---

       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

          Tuesday, August 11, 2020, Vol. 21, No. 160

                           Headlines



B U L G A R I A

SPARKY ELTOS: Declared Bankrupt by Lovech Regional Court


G E R M A N Y

IREL BIDCO: Fitch Cuts Sr. Sec. Debt Rating to B+ on Refinancing
SCHLEMMER: Delfingen in Exclusive Negotiations to Acquire Assets
TECHEM VERWALTUNGSGESELLSCHAFT: S&P Affirms B+ Long-Term ICR


I R E L A N D

ADAGIO CLO VIII: Fitch Downgrades Class E Debt to BB-sf
WILLOW PARK: Fitch Downgrades Class E Debt to B-sf


I T A L Y

SAIPEM SPA: Moody's Cuts CFR to Ba2, Alters Outlook to Stable


K A Z A K H S T A N

KASSA NOVA: S&P Places B Long-Term ICR on CreditWatch Negative


L U X E M B O U R G

ALTISOURCE SARL: Moody's Cuts CFR to Caa1, On Review for Downgrade
ROOT BIDCO: Fitch Assigns B(EXP) LT IDR, Outlook Stable
ROOT BIDCO: Moody's Assigns B2 CFR, Outlook Negative
ROOT BIDCO: S&P Assigns Preliminary 'B' ICR, Outlook Stable


N E T H E R L A N D S

NORTH WESTERLY VI: Fitch Affirms Class F Notes at B-sf, Outlook Neg


R O M A N I A

COS TARGOVISTE: To Halt Production Indefinitely, Cut 1,200 Jobs
RAFO ONESTI: Grampet Acquires Industrial Platform


R U S S I A

TRANSCONTAINER PJSC: Moody's Confirms CFR at Ba3, Outlook Stable


S W I T Z E R L A N D

KONGSBERG AUTOMOTIVE: S&P Affirms 'B' Sr. Sec. Debt Rating


U N I T E D   K I N G D O M

ADELIE FOODS: Samworth Completes Acquisition of Urban Eat
CHILLISAUCE: Attempts to Restructure Debts, Mulls CVA
EUROSAIL PRIME-UK 2007-A: Fitch Cuts Class C Note Rating to CCCsf
INTERNATIONAL CAR WASH: S&P Affirms B- Rating, Outlook Stable
PIZZAEXPRESS FINANCING: Moody's Cuts Sr. Sec. Notes Rating to Ca

ROLLS-ROYCE PLC: Fitch Cuts LT IDR & Sr. Unsec. Rating to BB+

                           - - - - -


===============
B U L G A R I A
===============

SPARKY ELTOS: Declared Bankrupt by Lovech Regional Court
--------------------------------------------------------
SeeNews reports that the Lovech Regional Court has declared local
power tools manufacturer Sparky Eltos bankrupt as of December 31,
2018, over the company's inability to service its debts, according
to the country's commercial register.

The court said in its ruling it took the decision on July 22 based
on a bankruptcy request filed by the General Labour Inspectorate
Executive Agency, as Sparky Eltos has not paid salaries to at least
one-third of its employees due for the period between April and
August of 2019, SeeNews relates.

Unpaid wages add up to some BGN2.1 million (US$1.3 million/EUR1.1
million), SeeNews relays, citing the court ruling.

The court also said Sparky Eltos' outstanding liabilities to
related companies, lenders, suppliers, clients and employees total
BGN106.4 million, SeeNews notes.





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

IREL BIDCO: Fitch Cuts Sr. Sec. Debt Rating to B+ on Refinancing
----------------------------------------------------------------
Fitch Ratings has affirmed German-based Irel BidCo's Long-Term
Issuer Default Rating at 'B+' with Stable Outlook. It has
downgraded IFCO's senior secured debt to 'B+' from 'BB-', on
reduced recoveries following its recent refinancing.

The rating reflects IFCO's high financial leverage as well as some
concentration in terms of customers and services offered. It also
reflects a leading market position in reusable plastic container
pooling solutions, the stable, non-cyclical demand of its
end-markets, and sound organic growth prospects.

The Stable Outlook reflects its assumption that IFCO will continue
to grow organically, owing to increasing RPC penetration and
spending of existing customers. This in turn will result in healthy
free cash flow generation and a reduction in funds from operations
gross leverage within its positive sensitivities.

KEY RATING DRIVERS

Stable, Non-cyclical Demand: IFCO derives most of its revenues from
the packaging of fruit and vegetables and also has exposure to
other fresh products such as meat, bread and eggs. It benefits from
non-cyclical demand for food sold through retailers and has seen
limited impact on demand from the ongoing COVID-19 pandemic. Past
recessions also point to growing food consumption in households as
people increasingly eat at home. .

Sound Growth Prospects: Fitch expects IFCO to grow consistently due
to population growth, replacement of cardboard packaging and
healthier lifestyle choices. With pooled RPC only accounting for
19% of global fresh produce shipping volumes and the majority still
shipped in one-way carton-board containers, the RPC market is less
than mature. Ongoing retailer trends such as automation, supply-
chain efficiencies and environmental awareness support the
increased prevalence of multi-use packaging.

Resilient Business Model: The ongoing pandemic highlights the
resilience of IFCO's business model. Demand and turnover have
remained strong as food retailers have experienced higher household
demand. IFCO has also been shielded from material problems in
logistics or lack of labour that affect other industries.

Leverage Remains High: Fitch expects IFCO's FFO gross leverage to
remain close to a high 6.0x, which is more in line with the low end
of the 'B' category. However, Fitch expects IFCO's underlying cash
flows to remain stable, despite high growth capex. The 'B+' IDR
reflects manageable refinancing risk as IFCO's bullet maturity is
in six years and free cash flow is sufficient to absorb a higher
cost of debt, in its view.

Global Niche Market Leader: IFCO is the market leader with a 60%
share of the European pooled RPC market and 65% in North America.
Its strong international coverage offers retailers a network that
is stronger than its competitors'. IFCO's size and coverage offer
further scale benefits and price leadership, and the company is
renowned for building strong relationships with larger retail
chains. Competition comes from single-use packaging, from which
IFCO is taking market share, retailers' own pools as well as small
regional RPC providers. Proprietary pools and in-sourcing risk is
limited as retailers prefer to invest in capex with visible
benefits for customers.

Narrow Service Offering: IFCO's offering is confined to the
delivery of RPCs, primarily to fruit and vegetable producers for
further transport to retailer warehouses or shops. This
single-service offering is mitigated by strong market position and
geographic diversification (central and southern Europe (75%), the
US and Canada (18%), Latin America (4%) and China/Japan (3%). It
has concentration risk in its top 10 customers at more than 20% of
revenue. This is expected to diminish as diversification improves,
with North American retailers increasingly transitioning to
reusable containers. Overall Fitch views IFCO's business profile as
in line with a 'BB' rating given its solid market position and
long-term customer relationships in a sector with low cyclicality.

Latent M&A Risk: A fragmented market for pooled logistics services
provides ample scope for bolt-on acquisitions to consolidate IFCO's
leading market position. Based on historical acquisitions, together
with a list of potential targets, Fitch sees possibilities for
further M&A activity, although it understands from management that
the acquisition approach is more opportunistic in nature.

Recovery Affected by Recent Refinancing: IFCO's recent refinancing
with senior debt replacing the more expensive second-lien debt had
a diluting effect on recoveries for the senior debt. As such, Fitch
expects average recoveries for the term loan B and revolving credit
facility in a default, leading to a 'B+' senior secured debt
rating, at the same level as the IDR. In its recovery assessment,
Fitch conservatively values IFCO by applying a 5x distressed
multiple to an estimated post-restructuring EBITDA of EUR190
million. The output from Fitch's recovery waterfall suggests
average recovery prospects in the range of 31%-50%, resulting in an
'RR4' Recovery Rating.

DERIVATION SUMMARY

IFCO has no direct rated peers. Peers are manufacturers of plastic
containers (suppliers of IFCO) as well as manufacturers of plastic
packaging or producers of non-plastic containers. Plastic and
glass/metal packaging producers include the substantially larger
Amcor plc (BBB/Stable) and Ardagh Group S.A. (B+/Stable) and
corrugated board producers Stora Enso Oyj (BBB-/Stable) and Smurfit
Kappa Group plc (BB+/Positive), which are more diversified, lower
leveraged with FFO gross leverage near 3.0x end-2019 but with lower
margins.

IFCO compares well against Fitch-rated medium-sized companies in
niche markets, including Nordic building products distributor
Quimper AB (Ahlsell; B/Negative) and property damage restoration
service provider Polygon AB (B+/Stable). IFCO's FFO gross leverage
is substantially lower than Ahlsell's (7.0x-8.0x) and more in line
with Polygon's (5.3x). Both Ahlsell and Polygon show comparable
exposure to low-cyclical markets but generate lower FCF margin
(low-single digits) and are less geographically diversified.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Organic revenue growth at 4% p.a. for 2021-2023

  - EBITDA margin of 25% in 2020 and 2021, 24% for 2022-2023

  - Net capex at 15% of sales until 2023

  - No dividends paid

  - No acquisitions assumed up to 2023

RECOVERY ASSUMPTIONS:

As IFCO's IDR is in the 'B' category, Fitch undertakes a bespoke
recovery analysis in line with its criteria. In Fitch's view,
IFCO's asset-light business would imply greater value from it being
restructured as a going concern rather than be liquidated. Fitch
expects its strong market position and diversified customer
relationships to further support a going-concern approach in a
default.

Fitch estimates that an EBITDA of EUR190 million would represent a
going-concern EBITDA after a substantial shock to operating
performance and cash flow triggering default. Fitch applies a 5.0x
distressed enterprise value (EV)/EBITDA multiple, which is in line
with similarly rated peers.

After deducting 10% for administrative claims, IFCO's senior
secured debt is rated 'B+'/'RR4'/50%.

RATING SENSITIVITIES

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

  - FFO gross leverage sustainably below 5.0x

  - FFO interest coverage above 3.5x

  - FCF margin sustainably in high single digits

  - Larger scale while maintaining an EBITDA margin of more than
20% and reduced customer concentration

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

Operating under-performance resulting from the loss of large
customers, significant pricing pressure, technology risk or
margin-dilutive debt-funded acquisitions such that:

  - FFO gross leverage at or above 6.0x on a sustained basis

  - FFO interest coverage sustainably below 2.0x

  - FCF margin sustainably in low single digits

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity, Bullet Debt Profile: IFCO's liquidity
position is comfortable with reported cash of EUR170 million at
end-June that was fully available for debt service as there was no
operational restricted cash. Fitch does not make any adjustment to
available cash because working capital is not seasonal.

Fitch expects positive FCF margin over 2020-2023 at around 2%-3%
and flexible capex to support IFCO's liquidity. Liquidity is
enhanced by a EUR150 million RCF and a EUR220 million capex
facility (RCF partly drawn between March and mid-June). Financial
flexibility is also helped by the non-amortising nature of the TLB
with no debt maturity until 2026, when it faces material
refinancing risk.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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

SCHLEMMER: Delfingen in Exclusive Negotiations to Acquire Assets
----------------------------------------------------------------
SeeNews reports that French automotive supplier Delfingen said that
it has entered into exclusive negotiations with German automotive
industrial group Schlemmer to buy, among other assets, its factory
in Romania.

The businesses covered by the deal have a turnover of around EUR100
million (US$114 million), a staff of 1,000 people and comprise five
factories located in Romania, Germany, Russia, Morocco and Tunisia,
SeeNews discloses.

The acquisition could be effective within three months, while the
legal documentation is finalized and the conditions precedent are
fulfilled, SeeNews notes.  If completed, this operation will be
financed by debt raised from Delfingen's current financial
partners, SeeNews states.

According to SeeNews, Delfingen said in a statement faced with
operational and financial difficulties, Schlemmer was placed in
preliminary bankruptcy proceedings on December 19, 2019 by the
Munich Commercial Court, a procedure confirmed on March 1, 2020.

