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

                          E U R O P E

          Wednesday, June 17, 2020, Vol. 21, No. 121

                           Headlines



G E R M A N Y

KAISERSLAUTERN FC: Files for Insolvency, Owes EUR20 Million
PEARL GOLD: Court Rejects Insolvency Plan Confirmation Appeal
SCHAEFFLER AG: Moody's Lowers Unsec. Ratings to Ba1, Outlook Stable


G R E E C E

EUROBANK SA: Fitch Hikes LT IDR to B-, Outlook Negative


I R E L A N D

HARVEST CLO X: Fitch Affirms Class F Debt at 'B+sf'
WINNING WAYS: High Court Grants Restriction Order v. Directors


L U X E M B O U R G

EUROPEAN MEDCO 3: Moody's Gives B2 CFR & B2-PD PDR, Outlook Stable
[*] Fitch Places 18 ABS Ratings Under Criteria Observation
[*] Moody's Takes Rating Action on 7 Debt Purchasers in EMEA


N E T H E R L A N D S

ROSE BEACHHOUSE: Moody's Confirms B2 CFR, Outlook Negative


S W E D E N

TELEFONAKTIEBOLAGET LM: Moody's Hikes CFR to Ba1, Outlook Stable


T U R K E Y

TURKISH AIRLINES: Moody's Cuts CFR to B3, Outlook Negative


U N I T E D   K I N G D O M

DOWSON PLC 2020-1: Moody's Reviews Ba2 on D Notes for Downgrade
NEPTUNE ENERGY: Moody's Confirms Ba3 CFR, Outlook Stable
TRAVELEX LTD: Withdraws Sale After Potential Buyers Rejected
WICKSTEED PARK: Coronavirus Impact Prompts Administration

                           - - - - -


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G E R M A N Y
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KAISERSLAUTERN FC: Files for Insolvency, Owes EUR20 Million
-----------------------------------------------------------
Sport24 reports that four-time German champions Kaiserslautern
announced on June 15 they have filed for insolvency, but the third
division club is expected to survive under new rules adopted by the
German Football Association (FA) this season due to the coronavirus
pandemic.

According to Sport24, the Kaiserslautern football club has debts of
EUR20 million (US$22 million) and does not have the EUR15 million
it needs for the coming season, which must still be found through
investors.

However despite going into administration, Kaiserslautern, who are
in mid-table in the third tier, will not be docked league points,
as would usually be the case, under rules modified for this season
which the DFB announced in April, Sport24 discloses.

It could help avoid relegation as they are seven points from the
bottom three with six games left, Sport24 notes.

By restructuring their finances, managing director Oliver Vogt said
the club will continue to operate as a business and plan for next
season, Sport24 relates.

"The goal of the proceedings is to quickly restore economic
performance," Sport24 quotes Mr. Voigt as saying in a press
conference on June 15.

The cost of saving Kaiserslautern will fall to taxpayers with
Germany's Federal Employment Agency covering the players' salaries,
up to a maximum of EUR6,900 per employee per month for the next
three months, Sport24 states.

Germany became the first top European football nation to restart
its leagues after the Covid-19 pandemic when the top two tiers
resumed in mid-May behind closed doors, Sport24 recounts.

The third division restarted two weeks ago and Kaiserslautern have
won three of their five games since the resumption, Sport24
relays.


PEARL GOLD: Court Rejects Insolvency Plan Confirmation Appeal
-------------------------------------------------------------
Reuters reports that Pearl Gold AG said on June 15 the Regional
Court Frankfurt on Main rejected the appeal against the
confirmation of insolvency plan by Michael Reza Pacha, insolvency
creditor and former CEO of the company.

The confirmation of the insolvency plan for ending insolvency
proceedings and continuation of the company is final.


SCHAEFFLER AG: Moody's Lowers Unsec. Ratings to Ba1, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service has downgraded the senior unsecured
ratings of Schaeffler AG to Ba1, from Baa3. Concurrently, Moody's
has withdrawn Schaeffler's issuer rating (previously Baa3) and
assigned a Ba1 corporate family rating and Ba1-PD probability of
default rating to the group. Moody's has also downgraded the rating
of Schaeffler's debt issuance programme to (P)Ba1, from (P)Baa3.
The senior notes issued by Schaeffler Finance B.V., the fully owned
and guaranteed financing vehicle of Schaeffler, have also been
downgraded to Ba1, from Baa3.

The outlook on the ratings is stable.

This rating action concludes a review for possible downgrade that
began on March 26, 2020.

"The downgrade of Schaeffler's ratings is driven by the continuing
erosion of Schaeffler's operating profit margins in an ongoing
challenging automotive sector environment, and the resulting higher
financial leverage, which are no longer commensurate with a Baa3.",
said Matthias Heck, a Moody's Vice President -- Senior Credit
Officer and Lead Analyst for Schaeffler. "The stable outlook
reflects the company's strong liquidity and the expectation that
the initiated efficiency measures will help to maintain margins and
leverage at a level which is commensurate with the Ba1 rating."
added Mr. Heck.

RATINGS RATIONALE

The downgrade of Schaeffler's ratings reflects the gradual decline
of Schaeffler's EBITA margins (Moody's adjusted), from comfortably
above 10% over the years 2013-17 and 9.7% in 2018 to 5.9% in 2019
(after restructuring charges), well below the 10% which Moody's
expects as a level more commensurate for a Baa3. This drop was
primarily driven by margin pressure in Schaeffler's automotive
original equipment business, and was only slightly compensated by
its automotive aftermarket and industrial businesses. With this,
Schaeffler was already weakly positioned prior to the global
coronavirus outbreak, which will additionally hurt its
profitability in 2020, before some recovery towards the higher
single-digits in percentage terms should be possible from 2021.

The weakness in Schaeffler's margins is driven by continued
challenges in the automotive industry, such as electrification,
which will make certain mechanical components obsolete and require
ongoing high amounts of R&D spending, which limit free cash flow
generation. The expected recovery in margins is supported by (i) an
anticipated recovery of global automotive production in 2021 and
2022, (ii) the resilience of margins in Schaeffler's automotive
aftermarket and industrial divisions and (iii) the company's
actions to mitigate the negative impact of the global coronavirus
outbreak by cost reduction and flexibilisation as well as capex
reduction.

Schaeffler's debt/EBITDA (Moody's adjusted) increased to 3.5x in
2019, also due to restructuring charges to mitigate the margin
pressure. In the difficult environment in 2020, Moody's expects a
further increase to around 4x. With a recovery in revenues and
margins but very limited free cash flow generation, Moody's expects
an improvement towards 3.5x in 2021 and 3.0x in 2022. This is still
high for a Baa3 and more commensurate with a Ba1 rating.

Moody's forecasts for the global automotive sector a 20% decline in
unit sales in 2020, with a steep year-over year contraction in the
first three quarters followed a modest rebound in the fourth
quarter. Moody's expects 2021 industry unit sales to rebound and
grow by approximately 11%. However, future demand for vehicles
could be weaker than its current estimates, the already competitive
environment in the auto sector could intensify further, and
Schaeffler could encounter greater headwinds than currently
anticipated.

The 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 global automotive industry
is one of the sectors that will be most severely impacted by the
outbreak. Moody's regards the coronavirus outbreak as a social risk
under its ESG framework, given the substantial implications for
public health and safety.

Schaeffler's Ba1 CFR is supported by its (1) scale and leading
market positions in the bearings and automotive component and
systems market, with number one to three positions across the
wide-ranging product portfolio globally in a fairly consolidated
industry; (2) proven business model, with margins remaining above
the automotive supplier industry average; (3) innovative power,
illustrated by a high number of patents, enabled by sizable R&D
spending of above 5% of revenue per year; (4) relatively
conservative financial policies aimed at an investment-grade
rating, but also continued shareholder distributions; and (5)
excellent liquidity.

Schaeffler's Ba1 rating is primarily constrained by (1) its
exposure to cyclical end-markets, in particular automotive, where
it generates roughly 76% of revenue, which is exacerbated by short
lead times and limited revenue visibility; (2) the continued
pressure on EBITA margin (to 5.4% for the last twelve months to
March 2020, after restructuring charges), mainly in the automotive
segments, which has reduced Schaeffler's premium versus the
industry average; (3) the recently increased Moody's-adjusted
debt/EBITDA of 3.6x (as of March 2020, after restructuring charges)
and (4) a risk with regard to CO2 reduction regulations and
technological changes (especially electrification) that could put
its margin under further pressure because of increased R&D
spending, and a transformation of its product portfolio.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects the expectation that Schaeffler will
manage to recover its EBITA margins (Moody's adjusted) towards 9%
by 2022, on the back of continued efficiency measures and an
expected gradual recovery of the global automotive industry. With
this, and supported by positive free cash flow generation (post
dividends), Moody's expects a gradual improvement of debt/EBITDA
(Moody's adjusted) into a range of 3.0-3.5x, after an expected peak
of around 4x in 2020.

LIQUIDITY

Moody's considers Schaeffler's liquidity excellent. As of the end
of March 2020, Schaeffler reported around EUR228 million in cash on
balance sheet (excluding restricted cash), further supported by a
revolving credit facility of EUR1.8 billion with maturity in
September 2023. As of the end of March 2020, the revolving credit
facility was largely undrawn (EUR1,777 million available). The
facility currently has solid headroom to its leverage covenant
(3.75x net debt/company adjusted EBITDA). Furthermore, the company
has access to EUR200 million bilateral credit facilities with
banks, also due September 2023. After dividends payments of EUR295
million in May, Moody's expects Schaeffler's FCF generation (after
dividends) over the next 12-18 months to be limited and might even
temporarily turn marginally negative, given market weakness due to
coronavirus outbreak. This leaves cash sources comfortably above
cash needs, comprising of working cash needed to run the business
(estimated at EUR400 million or 3% of sales) and minor amounts of
commercial paper maturities (EUR0.1 billion). There are no other
material debt maturities until March 2022, when a EUR750 million
bond comes due.

STRUCTURAL CONSIDERATIONS

The company has transited into an investment-grade-like, senior
unsecured funding structure. The senior notes of Schaeffler AG and
Schaeffler Finance B.V. are rated in line with the CFR at Ba1.
Moody's has not applied any notching to the group's unsecured debt
in the context of significant non-debt financial obligations at the
level of operating companies pertaining to pensions, trade payables
and operating leases. Moody's may reconsider this approach should
the ratings of Schaeffler be further downgraded, which in the
context of the group's stable outlook on its ratings does not
appear likely in the short term.

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

Moody's could downgrade Schaeffler's ratings, if (1) its Moody's
adjusted debt/EBITDA remains sustainably above 3.5x (3.6x at LTM
March 2020); (2) Moody's adjusted EBITA margin failed to recover
towards 8% on a sustained basis (5.4% at LTM March 2020); (3)
Schaeffler generates negative free cash flow sustainably; or (4)
its liquidity deteriorates.

Moody's could upgrade Schaeffler's ratings if Schaeffler reduces
Moody's adjusted debt/EBITDA further sustainably below 3.0x and
improves Moody's adjusted RCF/net debt to at least 20% (18% at
March 2020), while recovering Moody's adjusted EBITA margin to at
least 10%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

COMPANY PROFILE

Headquartered in Herzogenaurach, Germany, Schaeffler AG is among
the leading manufacturers of roller bearings and linear products
worldwide, primarily for the automotive industry. It operates under
three main brands — INA, FAG and LuK. In 2019, Schaeffler
generated revenue of around EUR14 billion, with a workforce of
around 87,700 employees. As of the end of December 2019, the
founding Schaeffler family members owned 75% of the share capital
and 100% of the voting rights in Schaeffler through holding
entities.




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G R E E C E
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EUROBANK SA: Fitch Hikes LT IDR to B-, Outlook Negative
-------------------------------------------------------
Fitch Ratings has upgraded Eurobank S.A.'s Long-Term Issuer Default
Rating to 'B-' from 'CCC+' and Viability Rating to 'b-' from
'ccc+'. The Outlook on the Long-Term IDR is Negative.

The upgrade follows the completion of Eurobank's securitization of
EUR7.5 billion of non-performing exposures, resulting in a
significantly lower NPE/gross loans ratio compared with domestic
peers. The Negative Outlook reflects the risks from the economic
and financial implications of the coronavirus outbreak.

