/raid1/www/Hosts/bankrupt/TCREUR_Public/200702.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Thursday, July 2, 2020, Vol. 21, No. 132

                           Headlines



B E L G I U M

TITAN CEMENT: S&P Assigns 'BB' Issuer Credit Rating, Outlook Stable


C Y P R U S

QIWI PLC: S&P Affirms BB-/B Issuer Credit Ratings, Outlook Stable


G E O R G I A

GEORGIAN RAILWAY: S&P Alters Outlook to Neg. & Affirms 'B+/B' ICRs


G E R M A N Y

TRAVIATA BV: S&P Alters Outlook to Negative & Affirms 'B' ICR
WIRECARD AG: EY Failed to Request Crucial Account Info From OCBC
WIRECARD AG: Police, Public Prosecutors Raid Headquarters
WIRECARD AG: Receives Strong Inbound Interest for Assets


I R E L A N D

CAIRN CLO IV: Moody's Lowers Rating on Class F-R Notes to B3


I T A L Y

F-BRASILE SPA: S&P Lowers ICR to 'B-' on Reduced Demand


K A Z A K H S T A N

SAMRUK-KAZYNA: S&P Affirms 'BB+/B' ICRs, Outlook Stable


L U X E M B O U R G

ADO PROPERTIES: Moody's Cuts CFR & Sr. Unsecured Rating to Ba2


N E T H E R L A N D S

IPD 3: Moody's Downgrades Corp. Family Rating to B3


R U S S I A

SAFMAR FINANCIAL: S&P Affirms 'BB-/B' ICRs, Outlook Stays Negative


S P A I N

PIOLIN II SARL: Moody's Confirms B3 CFR, Outlook Negative


S W E D E N

ELLEVIO AB: S&P Affirms 'BB+' Rating on Class B Debt


S W I T Z E R L A N D

SELECTA GROUP: S&P Lowers ICR to 'CCC-' on Tightening Liquidity


T U R K E Y

VESTEL ELEKTRONIK: S&P Withdraws 'CCC-' LT Issuer Credit Rating


U N I T E D   K I N G D O M

CANADA SQUARE 2020-2: Moody's Rates Class X Notes '(P)Caa3'
MITCHELLS & BUTLERS: S&P Cuts Rating on Custodial Receipts to 'B+'
RESTAURANT GROUP: Creditors Approve Company Voluntary Arrangement
TUDOR ROSE 2020-1: S&P Assigns BB+ Rating on Class X1 Notes
VITA CAPITAL 2015-I: S&P Affirms 'BB' Rating on Class A Notes

WIGAN ATHLETIC: Enters Administration, Seeks Buyer for Club

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B E L G I U M
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TITAN CEMENT: S&P Assigns 'BB' Issuer Credit Rating, Outlook Stable
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S&P Global Ratings assigned its 'BB' long-term ratings to
Belgium-headquartered Titan Cement International S.A. (Titan) and
'BB' issue rating to the proposed EUR250 million senior unsecured
notes. S&P withdrew its 'BB' ratings on the group's former parent
Titan Cement Company S.A.

Proposed bond issuance is neutral to Titan's leverage.

On June 29, 2020, Titan Cement launched the issuance of EUR250
million seven-year senior unsecured notes to purchase some of its
EUR300 million notes (about EUR287.8 million is outstanding) due in
June 2021 via a tender offer, with any remaining amount to repay
bank debt. The proposed transaction is net debt neutral and will
extend the company's maturity profile.

S&P said, "We expect lower demand in Titan's main end-markets due
to the extraordinary impact of the COVID-19 pandemic on
construction activity. The global spread of COVID-19, the economic
effects of social-distancing measures to contain the spread, and
plummeting consumer and business confidence have dealt a heavy blow
to global economic growth prospects in the near term. We believe
that the measures adopted to contain the virus have pushed the
global economy into recession. More specifically, in the U.S. and
Europe, where Titan generates more than 90% of its sales, we now
expect the economies to contract considerably this year. As a
cement producer, Titan's performance is linked to these two
construction markets--now subject to the current economic
downturn.

"We expect Titan's decline in sales and EBITDA in 2020 to be less
severe than many other European cement producers due to its high
exposure to the U.S. market. Titan's year-to-date performance has
been stronger than industry peers in Europe. Group revenue declined
by 2.1% to EUR642 million in the first five months of 2020, as the
slowdown during the peak of COVID-19 in April and May more than
offset solid growth of 6.1% in the first quarter. Despite lower
sales, reported EBITDA was up by 5.5% to EUR97.3 million, EUR5
million higher than last year. This was mainly driven by resilient
performance in the U.S., where Titan generates nearly 60% of total
sales and more than two-thirds of EBITDA, as well as lower
production costs, mainly fuel. Titan is also implementing various
cost-cutting measures targeting approximately EUR33 million in
savings in 2020. In our base case, we now expect sales to decline
by 3%-5% this year and adjusted EBITDA to be 5%-10% lower, followed
by a gradual recovery to pre-pandemic levels in late 2021-2022,
driven by our assumption of recovering but subdued cement
consumption in second-half 2020 and 2021. Despite resilient
infrastructure construction spending in the U.S., we see
significant downside risks, particularly if the recovery in
consumer confidence is slower than we anticipate and if public
investments are delayed. We note that the U.S. construction markets
in Florida and the mid-Atlantic, the earnings driver for Titan, are
subject to high uncertainty about the containment of COVID-19 and
the evolution of demand.

"Despite weakening market demand and earnings in a recessionary
environment, we forecast stable leverage ratios in 2020 due to
stronger cash flow generation, which will bring down net debt."

Titan generated about EUR95 million in free operating cash flow
(FOCF) in 2019. S&P said, "We expect FOCF to further increase to
above EUR120 million in 2020, driven by Titan's renewed focus on
working capital management and its decision to suspend about EUR50
million non-essential capex, with total capex being halved to EUR50
million-EUR55 million this year. Titan will also put on hold its
share-buyback program. Total shareholder distribution will come
down to about EUR25 million, from the EUR65 million last year that
was partly driven by cash outflow related to the share exchange
offer. As a result, we expect adjusted debt to reduce by 5%-10% in
2020, leading to sustained FFO to debt at 21%-22%, similar to 21.4%
in 2019. This remains within the 20%-30% we view as commensurate
with the rating but at the lower end, indicating limited rating
headroom. Our current rating reflects our assumption of a
continuous supportive financial policy, especially about capex and
shareholder distribution, which is critical to at least maintaining
rating headroom during a challenging market environment."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic.  The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions, but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

S&P said, "The outlook is stable because we believe that Titan will
be able to strengthen its cash flow generation and reduce its net
debt in 2020 on capex suspension and a reduced shareholder
distribution despite weakening market demand and earnings in a
recessionary environment. This will help Titan maintain adjusted
FFO to debt above 21% in the next 12 months, in line with the
20%-30% commensurate with the rating, albeit with limited headroom.
We expect the financial policy to remain supportive, which will
help Titan to gradually build up rating headroom.

"We could lower the ratings if adjusted FFO to debt deteriorated to
below 20% without a near-term recovery. This could occur if demand
in some of Titan's main markets, notably the U.S., faltered, or if
the group were to invest, make acquisitions, or increase
shareholder distributions considerably above our base case.
Pressure on the ratings could also arise if material
foreign-exchange swings harmed Titan's financial results.

"We could raise the ratings if we observed a sustained improvement
in Titan's operating performance, translating into a track record
of adjusted FFO to debt above 30%. We would also expect industry
and market conditions to support an upgrade, including a recovery
in Egypt and Turkey, combined with sustained growth in the U.S. and
southeastern Europe. For an upgrade, the company's financial
policy, including shareholder distributions and acquisitions, would
need to be supportive of a higher rating."




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C Y P R U S
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QIWI PLC: S&P Affirms BB-/B Issuer Credit Ratings, Outlook Stable
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S&P Global Ratings affirmed its 'BB-/B' long- and short-term issuer
credit ratings on Cyprus-based payment services provider QIWI PLC.

The pandemic will hamper QIWI's revenue and earnings growth in 2020
especially in the betting and self-employed segments.  Betting, the
sharing economy, and B2B2C solutions for the self-employed were
important growth drivers for QIWI's revenue and operating
performance before the COVID-19 pandemic started. S&P expects the
pandemic will hurt payment volumes and earnings from these segments
due to lockdowns and the cancellation of major sport events in
March-May 2020. The betting turnover and payouts to particular
self-employed categories like taxi drivers or Airbnb property
owners decreased materially compared with the beginning of 2020.
That said, compared with the same period of 2019 the growth
dynamics have remained positive. However, the decline was partly
offset by increased volumes of online games and certain other
categories during that period. S&P said, "While the second quarter
is likely to be the most affected, we expect that revenue growth in
2020 will be flat or marginally positive, considering an
anticipated recovery of payment volumes in the affected segments
from third-quarter 2020. Our revenue growth expectations take into
account the effects of the sale of Sovest."

The sale of Sovest and ongoing wind-down of Rocketbank will likely
support QIWI's margins in the medium term.  On June 17, 2020, QIWI
announced the sale of its Sovest project to Sovkombank for Russian
ruble (RUB) 6.0 billion-RUB6.5 billion (Sovest's net loan book
totaled about RUB7.6 billion). At the same time, the wind-down of
Rocketbank's operations is continuing in line with the schedule
announced earlier this year. These two large investment projects
have diluted QIWI's margins over the past few years, while its core
payment services business has been performing relatively well. S&P
expects that the positive effect of exiting these projects will be
mostly noticeable next year, due to associated lower costs,
including for staff and marketing expenses as well as credit costs
related to Sovest.

The company's debt to EBIDTA will likely remain below 1.0x in the
medium term.  S&P said, "We expect that QIWI's leverage will remain
a positive rating factor in the next two years. That said, we
cannot exclude the possibility that the company may consider an
increase in external funding for its projects, such as the recently
launched Factoring PLUS. In 2019, the company arranged two credit
lines from SME Bank with a total credit limit of RUB2 billion.
Apart from these, our measure of debt includes a portion of
Tochka's customer deposits placed at QIWI Bank and balances on QIWI
wallets to the extent they were used to fund lending activity in
2019, assuming that QIWI will continue using this source of funding
in the future (about RUB2 billion). We also include lease liability
(under IFRS 16) in the debt calculation."

S&P said, "The outlook is stable because we think QIWI group can
withstand pressures from the challenging operating conditions
caused by COVID-19 in the next 12-18 months, given the group's low
reliance on debt and sufficient liquidity cushion. We also expect
that QIWI group should be able to maintain its competitive position
despite increasing competition.

"We could consider taking a negative rating action over the next
12-18 months if the difficult operating conditions, increasing
competition from banks and other players, or adverse regulatory
developments weakened QIWI's revenue growth and profitability
substantially more than we currently expect. We could also lower
the rating if QIWI raised a considerable amount of debt or
accumulated debt at the operating company that exceeds our current
projections, such that debt to EBITDA surpasses 2x."

A positive rating action is currently unlikely, given the
deteriorated macroeconomic environment, QIWI's high business
concentration in Russia and the Commonwealth of Independent
States.




