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

                          E U R O P E

          Monday, August 3, 2020, Vol. 21, No. 154

                           Headlines



A N D O R R A

LLUM CREATIVA: Declared Insolvent; Court Names Administrator


A U S T R I A

COMMERZIALBANK MATTERSBURG: FMA Initiates Insolvency Proceedings


F I N L A N D

AMER SPORTS: Moody's Rates EUR100MM Sr. Secured Term Loan B3


G E R M A N Y

BBS WHEELS: Files for Bankruptcy in Germany
GALERIA KARSTADT: Presents Restructuring Plan to Essen Court
ZIM FLUGSITZ: Files for Debtor-In-Possession Insolvency


I R E L A N D

MACKAY SHIELDS CLO-2: S&P Assigns BB- (sf) Rating on Cl. E Notes


P O R T U G A L

EDA - ELECTRICIDADE DOS ACORES: Moody's Upgrades CFR to Ba1
EMPRESA DE ELECTRICIDADE: Moody's Affirms B1 CFR, Outlook Now Pos.


R U S S I A

LSR GROUP: Moody's Affirms CFR at B1, Outlook Stable
RUSSNEFT PJSC: Moody's Cuts CFR to Caa2, Outlook Negative


S P A I N

TDA CAM 7: Fitch Affirms Class B Debt Rating at B+sf


U N I T E D   K I N G D O M

ALPHA TOPCO: S&P Affirms B+ Ratings & Alters Outlook to Negative
BARAKA FOODS: Enters Administration, 84 Jobs Affected
CRUDEN CONSTRUCTION: Enters Administration, 100 Jobs Affected
HURRICANE BIDCO: Moody's Assigns B3 CFR, Outlook Stable
JUNO MONETA: Goes Into Administration

MISSOURI TOPCO: S&P Downgrades ICR to SD on Distressed Exchange
NATIONAL MUSEUM: Gets Emergency Government Funding
NOSTRUM OIL: S&P Lowers ICR to SD on Nonpayment of Interest
STONEGATE PUB: Fitch Corrects Ratings Release dated July 21, 2020
TECHHUB: Files for Administration Due to Covid-19 Lockdown



X X X X X X X X

[*] BOND PRICING: For the Week July 27 to July 31, 2020

                           - - - - -


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A N D O R R A
=============

LLUM CREATIVA: Declared Insolvent; Court Names Administrator
------------------------------------------------------------
AV Magazine reports that Andorra-based European LED screen and
lighting manufacturer Llum Creativa, trading as ARCH LED, has been
declared insolvent. An administrator, Lourdes Alonso Martinez, has
been appointed by the court in Andorra and creditors have 30 days
to make contact, AV Magazine says.

The company was founded in 2003 by Belgian entrepreneur Sebastian
Clement, and initially served the entertainment and architectural
lighting markets, going on to manufacture products in Belgium,
Andorra and Dubai, AV Magazine discloses. Most recently, the
company reported that it had collaborated with another supplier on
an LED staircase at the Berlin offices of Google and YouTube which
won an industry award.

Among other projects listed on the company's website and Vimeo
channel are the supply of a 1500-cabinet LED sphere at the entrance
to the Avenues Mall in Kuwait; a hanging, double-sided LED screen
at the Westfield Velizy 2 shopping centre on the outskirts of
Paris; LED screens at the Palais de Congres exhibition and event
centre in Paris; and LED screen installations at a Sephora store in
Monaco and a Celio men's clothing store on the Champs-Elysees in
Paris.



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

COMMERZIALBANK MATTERSBURG: FMA Initiates Insolvency Proceedings
----------------------------------------------------------------
The Austrian Financial Market Authority (FMA) on July 27, 2020,
filed for the initiation of insolvency proceedings against the
assets of "Commerzialbank Mattersburg im Burgenland AG" (CMB) at
the Landesgericht Eisenstadt.

This measure was necessary as the government commissioner, Bernhard
Mechtler, who had been appointed by the FMA by means of an
administrative decision dated July 14, 2020, determined in an
interim report dated July 24, 2020 that Commerzialbank Mattersburg
was overindebted by an estimated EUR528 million at the time of the
FMA's prohibiting the continuation of the Bank's business
operations, according to an interim status report. Furthermore,
according to the interim report, Commerzialbank Mattersburg is
unable to pay, since as at the reporting date of July 24, 2020 the
claims of Einlagensicherung Austria GmbH (ESA) alone stood at
EUR162 million, against liquid funds of EUR78 million, based on the
covered deposits paid out by ESA. Depending on further claims
asserted by depositors, the deposit guarantee scheme's claim may
increase to up to EUR490 million.

According the FMA, in the insolvency filing "[T]he government
commissioner has already excluded the possibility in practical
terms that the situation of the Bank's overindebtedness may be
rectified as a result of assets about which we are yet to become
aware, or any hidden reserves". Any positive forecast relating to
the Bank's ability to continue to operate may be ruled out due to
CMB's incapacity to pay. The FMA was therefore required to file the
petition at the Landesgericht Mattersburg to initiate bankruptcy
proceedings against the assets of Commerzialbank Mattersburg im
Burgenland AG.



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

AMER SPORTS: Moody's Rates EUR100MM Sr. Secured Term Loan B3
------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the EUR100
million guaranteed senior secured term loan due 2026 (facility B2)
borrowed by Amer Sports Holding Oy, a subsidiary of Finland-based
sporting goods company Amer Sports Holding 1 Oy, as an add-on to
its existing EUR1,700 million senior secured term loan B due 2026.

Amer Sports' B3 corporate family rating and B3-PD probability of
default rating as well as the B3 ratings of the EUR1,700 million
senior secured term loan B and the EUR315 million senior secured
revolving credit facility borrowed by Amer Sports Holding Oy and
the negative outlook are not affected by this rating action.

"The new term loan will reinforce Amer Sports' cash cushion,
building upon the company's other initiatives to safeguard
liquidity, while resulting in a moderately higher gross leverage,"
says Igor Kartavov, a Moody's lead analyst for Amer Sports.
"However, despite Amer Sports' improved liquidity profile and the
relatively moderate impact of the coronavirus outbreak on its
financial performance so far, the negative outlook on the company's
ratings continues to incorporate the uncertainty related to the
pace of recovery in its performance in the second half of 2020 and
thereafter amid the challenging operating environment," adds Mr.
Kartavov.

RATINGS RATIONALE

The B3 rating assigned to the add-on term loan is in line with the
CFR, reflecting the fact that this loan will rank pari passu with
Amer Sports' existing senior secured debt facilities, including the
EUR1,700 million term loan B and the EUR315 million RCF, which
represent almost all of the company's financial debt. The add-on
facility will have substantially the same terms and conditions as
the existing senior secured facilities, including the same security
and guarantees. The proceeds from the new loan will be used for
general corporate purposes.

Although the new loan will increase Amer Sports' leverage, measured
by Moody's-adjusted gross debt to EBITDA ratio, by around 0.3x,
based on the company's EBITDA for 2019, the proceeds from the loan
will bolster the company's liquidity position. As of June 30, 2020,
Amer Sports' liquidity sources comprised EUR312 million of cash and
EUR44 million available under the RCF, compared to EUR306 million
and EUR119 million, respectively, as of year-end 2019. However, the
limited cash burn despite a significant drop in sales and earnings
was largely driven by a EUR260 million positive change in trade net
working capital, including a EUR344 million positive effect from
the collection of accounts receivable, partly offset by higher
inventories.

Moody's expects that this positive effect will at least partly
unwind in the third quarter and early in the fourth quarter, which
are typically characterized by a significant net working capital
absorption. However, the rating agency believes that Amer Sports'
sizeable cash cushion, reinforced with proceeds from the new term
loan, will allow it to maintain adequate liquidity in the next
12-18 months.

Despite a 36% year-on-year decline in Amer Sports' sales in the
second quarter of 2020, which translates into an overall 22%
decline in the first half of the year, the impact of the continuing
coronavirus outbreak on the company's financial and operating
results has so far been relatively moderate compared to the
management's initial expectations. Amer Sports' year-on-year sales
decline moderated to 16% in June from a trough in April and the
company currently expects its third- and fourth-quarter revenue to
be 15% and 9% lower than in 2019, respectively.

In addition, the company has been able to keep gross margin
virtually flat and to reduce operating costs, although its reported
EBITDA for the first half of the year declined to a negative EUR26
million from a positive EUR34 million in 2019, largely as a result
of a weak first-quarter performance, which reflected both early
coronavirus effects and unfavorable weather conditions during the
winter season.

Moody's notes that Amer Sports' business is highly seasonal, with
typically around 60% of revenue and 80% of EBITDA generated in the
second half of the year. Despite the nascent uptick in the
company's sales, the pace of further recovery in the second half of
2020 and thereafter remains uncertain because of the continuing
spread of the coronavirus outbreak as well as the potential changes
in consumer behavior, such as lower propensity for travelling, and
weak macroeconomic environment.

Amer Sports' B3 CFR continues to factor in (1) the company's
aggressive capital structure and very high leverage of 7.9x in
2019, expected to peak at double-digit values in 2020; (2)
uncertainty related to the pace of recovery in the company's
performance after the coronavirus outbreak is brought under
control, because of the highly discretionary nature of its
products; and (3) significant seasonality of its earnings and net
working capital, which reduces visibility on the full-year
financial metrics and liquidity.

More positively, the company's rating continues to incorporate (1)
its leading market positions supported by a large and diversified
portfolio of globally recognised brands, and its large scale; (2)
its broad diversification across sports segments and geographies;
(3) favorable long-term demand dynamics in the outdoor and sports
market, with additional growth potential from expansion into the
direct-to-consumer channel of the Chinese outdoor apparel market;
and (4) strategic guidance and potential financial support from its
largest shareholder ANTA Sports Products Limited.

STRUCTURAL CONSIDERATIONS

The B3 ratings of the EUR100 million and the EUR1,700 million
senior secured term loans due 2026 and the EUR315 million senior
secured RCF due 2025 are in line with the CFR, reflecting the fact
that all these instruments rank pari passu and represent
substantially all of the company's financial debt. The term loans
and the RCF are secured by pledges over Amer Sports' major brands
as well as shares, bank accounts and intragroup receivables and are
guaranteed by the group's operating subsidiaries representing at
least 80% of the consolidated EBITDA.

The B3-PD PDR of Amer Sports reflects Moody's assumption of a 50%
family recovery rate, given the limited set of maintenance
financial covenants comprising only a springing covenant on the
RCF, tested when its utilization, net of consolidated cash, is
above 40%.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the uncertainty related to the
recovery in Amer Sports' performance beyond 2020, including its
ability to reduce leverage from a very high level expected in 2020,
because of the unpredictable nature of the current operating
environment.

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

An upgrade of Amer Sports' ratings is currently unlikely, given the
negative outlook and the challenging operating environment.
Positive pressure on the company's ratings might build up over time
if it (1) demonstrates a consistent revenue and EBITDA recovery
path; (2) reduces its leverage, measured by Moody's-adjusted gross
debt to EBITDA ratio, towards 6.5x on a sustainable basis; (3)
returns to positive free cash flow generation; and (4) maintains
adequate liquidity, including at least moderate headroom against
the covenant threshold.

The ratings could be downgraded if the company's credit metrics
deteriorate beyond Moody's current expectations or remain at very
weak levels beyond 2020, due to more protracted implications of the
coronavirus outbreak or the company's failure to preserve its cost
savings. Quantitatively, this would translate into Amer Sports'
leverage remaining above 8.0x in 2021. The ratings would come under
immediate negative pressure if the company's liquidity
deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Consumer Durables
Industry published in April 2017.

COMPANY PROFILE

Domiciled in Helsinki, Finland, Amer Sports is a global sporting
goods company, with sales in 34 countries across EMEA, the Americas
and APAC. Focused on outdoor sports, its product offering includes
apparel, footwear, winter sports equipment, fitness equipment and
other sports accessories. Amer Sports owns a portfolio of globally
recognised brands such as Salomon, Arc'teryx, Peak Performance,
Atomic, Suunto, Wilson and Precor, encompassing a broad range of
sports, including alpine skiing, hiking, running, diving, tennis,
golf and American football. In 2019, Amer Sports generated revenue
of EUR2.9 billion (2018: EUR2.7 billion) and EBITDA of EUR286
million (2018: EUR301 million).



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

BBS WHEELS: Files for Bankruptcy in Germany
-------------------------------------------
Brad Anderson at Carscoops German wheel manufacturer BBS has
reportedly filed for bankruptcy.

This is not the first time the company has been in a difficult
financial situation, the report says. In 2007, BBS filed for
bankruptcy and was soon acquired by a company called Punch
International. In 2011, the company filed for bankruptcy yet again
and as recently as 2015, South Korean company Nice Corp was the
majority stakeholder in BBS, Carscoops discloses.

In its bankruptcy filing in Germany, BBS cites falling demand for
tuning products and the difficult automotive retail environment
triggered by the coronavirus pandemic, according to Carscoops. BBS
added that it has had to halt production of its wheels because of
the pandemic, while also encountering supply issues.

Despite the bankruptcy filing, this doesn't spell the end for the
company. In fact, the bankruptcy in Germany is much like Chapter 11
bankruptcy in the U.S. and will allow the company to restructure
its business.

"Media reports might have already spread the word that BBS GmbH was
forced to file for insolvency at the district court in Rottweil at
the beginning of this week," the company said in a statement,
Carscoops relays. "This was a necessary step to prevent an imminent
insolvency within the coming months due to the sudden omission of
confirmed payments."

It remains to be seen how the bankruptcy will impact the company's
current plans, with BBS saying that "the supply of all our OE and
AM customers with BBS wheels is secured". The company also has a
deal with NASCAR to supply single-lug wheels for the
next-generation of cars to be used in the series.

BBS is far from the only company in the automotive space to feel
the pinch of the coronavirus pandemic, Carscoops states. Perhaps
the most notable victim of the pandemic has been rental car giant
Hertz which filed for bankruptcy in late May.

GALERIA KARSTADT: Presents Restructuring Plan to Essen Court
------------------------------------------------------------
Lawyer Monthly reports that the management of Galeria Karstadt
Kaufhof, Germany's biggest department store, has now presented a
restructuring plan to the responsible district court in Essen.

According to Lawyer Monthly, the company is aiming to complete the
restructuring by late autumn.

Galeria Karstadt Kaufhof--alongside eight affiliated
companies--filed for administrative insolvency earlier this year
after announcing they would close 62 out of 172 branches and make
8,000 of the approximately 30,000 employees redundant, Lawyer
Monthly recounts.

The management agreed on the corresponding social collective
agreements with the unions Verdi and NGG shortly before the
protective shield procedure--which was sought by the company early
April due to the impact of Coronavirus--was completed, Lawyer
Monthly states.  The Austrian parent company Signa also announced
that it would take EUR366 million as a restructuring contribution,
Lawyer Monthly notes.

