/raid1/www/Hosts/bankrupt/TCREUR_Public/200527.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Wednesday, May 27, 2020, Vol. 21, No. 106

                           Headlines



F R A N C E

PARTS HOLDING: Moody's Lowers CFR to Caa1, Outlook Stable


G E O R G I A

MFO SWISS CAPITAL: Fitch Affirms and Withdraws B- LongTerm IDRs


G E R M A N Y

KAEFER ISOLIERTECHNIK: Fitch Alters Outlook on 'BB' LT IDR to Neg.
LUFTHANSA AG: European Union Talks Delay EUR9-Bil. Bailout
REVOCAR 2018 UG: DBRS Confirms BB Rating on Class D Notes


I R E L A N D

JUBILEE CLO 2014-XIV: Fitch Puts BB Rating on E Debt on Watch Neg.


L U X E M B O U R G

LOGWIN AG: S&P Affirms 'BB+' ICR on Sound Financial Risk Profile


N E T H E R L A N D S

MAGOI BV: Fitch Alters Ratings Outlook to Negative


R U S S I A

HAMKORBANK: Moody's Cuts LC Deposit Rating to B2, Outlook Stable


S P A I N

PIOLIN BIDCO: Moody's Rates EUR200MM Senior Secured Term Loan 'B2'


S W E D E N

SAS AB: Moody's Lowers Corp. Family Rating to Caa1, On Review


T U R K E Y

EMLAK KATILIM: Fitch Cuts LT IDR to B & Alters Outlook to Negative
[*] Fitch Affirms B+ IDR on 12 NBFI Subsidiaries of Turkish Banks
[*] Fitch Affirms Ratings on 3 Turkey Development Banks


U N I T E D   K I N G D O M

APERTURE TRADING: Owed GBP32MM to Creditor at Time of Collapse
DAZN: Explores Options to Inject Money Into Lossmaking Business
DVF STUDIO: Enters Administration, Closes Mayfair Store
EDDIE STOBART: FRC Investigates KPMG and PwC Over Audits
LENDY: Investors Need to Pass Certain AML Checks to Get Refunds

TRAVELEX HOLDINGS: S&P Cuts LongTerm Issuer Credit Rating to 'SD'

                           - - - - -


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F R A N C E
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PARTS HOLDING: Moody's Lowers CFR to Caa1, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has downgraded to Caa1 from B3 the
corporate family rating and to Caa1-PD from B3-PD the probability
of default rating of car parts distributor Parts Holding Europe
S.A.S. Concurrently, Moody's has also downgraded to Caa1 from B3
the ratings on the senior secured notes issued by Parts Europe S.A.
The outlook on both entities is stable.

"While we expect activity levels to recover reasonably well as
lockdown measures are easing in the company's core markets, the
impact of the lockdown on the company's earnings and cash flow is
likely to result in a deterioration in PHE's credit metrics,
notably a Moody's-adjusted debt/EBITDA likely to stay above 8.0x
over the next 12-18 months and uncertainty as to whether the
company will be able to generate positive free cash flow on a
sustainable basis", says Eric Kang, a Moody's Vice President -
Senior Analyst and lead analyst for PHE. "Moreover, while we view
the company's liquidity as adequate over the next 12-18 months,
there is some refinancing risk with respect to the senior secured
notes due in May 2022 if operating performance and credit metrics
do not materially improve over the next 12-18 months", adds Mr
Kang.

RATINGS RATIONALE

Moody's expects the coronavirus outbreak -- which is a social risk
under Moody's ESG framework given the substantial implications for
public health and safety -- will mainly affect the company's
performance in the second quarter of 2020. Moody's forecasts a
decline in revenue of 30% in the second quarter but followed by a
recovery in trading levels in the second half of the year.

The company's credit metrics were already weak prior to the
coronavirus outbreak as reflected in 2019 by Moody's-adjusted
debt/EBITDA of 7.6x (post IFRS16) and negative Moody's-adjusted
free cash flow of around EUR30 million (including non-recurring
items and excluding benefits from the increase in off-balance sheet
factoring). Excluding cash items related to the integration of
Oscaro, free cash flow would have been closer to breakeven, but
still weak. PHE had begun to turnaround the performance of Oscaro,
which was generating negative EBITDA at the time of the
acquisition, and this had allowed some deleveraging in 2019, but
the effects of coronavirus will now postpone PHE's deleveraging
capability.

The rating agency expects Moody's-adjusted debt/EBITDA will
increase to around 9.0x in 2020 (post IFRS16) and that a more
subdued macroeconomic environment over the next 12-18 months will
likely prevent EBITDA growing to above pre-crisis levels in 2021 to
allow sufficient deleveraging to more sustainable levels of around
6.5x. Moody's estimates that Moody's gross adjusted leverage will
be around 8.0x in 2021. Besides the uncertainty of EBITDA growth
leverage is likely to stay high given an increase in gross debt,
which Moody's expects will slightly increase in 2020 because of
drawings under the revolving credit facility and potentially other
new credit facilities to support liquidity. The lower EBITDA
generation is likely to also constrain free cash flow generation.

Moody's expects global auto unit sales to plummet 20% in 2020
followed by a recovery of 11.5% in 2021. However, the light vehicle
aftermarket sector in the countries where the company operates has
historically been more resilient to economic downturns than sales
of new vehicles. The current market environment, characterized by a
broadly stable car parc size of vehicles older than four years
provides greater stability to the independent aftermarket channel
than the original equipment suppliers channel, which is closely
linked to new vehicle registrations.

Moody's views PHE's liquidity as adequate at this stage but there
could be refinancing risk with respect to the senior secured notes
due in May 2022 if operating performance and credit metrics do not
materially improve over the next 12-18 months. As of 27 March 2020,
the company had cash balances of around EUR155 million. The EUR100
million super senior revolving credit facility (RCF) was fully
utilized. The company also has access to factoring facilities of
EUR190 million in aggregate (on- and off-balance sheet), although
its utilization will remain restricted to some extent in the next
few months until activity fully normalizes. Around EUR116 million
of the factoring facilities was utilized at year-end 2019, of which
EUR93 million on an off-balance sheet basis.

Moody's expects the company's cash balances to reach a low point of
around EUR80-EUR90 million at the end of June 2020 -- reflecting
the cash impact of the lockdown as well as working capital outflows
related to the increase in activity levels -- before gradually
increasing to around EUR100-EUR110 million by year-end 2020. These
forecasts assume that the RCF remains fully drawn and that there
will be no material change in the level of securitized receivables
compared to the year-end 2019. They also do not incorporate
potential state-guaranteed funding that the company may receive in
the coming months.

The nearest debt maturity is the off-balance sheet programme with
Factofrance, which amounted to EUR93 million at year-end 2019. The
programme initially expired in May 2020 but was extended to
November 2020. Moody's understands that the company has not had any
major issues with respect to the programme since its inception in
2017 and therefore expects the company to renew it in a timely
manner. The next material debt maturities are the senior secured
notes in April 2022. The RCF which initially expired in December
2020 was extended to June 2025.

Although covenant headroom will tighten in the coming quarters due
to the impact of the lockdown, Moody's expects the company to
maintain sufficient headroom under the springing financial
maintenance covenant attached to the RCF, set at 0.7x super senior
net leverage when the RCF is drawn. A breach of this maintenance
covenant triggers a draw-stop, but not an event of default.

STRUCTURAL CONSIDERATIONS

The Caa1 rating on the senior secured notes, at the same level as
the CFR, reflects their subordination to the relatively small super
senior RCF which mitigates the senior secured notes' relatively
weak guarantor and security package. While the RCF benefits from
the same security package as the notes, it will rank ahead of the
notes in an enforcement scenario under the provisions of the
intercreditor agreement. Also, the obligations of the notes'
subsidiary guarantor are capped at EUR200 million.

RATING OUTLOOK

The stable outlook incorporates Moody's expectations that the
company's debt/EBITDA will reduce to around 8.0x in 2021 from the
high level of 9.0x expected in 2020, and then will continue to
delever afterwards. The stable outlook also assumes that the
company will maintain an adequate liquidity over the next 12-18
months.

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

Negative rating action could materialize if operating performance
does not materially recover in the coming quarters, resulting in a
further deterioration of the company's liquidity or an
unsustainable capital structure.

Upward rating pressure will not arise until the coronavirus
outbreak is brought under control. Over time, Moody's will consider
upgrading the ratings if Moody's-adjusted debt/EBITDA reduces below
6.5x on a sustained basis and the company maintains a solid
liquidity profile including positive free cash flow.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY PROFILE

Headquartered in France, Parts Holding Europe S.A.S is a leading
aftermarket light vehicle spare parts distributor and truck spare
parts distributor and repairer in France, Benelux, Italy, and
Spain. It also owns Oscaro, the leading online car parts retailer
in France, since November 2018. The company generated revenue of
EUR1.8 billion in 2019.




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G E O R G I A
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MFO SWISS CAPITAL: Fitch Affirms and Withdraws B- LongTerm IDRs
---------------------------------------------------------------
Fitch Ratings has affirmed JSC MFO Swiss Capital's 'B-' Foreign and
Local Currency Long-Term Issuer Default Ratings and 'B' Foreign and
Local Currency Short-Term IDRs. The Outlooks on the Long-Term IDRs
are Stable. Fitch subsequently withdrew all the ratings for
commercial purposes.

The ratings were withdrawn for the following reason: for commercial
purposes.

KEY RATING DRIVERS

Swiss Capital's Long-Term Issuer Default Ratings reflect its modest
franchise in secured high-cost lending in Georgia, concentrated
funding profile and opportunistic strategy. The ratings are
underpinned by strong profitability and low leverage.

The impact of the coronavirus pandemic on the operating environment
is material. However, its Stable Outlook is a reflection of Swiss
Capital's sound pre-impairment profitability, strong capitalisation
and low funding needs, which should mitigate higher credit costs in
2020 above its tolerance levels for the current rating.

Swiss Capital offers high-cost secured loans to marginal urban
borrowers. The loans are collateralised with used cars (61% of the
gross loan portfolio at end-2019), gold (23%) and real estate
(11%). Swiss Capital had to revise its business model after the
National Bank of Georgia introduced a 50% interest rate cap and
mandatory creditworthiness checks on borrowers in 2018. The company
has shifted towards less risky, but lower-yielding clients and
products, such as gold-backed loans.

Nevertheless, profitability remains a credit strength (pre-tax
income over average assets of 8% in 2019), supported by the wide
spread between portfolio yield (32% in 2019) and cost of funding
(13%). Swiss Capital has high marketing, labour and credit costs,
but managed to control them adequately in relation to the lower
interest income.

Swiss Capital's business model is reflected in inherently weak
asset quality (impaired loans ratio of 14% at end-2019). However,
pre-impairment profitability has historically absorbed Swiss
Capital's high credit costs and the company manages collateral
repossession and monetization adequately via its own dealers,
usually in less than a month.