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GEORGIAN RAILWAY: S&P Alters Outlook to Neg. & Affirms 'B+/B' ICRs
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S&P Global Ratings revised the outlook on Georgian Railway (GR) to
negative from developing and affirmed the 'B+/B' ratings.

Although GR's management is proactively seeking refinancing ahead
of the July 2022 maturity on its $500 million bonds, in S&P's view,
the upcoming refinancing poses a meaningful credit risk.

The company plans to refinance within the next 12 months. In the
absence of other committed liquidity sources, a new issuance will
be at the crux of the company's ability to uphold its
creditworthiness at the current level. S&P said, "However, we
understand that the local market is too small to provide sufficient
liquidity and the company will likely resort to international
capital markets, which remain challenging for emerging markets'
issuers, or rely on state support. In our base-case scenario, we
expect GR to generate broadly neutral free operating cash flow
(FOCF) in 2020-2022, on top of the company's current cash reserve
of Georgian lari (GEL) 260 million (about $85 million)."

GR's business remains fundamentally exposed to volatility in
transportation volumes, but lari devaluation supports revenue and
EBITDA margin.   The company generates essentially all of its
EBITDA in freight transportation. S&P sadi, "We believe that the
challenges inherent to the global recession could further increase
already significant volatility in liquid and dry cargo freight
transportation volumes. We currently project that 2020 volumes
could be 5%-10% lower than in 2019. Despite management's ongoing
efforts to attract freight transportation customers, cargo volumes
are primarily outside of the company's control, since GR is mainly
a transit corridor competing with other routes and exposed to
trends in commodity industries. However, we expect EBITDA margin
will remain solid at about 38%-40%." Lari depreciation (from 2.85
Gel per USD as of Jan. 1, 2020, to 3.25 at end-March and 3.05 as of
June 27) helps GR because almost all of the company's revenue is
denominated in U.S. dollars or Swiss francs, while its costs are in
lari.

While COVID-19 impacts have been immaterial, freight dynamics will
likely shape the company's credit metrics.  Amid efforts to contain
the coronavirus, Georgia banned passenger traffic on its domestic
railway on March 22 and lifted the restrictions on June 15. S&P
said, "As a result, we expect passenger traffic could drop up to
70% in 2020 compared with 2019 and a full recovery could take up to
two years. We do not anticipate that the state will compensate for
losses in the passenger segment in 2020. That said, because this
segment's revenue represent only 6% of total revenue, the lull in
volumes will not affect the company's overall performance in 2020.
We understand that the government's COVID-19-related restrictions
did not hinder the company's freight transportation, transit
volumes, or industrial production."

S&P said, "Although the state has yet to financially commit to
compensating the Tbilisi Bypass project, we continue to view the
probability of extraordinary state support to GR to be very high
and will monitor actual support mechanisms as GR moves closer to
its bulk maturity in 2022.  We base our assessment of extraordinary
government support on GR's position as the largest employer in the
country and its key role in implementing infrastructure
development. GR is 100% state-owned and the government oversees
major strategic decisions. We believe the government has strong
incentives to support the company, which is one of the largest
Georgian corporate borrowers abroad and a provider of systemically
important infrastructure service. We understand the compensation
for Tbilisi Bypass construction remains on the government's agenda,
but we assume it won't formally commit before fourth-quarter 2020,
after the Georgia parliamentary elections in October. In our view,
supporting measures to improve the company's capital structure
could include government loans, equity injections, or the
acquisition of unused infrastructure by the government. If the
company's stand-alone credit quality deteriorated and the
government did not provide meaningful support, we could revise down
the likelihood of support.

"The negative outlook reflects the possibility of a downgrade
because of heightening refinancing risk related to GR's $500
million bonds due July 2022. In our view, GR's ability to access
external financing might be limited since international capital
markets remain volatile and the local market cannot suggest the
required amount. This suggests that the group's liquidity could
suffer."

S&P could downgrade GR if the group's stand-alone credit profile
(SACP) deteriorated significantly because of:

-- A material depletion of the group's liquidity buffers, due to
limited access to international capital markets in the light of
upcoming refinancing needs, the accelerated reduction of its cash
reserves through capital spending or unexpected cash outflows, such
as dividends, acquisitions, or loss of cash in weak banks.

-- The absence of supportive measures from the state aiming to
improve the company's capital structure. S&P believes that,
assuming only moderate improvements in GR's operating performance,
it is unlikely the company will generate sufficient cash to repay
the $500 million bond in July 2022.

-- Decreasing cargo volumes or markedly lower tariffs, translating
into lower revenue and funds from operation (FFO), which could
reduce the company's attractiveness for investors and limit GR's
ability to refinance.

S&P could revise outlook to stable if:

-- GR commits sufficient liquidity sources to back up refinancing
needs; or

-- Alongside a stabilization or improvement of GR's stand-alone
performance, S&P observes a clear government strategy and
articulated plan to strengthen GR's capital structure or support
the refinancing of the $500 million bonds.

-- The upside is also contingent on no substantial deterioration
in the company's SACP, which S&P currently assesses at 'b'.




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TRAVIATA BV: S&P Alters Outlook to Negative & Affirms 'B' ICR
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S&P Global Ratings revising our outlook on Traviata B.V. to
negative from stable and affirmed the issuer credit and debt
ratings at 'B'.

Axel Springer's (AS) operating performance will deteriorate in
2020, due to weakened macroeconomic and trading conditions, amid
the COVID-19 pandemic.

S&P said, "We expect that AS' revenue could decline by 8%-11% in
2020, mainly reflecting a drop in revenue for classifieds
operations and the news media segment. The jobs classified business
Stepstone will be hindered by the economic downturn, including a
decline in job listings. In addition, the real estate classified
operations' (AVIV Group) were negatively affected by social
distancing measures imposed in various countries of operations, but
we expect AVIV Group and car classifieds operations could recover
more quickly than jobs, because the auto and real estate industries
can be countercyclical and they have proven resilient during
downturns. News media will decline due to structural challenges
(circulation revenue) and lower advertising revenue exacerbated by
the COVID-19 pandemic, and not fully offset by anticipated growth
in idealo (a price comparison website) and international
operations. We anticipate that despite tight cost control in 2020,
AS' reported EBITDA will decline to EUR475 million-EUR515 million
from about EUR560 million in 2019, also reflecting ongoing
restructuring of the business and corresponding restructuring
costs. We factor in growth in AS' operations from next year, with
revenue expansion by 7%-10% and absolute EBITDA growth toward
EUR540 million-EUR580 million in 2021."

Traviata's leverage will increase significantly in 2020 and remain
elevated in 2021, reflecting underperformance of AS and an
additional EUR27 million of debt at Traviata. S&P said, "We apply a
proportionate consolidation method to calculate the S&P Global
Ratings-adjusted debt to EBITDA ratio. We expect a significant
increase in debt to EBITDA at Traviata in 2020 to 7.8x-8.3x,
stemming from the deteriorated performance and lower earnings of
its underlying asset AS. Furthermore, Traviata raised an additional
EUR27 million as an add-on to its existing EUR725 million term loan
B in order to partly repay the EUR54 million drawn under its RCF to
fund the purchase of additional shares in AS earlier this year. For
comparison, in our January base case, we expected leverage of about
7.0x in 2020 versus 6.5x-7.0x in 2019. Despite the anticipated
recovery of the underlying business in 2021, we expect that
Traviata's adjusted leverage will remain elevated, at about 7.0x."

Private-equity firm KKR's partly debt-funded purchase of an
additional stake in AS will result in reduced cash accumulation at
Traviata in 2020.  KKR increased its 45% stake in AS to 47.6%
during a second tender offer after the completed delisting of AS in
April 2020. The financial sponsor funded the purchase of the
additional 2.6% stake in AS with a mix of equity and debt, drawing
EUR54 million under Traviata's revolving credit facility (RCF) in
April 2020. In May, it raised EUR27 million as an add-on to the
existing term loan to partly repay the RCF by the same amount. As a
result of the increased stake in AS, Traviata is now eligible for a
pro rata EUR59 million of AS' EUR125 million dividend payment
annually. Despite the increased eligible dividend, S&P's calculate
that at the end of 2020, Traviata's excess cash accumulation after
paying interest expenses for the year (in June and December) and
restoring full availability under its RCF will be marginal and
significantly below our previous expectations.

S&P said, "We view Traviata's funding structure as risky, since it
relies solely on AS' dividends to service its debt.  The absence of
a minimum dividend in the shareholders' agreement is a risk we
outlined in our October 2019 publication. Furthermore, we see a
possible timing mismatch between the dividend payment from AS and
interest payment due on Traviata's term loan as an additional risk
resulting from Traviata's organizational and funding structure."
This timing issue, depending on the length of the mismatch, can
result in Traviata prolonging its drawing under its RCF and reduced
RCF availability. Due to COVID-19-related regulation in Germany, AS
postponed its interim payment on the 2019 net profit of AS
(referred to here as a dividend) to late June from April. As a
result, Traviata received its EUR29 million interim dividend
payment one week later than the interest payment on its term loan
was due, and in the meantime paid the interest with the cash from
the drawn RCF. The remaining part of dividend payment was postponed
to the fourth quarter, after AS' annual shareholder meeting in
November 2020 that was moved to the fourth quarter due to the
minorities squeeze-out process led by KKR. Traviata will be
eligible for a final dividend payment of about EUR29 million to be
paid in November, while its interest payment due in December 2020
will be around EUR19 million.

S&P said, "Despite lower anticipated cash accumulation, we
calculate that Traviata's EBITDA interest cover will be about 1.5x
on a stand-alone basis in 2020-2021.  We understand that over
2020-2021, Traviata plans to accumulate excess cash from dividend
payments after paying interest expense, fees, and taxes. We assume
the company will preserve this cash, abstaining from any dividend
payment from Traviata to KKR, and use it as a cushion for increased
interest payments from 2022. We therefore expect EBITDA interest
coverage of about 1.5x over the next 12 months. The step-up in the
interest margin payable on Traviata's term loan B that will start
in December 2021 would, in the absence of any cash previously
accumulated at Traviata, weaken Traviata's EBITDA interest coverage
ratio to 1.3x from the beginning of 2022, which would be outside
our rating expectations.

"The negative outlook reflects our view that Traviata's credit
metrics will significantly deteriorate in 2020, with S&P Global
Ratings-adjusted debt to EBITDA increasing to 7.8x-8.3x, as a
result of the impact of COVID-19 on the operating performance of
AS, Traviata's sole asset. However, we expect that AS will pay a
total dividend of at least EUR125 million in 2020 (corresponding to
the year 2019), paid in two tranches (in June and November), and
Traviata will receive in total its pro- rata share of EUR59
million. Despite a lower-than-expected cash accumulation at
Traviata from dividends received, due to the purchase of additional
shares in AS and the payment of interests, we expect an EBITDA
interest coverage of about 1.5x over the next 12 months."