KEY RATING DRIVERS

IDR AND VR

Eurobank's ratings factors in its still weak asset quality and high
capital encumbrance by unreserved NPEs by international standards,
although following the completion of the securitization both have
significantly improved to more adequate levels ahead of the other
Greek systemic banks. The ratings also reflect an improving funding
structure and liquidity position, although the latter is still
relatively weak. Eurobank's overall financial profile, like that of
other European banks, is sensitive to the potential impact of the
coronavirus outbreak on the bank's capitalisation and
asset-quality.

On June 5, 2020, Eurobank announced the completion of the sale of
an 80% stake of its fully owned servicer and on a partial sale of
mezzanine and junior notes of the securitisation to doValue, an
Italian loan management services. The key terms of the acquisition
are broadly in line with the agreement announced in December 2019,
with some improvements of portfolio servicing terms in order to
mitigate the potential downside impacts for doValue derived from
the current economic environment.

Eurobank will retain 5% of the mezzanine and junior notes, and 100%
of senior notes that are guaranteed by the recently approved
Hercules Asset Protection Scheme. The remainder of the mezzanine
and junior notes will be distributed to Eurobank's shareholders as
a dividend in kind in 3Q20, after the approval of the General
Meeting. The bank will recognise the full financial impact of the
deconsolidation of the securitisation in 2Q20 results.

Following the deconsolidation of the securitisation, Eurobank's
group NPE ratio will be reduced to 15.6% from 28.9% at end-March
2020 (both ratios include the senior notes of the securitisations
as Stage 1 loans). The group's NPE coverage will also improve to
about 60%, up from 55% at end-March 2020.

Despite this improvement, pressure on asset quality will remain as
the economic fallout from the pandemic will likely result in an
increase in new NPEs. The introduction of the moratoria and the
provision of state loan guarantees and other support measures will
mitigate near-term asset-quality deterioration. However, large
credit losses could eventually materialise if the economic fallout
from the current crisis is long-lasting. At end-May 2020, the
amount of applications for the loan moratoria by Eurobank's clients
in Greece was EUR4.6 billion, representing 25% of the total
eligible loans granted to corporates, households and small
businesses.

The net impact on Eurobank's capital of the two transactions will
be about 340bp and the transitional Common Equity Tier 1 (CET1) and
total capital ratios will decline to 12.1% and 14.4%, respectively,
down from 15.4% and 17.8% at end-March 2020. Despite the decrease
in the capital ratios, Fitch estimates that capital encumbrance
from unreserved NPEs (88% of CET1 at end-March 2020) will
materially improve, reducing the vulnerability of Eurobank's
capital to asset quality deterioration.

Fitch expects Eurobank's earnings to benefit from cost savings from
the sale of its loan management services and from the asset quality
clean-up. However, the bank's operating profitability will remain
weak and is likely to be pressured by still high loan impairment
charges and lower business volumes, particularly fees, in the
current environment.

SENIOR PREFERRED DEBT

Eurobank's long-term senior preferred debt ratings, including those
issued under debt programmes of its issuing vehicles that are
guaranteed by the parent, are notched down twice from its Long-Term
IDR, reflecting poor recovery prospects in the event of a default
on senior preferred debt given still relatively weak asset quality,
high levels of senior-ranking liabilities (comprising mainly
insured retail and SME deposits) and high asset encumbrance. This
is reflected in the 'RR6' Recovery Rating assigned to the notes.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Rating Floor of 'No Floor'
highlight its view that support from the state cannot be relied on.
This is because of Greece's limited resources and the
implementation of the Bank Recovery and Resolution Directive.

RATING SENSITIVITIES

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

An upgrade of the bank's ratings is unlikely if economic activity
in Greece does not strongly recover in 2H20-2021, and would require
Eurobank to continue improving asset quality and capital
encumbrance from unreserved problem assets.

Earnings resilience in the current environment and improvements in
the bank's liquidity position would also be rating positive.

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

Eurobank's ratings would likely be downgraded if the deterioration
in the operating environment results in permanent damage of the
bank's capital and asset quality, including a temporary break of
capital buffers without a clear path for capital ratios to be
restored within a reasonable timeframe.

Pressure on the ratings could also arise if depositor and investor
confidence weaken, compromising the bank's relatively weak
liquidity profile.

Support measures by authorities, including state loan guarantees,
liquidity facilities or sector-wide NPL work-out schemes, could
mitigate negative rating pressure on the bank. The ratings of
senior preferred debt are sensitive to changes in the Long-Term IDR
and to the level of asset encumbrance.

A material reduction of asset encumbrance or improved asset-quality
could result in lower notching from the Long-Term IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR

Any upgrade of the Support Rating and upward revision of the
Support Rating Floor would be contingent on a positive change in
Greece's ability and propensity to support its banks. While not
impossible, this is highly unlikely in Fitch's view.

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.

ERB Hellas PLC

  - Senior preferred; LT CCC; Upgrade

  - Senior preferred; ST B; Upgrade

Eurobank S.A.

  - LT IDR B-; Upgrade

  - ST IDR B; Upgrade

  - Viability b-; Upgrade

  - Support 5; Affirmed

  - Support Floor NF; Affirmed

  - Senior preferred; LT CCC; Upgrade

  - Senior preferred; ST B; Upgrade

ERB Hellas (Cayman Islands) Ltd.

  - Senior preferred; LT CCC; Upgrade

  - Senior preferred; ST B; Upgrade




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I R E L A N D
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HARVEST CLO X: Fitch Affirms Class F Debt at 'B+sf'
---------------------------------------------------
Fitch Ratings has upgraded Harvest CLO X DAC's class B-R notes and
affirmed the other tranches.

Harvest CLO X DAC

  - Class A-R XS1649635601; LT AAAsf; Affirmed

  - Class B-R XS1649635940; LT AAAsf; Upgrade

  - Class C-R XS1649636245; LT A+sf; Affirmed

  - Class D-R XS1649636674; LT BBB+sf; Affirmed

  - Class E XS1114266197; LT BB+sf; Affirmed

  - Class F XS1114266866 LT B+sf; Affirmed

TRANSACTION SUMMARY

The transaction is a cash-flow collateralised loan obligation back
by a portfolio of mainly European leveraged loans and bonds. The
transaction is out of its reinvestment period and the portfolio is
currently amortising.

KEY RATING DRIVERS

Deleveraging Mitigates Credit Migration

The upgrade of the class B notes reflects further deleveraging of
the transaction since it exited its reinvestment period in November
2018. The class A-R notes have paid-down by more than half and
overall credit enhancement has increased to 38% from 24% across all
rated notes during that period.

Transaction performance is stable despite negative credit rating
migration of the underlying assets in light of the COVID-19
pandemic. As per the trustee report dated 5 May 2020, the
transaction is passing all coverage tests but the Fitch weighted
average rating factor and weighted average life tests, as well as
the Fitch CCC obligations are failing.

The Fitch-calculated WARF as of June 6, 2020 was 36.97, higher than
trustee reported Fitch WARF 36 against a covenant of 34. The
Fitch-calculated 'CCC' category or below assets (including the
non-rated names) represented 11.14% as of 6 June 2020, compared
with its 7.5% limit. Assets with a Fitch-derived rating on Negative
Outlook represent 27.5% of the portfolio balance. The portfolio
holds one defaulted asset representing 12bp of the reinvestment
target par balance.

'B'/'B-' Category Portfolio Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
of the current portfolio is 36.97.

High Recovery Expectations

About 99% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favorable than for second-lien, unsecured and mezzanine assets. The
Fitch's weighted average recovery rate of the current portfolio
under Fitch calculation is 65.51%.

Portfolio Concentration

The portfolio is concentrated with only 104 assets from 95
obligors. The top-10 obligors represent 21.6% and the largest
single obligor 2.7% of the portfolio balance, above its 2.5% limit.
The three-largest Fitch-defined industries represent 36.1%, above
the 35% test limit. Such concentration could increase as the
portfolio further amortizes.

Euribor not Floored at Zero

The calculation of the effective spread of assets having an
interest rate floor does not floor Euribor at zero and therefore
will lead to an inflated weighted average spread (WAS) due to a
negative Euribor. Yet, this overstatement of WAS is offset by
Euribor not being floored at zero in the calculation of the notes'
floating interest.

Cash Flow Analysis

Fitch used a customized proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, 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 the stable, decreasing and rising interest-rate scenarios
and the front-, mid- and back-loaded default timing scenarios as
outlined in Fitch's criteria. In addition, Fitch also tests 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 amortization proceeds and any prepayments
for each reporting period of the transaction life assuming no
defaults (and no voluntary terminations, when applicable). In each
rating stress scenario, such scheduled amortization proceeds and
prepayments are then reduced by a scale factor equivalent to the
overall percentage of loans that are not assumed to default (or to
be voluntarily terminated, when applicable). This adjustment avoids
running out of performing collateral due to amortization and
ensures all of the defaults projected to occur in each rating
stress are realized in a manner consistent with Fitch's published
default timing curve.

RATING SENSITIVITIES

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

A reduction of the mean default rate by 25% applied at all rating
levels and an increase in the recovery rate by 25% at all rating
levels would result in an upgrade of up to three notches across the
structure.

After the end of the reinvestment period, upgrades may occur in
case of a better-than-expected portfolio credit quality and deal
performance, leading to higher CE and excess spread available to
cover for losses on the remaining portfolio except for the class
A-R and B-R notes, which are already at the highest 'AAAsf' rating.
If the asset prepayment speed is faster than expected and outweighs
the negative pressure of the portfolio migration, this may increase
CE and potentially add upgrade pressure on the rated notes.

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

An increase of the mean RDR by 25% applied at all rating levels and
a decrease of the RRR by 25% at all rating levels will result in
downgrades of at least one notch but no more than six notches
across the structure.

Downgrades may occur if the build-up of the notes' CE following
amortization does not compensate for a greater loss expectation
than initially assumed due to unexpected high levels of defaults
and portfolio deterioration. As the disruptions to supply and
demand due to COVID-19 become apparent for other vulnerable
sectors, loan ratings in those sectors would also come under
pressure. Fitch will update the sensitivity scenarios in line with
the view of its Leveraged Finance team.

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the target portfolio to
envisage the coronavirus baseline scenario. It notched down the
ratings for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario shows the resilience of the
current ratings with cushions, except for classes F, which show
sizeable shortfalls.

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

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. There were no findings that were material to
this 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.

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 Fitch groups and/or other rating agencies
to assess the asset portfolio information.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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


WINNING WAYS: High Court Grants Restriction Order v. Directors
--------------------------------------------------------------
Ann Lalor and Lisa Matthews, who are banking and restructuring
lawyers at Pinsent Masons, the law firm behind Out-Law, disclosed
that the High Court in Ireland has granted a restriction order
against the directors of an insolvent company, Winning Ways Ltd.
The order was requested by the liquidator of the business at the
request of the Office of the Director of Corporate Enforcement
(ODCE).  The judgment confirms that the onus is on directors to
prove that they acted honestly and responsibly when raising a
defense against a restriction order under section 819 of the
Companies Act 2014.  When assessing the claim, the court will take
into account the preferential payments to the directors that
occurred prior to the liquidation.

The company was a wholesale trader of pet products and started to
experience trading losses in 2013.  In December 2014, the company
lost a contract with a key supplier, which reduced its turnover by
half.  In August 2016, it was resolved that the company be wound up
and the liquidator was appointed.  The liquidator claimed that the
respondents "failed in their obligations under the Companies Act
2014 and acted dishonestly in the management of the company".

Judgment

The court is obliged to make a declaration of restriction under
section 819(1) of the 2014 Act, unless the directors can prove that
they acted honestly and responsibly.  It was emphasized by the
court that under the established common law principle the onus is
on the directors to prove that they acted honestly and responsibly.
Whether an action is irresponsible should be assessed on an
objective standard, according to the court, and the court must not
"view the events in light of what transpired", but rather search
for an element of recklessness in directors' decision making.

The court assessed a number of matters that were brought to its
attention by the liquidator.  In relation to the failure to place
the company into liquidation in a timely manner, the court
objectively analyzed when the company became insolvent.  It
referred to the financial statements which reflected the company's
insolvency a year earlier than claimed by the directors.  The court
then considered whether the delay in putting the company into
liquidation amounted to responsible conduct.