Of the approximately EUR366 million that the parent company Signa
plans to fund, around EUR200 million are earmarked for rent, Lawyer
Monthly discloses.  Negotiations are currently still ongoing with
the respective property owners about the rental costs, Lawyer
Monthly relays.


ZIM FLUGSITZ: Files for Debtor-In-Possession Insolvency
-------------------------------------------------------
Flight Global reports that German seat manufacturer Zim Flugsitz
has filed for debtor-in-possession insolvency proceedings, citing a
"persistent and considerable decline in sales since the start of
the coronavirus pandemic".

According to Flight Global, Munich-based restructuring specialist
Pluta, which has been appointed to lead the process, said the
intent is to "reposition" Zim in order to keep it in business.

Zim will remain "fully operational" while its management teams
stays "in charge" and "carries out the restructuring itself under
the supervision of the court and an insolvency monitor", Pluta
said, Flight Global relays.

Under the current, provisional insolvency proceedings--set to last
two to three months--Pluta and Zim will draw up a strategy in
co-operation with creditors with a view to turning around the
business during the main insolvency proceedings, according to
Flight Global.

Flight Global says Pluta restructuring expert Jochen Gluck –
appointed as Zim's chief restructuring officer--described the
situation as "not easy". But he says the company is "known for its
high-quality products", and that there is "an opportunity to put
the business on a viable footing".

He adds: "We will review each process together with all
stakeholders and adjust them in line with the changed situation."

Staff salaries are "guaranteed" under the applicable German
insolvency law. However, Pluta notes that "both plants work
independently of each other and have their own design,
administration and production teams".

                        About Zim Flugsitz

Headquartered in Markdorf--near Lake Constance, close to the border
with Switzerland--Zim employs more than 200 employees between that
site and a second, more recent production facility in Schwerin, in
the north of what was formerly East Germany.

Zim designs and produces economy, premium-economy and business
seats for line- and retrofit, and enjoyed "strong sales growth in
recent years" particularly for premium seats, Pluta said.



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I R E L A N D
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MACKAY SHIELDS CLO-2: S&P Assigns BB- (sf) Rating on Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to MacKay Shields
Euro CLO-2 DAC's class X, A, B, C, D, and E notes. At closing, the
issuer also issued unrated subordinated notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payment.

The portfolio's reinvestment period ends approximately one year
after closing, and the portfolio's weighted-average life test is
approximately seven years after closing.

The ratings assigned to the notes reflect S&P's assessment of:

-- The diversified collateral pool, which consists primarily of
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

  Portfolio Benchmarks
                                                       Current
  S&P Global Ratings weighted-average rating factor   2,616.95
  Default rate dispersion                               637.40
  Weighted-average life (years)                           5.52
  Obligor diversity measure                              83.04
  Industry diversity measure                             15.71
  Regional diversity measure                              1.14

  Transaction Key Metrics
                                                       Current   
  Total par amount (mil. EUR)                            208.7
  Defaulted assets (mil. EUR)                                0
  Number of performing obligors                             98
  Portfolio weighted-average rating
    derived from our CDO evaluator                         'B'
  'CCC' category rated assets (%)                         3.35
  'AAA' weighted-average recovery (%)                    38.26
  Covenanted weighted-average spread (%)                  3.80
  Reference weighted-average coupon (%)                   4.50

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. We consider that the portfolio primarily comprises broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR208.7 million par
amount, the covenanted weighted-average spread of 3.80%, the
reference weighted-average coupon of 4.50%, and the actual
weighted-average recovery rates for all rated notes. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned ratings, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria.

"We consider that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B and C notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class X,
A, B, C, D, and E notes.

"In light of the rapidly shifting credit dynamics within CLO
portfolios due to continuing rating actions (downgrades,
CreditWatch placements, and outlook changes) on speculative-grade
corporate loan issuers, we are making qualitative adjustments to
our analysis when rating CLO tranches to reflect the likelihood
that changes to the credit profile of the underlying assets may
affect a portfolio's credit quality in the near term. This is
consistent with paragraph 15 of our criteria for analyzing CLOs."
To do this, S&P reviews the likelihood of near-term changes to the
portfolio's credit profile by evaluating the transaction's specific
risk factors, including, but not limited to, the percentage of the
underlying portfolio that comes from obligors that:

-- Are rated in the 'CCC' range;
-- Are currently on CreditWatch with negative implications;
-- Are rated with negative a negative outlook; or
-- Sit within a static portfolio CLO transaction.

S&P said, "Based on our review of these factors, and considering
the portfolio concentration, we believe that the minimum cushion
between this CLO tranches' break-even default rates (BDRs) and
scenario default rates (SDRs) should be 1.0% (from a possible range
of 1.0%-5.0%)."

As noted above, the purpose of this analysis is to take a
forward-looking approach for potential near-term changes to the
underlying portfolio's credit profile.

S&P said, "Taking the above into account and following our analysis
of the credit, cash flow, counterparty, operational, and legal
risks, we believe that our ratings are commensurate with the
available credit enhancement for all of the rated classes of
notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class X to E notes
to five of the 10 hypothetical scenarios we looked at in our recent
publication.

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."

MacKay Shields Euro CLO-2 is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by sub-investment
grade borrowers. MacKay Shields Europe Investment Management Ltd.
manages the transaction.

  Ratings List
  
  Class   Rating      Amount    Sub (%) Interest rate*
                   (mil. EUR)
  X       AAA (sf)     1.50      N/A     Three/six-month EURIBOR
                                           plus 0.74%
  A       AAA (sf)   124.00     40.58    Three/six-month EURIBOR
                                           plus 1.55%
  B       AA (sf)     19.00     31.48    Three/six-month EURIBOR
                                           plus 2.35%
  C       A (sf)      15.50     24.05    Three/six-month EURIBOR
                                           plus 3.20%
  D       BBB- (sf)   19.60     14.66    Three/six-month EURIBOR
                                           plus 4.69%
  E       BB- (sf)     9.00     10.35    Three/six-month EURIBOR
                                           plus 6.54%
  Sub     NR           22.0      N/A     N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.




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

EDA - ELECTRICIDADE DOS ACORES: Moody's Upgrades CFR to Ba1
-----------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
for EDA - Electricidade dos Acores, S.A. to Ba1 from Ba2, the
outlook was changed to stable from positive. Concurrently, Moody's
upgraded the company's standalone baseline credit assessment to ba1
from ba2.

RATINGS RATIONALE

RATIONALE FOR RATING UPGRADE

The upgrade of the CFR reflects the upgrade of the BCA of EDA to
ba1 from ba2.

The change in BCA, Moody's assessment of the company's stand-alone
credit quality, reflects the rating agency's expectation that key
credit metrics will reach a level consistent with guidance for the
ba1 BCA with Funds from Operations (FFO) / debt in the high-teens
in percentage terms. Financial performance will likely weaken in
2020-21, as a result of lower electricity demand and a potential
increase in trade receivables following the coronavirus outbreak.
However, the company benefits from the fully regulated nature of
its activities and the difference between actual and allowed
revenues under its regulatory framework will be recovered, albeit
with a two-year lag.

Moody's ratio guidance for the ba1 BCA for EDA has been lowered
based on a more favourable view of the approach of the Portuguese
energy regulator, ERSE, to regulated utilities in Portuguese
islands. The change takes account of a growing track-record of
largely consistent and predictable decisions, generally supportive
of the regulated utilities' credit quality.

EDA's BCA continues to reflect as positives:

(1) the company's position as the dominant vertically integrated
utility in the Autonomous Region of Azores (Regiao Autonoma dos
Acores or RAA, Ba1 positive);

(2) the fully regulated nature of the company's activities in the
context of a relatively well-established and transparent regulatory
framework; and

(3) a relatively sound financial profile against the background of
a gradually improving regional economy.

However, EDA's credit quality is constrained by:

(1) the small size of the company and a large EUR312 million
investment and asset transition plan, for the period 2020-2024, to
shift its generation mix from thermal to renewables sources;

(2) the costs and challenges associated with operating in a small,
relatively remote archipelago;

(3) the tightened efficiency factors during the extended 2018-21
regulatory period; and

(4) some working capital volatility arising mainly from oil price
movements, although this is likely to decrease following the
balancing of EDA's generation mix between thermal and renewable
generation.

The rating factors in EDA's sound financial profile with FFO / debt
of 18.0% in 2019. Reported debt has, however, increased by 14%
since 2016 to EUR255.5 million at end 2019 as a result of capital
investment and an increase in dividend payments.

With the RAA holding 50.1% of EDA's share capital, the company
falls under Moody's Government-Related Issuers Methodology
published in February 2020. The company currently receives no
uplift from the assigned BCA under the methodology, given the
rating of the RAA.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that EDA will
achieve and maintain metrics consistent with the assigned Ba1
rating.

The previous positive outlook reflected the positive outlook on the
RAA's rating and that uplift to the previous ba2 BCA could be
achieved in case of further improvement in RAA's credit quality.
Under the GRI methodology however, with a ba1 BCA, EDA would not
benefit from a rating uplift in the event of a one-notch upgrade of
the RAA's rating.

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

The rating could be upgraded if (1) EDA's standalone credit quality
improved as evidenced by FFO/debt at least in the low-twenties, in
percentage terms, on a sustainable basis, (2) the company
demonstrated significant availability under long-term liquidity
facilities, and (3) the credit quality of the Government of
Portugal (Baa3 positive) did not deteriorate.

EDA's rating could be downgraded if (1) EDA's credit profile
weakened, whether because of failure to reach efficiency targets,
faster than expected capital investment, or high dividend
distributions, such that FFO/debt was likely to fall in the
mid-teens in percentage terms; or (2) a deterioration in EDA's
liquidity position.

EDA is the dominant vertically integrated utility in Azores, 50.1%
owned by the Autonomous Region of Azores. In the year to December
2019, the company reported consolidated revenues of EUR204 million
and EBITDA of EUR62 million.

The methodologies used in this rating were Regulated Electric and
Gas Utilities published in June 2017.

EMPRESA DE ELECTRICIDADE: Moody's Affirms B1 CFR, Outlook Now Pos.
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on Empresa de
Electricidade da Madeira, S.A.'s long-term corporate family rating
to positive from stable and affirmed the rating at B1.
Concurrently, Moody's upgraded the company's standalone baseline
credit assessment to b1 from b2.

RATINGS RATIONALE

RATIONALE FOR UPGRADE OF BCA

The upgrade of EEM's BCA, Moody's assessment of the company's
standalone credit quality, to b1 from b2 reflects (1) good progress
in its capital investment programme as evidenced by the start of
operations at the Calheta hydroeletrical power plant, in December
2019, and (2) Moody's expectation that credit metrics will reach a
level consistent with guidance for the b1 BCA of Funds from
Operations (FFO) /debt in the high single digits in percentage
terms. Financial performance will likely weaken in 2020-21, as a
result of lower electricity demand and a potential increase in
trade receivables following the coronavirus outbreak. However, the
company benefits from the fully regulated nature of its activities
and the difference between actual and allowed revenues under its
regulatory framework will be recovered, albeit with a two-year
lag.

Moody's guidance for the b1 BCA for EEM has been lowered based on a
more favourable view of the approach of the Portuguese energy
regulator, ERSE, to regulated utilities in Portuguese islands. The
change takes account of a growing track-record of largely
consistent and predictable decisions, generally supportive of the
regulated utilities' credit quality.

EEM's BCA continues to reflect as positives:

(1) The company's position as the dominant vertically integrated
utility in the Autonomous Region of Madeira (Regiao Autonoma da
Madeira or RAM, Ba3 positive);

(2) The fully regulated nature of the company's activities in the
context of a relatively well-established and transparent regulatory
framework; and

(3) Progress on resolving certain legacy issues.

However, credit quality is constrained by:

(1) The small size of the company and its relatively sizeable
investment plan to increase the share of power output from
renewable sources;

(2) The costs and challenges associated with operating in a small,
relatively remote, archipelago;

(3) Ongoing efficiency challenges included in the regulatory
settlement for the extended 2018-21 period; and

(4) The company's high leverage and reliance on short-term credit
facilities.

RATIONALE FOR RATING AFFIRMATION

With the RAM holding 100% of EEM's share capital, the company falls
under Moody's Government-Related Issuers methodology published in
February 2020. Under this methodology and under Moody's unchanged
Very High default dependence and Low support assumptions, the RAM's
Ba3 rating does not provide any rating uplift to EEM's standalone
credit quality of b1.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook on EEM reflects that of the RAM, its 100%
shareholder. Following EEM's BCA upgrade, EEM's rating does not
benefit from any uplift from its standalone credit quality as a
result of its government shareholding. Further improvement in RAM's
credit quality could, however, result in a rating uplift.

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

EEM's rating could be upgraded if the rating of the RAM was
upgraded, or if the company were to strengthen its standalone
credit positioning by (1) successfully delivering its capital
investment programme and (2) reducing leverage by further cutting
receivables and achieving the operating efficiencies imposed by the
regulator, such that FFO/debt is sustainably in the low double
digits in percentage terms.

The rating could be downgraded if:

(1) EEM's credit profile weakened such that FFO/ debt deteriorated
below the high single digits;

(2) there was a deterioration in the company's liquidity
position.

EEM is the dominant vertically integrated utility in Madeira, 100%
owned by the Autonomous Region of Madeira. In the year to December
2018, the company reported consolidated revenues of EUR176.7
million and EBITDA of EUR46.3 million.

The methodologies used in this rating were Regulated Electric and
Gas Utilities published in June 2017.



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

LSR GROUP: Moody's Affirms CFR at B1, Outlook Stable
----------------------------------------------------
Moody's Investors Service has affirmed LSR Group PJSC's B1
corporate family rating and B1-PD probability of default rating.
The outlook remains stable.

RATINGS RATIONALE

The affirmation of the rating reflects LSR's strong business
profile and adequate operating performance, leading market position
in Russia's homebuilding market, and prudent financial and
liquidity management. The current deterioration in macroeconomic
conditions and consumer spending capacity are balanced by an
improvement in mortgage affordability because of the state support
and declining interest rates. The rating action also reflects
Moody's expectation that LSR's leverage will continue to grow in
2020-21 due to implementation of escrow accounts in Russia before
it levels off or improve in 2022-24 on the back of completion of
its large-scale projects.

LSR has a long and solid track record in Russia's homebuilding
industry, which is underpinned by its established business
processes, strong construction expertise and developed sales
capabilities. The company benefits from its second largest market
position by the volume under construction and high brand
recognition which secure more stable demand from customers and
sustained access to banks and land owners. LSR's presence in
Moscow, Saint Petersburg and Ekaterinburg (the fourth largest city
in Russia) as well as its diversification among mass market,
business class and elite segments result in greater resilience
during difficult periods.

