to Turkey's sovereign Long-Term Foreign-Currency IDR and any change
in Fitch's view of government intervention risk in the banking
sector. A marked reduction in ENBD's propensity and ability to
support Denizbank (not Fitch's base case) could also result in a
downgrade of the Long-Term Foreign-Currency IDR but only if the
bank's Viability Rating is also downgraded.

A downgrade of Denizbank's Long- and Short-Term Foreign-Currency
IDRs will result in a downgrade of the programme's long- and
short-term foreign-currency ratings. An upgrade of Denizbank's
Long- and Short-Term Foreign-Currency IDRs will result in an
upgrade of the programme's long- and short-term foreign-currency
ratings.

ESG CONSIDERATIONS

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

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

An adjustment has been made in Fitch's financial spreadsheets of
Denizbank that has impacted the core and complimentary metrics.
Fitch has taken a loan that was classified as a financial asset
measured at fair value through profit and loss in the bank's
financial statements and reclassified it under gross loans as Fitch
believes this is the most appropriate line in Fitch spreadsheets to
reflect this exposure.

DATE OF RELEVANT COMMITTEE

April 24, 2020

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The IDRs of Denizbank are driven by institutional support from its
shareholder.



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

AN LANNTAIR: Enters Liquidation, 20+ Jobs Affected
--------------------------------------------------
The Press and Journal reports that An Lanntair Trading Limited, the
trading arm of the Outer Hebrides' main art centre and cinema, has
gone into liquidation with more than 20 jobs lost.

An Lanntair Trading Limited operated the cafe and shop at An
Lanntair Arts Centre in Stornoway.

Gordon MacLure -- gordon.maclure@jcca.co.uk -- restructuring
partner at Johnston Carmichael, has been appointed liquidator, The
Press and Journal relates.

According to The Press and Journal, the business closed due to
Covid 19 restrictions in mid-March before being placed into
liquidation on April 28.  All 21 staff who worked for the company
have been made redundant, The Press and Journal discloses.

The company was a subsidiary of the local charity, An Lanntair
Limited, which runs the arts centre.



BBD PARENTCO: Moody's Cuts CFR to B3, Outlook Stable
----------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of BBD Parentco Limited to B3 from B2 and its probability of
default rating to B3-PD from B2-PD. At the same time, Moody's
downgraded to B2 from B1 the ratings of the GBP1,003 million
equivalent first-lien Senior Secured Term Loan B (B1 & B2) facility
maturing in 2026, and the rating of the GBP155 million revolving
credit facility maturing in 2025 both issued by BBD Bidco Limited.
The outlook remains stable.

RATINGS RATIONALE

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

Moody's downgraded BCA because it expects the coronavirus outbreak
to delay the timing, slow the pace, and increase the risk of
deleveraging compared to its expectations when it first assigned
the ratings in September 2019. The lockdowns imposed by the UK and
other European governments have severely limited BCA's operations
and its ability to run auctions, with the company furloughing
around 80% of its more than 7,000 employees.

There was no capacity in the B2 rating category to withstand
underperformance against the expected deleveraging profile, with
Moody's expecting BCA to gradually reduce leverage to around 7x in
the next 12 months and to around 6.5x by the financial year ending
March 31, 2022. Moody's updated base case assumes continued
widespread disruption to the company's operations until June with a
gradual recovery thereafter, with leverage remaining well above 8x
for at least the next 12 months and around 7.5x by the financial
year ending March 31, 2022. However, there are high risks of more
challenging downside scenarios and the severity and duration of the
pandemic and social distancing measures is uncertain. There is also
a risk that consumer demand for new and to a lesser extent used
car, a key driver of the company's business, will take a long time
to return to levels seen before the coronavirus outbreak.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Governance risks Moody's considers in BCA's credit profile include
its ownership by private-equity (TDR Capital) that often results in
higher tolerance for leverage and a greater appetite for M&A and
dividends. These potential concerns are mitigated by (1) TDR
Capital's track record of successfully managing its portfolio of
companies, (2) a strong management team with a well-established
track record of success and (3) the company's financial policy of
reinvesting cash flow to deleverage.