The evidence provided by the directors in an attempt to justify the
delay showed that the actions undertaken by them within that year
could not be faulted because they did not achieve the required
turnaround of the company's fortunes.  The court, therefore,
concluded that when the directors became aware of the demonstrable
insolvency of the company, they should have focused on protecting
the interest of creditors to whom they owed fiduciary duties.

Additionally, the liquidator alleged that the company had been
making preferential payments to its bank under credit facilities,
one of which was an invoice discounting facility supported by
personal guarantees of the directors.  The directors claimed that
payments under this facility were out of the company's control and
that the amount was reduced in line with the company's decreased
turnover.  Despite not being able to establish preference, the
court stated that the continuance of payments throughout the loss
making years was an important factor in considering
irresponsibility on part of the directors.

The court applied a similar reasoning to the substantial
contributions by the company to the directors' pensions as well as
payment of rent for the premises to the directors.  The directors
argued that the premises were charged to the bank and the payments
were made by the company to the bank directly.  Nevertheless, such
payments had been reducing the directors' personal debt, which
showed a clear benefit.

Conclusion

The court held that when clear financial information was available
to the directors, they were under a duty both collectively and
individually, "to acquire and maintain a sufficient knowledge and
understanding of the company's business to enable them to properly
discharge their duties as directors". When faced with such
information, the directors were not under an absolute obligation to
initiate a liquidation of the company immediately.  However, from
the point in time when they were aware of the insolvency they were
under obligations to have regard to the interests of the creditors
of the company and to act accordingly.  Based on the evidence
presented, the court found they were not able to discharge the onus
of proving that they acted honestly and responsibly.  As a result,
the court granted the restriction order under section 819 of the
Companies Act 2014.

Interestingly and in the context of the current Covid-19 crisis, on
June 4, 2020, the ODCE issued some helpful guidance on how it will
approach its review of directors' conduct when dealing with
liquidators' reports.  The ODCE has said that it will have "due
regard to the impacts of the pandemic" when reviewing directors'
actions. This indicates that the ODCE will not seek to have
directors restricted where directors are deemed to have acted
reasonably in the face of the COVID-19 crisis.




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

EUROPEAN MEDCO 3: Moody's Gives B2 CFR & B2-PD PDR, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a B2-PD probability of default rating to European Medco
Development 3 S.a.r.l. the holding company at the top of the
restricted group and at which the group will provide consolidated
reports going forward. Concurrently, Moody's assigned B2 instrument
ratings to the EUR290 million senior secured term loan B maturing
in May 2027 and the EUR75 million senior secured revolving facility
maturing in November 2026 issued by European Medco Development 4
S.a.r.l. a subsidiary of PharmaZell. The outlook on all ratings is
stable.

The proceeds from the new facilities will serve to finance the
group's acquisition by financial sponsor Bridgepoint.

RATINGS RATIONALE

PharmaZell's B2 CFR is weakly positioned due to its (1) relatively
small size with only EUR183 million of revenues; (2) high product
concentration resulting in a significant dependency on mainly three
product groups partially offset by its attractive Steroid portfolio
composed of more than 50 Active Pharmaceutical Ingredients; (3)
meaningful production concentration with only four manufacturing
sites, exposing it to event risk such as the closure of a site in
case of an accident or quality issues, which, however, is partially
mitigated by a long and strong operational track record; (4) its
relatively high debt burden as evidenced by a high starting
leverage of 6.3x adj. debt /EBITDA which leaves limited cushion for
unforeseen events, underperformance or shareholder distributions,
and (5) moderate free cash generation over the next two years
constrained by high capex investments and working capital build up
in order to accompany the ambitious growth plan.

These constraining factors are balanced by PharmaZell's: (1)
attractive API product portfolio as evidenced by industry leading
Moody's adjusted EBITDA margins of about 27.5% combined with a 5.5%
revenue growth rate in in fiscal 2019/2020; (2) exposure to the
stable and growing pharmaceutical end market; (3) long term
customer relationships protected by high barriers to entry due to
regulatory specifications and a track record of quality and
reliability; (4) a patent portfolio protecting the company's
manufacturing processes; and (5) a strong operating track record of
growing its sales by annually about 8.1% since 2007 and
consistently increasing EBITDA margins from about the high teens to
the high-twenties over the same period.

LIQUIDITY

Moody's deems PharmaZell's liquidity as adequate. Following closing
of the transaction the company will have EUR14 million cash on
balance and access to an undrawn EUR75 million revolving credit
facility maturing in November 2026. In fiscal 2020/21 Moody's
expects the company to generate moderate free cash flow limited to
about EUR5 million by significant capex spending of about EUR21
million and a working capital build up on the back of expected
revenue growth. The company has no upcoming maturities until its
EUR290 million term loan B will come due in 2027.

The RCF has a springing net debt/EBITDA maintenance covenant set at
9.5x, which will be tested if the RCF is drawn by 40%. Moody's
expects the RCF to remain undrawn for the next 12-18 months.
Furthermore, the company has factoring facilities in place, under
which EUR18 million of receivables were factored by end of March
2020.

STRUCTURAL CONSIDERATIONS

PharmaZell's PDR is B2-PD, implying a 50% family recovery. The B2
rating of the term loan B, in line with CFR, reflects the EUR290
million term loan B ranking in line with the EUR75 million RCF and
ahead of the EUR25 million subordinated shareholder loan, for which
Moody's adjusts as equity. In addition, the security package of the
term loan is relatively weak in line with the current market
standard consisting of share pledges of the guarantor group
representing a minimum of 80% of the group's EBITDA and pledges on
holding and intercompany bank accounts.

ESG

Moody's considers the coronavirus outbreak as a social risk under
its ESG framework, given the substantial implications for public
health and safety and its impact on the global economy. The impact
of Covid 19 on PharmaZell's revenue and supply chain in Moody's
view will remain relatively limited given the importance of its
operations for the manufacturing of pharmaceuticals, as evidenced
by strong results in April 2020. However, Moody's notes that
PharmaZell operates two plants in India and potentially faces
significant investments in order to strengthen / return API
production to Europe in the medium to long term, as German and
European regulators seek to reduce dependence on pharmaceuticals
from Asia.

Furthermore, API production is strictly regulated and PharmaZell is
subject to rigorous quality controls and inspections by the
respective regulators. Moody's notes that that the company has a
strong track record of complying with regulatory standards, but
cautions that any material finding or quality incident could
potentially impact operating performance significantly, considering
the relatively small size and limited manufacturing diversification
of the company.

OUTLOOK

The stable outlook on PharmaZell's ratings reflects the relatively
resilient pharmaceutical end market and the importance of API
production for public health, which should limit potential negative
impacts from the Covid 19 crisis. At the same time Moody's expects
PharmaZell to reduce its relatively high Moody's adjusted starting
leverage from about 6.3x debt/EBITDA at the end of March 2020 to
well below 6.0x on a sustained basis over the next 12 -- 18 months,
reflecting its attractive product portfolio and good track record
of organically growing its business. Furthermore, the stable
outlook incorporates Moody's expectations that PharmaZell will
remain free cash flow positive at all times even during periods of
significant investments to accompany its ambitious growth targets.

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

The ratings could be upgraded if PharmaZell would: (1) continue to
grow revenue, EBITDA and increase its product diversification; (2)
reduce its leverage to well below 5.0x adj. debt/EBITDA on a
sustained basis; (3) maintain its sound quality track record and
remain in compliance with regulatory requirements; and (4) at the
same time displays an adequate liquidity profile as evidenced by
substantial free cash flow generation at all times.

The ratings could be downgraded if: (1) PharmaZell would experience
any material quality issues or none-compliance with regulatory
standards; (2) the company failed to reduce its adj. debt / EBITDA
ratio to well below 6.0x over the next 12-18 months; (3) adj.
EBITDA margins would fall below 20%; and (4) liquidity would weaken
or free cash flows would turn negative.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

PharmaZell is a specialized manufacturer of niche APIs serving the
resilient pharmaceutical end market with about 80 APIs in 10
therapeutic areas such as dermatology, oncology, respiratory,
pulmonary and inflammatory diseases based in Raubling, Germany. In
fiscal 2019/2020 the company reported sales of EUR183 million and
EBITDA of about EUR53.9 million (normalized by management) with
about 850 employees located in its 4 production sites, in Germany,
Italy and India. Since 2007, revenue has almost tripled from EUR70
million and is expected to continue to grow strongly based on an
attractive product pipeline. The company was acquired in February
2020 by the PE firm Bridgepoint from DPE Deutsche Private Equity
and Maxburg Capital Partners for an undisclosed consideration.


[*] Fitch Places 18 ABS Ratings Under Criteria Observation
----------------------------------------------------------
Fitch Ratings has placed 18 ABS ratings Under Criteria Observation
following the publication of its Consumer ABS Rating Criteria on
June 9, 2020.

Magoi B.V.

  - Class E XS1907554015; LT BBBsf; Under Criteria Observation

  - Class F XS1907567934; LT B+sf; Under Criteria Observation

Santander Consumer Spain Auto 2019-1, FT

  - Class D ES0305442032; LT BBB+sf; Under Criteria Observation

  - Class E ES0305442040; LT BBB-sf; Under Criteria Observation

VCL Multi-Compartment S.A. - Compartment VCL 30

  - Class B XS2114331916; LT A+sf; Under Criteria Observation

FT, Santander Consumer Spain Auto 2016-2

  - Class D ES0305213037; LT BBB+sf; Under Criteria Observation

  - Class E ES0305213045; LT BB+sf; Under Criteria Observation

MTF Sierra Trust 2017;

  - Class E NZSTMTFAT056; LT Asf; Under Criteria Observation

VCL Multi-Compartment S.A. - Compartment VCL 29

  - Class B XS2057983152 LT A+sf; Under Criteria Observation

Crusade ABS Series 2017-1 Trust

  - Class D AU3FN0034542; LT Asf; Under Criteria Observation

  - Class E AU3FN0034559; LT BBB+sf; Under Criteria Observation

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

  - Class C IT0005388761; LT BBB+sf; Under Criteria Observation

  - Class D IT0005388779; LT BB+sf; Under Criteria Observation

  - Class E IT0005388787; LT BB+sf; Under Criteria Observation

Crusade ABS Series 2016-1 Trust

  - Class C AU3FN0030987; LT AAsf; Under Criteria Observation

  - Class D AU3FN0030995; LT Asf; Under Criteria Observation

  - Class E AU3FN0031001; LT BBB+sf; Under Criteria Observation

Flexi ABS Trust 2019-2

  - Class D-G AU3FN0051702; LT BBBsf; Under Criteria Observation

KEY RATING DRIVERS

Consumer ABS Rating Criteria

The 18 ratings are from 10 ABS transactions, which Fitch identified
as potentially affected by the new criteria.

Ratings placed UCO indicate the possibility of a rating change as a
result of the application of the new criteria. The UCO status of
each rating will be resolved on a transaction-specific basis by
undertaking a full review of each transaction with the new
criteria. Fitch will resolve the UCO status of all ratings within
six months.

RATING SENSITIVITIES

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

The expected rating impact, if any, of the new default timing
methodology is a positive one with a magnitude of up to three
notches.

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

Based on Fitch's analysis, the new default timing methodology, in
itself, is not expected to lead 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

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

Overall, 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.

The following issuers informed Fitch that not all relevant
underlying information used in the analysis of the rated notes is
public.

  - Crusade ABS Series 2016-1 Trust

  - Crusade ABS Series 2017-1 Trust

  - Flexi ABS Trust 2019-2

  - MTF Sierra Trust 2017

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.


[*] Moody's Takes Rating Action on 7 Debt Purchasers in EMEA
------------------------------------------------------------
Moody's Investors Service took rating actions on seven debt
purchasers based in EMEA: it downgraded the corporate family rating
and backed senior secured rating of Anacap Financial Europe S.A.
SICAV-RAIF, and it affirmed the CFR and ratings of six other debt
purchasers and/or their supported entities: Arrow Global Group PLC,
B2Holding ASA, Cabot Financial Ltd, Garfunkelux Holdco 2 S.A.,
Intrum AB (publ), and Louvre BidCo SAS.