The company will sustain its stable operating performance in
2020-21 despite the challenging backdrop. Moody's expects that
LSR's revenue will remain flat in 2020 and grow by 10%-15% in 2021
while its Moody's adjusted EBITDA margin will decrease to 17% in
2020 from 19% a year earlier and the average of 20% in 2015-19, and
improve back to 19% in 2021. LSR will likely sell 800,000 square
metres of apartments under construction in 2020 and 900,000 sqm in
2021, compared with 817,000 sqm in 2019 and the average of 750,000
sqm a year in 2015-19. Although the company's revenue and earnings
decreased materially in 2019, compared with the previous two years,
Moody's views them as adequate and sustainable because its
financial results were boosted by one-off accounting changes in
2017-18 and temporarily reinforced by the acceleration in demand in
2018.

LSR's leverage, as measured by Moody's adjusted debt/EBITDA, will
grow to 5.0x-5.5x in 2020-21 from 4.3x in 2019 and 2.9x in 2016-18.
At the same time, the company has maintained a large cash balance
which represented 64% of its debt in 2018 and 74% in 2019,
resulting in net leverage of 1.1x in 2018-19. Moody's expects that
LSR's cash balance will decrease and debt will grow in 2020-21 due
to gradual transition to escrow accounts, pushing its net leverage
up to 3.0x-3.5x in the same period. If the cash held at escrow
accounts was included in the calculation, the company's net
leverage would be 2.0x-2.5x in 2020-21. In addition, LSR's large
construction projects, particularly its flagship ZILART in Moscow,
with sizeable upfront spending on infrastructure, will mature and
return invested funds with profit in 2021-24, bringing its leverage
down.

The Russian housing market remains under pressure due to stagnating
real disposable income which is exacerbated by the pandemic and
economic turbulence in 2020. However, demand for new apartments is
supported by improving mortgage affordability thanks to declining
interest rates and the government's subsidies. The average mortgage
interest rate reduced to 7.4% in May 2020 from 9.9% in 2019 and
9.6% in 2018. The Russian government introduced a subsidised
mortgage programme with a record low rate of 6.5% which will
support demand for new apartments in 2020.

The rating action also factors in the company's balanced financial
policy and conservative approach to liquidity. In response to the
deteriorating operating environment and uncertainty related to the
pandemic's implications on its credit quality, LSR cut its dividend
payment to RUB3 billion in 2020 from RUB8 billion a year in
2015-19. The company also proactively manages its debt maturity
profile, with 2% of the total debt due in 2020, 17% in 2021, 40% in
2022, 35% in 2023 and 6% in 2024. Its cash balance of around RUB65
billion as of mid-2020 is sufficient to meet all cash needs,
including RUB18 billion of debt repayments, through the end of
2021.

LSR's rating also incorporates the company's (1) proven track
record of successfully weathering the industry cycles while
preserving decent operating performance and healthy financial and
liquidity profiles; (2) vertically integrated business model, with
18% of its revenue generated by the building materials segment in
2019, which allows for better control over supplies and a natural
hedge against input price volatility; and (3) large land bank, with
the net sellable area of 7.6 million sqm and strong projects
portfolio valued at RUB207 billion.

The rating remains constrained by the company's (1) small size by
international standards; (2) exposure to the highly cyclical real
estate and building materials markets; and (3) exposure to Russia's
less-developed political, regulatory and legal framework. The
rating also factors in execution challenges and considerable
financing needs related to LSR's large-scale projects.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

The rapid spread of the coronavirus outbreak, deteriorating global
economic outlook, low oil prices, and high asset price volatility
have created an unprecedented credit shock across a range of
sectors and regions. The homebuilding sector has been one of the
sectors significantly affected by the shock given its sensitivity
to consumer demand and sentiment. Moody's regards the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

The rating agency expects that the impact of the coronavirus
outbreak on LSR's credit quality will be limited. Although its new
contract sales dropped by 21% in monetary terms in Q2 2020,
compared with a year earlier, due to the closure of sales offices
and restrictions on people movement, this was offset by strong
results in Q1 2020, resulting in flat sales in the first half of
the year. In addition, the completion of apartment houses was flat
in Q2 2020, because LSR continued construction activities in Saint
Petersburg and Ekaterinburg during the quarantine and halted its
operations in Moscow only for a few weeks.

Governance considerations include LSR's concentrated private
ownership structure, with 50% shares in the company controlled by
its CEO Andrey Molchanov, which creates a risk of rapid changes in
the company's strategy, financial policies and development plans.
However, the owner's track record of a prudent and consistent
approach towards the company's financial management and corporate
governance practices, as well as its public listing on the Moscow
Stock Exchange and the London Stock Exchange, with relevant
disclosure and governance requirements, partly mitigate the risks
related to corporate governance.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on LSR's rating reflects Moody's expectation
that the company will (1) demonstrate sustainable operating and
financial performance; (2) sustain its sound liquidity; and (3)
pursue its prudent development strategy and balanced financial
policy, maintaining credit metrics commensurate with the current
rating.

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

Moody's could upgrade the rating if LSR were to (1) grow its
revenue and sustain its healthy operating performance; (2) adhere
to a conservative financial policy, with adjusted debt/book
capitalisation at or below 50% and adjusted EBIT/interest ratio at
or above 3.5x, all on a sustainable basis; and (3) maintain good
liquidity. A rating upgrade would also require a sustainable
improvement in operating conditions in the Russian housing market.

Moody's could downgrade the rating if weak market conditions or
LSR's development and financial strategies were to lead to (1) a
material deterioration in liquidity; and (2) an increase in
leverage with adjusted debt/book capitalisation moving above 60%
and adjusted EBIT/interest below 2.0x, all on a sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in January 2018.

LSR is the leading real estate developer, construction company and
building materials supplier in Russia. The company's operations are
concentrated in the three largest cities of Russia, with a
particularly strong position in Saint Petersburg, actively growing
operations in Moscow and visible presence in Yekaterinburg. In
2019, LSR generated revenue of RUB110 billion and adjusted EBITDA
of RUB21 billion. The company is majority owned by its founder and
CEO Andrey Molchanov, with 42% of shares in free float.

RUSSNEFT PJSC: Moody's Cuts CFR to Caa2, Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded RussNeft PJSC's corporate
family rating to Caa2 from Caa1 and probability of default rating
to Caa3-PD from Caa1-PD. RussNeft's outlook remains negative.

RATINGS RATIONALE

Its downgrade of RussNeft's PDR to Caa3-PD reflects a significantly
increased likelihood of default, including a potential debt
restructuring, over the next 12-18 months on the company's
financial debt represented mostly by a bank loan of total
outstanding $1.17 billion as of year-end 2019, because of the
company's persistently very weak liquidity, which has been
amplified by the severe drop in oil prices and aggressive liquidity
management. The downgrade of RussNeft's CFR to Caa2, one notch
above the PDR, reflects Moody's expectation that the recovery rate
on the debt in case of default could be higher than 65%.

As of December 31, 2019, the date at which the company's latest
IFRS financial statements are available, RussNeft's liquidity
comprised cash and cash equivalents of RUB3.0 billion, and
operating cash flow of below RUB10 billion which Moody's expects
the company to generate over the next 12 months assuming the
average oil price for 2020 at $35 per barrel of Brent. This
liquidity was insufficient to cover the company's debt maturities
of RUB7.2 billion (including lease payments) over the same period,
capital spending which Moody's estimates at up to RUB19 billion and
dividend payouts of at least $60 million on the company's preferred
shares, as anticipated by its dividend policy. Moody's understands
that since year-end 2019 the company has failed to procure new debt
or other funding sufficient to materially improve its liquidity.

As of year-end 2019, RussNeft's borrowings mostly comprised a loan
from Bank VTB, PJSC (Baa3 stable), which represented 92% of the
company's debt portfolio. The company was to repay the outstanding
$1.17 billion loan in quarterly instalments totalling $91 million
per year in 2020-25 and a $625 million final payment in 2026.

RussNeft's Caa2 CFR also factors in (1) Moody's expectation that
the company's credit metrics will materially deteriorate over the
next 12-18 months because of the drop in oil prices and production
cuts under the OPEC+ agreement, with limited potential for recovery
over the following 12-18 months; (2) the company's elevated
corporate governance risks stemming from significant related-party
transactions with other businesses of the Gutseriev family, which
controls 46.5% of RussNeft's voting shares; (3) the company's
commitment to pay dividends of at least $60 million per year on its
preferred shares; (4) its high capital spending, amortisation of
received prepayments under oil supply contracts, and significant
interest expenses; and (5) the sensitivity of the company's
financial metrics to the volatility in oil prices and the Russian
rouble exchange rate.

RussNeft's CFR takes into account the company's (1) sizeable
reserves and sustainable hydrocarbon production in the absence of
OPEC+ restrictions; and (2) historically moderate leverage, robust
cash flow metrics and positive free cash flow, although all of
these metrics will deteriorate because of low oil prices and
production cuts.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative rating outlook reflects continuing uncertainty over
RussNeft's ability to significantly improve its liquidity, further
elevating the probability of default on its bank debt, including a
potential debt restructuring.

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

An upgrade of RussNeft's ratings would be conditional upon the
company materially improving its liquidity and liquidity
management.

Moody's could downgrade RussNeft's ratings if (1) the company fails
to improve its liquidity, increasing the probability of default on
its debt obligations, including in the form of debt restructuring
which Moody's could view as a distressed exchange, a form of
default; or (2) if Moody's estimates that expected losses for the
company's creditors in case of default would be higher than those
implied by its current rating.

PRINCIPAL METHODOLOGY

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

Headquartered in Moscow, Russia, RussNeft PJSC is a medium-sized
independent oil and gas producer, with key upstream assets located
in Western and Central Siberia, and the Volga-Urals region. As of
December 31, 2019, the company had around 1,305 million barrels of
oil equivalent of proved oil and gas reserves in accordance with
the Petroleum Resources Management System classification. In 2019,
RussNeft produced 7.1 million tonnes of crude oil and condensate
(including 0.5 mt produced by companies of the GEA Group, which is
not consolidated by RussNeft) and 2.5 billion cubic metres of gas.
In the same period, the company generated revenue of RUB187.1
billion and Moody's-adjusted EBITDA of RUB49.7 billion. RussNeft's
key shareholders are the Gutseriev family (46.5% of voting shares)
and Glencore plc (Baa1 negative, 33% of voting shares), with around
20% of ordinary shares in free float on the Moscow Exchange.



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

TDA CAM 7: Fitch Affirms Class B Debt Rating at B+sf
----------------------------------------------------
Fitch Ratings has taken multiple rating actions on three TdA CAM
RMBS in Spain, including the downgrade of one tranche and the
removal from Rating Watch Negative of three other tranches.

TDA CAM 7, FTA      

  - Class A2 ES0377994019; LT A+sf; Affirmed

  - Class A3 ES0377994027; LT A+sf; Affirmed

  - Class B ES0377994035; LT B+sf; Affirmed

TDA CAM 8, FTA      

  - Class A ES0377966009; LT A+sf; Affirmed

  - Class B ES0377966017; LT BB+sf; Affirmed

  - Class C ES0377966025; LT B+sf; Downgrade

  - Class D ES0377966033; LT CCsf; Affirmed

TDA CAM 5, FTA      

  - Class A ES0377992005; LT AAAsf; Affirmed

  - Class B ES0377992013; LT BBBsf; Affirmed

TRANSACTION SUMMARY

The transactions comprise fully amortising residential mortgages
serviced by Banco de Sabadell S.A. (BBB/F2/RWN).

KEY RATING DRIVERS

COVID-19 Additional Stress Assumptions

In its analysis of the transactions, Fitch has applied additional
stress scenario analysis in conjunction with its European RMBS
Rating Criteria in response to the coronavirus outbreak and the
recent legislative developments in Catalonia.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch also considers a downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed. Under this scenario, Fitch's
analysis accommodates a 15% increase to the portfolio weighted
average foreclosure frequency and a 15% decrease to the WA recovery
rates.

Expected Asset Performance Deterioration

Fitch anticipates a generalised weakening on the Spanish
borrowers´ ability to keep up with mortgage payments linked to a
spike in unemployment and vulnerability for self-employed
borrowers. As a result, performance indicators such as the levels
of arrears (currently ranging between 0.4% and 0.7% for the three
transactions) could increase in the following months. Fitch has
therefore made a sensitivity adjustment incorporating a 10%
increase in WAFF.

RWN Resolved

The affirmation and RWN resolution of TdA CAM 5 Class A notes
reflects its view that credit enhancement is sufficient to mitigate
the risks associated with the COVID-19 crisis and the longer
recovery timings on properties located in Catalonia. Moreover,
liquidity protection is sufficient to mitigate the effects of
payment holidays offered to vulnerable borrowers. The sensitivity
of the ratings to scenarios more severe than currently expected is
provided in Rating Sensitivities below.

On the other hand, the downgrade of TdA CAM 8's class C notes to
'B+sf' is mainly based on the additional stress scenario analysis
and its view that CE levels are not able to compensate for larger
projected losses. The Negative Outlook on TdA CAM 7's class B and
TdA CAM 8's class C notes reflect the medium-term risk of the
coronavirus pandemic translating into a material worsening
performance that could trigger downgrades.

Low Take-up Rates on Payment Holidays

Fitch does not expect the COVID-19 emergency support measures
introduced by the Spanish government for vulnerable borrowers to
negatively impact the SPVs' liquidity positions, given the low
take-up rate of payment holidays in the transactions of 2.5% to
3.1% as of May 2020 (versus the Spanish national average of around
9%). Additionally, the high portfolio seasoning of around 16 years
and the large share of floating-rate loans that enjoy low interest
rates (around 96% of the respective current portfolio balances) are
strong mitigating factors against macroeconomic uncertainty.

TdA CAM 7 and TdA CAM 8 remain exposed to payment interruption risk
in the event of servicer disruption, as the available structural
mitigants (i.e. cash reserve funds that can be depleted by losses)
are deemed insufficient to cover stressed senior fees, net swap
payments and senior note interest due amounts while an alternative
servicer is being sought. As a result, Fitch continues to cap the
notes' rating at 'A+sf'.

Excessive Interest Deferral

TdA CAM 8's class B and C notes' interest payments are deferred
(since January 2013 and December 2011 respectively), when the
performance-based trigger linked to cumulative defaults was
breached as defined by the transaction documentation. Fitch expects
this deferral will last for a long period of time and be curable
only when the senior class A notes are fully redeemed. As a result,
these ratings are not compatible with an investment-grade category
in accordance with its Global Structured Finance Rating Criteria.

ESG Considerations - Governance

TdA CAM 7 and TdA CAM 8 have an Environmental, Social and
Governance Relevance Score of '5' for Transaction & Collateral
Structure due to payment interruption risk, which has a negative
impact on the credit profile, and is highly relevant to the
ratings.