STRUCTURAL CONSIDERATIONS

The GBP1,003 million equivalent first-lien term loan and GBP155
million RCF are rated B2, one notch above the B3 CFR, given they
benefit from the subordination cushion provided by the GBP265
million second lien term loan. In Moody's Loss Given Default
analysis the rating agency assumed a 50% corporate family recovery
rate, which is typical for such structures. The first lien loan and
RCF are secured on a pari-passu basis, ahead of the second lien
loan, by a security package which includes a pledge over shares,
bank accounts, and receivables.

On May 4, 2020, the company announced the private placement of a
three-year GBP58 million equivalent first lien facility that ranks
pari passu with the existing first-lien term loan and GBP155
million RCF. The new facility will support liquidity if needed and
allow the company to take advantage of growth opportunities as
markets re-open. The company's ability to access debt markets in
the current challenging environment is positive

LIQUIDITY

Pro forma for the recently announced facility, and after fully
drawing its RCF the company had around GBP307 million of cash as of
March 29, 2022. Based on a GBP70 million working capital outflow
and a GBP12 million monthly run rate cash burn (excluding
approximately GBP6 million of monthly interest charges due in
September 2020), Moody's estimates a cash balance of GBP200 million
by June 30, 2020. A largely negative net working capital profile
should see around a GBP90 million inflow once operations resume
helping the company fund the approximately GBP50 million of
deferred payments during the lockdown.

OUTLOOK

The stable outlook assumes that most of the company's operations
will resume by July 2020, with revenues and car volumes through its
auction sites gradually returning to the original business plan by
the start of 2021, supported by pent-up demand. The stable outlook
does not assume a second wave of lockdowns or any other major
disruption to the company's business beyond July.

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

Positive rating pressure could develop if (1) the company's
leverage, as measured by Moody's-adjusted debt/EBITDA, is sustained
below 7x and (2) strong cash flow generation with a Moody's
adjusted free cash flow/ debt sustainably above 5%.

Downward rating pressure could develop if (1) BCA fails to achieve
a return to strong and consistent growth in car volumes and EBITDA
in line with its business plan or (2) the company's liquidity
weakens or its profitability deteriorates because of competitive or
pricing pressures or (3) should leverage, as measured by
Moody's-adjusted debt/EBITDA, remain elevated for a prolonged
period.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS:

Downgrades:

Issuer: BBD Parentco Limited

LT Corporate Family Rating, Downgraded to B3 from B2

Probability of Default Rating, Downgraded to B3-PD from B2-PD

Issuer: BBD Bidco Limited

Backed Senior Secured Bank Credit Facility, Downgraded to B2 from
B1

Outlook Actions:

Issuer: BBD Bidco Limited

Outlook, Remains Stable

Issuer: BBD Parentco Limited

Outlook, Remains Stable

PROFILE

BCA is a leading European used car remarketing platform that sold
1.4 million vehicles in the financial year ended March 31, 2019,
with reported revenues of GBP3 billion and GBP180 million of
company-adjusted EBITDA.

The group operates 23 auction centres in the UK and a further 29
auction centres across Europe. In addition to physical auction
services, BCA offers online sales, vehicle in-life services,
logistics and preparation. Vehicles are sourced from car dealers
and wholesalers (including BCA's subsidiary WBAC), fleet owners,
leasing and finance companies, and major car manufacturers.

COMET BIDCO: Bank Debt Trades at 38% Discount
---------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 62
cents-on-the-dollar during the week ended Fri., May 1, 2020,
according to Bloomberg's Evaluated Pricing service data.

The $420 million facility is a term loan.  About $412.2 million of
the loan remains outstanding.  The loan is scheduled to mature on
October 6, 2024.