Swiss Capital's rating is supported by its sound capitalisation
(gross debt to tangible equity ratio was 1.3x at end-2019). Fitch
deems it commensurate with the business model, the planned growth
and present downside risks. Unreserved non-performing loans were 6%
of its total equity. Funding needs are low due to the high share of
equity and the company is replacing funding from individuals with
secured bank loans.

RATING SENSITIVITIES

Rating sensitivities are no longer relevant given the rating
withdrawal.

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

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

JSC MFO Swiss Capital

  - LT IDR B-; Affirmed

  - LT IDR WD; Withdrawn

  - ST IDR B; Affirmed

  - ST IDR WD; Withdrawn
  
  - LC LT IDR B-; Affirmed

  - LC LT IDR WD; Withdrawn

  - LC ST IDR B; Affirmed

  - LC ST IDR WD; Withdrawn

  - Senior unsecured; LT WD; Withdrawn

  - Senior unsecured; LT B-; Affirmed




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G E R M A N Y
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KAEFER ISOLIERTECHNIK: Fitch Alters Outlook on 'BB' LT IDR to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on German engineering and
construction service provider KAEFER Isoliertechnik GmbH & Co. KG's
Long-Term Issuer Default Rating to Negative from Stable. Fitch has
affirmed the Long-Term IDR at 'BB' and the instrument rating on the
group's 5.5% EUR250 million senior secured notes at 'BB'.

The Negative Outlook reflects the possibility that KAEFER's
leverage metrics may remain outside the present rating
sensitivities for a longer period than expected. Fitch previously
expected that funds from operations gross leverage (4.6x at
end-2019) would continue to improve to below the 4x downgrade
sensitivity. However, due to the COVID-19 induced decline in
profitability in 2020, and the uncertainty around the strength of
the recovery in earnings in subsequent years, this ratio may now
remain above 4x through the medium term.

The IDR continues to reflect the group's defensive and diversified
business risk profile, which is firmly in line with the 'BB'
category rating. Despite the related cash outflow, the company's
business profile has been boosted by the acquisition of Wood Group
Industrial Services in early 2020.

KEY RATING DRIVERS

Limited Short-term Deleveraging: KAEFER's capacity to improve its
leverage over the short term will not progress as Fitch previously
expected. Fitch forecasts an increase in gross FFO leverage to 6.7x
at end-2020, from 4.6x at end-2019 primarily as a consequence of
COVID-19 and its negative effect on cash generation. Assuming a
broad economic recovery from 2021, Fitch expects the company to
gradually improve leverage to a level commensurate with the 'BB'
rating by 2022.

As well as the broader economic recovery from 2021, Fitch believes
the growth in recurring maintenance services revenue, ongoing
cost-cutting measures and management's commitment to maintaining a
conservative capital structure, will aid the expected improvement
in leverage, but should this improvement not follow the expected
path, Fitch could downgrade the ratings.

COVID-19 Effect Will Lower Cash Flows: Despite the positive
contribution from WIGS, Fitch expects a decline in revenue of
around 20% in 2020, driven by the negative effects of the COVID-19
outbreak. Fitch expects the business to recover in 2021, and reach
a pre-pandemic level of revenue in 2022. As maintenance services
activities are the most pandemic-resistant at KAEFER, Fitch
forecasts only a moderate decline in the FFO margin, to 2.8% in
2020 from 3.5% in 2019. This ratio is expected to revert to above
3% in 2021 and remain at historical levels thereafter.

The free cash flow margin (2% in 2019) is also expected to come
under pressure in 2020 and 2021. While Fitch expects this ratio to
remain slightly positive over the short term, this will be heavily
dependent on working capital and capex discipline, which Fitch
expects to be tightened along with the company's overall cost
structure.

Defensive Diversified Business Profile: KAEFER's business profile
benefits from i) a wide array of services, with around 200
different offering combinations and industry combinations, across
new-build (40% of 2019 revenue) and maintenance services (50%); ii)
good end-market diversification; iii) a strong geographic mix with
a meaningful regional presence; and iv) a comparatively low-risk
contract portfolio, primarily comprising contracts based on unit
rates (2019: 55%) or reimbursable costs (12%), which supports
strong earnings predictability.

Scale Constrains Rating: While Fitch forecasts KAEFER's revenue
will grow towards EUR2 billion over the next three to five years,
the company nevertheless remains small in the context of the
broader E&C services sector and this acts as a constraint on the
ratings. Nonetheless, Fitch acknowledges KAEFER's leading position
in its core markets, comprising insulation, access solutions,
surface protection and passive fire protection (together IASP).

Bolt-on Acquisitions: The IASP industry is fragmented and Fitch
expects KAEFER will continue to pursue its strategy of small
bolt-on acquisitions which Fitch believes delivers business profile
improvement. Historical acquisitions, including that of WGIS
completed in 1Q20 and Bilfinger Industrial Services Spain S.A.U. in
2019, had a strong industrial rationale, including the offering of
supplementary services to existing customers or related new
services in established regions. Given the small size of typical
acquisitions and KAEFER's high M&A discipline, Fitch considers
integration risk as small, although a short-term increase in debt
usually accompanies acquisitions.

DERIVATION SUMMARY

KAEFER's defensive business model shows strong 'BB' category
attributes, with an emphasis on the company's broadly diversified
operations across geographies, end-markets and customers, which
Fitch sees as credit positives balancing the company's lack of
scale in the sector. The company's FFO gross leverage ranges from
3.6x to 6.7x, with slower than anticipated deleveraging potential
reflected in the Negative Outlook. However this is mitigated by the
company's conservative financial policies and defensive business
development strategy as a family-owned business.

Fitch benchmarks KAEFER against E&C peers, including Petrofac
Limited (BBB-/Negative), Bilfinger SE (not rated), McDermott Inc.,
Salini Impregilo S.p.a. (now renamed Webuild S.p.A, 'BB'/Negative),
with many considerably larger and on average more profitable with
EBITDA margins at around 5%-10%. KAEFER's modest profitability at
5%-6% should be considered in the context of the company's overall
lower contract risk, high share of recurring revenues and more
diversified contract portfolio, which has historically led to more
resilience in profitability.

Sufficient financial flexibility, expressed by FFO interest
coverage above 3.0x, and KAEFER's less volatile profitability and
cash flows compared with peers mitigate the company's high FFO
gross leverage.

KEY ASSUMPTIONS

  - Revenue to decline in 2020, reflecting the impact of the
COVID-19 pandemic on the global economy followed by a recovery in
2021 and a return in 2022 to pre-pandemic revenue levels.

  - EBITDA margin to deteriorate in 2020 due to COVID-19 followed
by a rebound in subsequent years to around 6%. Profitability to be
also driven by lower restructuring costs.

  - Capex of around EUR50 million in each of 2019 and 2020 largely
reflecting investments in scaffolds as part of the company's 2019
strategic update.

  - Working capital cash inflow in 2020 due to revenue decline and
better project management, in 2021 onwards outflows driven by
business growth.

  - No new acquisitions over the medium term.

  - Dividend policy to remain stable.

  - Refinancing of the present RCF in 2023.

RATING SENSITIVITIES

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

  - FFO gross leverage improving towards 3.0x (2019: 4.6x; 2020E:
6.7x);

  - FCF sustainably in low-single-digits;

  - FFO interest coverage above 5.0x (2019:4x; 2020E: 3.2x); and

  - Further increase in scale, advancing diversification outside
Europe on a growing customer base and lower project concentration.

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

  - FFO gross leverage remaining materially above 4.0x;

  - Evidence of contract or customer losses or weakening project
implementation leading to declining order backlog and revenue with
EBITDA margins weakening to 4% or below;

  - Sustainably negative FCF; and

  - FFO interest coverage sustainably below 3.0x.

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

Moderate Liquidity: At end-March 2020, KAEFER's liquidity profile
was supported by around EUR49 million of unrestricted cash on the
balance sheet (after deducting EUR30 million of cash deemed as not
readily available for debt service) and availability of EUR68
million under the EUR150 million RCF, which was increased from
EUR130 million. Liquidity sources provide comfortable headroom for
short-term debt and planned capex.

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).


LUFTHANSA AG: European Union Talks Delay EUR9-Bil. Bailout
----------------------------------------------------------
Birgit Jennen, Aoife White and Eyk Henning at Bloomberg News report
that Germany's EUR9 billion (US$9.8 billion) bailout of Deutsche
Lufthansa AG is being slowed by discussions meant to ensure the
rescue plan receives swift European Union approval once it's
finalized, people familiar with the matter said.

Bild am Sonntag reported earlier that Lufthansa would face a
three-year deadline for repayment of the aid package, Bloomberg
relates.

The outlines of the rescue deal that would make Germany the
airline's largest European Union shareholder came together last
week, ending weeks of debate, Bloomberg notes.


REVOCAR 2018 UG: DBRS Confirms BB Rating on Class D Notes
---------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the bonds
issued by RevoCar 2018 UG (haftungsbeschränkt) (the Issuer):

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes upgraded to AA (high) (sf) from A (high) (sf)
-- Class C Notes upgraded to AA (low) (sf) from A (low) (sf)
-- Class D Notes confirmed at BB (sf)

The ratings on the Class A Notes, B, C, and D Notes (collectively,
the Rated Notes) address the timely payment of interest and
ultimate payment of principal on or before the legal final maturity
date in April 2031.

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

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

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

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

The Issuer is a securitization of German auto loan receivables
originated and serviced by Bank11 für Privatkunden und Handel GmbH
(Bank11). The initial portfolio included loans granted to private
and corporate clients for the purchase of new and used vehicles.
Most of the receivables have equal monthly installments; however,
12.67% of loans at closing included a final balloon payment. The
transaction closed on May 22, 2018.

PORTFOLIO PERFORMANCE

As of the April 2020 payment date, one- to two months and two- to
three-month delinquencies were 0.12% and 0.03% of the portfolio
balance, respectively, while delinquencies greater than three
months were zero. Gross cumulative defaults stood at 0.5% of the
original portfolio, with cumulative recoveries of 24.9%.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 1.3% and 62.7%, respectively.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the Rated Notes. As of the April 2020 payment
date, credit enhancement to the Class A Notes was 19.7%, up from
12.6% in April 2019; credit enhancement to the Class B Notes was
8.6%, up from 5.5% one year ago; credit enhancement to the Class C
Notes was 7.0%, up from 4.5% in April 2019; and credit enhancement
to the Class D Notes was 2.1%, up from 1.4% one year ago.

The transaction benefits from a liquidity reserve currently funded
to its target amount of EUR 1.2 million as of April 2020. The
reserve target is 0.65% of the outstanding principal amount of all
purchased receivables and is able to cover senior expenses,
servicing fees, swap payments, and interest on Class A Notes only
after a servicer termination event.

Bank11 funded the transaction's commingling reserve at closing to
EUR 10.4 million. The reserve is adjusted according to the
scheduled collections for the next period plus 0.5% of the
aggregated principal balance at the beginning of the collection
period; it totaled EUR 6.3 million as of the April 2020 payment
date.