RATING SENSITIVITIES

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

Increase in credit enhancement, as the transactions deleverage, to
fully compensate for the credit losses and cash flow stresses that
are commensurate with higher rating scenarios, all else being
equal.

For the senior notes of TdA CAM 7 and TdA CAM 8, improved liquidity
protection against a servicer disruption event. This because the
ratings are currently capped at 'A+sf' on unmitigated payment
interruption risk.

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

For TdA CAM 5's class A notes, a weaker liquidity position due to
large take-ups on mortgage payment moratoriums and new defaults as
a consequence of the coronavirus crisis exposing the transaction to
payment interruption risk in the event of servicer distress. In
such a scenario, the notes would be downgraded to 'A+sf'.

A longer-than-expected coronavirus crisis that weakens
macroeconomic fundamentals and the mortgage market in Spain beyond
Fitch's current base case. Insufficient credit enhancement to fully
compensate the credit losses and cash flow stresses associated with
the current ratings scenarios, all else being equal. To approximate
this scenario, a rating sensitivity has been conducted by
increasing default rates by 15% and reducing recovery expectations
by 15%, which would imply downgrades of between one and two
categories for most of the notes.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

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

Fitch did not undertake a review of the information provided about
the underlying asset pool ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

TDA CAM 7, FTA: Transaction & Collateral Structure: 5

TDA CAM 8, FTA: Transaction & Collateral Structure: 5

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



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

ALPHA TOPCO: S&P Affirms B+ Ratings & Alters Outlook to Negative
----------------------------------------------------------------
S&P Global Ratings affirming our ratings on U.K.-based Alpha Topco
(F1) at 'B+' including on the group's term loan B and revolving
credit facility (RCF).

F1 has resumed racing but downside risks related to COVID-19
remain.

As the pandemic spread, F1 was forced to postpone or cancel the
first 10 Grands Prix races (GPs) of its 2020 season. The group
returned to racing in the first weekend of July and has held three
GPs to date--two as a double header in Austria and one in Hungary.
F1 continues to work to reorganize the 2020 calendar, having held
or confirmed the dates for 13 races in total so far and is
expecting to announce further races to finalize the calendar in the
coming days, consistent with its aim of holding between 15 and 18
GPs in 2020.

F1's revenue streams are intrinsically linked to the number of
events it holds annually in its racing calendar. As such, macro
assumptions potentially affecting the calendar are material when
forecasting credit metrics. S&P's key (S&P Global Ratings-specific)
base-case assumptions include:

-- Social distancing into second-quarter 2021, with no spectators
allowed to attend GPs until after this time.

-- A 15-race calendar, with no spectators in 2020.

-- A return to a full calendar of 21 races plus one additional
flyaway race in 2021 (with the assumption that the season will
start later than normal, with the first three GPs held later in
2021 in other jurisdictions).

Incorporating the above assumptions into S&P's base case, it
derives the following credit metrics:

-- Neutral EBITDA and more than minus $300 million free cash flow
in FY2020.

-- Given that F1 began 2020 with more than $400 million in cash
and an undrawn $500 million RCF, S&P assumes available liquidity of
more than $500 million at end-2020.

-- 2021 adjusted leverage between 5.7x-6.2x and adjusted EBITDA of
more than $400 million.

S&P Global Ratings' current FY2020 base case is for a 15-race
season with no spectators attending any race. There may be some
upside to this forecast if restrictions are relaxed in some
countries later in the year or a vaccine is developed, but this is
not our base case. S&P said, "We assume social distancing continues
into second-quarter 2021, which would mean no spectators would be
able to attend the first three GPs of 2021 if those GPs were
scheduled for their normal March and April start dates. Under this
scenario, we understand that F1 would likely reschedule the start
of the 2021 season and postpone or cancel these flyaway races
(assumed to be Australia, Bahrain, and Vietnam) to later in the
year, as has been the case with early season races in 2020."

F1 has three main revenue drivers: broadcasting, race promotion
fees, and sponsorship.

F1 has existing race promoter relationships whereby local event
promoters pay F1 a fee to host a race and retain, for example,
ticketing revenue. F1 generally acquires the rights over premium
corporate hospitality (which it delivers under its Paddock Club
offering) and event-related sponsorship revenues. Under S&P Global
Ratings' 2020 base case, whereby S&P forecasts races will be held
behind closed doors with no spectators, promoter revenues will be
compromised and, in many cases, promotion fees may not be received
by F1. Where events have been cancelled and fees have been paid in
advance, F1 is likely to need to return those fees to the relevant
promoters.

S&P said, "We also expect broadcasting and sponsorship revenues to
fall in 2020 given the reduced number of races and the abridged
racing season. We understand that the majority of broadcasting
contracts do not have pro rata reductions applicable to rights
revenue unless the calendar falls below 16 races--and then the pro
rata only applies on a per race basis below that minimum, not the
full original 22 races. However, under S&P Global Ratings'
base-case assumptions we make full pro rata reductions to
broadcasting revenues based on 15 races. We understand the group is
still in discussions with most of its key broadcasting partners to
agree any amendments to existing fee structures, particularly given
that F1 is continuing to work on confirming final revised calendar
race numbers. F1 also continues to renew and explore new
broadcasting relationships and we understand has recently signed
some new partnerships at more attractive rates than those
previously secured in the relevant jurisdictions."

S&P assumes a stable "racing ecosystem" related to the financial
health of the racing teams.

The current economic downturn and challenging macroeconomic
backdrop has increased financial strain on smaller or
back-of-the-grid teams. F1, along with the teams and the Federation
Internationale de L'Automobile (the FIA), has supported a delay to
the planned introduction of amended technical regulations in 2021,
effectively resulting in less capital expenditure (capex) and
reengineering being required from teams in order to be ready to
race next year. The level at which a cost cap is to be introduced
in 2021 has also been revisited and lowered for that year and
beyond, decreasing the future cost of participating in the sport.
Despite this, some teams may face increased financial pressures
over the next 12-24 months, in our view. S&P understands F1, with
support from its parent Liberty Media Corporation, may consider
providing support on commercial terms to some teams if required.
Although a successor Concorde Agreement to address terms for the
sport post-2020 has not yet been signed, we understand discussions
are continuing with the teams.

F1 has secured a covenant waiver and the group's parent Liberty
Media Corporation has undertaken an asset reattribution.

In June 2020, F1 agreed a covenant waiver and a package of other
amendments with its RCF lenders. The agreement waived the group's
8.25x quarterly tested net leverage covenant until first-quarter
2022. It was replaced with a minimum liquidity covenant of $200
million (with liquidity defined as cash and cash equivalents plus
undrawn RCF). Other amendments included placing further
restrictions on the group's ability to raise additional debt
financing or pay distributions during this time.

In April 2020, Liberty Media announced an asset reattribution
between two of its tracking groups including F1's immediate parent
Formula One Group and Liberty Sirius XM Group. This saw the Formula
One Group tracker attributed net cash and other assets of around
$1.4 billion in exchange for transferring certain assets and
liabilities to Liberty Sirius XM Group. S&P said, "In our view, the
reattribution of material cash liquidity to the Formula One Group
tracker means Liberty Media has the capacity and ability to further
support the F1 opco using this liquidity if needed--although we
note Liberty Media is not obliged to provide such support. While
this potential support currently neither helps nor constrains our
rating on F1 directly, we nonetheless view these financial
resources in the parent company as credit positive. Examples
include the parent's ability to support the wider racing team
ecosystem and ultimately give further liquidity support to the opco
if needed--most likely post-2020. Again we note this is subject to
the financial policy, strategy, and willingness of the parent. We
also understand that the group is likely to have other liquidity
raising options, if ever required beyond 2020, including raising
holdco debt above the restricted group. However, this is not our
base-case assumption and management has not currently stated any
intention to use such measures."

COVID-19 remains a material near-term risk.

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 is using this assumption in assessing
the economic and credit implications associated with the pandemic.

Key macro assumptions underpinning our current analysis include
that some social distancing may continue into first-half 2021 and a
global economic recession in 2020 before a rebound in 2021.
Downside risks include restrictions on the movement of people
between countries and at events as well as continuing health risks
to key parties such as drivers and/or teams. As the situation
evolves, S&P will update its assumptions and estimates
accordingly.

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

-- Health and safety

S&P said, "The negative outlook reflects that we could lower our
ratings on F1 should credit metrics weaken below our base case.
This could happen, for example, if the 2020 race calendar was
shorter than anticipated or additional waves of the pandemic
disrupted events well into 2021. Our base case for F1 includes 15
races and no spectators in 2020, returning to a full racing
calendar in 2021 albeit with social distancing requirements being
maintained into the second quarter.

"We could lower the ratings on F1 if the group's credit metrics
weakened below our current base case. This could occur if adjusted
leverage looked likely to remain anchored well above 7x or free
operating cash flow (FOCF) to debt fell below 10% in 2021. We could
also lower the rating if FOCF or cash burn was weaker-than-expected
in 2020, thereby placing greater pressure on recovery in credit
metrics in 2021. A material weakening in the group's liquidity,
decreasing headroom under the minimum liquidity covenant, or
increased probability of a specific default event such as a
purchase of the group's debt below par, could result in a
downgrade.

"We could revise the outlook to stable if we had greater certainty
about the macroeconomic environment and therefore saw the risks to
F1's business--from social distancing, global-mobility
restrictions, and lockdown-related constraints--diminishing." S&P
would also consider the following in any revision of the current
outlook:

-- Higher confidence in operating performance, leading to forecast
2021 leverage below 7x;

-- FOCF to debt above 10%;

-- Adequate liquidity and covenant headroom; and

-- No risk of any specific default events including purchase of
the group's debt below par.


BARAKA FOODS: Enters Administration, 84 Jobs Affected
-----------------------------------------------------
Business Sale reports that foodservice supplier Baraka Foods, which
supplies well-known brands such as Domino's Pizza, has entered
administration.

It may still be able to be sold to a buyer in a stripped-down
state, Business Sale says.

The announcement has come as many food businesses highlighted the
country-wide shutdown of the hospitality industry during the
Covid-19 pandemic as a source of significant financial pressure,
Business Sale relates.

Baraka Foods first launched in Wales in 1989, and now supplies a
number of the nation's biggest retail chains including Wagamama,
Mitchells & Butlers and P&O Ferries, most of which have had
experienced massive drops in sales during the coronavirus crisis.
Baraka Foods also supplied cooked meat lines to many restaurant
customers such as Angus Steakhouse, Benugo and Las Iguanas.

However, the business, based in Mid Glamorgan, has now been forced
to appoint administrators from recovery firms Carter Clark and
Leonard Curtis on July 20, Business Sale discloses.

According to Business Sale, commenting on the announcement, Baraka
owner Charles Newham said: "Baraka Foods has gone into
administration, with the loss of all jobs.  This is a tragedy, as
Baraka Foods moved to the Rhondda in 1992 with one employee.  Many
of our staff of 84 have worked together for decades."


CRUDEN CONSTRUCTION: Enters Administration, 100 Jobs Affected
-------------------------------------------------------------
Grant Prior at Construction Enquirer reports that administrators
from KPMG were officially appointed at Cruden Construction on July
31 and have made 100 staff redundant.

Howard Smith and David Costley-Wood were appointed Joint
Administrators of Cruden Group Limited, Cruden Construction Limited
and Cruden Property Services Limited, Construction Enquirer
relates.

The Warrington based business employed 126 people and worked
predominantly across the North West of England.

According to Construction Enquirer, KPMG said: "Following losses on
a number of contracts and additional costs caused by the Covid-19
pandemic, due to contract delays, the directors took the difficult
decision to place the company into administration.

"Regrettably, upon appointment the administrators made circa 100
employees redundant, with the remaining staff being retained to
support the wind down of the business.

"Agents have been appointed to realise value in the Group's
construction and maintenance contracts, alongside other tangible
assets including a freehold property."

"While trading had been challenging for some time, the impact of
Covid-19 was the final straw. Discussions to sell the business did
not progress, leaving no option but to close," Construction
Enquirer quotes Mr. Smith, associate partner at KPMG and joint
administrator, as saying.


HURRICANE BIDCO: Moody's Assigns B3 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
and a B3-PD probability of default rating to Hurricane Bidco
Limited, the payment processing company. Concurrently, Moody's has
assigned B3 instrument rating to the GBP 290 million Senior Secured
Notes due 2025 borrowed by Hurricane Finance Plc. The outlook on
all ratings is stable.

The proceeds from the SSN will be used to refinance existing debt
and return capital to shareholders.

Its rating action reflects the following drivers:

  - Paymentsense's established market position as a provider of
payment processing services to SMEs in the UK, with a strong track
record of organic revenue growth;

  - High opening adjusted gross leverage of 7.3x as of the last 12
months ended May 31, 2020, pro forma for the transaction, which
Moody's expects could increase in the next 12-18 months as result
of the impact of the coronavirus outbreak;

  - Although timing of any recovery is uncertain, Moody's expects
transaction volumes to recover in the high single digits in 2021
and the acceleration in the key secular trends affecting the
payment processing industry, namely cash-to-card transition;

  - Adequate liquidity position, pro-forma for the transaction.

RATINGS RATIONALE

Paymentsense's B3 CFR reflects the company's (a) established market
position as a provider of payment processing services to SMEs in
the UK; (b) strong track record of organic revenue growth and
stable margins; (c) stable transaction-based revenue model with
broad diversification of customer base and verticals; (d) good
growth prospects, driven by the secular shift to cashless
payments.

The CFR also recognises (a) the company's modest size in a
competitive and fragmented market; (b) near-term revenue decline
due to coronavirus-related social distancing measures and weak
consumer demand environment; (c) potential impact of coronavirus on
SME business formation; and (d) highly leveraged capital structure,
limiting free cash flow generation.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety. The unprecedented disruption of commerce due to social
distancing measures during the outbreak has caused a significant
near-term decline in payment volumes. Longer-term effects of the
outbreak are likely to be positive due to acceleration of
electronic payments' share gain from cash and acceleration of
digitization of financial services.

Paymentsense' ratings factor in its current governance set-up, with
some risks linked to the concentration of power around the founders
and owners, and the only two members of the Board of Directors. The
rating also factors in its aggressive financial policy and
tolerance of high leverage, highlighted by the presence of a GBP90
million PIK note held outside of the restricted group, which
although not included in Moody's adjusted leverage calculations,
increases refinancing risk and structural complexity.

STRUCTURAL CONSIDERATIONS

The B3 rating of the Senior Secured Notes reflects its position as
the major debt instruments in the capital structure. The PDR is in
line with the CFR, reflecting Moody's standard 50% recovery rate
assumption.