Sclemmer is a German industrial group specializing in cable
protection and the manufacture of injection moulded parts for the
automotive industry.


TECHEM VERWALTUNGSGESELLSCHAFT: S&P Affirms B+ Long-Term ICR
------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit and
issue ratings on Techem Verwaltungsgesellschaft 674 mbH (Techem)
and its senior debt and 'B-' issue rating on the unsecured debt,
with recovery ratings remaining at '3' and '6' for the senior and
unsecured debt respectively.

The negative outlook reflects slower-than-anticipated deleveraging
and lower cash generation due to continued investment and a one-off
cash tax payment expected in fiscal 2021, delaying credit metrics
recovery in line with our expectations for the rating.

S&P said, "The company's fiscal 2020 results were broadly in line
with our expectations but it saw a higher cash burn.   Techem saw
revenue growth of 1.5% in fiscal 2020, primarily spurred by
international energy services, with its water services business
driving domestic expansion in Germany. S&P Global Ratings-adjusted
EBITDA margin increased by about 80 basis points (bps) on the back
of efficiency gains and digitalization. The company also generated
EUR63 million of FOCF, below our initial expectation of EUR85
million due to a higher-than-expected working capital outflow of
about EUR31 million and a capital expenditure (capex) increase year
over year for continued digitalization.

"We anticipate minimal disruption for Techem in the coming year
from the COVID-19 pandemic.   Digitalization has improved, with the
share of both radio and fixed network devices increasing to 77%
from 75% and to 14.1% from 10.6% respectively. This strong
digitalization platform has allowed the company to largely continue
to collect meter readings without entering buildings during
COVID-19 lockdowns. The company saw a small hit, primarily on
installations in Germany, during April but rebounded quickly
thereafter and we do not expect a material effect over fiscal 2021
from COVID-19.

"We expect investment will continue, with reduced FOCF in the
coming years as a result.   We expect management to continue to
increase the share of fixed network investment in the coming years,
thus increasing capex beyond our previous expectations for fiscals
2021 and 2022. In addition, Techem is continuing to incur higher
implementation costs for the Energize-T Program than we previously
forecast, but this program is expected to support digital
infrastructure, provide a new business platform, and improve
operational efficiency. Increased capex and implementation costs
are expected to weigh on cash generation in the coming years and we
now expect negative FOCF in fiscal 2021, primarily due to a
significant nonrecurring tax payment. Excluding this tax payment,
we forecast FOCF would be neutral. We anticipate that the company
will revert to positive FOCF of about EUR20 million in fiscal 2022,
steadily increasing in the years thereafter, and remaining
commensurate with our 'B+' rating."

The company successfully refinanced and repriced its existing
facilities in 2020.  In January 2020, Techem issued EUR1,145
million of senior secured notes, which repaid part of its senior
term loan B (TLB) while keeping the maturity in line with the
existing TLB at July 2025. The repriced senior TLB and the lower
priced notes (at 2%) are expected to result in EUR24 million of
interest saving per year. The company drew about EUR100 million on
its EUR275 million revolving credit facility (RCF) to support the
business during fiscal 2020, resulting in leverage above 8x. S&P
expects that leverage will remain at about 8x in the coming two
years as investments continue, before decreasing below 7.5x.

The negative outlook reflects the limited headroom under the
rating. S&P said, "We expect FOCF will remain under pressure in
fiscal 2021 due to increased capex and implementation costs under
the Energize-T program and other fixed network investment, as well
as a nonrecurring cash tax payment. We believe that these increased
costs could impair the company's ability to bring metrics back
within levels we expect for the current rating."

S&P would likely lower the rating if it expects the company is
unable to deleverage to about 7.5x, FOCF generation is more
suppressed than expected for fiscal 2022, and funds from operations
(FFO) cash interest coverage falls below 2x. This could happen if:

-- Implementation or capital costs were higher than anticipated,
or funded with additional debt.

-- The company experienced a more competitive environment or
efficiency gains did not materialize as expected and thus affected
EBITDA.

S&P could revise its negative outlook to stable if the company
generates sufficient revenue growth and efficiency gains such that
adjusted leverage trends toward 7.5x, while sustaining material
positive FOCF. This could happen if:

-- Efficiency gains and operational improvements are implemented
faster than expected.

-- Reduced one-off costs and more normalized capex levels return
cash flows to sustainably positive levels.




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

ADAGIO CLO VIII: Fitch Downgrades Class E Debt to BB-sf
-------------------------------------------------------
Fitch Ratings has taken rating actions on Adagio CLO VIII DAC,
including downgrading one tranche and revising the Outlooks on
three tranches to Negative.

Adagio CLO VIII DAC

  - Class A XS2054619494; LT AAAsf; Affirmed

  - Class B-1 XS2054619908; LT AAsf; Affirmed

  - Class B-2 XS2054620666; LT AAsf; Affirmed

  - Class C XS2054621474; LT Asf; Affirmed

  - Class D XS2054621987; LT BBB-sf; Rating Watch Maintained

  - Class E XS2054622522; LT BB-sf; Downgrade

  - Class F XS2054622951; LT B-sf; Rating Watch Maintained

TRANSACTION SUMMARY

Adagio CLO VIII DAC is a cash flow collateralised loan obligation.
Net proceeds from the notes were used to purchase a EUR350 million
portfolio of mainly euro-denominated leveraged loans and bonds. The
transaction has a 4.25-year reinvestment period and a weighted
average life of 8.5 years. The portfolio is actively managed by AXA
Investment Managers. 

KEY RATING DRIVERS

Portfolio Performance Deteriorates

The downgrade of the class E notes reflects deterioration in the
portfolio as a result of the negative rating migration of the
underlying assets in light of the coronavirus pandemic. In
addition, as per the trustee report dated July 3, 2020, the
aggregate collateral balance was below par by 33bps. Based on the
trustee report dated July 3 the Fitch-weighted average rating
factor of 34.25 is in breach of its test and, based on updated
asset ratings as of August 1, 2020 the Fitch-calculated WARF of the
portfolio has increased to 34.78. While the transaction is
currently in breach of its Fitch WARF test, the manager could bring
the test into marginal compliance by shifting its Fitch Tests
Matrix point.

Coronavirus Baseline Sensitivity Analysis

The revision of the Outlook to Negative on the class B and C notes
reflects the result of the sensitivity analysis Fitch ran in light
of the coronavirus pandemic. The agency notched down the ratings
for all assets with corporate issuers with a Negative Outlook
regardless of the sector. The model-implied ratings for the
affected tranches under the coronavirus sensitivity test are below
the current ratings. The portfolio includes almost EUR139 million
of assets with a Fitch-derived rating on Negative, which amount to
39.8% of the transaction's aggregate collateral balance. The Fitch
WARF increases by almost 5bp after the coronavirus baseline
sensitivity analysis.

Its analysis shows the class A notes' rating resilience against its
coronavirus baseline, with a sizeable cushion, but shortfalls for
the rest of the notes. The tranches with Negative Outlook show
smaller shortfalls than classes being maintained on Rating Watch
Negative.

'B'/'B-' Category Credit Quality

Fitch assesses the average credit quality of obligors in the
'B'/'B-' category. As of August 1, 2020, the Fitch-calculated 'CCC'
and below category assets represented 4.16% of the portfolio and
5.02% including non-rated assets.

High Recovery Expectations

Nearly 100% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
Fitch-calculated weighted average recovery rate of the current
portfolio is 63.98%.

Diversified Portfolio

The portfolio is well-diversified across obligors, countries and
industries. No obligor represents more than 2.01% of the portfolio
balance. The largest industry is business services at 13.06% of the
portfolio balance, followed by chemicals at 10.08%. The portfolio
includes EUR161.8 million of assets or 46.4% of the aggregate
collateral balance paying semi-annually. A frequency switch event
has not yet occurred as the transaction exhibits sizeable
interest-coverage test cushions.

Deviation from Model-Implied Ratings

Fitch has downgraded the class E notes by one notch to the lowest
rating in the respective rating category. Nevertheless, the
model-implied rating for the class E is still one notch below the
downgraded rating. The deviation is due to the rating being driven
only by the back-loaded default timing scenario. The model-implied
rating for the class F notes is 'CCCsf' and is also driven by the
back-loaded default timing scenario only.

However, Fitch decided to deviate from the model-implied rating in
this case as well, after taking into account the rating
definitions, as 'B-sf' indicates a material risk of default is
present but with a limited margin of safety while a 'CCCsf' rating
indicates that default is a real possibility. These ratings are in
line with the majority of Fitch-rated EMEA CLOs. Both classes have
their RWN maintained due to shortfalls at the current ratings and
in the coronavirus sensitivity scenario.

Cash Flow Analysis:

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest-rate scenarios and the
front-, mid-, and back-loaded default timing scenarios, as outlined
in Fitch's criteria.

Fitch also tested the current portfolio with a coronavirus
sensitivity analysis to estimate the resilience of the notes'
ratings. The coronavirus sensitivity analysis was only based on the
stable interest-rate scenario including all default timing
scenarios.

When conducting cash flow analysis, Fitch's model first projects
the portfolio's scheduled amortisation proceeds and any prepayments
for each reporting period of the transaction life, assuming no
defaults (and no voluntary terminations, when applicable).

In each rating stress scenario, such scheduled amortisation
proceeds and prepayments are then reduced by a scale factor
equivalent to the overall percentage of loans not assumed to
default (or to be voluntarily terminated, when applicable). This
adjustment avoids running out of performing collateral due to
amortisation, and ensures all of the defaults projected to occur in
each rating stress are realised in a manner consistent with Fitch's
published default timing curve.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stressed Portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.
Upgrade of the class E notes, though not expected in the near term,
may occur during the reinvestment period if the transaction
performance improves materially for a sustained period

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss than
initially assumed due to unexpectedly high levels of defaults and
portfolio deterioration. As the disruptions to supply and demand
due to the pandemic become apparent, loan ratings in those
vulnerable sectors will also come under pressure. Fitch will update
the sensitivity scenarios in line with the view of its Leveraged
Finance team.

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies, before halting recovery begins
in 2Q21. The downside sensitivity incorporates the following
stresses: applying a notch downgrade to all Fitch-derived ratings
in the 'B' rating category and applying a 0.85 recovery rate
multiplier to all other assets in the portfolio. For typical
European CLOs this scenario results in a category-rating change for
all ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
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.

WILLOW PARK: Fitch Downgrades Class E Debt to B-sf
--------------------------------------------------
Fitch Ratings has downgraded one tranche of Willow Park CLO DAC,
maintained one tranche on Rating Watch Negative, and affirmed five
tranches.

Willow Park CLO DAC

  - Class A-1 XS1699702038; LT AAAsf; Affirmed

  - Class A-2A XS1699702467; LT AAsf; Affirmed

  - Class A-2B XS1699705056; LT AAsf; Affirmed

  - Class B XS1699705304; LT Asf; Affirmed

  - Class C XS1699705643; LT BBBsf; Affirmed

  - Class D XS1699706021; LT BBsf; Rating Watch Maintained

  - Class E XS1699706294; LT B-sf; Downgrade

TRANSACTION SUMMARY

Willow Park CLO DAC is a cash flow collateralised loan obligation
of mostly European leveraged loans and bonds. The transaction is
still in its reinvestment period and is actively managed by
Blackstone / GSO Debt Funds Management Europe Limited.

KEY RATING DRIVERS

Portfolio Performance Deterioration: The downgrade reflects the
deterioration in the portfolio as a result of the negative rating
migration of the underlying assets in light of the coronavirus
pandemic. As per the trustee report dated July 3, 2020, the
portfolio is above the target par by 0.24% and there is one
defaulted asset in the portfolio, accounting for 0.25% of the
aggregate collateral balance.

The Fitch-calculated 'CCC' category or below assets (including
unrated names) represents 7.90% of the portfolio against the limit
of 7.50% and shows an increase from the value of 5.52% in March
2020. As per the trustee report, the weighted average rating factor
of the portfolio increased to 34.22 from 32.62 of March 2020. While
the transaction is currently in breach of its Fitch WARF test, the
manager could bring the test into compliance by shifting its Fitch
Tests Matrix point.