S&P could lower the rating in the next six to 12 months if
Traviata's EBITDA interest coverage weakened below 1.5x on a
stand-alone basis as a result of:

-- The company receiving lower dividends than the projected EUR59
million to service its EUR35 million-EUR40 million of interest
payments in 2020-2021. This would stem from AS' reduced ability to
pay at least EUR125 million of annual dividends to its main
shareholders, for example due to a more severe impact from COVID-19
or slower recovery of operations in 2021 than S&P currently
anticipates;

-- Traviata failing to accumulate excess cash from dividends
received in 2020 and 2021 to secure 1.5x interest coverage in 2022,
when interest expenses will step up to 6% as per the debt
documentation.

S&P could also lower the rating if:

-- Traviata was not able to reduce its S&P Global Ratings-adjusted
debt to EBITDA to 7.0x in 2021 as a result of weak operating
performance of AS or Traviata raising additional debt to fund a
further purchase of outstanding AS shares;

-- Traviata used its available EUR125 million RCF for other
purposes rather than keeping this line available for an unforeseen
case where dividend payments from AS were not sufficient to cover
its interest payments;

-- S&P perceived any potential disagreement or misalignment among
the main shareholders, which could delay any decision or payment of
dividends.

S&P said, "We could revise the outlook to stable in the next 12
months if Traviata was able to deleverage to 7.0x or below while
maintaining EBITDA interest cover of at least 1.5x sustainably at
all times. This would result from operating recovery of its main
holding AS, and AS maintaining its ability to pay at least EUR125
million of dividends to its main shareholders annually, of which
Traviata is eligible for EUR59 million. In addition, we would
expect that Traviata would continue accumulating excess cash after
paying interest expenses during 2021, building a cushion for the
increasing interest payments from 2022, and have its RCF fully
available."


WIRECARD AG: EY Failed to Request Crucial Account Info From OCBC
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Olaf Storbeck, Tabby Kinder and Stefania Palma at The Financial
Times report that EY failed for more than three years to request
crucial account information from a Singapore bank where Wirecard
claimed it had up to EUR1 billion in cash -- a routine audit
procedure that could have uncovered the vast fraud at the German
payments group.

According to the FT, the accountancy firm, which audited Wirecard
for a decade, has come under fire after the once high-flying
fintech company filed for insolvency, revealing that EUR1.9 billion
in cash probably did "not exist".

People with first-hand knowledge told the FT that the auditor
between 2016 and 2018 did not check directly with Singapore's OCBC
Bank to confirm that the lender held large amounts of cash on
behalf of Wirecard.  Instead, EY relied on documents and
screenshots provided by a third-party trustee and Wirecard itself,
the FT notes.

A person briefed on the details told the FT that Wirecard has no
banking relationship with OCBC and that the fintech's former
Singapore-based trustee does not have an escrow account with the
bank.  The person, as cited by the FT, said the lender did not
receive any query from EY in relation to Wirecard between 2016 and
2018.

The Big Four accounting firm had issued unqualified audits of
Wirecard for a decade despite increasing questions over suspect
accounting practices from journalists and short sellers, the FT
relays.

The German accounting watchdog FREP is probing Wirecard's balance
sheet, and the country's auditor oversight body APAS has begun
looking into EY's work, the FT discloses.

The accounts at Asian banks play a pivotal role in Wirecard's
accounting fraud that culminated in the group filing for insolvency
on June 25, the FT notes.

Wirecard had told its auditors that the money moved late last year
from OCBC to banks in the Philippines, where supposedly there was
now EUR1.9 billion deposited, the FT recounts.

A special audit by KPMG could not obtain original documents from
the banks to prove deposits existed, the FT states.


WIRECARD AG: Police, Public Prosecutors Raid Headquarters
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Arno Schuetze and Alexander Huebner at Reuters report that police
and public prosecutors raided Wirecard's headquarters in Munich and
four properties in German and Austria on July 1 as they widened
their fraud investigation into the payments company that collapsed
last week.

According to Reuters, a spokeswoman for prosecutors in Munich said
prosecutors are now investigating board members Alexander von Knoop
and Susanne Steidl, in addition to Wirecard's former Chief
Executive Markus Braun and director Jan Marsalek.

Wirecard filed for insolvency last week owing creditors almost US$4
billion after disclosing a EUR1.9 billion (US$2.1 billion) hole in
its accounts that its auditor EY said was the result of a
sophisticated global fraud, Reuters recounts.

Mr. Braun, who is Austrian, was arrested last week and released on
bail of EUR5 million, Reuters states.  Mr. Marsalek's lawyer and
prosecutors declined to comment on his whereabouts, or whether they
know where he is, Reuters notes.  Mr. Von Knoop and Ms. Steidl were
still working for Wirecard, Reuters says, citing recent information
from the company.

Investment banking boutique Moelis has been tasked with finding a
buyer for the U.S. business while Alvarez & Marsal is scouting the
market for interest in Wirecard's UK subsidiary, Reuters, relays,
citing people familiar with the matter.

Britain's Financial Conduct Authority earlier this week lifted
restrictions on Wirecard, allowing it to resume operations so
customers could use their cards as usual, according to Reuters.

According to Reuters, people familiar with the matter said the
administrator has started marketing Wirecard's assets to rivals
such as Ingenico, Adyen, Worldline and Nets, as well as to banks
and private equity groups.


WIRECARD AG: Receives Strong Inbound Interest for Assets
--------------------------------------------------------
Arno Schuetze at Reuters reports that Wirecard's administrator said
he has received strong inbound interest for the payment firm's
assets and will shortly mandate banks for the sale of individual
parts of the company.

"A large number of investors from all over the world have contacted
us, interested in acquiring either the core business or business
units that are independent of it," Reuters quotes Michael Jaffe as
saying in a statement after a creditor committee meeting late on
June 29.

Wirecard filed for insolvency last week owing creditors almost US$4
billion after disclosing a EUR1.9 billion (US$2.1 billion) hole in
its accounts that its auditor EY said was the result of a
sophisticated global fraud, Reuters relates.

"The most urgent goal in the provisional insolvency proceedings is
to stabilize the business operations of the company's
subsidiaries," Mr. Jaffe, as cited by Reuters, said, adding
insolvencies of individual units could not be ruled out.

"Wirecard Bank is still not insolvent.  Payouts to merchants and
customers of Wirecard Bank are being executed without
restrictions."




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

CAIRN CLO IV: Moody's Lowers Rating on Class F-R Notes to B3
------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Cairn CLO VI B.V.:

EUR17,150,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Confirmed at Baa2 (sf); previously on Jun 3, 2020
Baa2 (sf) Placed Under Review for Possible Downgrade

EUR24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Confirmed at Ba2 (sf); previously on Jun 3, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

EUR8,700,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2029, Downgraded to B3 (sf); previously on Jun 3, 2020 B1
(sf) Placed Under Review for Possible Downgrade

Moody's has also affirmed the ratings on the following notes:

EUR212,000,000 Class A-R Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Jul 25, 2018 Definitive
Rating Assigned Aaa (sf)

EUR42,100,000 Class B-R Senior Secured Floating Rate Notes due
2029, Affirmed Aa2 (sf); previously on Jul 25, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR19,600,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed A2 (sf); previously on Jul 25, 2018
Definitive Rating Assigned A2 (sf)

Cairn CLO VI B.V., originally issued in July 2016 and refinanced in
July 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Cairn Loan Investments LLP. The
transaction's reinvestment period will end in July 2020.

RATINGS RATIONALE

Its action concludes the rating review on the Class D, E and F
notes announced on June 3, 2020 as a result of the deterioration of
the credit quality and/or the reduction of the par amount of the
portfolio following from the coronavirus outbreak.

Stemming from the coronavirus outbreak, the credit quality of the
portfolio has deteriorated as reflected in an increase in Weighted
Average Rating Factor and in the proportion of securities from
issuers with ratings of Caa1 or lower. According to the trustee
report dated June 2020 [1], the WARF was 3544, compared to December
2020 [2] value of 2987. Securities with ratings of Caa1 or lower
currently make up approximately 5.8% of the underlying portfolio.
In addition, the over-collateralisation levels have weakened across
the capital structure. According to the trustee report of June 2020
[1] the Class A/B, Class C, Class D , Class E and Class F OC ratios
are reported at 137.5%, 127.6%, 120.1%, 110.9% and 107.9% compared
to December 2019 [2] levels of 138.2%, 128.3%, 120.8%, 111.6% and
108.6% respectively. Moody's notes that none of the OC tests are
currently in breach and the transaction remains in compliance with
the following collateral quality tests: Diversity Score, Weighted
Average Recovery Rate, Weighted Average Spread and Weighted Average
Life.

As a result of this deterioration, the Class F-R notes were
downgraded. Moody's however concluded that the expected losses on
the remaining rated notes remain consistent with their current
ratings following the analysis of CLO's latest portfolio and taking
into account the recent trading activities as well as the full set
of structural features of the transaction. Consequently, Moody's
has confirmed the ratings on the Class D-R and E-R notes and
affirmed the ratings on the Class A-R, B-R and C-R notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR347.9 million
defaulted par of EUR3.4 million a weighted average default
probability of 27.1% (consistent with a WARF of 3551 over WAL of
4.9 years), a weighted average recovery rate upon default of 45.7%
for a Aaa liability target rating, a diversity score of 42 and a
weighted average spread of 3.7%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Its analysis has considered the effect of the coronavirus outbreak
on the global economy as well as the effects that the announced
government measures, put in place to contain the virus, will have
on the performance of corporate 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.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

Counterparty Exposure:

Its rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap provider,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2020. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

  - Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

  trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

  - Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.




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

F-BRASILE SPA: S&P Lowers ICR to 'B-' on Reduced Demand
-------------------------------------------------------
S&P Global Ratings lowered its ratings on aero-engine part maker
F-Brasile SpA to 'B-' from 'B'. At the same time, S&P revised its
recovery rating on FB's $505 million senior secured notes to '4'
(35%) from '3' (50%), reflecting lower recovery prospects at
default. The rating on the notes is 'B-'.

S&P said, "Due to COVID-19's impact on the commercial aerospace
industry, we believe that F-Brasile SpA's (FB's) revenues,
profitability, and credit metrics will weaken in 2020, with S&P
Global Ratings-adjusted debt to EBITDA rising to about 12x (when
assuming its EUR80 million RCF will remain fully drawn at year-end
2020) and limited ability to deleverage due to weak FOCF.  The
COVID-19 pandemic has caused unprecedented disruption to the
commercial aerospace industry, resulting in production-rate cuts by
OEMs Airbus and Boeing--especially in the wide-body market--with
wide-body engine manufacturers following suit. As a result, we
expect that FB's addressable end markets will materially contract
through 2020, resulting in a smaller revenue base and lower
absolute EBITDA."

S&P said, "More specifically, we forecast that FB's top line will
decrease by about 35% in 2020 to about EUR300 million, down from
about EUR450 million generated in 2019. In addition, we anticipate
that the group's absolute EBITDA will drop and its margins will
come under pressure as it restructures its cost base, translating
into weak FOCF generation in 2020. We now forecast S&P Global
Ratings-adjusted debt to EBITDA for F-Brasile rising to around 12x
in 2020 (assuming RCF will remain fully drawn - about 10x-11x if
RCF is repaid) against 6.7x in 2019. Despite our expectation that
management will reduce capex and cut costs, we expect much weaker
cash flows while production significantly decreases.