LIQUIDITY ANALYSIS

Pro-forma for the transaction, Moody's considers Paymentsense's
liquidity position to be adequate. This assumes an opening cash
balance of GBP47 million and access to a GBP15 million super senior
revolving credit facility which is expected to be undrawn at
closing. Moody's believes these resources provide sufficient
flexibility for the company to cope with variances in working
capital, which Moody's expects to increase as the company expands
its own merchant-acquiring activities, and the group's capital
spending requirements.

RATING OUTLOOK

The stable outlook reflects Moody's view that the secular trends
affecting the payment processing industry will underpin the group's
capacity for deleveraging from the expected high levels in fiscal
year 2021, ending March 30, 2021. The outlook also assumes that
liquidity will remain adequate with satisfactory interest cover,
with no significant debt-funded acquisitions or shareholder
distributions.

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

Positive pressure could arise if:

(1) The group demonstrates consistent organic revenue and
profitability growth;

(2) Total leverage is well below 6.5x on a sustained basis;

(3) FCF-to-debt remains in mid-single digits on a sustained
basis.

Negative pressure could arise if (1) the group is not able to grow
EBITDA sustainably and/or reduce leverage from fiscal 2021 onwards,
(3) the liquidity position weakens or (3) FCF-to-debt remains
negative on a sustained basis.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquarter in the United Kingdom, Paymentsense is a UK payment
processing company providing high quality payment enablement to UK
and Irish SMEs, including terminals, value-added services and
omnichannel acceptance. Paymentsense processes over 500 million
annual card payments from over 82 thousand SME customers, worth
almost GBP13 billion. The company is ultimately owned by trusts for
the benefit of its founders and other beneficiaries.

JUNO MONETA: Goes Into Administration
-------------------------------------
Sion Barry at BusinessLive reports that Juno Moneta, the principal
shirt sponsor of professional rugby region the Scarlets, has gone
into administration.

According to BusinessLive, the financial services group Juno
Moneta, founded and chaired by Louise O' Halloran, who recently
changed her surname to Thomas, is now in the hands of
administrators from Birmingham-based corporate recovery firm
Butcher Woods.

Roderick Butcher and Richard Goodwin of the firm have been
appointed joint administrators to holding company Juno Moneta Group
Ltd which is registered at an address in Porth, but trades out of
offices at Links Business Park in Cardiff, BusinessLive relates.


MISSOURI TOPCO: S&P Downgrades ICR to SD on Distressed Exchange
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Matalan's
parent, Missouri TopCo Ltd., to 'SD' (selective default) from
'CCC-'.

S&P is also lowering its rating on the second-lien notes issued by
Matalan Finance PLC, to 'D' from 'CC', while affirming the 'CCC+'
rating on the prior-ranking senior secured notes, and 'CCC-' rating
on lower ranking senior secured notes, since they are unaffected by
the transaction.

The downgrade follows Matalan's completion of the scheme of
arrangement launched on June 30, 2020.

Matalan will convert the 9.5% cash-pay coupon on its outstanding
GBP80 million second-lien notes, into a PIK toggle instrument. As a
result, the company will save about GBP3.8 million in cash interest
due on July 31, by paying the coupon with additional debt. S&P
said, "We recognize that the second-lien debtholders received a
one-off 50bps consent fee in return for the conversion. However, we
view the exchange as tantamount to a default because lenders are
receiving less than originally promised, since the cash interest
payment might be effectively replaced with PIK interest, on each
upcoming payment date. We believe the consent fee does not offset
uncertainty regarding the ultimate payment of deferred amounts and
the additional risk for the lenders. We intend to review our
ratings on Missouri TopCo and on Matalan Finance PLC's debt
instruments over the next few days."

This scheme of arrangement is one of several measures to shore up
Matalan's liquidity buffer and curtail its cash outflows.

Matalan's actions are intended to counteract weak trading
performance resulting from the pandemic. In June, Matalan raised
GBP25 million under a Coronavirus Large Business Interruption Loan
Scheme facility as an add-on to its existing GBP50 million
super-senior revolving credit facility (RCF). It also issued GBP25
million of senior secured New Priority Notes, which on application
of the proceeds of enforcement rank behind the RCF but ahead of the
existing GBP350 million first-lien senior secured notes. In
addition, as a condition for obtaining this funding, Matalan's
owner agreed to exchange its GBP50 million of Matalan's 9.5%
second-lien notes into subordinated PIK notes.

Capitalization of interest on the PIK notes would only modestly
increase the overall amount of debt outstanding.

S&P said, "We estimate that, at the time of a hypothetical default,
assuming interest of GBP7 million-GBP8 million per year, Matalan's
total outstanding debt principal would be slightly higher following
the application of the scheme. In addition, due to the low ranking
of the second-lien notes in the capital structure, it would not
have any significant impact on the recovery prospects for the more
senior classes of debt. Our '1' and '3' recovery ratings on the
prior-ranking senior secured notes and lower-ranking senior secured
debt are therefore unchanged, indicating our expectation of about
95% and 50% recovery, respectively, in the event of a payment
default."

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

-- Health and safety


NATIONAL MUSEUM: Gets Emergency Government Funding
--------------------------------------------------
BBC News reports that the National Museum of the Royal Navy (NMRN)
has been saved from imminent insolvency by a promise of emergency
government funding, its director has said.

According to BBC, the museum said the closure of its sites due to
the coronavirus lockdown had caused a GBP6.35 million shortfall.

It said it would have filed for insolvency within the next month.

BBC relates that NMRN said the money would enable it to reopen its
venues in Portsmouth, Gosport, Hartlepool and Yeovilton.

Its director general, Professor Dominic Tweddle, said the loss of
visitor income had put the museum at "unprecedented risk".

"I cannot express the relief we all felt when were told that
additional funding would be made available to us," the report
quotes Mr. Tweddle as saying.

BBC adds that NMRN said the government had indicated it would give
GBP5.4 million to cover losses this financial year.

It said it was "disproportionately dependent" on donors and
visitors, from whom it receives 81% of its income.

NMRN said other UK national museums, such as those for the army and
RAF, received the majority of their funding from the government,
enabling them to reopen in early July.

Mr Tweddle said: "I simply cannot see why the historic ships and
collections we care for are not treated with the same significance
as those in the care of our National Museum peers. Is our naval
history not of equal value?

"The only real solution is a fundamental overhaul of our funding
model, something I intend to pursue in the coming months."

NMRN it was "vigorously campaigning" to reopen HMS Caroline in
Belfast, which it said was governed by a different funding model in
Northern Ireland, BBC relays.

The museum group includes Lord Nelson's flagship HMS Victory at
Portsmouth Historic Dockyard and the frigate HMS Trincomalee in
Hartlepool, among vessels and exhibitions at seven UK sites.

NOSTRUM OIL: S&P Lowers ICR to SD on Nonpayment of Interest
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.K.-headquartered Nostrum Oil and Gas PLC to 'SD' (selective
default) from 'CCC-'.

S&P said, "We are lowering to 'D' from 'CCC-' our issue credit
rating on the notes due 2022, following a missed interest payment.
The notes due 2025 are now highly vulnerable to nonpayment, so we
are lowering the issue credit rating on these to 'CC' from
'CCC-'."

S&P Global Ratings lowered the issuer credit rating on Nostrum to
'SD' because the company announced that, rather than pay interest
when due, it would use its 30-day grace periods. S&P said, "We
don't expect payments to be made within the 30 days. Nostrum did
not pay the interest due on the 2022 notes on July 24, 2020, and
will not pay the interest due on the 2025 notes on Aug. 16. In our
view, this decision is part of the ongoing capital structure
review. The company plans to enter a forbearance agreement with the
bondholders in the next few weeks. We consider such an agreement as
a distressed exchange, as any modification of the terms will mean
that investors will receive less than the original promise."

Reduced EBITDA amid operating issues made the capital structure
unsustainable, even before the oil price stress at the beginning of
2020 worsened the situation. At the end of 2019, Nostrum's debt to
EBITDA was about 5.9x. S&P does not believe that Nostrum would be
able to reduce its leverage, even if oil prices were higher.

Once the company completes the distressed exchange, S&P will
reassess the ratings based on the new capital structure.


STONEGATE PUB: Fitch Corrects Ratings Release dated July 21, 2020
-----------------------------------------------------------------
Fitch Ratings replaced a ratings release published on July 21, 2020
to correct the name of the obligor for the bonds.

Fitch Ratings has assigned Stonegate Pub Company Limited an
expected Long-Term Issuer Default Rating of 'B-(EXP)' with a Stable
Outlook. In addition, Fitch has assigned an expected senior secured
rating of 'B+(EXP)'/'RR2' to senior secured instruments to be
issued by Stonegate Pub Company Financing 2019 PLC, and a second
lien rating of 'CCC(EXP)'/'RR6' to subordinated debt to be issued
by Stonegate Pub Company Bidco Limited.

The assignment of final ratings is contingent on the successful
placement of the long-term financing, with final finance
documentation conforming to information already received.

Fitch expects the enlarged UK pub group Stonegate, following its
recent acquisition of the EI Group portfolio, to revert to its
pro-forma run rate EBITDA by FY22 (end-September 2022) post
pandemic. This, together with realised synergies, should result in
a lease-adjusted net debt/EBITDAR below 6.5x. As at July 2020, over
80% of the enlarged group's pubs are trading, but segments of the
Stonegate portfolio's high-EBITDA pubs remain closed.

EI Group publicans (forming two-thirds of the enlarged group's
profits) have benefited from UK government forms of sector support,
enabling them to promptly re-open on 4 July 2020 and have recorded
high drink volumes. With limited liquidity, the Stonegate group has
reduced its capex to restore inherently positive free cash flow.

KEY RATING DRIVERS

Sizeable Portfolio: The acquisition of the EI Group portfolio has
provided Stonegate with increased purchasing power and a pipeline
of EI Group's leased & tenanted portfolio for selective conversions
to Stonegate or EI Group-managed formats including the latter's
more profitable Craft Union. It will continue to invest in pub
formats and operational publicans to increase EBITDA per pub. Its
existing wet-led L&T portfolio will generate rent and wet income as
well as low yoy increases in profit. Similar to other UK pub
groups, Stonegate will continue to dispose of smaller less
profitable pubs, thereby improving the quality of the remaining
portfolio.

Operating under Coronavirus: Health and safety requirements will
result in reduced capacity across the different predominantly
wet-led pubs, some part-food brands, as well as sports club and
(most severely) late-night venues. Customer numbers will decrease
due to hesitance to visit pubs and weakened UK consumer sentiment.
The recovery towards pre-coronavirus trading conditions is unclear
in the near-term, with a full recovery not envisaged until 2022 at
the earliest. Nevertheless, a permanent decline in volumes in 2022
would put ratings under pressure.

UK Government Support: As well as furlough and a business rates
holiday, according to the rateable value of each pub around 90% of
the group's L&T publicans are each eligible for GBP10,000-
GBP25,000 government grants. Stonegate has also provided trade
credit to aid initial re-stocking. These forms of support have
provided liquidity to cover costs including re-start-up costs and
pay accrued rent. Stonegate management reports that 83% of its L&T
tenants received these grants, which (as represented to Fitch)
amount to these publicans expected annual net income.

Different Operating Capacities: Fitch assumes that Stonegate's town
centre-focused managed brands like Be At One, Venues and Common
Room are severely constrained during July to September (4QFY20) and
will gradually open further in FY21. Other managed outlets operate
(July: 77% opened) at reduced capacity to yield 50%-70% of their
run-rate profits in 4QFY20, improving to 80%-90% by 4QFY21. Over
comparable periods, Fitch expects the EI Group portfolio (80%
opened) to have fewer temporary format closures and, given its
suburban locations, it can operate at slightly higher capacity
(also reaching 90% of pre-coronavirus EBITDA by 4QFY21).

FY20 EBITDA Halved: Compared with a pro-forma annualised EBITDA,
Fitch forecasts that the combined group's FY20 pro forma EBITDA
(1HFY20 assuming a six-month contribution from EI Group, and
minimal from 3QFY20) is around 50% lower, and FY21 EBITDA 30%
lower. This is before potential annualised synergies from the
combined group, of which around half are expected to have been
actioned by December 2020.

Visibility of Near-Term Forecasts: Management has provided limited
post-4 July 2020 trading information indicating L&T wet volumes at
around 85%-90% of pre-coronavirus levels. In the managed portfolio,
where Stonegate controls and assumes operating costs, 70% of
volumes translate into a 70% run-rate EBITDA for opened sites
(including the benefit of the business rates holiday until April
2021). In the L&T portfolio, 70%-80% of volumes translate into
70%-80% run-rate EBITDA for opened sites. Over the next 18-24
months, the combined group also plans to realise GBP80 million
synergies (resulting from the EI Group acquisition including
de-listing, central office and procurement).

Leveraged Capital Structure: Pro-forma, pre-coronavirus, the
combined group's annualised EBITDAR of GBP508 million relative to
drawn debt of GBP3.2 billion (at closing) points to
lease-adjusted/EBITDAR gross leverage of 8.0x (or 6.9x including
GBP80 million of synergies). For FY22 Fitch expects this measure of
leverage to be below 6.5x. Compared with other leveraged finance
credits, the enlarged group has positive post-maintenance capex
FCF. However, with a Fitch-assumed 8% cost of debt under the
current refinancing, FY21 fixed charge coverage is tight at 1.4x
before improving to 1.7x in FY22. Management's focus is to run the
business "for cash" until trading conditions improve before
expansionary capex can be re-activated.

Diversified Wet-led Pub Formats: The enlarged group, primarily
wet-led, is diversified across the UK, with a 48% weighting in the
south. The diversification, with Stonegate weighted to town centre
outlets while EI Group to unbranded suburban pubs, many of which
are with outdoor facilities and closer to WFH workers, aids the
group's profile. The enlarged portfolio combines Stonegate's 761
managed formats yielding an average EBITDAR of GBP270k/pub compared
with EI Group's larger 3,988 L&T portfolio averaging GBP70k/pub.
Using pro-forma annualised EBITDA figures, the EI Group/Stonegate
profit split is approximately 60:40.

Fitch Treatment of Unique: A Fitch-deconsolidation of the
non-recourse Unique Pub Company Finance Company plc whole business
securitisation within the EI Group from the core metrics (FY19
EBITDA: GBP115 million, gross debt GBP672 million) would not
heavily distort group ratios. Unique's assets and debt are not
included in Fitch's recovery ratings. The WBS pub portfolio is
similar to the EI Group portfolio with no discernible adverse
selection. Management intends to wind-down this self-contained
funding structure over time.

DERIVATION SUMMARY

As there is no Fitch navigator framework for UK pubs, Fitch has
rated Stonegate under the global restaurants navigator framework,
acknowledging its predominantly wet-led operations and a
significantly higher proportion of freehold property ownership.