The issuer-level outlook on Anacap remains stable after the
downgrade. The outlooks on B2Holding and Intrum were changed to
negative from stable, the outlook on Arrow remains negative, the
outlooks on Cabot and Garfunkelux remain stable, and the outlook on
Louvre BidCo remains positive.

RATINGS RATIONALE

The rating action on seven EMEA debt purchasers reflects Moody's
view that debt purchasing companies will be particularly affected
by the deteriorating economic conditions stemming from the
coronavirus crisis. In Moody's view, measures taken by countries to
limit the spread of the virus, including courts closures and
suspension of bailiffs, social distancing measures, combined with
households' diminished ability to repay their debts, will
meaningfully reduce debt purchasers' near-term cash collections.
While Moody's believes that the disruption in debt purchasers'
business activities will be temporary in nature and that a large
proportion of previously forecasted collections will be deferred,
rather than lost, the decline in collections will result in reduced
near-term profitability, driven by impairment charges and lower
revenues from portfolio investments. Lower income will result in
increased leverage and reduced ability to service debt.

While its base case view is for a sharp downturn in European
economies to be followed by a recovery at the back end of 2020 and
into 2021, should the economic downturn persist beyond 2020,
estimated remaining collections will reduce further. All of the
issuers included in this action have limited new investments to a
minimum and reduced forward flow agreements when possible, in order
to strengthen their liquidity and to preserve cash for when the
recovery begins. Based on its macroeconomic forecasts, Moody's
anticipates an opening up of the debt sale markets and a gradual
pick-up in collection activities in the second half of 2020, with a
large portion of deferred cash flows likely to be collected in
2021, as the global economy rebounds.

The magnitude of the impact from the coronavirus crisis on the
individual issuers' credit profiles will vary, depending on these
companies' geographic diversification, portfolio composition by
sector and asset type, as well as their business diversification,
available liquidity, and proximity of debt maturities. Moody's
expects that debt purchasers with significant investment exposures
to Southern European countries, such as Italy (Baa3 stable) and
Spain (Baa1 stable), will be particularly affected by the
coronavirus crisis, as court and business closures and quarantine
restrictions have taken a deep toll on the economic activity in
these countries, where automated digital payments are less common
than, for example, in the UK.

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

SPECIFIC ANALYTICAL FACTORS FOR INDIVIDUAL DEBT PURCHASERS

ANACAP FINANCIAL EUROPE S.A. SICAV-RAIF (AFE)

Moody's downgraded AFE's CFR to B2 from B1 and backed senior
secured debt rating to B3 from B2. The outlook is stable.

RATINGS RATIONALE

The downgrade reflects the anticipated weakening of the company's
fundamentals due to the expected sharp drop in near-term
collections, driven by severe disruptions caused the coronavirus
outbreak in Southern Europe; specifically, Italy, Spain, and
Portugal, to which AFE has significant exposure.

Given AFE's focus on secured collections, Moody's expects that most
of the company's previously forecasted cash flows will be deferred
until 2021, with a gradual improvement in collection activity in
late 2020, as the courts re-open and start working through the
backlog of claims. Moody's expects that AFE will be operating with
materially higher leverage and reduced debt servicing capability in
the next 12 months, which are not commensurate with the previous
corporate family rating positioning at B1, particularly in light of
continued uncertainty related to the pace of economic recovery from
the coronavirus outbreak. While Moody's expects the company's
leverage and debt servicing metrics to improve meaningfully in 2021
due to collections of previously deferred cash flows, greater
expected volatility of AFE's earnings weakens its credit profile.

AFE's CFR of B2 also reflects: (i) no immediate refinancing risk,
with the earliest debt maturity in the form of the EUR90 million
revolving credit facility, in July 2022; (ii) debt maturity
concentrations, with the only note issuance maturing in August
2024; (iii) largely variable cost structure; (iv) tangible common
equity deficit, providing no loss absorption to creditors in the
event of default; (v) weak underlying cash flows when excluding
cash needed to maintain expected remaining collections; and (vi)
high degree of supplier concentration and small franchise compared
to peers.

The B3 rating of AFE's senior secured notes due 2024 is based on
the application of Moody's "Loss Given Default (LGD) for
Speculative-Grade Companies" methodology published in December 2015
and is reflective of the notes' priority ranking in AFE's liability
structure.

-- OUTLOOK

The outlook is stable, reflecting Moody's expectation that AFE's
earnings and cash flow will exhibit high volatility during the
outlook period and that a significant deterioration in AFE's
leverage and debt servicing metrics in 2020 will most likely be
temporary. Barring a slower economic recovery, Moody's expects that
AFE's credit fundamentals will recover to the levels commensurate
with the B2 corporate family rating levels in the first half of
2021.

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

AFE's CFR could be upgraded to B1 if AFE's: (i) Debt to EBITDA
leverage drops to the pre-coronavirus levels of approximately 4x,
while earnings volatility declines, resulting in stable and solid
profitability; and (ii) available liquidity, including cash on hand
and a borrowing capacity under the credit facility, is deemed to be
sufficient to allow for portfolio purchases, in line with
historical investments. An upgrade in the CFR would likely lead to
a corresponding change in AFE's senior secured debt rating. In
addition to a CFR upgrade, the senior secured debt rating could
also be upgraded because of changes to the liability structure that
would increase the amount of debt considered junior to the notes.

AFE's CFR could be downgraded if AFE's: (i) collections drop beyond
the anticipated levels, leading to a sharp increase in Debt to
EBITDA leverage; (ii) profitability, measured as return on assets,
continues to exhibit high earnings volatility; and (iii) available
liquidity position deteriorates, such that the company would be
unlikely to resume its investment purchases in the foreseeable
future. A downgrade in the CFR would likely lead to a corresponding
change in AFE's senior secured debt rating. The senior secured debt
rating could also be downgraded because of changes to the liability
structure that would increase the amount of debt considered senior
to the notes.

ARROW GLOBAL GROUP PLC (ARROW)

Moody's affirmed Arrow's CFR at Ba3. Moody's also affirmed the
backed local and foreign currency senior secured debt ratings of
Arrow Global Finance plc, a wholly owned subsidiary of Arrow, at
Ba3. The outlook on both entities remains negative.

RATINGS RATIONALE

The affirmation of Arrow's ratings reflects Moody's expectation
that there will be no material deterioration in Arrow's credit
fundamentals as a result of the coronavirus outbreak, and that a
moderate increase in the company's leverage in 2020 will be
temporary in nature.

Arrow has moderate exposure to the countries particularly affected
by the coronavirus, including Italy. Most of Arrow's collections in
Italy are secured and are therefore more likely to be disrupted by
court closures, but also more likely to be deferred, rather than
lost entirely.

The affirmation also reflects: (i) Arrow's solid profitability and
interest coverage, underpinned by its diversified business model,
which comprises, in addition to its direct investment business, a
capital-light, fee-based asset management and service business;
(ii) no debt maturities until 2024, but debt maturity
concentrations in future years; and (iii) a tangible common equity
deficit, providing no loss absorption to creditors in the event of
default.

Arrow's senior secured debt ratings reflect the application of
Moody's LGD for Speculative-Grade Companies methodology and their
priorities of claims and asset coverage in the company's liability
structure. Following the increase of Arrow's revolving credit
facility in late 2018, the modeled rating outcome is one notch
below the CFR. Moody's believes that the company will reduce its
reliance on the credit facility as it scales down its direct
investment business in favor of expanding its fund management
business.

  -- OUTLOOK

The negative outlook reflects the downside risk that its modeled
loss given default rate for Arrow's senior secured debt, as
assessed under its LGD model, will not improve sufficiently over
the next 12-18 months, which would be a result of the company not
reducing its use of the credit facility. The outlook also
incorporates its view that Arrow's financial performance will
remain in line with its current rating positioning over the next
12-18 months.

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

Arrow's CFR could be upgraded if Arrow increases diversification
and stability of its earnings from deployment of capital from its
fund management business, for which it completed an inaugural
capital raise in December 2019, while reducing its reliance on
direct investment business, leading to subsequent de-leveraging. An
upgrade of the CFR would likely lead to a corresponding change in
Arrow's senior secured debt ratings. The senior secured debt
ratings could also be upgraded because of changes to the liability
structure that would increase the amount of debt considered junior
to the notes.

Arrow's CFR could be downgraded if the company's collection
performance proves to be weaker than expected, leading to an
increase in leverage and deterioration in cash flows. A downgrade
of the CFR would likely lead to a corresponding change in Arrow's
senior secured debt ratings. Because the modelled loss given
default rate for Arrow already implies a lower senior secured
rating, the senior secured debt ratings could be downgraded in case
of limited positive changes or adverse changes to the liability
structure that do not sufficiently reduce expected loss for senior
secured creditors.

B2HOLDING ASA (B2HOLDING)

Moody's has affirmed B2Holding's CFR at Ba3 as well as its foreign
currency senior unsecured rating at B1. The outlook on the issuer
was changed to negative from stable.

WITHDRAWAL OF LONG-TERM ISSUER RATINGS

Moody's has decided to withdraw the ratings for its own business
reasons.

RATINGS RATIONALE

The affirmation of the Ba3 CFR reflects B2Holding's: (i) strong
capitalisation and leverage metrics compared to peers; and (ii)
well-diversified portfolio, comprising debt across 23 countries and
spread between secured and unsecured debt; a strength despite a
high proportion in countries Moody's considers to have less mature
non-performing loan (NPL) markets. These strengths are balanced
against: (i) risks related to the company's rapid historical
growth, which Moody's expects will continue albeit at a slower
pace, and the company's limited track record since its 2011
inception; (ii) historical fast liquidity consumption because of
the rapid growth, thereby increasing funding needs beyond what the
maturity schedule implies; (iii) high revenue concentration of
purchased NPLs, with only limited revenue stemming from third party
collections and other sources; and (iv) the negative impact of the
coronavirus pandemic, entailing limited covenant headroom over
2020.

The affirmation of B2Holding's senior unsecured debt rating
reflects the results of Moody's LGD for Speculative-Grade Companies
methodology and the priorities of claims and asset coverage in the
company's liability structure. The size of B2Holding's senior
secured revolving credit facility (RCF) indicates higher
loss-given-default for senior unsecured creditors, leading to a
senior unsecured rating one notch lower than B2Holding's Ba3 CFR.

  -- OUTLOOK

The negative outlook reflects Moody's view that, while B2Holding
will have sufficient liquidity to refinance its remaining bond
maturity in December 2020, any material further delay in
collections could impede the availability of the revolving credit
facility, which could in turn constrain the company's ability to
seize purchasing opportunities in the coming months. Moody's
nonetheless notes that RCF banks have been supportive in the past,
providing waivers to increase headroom to covenants, and that such
support could be further extended.

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

An upgrade of the CFR is unlikely in the short term, given the
slowdown in collections expected as a result from the coronavirus
outbreak.

Moody's could however upgrade B2Holding's CFR if the company
successfully meets its financial targets while (i) reducing
liquidity risk; and/or (ii) reducing operational and execution
risks related to its rapid expansion. An upgrade of B2Holding's CFR
would likely result in an upgrade of the senior unsecured debt
rating.

B2Holding's long-term ratings could also be upgraded due to a
positive change to its debt capital structure that would increase
the recovery rate for senior unsecured debt classes.

Moody's could downgrade B2Holding's CFR if the company's (i)
liquidity position deteriorates beyond its expectations, for
example if the RCF is fully utilised over a prolonged period or the
company is unable to reduce RCF utilisation and extend its maturity
profile through new bond issuance over the next 12-18 months; (ii)
capitalisation falls materially; and/or (iii) profitability metrics
fall below peers. A downgrade of B2Holding's CFR would likely
result in a downgrade of the senior unsecured debt rating.

B2Holding's long-term ratings could also be downgraded if the
company were to materially increase its RCF, which is senior to the
company's senior unsecured liabilities.

CABOT FINANCIAL Ltd (CABOT)

Moody's affirmed Cabot's CFR at B1 and backed senior secured
rating, issued by Cabot Financial (Luxembourg) S.A and Cabot
Financial (Luxembourg) II S.A, at B1. The outlook remains stable.