Borrowers in Germany have the right to set-off claims against the
Issuer that they had at the time of the assignment of receivables
or at the time they become aware of the assignment from the Seller
to the Issuer. Set-off risk is mitigated by loan eligibility
criteria that stipulate borrowers cannot hold deposits with Bank11
and that Bank11 will fund a set-off risk reserve if certain events
occur. As of the April 2020 payment date, the set-off risk reserve
account was equal to EUR 1,233.05.

The Bank of New York Mellon Corporation, Frankfurt Branch
(BNY-Frankfurt) acts as the Account Bank for the transaction. Based
on DBRS Morningstar's private rating of BNY-Frankfurt, the
downgrade provisions outlined in the transaction documents, and
structural mitigants, DBRS Morningstar considers the risk arising
from the exposure to BNY-Frankfurt to be consistent with the rating
assigned to the Rated Notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

UniCredit Bank AG acts as the swap counterparty for the
transaction. DBRS Morningstar's private rating of UniCredit Bank
AG, as well as the downgrade provisions included in the swap
documentation, are consistent with DBRS Morningstar's "Derivative
Criteria for European Structured Finance Transactions" methodology
to act in such capacity.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
arise in the coming months for many ABS transactions, some
meaningfully. The ratings are based on additional analysis and,
where appropriate, adjustments to expected performance as a result
of the global efforts to contain the spread of the coronavirus.

Notes: All figures are in Euros unless otherwise noted.




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JUBILEE CLO 2014-XIV: Fitch Puts BB Rating on E Debt on Watch Neg.
------------------------------------------------------------------
Fitch Ratings has placed one tranche on Rating Watch Negative,
maintained one tranche on RWN and affirmed the rest from Jubilee
CLO 2014-XIV B.V.

Jubilee CLO 2014-XIV B.V.      

  - Class A1-R XS1635062463; LT AAAsf; Affirmed

  - Class A2-R XS1635064758; LT AAAsf; Affirmed

  - Class B1-R XS1635066456; LT AA+sf; Affirmed

  - Class B2-R XS1635067694; LT AA+sf; Affirmed

  - Class C-R XS1635069716; LT A+sf; Affirmed

  - Class D-R XS1635071373; LT BBBsf; Affirmed

  - Class E XS1114473652; LT BBsf; Rating Watch On

  - Class F XS1114491126; LT B-sf; Rating Watch Maintained

TRANSACTION SUMMARY

This is a cash flow collateralised loan obligation mostly
comprising senior secured obligations. The transaction left the
reinvestment period in January 2019 and is actively managed by the
collateral manager.

KEY RATING DRIVERS

Portfolio Performance Deterioration

The RWN on the two tranches reflects the deterioration of the
portfolio as a result of the negative rating migration of the
underlying assets in light of the coronavirus pandemic. The
transaction is slightly below par with 0.9% of defaulted assets (as
a percentage of the target par). In the April 1, 2020 trustee
report, the maximum weighted average life (test was in breach,
while all other tests, including the overcollateralisation and
interest coverage tests, were reported as passing. According to
Fitch's calculation, the weighted average rating factor of the
portfolio increased to 38.8 from a reported 35.5 at March 20, 2020.
Assets with a Fitch-derived rating of 'CCC' category or below
(including unrated assets) represent 16.4%, over the 7.5% limit,
while assets with a Fitch derived rating on Outlook Negative is at
13.9% of the portfolio balance.

The model-implied ratings of classes D-R, E, and F would be
'BBB+sf', 'BB-sf', and 'CCCsf'. The agency deviated from the MIR,
because in Fitch's view the credit quality of these tranches is
still more in line with the current ratings. Fitch views an upgrade
for class D-R not appropriate given the current market conditions
in the light of the pandemic and the possibility that the
performance of the transaction may deteriorate further.

The committee deviated from the MIR for classes E and F as these
were driven by the rising interest rate scenario only, which is not
its immediate expectation. Furthermore, class F shows a limited
margin of safety with a credit enhancement of 6.5% and its rating
is in line with the majority of Fitch-rated EMEA CLOs. The RWN on
classes E and F follows the shortfalls these tranches experience in
the coronavirus sensitivity scenario.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the current 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
ratings of classes A to D with cushions. This supports the
affirmation with a Stable Outlook for these tranches.

Asset Credit Quality

'B'/'B-' Category Portfolio Credit Quality: Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch WARF of the current portfolio is 38.8.

Asset Security

High Recovery Expectations: Senior secured obligations comprise
95.3% of the portfolio. 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
current portfolio is 62.9%.

Portfolio Composition

The portfolios are well diversified across obligors, countries and
industries. The top 10 obligor's exposure is 23.5% and no obligor
represent more than 3.3% of the portfolio balance. The largest
industry is healthcare at 17.4% of the portfolio balance, followed
by computer and electronics at 13.7% and business and services at
9.7%.

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, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest rate scenario and the
front, mid- and back-loaded default timing scenario as outlined in
Fitch's criteria. In addition, Fitch tested the current portfolio
with a coronavirus sensitivity analysis to estimate the resilience
of the notes' ratings. The analysis for the portfolio with a
coronavirus sensitivity analysis was only based on the stable
interest rate scenario including all default timing scenarios.

When conducting cash flow analysis, Fitch's model first projects
the portfolio scheduled amortisation proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, such scheduled amortisation proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntary terminated, when applicable). This adjustment avoids
running out of performing collateral due to amortisation and
ensures all of the defaults projected to occur in each rating
stress are realised in a manner consistent with Fitch's published
default timing curve.

RATING SENSITIVITIES

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

Rating Upgrade Sensitivities

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 six notches for class F-R and an
upgrade of up to four notches of the remaining rated notes.

Upgrades could occur to the senior classes, in case of a continuing
better-than-initially expected portfolio credit quality and deal
performance, and continued amortization that leads to higher notes'
CE and excess spread available to cover for losses on the remaining
portfolio.

Rating Downgrade Sensitivities

A 25% default multiplier applied to the portfolio's mean default
rate, and with this added to all rating default levels and a 25%
reduction of the recovery rate at all rating recovery levels, would
lead to a downgrade of four notches for class E-R and a downgrade
of up to of three notches for the remaining rated notes.

Downgrades may occur if the build-up of the notes' CE following
amortisation does not compensate for a higher loss expectation than
initially assumed due to unexpected high level of default and
portfolio deterioration. Fitch has tested the resilience of the
transaction towards a possible negative rating migration of the
underlying assets, and classes A1-R and A2-R are resilient to such
sensitivity analysis.

In addition to the base scenario, Fitch has defined a downside
scenario for the current crisis, whereby all ratings in the 'B'
category would be downgraded by one notch and recoveries would be
reduced by a factor of 15%. For typical European CLOs, this
scenario results in a category rating change for all ratings.

Should the transaction continue to deteriorate without other
counterbalancing forces, such as amortisation or par building from
the trading activities, classes E and F would be most vulnerable to
a downgrade.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

The majority of the underlying assets 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.

SOURCES OF INFORMATION

The monthly investor reports as of March 20, 2020 and April 1, 2020
provided by BNY Mellon.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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




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

LOGWIN AG: S&P Affirms 'BB+' ICR on Sound Financial Risk Profile
----------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
logistics services group Logwin AG at 'BB+'.

Logwin will likely report lower-than-forecast revenue and earnings
because of COVID-19-related repercussions on global GDP and trade.
S&P said, "We forecast a global recession this year, with GDP
contracting by 2.4% in 2020, before rebounding to 5.9% in 2021. In
the eurozone, the economy will contract by 7.3% this year, picking
up by 5.6% in 2021. Economic activity is unlikely to stabilize by
the end of the second quarter, but we expect signs of recovery in
the second half of the year. The resulting depressed consumer
demand, disrupted supply chains, and recessionary trends will
hamper the logistics industry at least this year. We forecast that
global trade volumes will plunge by up to 15% in 2020, compared
with 2019."

S&P said, "Weakened trading conditions have led us to revise our
EBITDA projections for Logwin.  Logwin's 2020 revenue will drop to
about EUR1.0 billion from EUR1.1 billion in 2019--starkly different
from our previous forecast of 1%-3% growth. This is due to lower
freight volumes in Logwin's Air and Ocean segment, and the
Solutions segment's high exposure to the retail and automotive
industries, which have taken big hits from the COVID-19 pandemic.
Recovery is uncertain, however. Although most European countries
have eased COVID-19 lockdown measures, and retail and car
manufacturing facilities are reopening, we expect consumer spending
to remain low over the coming months and economic conditions to
remain muted in 2021. We note that Logwin is executing
cost-containment and operational-efficiency measures--such as
hiring freeze and staff reduction, and revenue-protection efforts
to mitigate the weakness in freight volumes in recent months.
However, we expect the savings won't fully compensate for the
decline in revenue. We forecast that adjusted EBITDA will decrease
to EUR70 million-EUR75 million in 2020 from EUR87 million in 2019,
and compared with our previous forecast of EUR85 million-EUR90
million EBITDA in 2020. We envisage Logwin's operating performance
improving in 2021, with adjusted EBITDA nearing EUR80 million, as
underlying trading gradually returns to pre-COVID-19 levels.

"We expect Logwin will counterbalance its EBITDA weakness with low,
steady adjusted debt.   Logwin's asset-light business model with
minimal capital expenditures (capex) needs and effective working
capital management will allow the company to continue generating
excess cash flows. In addition, we believe the group will carry on
with its prudent financial policy and liquidity management, which
enhances the company's resilience against adverse trading
conditions. We forecast that Logwin will post EUR5 million-EUR10
million excess cash flow this year, likely rising to EUR10
million-EUR20 million in 2021. The resulting debt levels should
remain stable. The company's S&P Global Ratings-adjusted debt, at
about EUR116 million as of Dec. 31, 2019, mainly comprises
operating lease commitments and pension obligations, and will
temper erosion of its credit measures. We forecast adjusted funds
from operations (FFO) to debt will slide to about 50% in 2020 from
about 60% in 2019. We envisage Logwin's financial performance
strengthening in 2021 as global trade volumes recover, with
adjusted FFO to debt rebounding to 55%-60%, which compares with our
rating threshold of at least 50%. Nevertheless, low visibility on
the evolution of the COVID-19 pandemic and recessionary trends
means our forecasts are subject to risks.

"The outlook is stable because we think the global trade should
progressively recover from the second half of 2020, and that Logwin
can withstand the current operating difficulties with sustained
weighted-average adjusted FFO to debt above 50%. We also believe
Logwin will be able to pursue a disciplined dividend and investment
policy and maintain an ample cash balance of at least EUR60
million-EUR70 million.

"We would lower the rating if Logwin's earnings appeared to trend
significantly below our forecast because sluggish freight volumes
persisted in the second half of 2020 or due to the loss of key
customers, such that Logwin's profitability eroded and its adjusted
FFO to debt deteriorated to less than 50%, with limited prospects
of improvement. We could also lower the rating in the event of any
unexpected deviations from the company's current conservative
financial policy that prevented credit measures from remaining
consistent with the 'BB+' rating, or if Logwin's cash balances
materially diminished.