'B'/'B-' Portfolio Credit Quality: Fitch assesses the average
credit quality of obligors in the 'B'/'B-' category. The
Fitch-calculated WARF stands at 34.34 and would increase to 37.18
after applying the coronavirus stress.

High Recovery Expectations: 98.7% of the portfolio comprises senior
secured obligations. Fitch views the recovery prospects for these
assets as more favourable than for second-lien, unsecured and
mezzanine assets. Fitch's weighted average recovery rate of the
current portfolio is 65.47%.

Portfolio Composition: The portfolio is well diversified across
obligors, countries and industries. Exposure to the top 10 obligors
is 13.19% and no obligor represents more than 3.00% of the
portfolio balance. The largest industry is business services at
17.09% of the portfolio balance, followed by healthcare at 15.00%
and computers and electronics at 8.30%.

Cash Flow Analysis: Fitch used a customised proprietary cash flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, as well as to
assess their effectiveness, including the structural protection
provided by excess spread diverted through the par value and
interest coverage tests. The transaction was modelled using the
current portfolio based on both the stable and rising interest-rate
scenarios and the front-, mid-, and back-loaded default timing
scenarios, as outlined in Fitch's criteria.

Fitch also tested the current portfolio with a coronavirus
sensitivity analysis to estimate the resilience of the notes'
ratings. The coronavirus sensitivity analysis was based only on the
stable interest-rate scenario including all default timing
scenarios.

Deviation from Model-Implied Rating: Fitch has downgraded the class
E by one notch to the lowest rating in the respective rating
category. Nevertheless, the model-implied rating for the class E
notes is still one notch below the downgraded rating. Fitch has
deviated from the model-implied rating as according to Fitch's
Rating Definitions, 'Bsf' ratings indicate that material default
risk is present, but a limited margin of safety remains while
'CCCsf' ratings indicate that default is a real possibility. Fitch
is not expecting such a scenario in the short term as the tranche
still shows quite sizeable credit enhancement of 6.85% (including
defaulted assets at par). Fitch has also assigned a Negative
Outlook to the class E notes and maintained class D on RWN as these
classes show failure under the coronavirus sensitivity analysis.

When conducting cash flow analysis, Fitch's model first projects
the portfolio's scheduled amortisation proceeds and any prepayments
for each reporting period of the transaction life, assuming no
defaults (and no voluntary terminations, when applicable).

In each rating stress scenario, such scheduled amortisation
proceeds and prepayments are then reduced by a scale factor
equivalent to the overall percentage of loans not assumed to
default (or to be voluntarily terminated, when applicable). This
adjustment avoids running out of performing collateral due to
amortisation, and ensures all of the defaults projected to occur in
each rating stress are realised in a manner consistent with Fitch's
published default timing curve.

RATING SENSITIVITIES

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

The transaction has a reinvestment period and the portfolio will be
actively managed. At closing, Fitch uses a standardised stress
portfolio (Fitch's Stress Portfolio) customised to the specific
portfolio limits for the transaction as specified in the
transaction documents.

Even if the actual portfolio shows lower defaults and losses at all
rating levels than Fitch's Stress Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely, as
the portfolio credit quality may still deteriorate, not only by
natural credit migration, but also through reinvestments.

Upgrade of the class E notes, though not expected in the near term,
may occur during the reinvestment period if the transaction
performance improves materially for a sustainable period. After the
end of the reinvestment period, upgrades may occur in the event of
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement to the notes and more excess
spread available to cover for losses on the remaining portfolio.

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

Downgrades may occur if the build-up of the notes' credit
enhancement following amortisation does not compensate for a higher
loss expectation than initially assumed due to an unexpectedly high
level of default and portfolio deterioration.

As the disruptions to supply and demand due to the coronavirus
disruption become apparent for other vulnerable sectors, loan
ratings in those sectors would also come under pressure. Fitch will
update the sensitivity scenarios in line with the views of Fitch's
leveraged finance team.

Coronavirus Baseline Scenario Impact: Fitch carried out a
sensitivity analysis on the current portfolio to envisage the
coronavirus baseline scenario. It notched down the ratings for all
assets with corporate issuers on Negative Outlook regardless of
sector. This scenario shows the resilience of the current ratings
with cushions, except for the class D notes, which shows small
shortfalls and the class E notes, which shows sizeable shortfalls.
The Negative Outlook on the most junior tranche reflects the risk
of credit deterioration over the longer term, due to the economic
fallout from the pandemic.

Coronavirus Downside Sensitivity: Fitch has added a sensitivity
analysis that contemplates a more severe and prolonged economic
stress caused by a re-emergence of infections in the major
economies, before halting recovery begins in 2Q21. The downside
sensitivity incorporates the following stresses: applying a notch
downgrade to all Fitch-derived ratings in the 'B' rating category
and applying a 0.85 recovery rate multiplier to all other assets in
the portfolio. For typical European CLOs this scenario results in a
rating category change for all ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
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.



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

SAIPEM SPA: Moody's Cuts CFR to Ba2, Alters Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Saipem S.p.A. to Ba2 from Ba1 as well as its probability
of default rating to Ba2-PD from Ba1-PD. Concurrently, Moody's has
also downgraded the backed senior unsecured MTN rating of Saipem's
guaranteed subsidiary Saipem Finance International B.V. to (P)Ba2
from (P)Ba1 as well as the subsidiary's backed senior unsecured
rating to Ba2 from Ba1. The outlook on Saipem has been changed to
stable from negative.

RATINGS RATIONALE

RATIONALE FOR A DOWNGRADE

Its downgrade has been triggered by Saipem's second quarter 2020
results, which were weaker than Moody's expected in March 2020,
when the agency changed the outlook on Saipem to negative from
stable. Moody's now forecasts that Saipem's performance in 2020
will be significantly below the agency's expectations for a Ba1
rating, with Moody's adjusted gross debt/EBITDA above 5x (3.7x in
2019), which compares to a downgrade trigger of 4.0x at the Ba1
level.

At the same time uncertainty about the degree of economic recovery
in 2021 have increased. There are no clear signs of sustained and
meaningful improvement in oil prices yet, which brings uncertainty
about spending of Saipem's key customers - oil majors and national
oil companies -- in 2021, with a risk of further intensified
pressure on the economics of the projects in the industry. These
uncertainties make it less likely that Saipem will be able to
restore its credit metrics in line with the agency's expectations
for a Ba1 rating in 2021 from the significantly elevated levels in
2020, triggering the downgrade of the Saipem's CFR to Ba2.

RATIONALE FOR STABLE OUTLOOK

The stable outlook on the Ba2 ratings reflects Saipem's still very
healthy order backlog that provides some visibility on the
company's future revenues. During the first half of 2020 Saipem has
not experienced any major order cancellations and further increased
its backlog from consolidated entities to almost all-time highs of
around EUR22.2 billion -- an equivalent of around 2.4 times of
revenues in 2019 -- with an increasing share of non-oil projects,
including renewables. Nevertheless, the uncertainties about the
timing of some projects remain.

The stable outlook also considers Saipem maintaining an adequate
liquidity position, supported by an issuance of EUR500 million
bonds in July 2020. Moody's views Saipem's liquidity as adequate
despite the fact that at least in 2020 the capacity under the net
debt covenant related to its undrawn EUR1 billion revolving credit
facility is going to significantly reduce. Should Saipem fail to
contain working capital build up in the second half of the year - a
situation that could potentially lead to a covenant breach -
Moody's would expect Saipem to proactively address the matter with
its financing partners. In this regard the agency considers
Saipem's shareholder structure, with indirect ties to the
Government of Italy (Baa3 stable), as a positive qualitative
factor. Saipem's debt maturities are well spread and there are no
major maturities until 2022.

In addition, the stable outlook takes into consideration the
company's conservative financial policies. Even though it is still
uncertain when Saipem returns to a sustained meaningful positive
free cash flow generation, Moody's recognizes the track record of
the company focusing on deleveraging, even on a gross debt basis,
since the previous industry downturn in 2015-16, in a difficult
environment with a significant pressure on EBITDA generation. Even
though Saipem's net debt is likely to meaningfully increase in
2020, the agency expects that Saipem will continue to focus on
deleveraging.

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

Saipem's ratings could be upgraded if the company strengthens its
backlog and if conditions improve in the oil and gas services
markets leading to it sustaining: (1) FFO/debt above 20%, and (2)
Moody's adjusted gross debt/EBITDA sustained below 4.0x, while
maintaining good liquidity and a track record of good project
execution.

Conversely, Saipem's rating could be downgraded, if (1) Moody's
adjusted gross debt/EBITDA would remain sustainably above 4.5x, (2)
FFO/debt falls sustainably below 15%; or (3) the company's
liquidity deteriorates. The agency would tolerate leverage somewhat
above 4.5x if it is balanced by excess cash.

LIST OF AFFECTED RATINGS

Issuer: Saipem Finance International B.V.

Downgrades:

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

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

Outlook Actions:

No Outlook

Issuer: Saipem S.p.A.

Downgrades:

LT Corporate Family Rating, Downgraded to Ba2 from Ba1

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

Outlook Actions:

Outlook, Changed to Stable from Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Construction
Industry published March 2017.



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

KASSA NOVA: S&P Places B Long-Term ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed its 'B' long-term issuer credit rating
and 'kzBB+' national scale ratings on Kazakhstan-based Kassa Nova
Bank JSC on CreditWatch with negative implications.

At the same time, S&P affirmed its 'B' short-term issuer credit
rating on the bank.

On Aug. 3, 2020, Freedom Finance JSC--an operational subsidiary of
Freedom Finance Holding JSC--announced its intention to purchase
Bank Kassa Nova JSC from Forte Bank JSC. According to the purchase
and sale agreement, in addition to acquiring ordinary shares from
Forte Bank, Freedom Finance JSC will acquire preferred shares from
Kazakhstan businessman Mr. Bulat Utemuratov, and the subordinated
debt currently held by companies related to the ultimate
beneficiary. S&P expects the acquisition will be finalized as soon
as all regulatory approvals are received, but no later than
year-end 2020.

S&P said, "We expect that Forte Bank will purchase Kassa Nova's
loan portfolio (around KZT63 billion) at market price over the next
two to three months. We forecast that Kassa Nova's balance-sheet
structure will materially change over the next two to three months,
with liquid assets dominating its asset mix. We also expect that
the bank's capital adequacy ratios will likely increase on the back
of the loans transfer to Forte, as less risky liquid assets will
replace more risky customer loans.

"In our base-case scenario, we do not expect any significant
deposit outflows, which might put material pressure on the bank's
liquidity. Before the deal is closed, Forte Bank is responsible for
preserving adequate liquidity and compliance with all regulatory
ratios, and any breaches of the regulatory ratios will likely
undermine the transaction. We therefore think that Forte Bank may
provide temporary liquidity support to the bank to close the deal
if material liquidity pressures were to arise.

"We expect that Kassa Nova's creditworthiness will deteriorate
after it becomes a subsidiary of Freedom Finance Group. At the
moment, we assess Freedom Finance's group credit profile (GCP) at
'b-', one notch below our assessment of Kassa Nova's stand-alone
credit profile. Freedom Finance's GCP takes into account high
economic and industry risks associated with brokerage activity in
Russia and Kazakhstan, as well as Freedom Finance's high appetite
for inorganic growth through acquisitions. We think that after the
acquisition, Kassa Nova's operations will shift from a lending
institution into a settlement bank to be more in line with those of
Freedom Group's operations and strategic focus. This will link the
bank's creditworthiness closely to that of Freedom Group.

"We expect to resolve CreditWatch within the next 90 days, as soon
as the acquisition is finalized or when all regulatory approvals
are received, making the acquisition imminent.