RATINGS RATIONALE

The affirmation with a stable outlook reflects Moody's view that a
potential weakening in Cabot's profitability, leverage and cash
flows from the disruption in collections activity will be within
the rating agency's tolerance levels at the current rating level.

Moody's expectations are based on Cabot's geographic footprint,
focused on the UK, and asset composition of its portfolio. Cabot
derives a large portion of its UK collections from automated
payment plans, which provide more granular and predictable cash
flows, as compared to settlement-based collections. With the
slowdown in collection activities in Europe, and Spain in
particular, Moody's anticipates some weakening in Cabot's key
credit metrics, but also expects that the company's leverage and
debt servicing metrics will return to pre-coronavirus levels by the
end of 2021.

Cabot's CFR of B1 continues to reflect: (i) Cabot's strong
profitability and relatively low earnings volatility as compared to
peers; (ii) no debt maturities until 2023; (iii) Moody's view that
Encore Capital Group, Inc., Cabot's US parent, will support
refinancing activities if needed, thereby mitigating risks related
to Cabot's debt maturity concentrations; and (iv) a tangible common
equity deficit, providing no loss absorption to creditors in the
event of default.

The senior secured debt ratings reflect the application of Moody's
LGD for Speculative-Grade Companies methodology and their
priorities of claims and asset coverage in the company's
liabilities structure.

  -- OUTLOOK

The stable outlook reflects Moody's view that Cabot's financial
performance will remain solid, notwithstanding the expected
weakening in profitability, leverage and cash flows from the
disruption in collection activity, which the rating agency believes
will be temporary in nature.

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

Cabot's CFR could be upgraded if: (i) the company continues to
demonstrate consistently strong profitability, with minimal amounts
of impairments; and ii) if its liquidity remains strong, with ample
availability under the revolving credit facility. An upgrade in the
CFR would likely lead to a corresponding change to the senior
secured debt ratings. The senior secured debt ratings could also be
upgraded because of changes to the liability structure that
increases the amount of debt considered junior to the notes.

Cabot's CFR could be downgraded if: (i) profitability and cash
flows weaken beyond the anticipated levels, driven by materially
lower collection performance than expected; and (ii) gross debt to
EBITDA increases beyond 5x and stabilises at that level. A
downgrade of the CFR would likely lead to a corresponding change to
the senior secured debt ratings. The senior secured debt ratings
could also be downgraded because of changes to the liability
structure that increases the amount of debt considered senior to
the notes or decreases the amount of debt considered junior to the
notes.

GARFUNKELUX HOLDCO 2 S.A. (GARFUNKELUX)

Moody's affirmed the B3 CFR of Garfunkelux and the B3 local and
foreign currency ratings of the senior secured notes issued by
Garfunkelux Holdco 3 S.A., as well as the Caa2 foreign currency
rating of the senior unsecured notes issued by Garfunkelux. The
outlook on all entities remains stable.

RATINGS RATIONALE

The rating affirmation with a stable outlook reflects Moody's view
that the coronavirus crisis will not lead to a meaningful
deterioration in Garfunkelux's credit fundamentals. Unlike some of
its rated peers, Garfunkelux does not have exposure to Southern
Europe, which has been particularly affected by the coronavirus
outbreak.

Garfunkelux's CFR continues to reflect: (i) improved, but still
weak profitability, with financial losses and a weaker-than-peer
interest coverage ratio; (ii) improved, but higher-than-peer
leverage; (iii) debt maturity concentrations in 2022 and 2023; and
(iv) improved, but still weak underlying cash flow generation, when
adjusted for replacement rate of purchased debts.

The B3 rating of the senior secured notes and the Caa2 rating of
the senior unsecured notes also reflect the application of Moody's
LGD for Speculative-Grade Companies methodology and their
priorities of claims and asset coverage in the company's liability
structure.

  -- OUTLOOK

The outlook is stable, reflecting Moody's expectation that an
anticipated deterioration in Garfunkelux's profitability, leverage
and cash flow metrics from a decrease in collections will be within
the parameters of the current rating, and will be temporary in
nature, with an expectation that the company will collect on most
of its deferred cash flows in 2021.

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

Garfunkelux's CFR could be upgraded if: (i) the company's financial
performance improves, as evidenced by positive earnings, improved
cash flows, and reduced leverage, and (ii) risks related to debt
maturity concentrations drop materially. An upgrade in the CFR
would likely lead to a corresponding change in the senior secured
and senior unsecured debt ratings. The ratings on the senior
secured and senior unsecured debt could also be upgraded because of
changes to the liability structure that increases the amount of
debt considered junior to the notes.

Garfunkelux's CFR could be downgraded if: (i) the company continues
to report losses, driven by increased funding costs or material
negative revaluation losses; (ii) gross debt to EBITDA meaningfully
increases; (iii) refinancing risks increase; and/or (iv) cash flow
generation weakens, driven by lower than expected collections. A
downgrade in the CFR would likely lead to a corresponding change in
the senior secured and senior unsecured debt ratings. The ratings
on the senior secured and senior unsecured debt could also be
downgraded because of changes to the liability structure that
increases the amount of debt considered senior to the notes or
decreases the amount of debt considered junior to the notes.

INTRUM AB (publ) (INTRUM)

Moody's has affirmed Intrum's CFR and foreign currency senior
unsecured debt ratings at Ba2. The outlook on the issuer has been
changed to negative from stable.

RATINGS RATIONALE

The affirmation of Intrum's Ba2 CFR reflects the company's: (i)
leading debt purchasing and debt servicing market position in
Europe; (ii) diversified business model, with the majority of
external revenues coming from third party debt collections; and
(iii) strong financials, including a sound liquidity position with
no material near-term refinancing requirements. These strengths are
balanced against: (i) execution- and operational-risk relating to
its recent material transactions; and (ii) the downside risk
associated with the coronavirus pandemic, straining Intrum's
ability to achieve deleveraging.

The affirmation of the Ba2 ratings of Intrum's senior unsecured
notes reflects the results from Moody's LGD for Speculative-Grade
Companies methodology and their positioning within the company's
funding structure and the amount outstanding relative to total
debt. The model outcome for the notes is Ba3, one notch below the
current Ba2 rating; however, the senior unsecured debt rating of
Ba2 is driven by Moody's expectation that the long term RCF
drawings will be at a lower level than at present.

  -- OUTLOOK

The negative outlook on Intrum reflects Moody's view that the
coronavirus outbreak will materially delay the company's ability to
deleverage, and hamper its ability to bring the credit profile back
in line with that of a Ba2 CFR during the 12-18-month outlook
period. Moody's believes Intrum has a strong, diversified European
franchise and good underlying cash flows that should support
deleveraging over the next 3-5 years. However, the company already
booked an impairment for negative portfolio revaluations in Q1
2020, reflecting expectations of lower collections due to the
impact of the coronavirus pandemic. Moody's notes that, while more
than 85% of Intrum's collections come from automated payments and
digital channels, limiting the expected drop in collections, the
company still has material exposures to Italy and Spain, where
collections are less frequently automated. The complete closure of
the courts system in Italy will materially impact the cash flows
from the secured portfolio.

Moody's considers that Intrum will fail to deleverage towards 4x by
the end of 2020, due to lower EBITDA stemming from a drop in
collections in its portfolio investments, and that the leverage
target could be met in 2022 at the earliest. Intrum will however
benefit from its sound liquidity position in order to seize resumed
investment opportunities at the end of 2020 or early 2021, and in
turn seek to bring its cash flow generation capacity to pre-crisis
levels.

The negative outlook now also incorporates Moody's views that a
prolonged increased use of the revolving credit facility raises
loss given default for senior unsecured creditors, which could lead
to a negative notching from the Ba2 CFR.

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

An upgrade of Intrum's CFR is unlikely given the expected weakening
of profitability and cash flow generation, as evidenced by the
negative outlook.

Moody's could however upgrade Intrum's CFR because of: (i) a
significantly reduced level of execution and operational risk as a
result of material progress in achieving targets related to the
Lindorff AB merger in June 2017 and the Intesa Sanpaolo S.p.A.
deal; and/or (ii) a material improvement in its leverage position.

An upgrade of Intrum's CFR would likely result in an upgrade of its
debt ratings.

Moody's could downgrade Intrum's CFR if: (i) the company's
underlying profitability weakens; (ii) the company is unable to
bring leverage towards 4.0x over the outlook period; (iii) Intrum's
liquidity position materially worsens, for example if the revolving
credit facility is highly utilised over a prolonged period and the
company is unable to reduce utilisation; and/or (iv) the company
fails to appropriately manage the risks related to its
acquisitions.

A downgrade of Intrum's CFR would likely result in a downgrade of
its debt ratings.

Further, Moody's could downgrade Intrum's senior unsecured foreign
currency debt rating due to a prolonged amount of drawings under
its RCF, which is senior to the company's senior unsecured
liabilities.

LOUVRE BidCo SAS (LOUVRE BidCo)

Moody's has affirmed Louvre BidCo's CFR and backed senior secured
debt rating at B2. The outlook on the issuer remains positive.

RATINGS RATIONALE

The affirmation of Louvre BidCo's B2 CFR reflects its leadership in
the French debt purchasing market; adequate debt serviceability
with a 30-year track record mitigating model pricing risk of
purchased portfolios; and relatively low leverage with predictable
cash flows. The rating also reflects the company's narrow business
model, which is both significantly smaller and less diversified
than European peers, although the recent acquisitions of French and
Italian credit management companies' DSO, Sistemia and Serfin
rebalance its earnings streams through a material increase in
capital-light activities. Louvre BidCo has historically focused on
acquiring secured large non-performing loans at a deep discount. In
recent years, the firm has diversified by increasing its
third-party debt servicing activity. It also allows Louvre BidCo to
service low-balance consumer portfolios in non-banking sectors such
as insurance, utilities and telecommunications.

The affirmation of the B2 rating of Louvre BidCo's senior secured
notes reflects the results of Moody's LGD for Speculative-Grade
Companies methodology and their positioning within the company's
funding structure and the amount outstanding relative to total
debt.

  -- OUTLOOK

The positive outlook on Louvre BidCo is driven by the firm's
increasing business diversification, which mitigates the risk
impact, inherent to the debt purchasing business, of mispricing
acquired portfolios, and supports the firm's ability to generate
stable earnings streams.

While the coronavirus pandemic will lead to depressed cash flow
generation in 2020, preventing Louvre BidCo to lower their leverage
metric below 4x at year-end 2020, Moody's still sees some upside
potential for the B2 CFR over the outlook period. The company will
partly mitigate the expected drop in collections with its flexible
cost structure, while it will benefit from its sound liquidity
position to seize purchasing opportunities as markets reopen.

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

Moody's could upgrade Louvre BidCo's CFR if the firm realizes the
expected cost and operational synergies following the recent
acquisitions, while: (i) lowering leverage towards 4x over the
outlook horizon; and (ii) maintaining current profitability levels.
An upgrade in the CFR would likely lead to a corresponding change
to Louvre BidCo's senior secured debt rating.

Moody's could downgrade Louvre BidCo's CFR if the slowdown in
collections expected from the coronavirus outbreak leads to
leverage levels above 5x over the outlook horizon, and if the
recent acquisitions fail to deliver the expected synergies. A
downgrade of the CFR would likely lead to a corresponding change to
Louvre BidCo's senior secured debt rating. Further, Moody's could
downgrade Louvre BidCo's senior secured debt rating due to an
increased amount of RCF, which is senior to the company's senior
secured liabilities.