"We view an upgrade as unlikely in the next 12-24 months because of
Logwin's limited scale, relatively low level of absolute EBITDA,
and thin profit margins compared with the broader range of global
peers in the railroad and package express industry. However, we
could consider an upgrade if the company strengthened its business
profile by materially increasing its scale and scope of operations
(organically and via profitability-enhancing complementary
acquisitions) and improving profit margins while maintaining its
adjusted FFO to debt above 50%."




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

MAGOI BV: Fitch Alters Ratings Outlook to Negative
--------------------------------------------------
Fitch Ratings has revised the Outlook on Magoi B.V.'s class F notes
to Negative from Stable and affirmed all classes of notes.

Magoi B.V.      

  - Class A XS1907540147; LT AAAsf; Affirmed

  - Class B XS1907542606; LT AA+sf; Affirmed

  - Class C XS1907542861; LT A+sf; Affirmed

  - Class D XS1907543083; LT A-sf; Affirmed

  - Class E XS1907554015; LT BBBsf; Affirmed

  - Class F XS1907567934 LT B+sf; Affirmed

TRANSACTION SUMMARY

Magoi B.V. is a securitisation of Dutch amortising, fixed-rate,
unsecured consumer loans originated by subsidiaries of Credit
Agricole Consumer Finance Nederland B.V. (CACF NL, not rated). The
transaction has an eight-month revolving period, which is expected
to end in August 2020.

KEY RATING DRIVERS

Expected Coronavirus Scenario

Fitch's baseline scenario assumes a sharp economic contraction hits
major economy a global recession in 1H20 at a speed and depth that
are unprecedented since World War II. Sequential recovery will
begin from 3Q20 onward as the health crisis subsides after a short
but severe global recession. The eurozone experiences the most
prolonged recession among major economies. GDP is expected to
remain below its 4Q19 level until mid-2022.

The Negative Outlook on the class F notes reflects that the rating
could be negatively affected in the event of a severe and prolonged
economic stress caused by the coronavirus pandemic.

Coronavirus Impact Drive Asset Assumptions

To incorporate the potential economic impact of the coronavirus on
the transaction's performance, Fitch has increased the base case
probability of default to 4.75% from 4.25% applied initially,
slightly higher than the levels observed in 2009, which were not
supported by significant volumes of origination. Fitch has also
reduced the 'AAA' multiple to 4.5 from 5 initially, to take into
account the higher level of base case relative to the economic
cycle and the upcoming end of the revolving period. The overall
'AAAsf' assumption is unchanged.

Fitch revised the base case prepayments to 17% from 19% at closing.
This is based on the expectation that there will be lower
prepayments in this stressful macroeconomic period.

Adequate Liquidity Protection

The class A and B notes have a strong liquidity position, which
should support timely interest payments in the event of the
servicer granting temporary payment relief to a large proportion of
borrowers. The payment interruption risk is mitigated for the class
C, D and E notes when they are the most senior class of notes as
they will benefit from the commingling reserve to cover three
months of senior fees and interest in case a servicer disruption
occurs.

RATING SENSITIVITIES

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

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

Expected impact of decreasing defaults and increasing recoveries by
25% (class A/B/C/D/E/F)

'AAAsf'/'AAAsf'/'AA+sf' /'AA-sf'/'Asf' /'BBB-sf'

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

Expected impact of increasing base case defaults by 25% and reduce
recovery rate by 25%: (class A/B/C/D/E/F)

'AA+sf'/'A+sf'/'A-sf' /'BBBsf'/'BB+sf' /'CCCsf'

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

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

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

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

SOURCES OF INFORMATION

Issuer and servicer report as of interest payment date on March 27,
2020 and provided by Credit Agricole Consumer Finance NL

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).




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

HAMKORBANK: Moody's Cuts LC Deposit Rating to B2, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has downgraded to B2 from B1 the
long-term local currency deposit rating of Uzbekistan-based
Hamkorbank. The outlook on this rating is stable. Concurrently,
Hamkorbank's long-term local currency Counterparty Risk Rating was
downgraded to B1 from Ba3 and its Baseline Credit Assessment and
adjusted BCA were downgraded to b2 from b1. Hamkorbank's long-term
foreign currency deposit rating was affirmed at B2 with a stable
outlook. The bank's long-term foreign currency CRR was affirmed at
B1. Moody's also affirmed Hamkorbank's Not Prime short-term local
and foreign currency deposit ratings, as well as the bank's Not
Prime short-term local and foreign currency CRRs. The bank's
long-term Counterparty Risk Assessment was downgraded to B1(cr)
from Ba3(cr), whilst its short-term CR Assessment of Not Prime(cr)
was affirmed.

The rating action completes the review of Hamkorbank's BCA,
adjusted BCA, its long-term local currency deposit rating,
long-term local currency CRR and long-term CR Assessment initiated
on March 11, 2020.

RATINGS RATIONALE

According to Moody's, the downgrade of Hamkorbank's BCA, adjusted
BCA and its long-term local currency deposit rating primarily
reflects an expected future increase in the bank's stock of problem
loans following the slowdown in global and domestic economic
activities as a result of the coronavirus outbreak, which is
further aggravated by Hamkorbank's legacy problem exposures.
Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The rating agency expects that the unprecedented
lockdown measures implemented by the Uzbek government, combined
with the deteriorating global economic outlook and lower
commodities prices, will result in financial hardship for a number
of Hamkorbank's borrowers, especially small and medium-sized
enterprises and individuals (including individual entrepreneurs).
This, in turn, will lead to a weakening of Hamkorbank's solvency
metrics, in particular asset quality and profitability.

The bank's loan book comprises a large proportion of loans to
individuals and micro-entities, as well as to SMEs. As of the
beginning of 2020, these three lending segments in aggregate
accounted for more than 60% of the bank's total gross loans.
According to the bank management data, as of March 1, 2020, the
sub-segments most hit by the lockdown because of the coronavirus
outbreak (such as nonfood retail, transport, hotels and
restaurants) accounted for a material 27% of the bank's total
loans. Furthermore, foreign-currency-denominated loans accounted
for 37% of Hamkorbank's total gross loans as of April 30, 2020.
Moody's expects the corporate borrowers will find it increasingly
difficult to serve their foreign-currency debt, as the decreased
commodity prices, coupled with the lockdowns and board closures,
pose hurdles to international trade, whereas emerging countries'
local-currency exchange rates are under pressure.

As of December 31, 2019, problem loans accounted for 3.9% of the
bank's total gross loans, a decrease from the 6.3% ratio reported
as of June 30, 2019. The latest reported problem loan ratio is
mainly driven by one sizeable problematic loan to a corporate
borrower operating in the textile segment. Because of the
expectation of a fast resolution of this loan, and taking into
account a collateral coverage behind this loan, Hamkorbank set
aside low loan-loss provisions for this loan in 2019, which
ultimately led to the modest loan-loss reserve coverage ratio of
32% of problem loans reported as of December 31, 2019. As of May
2020, the deteriorated operating conditions have hindered any
progress in the resolution of this large problematic exposure,
contrary to the bank management's initial plan.

The rating agency expects that, although Hamkorbank's pre-provision
earnings will remain relatively good, the bottom-line profits will
likely be eroded by increased provisioning charges. The lower
profitability, together with the expected moderate lending growth,
may lead to a decline in Hamkorbank's currently solid capital
adequacy level. Moody's estimates that the bank's ratio of tangible
common equity to risk-weighted assets of 14.8% as of December 31,
2019 may decline by approximately 2 percentage points over the next
12 to 18 months, in the absence of external capital injections.

At the same time, the rating agency expects that Hamkorbank's
funding and liquidity positions will remain satisfactory, as they
have historically been, supported by a stable and committed core
customer funding base and the bank's access to long-term funding
from a diversified number of international financial institutions.
Hamkorbank's liquidity cushion is at a comfortable level of around
20% of total assets.

OUTLOOK ON THE LONG-TERM DEPOSIT RATINGS

The stable outlook on Hamkorbank's long-term deposit ratings
reflects Moody's expectation that the increasing asset risk
challenges will be broadly offset by the bank's solid pre-provision
earnings and its sound capital buffer.

LIST OF AFFECTED RATINGS

Issuer: Hamkorbank

Downgrades:

Adjusted Baseline Credit Assessment, Downgraded to b2 from b1

Baseline Credit Assessment, Downgraded to b2 from b1

Long-term Counterparty Risk Assessment, Downgraded to B1(cr) from
Ba3(cr)

Long-term Counterparty Risk Rating (Local Currency), Downgraded to
B1 from Ba3

Long-term Bank Deposits (Local Currency), Downgraded to B2 from B1,
Outlook Changed To Stable From Rating Under Review

Affirmations:

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Long-term Counterparty Risk Rating (Foreign Currency), Affirmed B1

Short-term Counterparty Risk Rating, Affirmed NP

Short-term Bank Deposits, Affirmed NP

Long-term Bank Deposits (Foreign Currency), Affirmed B2, Outlook
Remains Stable

Outlook Actions:

Outlook, Changed to Stable from Rating Under Review

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

An upgrade of the bank's ratings is unlikely in the next 12 to 18
months given the current challenging operating conditions.

The bank's deposit ratings could be downgraded if its financial
fundamentals, notably asset quality, capitalisation and
profitability were to deteriorate materially, beyond Moody's
current expectations.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.




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

PIOLIN BIDCO: Moody's Rates EUR200MM Senior Secured Term Loan 'B2'
------------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating (under review
for downgrade) to the new EUR200 million incremental guaranteed
senior secured term loan B2 due 2026 and issued by Piolin Bidco,
S.A.U. The B3 corporate family rating and the B3-PD probability of
default rating rated under Piolin II S.a.r.l and the B3 rating on
Piolin Bidco, S.A.U's existing EUR970 million guaranteed senior
secured term loan B due 2026 and EUR200 million guaranteed senior
secured revolving credit facility due 2026 remain unchanged and on
review for downgrade. The ratings under review for downgrade
outlook remains unchanged for both entities.

RATINGS RATIONALE

The incremental term loan will provide significant additional
liquidity buffer to supports the company during the disruption
caused by the outbreak. However, the additional debt will add
nearly a turn of additional leverage, which will result in a pro
forma Moody's adjusted leverage of around 7.5x as of December 2019
and slow the company's deleveraging pace. The new loan also comes
at a significant premium, being priced at E+750 with a 0% floor
compared with E+375 with a 0% floor paid on its existing term loan
B. This will increase its interest burden and as a result further
stress the company's FCF generation.

The company continues to take active measures to reduce costs and
is implementing a re-opening strategy to ensure the adherence to
specific requirements and safety measures. Moody's understands that
the company has received permission to reopen a number of its parks
toward the end of May and the month of June.

The review that was initiated on April 14, 2020 will continue to
focus on (i) the current market situation with a review of travel
and leisure restrictions and visitation levels, and (ii) the
company's ability to deliver on its cost cutting and capital
spending measures to protect its cash flows.