"We would lower the 'B' long-term credit rating and the 'kzBB+'
national scale credit rating on Kassa Nova when the deal is closed
or all regulatory approvals are received, because the bank's
creditworthiness will be constrained by that of Freedom Finance
Group.

"We would affirm the ratings if the acquisition does not proceed,
for example if regulatory approvals are denied."





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

ALTISOURCE SARL: Moody's Cuts CFR to Caa1, On Review for Downgrade
------------------------------------------------------------------
Moody's Investors Service has downgraded Altisource S.a.r.l.'s
corporate family rating and long-term senior secured bank credit
facility rating to Caa1 from B3. The ratings remain on review for
further downgrade.

The downgrade of Altisource's ratings reflects the anticipated loss
of revenues for downstream services that Altisource provides to
Ocwen Loan Servicing, LLC, the operating subsidiary of PHH Mortgage
Corporation (Caa1 negative) on the loan portfolios owned by New
Residential Investment Corp. (B1 negative). Altisource announced on
6 August that it had received notification from Ocwen that this
business would be transferred to another service provider. These
revenues would account for approximately 39% of Altisource's total
revenues in 2020, and do not include the revenues under the
Cooperative Brokerage Agreement between Altisource and New
Residential.

During the review for further downgrade, Moody's will assess the
impact of the anticipated revenue and earnings' loss on
Altisource's credit profile and the implications for its senior
secured term loan, which had an outstanding balance of $88.6
million as of June 30, 2010 and matures in April 2024.

Moody's will also assess the impact on Altisource's credit profile
of the challenging operating conditions, which Moody's expects will
continue to pressure the company's revenues and profitability over
the next 12-18 months. Moody's expects Altisource's default-related
businesses to continue to be negatively impacted by
coronavirus-related governmental measures, including forbearance
plans, as well as foreclosure and eviction moratoriums which the
government may extend.

The rapid and widening spread of the coronavirus outbreak has led
to a severe and extensive credit shock across many sectors, regions
and markets. Given Moody's expectation for deteriorating asset
quality, profitability, capital and liquidity, the residential
mortgage sector is among those most affected by this credit shock.
Moody's regards the coronavirus outbreak as a social risk under its
environmental, social and governance framework, given the
substantial implications for public health and safety.

The following ratings/assessments are affected by its action:

Ratings Downgraded:

Issuer: Altisource S.a.r.l.

Corporate Family Rating, Downgraded to Caa1 from B3; Remains Under
Review for further Downgrade

Senior Secured Term Loan B, Downgraded to Caa1 from B3; Remains
Under Review for further Downgrade

Senior Secured Revolving Credit Facility, Downgraded to Caa1 from
B3; Remains Under Review for further Downgrade

RATINGS RATIONALE

The downgrade of Altisource's ratings to Caa1 from B3 reflects the
impact to the company's credit profile of the significant loss of
revenue from the transition of downstream services away from
Altisource.

Altisource's caa1 standalone assessment and Caa1 ratings reflect
the company's revenue concentration in default management related
services and its continued reliance for a large percentage of its
revenues on the servicing portfolios of PHH Mortgage Corp., the
loss of which would likely weaken the company's credit profile,
absent any mitigating actions. The standalone assessment and
ratings also reflect the firm's historically strong cash flow and
solid liquidity profile.

With the company's senior secured debt maturing in April 2024,
Altisource has time to develop its non-Ocwen, non-New Residential
businesses and reduce expenses to reflect lower revenues.
Altisource's liquidity profile also benefits from approximately
$98.2 million in cash and available for sale securities as of June
30, 2020.

Industry-wide mortgage default referrals have decreased
significantly from pre-coronavirus levels due to governmental
moratoriums and forbearance programs which temporarily prevent
servicers from pursuing foreclosure of delinquent loans, and
consequently Altisource from providing its default-related services
to servicers. However, as the overall market for default related
services stabilizes, higher delinquencies should result in
opportunities for Altisource to grow its default-related revenues.

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

Since Altisource's ratings are on review for downgrade, rating
upgrades are unlikely over the next 12-18 months. The ratings could
be confirmed, and the outlook returned to stable if Moody's were to
assess enough sufficient certainty around future revenues and
earnings for default-related services or if the company was be able
to mitigate any revenue and earnings loss.

Altisource's ratings could be downgraded upon conclusion of the
review if Moody's were to assess a likely further material
reduction in revenues, for example as a result of the extension of
governmental restrictions on evictions and foreclosures, that would
result also in a material reduction in net income, or if
Altisource's historically strong cash flows were unlikely to be
restored over the near term.

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

ROOT BIDCO: Fitch Assigns B(EXP) LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned Root Bidco s.a.r.l. an expected
Long-Term Issuer Default Rating of 'B(EXP)' with a Stable Outlook
and an expected senior secured term loan B rating of
'B+(EXP)'/'RR3'. The expected IDR is driven by Root Bidco
s.a.r.l.'s acquisition of European Crops Products 2 s.a.r.l. and
planned new capital structure.

The ratings are constrained by a highly leveraged capital
structure, which is typical in private equity transactions, and the
small scale of Rovensa. They also reflect the stability of
Rovensa's business profile due to a focus on specialty crop
nutrition, crop protection and biocontrol products as well the
company's positioning in higher-margin segments with favourable
growth prospects.

Fitch assumes that Rovensa will be able to capture opportunities
for accelerated organic growth within its biological businesses and
that its crop protection business will be able to replenish the
active ingredients at risk within its portfolio over the coming
years.

Fitch forecasts that Rovensa will balance organic growth with only
modest bolt-on acquisitions, which along with its expectations of
positive free cash flow (FCF, before acquisitions) generation
should support gradual de-leveraging and underpins the Stable
Outlook.

The assignment of the final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

KEY RATING DRIVERS

Highly Leveraged Structure: Fitch estimates funds from operations
gross leverage at transaction closure at around 7.5x and net
debt/LTM EBITDA at 6.1x. Fitch assumes that Rovensa will continue
to support its growth via bolt-on acquisitions and that more
material non-organic expansion could be supported by equity
injections from its owners. Fitch forecasts FFO gross leverage to
gradually decline to 6.5x by FYE23 (financial year end in June) on
the back of positive FCF and accretive bolt-on acquisitions. More
ambitious debt-funded expansion could put pressure on the credit
metrics and offset contribution of modest FCF generation.

Off-Patent Innovator Business Model: The ratings of Rovensa are
underpinned by its differentiation from mass fertilisers in crop
nutrition by focusing on biostimulants and on the development of
off-patent proprietary solutions for crop protection. It takes an
innovation-based approach, underlined by its strong niche, local
positioning, and diversification into specialty chemical
formulations sourced from off-patent active ingredients.

High-Margin Products: The niche products of Rovensa support its
competitive position, stable cash flow generation and pricing
power, which allow it to defend its high margin versus
macro-nutrient and commoditised fertiliser companies. As crop
protection and crop nutrition account for a significantly lower
share of costs for growers of fruit and vegetables (61% of
Rovensa's revenue) compared with row crops, the company has
stronger capabilities to pass through potential increases in raw
material prices.

Bionutrition Organic Growth Opportunity: During 2019-2020 Rovensa
has grown predominantly through six debt-funded acquisitions while
its organic growth in bionutrition averaged in low single digits.
Growth was distorted by a restructuring of the Brazilian business
in 2019 and the impact of a weaker Brazilian real in 2020, but
Rovensa remains well-positioned to take advantage of favourable
market fundamentals. Fitch forecasts bionutrition and biostimulant
revenues to grow organically by respectively mid-single and
low-double digits over 2021-2023.

Phasing out of Active Ingredients: Rovensa is exposed to regulatory
risks related to AIs ban or phase-outs, which require constant
innovation and new registrations. Fitch understands from management
that a growing number of AIs are expected to be phased out in the
coming years while fewer AIs are being developed. Rovensa therefore
relies on the timely introduction of new AIs and a strong pipeline
of substitute products. It has historically been successful in new
product registrations and has long established AI-sourcing
relationships. Forward planning, continued investments and know-how
(80% of dossiers are developed in-house) also partly mitigate the
risk of an accelerated rate of deregistration of AIs.

Barriers to Entry; Limited Diversification, Scale: An evolving
regulatory environment, the knowledge-intensive nature of the
business as well as the diversified and evolving registration
process serve as barriers to entry. The agrochemical market,
though, remains seasonal and characterised by stiff competition
from sizeable players with strong R&D capabilities. Despite breadth
of products and a solid niche position Rovensa has limited
diversification, being almost entirely focused on agrochemicals
within a limited geography (70% of sales in Iberia and southern
Europe), exposing the business to regional market disruption and
unfavourable weather patterns.

Established Position in Niche Markets: Rovensa benefits from its
solid niche position and a well-developed distribution system. In
bionutrition (51% of FY20 EBITDA) Rovensa is the second largest
global player in a highly fragmented market, which remains rather
small but rapidly-growing versus the wider crop nutrition industry.
In crop protection (37% of FY20 EBITDA), Rovensa has a strong
position in Iberia, being leader in Portugal ahead of the big four
players, and the fourth-largest in Spain but the largest off-patent
company. In biocontrol (12% of FY20 EBITDA), Rovensa does not have
a significant market share but is expanding in a rapidly growing
niche market.

Strong Ties with Customers: The business profile benefits from
reputation of good quality and innovative products and
well-established relationships with customers and low churn rates.
The company markets its products and provides advice to growers
through a team of over 400 experienced agronomists who focus on
bespoke solutions, which make customers less willing to switch to
competitors.

Limited Impact from COVID-19: The global agricultural sector has
remained resilient in H120 and Rovensa suffered only moderately
from the coronavirus outbreak. Procurement was secured ahead of the
pandemic and the 3 AIs for which Rovensa faced shortages could be
sourced with minimal additional expense. Flower growers were,
however, impacted by lockdowns. Management estimates a one-off
COVID-19 cost of EUR5 million on EBITDA (ie 6% of pro-forma FY20
EBITDA).

DERIVATION SUMMARY

The 'B(EXP)' rating of Rovensa captures the balance between its
stable business profile (bionutrition, crop protection and
biocontrol and bio nutrition) and a highly leveraged capital
structure and M&A driven growth.

In terms of scale, Rovensa is similar to Nitrogenmuvek Zrt
(B-/Stable) but has more specialised, resilient and differentiated
product offerings and is more diversified globally. Rovensa's
business profile is also more focused and less exposed to cyclical
end-markets than that of Nouryon Holding B.V. (B+/Stable), which
focuses on specialty chemicals. Nouryon has lower exposure to the
agriculture sector (around 15% of sales) but benefits from a much
larger scale in reported EBITDA as well as wider operational and
geographical diversification. Nouryon has a similar financial
profile to Rovensa while Nitrogenmuvek's credit metrics are
stronger.

UPL Corporation Limited (BBB-/Negative) is one of the largest
companies in the post-patent crop-protection market with comparable
scale to Nouryon and its FFO net leverage is expected to decline to
around 4x in 2021 and around 3x by 2022.

KEY ASSUMPTIONS

  - Revenue growth at CAGR of 7.8% (4.3% organic) in 2020-2024

  - EBITDA growth at CAGR of 9% (5% organic) in 2020-2024

  - Improvement in EBITDA margin to 22.3% in 2023 from 21.1% in
2020, driven by higher-margin contribution from acquisitions.

  - Capex at 5.9% of revenue (2.2% maintenance and 3.7% expansion)
until 2024

  - Bolt on acquisitions of EUR50 million p.a. in 2021-2022

  - Acquisitions EBITDA multiple of 7x and earn-outs of 30% of
EBITDA

  - Earn-outs from historical acquisitions of EUR10 million in
2020-2024

Key Recovery Analysis Assumptions

The recovery analysis assumes Rovensa is reorganised as a
going-concern rather than liquidated in bankruptcy.

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which it bases
the valuation of the company. Fitch applied a 15% discount to the
LTM pro-forma reported FY20 EBITDA to reflect a more stable cash
flow profile than other chemicals companies.