The Company's country of domicile is Britain.




DEBENHAMS PLC: Another Five Stores Won't Reopen After Lockdown
--------------------------------------------------------------
BBC News reports that Debenhams has confirmed that another five
stores will not be re-opening after lockdown restrictions are
lifted.

The department store chain has struck deals with landlords to keep
most of its 142 stores open, after it fell into administration for
the second time, BBC relates.

But five more stores will not reopen when the government lifts
coronavirus restrictions on non-essential shops, BBC states.

It's understood the retailer has been unable to agree new terms
with shopping center owner Hammerson, BBC notes.

According to BBC, the Debenhams stores affected are in the Bullring
in Birmingham, The Oracle in Reading, Centrale in Croydon,
Highcross in Leicester, and Silverburn in Glasgow.

The BBC understands that around 1,000 jobs will be affected,
including concession staff, BBC relays.

When Debenhams first collapsed in April last year, it agreed a
company voluntary arrangement (CVA) with its landlords to cut costs
in order to save the business, BBC recounts.

Under the agreement, the retailer would close 22 stores in 2020 and
28 stores in 2021, BBC discloses.

Last month, Debenhams still had 142 stores but it was forced to
appoint administrators again to protect the business from its
creditors as coronavirus forced it to temporarily shut its stores,
BBC notes.

It then accelerated negotiations with landlords to agree new terms
and conditions, including a five month rent and service charge
holiday, according to BBC.


K3 BUSINESS: Sigma Dynamics Acquires Software Business
------------------------------------------------------
Business Sale reports that Sigma Dynamics has acquired the Dynamics
365 Finance and Operations trade and assets of K3 Business
Technologies Limited out of administration.

According to Business Sale, Sigma Dynamics has purchased the
loss-making subsidiary of Manchester-based K3 Business Technology
Group for GBP250,000.  The GBP3.5 million turnover business fell
into administration in April due to coronavirus, Business Sale
relates.

Sigma Dynamics, the London-based subsidiary of Swedish IT services
firm Sigma, will take over the projects, support and managed
services outfit K3 as part of its continued expansion in the UK,
Business Sale discloses.  K3 has 31 clients across the retail,
fashion and manufacturing industries and 19 employees, Business
Sale states.

RSM Restructuring Advisory's Chris Ratten -- chris.ratten@rsmuk.com
-- and Jeremy Woodside were appointed joint administrators for the
business on April 21, Business Sale recounts.



KCA DEUTAG: Enters Into Standstill Deal with Creditors
------------------------------------------------------
Luca Casiraghi and Donal Griffin at Bloomberg News report that a
statement said KCA Deutag, an oil and gas services company based in
Aberdeen, Scotland, has entered into a three-month standstill
period on its debts after reaching an agreement with creditors.

A committee of creditors have agreed to standstill agreement,
according to the statement; they hold 59%, or US$775.2 million, of
its outstanding bonds, and 65%, or US$264 million, of a term loan,
Bloomberg relates.

According to Bloomberg, the statement said KCA Deutag will not make
interest payments during the period on bonds maturing in 2022 or
2023 that were due April 1 "or any other interest or amortization
payments due during the standstill period".

Instead, the company will use the period for an interest payment
due May 15 on bonds maturing in 2021, Bloomberg notes.

TOWD POINT 2019-GRANITE: Moody Reviews 3 Notes for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review the ratings of three
notes of Towd Point Mortgage Funding 2019-Granite 5 plc for
downgrade. The rating action reflects the negative effect due to
expected economic disruption caused by the coronavirus outbreak.
The review will focus on the analysis of collections on the notes,
and an assessment of the magnitude of the economic impact caused by
coronavirus on the performance of the assets.