"Additionally, we expect FOCF to turn negative in 2021, because we
anticipate additional capital expenditure (capex) would be needed
to support the penetration of new product offerings. Additionally
FB's reliance on few key platforms such as the Trent XWB, and its
primary focus on wide body aircraft, makes it even tougher for
management to find alternative solutions to overcome the expected
production losses. This explains the downgrade of FB to 'B-' and
our negative outlook.

"FB has very high exposure to a few aircraft platforms and high
customer concentration in Rolls-Royce PLC, which weighs on our
assessment of the group's business risk profile.   In 2019, more
than 80% of FB's aerospace revenues were derived from the
commercial aerospace segment, a high proportion of which came from
supplying engine parts and services to Rolls-Royce PLC. We expect
that wide-body aircraft production rates (and therefore wide-body
engine production rates) will be materially lower in 2020 and 2021
versus previous expectations, with Rolls-Royce PLC guiding that it
will deliver 250 wide-body engines, at most, in 2020, versus 510
delivered in 2019. The effects on the airline industry are expected
to be prolonged and significant, as we do not expect air traffic to
rebound, nor aircraft production rates to recover to pre-pandemic
levels until 2023. With such a reliance on the commercial aerospace
segment, we view a significant shift in the demand environment for
FB.

Furthermore, the industrial division is also under some pressure,
as the largest revenue-contributing segment -- oil and gas -- is
suffering because of lower and more volatile oil prices. S&P said,
"As a result, we do not forecast FB's consolidated revenues to
reach pre-COVID-19 levels until after 2022. Given the narrow span
of FB's product offering and the cost of retooling, we believe it
would be difficult for management to overcome production losses by
rapidly switching focus across segments."

S&P said, "We therefore expect that FB's aerospace and defence
revenues will fall about 40% in 2020, year-on-year. FB's industrial
division accounted for 35% of its 2019 revenues, and we forecast
around a 13% drop in sales in 2020. Lower oil prices continue to
hamper the oil and gas division's performance, and we expect the
mining sector to underperform previous expectations. The power
generation unit--the second-largest in the industrial division--
remains steady. We also expect that, due to the top-line
contraction, the group's absolute profitability will reduce, with
some pressure on margins as the business restructures. We expect
that margins will remain broadly in line with 2019 results in 2020,
compared with previous expectations above 20%.

"We believe that the increase in S&P Global Ratings-adjusted debt
will be hard to overturn without a material restructuring of FB's
business.   Earlier in 2020, FB fully drew down the EUR80 million
RCF. This will cause adjusted debt to rise to EUR602.2 million at
year-end 2020, because we do not include cash under our adjustments
against EUR522.2 million in 2019. We estimate that the group's
consolidated cash reached about EUR120 million-EUR130 million in
the first quarter of 2020. While we do not have concerns over
liquidity for the 12 months starting April 1, 2020, we see that the
group's ability to sustain its debt has weakened materially, and
without a material business reorganization which might take several
years, we see the group's ability to generate cash as a risk to the
debt sustainability."

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

-- Health and safety

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

S&P said, "The negative outlook reflects our view that contracting
demand from FB's end markets and key customers, coupled with
ongoing disruption caused by the COVID-19 pandemic, could lead to
further pressure on the company's financial performance leading to
a less-than-sustainable capital structure, with negative FOCF and
FFO cash interest cover below 1.5x.

"We could lower the rating if the group's margins continue to fall,
translating into consistent negative FOCF generation and FFO cash
interest coverage below 1.5x. We could also lower the rating if the
company's liquidity position deteriorated such that its sources
over uses fall below 1.2x and the covenant headroom were to come
under pressure.

"We view rating upside as relatively remote, given the slowdown
across the aerospace and defence division, as well as the
industrial division, and FB's exposure to Rolls-Royce. However, we
could revise the outlook to stable if revenue were to recover
strongly into 2021, and profitability recovered, with EBITDA
margins of about 18% and debt to EBITDA approaching 6x and FFO cash
interest coverage above 1.5x."




===================
K A Z A K H S T A N
===================

SAMRUK-KAZYNA: S&P Affirms 'BB+/B' ICRs, Outlook Stable
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB+/B' long- and short-term issuer
credit ratings on Kazakhstani government holding company
Samruk-Kazyna. The outlook is stable.

S&P also affirmed its 'kzAA+' Kazakhstan national scale rating on
Samruk-Kazyna and its 'BB+' issue rating on the company's senior
unsecured debt.

The affirmation reflects S&P's view of an almost certain likelihood
that Samruk-Kazyna would receive extraordinary support from the
government of Kazakhstan (BBB-/Stable/A-3), its sole shareholder,
in case of need, owing to Samruk-Kazyna's:

-- Critical role for the government as the main vehicle for
implementing its agenda for strategic industrialization and
long-term economic sustainability and diversification.
Samruk-Kazyna controls essentially all of Kazakhstan's strategic
corporate assets, and we estimate that the consolidated group's
assets, including in the oil and gas sector, represent almost 40%
of Kazakhstan's GDP. Furthermore, Samruk-Kazyna's strategic role is
set out in several key government documents and policy statements;
and

-- Integral link with the government, which is the company's sole
shareholder. Samruk-Kazyna enjoys special public status as a
national management holding company, and S&P does not expect the
government will significantly reduce its stake in, or control of,
the company in the foreseeable future. This is despite
privatization plans for some of the subsidiaries Samruk-Kazyna
controls, as announced by the government in 2015. The government is
closely involved in determining its strategic decisions.

S&P said, "Although we assess the likelihood of extraordinary
government support for Samruk-Kazyna as almost certain, our
long-term rating on the company remains one notch below that on
Kazakhstan due to our concerns that Kazakhstan's willingness to
support the government-related sector is subject to transition
risk. Our view is supported by the authorities' comparatively
limited involvement in ensuring timely payment of the obligations
of railway company Kazakhstan Temir Zholy, a key subsidiary of
Samruk-Kazyna. For more details, see "Government-Related Entity
Samruk-Kazyna Downgraded To 'BB+/B'; Outlook Negative," published
June 30, 2017, on RatingsDirect. We incorporate several notches of
support in our ratings on Samruk-Kazyna, which pushes them
significantly higher than its stand-alone creditworthiness. We
assess Samruk-Kazyna's stand-alone credit quality, absent
extraordinary government support but including ongoing support, in
the 'b' category.

"In our view, Samruk-Kazyna still benefits from adequate, ongoing
support from the government through concessional budget loans and
regular capital injections from the budget, particularly when the
company has been asked to implement a government investment project
that might otherwise result in a deterioration of its financial
standing."

Samruk-Kazyna has participated in the implementation of some key
national policies since it was established by presidential decree
in 2008. It consolidates almost all of Kazakhstan's state-owned
corporate assets, including those in key sectors such as oil and
gas, power generation, transport, and mining, and manages them on
behalf of the government. Therefore, the company plays a central
role in helping the government meet key economic, political, and
social objectives, in S&P's view.

By law, Samruk-Kazyna's board of directors consists of four
independent members, as well as the minister of national economy,
an aide to the president of Kazakhstan, and Samruk-Kazyna's CEO.
The independent members elect the chairman of the board.
Kazakhstan's prime minister, previously the chairman, withdrew from
the board on Jan 1, 2020. Through regular board meetings and
decisions as the sole shareholder, the government plays a decisive
role in Samruk-Kazyna's development strategy. By law, the company
must be 100% owned by the government.

In 2015, the government announced plans to privatize some of
Samruk-Kazyna's assets, including those in the energy, mining, and
transport sectors, to attract foreign direct investment and
stimulate economic growth. The privatization list features some 215
entities owned and operated by Samruk-Kazyna. The largest of its
subsidiaries--AirAstana, Kazatomprom, Kazakhtelecom, KazMunayGas,
Kazakhstan Temir Zholy, Samruk-Energy, and Kazpost--are targeted
for initial public offerings. According to government plans, a
15%-25% share of those companies is to be floated on the Astana
stock exchange by 2020. In June 2020, Samruk-Kazyna sold the
remaining 6.3% of Kazatomprom shares (of 25% eligible for sale),
raising $206 million. The company plans to sell 10% of
Kazakhtelecom to the Unified Accumulative Pension Fund in 2020, but
further privatizations of major assets are on hold for the
remainder of the year.

The stable outlook on Samruk-Kazyna reflects that on Kazakhstan.
S&P would likely change its rating or outlook on Samruk-Kazyna if
it took a similar rating action on the sovereign.

S&P could lower the ratings on Samruk-Kazyna if the government
intervened in a way that harmed the company's long-term financial
stability, or it saw signs of waning government support, to the
group or, more broadly, support to other government-related
entities (GREs) over the next 12 months.

S&P could raise the rating on Samruk-Kazyna if both Kazakhstan's
monitoring of its GRE debt and the efficiency of administrative
mechanisms to provide extraordinary support to Kazakhstani GREs
improved.




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

ADO PROPERTIES: Moody's Cuts CFR & Sr. Unsecured Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and the senior unsecured rating of ADO Properties S.A. to
Ba2 from Ba1. The outlook was changed to stable from negative.

The non-prime short-term issuer rating was unaffected by its rating
action. Moody's also withdrew the probability of default rating of
Ba1-PD as Moody's does not utilise the Loss Given Default for
Speculative-Grade Companies cross sector methodology for real
estate companies.

The downgrade follows the exercise ADO's option to acquire full
control of Consus Real Estate AG via exercise of an option for 51%
in Consus, and an anticipated further voluntary offer for the
remaining shares in Consus. "The acquisition of Consus increases
business risk, which is not fully mitigated by a mid-term potential
improvement in the property portfolio quality" says Oliver Schmitt,
a Vice President and Senior Credit Officer at Moody's. "The stable
outlook on the Ba2 corporate family and instrument ratings
considers the inherent strengths of the joint entity as a leading
German residential company, combined with expected deleveraging
from sales proceeds, existing cash and equity issuance proceeds".

RATINGS RATIONALE

The downgrade reflects the increased development exposure that ADO
takes on with the acquisition of Consus. Moody's understands that
the settlement of the call option will follow the launch of an
equity raise of EUR450 million, which however is being fully
underwritten.

The development exposure comes with uncertainty around earnings,
cash flow contributions and execution of the developments. Moody's
expects Moody's measure of total cost to complete including land of
all committed projects to total assets to exceed 20% at the end of
2020. While the company has discretion about the rundown of this
exposure when it comes to starting new projects to hold, it is
likely to remain above credit-neutral levels. A large part of the
developments are lower risk given the forward sold nature of the
business, but the entire construction risk, as well as a part of
the letting and sales risk, remain within Consus. Depending on the
executed schedule of new started project that the company intends
to hold, the exposure can increase over time, especially during
2022. The development exposure is a credit negative for the rating
outcome, hence a reduction of the exposure over time would be seen
as a credit positive.