An enterprise value multiple of 5.0x reflects a mid-cycle multiple
and takes into account the company's position in a more stable
sector than peers' but also its small scale of operations.

Rovensa's revolving credit facility is assumed to be fully drawn.
Its TLB ranks pari passu with the RCF.

Fitch assumes that Rovensa's factoring programme will be replaced
by a super-senior facility.

After deducting 10% for administrative claims, its waterfall
analysis generated a ranked recovery in the 'RR3' band, indicating
a 'B+(EXP)' TLB rating. The waterfall analysis output percentage on
current metrics and assumptions is 52%.

RATING SENSITIVITIES

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

  - Increase in scale driven by organic and/or inorganic growth
while reducing FFO gross leverage to below 5.5x on a sustained
basis

  - FFO interest cover above 4x on a sustained basis

  - FCF margin consistently above 5%

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

  - Ambitious debt-funded acquisitions, dividend payments and/or
weaker-than-expected market dynamics leading to FFO gross leverage
sustainably above 7.5x

  - FFO interest cover below 2.5x on a sustained basis

  - Negative FCF generation

ESG CONSIDERATIONS

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

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

Adequate liquidity: Fitch expects Rovensa to generate positive FCF
in 2020-2024 and following the re-financing of existing debt
(excluding factoring) via its EUR440 million TLB in 2020 the
company will have no material debt maturity until 2027.

Rovensa will benefit from its EUR115 million RCF undrawn at closing
as well as its factoring facility to fund changes in working
capital, which can be significant throughout the crop season.

SUMMARY OF FINANCIAL ADJUSTMENTS

EUR5 million lease expensed in EBITDA

Factoring included in financial debt

Preferred Equity Certificates instruments for historical financial
years and shareholder loan in future debt structure treated as
non-debt

Non-recurring restructuring and acquisition costs added back to
EBITDA and deducted from non-recurring cash flows

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.

ROOT BIDCO: Moody's Assigns B2 CFR, Outlook Negative
----------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating and
a B2-PD probability of default rating to Root Bidco S.a.r.l. and B2
instrument ratings to the senior secured EUR440 million term loan B
and the EUR115 million revolving credit facility. The outlook is
negative. Moody's expects to withdraw all ratings for EUROPEAN
CROPS PRODUCTS 2 S.A.R.L. once the transaction closes in late
2020.

RATINGS RATIONALE

Rovensa's B2 CFR reflects the modest scale with annual revenues of
EUR364 million and geographical concentration on the Iberian
Peninsula where 39% of fiscal year 2020 revenues were generated
(FY16: 53%). The company since 2016 has grown from a revenue base
of EUR225 million organically and through acquisitions.

In line with the previous M&A track record, Moody's assumes that
Rovensa remains acquisitive, however the current capital structure
leaves limited headroom for debt-funded acquisitions. Likely
earn-outs for past acquisitions are viewed as a debt adjustment and
are expected to be around EUR9.2 million at financial close of the
transaction. The amount will tail off over time.

The continued international expansion of the company, with a focus
on existing geographies, including Western and Central Europe, the
Americas and the APAC and MENA regions, will further lower the
geographical exposure to the Iberian Peninsula. The increased
regional diversification into markets that Rovensa already knows
should reduce volatility from adverse weather events that may have
a negative impact on demand for Rovensa's products.

Rovensa has a broad and diversified portfolio of products across
specialty crop nutrition, off-patent crop protection and biological
crop protection. SCN is R&D-intensive, supported by 40 researchers,
fast-growing and has an EBITDA margin in the 25%-30% range. CP has
an EBITDA margin of around 20%. This is lower than that of its
multinational peers Bayer AG (Baa1 stable), Syngenta AG (Ba2
stable) and E.I. du Pont de Nemours and Company (A3 stable) whose
R&D expenditure is higher given their focus on patent products,
where Rovensa is focused on post-patent products only, which have
lower margins but require lower R&D expenditure. Rovensa has built
a significant business in BCP through M&A.

BCP product demand is expected to lead to higher than market
growth, benefitting from positive environmental and dietary trends.
This division generates EBITDA margins in the 25-30% range. Rovensa
benefits from entrenched domestic leadership positions across its
portfolio.

The ownership change will result in higher Moody's-adjusted debt of
around EUR116 million. Pro-forma gross leverage will be about 6.4x,
which leaves the B2 CFR initially weakly positioned. This assumes
EUR440.0 million of the new TLB, closing utilization of factoring
programmes of EUR40.0 million, leases of EUR21.0 million and EUR9.2
million for earn-outs related to past acquisitions.

A shareholder loan, outside the restricted group, has been
classified as equity by Moody's. Future EBITDA will be supported by
volume growth, expansion of the margin and incremental
contributions from further acquisitions. Moody's estimates FY21
EBITDA of around EUR84.0 million, resulting in debt/EBITDA of
around 6.2x. The current rating doesn't factor in dividend
payments.

Rovensa's liquidity is adequate. Starting cash at closing of the
transaction will be close to nil and the company will thus rely on
cash inflows in the seasonally stronger quarters Q2 through to Q4
to build up its cash balance. Rovensa will have access to a EUR115
million revolving credit facility to cover working cash, seasonal
working capital built-up and capital spending that amounts to about
EUR25 million annually.

The first fiscal quarter -- July to September -- is seasonally the
weakest with negative funds from operations. Rovensa typically
records seasonally strong second and fourth quarters following the
planting campaigns of its customers. The transaction is expected to
close during the second fiscal quarter.

SOCIAL AND GOVERNANCE CONSIDERATIONS

Rovensa is currently owned by private equity firm Bridgepoint and
will be sold to funds managed by private equity firm Partners
Group. Typically, private equity owned companies' financial
strategy is characterized by high financial leverage and
shareholder friendly policies such as the pursuit of acquisitive
growth. Moody's considers Rovensa's historical approach to debt
financed acquisitions to be aggressive and the risks related to
this strategy are reflected in the negative outlook.

Bridgepoint has been invited to re-invest by Partners Group and is
expected to take an equity stake of 50%, subject to internal
approvals. The strategy under the new ownership structure will be
executed by existing management and hence expected to be consistent
with the current strategy that includes further
internationalization of the business and bolt-on acquisitions.

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

The impact of the coronavirus on Rovensa has so far been fairly
limited with management estimating a one-off EBITDA impact of
around EUR5.0 million (not adjusted by Moody's) due to logistical
limitations at the peak of the outbreak and three active ingredient
shortages. Given the essential role Rovensa plays in the overall
food chain, Moody's believes that the agricultural sector and crop
nutrition and protection companies supplying farmers are more
resilient on a relative basis when compared to other chemical
companies, such as commodity chemical companies.

STRUCTURAL CONSIDERATIONS

The senior secured EUR440 million term loan B and the EUR115
million RCF rank pari passu. Both facilities benefit from
guarantors representing at least 80% of consolidated group EBITDA.
Debt instrument ratings of B2 are aligned with the B2 CFR as they
present the majority of indebtedness in the structure apart from
leases and trade claims.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on Rovensa's ratings reflects the weak
positioning of the rating within the B2 rating category. It also
balances Rovensa's higher amount of debt, about EUR116 million on a
Moody's-adjusted basis, at closing of the transaction, earn-outs
for recent acquisitions and the expectation that Rovensa will
continue with bolt-on acquisitions.

While Rovensa's operating performance has been relatively robust
over recent months, the negative outlook further reflects ongoing
macroeconomic risks, including those that have resulted from the
coronavirus outbreak. This could negatively impact the expected
performance improvements over the next quarters, although Rovensa
has so far not as severely been affected as other corporates due to
Rovensa's essential role in the food supply chain and exposure to
robust end markets.

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

While unlikely at this juncture, Moody's may consider a rating
upgrade in the context of further significant expansion and
geographical diversification of Rovensa's revenue base, as well as
EBITDA growth, which would allow the group to use substantial FCF
to reduce debt, so that its Moody's-adjusted total debt/EBITDA
trends towards 4.0x on a sustained basis. Rovensa's ratings could
come under negative pressure should the company fail to grow EBITDA
and its total debt/EBITDA remain above 6.0x for a prolonged period
and/or the group generates negative FCF, leading to a deterioration
in its liquidity.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Root Bidco S.a.r.l. is the parent of companies trading under the
name Rovensa. The company provides crop lifecycle management
solutions spanning specialty crop nutrition, off-patent crop
protection and biocontrol, with a particular focus on high-value
cash crops, such as fruit and vegetable products, vine, and
flowers. In January 2017, Bridgepoint acquired Rovensa (formerly
known as Sapec Agro) and in June 2020 announced that it would sell
the company to funds managed by Partners Group for an enterprise
value of around EUR1.0 billion.

Partners Group have invited Bridgepoint to take a 50% stake in the
new structure. The transaction is expected to close in late 2020.
Rovensa in its fiscal year 2019/20 ending June 30, 2020 generated
preliminary revenues of EUR364 million.

ROOT BIDCO: S&P Assigns Preliminary 'B' ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit and issue ratings to Root Bidco S.a.r.l. (Rovensa) and the
proposed EUR440 million senior secured term loan B (TLB).

Rovensa has launched a first-lien term loan refinancing to back the
partial buyout transaction.   Private equity (PE) firm Partners
Group announced the acquisition of a majority equity stake in the
specialty crop nutrition, biocontrol, and protection products
supplier Rovensa from Bridgepoint in July 2020. Bridgepoint intends
to retain a significant stake in the company. The financing package
includes the EUR440 million senior secured seven-year TLB--to be
borrowed by Root Bidco--and a EUR115 million 6.5-year senior
secured RCF, which we expect to remain undrawn at the transaction's
closing. Rovensa will use the facilities to repay the existing
EUR318.3 million TLB due 2025 and replace the EUR60 million RCF due
2024. S&P expects the PE firms will provide about EUR560 million of
equity to the transaction, the majority of which comprise preferred
shares and a shareholder loan that it views as equity, held
proportionally by the two investors. Post-transaction, the capital
structure will also include about EUR21 million of operating-lease
liabilities and EUR40 million of nonrecourse factoring related
liabilities.

Following the proposed transaction, financial measures will weaken
due to higher debt, but rising EBITDA will provide good potential
to reduce leverage.   The transaction will result in about EUR120
million more senior secured debt. As a result, Rovensa's adjusted
gross debt to EBITDA will weaken to about 7.2x on a pro forma basis
for FY2020. S&P said, "This compares with about 6.5x that we
anticipated for FY2020 prior to the transaction. We factor in about
EUR70 million pro forma adjusted EBITDA in FY2020, based on
Rovensa's preliminary results. That said, we expect continuous
EBITDA increases and minimal one-off costs to lead to a swift
reduction in adjusted debt to EBITDA to about 5.6x-5.8x in
FY2021."

S&P said, "We expect Rovensa's earnings to continue to increase
reflecting organic growth, increasing profitability, and
contributions from recently completed bolt-on acquisitions.   Under
our base-case scenario, the company will maintain above-GDP growth
thanks to supportive industry fundamentals, resilient market
demand, and expansion into new businesses and regions through
bolt-on acquisitions. Following growth of about 6.4% in FY2020, we
expect the business to continue to expand organically by more than
5% per year in FY2021 and FY2022." Despite resilient market demand,
the COVID-19 pandemic resulted in one-off EBITDA costs of about
EUR5 million in FY2020, mainly due to temporary supply chain
disruptions. Profitability is also improving due to a continuous
portfolio shift toward higher-margin geographies and higher-value
specialty products--bio-stimulants and adjuvants--along with the
higher margins of the acquired biocontrol businesses and a focus on
cost efficiency.