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

LIQUIDITY

Parques' liquidity profile has strengthened after the company
successfully secured additional external resources in April and
May. As of the end of March the company had EUR323 million cash on
balance sheet, pro forma for the EUR200 million incremental term
loan and EUR35 million of government backed financing. The RCF of
EUR200 million remains fully drawn. This provides additional
liquidity buffer to support the company during the disruption
caused by the outbreak and Moody's expects it to be sufficient even
if the parks have limited visitation levels through its key summer
months. Nevertheless, there remains high risks of more severe
downside scenarios, including concerns over a potential second wave
of the coronavirus, which could further deteriorate Parques' credit
metrics and liquidity profile.

STRUCTURAL CONSIDERATIONS

The senior secured credit facilities due in 2026 (including the
incremental term loan B2) are rated B3, in line with the CFR,
because they are the only class of debt in the capital structure.
The facilities are guaranteed by material subsidiaries representing
at least 80% of consolidated EBITDA. The security package mainly
consists of share pledges, bank accounts and intercompany
receivables. The incremental term loan B2 will rank pari passu with
the existing senior secured credit facility, and benefit from the
same security and guarantor package. The B3-PD probability of
default rating is in line with the CFR, based on its assumption of
a 50% family recovery rate, as commonly used for capital structures
with first-lien secured debt with springing financial covenants.

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

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

Downward pressure could develop if the pandemic results in a more
severe impact on the operating performance, which could further
deteriorate Parques' liquidity profile and lead to an unsustainable
capital structure.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

COMPANY PROFILE

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




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

SAS AB: Moody's Lowers Corp. Family Rating to Caa1, On Review
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of SAS AB to Caa1 and its probability of default rating to
Caa2-PD. Concurrently, Moody's has downgraded the senior unsecured
ratings to (P)Caa2 and the subordinated ratings to Caa3 issued by
SAS Denmark-Norway-Sweden. All long-term ratings remain on review
for downgrade.

Its rating actions reflect:

  - The increasing duration and severity of the coronavirus
outbreak

  - Moody's expectation that the airline industry will remain
deeply constrained in 2020 and 2021 and will not recover 2019
passenger volumes until 2023 at the earliest

  - The levered capital structure of SAS and hence weak positioning
in its rating categories prior to the outbreak of the coronavirus

  - The insufficient financial resources to fund the operational
cash burn over a prolonged period of time and to finance the
comprehensive restructuring programme recently announced

  - The likelihood that the company will need a recapitalization
that may include contribution from creditors

  - The company's strategic importance to the Swedish, Danish and
Norwegian economies and expectation of its continued support

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 passenger
airline sector has been one of the sectors most significantly
affected by the shock given its exposure to travel restrictions and
sensitivity to consumer demand and sentiment. Its action reflects
the impact on SAS AB of the breadth and severity of the shock, and
the broad deterioration in credit quality it has triggered.

SAS AB was initially impacted by the coronavirus outbreak in
February and early March 2020 with restrictions on flights to and
from China, Asia Pacific and other regions. As the outbreak spread
SAS reduced its capacity by 95% in April and Moody's does not
expect a material increase from those levels over the next few
weeks.

Moody's expects flight activity to resume over Q3 and Q4 of 2020,
but remaining severely depressed, with domestic flights recovering
earlier and a slower return for international and long-haul
flights. SAS has lower share of long-haul travel than other network
carriers such as British Airways, Air France KLM or Lufthansa.
Intercontinental travel accounted for 25% of revenue for the fiscal
year ended 30th October 2019.

The International Air Transport Association currently forecasts
that 2020 global passenger numbers will be 48% down year-on-year,
with 2021 volumes around 30% below 2019, and only recovering to
2019 levels by 2023. Given high levels of uncertainty of the
trajectory of the pandemic there are a wide range of possible
outcomes and Moody's credit assessment considers deeper downside
scenarios incorporating the risks of a slower recovery. In
particular Moody's considers that 2021 is likely to remain a
severely depressed year for the industry, with continued travel
restrictions, health screening and social distancing, consumer
concerns over travel, a weak economic environment and threats of
further coronavirus outbreaks. This is likely to be partially
mitigated by better preparedness by governments and healthcare
systems, international coordination, pent-up consumer demand and
the economic importance of resuming air travel. The timing and
profile of a recovery beyond 2021 also remains highly uncertain.

SAS AB entered the coronavirus with an already levered capital
structure and a weak positioning in its rating category prior to
the outbreak. SAS' gross leverage as measured by Moody's adjusted
debt/EBITDA stood at 4.6x for the fiscal year ended 31st October
2020 leaving little cushion against the severe market downturn
induced by the coronavirus outbreak.

In response to the crisis SAS has secured additional liquidity from
guaranteed loan by the government of Sweden and Denmark for a
combined amount of SEK3.3 billion. SAS is also seeking to obtain a
NOK 1.7 billion loan (SEK 1.63 billion) guaranteed by the Norwegian
government. SAS has also confirmed that it remains in discussions
with the government of Denmark and Sweden to obtain additional
support. The very high current cash burn to maintain operations and
the materiality of the restructuring programme recently announced
by SAS (layoff of 5000 full time employees or close to 50% of SAS'
workforce) makes it inevitable in its view that SAS AB will require
a recapitalization from its shareholders. Moody's sees a high risk
that a recapitalization from the Swedish and Danish governments to
support the restructuring of the group would have to be accompanied
by a participation of creditors hence its downgrade of the
probability of default rating of SAS AB to Caa2 from B2. Moody's
foresees a high risk of debt haircuts of the subordinated part of
the capital structure and possibly of the senior unsecured loans
hence the downgrade of the subordinated debt instruments to Caa3
from Caa1 and the downgrade of the senior unsecured debt ratings to
Caa2.

At the same time the rating reflects Moody's expectation that SAS
AB will continue to retain its strategic importance to the economy
and connectivity of Norway, Sweden and Denmark.

The review for downgrade will focus on the outcome of ongoing
negotiations with the shareholders of SAS, the funding of the
restructuring programme as well as on the cost and benefits of the
programme post implementation.

LIQUIDITY

SAS AB had SEK6.6 billion of cash & marketable securities on
balance sheet as per January 31, 2020 and access to approximately
SEK2.9 billion of unused credit lines. Moody's estimates SAS'
current cash & marketable securities at around SEK4-5 billion prior
to the reception of the SEK3.3 billion 3-year guaranteed loans that
SAS announced on May 05. SAS continues to have access to SEK2.9
billion of unused credit lines. Furthermore, SAS is in negotiations
with the Norwegian government to obtain up to NOK1.7 billion
(SEK1.63 billion) of guaranteed loans.

Moody's estimates that SAS AB has sufficient liquidity to continue
operating for the next two quarters assuming no to very little
flight activity but does not have enough financial flexibility to
fund the comprehensive restructuring programme announced on the
28th of April (lay-off of 5000 Full time employees or close to 50%
of SAS' total workforce) even taking into account the reception of
an additional credit facility guaranteed by the Norwegian
government. Moody's understands that SAS remains in discussions
with the Scandinavian governments to ensure that SAS continues to
be able to operate beyond the next few months. The funding of the
restructuring package will require additional funding of the
respective governments in its view.

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.

The company's commitments to reduce its carbon dioxide emissions
are more ambitious than for most other network peers. SAS targets
to reduce a 25% reduction in net CO2 emissions by 2030 (compared to
2005 levels), and a 50% reduction in net CO2 emissions by 2050.

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

Absent a material equity injection from SAS' shareholders to
support SAS' liquidity requirements throughout the coronavirus
outbreak and to fund the comprehensive restructuring programme SAS
has announced Moody's does not see any positive rating pressure on
the current ratings. Positive rating pressure would build over time
if gross leverage as measured by Moody's adjusted debt/EBITDA would
drop sustainably below 6.0x. A strengthening of SAS' liquidity
profile would also be a key pre-condition for an upgrade.

The ratings of SAS could be lowered further if the issuer fails to
secure sufficient funding to implement its lay off programme and to
stabilise the group's liquidity profile.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Passenger
Airline Industry published in April 2018.

COMPANY PROFILE

Based in Stockholm, Sweden, SAS AB is publicly listed and close to
30% owned by the governments of Denmark and Sweden, and 6.5% by the
Knut and Wallenberg Foundation. The Norwegian government divested
its 9.9% shareholding in SAS in June 2018.

SAS is the holding company for Scandinavian Airlines System
Denmark-Norway-Sweden, referred to as the SAS Consortium. Its total
revenue was around SEK47 billion in the fiscal year ended October
2019. SAS primarily serves the Scandinavian and the European
regions, as well as a number of destinations in the US and Asia.




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

EMLAK KATILIM: Fitch Cuts LT IDR to B & Alters Outlook to Negative
------------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency Issuer
Default Rating of Turkiye Emlak Katilim Bankasi A.S. to 'B' from
'B+'. It has also revised the Outlook on the bank to Negative from
Stable.

The downgrade of the bank's LT FC IDR, along with the Negative
Outlook, reflects the sovereign's weaker FC reserves position, and,
therefore, reduced ability to support the bank in FC in case of
need. This has driven the lowering of the bank's Support Rating
Floor to 'B' from 'B+'.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

The LT FC IDR of Emlak Katilim continues to be driven by potential
state support following the rating action. The Support Rating of
the bank is affirmed at '4'.

The bank's SRF has been revised downwards by one notch, to 'B' from
'B+', further widening its notching from Turkey's 'BB-' LT FC IDR.
This reflects Fitch's assessment of the authorities' reduced
ability to provide support in FC, given the marked weakening in
sovereign net FC reserves.

Fitch calculates that the Central Bank of the Republic Turkey's net
international on-balance-sheet FC reserves fell to USD20 billion at
end-March 2020 from USD37 billlion at end-2019. Furthermore, when
adjusting this figure for Turkish banks' FC swap transactions with
the CBRT (but adding back more stable Treasury placements at the
CBRT), Fitch calculates the CBRT's net FC reserves to be materially
lower, at about USD9 billion at end-March 2020. Fitch estimates
that this position deteriorated significantly again in April 2020.
This implies a marked reduction in the ability of the authorities
to provide FC liquidity support to banks in case of need.

The sovereign net FC reserves position should, however, be
considered in light of Turkey's limited short-term sovereign
external debt requirements. In addition, access to external funding
markets could underpin Turkey's ability to provide FC support to
the bank in case of need, depending on market conditions. The
government was able to raise FC debt in 1Q20.

The SRF of Emlak Katilim continues to reflect a high government
propensity to provide support to the bank, in case of need, given
its ultimate government ownership, the strategic importance of
Islamic banking to the Turkish authorities and the record of
capital support. The authorities have shown a strong commitment to
support the bank, as reflected in the capital increase in April
2019 (additional Tier 1).

The Long-Term Local-Currency IDR of the bank also continues to be
driven by state support and is equalised with Turkey's sovereign LT
LC IDR at 'BB-'. This reflects the stronger ability of the
sovereign to provide support in LC. The Stable Outlook on the
rating consequently mirrors that on the sovereign.

NATIONAL RATING

The affirmation of the bank's National Rating reflects its view
that the bank's creditworthiness in LC relative to other Turkish
issuers has not changed.