ADO's rating is supported by its size and scale, and increasing
diversification in Germany with a gross asset value around EUR8.6
billion and above 75,000 rental units. Including Consus, Moody's
estimates gross asset value to be above EUR11 billion. Berlin
remains a geographic focus with 50% of assets by value for the
residential portfolio, but the landbank exposure from Consus is
more scattered around the largest cities in Germany. The company
benefits from the stable German residential property market, which
continues to attract rental demand that is less dependent on GDP,
very good secured funding conditions and investor appetite.

The acquisition of Consus will give ADO access to a large pipeline
of new, well located, mostly residential projects in the catchment
area of the largest cities in Germany. It will increase asset
quality over the next 5-7 years and create a more bifurcated
portfolio of a larger part of affordable housing with lower
sensitivity to economic developments, and new assets with higher
sensitivity to household incomes. Moody's would expect those new
assets to find high interest even in a potential downturn.

The company will face the challenge of integrating ADO and ADLER
while at the same time integrating a build-to-sell developer and
turn it into an in-house developer. The transaction expresses a
high degree of risk appetite of the company.

The combined entity will reduce leverage from an elevated leverage
starting point. Moody's has assumed part of the existing cash
resources, sales proceeds mainly stemming from ADLER's sales
pipeline, proceeds from announced sales of projects at Consus
level, as well as positive cash flow contributions from the rundown
of Consus existing development business to contribute towards a
reduction of debt. Moody's has projected Moody's adjusted
debt/assets to decline to 50%-55% on a pro-forma basis for the next
12-18 months including Consus, declining from its estimated Moody's
adjusted debt/assets ratio of 57.7% for ADO/ADLER combined as of Q1
2020.

Moody's estimates its adjusted net debt/EBITDA to remain elevated
above 20x, and fixed charge cover to be below 2x, both during its
typical 12-18 months forecast horizon during which development
related EBITDA still contributes, but also potentially into 2022
where external development activities are less relevant in terms of
EBITDA contribution. In this context, Moody's has only given
partial benefit to the EBITDA contribution of the development
business, as it sees it as a lower quality EBITDA with much more
volatility than residential rental EBITDA.

LIQUIDITY

Liquidity is sufficient for the next 12 to 18 months with the
proceeds of the equity raise being used to pay down some debt that
is due over the next 12-18 months and some beyond this timeframe,
and existing cash and notarised sale proceeds effectively covering
cash outflows from debt maturities and capital spending. Moody's
expects the company to generate more cash from further expected
sales and refinance more debt in the next months to maintain
sufficient liquidity.

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

WHAT COULD CHANGE RATINGS UP

  - The company builds a track record of executing on the business
    integration, including its new governance structure, property
    sales, equity raise, and an improved profitability

  - Adding a track record of executing developments as well as
    sale of Condos at around business plan levels, and a reduction
    of the development exposure

  - The company terms out its debt maturity profile and addresses
    refinancing needs well in advance

  - The company reduces its Moody's-adjusted gross debt to total
    asset ratio to below 55% (which Moody's expects), and
    Moody's-adjusted net debt/EBITDA below 20x on a sustained
    basis

  - Fixed charge cover increases above 2x

WHAT COULD CHANGE RATINGS DOWN

  - Failure to execute developments and Condo sales, leading to
    increasing liabilities and cash needs

  - weakening operating performance in terms of vacancy rate,
    profitability or rental growth

  - Debt/assets increases to 60%

  - Fixed charge cover sustains below 1.5x

  - The company fails to maintain sufficient liquidity, including
    the increased requirements from its development business

  - A failure to maintain ADO's majority class of debt unsecured
    may lead to a downgrade of the senior unsecured debt
    instruments

LIST OF AFFECTED RATINGS:

Issuer: ADO Properties S.A.

Downgrades:

  LT Corporate Family Rating, Downgraded to Ba2 from Ba1

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

Withdrawal:

  Probability of Default Rating, previously rated Ba1-PD

Outlook Actions:

  Outlook, Changed to Stable from Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2018.




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

IPD 3: Moody's Downgrades Corp. Family Rating to B3
---------------------------------------------------
Moody's Investors Service, has downgraded the corporate family
rating of IPD 3. B.V., a leading European B2B information provider
and event's organizer, to B3 from B2 and its probability of default
rating to B3-PD from B2-PD. Concurrently, Moody's has downgraded to
B3 from B2 the rating of the EUR475 million senior secured notes
due 2022 and the EUR175 million senior secured floating rate notes
due 2022 issued by IPD 3 B.V

The outlook on the ratings has been changed to stable from ratings
under review.

This action concludes the review for downgrade initiated on April
1, 2020.

"The downgrade reflects its expectation of a deterioration in IPD's
operating and financial performance driven by the cancellations and
postponements of trade and exhibition shows. It also reflects the
contraction in the business-to-business information services due to
the knock-on effects of the coronavirus outbreak on the global
macroeconomic environment and the negative effects on the financial
outlook of many small and medium enterprises, which form the
largest part of IPD's customer base," says Victor Garcia Capdevila,
a Moody's AVP-Analyst and lead analyst for IPD.

RATINGS RATIONALE

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, falling oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. The combined credit
effects of these developments are unprecedented. Moody's regards
the coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.
Its action reflects the impact on IPD of the breadth and severity
of the shock, and the broad deterioration in credit quality it has
triggered.

The contingency measures taken by public authorities and the
private sector to avoid the spreading of the coronavirus, such as
social distancing and travel restrictions are leading to the
cancellation and postponement of exhibitions and trade shows around
the world, affecting IPD's exhibitions business, which generates 17
% of the company's revenue.

Moody's also expects a contraction in revenue and EBITDA in the
Information and Insights division (40% of IPD's revenues) because
of the expected sharp fall in business activity across advanced
economies in 2020.

Moody's expects that most of the revenue in the exhibitions
business originally expected in Q2 2020 and Q3 2020 will be lost,
while in Q4 2020, when this business generates around 43% of annual
sales, activity is unlikely to reach the same level of revenues as
in the same period in 2019.

Moody's base case scenario assumes a drop in EBITDA of around 20%
in 2020 (including Haynes proforma contribution of EUR14 million),
leading to an increase in Moody's-adjusted gross leverage to 8.3x
from 5.7x in 2019.

The increase in leverage is partially mitigated by the acquisition
of Haynes Publishing Group P.L.C., a multi-national supplier of
content, data and workflow solutions for the automotive industry
based in the UK. The transaction closed on April 3, 2020 for a
total cash consideration of GBP115 million, fully funded with IPD's
existing cash balances and drawings under the revolving credit
facility. In the fiscal year ending in May 2019, Haynes reported
revenue and EBITDA of GBP36 million and GBP13 million,
respectively. While Haynes complements IPD geographically and from
a product standpoint, it also exposes the company to execution and
integration risk at a time when management's attention is focused
on mitigating the effects of the coronavirus outbreak on its
operations.

In 2021, Moody's expects the company to generate good free cash
flow generation of around EUR34 million and leverage to improve to
6.9x supported by EBITDA growth in the range of 20%-25%. However,
this leverage level is still above the maximum leverage tolerance
for the existing B2 rating.

LIQUIDITY

IPD's liquidity profile is supported by a cash balance of EUR75
million at the end of Q1 2020 and a marginal positive free cash
flow generation in 2020. The company also has access to a EUR70
million super senior revolving credit facility, but it is currently
fully drawn.

IPD faces a debt maturity wall in 2022 with the EUR70 million SSRCF
maturing in January 2022 and the EUR650 million notes in July 2022.
The B3 rating with stable outlook assumes the successful
refinancing of these debts well ahead of maturity.

STRUCTURAL CONSIDERATIONS

The B3 rating on the EUR650 million senior secured notes, in line
with the company's CFR, reflects the notes' second priority ranking
in the company's capital structure, behind the SSRCF in the
waterfall of liabilities. The notes benefit from a security package
over shares only and are guaranteed by a group of subsidiaries,
representing no less than 75% of the consolidated group's adjusted
EBITDA. The B3-PD probability of default rating, at the same level
as the CFR, reflects Moody's assumption of a 50% family recovery
rate, as is customary for bond and bank-debt capital structures.

IPD is subject to a springing covenant to be tested when drawings
under the EUR70 million SSRCF exceed 40% of the total. The
condition to be met when this covenant is tested is that
consolidated adjusted EBITDA is equal or greater than EUR54
million.

The company's capital structure contains a EUR204 million
shareholder loan accruing interest at a rate of 9% and due in 2026.
This instrument receives 100% equity credit under Moody's Hybrid
Equity Credit methodology.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that leverage will
improve following the deterioration in 2020, free cash flow
generation will be positive and Haynes integration will be
successful.

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

Positive rating pressure could develop if IPD demonstrates a track
record of solid revenue, EBITDA and free cash flow growth, that
allows it to reduce Moody's-adjusted gross leverage below 6.0x on a
sustainable basis. Upward pressure on the rating would also require
a successful refinancing of the debt maturity wall in 2022 and the
maintenance of a strong liquidity profile.

Downward rating pressure could develop should operating conditions
deteriorate further, and extend into the fourth quarter of 2020 and
beyond, such that free cash flow turns negative on a sustainable
basis, Moody's-adjusted gross leverage does not improve below 7.5x
or liquidity deteriorates.

LIST OF AFFECTED RATINGS

Issuer: IPD 3 B.V.

Downgrades, previously placed on review for downgrade:

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

Corporate Family Rating, Downgraded to B3 from B2

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

Outlook Action:

Outlook, Changed to Stable from Ratings Under Review

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

InfoPro Digital is a European B2B information company focusing on
industry-specific information platforms: (1) Information and
Insights; (2) software, data and leads division; and (3) global
trade shows. The company generated acquisition-adjusted revenue of
EUR443 million and acquisition-adjusted EBITDA of EUR126 million in
2019.




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R U S S I A
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SAFMAR FINANCIAL: S&P Affirms 'BB-/B' ICRs, Outlook Stays Negative
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-/B' long- and short-term issuer
credit ratings on Russian investment holding company Safmar
Financial Investments (SFI).

S&P said, "We believe that the share repurchase launched toward the
end 2019 will inflate leverage close to 15% at year-end 2020.   The
affirmation reflects our view that SFI's LTV will not significantly
exceed 15% (compared with 8.8% at year-end 2019), despite the tough
macroeconomic environment, and our base case of gradual leverage
reduction in 2021. Our 'BB-' rating also reflects our expectation
of stable credit quality of SFI's investee companies and somewhat
stable portfolio values, which we estimate at $1.4 billion after
applying a 10% haircut to reflect the effects of the COVID-19
pandemic. We nonetheless see the holdings' recent debt spike to
fund its share repurchase as a deviation to its financial policy
and we perceive this entails some additional risks in terms of LTV
that we would not see as commensurate with the current rating. This
explains our negative outlook."

Additional debt is unlikely.   S&P said, "We believe SFI's LTV
would not significantly exceed 15% absent a sharp decline in its
investee company's asset values. In December 2019, SFI opened a
RUB21 billion five-year credit line with a Russian bank to
partially finance a share buyback program and so far used only
RUB18.7 billion. We understand that, based on the current
provisions to the loan agreement, SFI is limited in terms of
raising additional debt." SFI intends to repay the line either via
a secondary public offering or recurrent dividend flow, and it
considers this leverage to be temporary.