Strategy of bolt-on acquisitions is a key risk to our deleveraging
forecast.   Rovensa follows an active acquisitive growth strategy.
The company has completed four bolt-on acquisitions in
FY2019-FY2020, resulting in total cash outflow of above EUR90
million, including earn-out payments. Rovensa has been highly
selective in acquisitions and shown a track record of successfully
integrating acquired companies into the existing business.
Acquisitions have contributed to higher growth and margins,
although they have also led to higher debt and additional
transaction-related costs, which ultimately translated into
slower-than-expected leverage reduction in FY2019-FY2020. S&P
understands the company will continue to use internally generated
cash flow and availability under the RCF to carry out bolt-on
acquisitions in the future, in line with its acquisitive growth
strategy, despite no immediate acquisitions confirmed at present.
As a result, leverage reduction could be slower than it forecasts.

S&P said, "We expect resilient positive free operating cash flow
(FOCF) generation.   Rovensa generated about EUR12 million of cash
FOCF in FY2019, with only an approximate half-year contribution
from the acquired Brazilian company Microquimica. We expect FOCF to
weaken slightly in FY2020 despite higher earnings, but to remain
positive at about EUR5 million, mainly due to much higher working
capital outflow. This outflow stemmed from a temporarily increased
inventory level of raw materials to avoid supply chain disruptions,
given uncertainty during the COVID-19 pandemic. We expect FOCF to
strengthen to about EUR17 million-EUR19 million in FY2021 thanks to
increasing earnings and normalized working capital.

"We expect no change in financial policy.   We understand that both
PE owners are committed to Rovensa's long-term expansion and that
they have a clear focus on leverage reduction and cash flow
generation. Currently, there is no plan for dividend payments. That
said, an increase in leverage as a result of the change in
ownership confirms our view that the PE ownership--which implies
high leverage tolerance and strong incentives to maximise
shareholder returns--constrains the financial risk profile."

Rovensa's good expansion potential and strong positioning in its
niche market support its business risk profile.   This expansion
should stem from positive long-term market trends. The company
benefits from solid market fundamentals, with population growth and
food demand leading to a better awareness of the yield enhancement
provided by specialty nutrition. In addition, the company enjoys a
strong position as No. 2 in the fragmented niche global market for
specialty crop nutrition, and it has a leading position in the
off-patent crop protection market in Iberia. We view positively
that Rovensa's specialty crop nutrition and biocontrol product
portfolio--notably chelates, adjuvants, foliar fertilizers,
biostimulants, and biocontrol products--responds to the increasing
awareness and need for sustainable agriculture.

Rovensa has a long track record of resilient operating performance
with increasing EBITDA margins.  This reflects the company's focus
on resilient high-value market segments such as fruit, vegetables,
and other specialty crops--greenhouse and open field--and its
strong relationships with key customers, underpinned by its
innovative products. The COVID-19 pandemic has dealt a heavy blow
to the general economy, but it has not significantly affected the
company's topline, demonstrating its resilience. We note that new
products that Rovensa has launched in the past five years have
generated about 38% of sales. The company also has strong
formulation and registration capabilities, enabling it to bring new
proprietary off-patent products to the market that generate higher
margins than generics.

Business risk constraints include Rovensa's limited scale of
operations and improving, albeit still fairly concentrated,
geographic footprint.  Rovensa has a relatively limited scale, with
an estimated S&P Global Ratings-adjusted EBITDA of EUR70 million in
FY2020, which we forecast will increase to EUR87 million-EUR90
million in FY2021; a fairly concentrated geographic footprint, with
Spain, Portugal, and France accounting for about 54% of pro forma
FY2020 revenue, albeit reduced from two-thirds two years ago; and a
relatively narrow product focus on specialties for the fruit,
vegetables, and flowers market. That said, the company has been
expanding into specialty nutrition and biocontrol business, which
has strong growth potential and high margins, and into new
geographies such as South America and Asia Pacific through bolt-on
acquisitions over the past few years. In addition, the broad
offering of individual products throughout the plant life cycle
mitigates the relatively narrow product focus to some extent.

S&P said, "The final ratings will depend on our receipt and
satisfactory review of all final documentation and final terms of
the transaction.  The preliminary ratings should therefore not be
construed as evidence of final ratings. If we do not receive final
documentation within a reasonable time, or if the final
documentation and final terms of the transaction depart from the
materials and terms reviewed, we reserve the right to withdraw or
change the ratings. Potential changes include, but are not limited
to, utilization of the proceeds, maturity, size and conditions of
the facilities, financial and other covenants, security, and
ranking.

"The stable outlook reflects our forecast that Rovensa will
continue to increase EBITDA to about EUR87 million-EUR90 million
and generate positive free cash flow of at least EUR10 million in
FY2021. This should lead to a swift reduction in debt to EBITDA to
well below 7x in FY2021, which we view as commensurate with the
rating. The stable outlook also factors in our expectation of the
seamless integration of acquisitions completed to date, as well as
the company's strategy balancing nonorganic growth and leverage
reduction following this transaction.

"We could lower the rating if Rovensa faces significant adverse
operational or commercial issues that would hamper its EBITDA
growth. We could also lower the rating if the company applies a
more aggressive financial policy, such that its adjusted debt to
EBITDA fails to swiftly improve below 7x in the next 12 months, or
if FOCF is less than EUR10 million. This could result from
higher-than-anticipated one-off costs or debt-financed
acquisitions, significant market share losses, or increased
pressure from competitors. Prolonged generation of negative FOCF or
a weakening of liquidity could also put pressure on the company's
creditworthiness.

"We consider rating upside as remote given the company's PE
ownership, relatively limited scale, and fairly concentrated
geographic footprint. Over time, upside potential could materialize
if the company continuously increases its EBITDA and FOCF. This
would lead to adjusted debt to EBITDA sustainably less than 5x,
along with at least adequate liquidity. An upgrade would also
depend on a strong commitment from the PE owner that it will
maintain debt sustainably at a level commensurate with a higher
rating."




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

NORTH WESTERLY VI: Fitch Affirms Class F Notes at B-sf, Outlook Neg
-------------------------------------------------------------------
Fitch Ratings has revised North Westerly VI B.V.'s class E and F
notes' Outlook to Negative from Stable while affirming all ratings.


North Westerly VI B.V.

  - Class A XS2083211370; LT AAAsf; Affirmed

  - Class B-1 XS2083212261; LT AAsf; Affirmed

  - Class B-2 XS2083212857; LT AAsf; Affirmed

  - Class C XS2083213152; LT Asf; Affirmed

  - Class D XS2083213749; LT BBBsf; Affirmed

  - Class E XS2083214473; LT BB-sf; Affirmed

  - Class F XS2083214713; LT B-sf; Affirmed

TRANSACTION SUMMARY

The transaction is a cash flow CLO mostly comprising senior secured
obligations. It is in its reinvestment period and the portfolio is
actively managed by the asset manager.

KEY RATING DRIVERS

Coronavirus Baseline Scenario Impact

Fitch carried out a sensitivity analysis on the current portfolio
for its coronavirus baseline scenario. The agency notched down the
ratings for all assets with corporate issuers on Negative Outlook
regardless of sector. This scenario shows resilience of the current
ratings of the class A to D notes with cushions. This supports the
affirmation with a Stable Outlook for these tranches. The class E
and F notes pass the current portfolio analysis with cushions but
show shortfalls in the coronavirus sensitivity analysis. As a
result, the agency has affirmed both note's ratings but revised the
Outlook to Negative.

Portfolio Performance

Per Fitch calculation, the portfolio's weighted average rating
factor is 32.1, and would increase by 2.7bp in its coronavirus
sensitivity analysis. Assets with a Fitch-derived rating on
Negative Outlook is at 28% of the portfolio balance. Assets with a
FDR of 'CCC' category or below represent less than 2% and the
portfolio has no unrated assets. The transaction is currently
slightly above par and has no reported defaults. No frequency
switch event has occurred and all tests including the coverage
tests are passing.

'B' Category Credit Quality

Fitch places the current portfolio's credit quality in the 'B'
category.

High Recovery Expectations

Over 90% of the portfolios comprise senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch's weighted average recovery rate of the current portfolio
is 67.4%.

Portfolio Composition

The portfolio is reasonably diversified with the exposure to top-10
obligors and the largest obligor at about 13.5% and 1.8%
respectively. The top three-industry exposure is about 35%.

Cash Flow Analysis

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

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

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Sensitivity

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies, before halting recovery begins
in 2Q21. The downside sensitivity incorporates the following
stresses: applying a notch downgrade to all FDRs in the 'B' rating
category and applying a 0.85 recovery rate multiplier to all other
assets in the portfolio. For typical European CLOs this scenario
results in a category-rating change for all ratings.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
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.



=============
R O M A N I A
=============

COS TARGOVISTE: To Halt Production Indefinitely, Cut 1,200 Jobs
---------------------------------------------------------------
SeeNews reports that Romanian special steel mill Cos Targoviste,
formerly Mechel Targoviste, said it will halt production
indefinitely and lay off 1,200 employees due to economic issues
caused by the coronavirus disease (Covid-19) outbreak and shortage
of working capital.

For the greater part of 2020, the steel mill, which has been
undergoing judicial reorganization since December, did not operate
due to the pandemic and did not earn any income, its judicial
administrator Maestro SPRL said in a statement filed to the
Bucharest Stock Exchange, BVB, SeeNews relates.

Except for April and May, the judicial administrator said the
company paid from its own funds the technical unemployment
indemnities of the employees. The steel mill employed 1,311 at the
end of 2019, SeeNews notes.

During 2013-2019, Cos Targoviste was insolvent, SeeNews relays,
citing data posted on its website.

The company was suspended from trading on the BVB in 2013, when it
entered insolvency, SeeNews recounts.


RAFO ONESTI: Grampet Acquires Industrial Platform
-------------------------------------------------
SeeNews reports that Romanian railway freight transport group
Grampet said it has acquired the industrial platform of bankrupt
oil refinery RAFO Onesti through its newly-established subsidiary
Roserv Oil.

According to SeeNews, Grampet said in a press release it decided to
buy the platform in order to develop a logistics centrе for
containers and oil products which will serve Romania's historical
region of Moldova.

Grampet said the project is expected to generate at least 600 jobs
in the long run, SeeNews relates.

RAFO was built in Onesti, Bacau county, in the 1960s and it was one
of the largest refineries in Romania and Eastern Europe with a
refining capacity of 3.5 million tonnes of oil per year, SeeNews
discloses.   However, it was forced to stop production in 2008 as
it did not meet the environmental protection standards, SeeNews
notes.

In September 2019, the refinery went bankrupt after a plan for its
restructuring failed, SeeNews recounts.




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

TRANSCONTAINER PJSC: Moody's Confirms CFR at Ba3, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has confirmed the Ba3 corporate family
rating and Ba3-PD probability of default rating of TransContainer
PJSC, the leading rail container transportation company in Russia.
TransContainer's outlook has been changed to stable from ratings
under review. This concludes the review for downgrade initiated by
Moody's on May 6, 2020.

RATINGS RATIONALE

The confirmation of TransContainer's rating at Ba3 with a stable
outlook reflects Moody's expectation that, despite the persistent
corporate governance risks following the consolidation of a 99.6%
stake in the company by Delo LLC in April 2020 and TransContainer's
involvement in the funding structure of its acquisition by Delo,
TransContainer will (1) pursue its balanced new financial policy
and maintain its leverage below 3.5x Moody's-adjusted total
debt/EBITDA on a sustainable basis, supported by the company's
sound operating performance amid the coronavirus-induced global
economic downturn; and (2) maintain adequate liquidity and be able
to procure new external funding in a timely fashion as needed to
finance its dividend payouts and sizeable development capital
spending.

Delo acquired TransContainer for around RUB120 billion, 75% of
which was funded by long-term bank debt, while the remaining was
financed by the proceeds from the sale of a 30% stake in Delo to
Atomenergoprom, JSC (Baa3 stable) at the end of 2019. Moody's
expects Delo, as a strategic investor, to pursue an overall prudent
operational and financial strategy for TransContainer. In
particular, along with developing potential synergies with other
transport and logistics assets of the group, TransContainer's new
development strategy is now increasingly focused on improving its
competitive position through enhanced service offerings and
operating efficiencies.