Emlak Katilim does not have a Viability Rating assigned due to its
very small size and limited record of performance and ensuing
limited standalone franchise.

RATING SENSITIVITIES

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

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

The LT FC IDR, SR and SRF of Emlak Katilim could be downgraded if
Fitch concludes that further stress in Turkey's external finances
materially reduces the reliability of support for the bank in FC
from the Turkish authorities.

The introduction of bank resolution legislation in Turkey aimed at
limiting sovereign support for failed banks could negatively affect
Fitch's view of support, but Fitch does not expect this in the
short term.

The bank's LT LC IDR could be downgraded if the Turkish sovereign
is downgraded, Fitch believes the sovereign's propensity to support
the bank has reduced (not its base case) or Fitch's view of the
likelihood of intervention risk in LC increases.

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

The Outlook on bank's LT FC IDR could be revised to Stable if Fitch
believes the sovereign's ability to provide support to the bank in
FC has strengthened. An upgrade of the bank's LT FC IDR is unlikely
in the near term given the Negative Outlook on the bank.

The LT LC IDR of Emlak Katilim could be upgraded in case of a
sovereign upgrade.

NATIONAL RATING

The bank's National Rating is sensitive to change in its LT LC IDR
and also its relative creditworthiness to other Turkish issuers.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The bank's ratings are driven by potential state support as
reflected in a 'B' SRF and a '4' SR.

Turkiye Emlak Katilim Bankasi A.S.

  - LT IDR B; Downgrade

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Support 4; Affirmed

  - Support Floor B; Support Rating Floor Revision


[*] Fitch Affirms B+ IDR on 12 NBFI Subsidiaries of Turkish Banks
-----------------------------------------------------------------
Fitch Ratings has affirmed the support-driven 'B+' Long-Term
Foreign-Currency Issuer Default Ratings of: seven leasing companies
- Alternatif Finansal Kiralama AS, Ak Finansal Kiralama A.S., Deniz
Finansal Kiralama A.S., Garanti Finansal Kiralama A.S., Is Finansal
Kiralama A.S., QNB Finans Finansal Kiralama A.S. and Yapi Kredi
Finansal Kiralama A.O.; three factoring companies - Garanti
Faktoring A.S., QNB Finans Fatkoring A.S., Yapi Kredi Faktoring
A.S.; an investment company - Yapi Kredi Yatirim Menkul Degerler
A.S.; and a consumer finance company - TEB Finansman AS.

The Outlooks on all LTFC IDRs are Negative, mirroring those on the
respective parents.

KEY RATING DRIVERS

The ratings (except that one TEB Finansman) are equalised with
those of their parents, reflecting Fitch's view that they are core
and highly integrated subsidiaries. The rating action follows
Fitch's affirmation of the IDRs of large private Turkish banks and
foreign-owned Turkish banks.

The Negative Outlook on the LTFC IDRs of the subsidiaries of
foreign-owned banks (Alternatif Leasing, Deniz Finansal Kiralama ,
Garanti Finansal Kiralama, QNB Leasing , Garanti Faktoring and QNB
Finans Fatkoring) and of TEB Finansman reflects Fitch's view that
the weakening of Turkey's external finances increases the risk of
government intervention in the banking sector, which could impede
the companies' ability to service foreign-currency obligations, as
for their parent banks. The ratings are underpinned by potential
shareholder support, but capped at 'B+' due to its assessment of
intervention risk.

The Negative Outlook on the LTFC IDRs of subsidiaries of local
private banks (Ak Finansal Kiralama, Is Finansal Kiralama, Yapi
Kredi Finansal Kiralama, Yapi Kredi Faktoring and Yapi Kredi
Yatirim) reflects continuing pressure on the credit profiles of
their banking groups due to the economic downturn and
financial-market volatility.

The ratings of the non-bank financial institutions (NBFI)
subsidiaries reflect their role in the group, enhancing the
parents' franchises, strategic objectives and revenue growth
prospects and that they are majority owned by their parents (or
parent group companies). The subsidiaries offer core products and
services (including leasing, factoring and investment
banking/brokerage) in the domestic Turkish market.

All NBFI subsidiaries (except TEB Finansman) share the same
branding as their parents, are highly integrated into their banking
groups in terms of risk and IT systems, and draw most of their
senior management and underwriting practices from parent banks. The
subsidiaries benefit from the strong franchises of their parent
groups and mostly share the same customer base with a high share of
referrals from their respective groups. In addition, the cost of
support would be low as the subsidiaries are small relative to
their parents, with total assets not exceeding 5% of group assets.

In its view, the propensity of support for TEB Finansman and its
sister bank, Turk Ekonomi Bankasi A.S. (TEB Bank; B+/Negative), is
closely aligned. This is based on a common brand association and
significant reputational damage in the event of a subsidiary
default, notwithstanding differences in their respective legal
structures.

These factors lead Fitch to believe support from parent banks to
the subsidiaries remains highly probable.

RATING SENSITIVITIES

The subsidiaries' ratings are sensitive to changes in: the parents'
ratings (except for TEB Finansman); and Fitch's view of the ability
and willingness of the parents to provide support in case of need.

Factors that could, individually or collectively, lead to negative
rating action/downgrade or widening of notching with the parent:

The Outlooks on the companies' LTFC IDRs are Negative, mirroring
those on the parent banks (except for TEB Finansman) and therefore
the ratings of subsidiaries of private banks are sensitive to
negative developments regarding operating environment challenges,
and subsidiaries of foreign-owned banks to increasing risk of
government intervention in the banking sector.

The ratings could be notched down from their respective parents if:
the subsidiaries become materially larger relative to the
respective parents' ability to provide support; or the
subsidiaries' strategic importance is materially reduced through,
for example, a substantial reduction in business referrals, levels
of operational and management integration, a reduced level of
ownership or a prolonged period of underperformance. However, these
considerations do not form part of Fitch's base case given the
subsidiaries' small sizes relative to their parents and key roles
within their respective groups.

Weaker support for TEB Finansman from BNPP, for example, as a
result of divesture or diminishing of importance of the Turkish
market, could be negative for its ratings, although this is not
expected by Fitch.

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

The Outlooks on all companies' LTFC IDRs could be revised to Stable
in line with their parent banks if economic conditions stabilise
and Fitch believes the risk of a further marked deterioration in
Turkey's external finances, and therefore of intervention in the
banking system, has abated.

Upgrades of the companies' LTFC IDRs are unlikely in the short term
given the Negative Outlooks.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Ratings of all 12 companies are driven by support from their
respective parent banks.

Is Finansal Kiralama A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR B+; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT A+(tur); Affirmed

  - Support 4; Affirmed

QNB Finans Finansal Kiralama A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Support 4; Affirmed

Ak Finansal Kiralama A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR B+; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT A+(tur); Affirmed

  - Support 4; Affirmed

Yapi Kredi Finansal Kiralama A.O.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR B+; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT A+(tur); Affirmed

  - Support 4; Affirmed

Alternatif Finansal Kiralama AS

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Support 4; Affirmed

Garanti Finansal Kiralama A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Support 4; Affirmed

Yapi Kredi Faktoring A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR B+; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT A+(tur); Affirmed

  - Support 4; Affirmed

TEB Finansman AS

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Support 4; Affirmed

QNB Finans Faktoring A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Support 4; Affirmed

Yapi Kredi Yatirim Menkul Degerler A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR B+; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT A+(tur); Affirmed

  - Support 4; Affirmed

Deniz Finansal Kiralama A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Support 4; Affirmed

Garanti Faktoring A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Support 4; Affirmed


[*] Fitch Affirms Ratings on 3 Turkey Development Banks
-------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings of Turkey's
three development banks. At the same time, it has revised the
Outlook on the Long-Term Foreign-Currency IDR of Turkiye Sinai
Kalkinma Bankasi A.S. to Negative from Stable.

The Outlooks on the other two development banks, Turkiye Kalkinma
ve Yatirim Bankasi A.S. and Turkiye Ihracat Kredi Bankasi A.S.
(Turk Eximbank), remain Stable.

The Outlook revision on TSKB reflects the sovereign's weaker
foreign-currency reserves position, and therefore reduced ability
to support the bank in FC in case of need. This has driven the
downward revision of its Support Rating Floor to 'B' from 'B+', as
a result of which TSKB's LTFC IDR is now driven by the bank's
Viability Rating of 'b+'.

The affirmation of TSKB's VR reflects the bank's still adequate,
albeit weaker, capital and FC liquidity buffers and niche policy
role. At the same time, risks to its Standalone Credit Profile have
increased as a result of the economic downturn and financial-market
volatility, which heighten pressure on asset quality,
capitalisation, performance, funding and liquidity. This drives the
Negative Outlook on TSKB's LTFC IDR, and the bank's rating could be
downgraded if the recovery of the Turkish economy is slower and the
impact of the pandemic on the bank more severe than currently
expected.

As is usual for development banks, Fitch does not assign VRs to
TKYB or Turk Eximbank. This is because their business models, in
its view, are strongly dependent on support from the state. This is
reflected in their dedicated policy and development roles. Fitch
assigns TSKB a VR based on its view that TSKB's operations,
notwithstanding the bank's important policy role, are sufficiently
independent for Fitch to assess the bank's standalone
creditworthiness.

KEY RATING DRIVERS

IDRS; SUPPORT RATINGS; SUPPORT RATING FLOORS; SENIOR DEBT RATINGS

The LTFC IDRs of TKYB and Turk Eximbank are at the level of their
respective Support Rating Floors of 'BB-' and 'B+', and their
Support Ratings are affirmed at '3' and '4', respectively. This
reflects Fitch's view of a high government propensity to support
the banks in case of need, based on their state ownership, policy
roles, significant Treasury-guaranteed and Central Bank of Turkey
funding (Turk Eximbank) and the record of support. The banks each
received additional tier 1 capital injections from the Turkish
authorities in April 2019 and expect a further TRY750 million in
2H20.

TKYB focuses on direct and apex lending (the latter channelled
through commercial banks and leasing companies) largely in FC to
Turkish SMEs and corporates in sectors (eg. renewable energy) and
regions deemed strategic by the government. Its strategy is
expanding to include the development of investment-banking
operations and it plans to set up both venture-capital and
private-equity funds.

Turk Eximbank is the country's official credit export agency. It
mainly provides short-term trade finance to Turkish exporters,
mostly through the central bank's rediscount loan programme and
export credit insurance. Its policy role is reinforced through
regulatory privileges, whereby any losses incurred by Turk Eximbank
in its credit, insurance and guarantee transactions arising from
political risks are compensated by the Turkish Treasury, and the
bank is exempt from corporate taxes and reserve requirements.

TKYB's higher SRF of 'BB-', which is equalised with Turkey's
sovereign rating, reflects the bank's very low FC wholesale funding
net of Treasury-guaranteed funding and the medium-term tenor of the
bank's non-guaranteed funding (no maturities fall due before 2023).
As a result, the bank's potential need for support over the rating
horizon is limited. The Stable Outlook on TKYB's LTFC IDR reflects
its expectation that the bank's level of external market funding
will not increase significantly in the near- term.