Compared with 'B' rating category peers in Fitch's EMEA credit
opinion portfolio, the acquisition of EI Group affords the group
size and the potential to maximise synergies, while constraining
the potential for further large M&A. Stonegate is not facing the
industry challenges seen in casual dining peers. Stonegate's higher
leverage is partially mitigated by marginally stronger fixed charge
coverage and better financial and operational flexibility given its
freehold property, and greater FCF flexibility than peers'.

KEY ASSUMPTIONS

Pro-forma EBITDA (after rents and including projected synergies of
GBP80 million) of the enlarged group is GBP494 million for FY20.
Fitch's figures include 12 months of EI Group ownership (versus
actual six months). Fitch's base case does not revert to pro-forma
EBITDA until FY22. At this point FCF profit visibility should
enable management to revert to its strategy of investing in managed
formats to grow EBITDA/pub. Fitch base case is 30% of pro-forma
enlarged group pre-synergies EBITDA in FY20 and 72% in FY21.

During 4QFY20 and FY21, of the branded Stonegate formats, Fitch has
re-phased profit contributions from 76%-opened (as at July 2020)
outlets) and minimal profit from some high EBITDA/pub outlets to
reflect their 4QFY20 non-operation and social-distancing operating
conditions. Management intends to re-assess these formats for the
near-term. These formats were significant contributors to
Stonegate's EBITDA. The Stonegate portfolio is also weighted
towards city centre-based locations. Fitch base case is 61% of
pro-forma Stonegate pre-synergies EBITDA in FY21.

During 4QFY20 and FY21, of the E&I Group L&T portfolio, Fitch has
maintained the EBITDA/pub contribution but re-phased profitability
to reflect operating conditions. As at July 2020, 80% of the EI
Group estate was open. This income is a mixture of contractual rent
and proportionally higher net wet income related to volumes. These
outlets will have greater profit recovery given their outdoor and
non-city centre locations. Fitch base case is 77% of pro-forma E&I
Group pre-synergies EBITDA in FY21 and closer to 100% by 4QFY22.

Fitch does not assume another national lockdown of all UK pubs but,
upon a potential second wave of infections, Fitch expects the
government to co-ordinate lockdowns on a regional basis.

Average cost for debt for the refinanced debt (including
privately-placed bond) is assumed at 8%.

Tax rate at near-20% of profit before tax

Capex is a minimal maintenance level of GBP70 million in FY21,
thereafter increasing above GBP130 million per year.

GBP35 million of site disposals each year resuming from FY21. No
other disposals.

Benefit of negotiated working capital accruals (including deferral
of the group's third-party pub rents) in FY20, before reversing in
FY21.

Increase in revolving credit facility (RCF) to GBP250 million.
Capital injection from private equity owner of GBP50 million. No
external dividends.

RECOVERY ASSUMPTIONS

Its recovery analysis assumes that Stonegate would be liquidated
rather than restructured as a going concern in a default scenario.

  -- Recoveries are based on the freehold value of the newly
consolidated group. Fitch's liquidation approach uses the September
2019 third-party valuations of the EI Group's freehold and long
leasehold assets, and the updated valuation of the Stonegate
portfolio. The former is based on the 'fair maintainable trade'
(FMT, or profitability) of the pubs, using relevant 8.0x to 12.0x
multiples. Fitch applied a 25% discount to the 2019 valuations
comparable to the stress experienced by industry peers' during 2007
to 2011 on an EBITDA/pub basis, replicating the FMT component of
the valuation.

  -- The 25% discount applicable to the whole portfolio, in the
event of distress, also reflects the strong record of both groups
in disposing of freehold assets at close to or above book value.

  -- After deducting a standard 10% for administrative claims,
Fitch has assumed that the GBP250 million super-senior RCF would be
fully drawn in the event of default.

  -- Fitch's principal waterfall analysis generates a ranked
recovery for senior secured loans in the 'RR2' band, indicating a
'B+(EXP)' instrument rating, two notches above the IDR. The
waterfall analysis output percentage on these metrics and
assumptions is 90%.

  -- Given the structural subordination in the debt structure,
Fitch assigns a ranked recovery for the second-lien in the 'RR6'
band with 0% expected recoveries. The 'RR6' band indicates a
'CCC(EXP)' instrument rating, two notches below the IDR.

RATING SENSITIVITIES

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

  -- FFO gross lease-adjusted leverage below 6.0x on a sustained
basis

  -- FFO fixed charge coverage above 2.5x on a sustained basis

  -- Full clean-down (repayment) of the RCF

  -- FCF margin at 2%-5%

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

  -- FFO gross lease-adjusted leverage above 7.0x beyond FY21

  -- FFO fixed charge coverage trending towards 1.5x

  -- Failure to deliver on management's envisaged asset disposals
of GBP75 million

  -- Erosion of positive FCF margin

ESG CONSIDERATIONS

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

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: With low near-term prospects of the upsized RCF
(GBP250 million) being partially repaid, liquidity is limited after
Unique's ring-fenced cash balance is demarcated for its liquidity
assessment. Selective asset disposals will aid liquidity; Fitch's
rating case assumes 50% of management's guidance on disposal
receipts.

The scheduled debt amortisation of GBP60 million rising to GBP100
million a year refers to amortising debt within the self-financing
Unique WBS.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

TECHHUB: Files for Administration Due to Covid-19 Lockdown
----------------------------------------------------------
Tim Bradshaw at The Financial Times reports that TechHub, which for
a decade was home to hundreds of start-ups at the heart of London's
"Silicon Roundabout" tech scene, has filed for administration.

Founded in 2010 by Elizabeth Varley and Mike Butcher, it quickly
became a focal point for the tech community, the FT discloses.

Ms. Varley blamed Covid-19 for TechHub's collapse, saying that it
had lost three-quarters of its revenues as the lockdown prevented
members from using the space, the FT relates.