LIST OF AFFECTED RATINGS

Issuer: Anacap Financial Europe S.A. SICAV-RAIF

Downgrades:

Long-term Corporate Family Rating, downgraded to B2 from B1

Backed Senior Secured Regular Bond/Debenture, downgraded to B3 from
B2

Outlook Action:

Outlook remains Stable

Issuer: Arrow Global Group PLC

Affirmation:

Long-term Corporate Family Rating, affirmed Ba3

Outlook Action:

Outlook remains Negative

Issuer: Arrow Global Finance plc

Affirmations:

Backed Senior Secured Regular Bond/Debenture, affirmed Ba3

Outlook Action:

Outlook remains Negative

Issuer: B2Holding ASA

Affirmations:

Long-term Corporate Family Rating, affirmed Ba3

Senior Unsecured Regular Bond/Debenture, affirmed B1

Withdrawals:

Long-term Issuer Ratings, previously B1

Outlook Action:

Outlook changed to Negative from Stable

Issuer: Cabot Financial Ltd

Affirmations:

Long-term Corporate Family Rating, affirmed B1

Outlook Action:

Outlook remains Stable

Issuer: Cabot Financial (Luxembourg) S.A

Affirmation:

Backed Senior Secured Regular Bond/Debenture, affirmed B1

Outlook Action:

Outlook remains Stable

Issuer: Cabot Financial (Luxembourg) II S.A

Affirmation:

Backed Senior Secured Regular Bond/Debenture, affirmed B1

Outlook Action:

Outlook remains Stable

Issuer: Garfunkelux Holdco 2 S.A.

Affirmations:

Long-term Corporate Family Rating, affirmed B3

Senior Unsecured Regular Bond/Debenture, affirmed Caa2

Outlook Action:

Outlook remains Stable

Issuer: Garfunkelux Holdco 3 S.A.

Affirmations:

Senior Secured Regular Bond/Debenture, affirmed B3

Outlook Action:

Outlook remains Stable

Issuer: Intrum AB (publ)

Affirmations:

Long-term Corporate Family Rating, affirmed Ba2

Senior Unsecured Regular Bond/Debenture, affirmed Ba2

Outlook Action:

Outlook changed to Negative from Stable

Issuer: Louvre BidCo SAS

Affirmations:

Long-term Corporate Family Rating, affirmed B2

Backed Senior Secured Regular Bond/Debenture, affirmed B2

Outlook Actions:

Outlook remains Positive

PRINCIPAL METHODOLOGY

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




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

ROSE BEACHHOUSE: Moody's Confirms B2 CFR, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has confirmed the B2 corporate family
rating and B2-PD probability of default rating of Rose Beachhouse
B.V., a leading holiday park operator in the Netherlands.
Concurrently, Moody's confirmed the B2 instrument rating on the
EUR279.5 million guaranteed senior secured term loan B and EUR30
million guaranteed senior secured revolving credit facility issued
by Rouge Beachhouse B.V. The outlook on all ratings has been
changed to negative from ratings under review. This concludes the
review for downgrade initiated by Moody's on April 1, 2020.

The rating confirmation reflects the significant improvement in
Roompot's liquidity profile and the recent positive development in
booking levels which will support a stronger operating performance
during the second half of 2020. Nevertheless, the economic
recession and concerns over a potential second wave of the virus
will continue to weigh on the rating, which is reflected by the
change in outlook to negative.

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 leisure
industry has been one of the sectors most significantly affected by
the shock given its exposure to travel restrictions and safety
measures and sensitivity to consumer demand and sentiment. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

Roompot was initially impacted by the coronavirus outbreak in
mid-March with restrictions on park openings and capacity levels.
As the outbreak spread the company faced a significant reduction in
new bookings and an increase in cancellations. As a result revenues
were down by around 50% in March and 70% in April versus the same
period last year. However, since the last several weeks the company
has been able to reopen the majority of its parks and has seen a
surge in demand from domestic customers. Based on the latest
booking volumes Roompot expects to exceed its summer and possibly
its autumn revenue budget. The increase in domestic demand is
likely to be driven by (1) the limited holiday alternatives
available due to air travel restrictions; (2) the reluctance to
travel abroad for health safety reasons; and (3) the uncertainty on
how the coronavirus will evolve in the coming months and the impact
it could have on consumers' disposable income. Bookings from
international customers, mainly comprised of visitors from Germany
and Belgium, remain low. However, the international border
restrictions and travel advice are easing for both countries and as
such the company could also see an increase in demand from
international tourists. The main means of transport for these
customers is by car or train, which is likely to recover more
quickly than air travel. As a result, Moody's has revised its
expectation for Q2 and for 2020 with revenues expected to be down
by around 50% and 15% respectively.

Moody's also recognises the proactive cost cutting measures
initiated by the company since March to mitigate the negative
impact on operating performance caused by the volume shortfall.
This was further supported by the government payroll support
programmes. Nevertheless, the disruption caused by the coronavirus
during the first half of this year will result in weaker credit
metrics in 2020 with Moody's-adjusted debt/EBITDA expected to be
above 6x. While Moody's expects leverage to return to below 5x in
2021, Roompot remains vulnerable to a potential second wave of the
coronavirus which could slow the pace of recovery. A prolonged
economic recession may also curb consumer confidence and affect
their holiday budgets.

Roompot is controlled by Paris-based PAI Partners since 2016. While
companies owned by private equity sponsors typically tend to have a
high tolerance for leverage and potentially high appetite for
shareholder-friendly actions, Moody's recognises that there have
been no dividend payments under its ownership.

STRUCTURAL CONSIDERATIONS

The B2 rating assigned to the EUR279.5 million senior secured TLB
and the EUR30 million RCF is in line with the group's corporate
family rating. The collateral package consists of a pledge over the
Dutch real estate properties, most of the group's bank accounts,
intragroup receivables and shares. Moody's understands that
tangible assets amounted to EUR633.6 million as of December 31,
2019. The facilities also benefit from upstream guarantees from the
group's operating subsidiaries, which represent more than 80% of
aggregate EBITDA and assets.

LIQUIDITY

Roompot's liquidity is adequate and has significantly improved over
the last couple of weeks. As of 9 of June the company had around
EUR74 million of cash on balance sheet and has access to EUR30
million RCF that has been fully repaid at the end of May. The
liquidity position is expected to further increase in in the next
few weeks as visitors continue to book their holidays. However, it
is important to note that the cash position is typically the
highest in summer just before the peak season due to Roompot's
customer pre-payment policy. Working capital outflow typically
happens during the second half of the year with an average peak to
trough change of around EUR50-60 million. Given that the company
offered around EUR31 million of vouchers so far, of which EUR21
million have not been utilised, Moody's expects the working capital
outflow to be higher this year. Nevertheless, under the current
assumptions, the liquidity position is expected to be sufficient to
service its debt and cover the working capital and capex needs.
Roompot also applied for government backed financing, which if
secured, will provide additional liquidity buffer.

RATING OUTLOOK

The negative outlook reflects the uncertainties related to the
length and severity of the pandemic, including the potential for a
second wave which could further deteriorate Roompot's credit
metrics and slow its recovery pace. The outlook could be stabilized
if there is enough clarity regarding (1) the stabilization of the
coronavirus outbreak, (2) the company's ability to delever to below
6.0x in the next 12-18 months and (3) its ability to continue to
generate positive FCF.

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

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control and travel restrictions are
lifted. Over time, Moody's could upgrade the company's rating if
the company is able to protect its good margins, leverage moves
towards 4.5x, free cash flow is consistently positive and absent
any debt-funded shareholder distributions.

Conversely, Moody's could downgrade the rating if Roompot's
liquidity profile significantly deteriorates or if leverage is
sustained above 6.0x.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Rose Beachhouse B.V. is a leading holiday park operator based in
the Netherlands. The company operates 33 owned parks and acts as a
booking agent for 130 third-party-operated parks in different price
segments, including budget, mass market and premium brands. In
2019, Roompot generated EUR399 million in revenue and EUR82 million
in management-adjusted consolidated EBITDA (including EUR8 million
EBITDA generated outside of the restricted group). Roompot has been
owned by the private equity firm PAI Partners since 2016.




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

TELEFONAKTIEBOLAGET LM: Moody's Hikes CFR to Ba1, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the
corporate family rating and to Ba1-PD from Ba2-PD the probability
of default rating of Telefonaktiebolaget LM Ericsson, a leading
global provider of telecommunications equipment. Concurrently,
Moody's upgraded to Ba1 from Ba2 the company's senior unsecured
long-term ratings, and to (P)Ba1 from (P)Ba2 the senior unsecured
medium-term note program rating. The outlook has changed to stable
from positive.

"The rating upgrade to Ba1 reflects the continued successful
execution of Ericsson's strategic plan which is leading to a
significant improvement in the company's operating performance and
margins," says Ernesto Bisagno, a Moody's Vice President -- Senior
Credit Officer and lead analyst for Ericsson.

"The upgrade also reflects the expected steady growth of the radio
access network market, which, combined with the contribution from
new contracts and subsequent market share gains, will support
additional profit growth and positive free cash flow generation,"
adds Mr. Bisagno.

RATINGS RATIONALE

The Ba1 ratings reflect: (1) Ericsson's significant scale and
relevance with a top three global market position in wireless
equipment; (2) expected growth of the RAN market on the back of the
contribution from 5G investments; (3) improved momentum with
numerous contracts awards in 2020, (4) strong geographical
diversification with sales well spread across all major regions;
and (5) strong liquidity and evidence of support from its main
shareholders.

The rating is constrained by (1) the cyclicality of the telecom
equipment industry; (2) exposure to intense competition and
technology risk; and (3) high investment needs and R&D costs,
combined with material restructuring costs.

Although Moody's expects Ericsson's operating performance not to be
materially exposed to the coronavirus outbreak, there is increased
uncertainty which could weight on profits in the first half of
2020.

In 2019, Ericsson reported organic revenue growth of 4%, driven by
strong growth in North America and North East Asia, more than
offsetting a weaker performance in Europe and Latin America. The
company's operating income (as adjusted by Moody's) increased to
SEK21.8 billion (SEK3.8 billion in 2018), while the company's
adjusted operating margin (as reported by Ericsson) was 9.7%, close
to the 10% target for 2020, on the back of stronger gross margin in
the networks business, and reduced operating loss in digital
services. Moody's adjusted operating income in the first quarter of
2020 increased further by 5% to SEK4.3 billion.

Following the stronger set of results, Moody's adjusted debt to
EBITDA improved to 2.7x at December 2019 (5.7x in 2018), with a
total Moody's adjusted debt of SEK83 billion, which includes SEK10
billion of operating leases post IFRS 16, and pension liabilities
of SEK36 billion.

In 2020, Moody's expects Ericsson's revenues to increase in the
low-to-mid single digit range, in line with the growth of the RAN
markets. The recent contract wins will also support market share
gains in China and Europe. Any further improvement in Moody's
adjusted operating margins in 2020 would mainly reflect stronger
operating performance in the digital services business, on the back
of the ongoing renegotiation and completion of existing contracts.
However, Ericsson also expects some earnings volatility in the
segment over the next quarters, because of seasonality and change
in contract mix.

In addition, margin improvement would be constrained by higher opex
investments, and the roll out of some strategic large 5G contracts
which have lower initial margins. The uncertainty created by the
coronavirus outbreak is also likely to weigh on margins in the
first half of 2020, with the second half expected to improve
sequentially.

In 2021, the rating agency expects further improvement in
profitability on the back increased contribution from the new
contracts as the 5G cycle will enter a more mature phase. Moody's
also expects the company to reach the low end of the operating
margin targets of 12%-14% over 2022-23.

Assuming increased dividends over 2020-21 reflecting improved
earnings, Moody's expects Ericsson to generate free cash flow
(Moody's definition) of around SEK6 billion -- SEK7 billion each
year.

As a result, Moody's anticipates additional improvements in
Ericsson's credit metrics with Moody's adjusted gross debt to
EBITDA to decline below 2.5x in 2021.

LIQUIDITY

Ericsson's liquidity is good reflecting its: (1) gross cash balance
of SEK56 billion as of March 2020 (including SEK7.8 billion of
short term investments) in addition to SEK23.3 billion of long term
fixed income investments; (2) USD2.0 billion revolving credit
facility (fully undrawn at March 2020), maturing in June 2022 with
no financial covenants nor material adverse change conditions for
drawdowns; (3) positive free cash flow generation after dividends;
and (4) limited short term-debt maturities, mainly including a
USD684 million equivalent EIB loan which matures in November 2020.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Ericsson's
operating performance will continue to improve driven by a
combination of positive organic growth in revenue, margin gains and
ongoing positive free cash flow generation.

The stable outlook assumes that the company will reach its 10%
operating margin target in 2020 with further progression
thereafter, maintain its current market share in the global telecom
equipment market and keep a strong liquidity profile that would
allow it to withstand potential downturns caused by technology
cycles or changes in operating conditions.