Turk Eximbank's SRF of 'B+', one notch below Turkey's LTFC IDR,
reflects risks to the ability of the sovereign to provide support
in FC, given the bank's considerably larger balance sheet and
volumes of external market funding than TKYB's and in light of the
sovereign's weak net FX reserves position. Nevertheless, Turk
Eximbank's LTFC IDR remains on Stable Outlook, reflecting its view
that the Turkish authorities will prioritise support for the bank
(as for TKYB) compared with other Turkish banks with SRFs, given
its policy role and smaller size relative to the sovereign.

Fitch calculates that the CBRT's net international on-balance sheet
FC reserves fell to USD20 billion at end-March 2020 from USD37
billion at end-2019. Furthermore, when adjusting this figure for
Turkish banks' FC swap transactions with the CBRT (but adding back
more stable Treasury placements at the central bank), Fitch
calculates the CBRT's net FC reserves to be materially lower, at
about USD9 billion at end-March 2020. Fitch estimates this position
again deteriorated significantly in April 2020. This implies a
marked reduction in the ability of the authorities to provide FC
liquidity support to banks in case of need.

The sovereign's net FC reserves position should, however, be
considered in light of Turkey's limited short-term external debt
requirements. In addition, access to external funding markets could
underpin Turkey's ability to provide FC support to the banks in
case of need, depending on market conditions. The government was
able to raise FC debt in 1Q20, and recently agreed on an extended
US dollar swap line with Qatar.

TSKB's SRF is revised downwards by one notch to 'B' from 'B+',
thereby widening its notching from the sovereign rating. Its
Support Rating is affirmed at '4'. As a result, its LTFC IDR is now
driven by its VR of 'b+'. The wider notching of TSKB's SRF than
that of TKYB (BB-) and Turk Eximbank (B+) reflects the bank's
private ownership (by Turkiye Is Bankasi Group; B+/Negative).

At the 'B' level, TSKB's SRF is equal with the SRFs of state-owned,
systemically important commercial banks. This reflects its view
that TSKB is of strategic importance to the Turkish authorities,
given its policy role, expertise in development lending
(particularly in the energy sector), access to long-term funding
from development financial institutions (largely under Treasury
guarantee) and strong record of execution.

At end-1Q20, Treasury-guaranteed funding made up a high 83% of
TKYB's total funding - the remaining was USD400 million of
non-guaranteed funding (equal to about 17% of total funding)- and
51% in the case of TSKB. Central bank and Treasury-guaranteed
funding made up 68% of Turk Eximbank's total funding.

The 'BB-' Long-Term Local Currency IDRs of TKYB, Turk Eximbank and
TSKB (one notch above both Turk Eximbank's and TSKB's LTFC IDRs),
which are equalised with the sovereign LTLC IDR, are driven by
state support and reflect the sovereign's greater ability to
provide support in local currency. TSKB has only limited LC
liabilities.

VR OF TSKB

The LTFC IDR of TSKB is now driven by its VR, which reflects the
concentration of its operations in the high-risk and volatile
Turkish operating environment. The bank's capital and FC liquidity
buffers are only adequate for its risk profile and risks to the SCP
- which were already significant after the Turkish lira
depreciation in 2018 and economic slowdown in 2H18-2019 - have been
heightened by the virus outbreak and lockdown measures.

Fitch forecasts Turkey's GDP will contract 2% in 2020 -
representing a 5.7pp decline compared with its March forecast -
followed by a subsequent sharp recovery (4.9% growth) in 2021. Its
baseline scenario assumes that containment measures will be
gradually unwound in 2H20, allowing for recovery in the broader
economy.

However, Fitch sees material downside risks to its forecasts, given
uncertainty over the duration and ultimate impact of the crisis in
Turkey. A second wave of infections or a prolongation of the
lockdown period that leads to a sharper-than-expected weakening in
economic growth and an ensuing weaker recovery in 2021 would add to
existing pressures on TSKB's credit profile and could result in a
rating downgrade.

Monetary policy measures and fiscal support for the private sector
and financial markets - including the latest CBRT interest rate
cuts and the expanded Credit Guarantee Fund (whereby loans to SMEs
and certain retail borrowers disbursed under the facility are
covered by a Turkish Treasury guarantee up to a certain
non-performing loan (NPL) cap) - should support borrowers'
repayment capacity and the bank's ability to grow to a degree,
despite challenging market conditions. In addition, regulatory
forbearance measures will provide uplift to the bank's reported
asset quality, capital and performance metrics over the
short-term.

Key forbearance measures include a change in the definition of
impaired loans (to overdue by 180+ days, from 90+ days) and
temporary moratoriums on loans falling due in 2Q20. In addition,
the bank can use end-2019 exchange rates to calculate FC
risk-weighted assets until end-2020, while also suspending
mark-to-market losses on securities through equity in its
capital-adequacy calculation. Banks can also apply a zero
risk-weighting to FC government exposures.

Fitch expects TSKB's underlying asset quality to deteriorate and
impairments to rise despite these policy measures, given the
severity and scale of the current downturn, although to what extent
will ultimately depend on the duration of the crisis and the pace
of recovery. In the short-term, the bank's reported asset-quality
metrics will benefit from forbearance, although this may ultimately
serve only to delay recognition of problematic exposures, in its
view.

The bank's NPL ratio has risen since early 2018, albeit from
historically low levels. It was still low at 3.4% at end-1Q20,
versus the sector average of 5%. However, Stage 2 loans, which are
largely restructured, have also increased and amounted to a further
10.2% of loans at end-1Q20.

Asset-quality risks have increased due to the weak growth outlook
and lira depreciation given the bank's significant FC loan exposure
(equal to a high 90% of gross loans at end-1Q20, versus the sector
average of 36%) and that not all borrowers are fully hedged. Credit
risks are also exacerbated by single-name risk, particularly in
project-finance lending, which comprises long-term, FC-denominated
exposures. However, as the loans are slowly amortising,
asset-quality problems will feed through only gradually.

Exposures to the troubled energy and construction/real estate
sectors are additional significant sources of risk, as these have
come under pressure from the weak growth outlook, market
illiquidity (real estate), lira depreciation (as loans are
frequently in FC but revenue in lira) and weak energy prices
(energy lending). Energy-sector lending (45% of total loans) is
largely related to renewable projects that are covered by a
government-guaranteed feed-in tariff set in FC, mitigating the
credit risk. In project finance, loans are typically collateralised
by the projects themselves and frequently also backed by sponsor-
and government-guarantees.

The bank has posted below-sector average loan growth since
end-2017, reflecting its more conservative risk appetite as the
operating environment has deteriorated but also low demand and
capital constraints. Lending rose 2% (FX-adjusted) in 2019 and
remained flat in 1Q20. It is not budgeting for significant growth
over the near-term.

TSKB's profitability metrics remain generally reasonable despite
having weakened and the bank outperformed the sector in operating
profit/RWA in 2019. Performance has been underpinned by its
reasonable net interest margin - reflecting access to low-cost
Treasury guaranteed funding and exposure predominantly to FC (as
opposed to the more volatile lira) interest rates - strong cost
control and manageable, but increasing, loan impairment charges.
Profitability is likely to be muted in 2020 given low growth, but
could deteriorate significantly in case of a marked weakening in
asset quality. FX swap costs can also weigh on the net interest
margin (NIM).

Capitalisation has come under pressure from the lira depreciation
(due to the inflation of FC RWAs). TSKB's CET1 ratio fell to 11.6%
at end-1Q20, from 12.1% at end-2019, which represents only a
moderate buffer over the minimum regulatory requirement of 7%. Its
total capital ratio is stronger at 17.1%, supported by
FC-denominated tier 2 capital, which provides a partial hedge
against the lira depreciation. Fitch estimates that forbearance
measures provided an uplift of 130bp to the bank's end-1Q20 CET1
ratio.

Potential asset-quality deterioration represents a risk to the
bank's capital position in light of its largely unreserved Stage 2
loans, high FC lending and single-name risk. Reserve coverage of
NPLs is low at 34%, but rises to 53% including free provisions.
Pre-impairment operating profit (1Q20: equal to about 5% of average
gross loans) provides a solid buffer to absorb losses through the
income statement.

TSKB is fully wholesale-funded, primarily in FX, and with a
significant portion guaranteed by Treasury, ensuring access to
long-term development-related funding. It is unique among Turkish
banks in having a liability structure that is significantly
longer-term than its asset structure. The maturity profile of the
bank's funding base is reasonably diversified.

FX liquidity consists mainly of cash and placements with foreign
and domestic banks and deliverable FX swaps. Fitch views TSKB's FC
liquidity as only adequate. The bank rolled-over its USD350 million
Eurobond in January, which it replaced with a USD400 million
Eurobond with a five-year maturity. The bank also redeemed another
USD350 million Eurobond in April. At end-1Q20 available FC liquid
assets covered about 70% of short-term wholesale funding
liabilities over a 12-month horizon, including unused but committed
funding lines from development finance institutions, this rose to
about 110%.

NATIONAL RATINGS

The affirmation of the National Ratings of all three banks reflects
its view that their creditworthiness in LC relative to other
Turkish issuers has not changed.

SUBORDINATED DEBT RATINGS OF TSKB

TSKB's subordinated debt rating is notched down from the VR anchor
rating. Fitch has downgraded the subordinated notes' rating of TSKB
to 'B-' from 'B', and removed it from Under Criteria Observation.
This is in line with the change in Fitch's baseline notching from
the VR for loss-severity to two notches from one notch for such
instruments, reflecting its expectation of poor recoveries in case
of default.

RATING SENSITIVITIES

TSKB

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

  - The most immediate downside rating sensitivity for TSKB's LTFC
IDR is the economic and financial market fallout of the pandemic,
given the negative implications for its asset quality, earnings,
capitalisation and funding and liquidity profile.

  - In the short-term, support packages and government stimulus
implemented by the authorities will mitigate operating-environment
pressures, while regulatory forbearance will also reduce the impact
on its reported financial metrics. Nevertheless, further marked
deterioration in the operating environment - in particular relating
to lira depreciation, the growth outlook and external
funding-market access - could lead to a VR downgrade. The more
protracted and deeper the economic shock, the greater the risk to
its credit profile and rating.

  - Greater-than-expected deterioration in underlying asset quality
or erosion of capital or FC liquidity buffers that leads to
pressure on liquidity and funding could lead to a VR downgrade.

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

  - The Outlook on TSKB's LTFC IDR could be revised to Stable if
both (1) economic conditions stabilise, thereby supporting its
earnings, asset quality, capital position and funding stability;
and (2) Fitch believes that the risk of a further marked
deterioration in Turkey's external finances, and therefore of
intervention in the banking system, has abated.

  - An upgrade of the bank's ratings is unlikely in the near-term
given the Negative Outlook.

IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS, NATIONAL RATINGS

The banks' SRs could be downgraded and SRFs revised down if Fitch
concludes further stress in Turkey's external finances materially
reduces the reliability of support for these banks in FC from the
Turkish authorities. In the case of TKYB and Turk Eximbank this
would also drive a downgrade of the banks' LTFC IDRs.