GBP6M Class D Notes, Baa2 (sf) Placed on Review for Downgrade;
previously on Nov 18, 2019 Definitive Rating Assigned Baa2 (sf)

GBP6.7M Class E Notes, Ba3 (sf) Placed on Review for Downgrade;
previously on Nov 18, 2019 Definitive Rating Assigned Ba3 (sf)

GBP5.2M Class F Notes, Caa1 (sf) Placed on Review for Downgrade;
previously on Nov 18, 2019 Definitive Rating Assigned Caa1 (sf)

RATINGS RATIONALE

Its analysis has considered the effect of the coronavirus outbreak
on the UK economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of consumer assets. The contraction in economic
activity in the second quarter will be severe and the overall
recovery in the second half of the year will be gradual. However,
there are significant downside risks to its forecasts in the event
that the pandemic is not contained and lockdowns have to be
reinstated. As a result, the degree of uncertainty around its
forecasts is unusually high. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

Due to the current circumstances, Moody's has considered additional
stresses in its analysis, including a higher default rate and has
placed on review for downgrade the ratings of the notes that are
more vulnerable to a temporary increase in default rates. This
higher anticipated vulnerability could be driven by one or more
factors, including (i) the composition of the loan portfolio
backing the notes, (ii) the credit enhancement available to the
notes and other available structural mitigants and (iii) the
transaction's performance to date.

The portfolio backing the notes consists of unsecured consumer
loans mostly originated prior to 2008. At closing, 8.7% of the pool
had a prior record of litigation while 43.7% of the pool had been
restructured. This, along with the high percentage of
non-performing loans in the pool and historically low recovery
rates upon default, makes the performance of the underlying
portfolio more likely to be negatively impacted due to the sudden,
sharp economic downturn. Furthermore, junior notes in the
transaction do not benefit from any reserve fund support or access
to liquidity apart from through periodic collections.

METHODOLOGY

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties and (4) a decrease in sovereign
risk.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk 2) performance of
the underlying collateral that is worse than Moody's expected, (3)
deterioration in the notes' available credit enhancement and (4)
deterioration in the credit quality of the transaction
counterparties.

VICTORIA PLC: Moody's Affirms B1 CFR, Alters Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on all ratings
assigned to Victoria Plc to negative from stable. Concurrently
Moody's has affirmed Victoria's B1 corporate family rating, B1-PD
probability of default rating and B1 instrument rating on the
backed senior secured notes.

The change in outlook to negative reflects the uncertainties
regarding the length and severity of the pandemic and the risk of
weakening consumer demand in the post-coronavirus environment,
which may slowdown profits recovery and deleveraging.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. The consumer
durables sector has been one of the sectors most significantly
affected by the shock given its sensitivity to consumer demand and
sentiment. More specifically Victoria's exposure to discretionary
consumer spend products, have left it vulnerable to shifts in
market sentiment in these unprecedented operating conditions.

Victoria's sales have materially declined due to the pandemic as
governments across many European countries ordered non-food retail
stores to close. Although Victoria was able to continue some sales
from stock and also recently re-opened its Italian factory, Moody's
expects that the company will only reach around 40%-50% of its
normal sales level in the first quarter of its fiscal year 2021
ending March. Moody's base case assumes that non-food retail stores
will be open by the beginning of July in most of the countries
where Victoria operates. It also assumes that the company's
revenues will be increasing from 80% in the second quarter to
around 95% in the end of fiscal 2021. As a result, the company's
leverage will spike to above 8x in fiscal 2021 before reducing to
around 5x in the first half of fiscal 2022, although there is
downside risk to this expected recovery in leverage.

Moody's expects Victoria to report a solid set of results in fiscal
2020 with reported EBITDA likely to be up by around 10% thanks to a
combination of organic growth, cost savings and acquisition of
Saloni. The rating agency estimates that prior to drawing the
revolving credit facility in March 2020 the company's Moody's
adjusted leverage stood at 4.7x, which is an adequate level for the
current rating.