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

In light of the cyclicality of this industry and the potential for
rapid reversals in operating performance when there are changes in
technology cycles or material market share shifts owing to changes
in the competitive dynamics, further upward pressure on the rating
is more limited.

However, overtime, positive pressure on the rating could develop if
Ericsson maintains a sustainably robust competitive position and
technological leadership, in particular by growing its market share
in the global telecom equipment market, which is usually translated
into further operating margin gains. Quantitatively, upward
pressure would require (1) operating margins (Moody's adjusted)
increasing sustainably towards 15%; (2) strong free cash flow
generation after shareholder distributions; and (3) a sustained
solid liquidity profile and strong balance sheet with a net cash
position (on a Moody's adjusted basis).

The rating could be lowered if the company's operating performance
deteriorates owing to market share losses or adverse operating
conditions, such that its (1) Moody's-adjusted operating income
drops below 8%, (2) Moody's-adjusted debt/EBITDA increases
sustainably above 2.5x, or (3) free cash flow turns negative and
liquidity deteriorates.

LIST OF AFFECTED RATINGS

Issuer: Telefonaktiebolaget LM Ericsson

Upgrades:

Probability of Default Rating, Upgraded to Ba1-PD from Ba2-PD

Corporate Family Rating, Upgraded to Ba1 from Ba2

Senior Unsecured Medium-Term Note Program, Upgraded to (P)Ba1 from
(P)Ba2

Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1 from Ba2

Outlook Action:

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Diversified
Technology published in August 2018.

COMPANY PROFILE

With reported net sales of SEK228 billion for the twelve months
ended March 31, 2020 and EBITDA of SEK30.5 billion, Ericsson is a
leading provider of telecommunications equipment and related
services to mobile and fixed network operators globally. Its
equipment is used by over 1,000 networks in more than 180
countries, and around 40% of the global mobile traffic passes
through its systems. In 2019, Ericsson's Networks division
contributed 68% of the group's net sales, followed by Digital
Services at 18%, Managed Services at 11% and its 'Emerging Business
and Other' segment at 3%.




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

TURKISH AIRLINES: Moody's Cuts CFR to B3, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded Turk Hava Yollari Anonim
Ortakligi's (also known as Turkish Airlines) corporate family
rating to B3 from B2 and probability of default rating to B3-PD
from B2-PD. The outlook is negative.

Moody's has also taken rating actions on the two Enhanced Equipment
Trust Certificates of Turkish Airlines its rates. The Bosphorus
Pass Through Trust 2015-1A has been downgraded to B2 from Ba3
ratings and the Japanese Yen-denominated, Anatolia Pass Through
Trust, Class A has been confirmed at Ba3 while the Class B has been
downgraded to B1 from Ba3. The outlook on all the EETC ratings is
negative.

These rating actions concludes the review for downgrade Moody's had
initiated on March 24, 2020.

RATINGS RATIONALE

The spread of the coronavirus pandemic, the weakened global
economic outlook, low oil prices, and asset price declines are
sustaining a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. The passenger airline industry is
one of the sectors most significantly affected by the shock given
its exposure to travel restrictions and sensitivity to consumer
demand and sentiment. Moody's regards the coronavirus pandemic as a
social risk under its ESG framework, given the substantial
implications for public health and safety.

Moody's expects the coronavirus pandemic to significantly curtail
global demand for air travel for an extended period. Moody's
assumes that Turkish Airlines' 2020 passenger traffic to be down by
about 60% compared to 2019 in its faster recovery model and about
70% in its slower recovery model. These scenarios also project that
demand and revenues will approach 2019 levels in 2023, and that
disciplined cost management and efficiencies gained while managing
the operations through the pandemic will support a meaningful
recovery in profit margins by 2023. The risk of more challenging
downside scenarios remains high and the severity and duration of
the pandemic and travel restrictions also remain highly uncertain,
particularly given the threat of an increase in the number of
infections as social distancing practices ease.

On March 24, Moody's downgraded Turkish Airlines' CFR to B2 from B1
and placed these and its other ratings under review in order to
further assess the trends in operating conditions and the measures
that the company is taking in order to reduce cash burn. The
severity and duration of the pandemic and travel restrictions
globally has been greater than what Moody's had assumed in its base
case at the time of the March 24 rating action in which Turkish
Airlines' passenger traffic was assumed to fall 20% in 2020. Its
rating action concludes the review and reflects the increasing
duration and severity of the coronavirus outbreak, the uncertainty
of further coronavirus outbreaks and extended restrictions on air
travel, and consequently the weaker than previously anticipated
liquidity profile for Turkish Airlines.

Turkish Airlines is currently focusing on managing its way through
this very volatile market environment. The company has taken
positive initiatives to support liquidity, including reducing
operating costs and capital spending, managing capacity, and will
look to defer pre-delivery payments and new aircraft deliveries.
Short-time work allowance and reduction in salaries has materially
reduced employee costs in Q2. The company's focus in expanding its
cargo business in recent years has been a key strength in the
current environment with profitable cargo operations partially
offsetting the cash burn from the passenger segment. The airline
has an efficient and low cost structure relative to many European
full service carriers which should allow for a stronger recovery
path once the environment stabilizes.

The company is likely to need to incur further debt during the
coronavirus pandemic, and similar to other industry players faces
challenges to recover its balance sheet in the next two to three
years. Turkish Airlines as of year-end 2019 had a growth plan
incorporating an overall fleet size increase of more than 135
aircraft over the next five years. Moody's assumes that the airline
will successfully be able to defer most of its aircraft deliveries
and related predelivery payments that were scheduled for 2021 to
2023 in order to preserve cash, but recognizing that there is
little visibility at this time on the magnitude of cash outflows
related to this.

Moody's classifies Turkish Airlines as a government-related issuer
because of the Government of Turkey's (B1 negative) 49.12%
ownership stake held through its sovereign wealth fund. The
company's baseline credit assessment, a measure of standalone
credit quality, has been downgraded to caa1 from b3. The CFR
incorporates a one-notch uplift from the BCA given Moody's 'strong'
government support assumption and 'high' dependence assumption.

TURKISH AIRLINES RELATED EETCS

Moody's rates three enhanced equipment trust certificates across
two Turkish Airlines EETC transactions, Series 2015-1 and Series
2015-2. The first transaction, with $226.89 million outstanding, is
secured by three Boeing 777-300ERs delivered new to Turkish
Airlines in 2015. The second, with $53.2million and $8.8 million
outstanding in senior and junior classes, respectively, is secured
by three Airbus A321-200s delivered new in 2015. The downgrade of
the 2015-1 Class A reflects Moody's estimated loan-to-value at or
above 100% when including priority claims based on a steep haircut
to pre-coronavirus market value of the 777-300ER of about 35%.
Moody's expects long-haul passenger demand to recover at a slower
pace than domestic and regional travel, which will slow the
recovery in demand for large wide-body aircraft like the 777,
weighing on its value for an extended period. The confirmation of
the Ba3 rating on the 2015-2 Class A reflects an estimated equity
cushion of about 45% and the expectation that the A321-200 will be
in demand as passenger demand recovers, supporting the market value
of this model. The downgrade of the Class B of the 2015-2
transaction reflects the estimated equity cushion of about 35%, ten
points lower than the Class A and both before priority claims that
could reach about ten points of value.

The transactions are each subject to the Cape Town Convention as
implemented in Turkish law, which is intended to facilitate the
timely repossession of the collateral should a payment default
occur. The Ba3 rating on the 2015-2 Class A is one notch above
Moody's Foreign Currency Bond Ceiling for Turkey of B1. Each
transaction has a separate 18-month liquidity facility that is
external to the Turkish banking system, which provides sufficient
support to pierce the FCC. Notwithstanding the current environment,
Moody's believes that Turkish Airlines will remain important to the
Turkish economy, and its reliance on the global aircraft financing
market make it unlikely that the government would prevent the
airline from servicing its aircraft financing obligations should it
otherwise impose a moratorium on the banking system.

LIQUIDITY

Moody's liquidity analysis assesses a company's ability to meet its
funding requirements over the next 12-18 months under a scenario of
not having access to new funding unless it is committed, and does
not assume the rollover of existing loans. Under this approach,
Turkish Airlines' liquidity is weak in light of the very
challenging market conditions and material financial obligations
due over the coming quarters in combination with the absence of
undrawn long-term committed facilities.

As at March 31, 2020, the airline had about $1.8 billion of cash
relative to short term debt of $1.4 billion and current portion of
long-term debt of $2.0 billion. Of this $3.4 billion total, Moody's
understands that about $1.4 billion is with the Export Credit Bank
of Turkey, a government-owned development bank mandated to support
the Turkish economy as part of the government's export-led growth
policy. While these loans are short-term in nature, Moody's
believes that the likelihood of loan rollovers by Turk Exim is very
high. However, even after excluding Turk Exim related loan
maturities, Moody's forecasts that the airline will have liquidity
of six to nine months under its various cash burn scenarios.

Turkish Airlines does not have any significant undrawn long-term
committed facilities that can provide a solid liquidity buffer to
the company. The airline has strong relationships with local banks,
including state owned banks, and Moody's understands that the
company has access to $2.7 billion of available uncommitted credit
lines. In Moody's view, the reliance on short-term loans being
rolled over and having uncommitted credit lines are weak sources of
liquidity, and this creates greater uncertainty in the currently
depressed macroeconomic environment and challenging industry
outlook. Moody's liquidity assessment does not incorporate Turkish
Airlines' access to uncommitted credit lines, which if included in
its assessment, would indicate a materially stronger liquidity
profile.

The airline has more than $1 billion worth of unencumbered aircraft
including 25 737-800s. Moody's understands that the company may
undertake sale and lease back transactions for some of the aircraft
that it owns, which while would increase overall debt levels, would
also positively support liquidity.

OUTLOOK

The negative outlook reflects the continued uncertain prospects for
the airline industry, with risks of extended disruption to travel
causing further strain on the company's balance sheet and
liquidity.

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

The ratings are unlikely to be upgraded in the short term in the
absence of a materially improved liquidity profile that can cover
cash needs over 12-18 months under Moody's downside scenarios.
Positive rating pressure would also arise if the coronavirus
outbreak is brought under control, travel restrictions are lifted,
and passenger volumes improve. At this point Moody's would evaluate
the balance sheet and liquidity strength of the company and
positive rating pressure would require evidence that the company is
capable of substantially recovering its financial metrics within a
1-2-year time horizon, in particular debt/EBITDA trending towards
6.0x.

Turkish Airlines' ratings could be downgraded further if Moody's
expects deeper and longer declines in passenger volumes extending
materially into 2021 or if liquidity is weaker than what is
currently forecasted.

Changes in EETC ratings can result from any combination of changes
in the underlying credit quality or ratings of the company, Moody's
opinion of the importance of the aircraft collateral to the
operations and/or its estimates of current and projected aircraft
market values, which will affect estimates of loan-to-value.
Near-term updates to Moody's estimates of aircraft market values
that reduce the respective equity cushion could lead to further
downgrades.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Turk Hava Yollari Anonim Ortakligi

Corporate Family Rating, Downgraded to B3 from B2, previously on
review for downgrade

Probability of Default Rating, Downgraded to B3-PD from B2-PD,
previously on review for downgrade

Issuer: Anatolia Pass Through Trust

Senior Secured Enhanced Equipment Trust Class B, Downgraded to B1
from Ba3, previously on review for downgrade

Issuer: Bosphorus Pass Through Trust 2015-1A

Senior Secured Enhanced Equipment Trust, Downgraded to B2 from Ba3,
previously on review for downgrade

Confirmations:

Issuer: Anatolia Pass Through Trust

Senior Secured Enhanced Equipment Trust Class A, Confirmed at Ba3
previously on review for downgrade

Outlook Actions:

Issuer: Turk Hava Yollari Anonim Ortakligi

Outlook, Changed To Negative From Rating Under Review

Issuer: Anatolia Pass Through Trust

Outlook, Changed To Negative From Rating Under Review

Issuer: Bosphorus Pass Through Trust 2015-1A

Outlook, Changed To Negative From Rating Under Review

PRINCIPAL METHODOLOGY

The principal methodologies used in rating Turk Hava Yollari Anonim
Ortakligi were Passenger Airline Industry published in April 2018.