In addition, TKYB's SRF could be revised down by one notch and its
LTFC IDR downgraded, if its proportion of non-guaranteed funding
increases materially - particularly if Fitch believes this to be
indicative of a weakening in TKYB's policy role - or if there is a
sharp increase in its balance sheet size. The ratings of Turk
Eximbank and TSKB are also sensitive to a weakening in their policy
roles.

The LTLC IDRs of all three banks could be downgraded if the Turkish
sovereign is downgraded, if Fitch believes the sovereign's
propensity to support the banks has reduced (not Fitch's base case)
or if Fitch sees an increased likelihood of intervention risk in
LC. Conversely, these ratings could be upgraded in case of a
sovereign upgrade.

All three banks' National Ratings are sensitive to changes in their
LTLC IDRs and also their relative creditworthiness to other Turkish
issuers.

SUBORDINATED DEBT RATINGS OF TSKB

TSKB's subordinated debt rating is primarily sensitive to a change
in its VR anchor 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.

SUMMARY OF FINANCIAL ADJUSTMENTS

An adjustment has been made in Fitch's financial spreadsheets for
TSKB that has impacted Fitch's core and complimentary metrics.
Fitch has taken a loan 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.

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

TKYB's and Turk Eximbank's ratings are driven by the banks'
respective SRFs, which are linked to sovereign rating.

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).

Turkiye Kalkinma ve Yatirim Bankasi A.S.

  - LT IDR BB-; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AAA(tur); Affirmed

  - Support 3; Affirmed

  - Support Floor BB-; Affirmed

Turkiye Ihracat Kredi Bankasi A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AAA(tur); Affirmed

  - Support 4; Affirmed

  - Support Floor B+; Affirmed

  - Senior unsecured; LT B+; Affirmed

  - Senior unsecured; ST B; Affirmed

Turkiye Sinai Kalkinma Bankasi A.S.

  - LT IDR B+; Affirmed

  - ST IDR B; Affirmed

  - LC LT IDR BB-; Affirmed

  - LC ST IDR B; Affirmed

  - Natl LT AA(tur); Affirmed

  - Viability b+; Affirmed

  - Support 4; Affirmed

  - Support Floor B; Support Rating Floor Revision

  - SubordinatedL; LT B-; Downgrade

  - Senior unsecured; LT B+; Affirmed

  - Senior unsecured; ST B; Affirmed




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

APERTURE TRADING: Owed GBP32MM to Creditor at Time of Collapse
--------------------------------------------------------------
Sam Metcalf at TheBusinessDesk.com reports that Aperture Trading, a
manufacturer of uPVC windows and doors, owed over GBP32 million to
creditor when it was placed into administration.

According to documents seen by TheBusinessDesk.com, Aperture
Trading fell into administration a year after it bought out the
former Synseal business out of administration.

Documents prepared by KPMG show that, so far, just GBP1.32 million
was available for distribution between creditors by April 29,
TheBusinessDesk.com discloses.

Chris Pole and Will Wright were appointed as joint administrators
of Aperture Trading, which operated from premises in Huthwaite, in
March, TheBusinessDesk.com recounts.

Some 121 of the company's 451 staff were made redundant on
appointment of the administrators, TheBusinessDesk.com notes.

Tim Bateson -- tim.bateson@kpmg.co.uk -- restructuring director at
KPMG, as cited by TheBusinessDesk.com, said at the time: "Despite
significant and ongoing restructuring of the business last year
following its acquisition of Synseal Group's assets, Aperture
Trading has suffered from significant market headwinds, trading
pressures and a decline in sales."

At the beginning of May, part of the business was sold to
Altrincham Doors Limited and Altrincham Roofs for GBP1.5 million,
while last week the remaining business and assets of the firm were
bought by profine Group; a global PVC profile systems supplier,
TheBusinessDesk.com relays.

The deal saved 38 jobs, TheBusinessDesk.com notes.

Aperture Trading had employed 451 people before it entered
administration, TheBusinessDesk.com states.


DAZN: Explores Options to Inject Money Into Lossmaking Business
---------------------------------------------------------------
Murad Ahmed, Alex Barker, Leo Lewis, James Fontanella-Khan and Max
Seddon at The Financial Times report that online sports group DAZN
is racing to secure its financial future, with billionaire owner
Len Blavatnik exploring options to raise money for a business hard
hit by the pandemic.

The London-based company has in recent years spent billions of
dollars for the rights to live sporting events, including European
football matches and high-profile boxing contests, the FT recounts.
This was to help build a subscription streaming service dubbed the
"Netflix of Sports", the FT notes.

The global suspension of sports fixtures during the pandemic has
seen some subscribers pause monthly payments, the FT says.  DAZN
has also sought to defer payments it owes to sports leagues, citing
the lack of live action, the FT states.

Mr. Blavatnik is exploring ways to inject new money into the
lossmaking business, according to several people familiar with the
talks, with the sale of an equity stake in the business the
preferred option, the FT relays.  However, the people said an
outright sale would also be considered, according to the FT.

Just two years ago, the company was valued at GBP3 billion when it
sold a 10% stake to Japanese advertising giant Dentsu for GBP300
million, the FT relates.  According to the FT, people familiar with
its business said it is currently unlikely to reach a similar
valuation.

Research group Enders Analysis has estimated DAZN's financial
commitments on securing sports rights total at least GBP3.7
billion, the FT discloses.

In recent weeks, the group has approached big media companies over
a potential investment, including John Malone's Liberty Global, but
as yet has received little interest in a deal, the FT relays,
citing people familiar with the talks.


DVF STUDIO: Enters Administration, Closes Mayfair Store
-------------------------------------------------------
Business Sale reports that DVF Studio, the UK business of fashion
designer Diane von Furstenberg, has gone into administration and
has announced the permanent closure of its flagship store on Bruton
Street, Mayfair.

In a letter to UK clients, Ms. von Furstenberg cited the pressure
that coronavirus lockdown had taken on the business, Business Sale
relates.

Along with its Mayfair store, the company has points of service at
several prestigious UK department stores and operates an e-commerce
platform, Business Sale states.  In February, the company announced
that it was entering the rental market, launching its subscription
service through its online platform dvflink.com, Business Sale
recounts.  Its parent company is DVF Studio LLC.

In its most recent accounts, to the year ending December 31 2018,
DVF Studio UK reported fixed assets of GBP559,593, current assets
of GBP3.2 million and net assets of GBP1.49 million, its profit
after taxation was GBP124,052, Business Sale discloses.  However,
the company derives all its revenue from parent company DVF Studio
LLC, which reportedly made losses of US$22.1 million last year,
Business Sale notes.


EDDIE STOBART: FRC Investigates KPMG and PwC Over Audits
--------------------------------------------------------
Michael O'Dwyer at The Telegraph reports that two of Britain's
biggest accountants are to be investigated over their audits of
lorry business Eddie Stobart Logistics after a bookkeeping scandal
brought the company to its knees.

According to The Telegraph, big Four firms KPMG and PwC are under
pressure for signing off the company's results before the disaster,
which led to a suspension of the Aim-listed haulier's shares
between August and February as it sought to clear up confusion
about a GBP2 million misstatement of profits.   

The pair are now being investigated by the Financial Reporting
Council watchdog (FRC), which will examine whether they should have
spotted the black hole, The Telegraph discloses.


LENDY: Investors Need to Pass Certain AML Checks to Get Refunds
---------------------------------------------------------------
Omar Faridi at Crowdfund Insider reports that peer to peer (P2P)
lender, Lendy, which shut down last year and went into
administration, will be requiring previous investors to pass
certain anti-money laundering (AML) checks again, before they
qualify to get refunds.

According to Crowdfund Insider, Damian Webb, Phillip Sykes and Mark
Wilson, all of RSM Restructuring Advisory LLP, have been appointed
"joint administrators" of:

-- Lendy Limited ("Lendy")
-- Saving Stream Security Holdings Limited ("Saving Stream")
-- Lendy Provision Reserve Limited ("Reserve")

As previously reported, RSM was appointed administrator of the
collapsed P2P lending platform on May 24, 2019, Crowdfund Insider
notes.

RSM issued an update in which it noted that it has found "certain
deficiencies" in Lendy's AML compliance checks and procedures,
Crowdfund Insider relates.

RSM revealed that it will not be able to release any funds to
investors until it has determined or verified that capital invested
adheres to relevant AML legislation, Crowdfund Insider discloses.

RSM, as cited by Crowdfund Insider, said that a review of Lendy's
operating procedures indicated that further investigation into the
matter was required.  The company, Crowdfund Insider says, needs to
check whether the platform actually followed the appropriate AML
guidelines.

All Lendy investors will now be required to clear relevant KYC/AML
checks at least one more time, according to Crowdfund Insider.

Customers need to make sure their information provided via their
online accounts has been updated by 5:00 p.m. on August 30, 2020
(the latest), when the AML verification checks are expected to
begin, Crowdfund Insider discloses.

This appears to be yet another challenge Lendy investors are facing
as they attempt to recover their funds after the P2P lender shut
down, Crowdfund Insider states.

In July of last year, RSM had said that investors would be able to
get their money back by October 2019, however, it now remains
unclear exactly how long it will take to complete the KYC/AML
checks, Crowdfund Insider recounts.

It was estimated last year that approximately 22,000 investors have
about GBP165 million at risk, Crowdfund Insider states.

According to Crowdfund Insider, Iain Niblock, CEO of P2P investment
aggregator Orca Money, said (last year) it was no surprise Lendy
collapsed as extremely poor loan book performance and troubles with
the regulator had left investors nervous for quite some time.


TRAVELEX HOLDINGS: S&P Cuts LongTerm Issuer Credit Rating to 'SD'
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Travelex Holdings to 'SD' (selective default) from 'CC'. S&P also
lowered its issue rating on the EUR360 million senior secured notes
due 2022 issued by Travelex Financing PLC to 'D' (default) from
'C'. The recovery rating on the notes is unchanged at '5'. The
'CCC' issue and '1' recovery ratings on the £90 million super
senior revolving credit facility (RCF) also remain unchanged.

The downgrades follow Travelex's failure to pay the interest on its
EUR360 million senior secured notes on May 15, 2020.

Travelex has entered a 30-day grace period in order to seek waiver
and forbearance arrangements from its lenders. S&P believes that
Travelex's aim will be to seek a long-term solution to the
unsustainability of its capital structure, and therefore it does
not believe that Travelex will make the interest payment on the
notes within the 30-day grace period.

Travelex's immediate need is to preserve liquidity as the demand
for foreign currencies has evaporated due to the collapse in
international travel amid the COVID-19 pandemic. S&P therefore
views the nonpayment of interest as akin to a default on the senior
secured notes. However, S&P understands that the company continues
to service its £90 million RCF. Travelex is in discussions with
its lenders to agree on a solution that will leave it with a
reasonable amount of liquidity and financial flexibility to
continue its operations once the travel restrictions are lifted.
The outcome of these discussions is unclear at this stage.

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

-- Health and safety.



                           *********


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

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

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

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