In addition, while Delo will likely rely on TransContainer to
service its significant acquisition debt, the additional financial
burden on TransContainer in the form of rising shareholder
distributions and the push down of around RUB40 billion of the
acquisition debt to it, will remain manageable relative to the
scale of TransContainer's earnings and cash flow. Its ultimate size
should also be limited by the company's new internal leverage cap
of 3.0x net debt/EBITDA, which Moody's views as balanced for the
current rating level.

The Russian rail-based container transportation market has been
resilient to the global economic downturn amid the coronavirus
pandemic, and will likely remain supportive for TransContainer's
operating and financial performance. Although there remains a risk
of some market slow-down in the second half of 2020 in case the
economic and global trade disruptions extend, Moody's expects
TransContainer to maintain its transportation volume growth at
least at a high single-digit rate through 2020-21, compared with
11% in H1 2020 and 22% in July 2020.

Strong cargo volume growth, in particular, mitigate the pressure on
TransContainer's earnings from lower prices for container operator
services compared with the record 2019 levels and rising empty runs
driven by imbalances in the container cargo flows across segments
(strong growth in export and transit operations and, at the same
time, slowing imports and domestic transportation on the back of
the weak internal consumption and rouble depreciation).

In addition, after deteriorating in Q1 2020, when its
Moody's-adjusted operating margin fell to 10%, some improvement in
TransContainer's profitability in Q2 2020 has been supported by (1)
the gradual recovery in prices because of the fleet deficit in the
rapidly growing market; (2) the market stabilisation after major
swings in Q1 2020, and (3) the company's continuous focus on
optimisation of its logistics and fleet management and tight cost
control.

Although the recent shareholder change will ultimately lead to a
significant weakening in TransContainer's financial metrics, its
historically modest leverage (Moody's-adjusted debt/EBITDA at 1.4x
as of March 31, 2020) and stabilising earnings should accommodate a
significant increase in debt and material dividend payouts, as well
as its substantial investments in fleet expansion to capture market
growth opportunities. While TransContainer's financial metrics will
deteriorate materially towards year-end 2020, its Moody's-adjusted
debt/EBITDA will likely stay at or below 3.5x on a sustainable
basis, which would remain commensurate with its Ba3 rating.
TransContainer will also retain its solid interest coverage
metrics, with its Moody's-adjusted EBIT/interest expense likely to
stay at or above 4.0x.

Moody's estimates that as of June 30, 2020, TransContainer's cash
balance of RUB5.2 billion, together with operating cash flow which
Moody's expects the company to generate over the next 12 months, as
well as RUB5.3 billion proceeds from the sale of a 50% stake in its
Kazakhstani joint venture Kedentransservice JSC in May 2020, would
be sufficient to cover its debt repayments of RUB3.5 billion over
the same period, maintenance capital spending and shareholder
distributions. Although TransContainer will require external
funding to finance its substantial expansion plan in 2021, Moody's
expects the company to be able to procure the necessary financing
in a timely manner, while its development programme remains
flexible.

In April 2020, TransContainer already cut back on its 2020
development capital spending in response to the evolving economic
downturn. In addition, Moody's expects that the company will retain
some flexibility in adjusting its dividend amounts, which are to be
ultimately governed by its new financial policy.

At the same time, there remain corporate governance risks following
the change of TransContainer's controlling shareholder, including
the risks related to the lack of a track record of operating under
the new ownership structure, which has become highly concentrated,
and the company's ability to consistently adhere to its new
financial policy.

TransContainer's Ba3 rating continues to factor in the company's
solid business profile with (1) a strong competitive advantage as a
reliable leading container transportation service provider, despite
its relatively small size on a global scale; (2) integrated
business model, which comprises freight-forwarding and logistics
operations, as well as truck deliveries; (3) a balanced asset base
comprising the largest domestic flatcar and container fleet and a
developed network of rail-side container terminals; and (3)
diversified customer base.

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

The stable outlook reflects Moody's expectation that following the
controlling shareholder change, TransContainer's leverage will
remain within Moody's thresholds for its current rating, and the
company will maintain its sound operating performance and adequate
liquidity, and will pursue its balanced financial policy and
prudent development strategy.

Positive pressure on the rating could develop if TransContainer (1)
builds a track record of strong operating and financial performance
under the new shareholder structure; (2) reduces its
Moody's-adjusted total debt/EBITDA below 2.5x on a sustainable
basis; and (3) maintains robust liquidity at all times, including
during an active investment phase.

TransContainer's rating could be downgraded if its liquidity, or
operating and financial performance materially deteriorate,
including as a result of more aggressive financial policies and
shareholder distributions, with Moody's-adjusted debt/EBITDA
increasing above 3.5x on a sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Surface
Transportation and Logistics published in May 2019.

TransContainer PJSC is the leading intermodal container
transportation company in Russia. In the 12 months ended March 31,
2020, TransContainer generated revenue of RUB87.4 billion and
Moody's-adjusted EBITDA of RUB18.6 billion. The company's principal
shareholder is Delo which owns a 99.6% stake. Delo also owns a
container terminal in the Black Sea Basin, a transportation
logistics business, Ruscon Ltd, and a 30.75% stake in Global Ports
Investments Plc (GPI, Ba2 stable), Russia's leading sea port
container operator with terminals in the Baltic Basin and the Far
East.



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

KONGSBERG AUTOMOTIVE: S&P Affirms 'B' Sr. Sec. Debt Rating
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' rating on
Switzerland-headquartered auto supplier Kongsberg Automotive ASA
(Kongsberg)  and its 'B' issue rating on its senior secured debt.
S&P removed all ratings from CreditWatch with negative
implications.

The negative outlook indicates the risk of a downgrade in the next
12 months absent a robust recovery of auto and commercial

S&P said, "We think the completion of Kongsberg's capital increase
further strengthens its liquidity position.  The second and final
stage of the increase was roughly 3x oversubscribed and generated
maximum possible net proceeds of about EUR27 million, which were
cashed in in late July. Combined with inflows of approximately
EUR62 million from the first stage completed in June, which was
used to fully repay the company's revolving credit facility (RCF),
this brings the total net equity injection to about EUR89 million.
With these measures, we believe Kongsberg is adequately funded for
the next 12–18 months. Kongsberg had EUR56 million of cash as of
June 30, 2020, and our projected funds from operations (FFO), the
proceeds from the subsequent equity raise, and availability under
the RCF should comfortably cover our estimate of up to EUR30
million intrayear working capital needs and up to EUR60 million of
capital expenditure (capex) in the next 12 months. On top of the
equity injection, Kongsberg is about to finalize a factoring
program with a total commitment of up to EUR60 million. Although
the company is not contemplating material use of this facility, we
think it will act as an additional cushion to fund possible growth
in accounts receivable during market recovery. Lastly, Kongsberg
has obtained an amendment of its RCF that lifts the amount of the
facility that can be drawn without triggering testing under its
3.5x net debt to EBITDA covenant to EUR56 million from EUR28
million previously. Expiring in first-quarter 2021, this does not
alter our liquidity calculations for the next 12 months and beyond,
but should provide additional near-term flexibility.

"Kongsberg's business outlook has improved, leading us to raise our
2020 projections, but we continue to expect material cash burn this
year.  Kongsberg reported a steep drop in first-half 2020 sales of
31% (-48% in second quarter), and its first-half 2020 EBITDA
(excluding impairments) plummeted by about EUR65 million year over
year to negative EUR3 million, with an array of cost efficiency
measures only partly compensating for the decline in revenue.
However, Kongsberg successfully managed to limit its cash burn,
generating negative FOCF of about EUR11 million in first-half (EUR6
million in the second quarter), and raised its full year outlook
for revenue and EBIT by EUR30 million and EUR12 million-EUR15
million, respectively, compared with its June projections. The
revision is primarily backed by stronger order books for the third
quarter. On this basis, we have moderately raised our 2020
forecast. However, we still expect negative FOCF of EUR45
million-EUR60 million this year, burdened by intrayear working
capital needs in the second half, and that adjusted leverage will
soar to about 20x. Furthermore, given the first-half results, these
credit metrics are contingent on a substantial topline rebound and
continued successful execution in the second half.

"We forecast a substantial credit metric improvement in 2021, but
this could be hampered by a possible weaker industry turn-around.
At this stage, we expect the company will reduce S&P Global Ratings
debt to EBITDA to below 6x, and will generate about break-even FOCF
next year. However, this is highly dependant on a continued strong
rebound of Kongsberg's auto and commercial vehicle end markets in
2021. In our view, it will take only a moderate shortfall in demand
relative to our expectations, or a few operating missteps, to
result in continued materially negative FOCF next year and to
derail leverage reduction."

The negative outlook indicates the risk of a downgrade in the next
12 months absent a robust recovery of auto and commercial vehicles
markets, which would result in continued negative free operating
cash flow (FOCF) and S&P Global Ratings-adjusted debt to EBITDA at
or above 7x in 2021.

S&P said, "We could lower our ratings on Kongsberg if we no longer
expect its adjusted debt to EBITDA will recede to below 7x in 2021
from about 20x in 2020, and anticipate prolonged negative FOCF.
Although not expected at this stage, we could also lower the rating
if Kongsberg's liquidity weakens materially.

"We could revise our outlook to stable if Kongsberg manages to
generate positive FOCF in 2021, and debt to EBITDA improves toward
6x.

"We could raise the rating if faster topline growth and effective
cost and cash management enables Kongsberg to increase adjusted
FOCF to debt toward 5%, or if adjusted debt to EBITDA declines
below 5x on a sustainable basis."





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

ADELIE FOODS: Samworth Completes Acquisition of Urban Eat
---------------------------------------------------------
Business Sale reports that Samworth Brothers has completed the
GBP6.4 million acquisition of food-to-go brand Urban Eat following
the collapse of its former owner, Adelie Foods.

The sale comes as part of an asset sell-off, after Adelie collapsed
in June when administrators were unable to secure a sale of the
business, Business Sale notes.

Adelie entered administration in May, with administrators Deloitte
saying the company had experienced a "significant adverse effect"
from COVID-19 lockdown, Business Sale recounts.

Adelie registered an EBITDA loss over the last three years, with
sales of GBP226 million in the year to February 2020, with losses
of GBP9.3 million, Business Sale discloses.  Losses were blamed on
pricing pressure in the market, which was then exacerbated by
COVID-19 lockdown, Business Sale states.

New documents from the administrators have revealed that Adelie
owed suppliers, staff and its private equity owner ICG nearly
GBP100 million prior to its collapse, according to Business Sale.
The company's unsecured creditors are owed GBP24.3 million across
over 700 claims, but are not expected to recoup any money, Business
Sale relays.

Samworth Brothers has also acquired plant and machinery from
Adelie's Southall, West London site for GBP475,000, Business Sale
says.  Wintherbotham Darby also bought equipment from its Redmoor
plant for GBP750,000, while the Real Wrap Co bought equipment from
Adelie's Wembley factory for GBP120,000 Business Sale notes.


CHILLISAUCE: Attempts to Restructure Debts, Mulls CVA
-----------------------------------------------------
Rachel Millard at The Telegraph reports that Stag and hen do
provider Chillisauce is trying to restructure its debts as it
battles to get through the coronavirus crisis.

According to The Telegraph, the company is considering a company
voluntary arrangement as it desperately tries to restructure its
debts.



EUROSAIL PRIME-UK 2007-A: Fitch Cuts Class C Note Rating to CCCsf
-----------------------------------------------------------------
Fitch Ratings has affirmed 20 tranches of three Eurosail UK RMBS
transactions and downgraded one junior tranche.