COMPANY PROFILE

Founded in 1933, Turkish Airlines is the national flag carrier of
the Republic of Turkey and is a member of the Star Alliance network
since April 2008. Through the Istanbul Airport acting as the
airline's primary hub since early 2019, the airline operates
scheduled services to 269 international and 50 domestic
destinations across 127 countries globally. It has a fleet of 234
narrow-body, 102 wide-body and 25 cargo planes.

The airline is 49.12% owned by the Government of Turkey through the
Turkey Wealth Fund while the balance is public on Borsa Istanbul
stock exchange. For the last 12 months ended March 31, 2020, the
company reported revenues of $13 billion and a net profit of $690
million.




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

DOWSON PLC 2020-1: Moody's Reviews Ba2 on D Notes for Downgrade
---------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of two Notes of Dowson 2020-1 plc. The rating action
reflects the negative effect due to expected economic disruption
caused by the coronavirus outbreak. The review will focus on the
analysis of collections on the Notes, and an assessment of the
magnitude of the economic impact caused by coronavirus on the
performance of the assets.

GBP 12.1M Class C Notes, Baa3 (sf) Placed Under Review for Possible
Downgrade; previously on Mar 24, 2020 Definitive Rating Assigned
Baa3 (sf)

GBP 9.9M Class D Notes, Ba2 (sf) Placed Under Review for Possible
Downgrade; previously on Mar 24, 2020 Definitive Rating Assigned
Ba2 (sf)

RATINGS RATIONALE

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

Due to the current circumstances, Moody's has considered additional
stresses in its analysis, including a higher default rate and has
placed on review for downgrade the ratings of the Notes that are
more vulnerable to a temporary increase in default rates. This
higher anticipated vulnerability is driven by: (i) the relatively
high forbearance take-up rate of 18.3% as of May 2020 related to
the coronavirus crisis; (ii) the fact that the deal has only
slightly deleveraged since its closing in March 2020; and (iii) the
expected transaction's performance.

Historically high default rates make the performance of the
underlying portfolio more likely to be negatively impacted due to
the sudden, sharp economic downturn.

The transaction, which closed in March 2020, is a static cash
securitisation of agreements entered into for the purpose of
financing vehicles to obligors in the United Kingdom by Oodle
Financial Services Limited ("Oodle"). The originator also acts as
the servicer of the portfolio during the life of the transaction.
The back-up servicer is Equiniti Credit Services.

The portfolio of receivables backing the Notes consist of hire
purchase agreements granted to individuals' resident in the United
Kingdom without the option to hand the car back at maturity.
Therefore, there is no explicit residual value risk in the
transaction.

METHODOLOGY

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
May 2020.

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

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

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


NEPTUNE ENERGY: Moody's Confirms Ba3 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service confirmed Neptune Energy Group Midco
Ltd.'s Ba3 Corporate Family Rating and Ba3-PD Probability of
Default Rating as well as the B1 rating assigned to Neptune Energy
Bondco Plc's guaranteed senior unsecured notes due 2025. The
outlook on all ratings was changed to stable from ratings under
review.

This concludes the review for downgrade initiated by Moody's on
March 25, 2020.

RATINGS RATIONALE

Its rating confirmation reflects Moody's expectation that the
decision to abandon the acquisition of Edison E&P's North Sea
assets from Energean Oil and Gas plc (unrated) combined with
operating cost savings and capex cuts will enable Neptune to
conserve cash and limit the increase in leverage despite
experiencing a significant decline in operating profitability amid
weaker oil and gas prices.

Although Neptune has hedges in place that cover 68% of post-tax
operating cash flows for the last three quarters of 2020 and
initiated cuts in operating and G&A costs of $50 million through
savings and the deferral of non-critical projects, Moody's
anticipates that the group will report significantly lower EBITDA
in 2020. Assuming a blended average price realisation of just over
$30/barrel of oil equivalent (boe) after hedging (based on Brent of
$35/barrel (bbl) and NBP of 18 pence/therm) and a unit opex of
$9.4/boe, Moody's estimates that Neptune would post
Moody's-adjusted EBITDA of around $1.1 billion in 2020.

While the recently-announced termination of the agreement to
acquire Edison E&P's UK and Norwegian subsidiaries from Energean in
parallel with the implementation of cuts in development capex of at
least $300 million to $700-800 million will constrain production
growth in the next three years, Neptune remains committed to its
medium-term target of 200 thousand per day (kboepd). Assuming no
payment of dividend, Moody's expects the group to keep FCF neutral
in 2020 and report a modest increase in leverage metrics, with
adjusted total debt to EBITDA rising to 2.2x and RCF to total debt
falling to 33% at year-end 2020 (v. 1.3x and 37% respectively in
2019). Following the successful annual redetermination of the RBL
facility in March 2020, measures to conserve cash will help further
underpin Neptune's liquidity profile.

Meanwhile, Neptune's ratings continue to be underpinned by the
robust operating track-record established since the group's $3.3
billion acquisition of the oil and gas business of ENGIE SA (A3
negative) in February 2018. Neptune markedly strengthened its
reserve position with 2P reserves of 633 million barrels of oil
equivalent per day (mmboe) at the end of 2019 compared to 555 mmboe
at the end of 2017.

LIQUIDITY

Following the completion of the annual redetermination of Neptune's
Reserves Based Lending credit facility in March 2020, the amount of
the borrowing base, which now also includes Touat and Merakes, was
increased to $2.5 billion (up from $2.0 billion) for the next 12
months. Neptune also took the opportunity to exercise the accordion
option and upsized the RBL facility to $2.6 billion. The first
scheduled amortisation of the facility was delayed by one year from
2021 to 2022, although the final maturity date of the facility
remains unchanged as May 2024.

As a result, Moody's estimates that the group had approximately
$1.6 billion of available liquidity (including undrawn RBL and
unrestricted cash) at the end of Q1 2020. This will enable Neptune
to refinance the $261 million Touat project finance facility
advanced by ENGIE while keeping sufficient headroom to fund any
potential FCF shortfall. Moody's also expects Neptune to remain
compliant with the 3.5x net debt to EBITDAX covenant included in
its RBL facility under a range of oil price scenarios.

STRUCTURAL CONSIDERATIONS

The B1 rating assigned to Neptune Energy Bondco Plc's senior
unsecured notes, which is guaranteed by some of the operating
subsidiaries, reflects the fact that the notes are senior
subordinated obligations of the respective guarantors and
subordinated to all existing and future senior obligations of those
guarantors, including their obligations under the RBL facility.

In addition, the notes are structurally subordinated to all
existing and future obligations and other liabilities (including
trade payables) of Neptune's subsidiaries that are not guarantors.
The narrowing of the rating differential between the notes and the
CFR to one notch against two notches previously reflects the
smaller priority claim held by the RBL lenders in proportion to the
group's enlarged asset base.

Moody's notes that there is a risk of higher subordination should
Neptune make additional drawdowns under or further increase the
size of its RBL facility, which has an accordion feature for an
increase of up to $4 billion. However, Moody's does not expect the
group make any incremental material drawdown under the RBL in 2020,
except to refinance the $261 million Touat vendor loan project
finance facility provided by ENGIE, which following three months of
successful production carries an increased interest rate of 8% from
6% previously.

RATINGS OUTLOOK

The stable outlook reflects Moody's expectation that cash
conserving measures and the protection afforded by commodity hedges
to operating profitability will enable Neptune to keep leverage
metrics in line with the guidance for the Ba3 CFR and maintain a
healthy liquidity position.

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

Although unlikely at this juncture, the ratings could be upgraded
if the company delivers the expected improvement in terms of its
production profile and 2P reserve life, while keeping adjusted
total debt to EBITDA below 2.5x and retained cash flow to total
debt above 30% on a sustainable basis and maintaining strong
liquidity.

The ratings could be downgraded should (i) the group's liquidity
profile weaken amid sustained negative FCF generation; (ii)
leverage increase so that adjusted total debt to EBITDA remains
above 3.5x and/or RCF to total debt falls below 20% for a prolonged
period; and (iii) the production profile and/or reserve life of the
company significantly deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

CORPORATE PROFILE

Headquartered in London, Neptune Energy Group Midco Ltd. is the
holding company of a medium-sized independent exploration and
production oil and gas group, with hydrocarbon resources located
mainly in the Norwegian, UK and Dutch sectors of the North Sea (73%
of 2019 production) as well as in Germany, North Africa (Egypt and
Algeria) and the Asia Pacific region (Indonesia, Australia).

In 2019, Neptune reported average production of 143.9 kboepd split
between natural gas (including LNG) for 73% and liquids for 27%. It
generated revenues of $2.2 billion and EBITDAX of $1.6 billion. At
year-end 2019, it had 1P and 2P and reserves of 405 and 633 mmboe
respectively.


TRAVELEX LTD: Withdraws Sale After Potential Buyers Rejected
------------------------------------------------------------
Daniel Thomas at The Financial Times reports that Travelex has
pulled the sale of its business after its banks and bondholders
rejected offers from a shortlist of potential buyers, leaving the
currency exchange heading for a debt-for-equity restructuring as it
scrambles to secure its future.

In a statement to investors on June 15, Travelex said that it had
received a number of non-binding offers but these "were
unacceptable" to lenders that provided its revolving credit
facility and bondholders, the FT relates.

According to the FT, the company said, however, that it remained in
talks with its banks and a group representing about two-thirds of
senior secured note holders about a "new money financial
restructuring" of the group.  This would mean some form of
debt-for-equity swap, the FT relays, citing one person close to the
discussions.

The banks in the facility include Barclays, JPMorgan, Bank of
America Merrill Lynch, Goldman Sachs and Deutsche Bank, the FT
notes.  PwC is advising Travelex on the process, the FT states.

S&P, the rating agency, has said that Travelex's capital structure
is "unsustainable on a standalone basis", with EUR360 million owed
to bondholders and a further EUR90 million revolving credit
facility, the FT recounts.  It pointed to the weak liquidity
position and highly leveraged capital structure, which made a debt
restructuring or default "almost certain", the FT states.

On June 15, Travelex, as cited by the FT, said that it had a
temporary waiver from more than 70% of the holders of the senior
secured notes to allow it time to negotiate the terms of the
financial restructuring.  According to the FT, this means that the
company will be able to avoid breaching the terms of its debt after
failing to pay EUR14.4 million in interest due on May 15 -- at
least until expiry of the agreement at the start of July.

Travelex, founded by Lloyd Dorfman more than 40 years ago, is the
world's largest retail currency dealer.  Its business spans 60
countries, and includes more than 1,000 cash machines.  But it has
been hit hard by the pandemic, which has forced outlets in airports
and on high streets to close, the FT discloses.


WICKSTEED PARK: Coronavirus Impact Prompts Administration
---------------------------------------------------------
Business Sale reports that Wicksteed Park in Kettering,
Northamptonshire, which claims to be the oldest theme park on the
UK mainland, has entered administration.

The theme park was opened in 1921 and was due to celebrate its
centenary next year but has succumbed to the financial strain of
coronavirus, Business Sale discloses.

The park is owned by the Wicksteed Charitable Trust and run through
its subsidiary company Wicksteed Park Limited.

The administration, which has resulted in the loss of 115 jobs, is
being overseen by Grant Thornton LLP, Business Sale states.

According to Business Sale, in a letter to staff, the
administrators said that "the leisure park and events business of
the Company has been critically impacted by the COVID-19 outbreak
and has been unable to trade over its peak summer period.  The
financial impact of this lack of trading has led to the
administration of the company."

Oliver Wicksteed, chairman of the Wicksteed Charitable Trust, said
that the business couldn't have survived in the current climate,
adding that the costs of social distancing and reduced capacity
would have made re-opening the park in July financially inviable,
Business Sale relates.

Wicksteed also announced that the trust would back a new, smaller
company, which had been set up in an attempt to raise sufficient
money to keep the park operational until next spring, when it is
hoped it will be able to re-open for its centenary, Business Sale
notes.

In its most recent financial report, to the year ending February
28, 2019, Wicksteed Park held non-current assets valued at GBP5.5
million and current assets of GBP926,062, Business Sale relays.
Its total assets less liabilities at the time were valued at GBP3.1
million, Business Sale recounts.



                           *********


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

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Editors.

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

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