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

[*] BOND PRICING: For the Week July 27 to July 31, 2020
-------------------------------------------------------
Issuer               Coupon  Maturity  Currency  Price
------               ------  --------  --------  -----
Selecta Group BV      5.875   02/01/2024  EUR   37.524
Deutsche Lufthansa    5.125   08/12/2075  EUR   72.640
Takko Luxembourg 2    5.375  11/15/2023   EUR   29.040
Vedanta Resources L   8.250   06/07/2021  USD   70.180
Vedanta Resources L   6.375   7/30/2022   USD   57.330
Vedanta Resources L   6.125   08/09/2024  USD   49.107
Gol Finance SA        7.000   1/31/2025   USD   46.012
Atento Luxco 1 SA     6.125   08/10/2022  USD   73.441
Ellaktor Value Plc    6.375  12/15/2024   EUR   73.875
Intelsat Jackson Ho   5.500   08/01/2023  USD   53.000
Mclaren Finance PLC   5.000   08/01/2022  GBP   57.065
Intelsat Jackson Ho   8.500  10/15/2024   USD   57.250
Vedanta Resources F   9.250   4/23/2026   USD   52.570
Carnival PLC          1.000  10/28/2029   EUR   60.487
Europcar Mobility G   4.125  11/15/2024   EUR   63.866
Genfit                3.500  10/16/2022   EUR   10.028
Argentum Netherland   0.500   10/02/2024  EUR   63.204
Adler Pelzer Holdin   4.125   04/01/2024  EUR   47.117
Deutsche Bank AG      4.789               USD   68.055
DTEK Finance PLC     10.750  12/31/2024   USD   50.742
Vallourec SA          6.625  10/15/2022   EUR   64.150
International Perso   5.750   04/07/2021  EUR   64.783
Intelsat SA           4.500   6/15/2025   USD   22.250
CMA CGM SA            5.250   1/15/2025   EUR   70.373
Norwegian Air Shutt   7.250   11/11/2022  EUR   32.629
Banco BPM SpA         6.125               EUR   66.518
Banca Monte dei Pas   5.375   1/18/2028   EUR   79.424
Transportes Aereos    5.625   12/02/2024  EUR   56.440
Vedanta Resources F   8.000   4/23/2023   USD   51.804
Codere Finance 2 Lu   6.750   11/01/2021  EUR   46.492
Vedanta Resources L   7.125   5/31/2023   USD   51.573
Intelsat Luxembourg   8.125   06/01/2023  USD    5.750
Swissport Financing   9.000   2/15/2025   EUR    7.442
Kirk Beauty One Gmb   8.750   7/15/2023   EUR   46.853
Tullow Oil PLC        7.000   03/01/2025  USD   55.398
Kongsberg Actuation   5.000   7/15/2025   EUR   62.130
AerCap Holdings NV    5.875   10/10/2079  USD   69.388
Obrascon Huarte Lai   4.750   3/15/2022   EUR   40.396
Mitsubishi UFJ Inve   4.221  12/15/2050   EUR   50.450
Intelsat Jackson Ho   9.750   7/15/2025   USD   58.000
Selecta Group BV      5.375   02/01/2024  EUR   37.425
Intelsat Connect Fi   9.500   2/15/2023   USD   25.000
Sarens Finance Co N   5.750   2/21/2027   EUR   70.316
Andrade Gutierrez I   9.500  12/30/2024   USD   64.732
Europcar Mobility G   4.000   4/30/2026   EUR   58.561
Explorer II AS        3.375   2/24/2025   EUR   74.834
Promontoria Holding   6.750   8/15/2023   EUR   64.752
Unigel Luxembourg S   8.750   10/01/2026  USD   74.526
Piraeus Bank SA       5.500   2/19/2030   EUR   61.175
InterCement Financi   5.750   7/17/2024   USD   44.566
Swissport Financing   5.250   8/15/2024   EUR   75.959
Jaguar Land Rover A   2.200   1/15/2024   EUR   74.747
Petra Diamonds US T   7.250   05/01/2022  USD   37.330
La Financiere Atali   4.000   5/15/2024   EUR   57.880
Aryzta AG             5.468               CHF   56.224
Tereos Finance Grou   4.125   6/16/2023   EUR   70.985
Travelex Financing    8.000   5/15/2022   EUR   25.725
Takko Luxembourg 2    5.375  11/15/2023   EUR   27.583
Marcolin SpA          4.125   2/15/2023   EUR   70.666
Jaguar Land Rover A   4.500   1/15/2026   EUR   74.076
MSC Cruises SA        3.000   7/14/2023   CHF   48.000
Selecta Group BV      5.875   02/01/2024  CHF   35.659
Aegon NV              0.046               EUR   62.618
Tullow Oil PLC        6.250   4/15/2022   USD   65.861
Vallourec SA          6.375  10/15/2023   EUR   59.758
Aegon NV              0.915               USD   67.406
MSC Cruises SA        3.000  11/30/2021   CHF   54.133
Metro Bank PLC        9.500   10/08/2025  GBP   73.361
Casino Guichard Per   0.945               EUR   27.508
Naviera Armas SA      6.500   7/31/2023   EUR   50.067
Signet UK Finance P   4.700   6/15/2024   USD   61.905
Obrascon Huarte Lai   5.500   3/15/2023   EUR   39.974
Raffinerie Heide Gm   6.375   12/01/2022  EUR   60.964
Norwegian Air Shutt   6.375  11/15/2024   USD   23.515
Novafives SAS         5.000   6/15/2025   EUR   68.871
Korian SA             0.875   03/06/2027  EUR   49.459
Banca Monte dei Pas   8.000   1/22/2030   EUR   88.938
Maxeda DIY Holding    6.125   7/15/2022   EUR   70.034
Vallourec SA          2.250   9/30/2024   EUR   54.105
Vallourec SA          4.125   10/04/2022  EUR    3.683
Hema Bondco I BV      6.250   7/15/2022   EUR   45.627
Moby SpA              7.750   2/15/2023   EUR   31.750
Sudzucker Internati   2.747               EUR   73.708
International Airpo  12.000   3/15/2033   USD   66.631
Summer BC Holdco A    9.250  10/31/2027   EUR   73.815
Global Liman Isletm   8.125  11/14/2021   USD   59.855
Corestate Capital H   1.375  11/28/2022   EUR   72.136
Distribuidora Inter   1.000   4/28/2021   EUR   72.299
Matalan Finance PLC   6.750   1/31/2023   GBP   59.250
Piraeus Bank SA       9.750   6/26/2029   EUR   71.962
LSF9 Balta Issuer S   7.750   9/15/2022   EUR   49.201
ING Groep NV          0.310               EUR   74.301
AXA SA                1.604               USD   64.883
Premier Oil PLC       6.500   5/31/2021   GBP   65.364
KME SE                6.750   02/01/2023  EUR   43.624
Intu SGS Finance PL   3.875   3/17/2023   GBP   58.281
Valaris plc           5.750   10/01/2044  USD    7.887
Newday Bondco Plc     7.375   02/01/2024  GBP   74.200
Alpha Bank AE         4.250   2/13/2030   EUR   75.875
Norwegian Air Shutt   5.216   02/07/2023  SEK   50.000
BNP Paribas Fortis    1.592               EUR   70.130
Intralot Capital Lu   6.750   9/15/2021   EUR   40.782
Valaris plc           7.750   02/01/2026  USD    6.137
Intelsat Luxembourg   7.750   06/01/2021  USD    5.000
Frigoglass Finance    6.875   02/12/2025  EUR   65.000
Swissport Investmen   6.750  12/15/2021   EUR   24.532
Neoen SA              2.000   06/02/2025  EUR   46.540
Rallye SA             4.000   04/02/2021  EUR   17.806
Casino Guichard Per   3.992               EUR   43.546
Naviera Armas SA      4.250  11/15/2024   EUR   48.537
Pro-Gest SpA          3.250  12/15/2024   EUR   54.833
Mallinckrodt Intern   5.750   08/01/2022  USD   22.280
Maisons du Monde SA   0.125   12/06/2023  EUR   33.992
Tendam Brands SAU     5.000   9/15/2024   EUR   69.641
Paper Industries In   6.000   03/01/2025  EUR   66.625
Republic of Angola    6.388   12/07/2023  USD   61.125
SGL Carbon SE         3.000   9/20/2023   EUR   61.497
Nostrum Oil & Gas F   8.000   7/25/2022   USD   23.809
Mclaren Finance PLC   5.750   08/01/2022  USD   57.705
Air France-KLM        0.125   3/25/2026   EUR   13.030
Pizzaexpress Financ   6.625   08/01/2021  GBP   59.495
SGL Carbon SE         4.625   9/30/2024   EUR   74.838
Solocal Group         8.000   3/15/2022   EUR   39.504
Banque Federative d   0.181               EUR   68.910
Hurricane Energy PL   7.500   7/24/2022   USD   45.348
Pacific Drilling SA   8.375   10/01/2023  USD   22.184
ASG Finance Designa   7.875   12/03/2024  USD   55.149
Valaris plc           4.875   06/01/2022  USD    9.551
KCA Deutag UK Finan   9.625   04/01/2023  USD   44.346
Nexity SA             0.125   01/01/2023  EUR   55.913
AXA SA                0.078               EUR   65.978
Norican A/S           4.500   5/15/2023   EUR   66.795
Groupe Ecore Holdin   6.250  11/15/2023   EUR   54.292
Metro Bank PLC        5.500   6/26/2028   GBP   44.559
4finance SA          10.750   05/01/2022  USD   68.951
Astaldi SpA           7.125   12/01/2020  EUR    9.731
Rothschild & Co Con   1.313               USD   64.835
B2Holding ASA         6.350   5/28/2024   EUR   74.612
Mclaren Finance PLC   5.750   08/01/2022  USD   56.526
Odea Bank AS          7.625   08/01/2027  USD   55.557
Hema Bondco II BV     8.500   1/15/2023   EUR    3.266
La Financiere Atali   5.125   5/15/2025   EUR   60.743
International Perso   7.750  12/14/2023   GBP   69.793
SAS AB                5.375  11/24/2022   SEK   75.000
Norwegian Air Shutt   4.875   05/10/2028  USD   64.000
AXA SA                0.870               USD   71.698
CNP Assurances        0.240               EUR   72.341
Boparan Finance PLC   4.375   7/15/2021   EUR   74.833
Valaris plc           4.700   3/15/2021   USD    6.860
GOL Equity Finance    3.750   7/15/2024   USD   45.014
Koninklijke BAM Gro   3.500   6/13/2021   EUR   69.131
Mallinckrodt Intern   4.750   4/15/2023   USD   21.265
O1 Properties Finan   8.250   9/27/2021   USD   31.500
Intralot Capital Lu   5.250   9/15/2024   EUR   21.028
Fugro NV              4.000  10/26/2021   EUR   72.963
Distribuidora Inter   0.875   04/06/2023  EUR   43.702
Ilija Batljan Inves   6.079   9/27/2022   SEK   82.801
Ageasfinlux SA        1.053               EUR   57.437
Nostrum Oil & Gas F   7.000   2/16/2025   USD   23.908
Valaris plc           8.000   1/31/2024   USD    6.591
Cabonline Group Hol   7.603   12/09/2022  SEK   57.259
Aker Solutions ASA    3.280   06/03/2024  NOK   72.204
Ferroglobe PLC / Gl   9.375   03/01/2022  USD   33.105
Rallye SA             4.371   1/23/2023   EUR   18.002
Akka Technologies     3.500               EUR   60.568
Officine Maccaferri   5.750   06/01/2021  EUR   36.219
SAS AB                8.569               SEK   61.000
Amigo Luxembourg SA   7.625   1/15/2024   GBP   74.196
Neoen SA              1.875   10/07/2024  EUR   37.500
OKEA ASA              8.750   12/11/2024  USD   70.000
Saga PLC              3.375   05/12/2024  GBP   73.038
Intu Metrocentre Fi   4.125   12/06/2023  GBP   58.182
OKEA ASA              7.875   6/28/2023   USD   70.503
NIBC Bank NV          1.320               USD   62.201
KCA Deutag UK Finan   7.250   5/15/2021   USD   42.604
Cooperativa Murator   6.000   2/15/2023   EUR    2.705
AnaCap Financial Eu   5.000   08/01/2024  EUR   75.155
FIGEAC-AERO           1.125  10/18/2022   EUR   22.843
Promontoria Holding   6.250   8/15/2023   EUR   63.721
Codere Finance 2 Lu   7.625   11/01/2021  USD   45.020
Aryzta AG             3.640               CHF   60.949
Fuerstenberg Capita   5.625               EUR   66.395
Korian SA             2.500               EUR   40.642
Banco BPM SpA         1.487               EUR   72.663
Econocom Group SA/N   0.500   03/06/2023  EUR    6.590
Tendam Brands SAU     5.250   9/15/2024   EUR   68.634
Dignity Finance PLC   4.696  12/31/2049   GBP   75.317
Abengoa Abenewco 2    1.500   4/26/2024   EUR    2.841
AXA SA                0.580               EUR   65.206
Valaris plc           4.500   10/01/2024  USD    7.468
Debenhams PLC         5.250   7/15/2021   GBP    3.827
Codere Finance 2 Lu   7.625   11/01/2021  USD   40.937
ADLER Real Estate A   2.500   7/19/2021   EUR   14.450
Quadient              3.375               EUR   55.086
Rothschild & Co Con   0.310               EUR   63.402
Intu SGS Finance PL   4.250   9/17/2030   GBP   56.750
Valaris plc           5.200   3/15/2025   USD    6.285
Jain International    7.125   02/01/2022  USD   29.263
Societe Generale SA   0.623               USD   74.000
Novafives SAS         4.500   6/15/2025   EUR   68.916
Midsummer AB          8.826   4/25/2023   SEK   47.563
KCA Deutag UK Finan   9.875   04/01/2022  USD   43.843
Greenyard Fresh NV    3.750  12/22/2021   EUR   69.649
HOCHDORF Holding AG   2.500               CHF   59.241
MCH Group AG          1.875   5/16/2023   CHF   68.560
Thomas Cook Group P   6.250   6/15/2022   EUR    5.000
Republic of Angola    6.927   2/19/2027   USD   67.000
VIC Properties SA     3.000   5/28/2025   EUR   75.000
F-Brasile SpA / F-B   7.375   8/15/2026   USD   73.208
Mallinckrodt Intern   5.500   4/15/2025   USD   20.858
AX Del1 Oy            5.000   4/19/2021   EUR   63.723
Atento Luxco 1 SA     6.125   08/10/2022  USD   71.619
Pierre & Vacances S   2.000   04/01/2023  EUR   50.858
MPC Container Ships   5.945   9/22/2022   USD   74.000
Mallinckrodt Intern  10.000   4/15/2025   USD   66.376
Biocartis NV          4.000   05/09/2024  EUR   59.405
Promontoria MMB SAS   8.000               EUR   70.948
Offshore Drilling H   8.375   9/20/2020   USD   24.100
Valaris plc           5.850   1/15/2044   USD   10.210
Banco Santander SA    0.143               EUR   71.876
Union Fenosa Prefer   1.301               EUR   71.920
Nexity SA             0.250   03/02/2025  EUR   55.776
Host Property AB      6.684  11/28/2022   SEK   61.666
Mallinckrodt Intern   5.625  10/15/2023   USD   23.090
Rallye SA             5.250   02/01/2022  EUR   17.783
Senvion Holding Gmb   3.875  10/25/2022   EUR    4.137
European TopSoho Sa   4.000   9/21/2021   EUR   53.560
EA Partners I BV      6.875   9/28/2020   USD   31.000
Hoist Finance AB      7.750               EUR   65.396
Matalan Finance PLC   9.500   1/31/2024   GBP   29.188
Boparan Finance PLC   5.500   7/15/2021   GBP   75.992
Turkish Airlines 20   4.200   3/15/2027   USD   74.448
Cooperativa Murator   6.875   08/01/2022  EUR    2.760
Swissport Investmen   9.750  12/15/2022   EUR   13.210
Rallye SA             3.250   02/08/2024  CHF   20.506
Ziton A/S             7.900   10/03/2022  EUR   70.224
Petra Diamonds US T   7.250   05/01/2022  USD   37.377
Jaguar Land Rover A   4.500   10/01/2027  USD   67.267
Thomas Cook Finance   3.875   7/15/2023   EUR    3.360
Valaris plc           7.375   6/15/2025   USD    8.257
Kudelski SA           1.500   9/27/2024   CHF   52.298
Vedanta Resources F   9.250   4/23/2026   USD   52.209
Cembrit Group A/S     5.500   3/20/2021   EUR   66.392
Songa Container AS    6.741  12/14/2021   USD   70.000
Independent Oil & G   9.500   9/20/2024   EUR   68.208
Norwegian Air Shutt   7.500   11/10/2023  USD   65.250
Caisse Federale du    0.018               EUR   71.259
Metalcorp Group SA    7.000   06/06/2022  EUR   70.053
Sydbank A/S           0.069               EUR   74.162
Intu Debenture PLC    5.562  12/31/2027   GBP   58.250
Quant AB              6.000   2/15/2023   EUR   59.596
Gol Finance SA        7.000   1/31/2025   USD   45.937
Lehman Brothers UK    5.125               EUR    8.125
Santhera Pharmaceut   5.000   2/17/2022   CHF   55.771
DOF Subsea AS         9.500   3/14/2022   USD   21.008
Stockmann OYJ Abp    10.750               EUR   15.000
Newday Bondco Plc     7.053   02/01/2023  GBP   74.860
European Directorie   8.500   06/09/2021  EUR   70.000
Intelsat Jackson Ho   8.500  10/15/2024   USD   59.000
Koninklijke Luchtva   0.750               CHF   33.000
Intu SGS Finance PL   4.625   3/17/2028   GBP   57.722
Intelsat Connect Fi   9.500   2/15/2023   USD   16.000
Galapagos Holding S   7.000   6/15/2022   EUR    7.704
Fugro NV              4.500   11/02/2024  EUR   60.097
Axactor SE            7.000   6/23/2021   EUR   70.000
Rallye SA             4.000  11/23/2020   CHF   20.266
Groupe Acrotec SA     3.500  10/16/2025   CHF   67.833
Alitalia-Societa Ae   5.250   7/30/2020   EUR    1.841
Banco Espirito Sant   4.000   1/21/2019   EUR   25.326
Atento Luxco 1 SA     6.125   08/10/2022  USD   60.250
Shawbrook Group PLC   7.875               GBP   68.635
EA Partners II BV     6.750   06/01/2021  USD   48.529
Air Berlin PLC        8.250   4/19/2018   EUR    1.623
Jyske Bank A/S        0.366               EUR   73.622
Pizzaexpress Financ   8.625   08/01/2022  GBP   12.298
Solstad Offshore AS   4.620   9/24/2021   NOK    4.625
Grupo Isolux Corsan   1.000  12/30/2021   EUR    0.294
Steinhoff Finance H   1.250  10/21/2023   EUR   43.000
Vedanta Resources L   6.375   7/30/2022   USD   56.864
Scandinavian Airlin   0.625               CHF   29.334
Groupe Acrotec SA     3.750   6/14/2023   CHF   65.468