Lower dividend income is a key risk for SFI.  SFI would not be able
to reduce debt as planned if dividend income were to be lower than
expected. S&P said, "For 2020, we now expect divided flow to be
RUB6.8 billion, similar to 2019. This would translate into a cash
flow adequacy ratio of 3.5x in 2020, from 11.3x in 2019. That said,
we believe that SFI investees' performance will be largely stable.
We understand that the recent macroeconomic challenges and COVID-19
pandemic did not significantly affect credit quality or dividend
capacity of Europlan, VSK, and Safmar, SFI's largest investments."

A limited portfolio size, composed of unlisted assets, and a lack
of sector and geographic diversity.  S&P said, "Our ratings remain
constrained by SFI's limited portfolio size (about $1.4 billion)
and diversification, as well as its exposure to economic and
business development in Russia (foreign currency: BBB-/Stable/A-3;
local currency: BBB/Stable/A-2). We also note that SFI has a
limited track record of operations, and no portfolio turnover,
given that the company was established in 2017. In our view, the
substantial portfolio concentration of SFI's assets in Russia
continues to constrain its investment position. Its portfolio now
contains four holdings, which is fewer than most peers', and these
show significant concentration in Russia's financial sector.
Furthermore, all investments are unlisted, which is atypical for
investment holding companies. We expect it would therefore take
longer for SFI to dispose of assets if needed. SFI's controlling
stakes in three out of four companies also weighs on our assessment
of its business risk. In addition, we think the company still has a
limited track record of turning over assets and investing in new
ones. That said, we understand that management intends to continue
broadening its investment portfolio, and we therefore expect
diversification to increase."

The resilience of SFI's leasing segment, Europlan, supports the
credit quality of investees.   Europlan has good operational
results and is leveraging its expertise and business model on the
Russian leasing market. Additionally, Europlan has a limited cost
of risk that is lower than the system average for auto leasing.
This enables Europlan to upstream sizable dividends to SFI.

S&P said, "We expect stable dividend payments from Safmar and JSC
VSK in 2020.  We view positively that SFI completed the planned
merger of its pension funds, Safmar and Doverie, in March 2019. It
also impaired assets in the portfolio and reallocated investments
to higher-quality assets. We think this conservative move, together
with recent changes in regulation stipulating flat fees for
nonstate pension funds, will reduce potential volatility in profits
and should support dividend capacity. That said, a tough
macroeconomic environment and uncertainty with regards to future
changes in regulation limit our assessment of Safmar and
consequently SFI. In addition, SFI's investment in insurer JSC VSK
brought dividend income in 2019 and is expected to pay dividends in
2020. Although capitalization seems to be a relative weakness, we
understand that 2020 is likely bring a decline in premium volumes
but not in profits, allowing for dividend upstream."

The negative outlook reflects Safmar's increasing exposure to asset
values, which could in turn lead to higher LTV in the next 6-12
months. S&P believes that there could be potential for secondary
public offering of SFI in 2021, once markets stabilize.

S&P would likely take a negative rating action if:

-- S&P notes an increase in leverage at SFI, with the LTV ratio
increasing above 15% for a prolonged period;

-- S&P sees deterioration in the credit quality of SFI's
subsidiaries, leading to significantly restricted capacity to
upstream dividends to SFI; or

-- SFI sells any of its sizable portfolio companies without
promptly investing in an entity with similar characteristics.

S&P could revise the outlook back to stable if SFI returns to zero
debt and has a firm commitment to maintain it. Upside potential is
now more remote, but S&P could consider it if its also saw a
material improvement in the liquidity of SFI's investees -- for
example if companies were to become listed -- and if SFI were to
increase diversification in terms of industry and geography.




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

PIOLIN II SARL: Moody's Confirms B3 CFR, Outlook Negative
---------------------------------------------------------
Moody's Investors Service has confirmed the B3 corporate family
rating and the B3-PD probability of default rating rated under
Piolin II S.a.r.l. Concurrently, Moody's confirmed the B3 rating on
Piolin BidCo, S.A.U.'s existing EUR1170 million guaranteed senior
secured term loan B due 2026 (which includes the EUR970 million
guaranteed senior secured term loan B and the EUR200 million
incremental guaranteed senior secured term loan B2) and EUR200
million guaranteed senior secured revolving credit facility due
2026. 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 14, 2020.

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 and
entertainment industry has been one of the sectors most
significantly affected by the extensive measures and restrictions
taken by governments to contain the virus. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

Parques was severely impacted by the coronavirus outbreak since
mid-March given the restrictions on park openings in the majority
of its markets. As the outbreak spread the company was required to
close all of its parks. As a result, revenues were down by around
30% in Q1 2020 versus the same period last year and Moody's expects
revenues for Q2 to be close to zero. However, Moody's notes that a
number of parks have reopened since late May. By the end of June
around 60% of parks are expected to reopen and by mid-July, 85%.
Given that tickets are typically bought at the parks or a few days
before the visit, there is limited visibility on how the attendance
levels will evolve in the coming weeks. However, Moody's recognises
that Parques' visitors are mostly domestic with limited dependence
on tourism. This could benefit the company as the coronavirus
outbreak is reducing demand for overseas destinations. Local and
regional parks could also benefit from their higher affordability,
shorter catchment area, lower length of stay and planning needs.

Moody's expects revenues to decline by around 45% in 2020 with a
significant impact on profitability. The projected drop in EBITDA
will significantly increase Parques' Moody's-adjusted leverage,
which is expected to exceed 7.5x over the next 18 months. Moody's
notes that the company's capital structure now includes EUR200
million of incremental term loan and around EUR50 million of
government backed loans, which were raised during the months of
April and May. The weaker credit metrics are balanced by the
enhanced liquidity profile, which is further supported by the
extensive cost cutting actions being implemented by the company and
around EUR60 million capex being cancelled. Nevertheless, the cash
burn remains high which Moody's estimated around EUR20-25 million
per month when parks are closed. As a result, free cash flow (FCF)
will be significantly negative in 2020. Moody's also notes that the
incremental term loan came at a significant premium and therefore
will further limit the FCF generation going forward. There remains
high risks of more severe downside scenarios and the pace of
recovery in attendance levels in the coming weeks will be crucial
in determining Parque's operating performance and liquidity profile
for 2020. Moody's notes that approximately 90% of EBITDA is
typically generated in Q3. Therefore, a delay in park openings or
weak attendance rates resulting in negative FCF in the key summer
period could result in negative rating pressure over the next few
months.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

Governance risks mainly relate to the company's private-equity
ownership which tends to tolerate a higher leverage, a greater
propensity to favour shareholders over creditors as well as a
greater appetite for M&A to maximise growth and their return on
investment. However, Moody's understands that Parques' ownership
structure has a stronger focus on longer-term value creation and
potentially be more supportive compared to a typical LBO.

STRUCTURAL CONSIDERATIONS

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

LIQUIDITY

Parques' liquidity profile has strengthened after the company
successfully secured additional external resources in April and
May. The company stated that as of June 12 it had EUR268 million
cash on balance sheet, pro forma for the EUR200 million incremental
term loan and around EUR50 million of government backed financing.
The RCF of EUR200 million remains fully drawn. This provides
additional liquidity buffer to support the company during the
disruption caused by the outbreak. However low attendance levels
during its key summer months or a potential second wave could
rapidly reduce its liquidity buffer and deteriorate its liquidity
profile. The company's debt has one springing net leverage covenant
tested only when the drawn RCF minus cash represents more than 40%
of the RCF commitment (EUR80 million). Moody's expects the company
to remain compliant with its covenant.

OUTLOOK

The negative outlook reflects the uncertainties related to (1)
consumer behavior and visitation levels once parks reopen; (2) the
length and severity of the pandemic, including the potential for a
second wave or local health safety regulations which could
constrain attendance levels; and (3) the extent the economic
recession will impact consumer's disposable income. These
uncertainties could further deteriorate Parques' credit metrics and
slow its recovery pace. As such, further negative rating pressure
could develop over the next few months if the pandemic results in a
more severe impact on operating performance and liquidity than
Moody's currently anticipates. The outlook could be stabilized if
there is enough clarity regarding (1) the stabilization of the
coronavirus outbreak and attendance levels, (2) the company's
ability to deliver to below 7.5x in the next 18 months and (3) its
ability 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 improve its margins to pre-coronavirus
levels, leverage moves below 6.5x, free cash flow is consistently
positive and cash flow on balance sheet, excluding the RCF, is at
least around EUR50 million.

Conversely, Moody's could downgrade the rating if Parque's
liquidity profile significantly deteriorates or if leverage is
sustained at above 7.5x.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

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



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S W E D E N
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ELLEVIO AB: S&P Affirms 'BB+' Rating on Class B Debt
----------------------------------------------------
S&P Global Ratings affirmed its 'BBB' issue rating on Ellevio AB's
class A debt and on its 'BB+' issue rating on the class B debt.

S&P expects stable consolidated debt but an increasing share of
class B debt.

Ellevio is the borrower under a ring-fencing structure, with two
classes of debt--senior class A debt and subordinated class B debt.
Under S&P methodology, it looks at:

-- Ellevio's senior debt ratios only to determine the class A debt
rating, which is one notch above the senior credit quality
(stand-alone credit profile [SACP]) of 'bbb-'.

-- Ellevio's consolidated debt ratios only to determine the class
B rating, which is rated either two notches below the class A debt
or at the same level as the consolidated SACP of 'bb+', whichever
is lower.

Historically, the level of class B debt was low at Swedish krona
(SEK) 3 billion, and will now increase to SEK4 billion. The planned
transaction will increase the proportion of class B debt to about
10% of total debt, from 7.6% previously, although overall debt
remains unchanged. As a result, the ratios underpinning our class A
rating are stronger, while the consolidated ratios are weaker. The
weaker earnings reflect profitability pressure from the Swedish
regulatory update. S&P has therefore lowered the consolidated SACP
to 'bb+' from 'bbb-' on the class B debt, which has no effect on
the class B debt rating of 'BB+', since it is already two notches
below the 'BBB' class A rating.

Pending uncertainties regarding the Swedish regulatory framework
continue to constrain the rating.

On June 1, 2020, the regulator updated its weighted-average cost of
capital (WACC) calculation in its pronouncement related to ongoing
court appeals from distribution system operators (DSOs) in Sweden.
The regulator presented a WACC of 2.35%, up from the 2.16% it
announced in June 2019 but still below the 5.85% in the previous
regulatory period. S&P said, "We understand that the WACC of 2.35%
still depends on the Swedish court outcome, but expect a decision
from the court of first instance before year end. In our view,
Sweden's WACC for DSOs is still among the lowest in Europe. We will
monitor the outcome from the appeal court, which we also understand
will be announced later this year. We could lower our assessment of
the Swedish regulatory framework if, for example, Ellevio was
unable to carry forward under-recovered amounts from previous
regulatory periods."

Ellevio will maintain high capital expenditure (capex) in the
coming two years and, together with flexible financial policy,
maintain credit metrics above its thresholds.