The company's B1 CFR is also supported by a flexible cost structure
with raw materials and energy representing more than 50% of the
total costs. Victoria also responded to the crisis with a number of
costs saving measures including temporarily stopping purchases and
capital spending as well as applying for the government payroll
schemes. Although the level of government support varies across
Victoria's countries of operation, Moody's estimates that the
company could save more than 75% in staff costs in a zero-revenue
scenario. The cost flexibility coupled with significant accumulated
cash on balance sheet will provide Victoria with a sufficient
buffer to navigate through the lockdown period.

The B1 CFR also reflects Victoria's: (1) leading positions within
the fragmented European soft flooring and ceramic tiles markets;
(2) focus on independent retail channels with greater customer
diversity and pricing power; (3) low exposure to the new
construction segment; and (4) solid cash flow generation ability,
which is expected to recover to high single digit free cash flow /
debt in the next 12-18 months.

The rating also reflects the company's (1) rapid pace of change
through a recent history of transformative acquisitions; (2)
activities in mature markets with limited growth and competitive
pressures; (3) sale of consumer discretionary items with exposure
to the economic cycle; and (4) raw material and currency
exposures.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. Victoria's operating performance is expected to be
materially impacted by the pandemic.

The company is LSE listed and subject to the UK Corporate
Governance Code. The company's Board includes six members,
including three non-executive directors. Geoffrey Wilding, the
Executive Chairman, and Zachary Sternberg, a non-Executive Director
and co-founder of the Spruce House Partnership, represent two
largest shareholders who jointly own 32.7% of the company's
shares.

LIQUIDITY

The company's liquidity is adequate, and is supported by cash of
GBP174 million at March 2020, including fully drawn GBP75 million
RCF. The cash balance will be sufficient to cover the expected
negative free cash flow of around GBP30-GBP40 million in the next 6
months, which should turn positive afterwards. In addition, the
rating agency expects that the company will repay at least GBP45
million on its RCF because the springing covenant compliance will
otherwise come under pressure.

STRUCTURAL CONSIDERATIONS

The GBP434 million equivalent (EUR500 million) senior secured notes
are rated B1, in line with the CFR, although they rank behind the
GBP75 million super senior RCF. There is limited other debt within
the company's financial structure, largely relating to deferred
consideration and pension obligations. Security largely comprises
share pledges and a debenture over assets in the UK and Australia,
and guarantees are provided from material companies representing at
least 80% of turnover, EBITDA and gross assets.

RATING OUTLOOK

The negative outlook reflects the uncertainties regarding the
length and severity of the outbreak as well as risk of slow profit
recovery and deleveraging due to weakness in consumer demand once
the pandemic is over. The outlook also assumes that the company
will focus on adhering to its financial policy of maintaining net
reported leverage at below 2.0x on a steady state basis and below
3.0x to finance acquisitions.

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

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control and major confinement measures
are lifted. Over time an upgrade in the ratings would require a
further period of growth in revenues and profitability.
Quantitatively the ratings could be upgraded if Moody's-adjusted
leverage reduces sustainably below 3.5x, with free cash flow / debt
above 10% and the company maintaining satisfactory liquidity.

The ratings could be downgraded if the pandemic-driven confinement
measures stay longer compared to Moody's base case and result in a
more material decline in revenues. A downgrade could also occur if
Moody's-adjusted leverage remains above 5x for a sustained period,
if free cash flow / debt reduces to low single digit percentages
for a sustained period, or if liquidity concerns arise.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Victoria plc was founded in 1895 in the United Kingdom, and is an
international designer, manufacturer and distributor of flooring
products across carpets, ceramic tiles, underlay, luxury vinyl
tile, artificial grass and flooring accessories. Victoria is listed
on AIM in London with a market capitalisation of GBP254 million (as
of May 1, 2020). In fiscal 2019 the company generated revenues of
GBP574 million and company adjusted EBITDA of GBP96 million.



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

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

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

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

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

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

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

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

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

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

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

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

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

                         About The Author

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



                           *********


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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written permission of the publishers.

Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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