Prime Living AB       4.811   9/29/2022   SEK   47.091
Privatbank CJSC Via  10.250   1/23/2018   USD   30.747
Banco Espirito Sant   2.625   05/08/2017  EUR   17.048
Paragon GmbH & Co K   4.500   07/05/2022  EUR   44.623
Vedanta Resources L   8.250   06/07/2021  USD   70.197
Hellenic Bank PCL    10.000               EUR   49.393
Tulip Oil Netherlan   8.500  10/25/2022   EUR   83.741
La Financiere Atali   6.625   5/15/2025   GBP   67.594
Deutsche Bank AG/Lo   0.806  10/31/2034   USD   66.625
Turkish Airlines 20   4.200   3/15/2027   USD   74.448
Immigon Portfolioab   5.980               EUR   15.097
Ferroglobe PLC / Gl   9.375   03/01/2022  USD   33.818
Astaldi SpA           4.875   6/21/2024   EUR    7.350
Selecta Group BV      5.875   02/01/2024  EUR   37.980
FF Group Finance Lu   3.250   11/02/2021  CHF    8.618
Republic of Angola    9.412   07/01/2023  USD   61.125
Care Bidco AS         6.620   3/24/2021   NOK   48.109
Valaris plc           4.750   1/15/2024   USD    9.312
Mitchells & Butlers   2.612   6/15/2036   GBP   70.846
Dexia Credit Local    1.468               EUR    6.706
Barclays Bank PLC     0.824   7/31/2034   USD   67.100
FF Group Finance Lu   1.750   07/03/2019  EUR    5.878
Bourbon Corp          6.446               EUR    0.266
Valaris plc           5.400   12/01/2042  USD   11.659
EOS Imaging SA        6.000   5/31/2023   EUR    4.887
Stobart Finance PLC   2.750   05/08/2024  GBP   58.000
KCA Deutag UK Finan   9.625   04/01/2023  USD   44.294
GOL Equity Finance    3.750   7/15/2024   USD   78.127
Wasps Finance Plc     6.500   5/13/2022   GBP   45.684
Tullow Oil PLC        6.250   4/15/2022   USD   65.861
Vedanta Resources L   6.125   08/09/2024  USD   49.391
KCA Deutag UK Finan   9.875   04/01/2022  USD   42.365
Tullow Oil PLC        7.000   03/01/2025  USD   55.826
KCA Deutag UK Finan   7.250   5/15/2021   USD   42.486
LA Perla Fashion Fi   7.250   3/29/2023   EUR   49.623
Yell Bondco PLC       8.500   05/02/2023  GBP   38.028
Lambay Capital Secu   6.250               GBP    0.844
Eramet                4.000               EUR   52.027
Ellaktor Value Plc    6.375  12/15/2024   EUR   75.250
Transcapitalbank JS  10.000   9/18/2020   USD   55.500
Grupo Isolux Corsan   6.000  12/30/2021   EUR    0.307
NIBC Bank NV          0.193               EUR   62.921
Abengoa Abenewco 2    1.500   4/26/2024   USD    2.817
SLM Solutions Group   5.500   10/11/2022  EUR   70.956
BIM SAS               2.500  11/13/2020   EUR   22.014
Jacktel AS           10.000   12/04/2023  USD   15.000
Rickmers Holding AG   8.875   06/11/2018  EUR    1.152
Rallye SA             3.400   1/31/2022   EUR   18.000
DOF Subsea AS         7.760   9/30/2020   NOK   20.000
Mitsubishi UFJ Inve   4.002  12/30/2099   EUR    4.194
YA Holding AB         3.278   6/18/2022   SEK   53.304
Hoist Finance AB      8.625               EUR   69.671
Fuerstenberg Capita   1.287               EUR   64.969
Mclaren Finance PLC   5.750   08/01/2022  USD   57.091
Air Berlin PLC        6.750   05/09/2019  EUR    1.259
Credit Mutuel Arkea   0.316               EUR   67.023
Stichting Afwikkeli   6.250  10/26/2020   EUR    1.426
Dexia SA              1.519               EUR    7.431
OP Corporate Bank p   0.132               EUR   73.614
Mclaren Finance PLC   5.000   08/01/2022  GBP   57.771
Uppfinnaren 1 AB     11.000               SEK   44.092
Bilt Paper BV         9.640               USD    1.021
House of Fraser Fun   5.978   9/15/2020   GBP    3.433
Kredyt Inkaso SA      5.610   4/26/2023   PLN   70.500
Bank Otkritie Finan  10.000   4/26/2019   USD    9.505
Tresu Investment Ho   5.000   9/29/2022   EUR   41.625
DNB Bank ASA          1.750               USD   68.299
Andrade Gutierrez I   9.500  12/30/2024   USD   62.251
CMA CGM SA            5.250   1/15/2025   EUR   70.530
Avangardco Investme  10.000  10/29/2018   USD    3.800
Pacific Drilling SA   8.375   10/01/2023  USD   21.836
Mallinckrodt Intern   5.750   08/01/2022  USD   24.495
UkrLandFarming PLC   10.875   3/26/2018   USD    4.221
Agrokor dd            9.875   05/01/2019  EUR   10.500
Orient Express Bank  10.000               USD   45.089
Air Berlin PLC        5.625   05/09/2019  CHF    0.709
OGX Austria GmbH      8.500   06/01/2018  USD    0.001
GEWA 5 to 1 GmbH &    6.500   3/24/2018   EUR    4.510
JZ Capital Partners   6.000   7/30/2021   GBP    9.200
Norwegian Air Shutt   4.875   05/10/2028  USD   65.243
Virgolino de Olivei  10.500   1/28/2018   USD    0.849
Intelsat Jackson Ho   9.750   7/15/2025   USD   61.250
Rallye SA             1.000   10/02/2020  EUR   22.419
Cirio Holding Luxem   6.250   2/16/2004   EUR    0.942
Virgolino de Olivei  11.750   02/09/2022  USD    0.943
Allied Irish Banks   12.500   6/25/2035   GBP   61.971
Banca Popolare di V   9.500   9/29/2025   EUR    0.046
Afren PLC             6.625   12/09/2020  USD    0.070
4finance SA          10.750   05/01/2022  USD   68.976
CNP Assurances        2.000               EUR   50.000
Banco Espirito Sant   4.750   1/15/2018   EUR   25.599
Selecta Group BV      5.875   02/01/2024  CHF   36.381
Abengoa Abenewco 2    1.500   4/26/2024   USD    3.531
Barclays Bank PLC     0.604  11/29/2030   USD   70.319
Stichting Afwikkeli  11.250               EUR    1.210
InterCement Financi   5.750   7/17/2024   USD   43.575
KTG Agrar SE          7.125   06/06/2017  EUR    1.136
Transportes Aereos    5.625   12/02/2024  EUR   57.214
Vedanta Resources F   8.000   4/23/2023   USD   52.022
International Indus   9.000   07/06/2011  EUR    0.081
DNB Bank ASA          0.621               USD   68.470
Yuksel Insaat AS      9.500   11/10/2015  USD    1.252
CBo Territoria        3.750   07/01/2024  EUR    4.410
Enertronica Santern   7.000  12/31/2022   EUR   34.490
Unigel Luxembourg S   8.750   10/01/2026  USD   74.135
BBVA International    1.527               GBP   65.000
Intelsat Jackson Ho   9.750   7/15/2025   USD   58.597
Paper Industries In   6.000   03/01/2025  EUR   67.000
ASG Finance Designa   7.875   12/03/2024  USD   55.139
Solship Invest 1 AS   5.000   12/08/2024  NOK   11.917
GNB - Cia de Seguro   3.092               EUR   69.905
Corporate Commercia   8.250   08/08/2014  USD    0.836
Prime Living AB       7.339  10/19/2023   SEK    3.793
Takko Luxembourg 2    5.375  11/15/2023   EUR   29.999
OGX Austria GmbH      8.375   04/01/2022  USD    0.010
Europcar Mobility G   4.125  11/15/2024   EUR   64.070
BOA Offshore AS       0.409   7/17/2047   NOK    6.868
Vedanta Resources L   7.125   5/31/2023   USD   51.303
Nostrum Oil & Gas F   8.000   7/25/2022   USD   23.920
Aralco Finance SA    10.125   05/07/2020  USD    0.934
Norwegian Air Shutt   7.500   11/10/2023  USD   65.250
Paragon GmbH & Co K   4.000   4/23/2024   CHF   40.000
Depfa Funding II LP   6.500               EUR   57.819
Lehman Brothers UK    3.875               EUR    8.125
Mitchells & Butlers   2.362   9/15/2034   GBP   73.400
Brado AB              8.603   06/07/2023  SEK   69.774
Privatbank CJSC Via  11.000   02/09/2021  USD    9.248
Banco Espirito Sant   7.125  11/28/2023   EUR    0.563
International Indus  11.000   2/19/2013   USD    0.081
Russian Federal Bon   0.250   7/20/2044   RUB   27.466
Espirito Santo Fina   6.875  10/21/2019   EUR    0.068
Alno AG               8.500   5/14/2018   EUR   13.743
DNB Bank ASA          1.740               USD   68.457
Breeze Finance SA     6.708   4/19/2027   EUR   28.950
Barclays Bank PLC     0.400   5/31/2033   USD   54.235
Banca Popolare di V   2.821  12/20/2017   EUR    0.100
Lehman Brothers UK    6.900               USD    2.745
Portugal Telecom In   6.250   7/26/2016   EUR    0.612
Civitas Properties    4.000  11/24/2022   EUR   54.500
Global Liman Isletm   8.125  11/14/2021   USD   58.296
Claranova SADIR       5.000   07/01/2023  EUR    1.100
New World Resources   4.000   10/07/2020  EUR    1.217
Hellenic Republic G   2.085   7/25/2057   EUR   50.375
HPI AG                3.500               EUR    3.000
Swissport Financing   9.000   2/15/2025   EUR    7.257
DOF Subsea AS         8.280  11/27/2023   NOK   13.054
Swissport Financing   5.250   8/15/2024   EUR   78.340
UniCredit Bank AG     0.483  11/19/2029   EUR   58.160
Vallourec SA          6.625  10/15/2022   EUR   63.495
Promontoria Holding   6.750   8/15/2023   EUR   72.496
Vallourec SA          4.125   08/02/2027  EUR   52.745
Kaupthing ehf         7.625   2/28/2015   USD    0.250
F-Brasile SpA / F-B   7.375   8/15/2026   USD   73.249
Agrokor dd            9.125   02/01/2020  EUR   10.179
ESFIL-Espirito Sant   5.250   06/12/2015  EUR    0.107
Barclays Bank PLC     3.663   3/27/2029   USD   59.391
Mallinckrodt Intern   5.500   4/15/2025   USD   20.858
Banco Espirito Sant   2.343               EUR    0.042
HI Bidco AS           6.060  10/30/2022   NOK   51.031
Selecta Group BV      5.375   02/01/2024  EUR   37.770
International Airpo  12.000   3/15/2033   USD   66.686
New World Resources   8.000   04/07/2020  EUR    0.447
Societe Centrale de   2.500   5/15/2023   EUR    6.780
Deutsche Bank AG      0.687   10/11/2049  EUR   72.646
Havila Shipping ASA   5.000   11/07/2020  NOK   60.000
Kaupthing ehf         5.750   10/04/2011  USD    0.250
Hamon & CIE SA        3.300   1/30/2025   EUR   44.750
Praktiker AG          5.875   02/10/2016  EUR    0.069
Verimatrix SA         6.000   6/29/2022   EUR    3.852
KPNQwest NV          10.000   3/15/2012   EUR    0.076
Virgolino de Olivei  10.875   1/13/2020   USD   26.625
Portigon AG           7.460   06/01/2020  EUR   18.000
Mallinckrodt Intern  10.000   4/15/2025   USD   66.433
Cooperatieve Raboba   0.500   2/26/2029   HUF   70.380
Hellas Telecommunic   6.054   1/15/2015   USD    0.018
Region of Piemont I   0.010  11/27/2036   EUR   65.179
CRC Breeze Finance    6.110   05/08/2026  EUR   50.500
Privatbank CJSC Via  10.875   2/28/2018   USD   30.293
Intralot Capital Lu   6.750   9/15/2021   EUR   40.782
Top Gun Realisation   8.000   07/01/2023  GBP    1.509
Manchester Building   6.750               GBP   18.783
LBI ehf               6.100   8/25/2011   USD    7.375
Rena GmbH             8.250   07/11/2018  EUR    2.096
Afren PLC            11.500   02/01/2016  USD    0.062
German Pellets GmbH   7.250  11/27/2019   EUR    0.311
Societe Generale SA  10.000   6/28/2034   USD   62.900
Alpine Holding GmbH   6.000   5/22/2017   EUR    0.172
Banco Espirito Sant   2.523               EUR    0.159
Nostrum Oil & Gas F   7.000   2/16/2025   USD   23.944
Norske Skogindustri   7.000  12/30/2026   EUR    0.135
Agrokor dd            8.875   02/01/2020  USD   10.838
Agatos SpA            4.750  12/31/2026   EUR   73.500
Espirito Santo Fina   9.750  12/19/2025   EUR    1.144
Takko Luxembourg 2    5.375  11/15/2023   EUR   22.375
Cooperatieve Raboba   0.500  10/30/2043   MXN   20.185
Cirio Finance Luxem   7.500   11/03/2002  EUR    1.364
Saleza AS             9.000   07/12/2021  EUR    0.213
O1 Properties Finan   8.250   9/27/2021   USD   20.255
HI Bidco AS           8.560   1/30/2023   NOK   13.617
Barclays Bank PLC     0.473   3/21/2031   USD   65.588
Kongsberg Actuation   5.000   7/15/2025   EUR   62.300
Hema Bondco II BV     8.500   1/15/2023   EUR    7.030
F-Brasile SpA / F-B   7.375   8/15/2026   USD   80.030
International Finan   0.500   6/29/2027   ZAR   58.334
Hellas Telecommunic   8.500  10/15/2013   EUR    0.497
Naviera Armas SA      6.500   7/31/2023   EUR   50.709
Adler Pelzer Holdin   4.125   04/01/2024  EUR   48.000
Banco Espirito Sant   6.875   7/15/2016   EUR   25.735
Vallourec SA          6.375  10/15/2023   EUR   59.712
Societe Generale SA  21.000   3/30/2023   USD   72.500
Waste Italia SpA     10.500  11/15/2019   EUR    0.608
Kancelaria Medius S   6.900   07/05/2020  PLN   65.300
Hamburgische Landes   0.134   1/22/2041   EUR   66.253
UniCredit Bank AG     8.900  12/29/2020   EUR   26.910
Norske Skogindustri   2.000  12/30/2115   EUR    0.041
Jaguar Land Rover A   4.500   1/15/2026   EUR   74.995
Cooperatieve Raboba   0.500  10/29/2027   MXN   61.991
APP International F  11.750   10/01/2005  USD    0.362
German Pellets GmbH   7.250   07/09/2018  EUR    0.607
Europcar Mobility G   4.000   4/30/2026   EUR   58.625
Danske Bank A/S       6.400   07/09/2025  SEK   74.250
Kancelaria Medius S   7.260   03/07/2021  PLN   52.100
Activa Resources AG   0.500  11/15/2021   EUR    1.500
Banco Espirito Sant   6.900   6/28/2024   EUR   19.327
Dr Wiesent Sozial g   7.000               EUR   10.000
Afren PLC            10.250   04/08/2019  USD    0.062
Commerzbank AG        0.453  11/19/2029   EUR   60.668
Newday Bondco Plc     7.375   02/01/2024  GBP   74.876
Veneto Banca SpA      9.500   12/01/2025  EUR    0.787
Steilmann SE          7.000   03/09/2017  EUR    1.429
Norske Skogindustri   7.125  10/15/2033   USD    0.135
Decipher Production  12.500   9/27/2019   USD    1.500
Espirito Santo Fina   3.125   12/02/2018  EUR    1.099
Erotik-Abwicklungsg   7.750   07/09/2019  EUR    0.779
Offshore Drilling H   8.375   9/20/2020   USD   22.712
Raiffeisen Switzerl   6.000  10/28/2020   EUR   53.050
Lehman Brothers UK    5.750               EUR    2.117
Jaguar Land Rover A   5.875  11/15/2024   EUR   76.484
WPE International C  10.375   9/30/2020   USD    0.023
Linas Matkasse Newc   8.351   10/09/2022  SEK   55.760
KPNQwest NV           7.125   06/01/2009  EUR    0.076
Kommunekredit         0.500   7/30/2027   TRY   41.681
Ahtium PLC            9.750   04/04/2017  EUR    0.976
Norske Skog Holding   8.000   2/24/2021   EUR    0.023
Cooperatieve Raboba   0.500   7/30/2043   MXN   20.886
Virgolino de Olivei  10.500   1/28/2018   USD    0.849
Nordea Bank Abp       3.500   1/22/2024   SEK   67.130
Alno AG               8.000   3/21/2019   EUR   12.000
UBS AG/London        12.500   7/19/2021   USD   45.150
Intralot Capital Lu   5.250   9/15/2024   EUR   23.000
Senvion Holding Gmb   3.875  10/25/2022   EUR    4.137
Societe Generale SA  10.000   11/03/2022  USD   51.700
GE Capital UK Fundi   1.848   03/05/2038  GBP   65.414
Top Gun Realisation   8.000   07/01/2023  GBP    1.509
Naviera Armas SA      4.250  11/15/2024   EUR   49.000
Bulgaria Steel Fina  12.000   05/04/2013  EUR    0.216
Cooperatieve Raboba   0.500  12/29/2027   MXN   61.093
UBS AG/London        12.500   5/17/2021   USD   49.000
Depfa Funding III L   0.378               EUR   57.100
Windreich GmbH        6.500   7/15/2016   EUR    7.738
EFG International A   0.204               EUR   40.494
Cattles Ltd           8.125   07/05/2017  GBP    0.072
Ahtium PLC            4.000  12/16/2015   EUR    0.586
KTG Agrar SE          7.250  10/15/2019   EUR    1.136
Chr Bygga Bostader    9.338   07/05/2021  SEK   50.000
Odea Bank AS          7.625   08/01/2027  USD   55.557
EDOB Abwicklungs AG   7.500   04/01/2012  EUR    0.300
Yell Bondco PLC       8.500   05/02/2023  GBP   38.223
Solon SE              1.375   12/06/2012  EUR    0.769
Hema Bondco I BV      6.250   7/15/2022   EUR   46.183
Finmek Internationa   7.000   12/03/2004  EUR    2.193
Nordea Bank Abp       3.500   7/20/2022   SEK   73.130
Nordea Bank Abp       4.200   1/20/2025   SEK   74.630
UBS AG/London        12.000   11/02/2020  USD   42.550
Danske Bank A/S       7.470   07/09/2023  SEK   58.480
Krakowski Bank Spol   4.820   9/20/2023   PLN   72.010
Hamburgische Landes   0.148  10/30/2040   EUR   73.955
Societe Generale SA  12.000   07/08/2021  USD   23.955
Societe Generale SA   8.000   8/18/2021   USD   18.700
Finans-Avia OOO      10.000   7/31/2022   RUB    7.380
Raffinerie Heide Gm   6.375   12/01/2022  EUR   60.500
Cirio Del Monte NV    7.750   3/14/2005   EUR    0.552
Afren PLC            11.500   02/01/2016  USD


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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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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