Ellevio will continue to invest heavily during 2020 and 2021, with
investments of SEK3.3 billion-SEK 3.4 billion annually. As a result
of these investments, the company's regulatory asset base (RAB)
will increase, consequently enabling it to achieve higher
regulatory income. S&P forecasts that Ellevio's RAB will increase
to about SEK41 billion by 2023 from about SEK31.4 billion in 2019.
As a result, S&P expects to see a decline in revenue of about 8% in
2020, and EBITDA to decrease from about SEK4 billion to SEK3.6
billion in 2020 due to the lower WACC. S&P also expects Ellevio to
take several remedial measures to maintain its credit metrics above
our thresholds for a downgrade, including:

-- Refraining from paying dividends to its owners;

-- Carrying forward unutilized revenue from the two previous
    regulatory periods; and

-- Borrowing up to 5% of the coming 2023-2027 regulatory period's
    revenue cap to cover lower revenue over the 2020-2023 period.

S&P said, "We therefore believe Ellevio will be committed to
maintaining FFO to debt above 6%, and debt to EBITDA below 10x,
which we find commensurate with the current class A debt rating. We
forecast that Ellevio can keep class A FFO to debt at 6.5%-7.5% in
2020-2022, compared with 7.6% in 2019. This is despite challenging
conditions, with significantly lower WACC for the 2020-2023
regulatory period. Nevertheless, we expect class A debt to EBITDA
to be very close to our threshold of 10.0x."

S&P does not expect any forms of shareholder distributions during
the current regulatory period.

The absence of planned interest payments for its shareholder loans
results in total loans of SEK26 billion by year-end 2023, compared
with SEK20.7 billion in 2019, as interest is added to debt. S&P
said, "We view negatively the significant portion of shareholder
funds in the capital structure, which are in the form of
shareholder loans. However, we exclude the loans from debt in our
ratio calculations, reflecting their equity-like features such as
subordination, maturities beyond all other debt, and the
possibility of accruing interest.

"The negative outlook indicates that we could lower our ratings on
Ellevio's senior secured debt (class A) and its subordinated debt
(class B) if its financial metrics deteriorate because of the lower
revenue in the current regulatory period. A material acquisition or
shareholder returns could also pressure the rating.

"We also expect Ellevio to maintain debt to EBITDA below 12x for
its total debt, including subordinated debt.

"We could lower the rating by more than one notch if we re-assess
the Swedish regulatory framework as less than strong. For example,
if Ellevio was unable to carry forward under-recovered amounts from
previous regulatory periods

"We also could lower the ratings if Ellevio was unable to exercise
significant flexibility in its financial policy, for example, by
lowering shareholder distributions or capex, and this resulted in
FFO to debt below 6%, or debt to EBITDA above 10x for the senior
debt.

"We could lower the subordinated debt rating if we lower the senior
debt rating or if debt to EBITDA rises above 12x at the
consolidated level, including subordinated debt.

"We could revise the outlook to stable if uncertainties surrounding
the regulatory framework for the current period are resolved, for
example, when the pending court appeals are settled.

"We could also revise the outlook to stable if Ellevio shows
exceptional flexibility in its financial policy, resulting in FFO
to debt of at least 6%, and debt to EBITDA below 10x with
comfortable headroom under our senior secured and subordinated
rating thresholds."




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

SELECTA GROUP: S&P Lowers ICR to 'CCC-' on Tightening Liquidity
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
pan-European vending machine operator Selecta Group B.V. (Selecta)
to 'CCC-' from 'B-', the issue ratings on the group's senior
secured notes to 'CCC-' from 'B-', and the issue ratings on the
super senior revolving credit facility (RCF) to 'CCC+' from 'B+'.
The recovery ratings remain unchanged.

S&P said, "We expect a heightened risk of Selecta continuing to
report monthly cash drain until at least the end of third-quarter
2020, which could leave the group with a liquidity deficit when
meeting its October interest payment.   Although Selecta's
management aims to record a positive monthly EBITDA figure for
June/July, we believe there is limited headroom to build up a
sufficient cash buffer to comfortably meet its October interest
payment of about EUR37 million. We do not fully disregard the
possibility of the group performing better than our expectations
and meeting its debt service obligations without any form of
capital support or restructuring, yet we believe the likelihood has
diminished since our last publication. More specifically, the
potential liquidity shortfall is based on our forecast of about
EUR30 million of cash on balance sheet needed to run the business,
and a continued cash burn from the March 31, 2020, position,
resulting in cash of about EUR40 million-EUR60 million as at
month-end September 2020 (including a fully drawn revolver and the
EUR50 million KKR facility). As such, there is limited headroom for
underperformance relative to the EUR37 million October payment, and
we view Selecta as dependent upon favorable business, financial,
and economic conditions to meet its debt service obligations.

"We believe there is a high probability that Selecta will initiate
a distressed exchange offer, as continued uncertainty on revenue
growth for second-half fiscal year (FY) ending Dec. 31, 2020,
persists.   European economies are gradually reopening, with
increased footfall in public areas, benefiting the group's
on-the-go (public and semi-public) sales channel. However, this is
counterbalanced by muted performance in the workplace/private
segment, because offices remain broadly closed. We believe there is
still considerable uncertainty, despite the initial easing of
lockdown measures; and that the continued risk of COVID-19
infections could push certain employers, with workforces that can
work remotely, to delay their return to the office until the end of
the third quarter of 2020 at least. We expect this to exacerbate
pressure on the company to revert cash burn and generate positive
free operating cash flow (FOCF) generation.

"Although Selecta could potentially secure additional capital
injections from its financial sponsor, KKR, we believe downside
risks remain, and that the capital structure will stay
unsustainable without structural changes.   Prior financial support
from KKR and the recent changes to the management team at the CEO
and chairman level highlight the financial sponsor's ongoing
support, in our view. Furthermore, we understand that following the
appointment of legal and financial advisors, the group is still
evaluating all potential options, including capital structure
alternatives and capital injections. Although Selecta could also
reach an agreement for capital injection with its financial sponsor
rather than a distressed exchange, we believe the firm's capital
structure looks unsustainable at this point, given continued cash
burn and the need to reposition the business with historically high
capital expenditure (capex) and working capital affecting free cash
flow performance."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic.   The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P Said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

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

-- Health and safety

CreditWatch

S&P said, "We expect to resolve the CreditWatch in the next 90 days
when we have greater visibility into the group's plans to address
its interest payment, which we anticipate over the next several
months.

"We could raise the ratings if financial performance recovers to an
extent exceeding our current base case and if we took a different
view on the sustainability of the capital structure.

"We could lower the rating if economic conditions worsen and it
appears increasingly unlikely that Selecta will meet its interest
payment, or if the company announces restructuring plans that we
consider to be a distressed exchange."




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

VESTEL ELEKTRONIK: S&P Withdraws 'CCC-' LT Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'CCC-' long-term issuer credit
rating on Vestel Elektronik Sanayi Ve Ticaret A.S., at the
company's request. At the time of the withdrawal, the outlook was
negative. S&P did not rate any of the company's debt instruments.





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

CANADA SQUARE 2020-2: Moody's Rates Class X Notes '(P)Caa3'
-----------------------------------------------------------
Moody's Investors Service has assigned provisional credit ratings
to the following Notes to be issued by Canada Square Funding 2020-2
PLC:

GBP []M Class A Mortgage Backed Floating Rate Notes due [December
2057], Assigned (P)Aaa (sf)

GBP []M Class B Mortgage Backed Floating Rate Notes due [December
2057], Assigned (P)Aa3 (sf)

GBP []M Class C Mortgage Backed Floating Rate Notes due [December
2057], Assigned (P)A2 (sf)

GBP []M Class D Mortgage Backed Floating Rate Notes due [December
2057], Assigned (P)Baa3 (sf)

GBP []M Class E Mortgage Backed Floating Rate Notes due [December
2057], Assigned (P)B2 (sf)

GBP []M Class X Mortgage Backed Floating Rate Notes due [December
2057], Assigned (P)Caa3 (sf)

The GBP []M VRR Loan Note due [December 2057], the Class S1
Certificate due [December 2057], the Class S2 Certificate due
[December 2057] and the Class Y Certificates due [December 2057]
have not been rated by Moody's.

The Notes are backed by a pool of UK buy-to-let mortgage loans
originated by Fleet Mortgages Limited, Topaz Finance Limited and
Landbay Partners Limited. The pool was acquired by Citibank, N.A.,
London Branch (Aa3/(P)P-1 & Aa3(cr)/P-1(cr)) from: (1) Hart Funding
Limited following its purchase from Fleet for Fleet-originated
loans, (2) Zephyr Funding Limited following its purchase from Topaz
for Topaz-originated loans; and (3) Broadway Funding Limited
following its purchase from Landbay for Landbay-originated loans.
The provisional portfolio consists of [679] mortgage loans with a
current balance of GBP [154.1] million as of May 31, 2020. The VRR
Loan Note is a risk retention Note which receives 5% of all
available receipts, while the remaining Notes and Certificates
receive 95% of the available receipts on a pari-passu basis.

RATINGS RATIONALE

The ratings of the Notes are based on an analysis of the
characteristics and credit quality of the underlying buy-to-let
mortgage pool, sector wide and originator specific performance
data, protection provided by credit enhancement, the roles of
external counterparties and the structural features of the
transaction.

MILAN CE for this pool is 14.0% and the expected loss is 2.2%.

The portfolio's expected loss is [2.2]%, which is in line with that
of other UK BTL RMBS transactions, due to: (i) the WA LTV of around
[71.0]%; (ii) the performance of comparable originators; (iii)
expected outlook for the UK economy in the medium term and in
particular the fact that at closing 4.22% of the pool has suspended
its payment according to coronavirus-related payment holidays; (iv)
some historical track record, evidencing good performance of the
Fleet portion of the pool; and (v) benchmarking with similar UK BTL
transactions.

MILAN CE for this pool is [14.0]%, which is in line with other UK
BTL RMBS transactions, due to: (i) the WA current LTV of the pool
of [71.0]%; (ii) top 20 borrowers constituting [17.0]% of the pool;
(iii) static nature of the pool; (iv) the fact that [97.2]% of the
pool are interest-only loans; (v) the share of self-employed
borrowers of [26.36]%, and legal entities (with full recourse to
borrowers) of [57.44%]; (vi) the presence of [24.70]% of HMO and
MUB loans in the pool; and (vii) benchmarking with similar UK BTL
transactions.

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 is 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.

At closing, the transaction benefits from a fully funded,
amortising liquidity reserve fund that equals [1.5]% of 100/95 of
the outstanding Class A Notes with a floor of [1.00]% of 100/95
prior to and no floor post the step-up date in [March 2025]
supporting the Class S1 Certificate, Class S2 Certificate and Class
A Notes. The release amounts from the liquidity reserve fund will
flow through the revenue waterfall prior to and through the
principal waterfall post the step-up date. There is no general
reserve fund.

Operational Risk Analysis: Fleet, Topaz and Landbay are the
servicers in the transaction whilst Citibank N.A., London Branch,
will be acting as the cash manager. In order to mitigate the
operational risk, CSC Capital Markets UK Limited will act as
back-up servicer facilitator. To ensure payment continuity over the
transaction's lifetime, the transaction documentation incorporates
estimation language whereby the cash manager can use the three most
recent servicer reports available to determine the cash allocation
in case no servicer report is available. The transaction also
benefits from approx. 2 quarters of liquidity for Class A based on
Moody's calculations. Finally, there is principal to pay interest
as an additional source of liquidity for the Classes A to E (if
relevant tranches PDL does not exceed 10%, unless it is the most
senior Class of Notes outstanding).

Interest Rate Risk Analysis: 91.29% of the loans in the pool are
fixed rate loans reverting to three months LIBOR with the remaining
portion linked to three months LIBOR. The Notes are floating rate
securities with reference to daily SONIA. To mitigate the
fixed-floating mismatch between fixed-rate assets and floating
liabilities, there will be a scheduled notional fixed-floating
interest rate swap provided by BNP Paribas (Aa3(cr)/P-1(cr)).

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in May
2020.

The analysis undertaken by Moody's at the initial assignment of a
rating for an RMBS security may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

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

Significantly different actual losses compared with its
expectations at close due to either a change in economic conditions
from its central scenario forecast or idiosyncratic performance
factors would lead to rating actions. For instance, should economic
conditions be worse than forecast, the higher defaults and loss
severities resulting from a greater unemployment, worsening
household affordability and a weaker housing market could result in
a downgrade of the ratings. Deleveraging of the capital structure
or conversely a deterioration in the Notes available credit
enhancement could result in an upgrade or a downgrade of the
ratings, respectively.


MITCHELLS & BUTLERS: S&P Cuts Rating on Custodial Receipts to 'B+'
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on two custodial receipts
related to the class C1 6.469% secured notes due Dec. 15, 2032,
from Mitchells & Butlers Finance PLC to 'B+ (sf)/Watch Neg' from
'BB (sf)/Watch Neg'. The ratings remain on CreditWatch with
negative implications, where S&P placed them on April 24, 2020.

S&P said, "Our rating on EUR63.993 million custodial receipts is
dependent on the higher of the rating on the insurance provider,
Ambac Assurance Corp. (not rated) and the rating on the underlying
security, Mitchells & Butlers Finance PLC's class C1 6.469% secured
notes due Dec. 15, 2032 ('B+ (sf)/ Watch Neg').  Similarly, our
rating on GBP16.007 million custodial receipts is dependent on the
higher of the rating on the insurance provider, Ambac Assurance
U.K. Ltd. (not rated) and the rating on the underlying security,
also Mitchells & Butlers Finance PLC's class C1 6.469% secured
notes due Dec. 15, 2032 ('B+ (sf) Watch Neg').

"The rating actions reflect the June 25, 2020, lowering of our
rating on the underlying security to 'B+ (sf)/Watch Neg' from 'BB
(sf)/Watch Neg'. As noted in "Various Rating Actions Taken On
Mitchells & Butlers U.K. Corporate Securitization Notes " published
June 25, 2020, on April 17, 2020, we placed on CreditWatch negative
our ratings in this transaction to reflect the potential effect
that the U.K. government's measures to contain the spread of
COVID-19 could have on both the U.K. economy and the restaurant and
public houses (pub) sectors." Transactions backed by operating cash
flows from pub companies (pubcos) will be particularly hard hit by
the mandatory restrictions imposed by the U.K. government, which
prohibit dine-in business and only permit take-away sales and
deliveries. For the managed-pub sector, it is likely that delivery
will not grow meaningfully enough to offset the loss of revenue due
to the cessation of dine-in. As a result, S&P expects a material
reduction in turnover across the pubcos that it rates.

For strictly wet-led (leased and tenanted) estates, the ability to
generate revenue from delivery is generally very low and the loss
of revenue can be expected to be nearly total while the
government's restrictions are in place.

S&P may take subsequent rating actions on these transactions due to
changes in its rating assigned to the underlying security or
insurance provider.

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

-- Health and safety

  RATINGS LOWERED

  EUR63.993 million Euro-Transferable Custodial Receipts Relating
  to Mitchells & Butlers Finance PLC's class C secured notes

  Class                     Rating
                  To                    From
  Notes           B+ (sf)/CW Neg         BB (sf)/CW Neg

  GBP16.007 million Euro-Transferable Custodial Receipts Relating

  To Mitchells & Butlers Finance PLC's class C secured notes

  Class                     Rating
                  To                    From
  Notes           B+ (sf)/CW Neg        BB (sf)/CW Neg


RESTAURANT GROUP: Creditors Approve Company Voluntary Arrangement
-----------------------------------------------------------------
Shropshire Star reports that The Restaurant Group (TRG), which runs
Frankie & Benny's, will shut 125 of its restaurants after its
creditors voted in favour of a restructuring deal.

According to Shropshire Star, lenders approved the group's Company
Voluntary Arrangement (CVA) deal which will slash its leisure
restaurant portfolio, which primarily consists of Frankie & Benny's
sites.

The restructure, which was first announced earlier this month, will
also affect its smaller Garfunkel's and Coast-to-Coast chains,
Shropshire Star notes.

The permanent closures will impact up to 3,000 workers across these
sites, Shropshire Star discloses.

TRG said that 82% of all creditors voted in favor of the deal,
passing the 75% threshold to pass, Shropshire Star states.


TUDOR ROSE 2020-1: S&P Assigns BB+ Rating on Class X1 Notes
-----------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Tudor Rose
Mortgages 2020-1 PLC's class A to X1-Dfrd notes (excluding the RFN
notes). At closing, the issuer also issued unrated class RFN, X2,
Z, and residual certificates.

Tudor Rose Mortgages 2020-1 is a U.K. pool of residential loan
mortgages (first-ranking and BTL in England and Wales). S&P has
received loan-level data as of May 31, 2020.

At closing, the issuer purchased the beneficial interest in a
portfolio of U.K. BTL residential mortgages from the seller, using
the proceeds from the issuance of the rated and unrated notes. This
same portfolio was purchased initially from the originator by the
seller.

The issuer is an English special-purpose entity, which S&P assumes
to be bankruptcy remote for its credit analysis. Transaction
documents and legal opinions are in line with its current legal
criteria.

The notes pay interest quarterly on the interest payment dates in
March, June, September, and December, beginning in September 2020.
The rated notes pay interest equal to compounded Sterling Overnight
Index Average (SONIA) plus a class-specific margin with a further
step-up in margin following the optional call date in June 2023.
All of the notes reach legal final maturity in June 2048.

The transaction has an early optional redemption date, a first
optional redemption date, and a second optional redemption date. On
the EORD (December 2021), on the FORD (June 2023), and on the
interest payment date following the FORD (September 2023), the call
option holder has the possibility to exercise its call option.

The transaction is exposed to basis risk as the mortgages reference
to a fixed rate while the notes reference compounded SONIA.

The issuer benefits from a fixed-floating swap to hedge the
mismatch of the exposure to the fixed rate. The swap's notional
follows a fixed schedule. The issuer pays a fixed rate and receives
SONIA.

S&P applied basis risk once the swap expires and spread compression
during the fixed-rate period and once all the loans have reverted
to floating.

Under the transaction documents, interest payments on all classes
of rated notes (excluding the class A notes) can be deferred.
Consequently, any deferral of interest on the class B-Dfrd, C-Dfrd,
D-Dfrd, E-Dfrd, F-Dfrd, and X1-Dfrd notes would not constitute an
event of default.

S&P's ratings address the timely payment of interest and the
ultimate payment of principal on the class A notes and the ultimate
payment of interest (including interest on deferred interest) and
principal on the other rated notes.

S&P has analyzed the effect of increased defaults by testing the
sensitivity of the ratings to two different levels of movements.
Under its scenario analysis, the ratings on the notes in both
scenarios would not suffer a rating transition outside of that
considered under our credit stability criteria.

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions, but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  Ratings

  Class      Rating       Amount (GBP)
  A          AAA (sf)      256,000,000
  B-Dfrd     AA (sf)        17,400,000
  C-Dfrd     AA- (sf)       11,400,000
  D-Dfrd     A (sf)          7,600,000
  E-Dfrd     BBB (sf)        6,800,000
  F-Dfrd     BB (sf)         3,100,000
  RFN        NR              6,100,000
  X1-Dfrd    BB+ (sf)        6,900,000
  X2         NR              6,100,000
  Z          NR                775,000
  Residual certificates   NR       N/A

  NR--Not rated.
  N/A--Not available.


VITA CAPITAL 2015-I: S&P Affirms 'BB' Rating on Class A Notes
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB (sf)' rating on the 2015-I
Class A notes issued by Vita Capital VI Ltd. S&P removed the
ratings from CreditWatch with negative implications, where S&P
placed them on March 31, 2020.

Since the peak at the beginning of April of daily deaths in the
U.K. caused by COVID-19, mortality numbers have been decreasing,
and have reached levels similar to those before the COVID-19
outbreak was declared a pandemic. S&P said, "As a result, the
uncertainty around the total number of deaths caused by the
pandemic in the U.K. has decreased, and we have estimated the
mortality index values to the end of 2020 based on actual deaths
and various mortality rate assumptions for the remainder of the
year. Based on our analysis, we believe that the probability of the
notes to attach remains within the probability of attachment
represented by the stress scenarios which we used as the basis for
our initial ratings."

The notes provide Swiss Reinsurance Co. Ltd. (Swiss Re;
AA-/Negative/A-1+) with protection against extreme adverse
mortality developments, such as the current COVID-19 pandemic, in
the U.K., Canada, and Australia. The noteholders are at risk of
loss of principal or interest from an increase in age- and
gender-weighted mortality rates that exceed the specified
percentage of a reference mortality index value specific to each
country. The risk period ends on Dec. 31, 2020. S&P has observed
that the excess mortality in 2020 has mainly occurred in older age
groups, which contribute a small proportion to the mortality index
value calculations. From the start of the pandemic, the major risk
for a potential triggering of the notes has been the excess
mortality in the U.K., rather than in Canada or Australia.

Currently, S&P does not anticipate that Swiss Re will extend the
notes' maturity beyond their scheduled maturity date of Jan. 8,
2020. An extension of the notes would lead to a coupon stepdown,
which would cause S&P to lower its rating on the Class A notes to
'D (sf)'. S&P considers this scenario to be remote.


WIGAN ATHLETIC: Enters Administration, Seeks Buyer for Club
-----------------------------------------------------------
Andy Bounds and Samuel Agini at The Financial Times report that
Wigan Athletic has fallen into administration, becoming the first
English football club to succumb to the effects of the coronavirus
lockdown.

Administrators from Begbies Traynor said Wigan would fulfil its
fixtures while they sought a buyer, the FT relates.  But the 12
point deduction for entering administration could result in the
club being relegated at the end of the extended season, the FT
notes.

According to the FT, the EFL said that once it had received formal
notification from the administrators it would "commence discussions
with the relevant individuals with the aim of achieving a long-term
future for the Club."

Wigan is 14th in the Championship, the second tier of professional
football in England.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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