Eurosail Prime-UK 2007-A PLC

  - Class A1 XS0328494157; LT AAAsf; Affirmed

  - Class A2 (restructured) XS1074651628; LT AAAsf; Affirmed

  - Class B (restructured) XS1074654481; LT Bsf; Affirmed

  - Class C (restructured) XS1074654648; LT CCCsf; Downgrade

  - Class M (restructured) XS1074652782; LT B+sf; Affirmed

Eurosail 2006-1 Plc

  - Class A2c XS0253567720; LT AAAsf; Affirmed

  - Class B1a XS0253569007; LT AAAsf; Affirmed

  - Class B1c XS0253571243; LT AAAsf; Affirmed

  - Class C1a XS0253572050; LT AA-sf; Affirmed

  - Class C1c XS0253573298; LT AA-sf; Affirmed

  - Class D1a XS0253573611; LT BBB-sf; Affirmed

  - Class D1c XS0253574932; LT BBB-sf; Affirmed

  - Class E XS0253576630; LT B+sf; Affirmed

Eurosail 2006-3 NC Plc

  - Class A3a XS0271944604; LT AAAsf; Affirmed

  - Class A3c XS0271945833; LT AAAsf; Affirmed

  - Class B1a XS0271946054; LT AAAsf; Affirmed

  - Class C1a XS0271946484; LT A+sf; Affirmed

  - Class C1c XS0271946641; LT A+sf; Affirmed

  - Class D1a XS0271946724; LT BBB-sf; Affirmed

  - Class D1c XS0271947029; LT BBB-sf; Affirmed

  - Class E1c XS0271947375; LT Bsf; Affirmed

TRANSACTION SUMMARY

The transactions comprise non-conforming UK mortgage loans
originated by Southern Pacific Mortgages Limited (formerly a wholly
owned subsidiary of Lehman Brothers) and Alliance & Leicester.

KEY RATING DRIVERS

Off RWN

Fitch has removed the affected notes from Rating Watch Negative,
where they were placed in April in response to the coronavirus
outbreak. The transactions have now been analysed under its
coronavirus assumptions and apart from one class of junior note,
Fitch considered the ratings sufficiently robust to be affirmed.

Coronavirus-related Assumptions

Fitch expects a generalised weakening in borrowers' ability to keep
up with mortgage payments due to the economic impact of the
coronavirus pandemic and the related containment measures. As a
result, Fitch applied coronavirus assumptions to the mortgage
portfolios.

The combined application of revised 'Bsf' representative pool
weighted average foreclosure frequency, revised rating multiples
and arrears adjustment for both the owner-occupied and the
buy-to-let sub-pools, resulted in a multiple to the current FF
assumptions ranging from 1.1x to 1.3x at 'Bsf' and of about 1.0x at
'AAAsf' in each transaction. The coronavirus assumptions are more
modest for higher rating levels as the corresponding rating
assumptions are already meant to withstand more severe shocks.

Fitch also applied a payment holiday stress for the first six
months of projected collections, assuming 20% to 30% of interest
collections will be lost, and related principal receipts will be
delayed. Fitch applied a 30% stress to Eurosail 2006-1 and Eurosail
2006-3 and a 20% stress was applied to Eurosail 2007-A. This
reflects the current payment holiday percentage data provided by
the servicer plus a small margin of safety. The payment holiday
percentage for these pools as of July 2, 2020 is 24.4% in Eurosail
2006-1, 25.8% in Eurosail 2006-3 and 13.6% in Eurosail 2007-A.

Negative Outlook on Four Junior Tranches

Eurosail 2006-3's class D and E notes and Eurosail 2007-A's class B
notes have been assigned Negative Outlooks. Fitch considers these
classes vulnerable to prolonged payment holidays or subsequent
collateral underperformance given their junior ranking in the
revenue and principal funds allocation and limited margin of safety
at their current ratings.

Sequential Payments to Continue

Fitch expects Eurosail 2006-1 and 2006-3 to continue amortising
sequentially. Pro rata amortisation is being stopped by a breach in
the 90 days plus arrears trigger. Fitch does not expect this
trigger to cure. This mitigates the fact that Eurosail 2006-1 does
not have a 10% switch back to sequential payments trigger.

The servicer reports the balance of loans in arrears in terms of
loans with overdue monthly contractual payments, referred to as
delinquencies, and loans with overdue monthly contractual payments
and/or outstanding fees or other amounts due, known as amounts
outstanding. Fitch has used the balances of loans reported with
delinquencies in its analysis.

Tail Risk Not Mitigated

Fitch believes Eurosail 2007-A will be exposed to significant tail
risk. In Fitch's back-loaded default distribution scenarios, the
transaction is likely to repay principal on a pro-rata basis until
the aggregate principal amount outstanding of the notes is less
than 10% of the original pool balance. At the same time, the
transaction's reserve fund will amortise and the fixed senior costs
the transaction must pay will deplete any excess spread available
to meet interest payments on the notes, as the pool balance
shrinks.

In Fitch's analysis, the Eurosail 2007-A class C notes are unable
to be redeemed in full in any of the 18 tested scenarios at a
'B-sf' rating. Fitch believes that these notes face substantial
credit risk and that default is a real possibility. As a result,
Fitch has downgraded the notes to 'CCCsf'.

RATING SENSITIVITIES

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing credit enhancement and
potential upgrades. Fitch tested an additional rating sensitivity
scenario by applying a decrease in the FF of 15% and an increase in
the recovery rate of 15%. The ratings on the subordinated notes
could be upgraded by three to five notches in Eurosail 2006-1,
2006-3 and 2007-A.

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

The broader global economy remains under stress due to the
coronavirus pandemic, with surging unemployment and pressure on
businesses stemming from social-distancing guidelines. Recent
government measures related to the coronavirus pandemic initially
introduced a suspension on tenant evictions for three months and
mortgage payment holidays, also for up to three months. Fitch
acknowledges the uncertainty of the path of coronavirus-related
containment measures and has therefore considered more severe
economic scenarios.

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considers a more severe downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed with a halting recovery from
2Q21. Under this scenario, Fitch assumed a 15% increase in WAFF and
a 15% decrease in WARR. The results indicate downgrades of up to
three notches in Eurosail 2006-1, 2006-3 and 2007-A.

The transactions' performance may be affected by changes in market
conditions and economic environment. A weakening economic
environment is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Additionally, unanticipated declines in recoveries could also
result in lower net proceeds, which may make certain notes' ratings
susceptible to potential negative rating actions depending on the
extent of the decline in recoveries. Fitch conducts sensitivity
analyses by stressing both a transaction's base-case FF and RR
assumptions, and examining the rating implications on all classes
of issued 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. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools 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

Eurosail 2006-1 Plc: Customer Welfare - Fair Messaging, Privacy &
Data Security: 4, Human Rights, Community Relations, Access &
Affordability: 4

Eurosail 2006-3 NC Plc: Customer Welfare - Fair Messaging, Privacy
& Data Security: 4, Human Rights, Community Relations, Access &
Affordability: 4

Eurosail Prime-UK 2007-A PLC: Human Rights, Community Relations,
Access & Affordability: 4

ES 2006-1, ES 2006-3 and ES 2007-A have an ESG Relevance Score of 4
for "Human Rights, Community Relations, Access & Affordability" due
to a significant proportion of the pools containing owner-occupied
loans advanced with limited affordability checks, which has a
negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

ES 2006-1, ES 2006-3 and ES 2007-A have an ESG Relevance Score of 4
for "Customer Welfare - Fair Messaging, Privacy & Data Security"
due to the pools exhibiting an interest-only maturity concentration
of legacy non-conforming owner-occupied loans of greater than 20%,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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(ies),
either due to their nature or the way in which they are being
managed by the entity(ies).

INTERNATIONAL CAR WASH: S&P Affirms B- Rating, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' rating on International Car
Wash Group Ltd. (ICWG) and its senior secured first-lien debt, and
its 'CCC' rating on its senior secured second-lien debt.

S&P said, "The business combination of Driven Brands and ICWG will
provide opportunity for synergies, but these could be offset by
execution risks, in our view.   Driven Brands' acquisition of ICWG
will provide the company access to the car-wash industry, which
will complement its automotive services portfolio. We believe the
acquisition will likely improve the group's overall
diversification, since Driven Brands is already involved in vehicle
maintenance, collision repair, and other automotive services. The
business combination will increase the group's overall scale, and
is likely to generate cost synergies. Management has also
identified cross-selling opportunities stemming from the
complementarity of Driven Brands' and ICWG's activities. That said,
we estimate that execution risks coming from the integration of the
ICWG business into Driven Brands will offset the potential benefits
of revenue and costs synergies.

"We expect ICWG will continue pursuing a similar financial policy,
given Roark Capital Group will remain the majority owner of the
combined business, and will continue seeking external growth
opportunities.  ICWG's strategy is to invest heavily in future
growth, including in greenfields and site acquisition. Although we
think ICWG's strategy entails some execution risk, we acknowledge
the company's successful track record in achieving its targeted
return on investments from new sites within three years, and its
experience in opening and integrating new sites.

"We forecast that ICWG will continue to meet its financial
obligations without extraordinary support from or hindrance of the
parent.  According to Driven Brands' management, ICWG will maintain
its existing credit agreement separately from Driven Brands'
business securitization. Driven Brands' management has also stated
that it will not assume or guarantee any of ICWG's obligations.

"We forecast that ICWG has sufficient liquidity to meet its
financial commitments in the next 12 months, despite our
expectation of a lower EBITDA base in 2020.  During first-quarter
2020, ICWG's revenue declined by 3% compared with the previous
year, and reported EBITDA declined to about £11 million. This is
because of decline in traffic and site closure because of local
containment measures in the context of the COVID-19 pandemic. We
expect ICWG will take measures to protect its liquidity, including
the reduction in labor costs and the reduction in growth capital
expenditure (capex) and in the acquisition of new sites. In our
view, the company has sufficient liquidity available, including
£141.3 million in March 2020, including $70 million drawdown on
its revolving credit facility (RCF) that is now repaid in full, to
meet its financial commitments in the short term.

"We acknowledge 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. 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.

"The stable outlook reflects our view that ICWG should remain
self-funded in the next 12 months thanks to its large cash
balances, as well as its ability to generate neutral or slightly
positive free operating cash flow (FOCF) due to the flexibility of
its cost structure and its ability to reduce total capex at short
notice. In our base case for 2020, we project lower revenue, but an
adjusted EBITDA margin of 33%-34%. We think ICWG should be able to
maintain adjusted funds from operations (FFO) cash interest
coverage of 1.5x-2.0x over the next 12 months.

"We could lower the rating if ICWG's liquidity position comes under
pressure as a result of large negative free cash flow in 2020. This
could come, for example, from substantially lower traffic for a
prolonged period due to the COVID-19 outbreak, combined with ICWG's
inability to efficiently reduce its labor costs or delay capex.

"We could also lower the rating if ICWG's cash flow generation is
diverted and used to benefit Driven Brands' business
securitization, although we do not believe this will materialize in
the next 12 months.

"We could raise our rating if the company's EBITDA generation
improves significantly, driven by the company's ability to restore
its growth momentum in Europe and to continue to expand profitably
in the U.S. Under such a scenario, we would expect an improvement
in ICWG's FFO cash interest coverage to sustainably above 2x,
combined with demonstrated deleveraging from the high debt levels
in 2020."



PIZZAEXPRESS FINANCING: Moody's Cuts Sr. Sec. Notes Rating to Ca
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the GBP465
million senior secured notes issued by PizzaExpress Financing 2 plc
due August 2021 to Ca from Caa3. The Ca long-term corporate family
rating and Ca-PD probability of default rating of PizzaExpress
Financing 1 plc, and the C rating of the company's GBP200 million
senior unsecured notes due August 2022 are unaffected. The outlook
remains negative.

RATINGS RATIONALE

Its rating action follows the announcement by the company on August
4 that it has received support from its principal shareholder, Hony
Capital, and holders representing more than 75% by value of the
SSNs to a proposed balance sheet restructuring.

The terms of the proposed restructuring include a debt for equity
swap in respect of the SSNs, under which the debt claim will be
reduced to GBP200 million, 43% of the outstanding balance. Moody's
considers a Ca rating of the SSNs is commensurate with this
recovery level. At the same time, the rating agency considers the
existing CFR and PDR of Ca and Ca-PD respectively are appropriate
for the overall recovery prospects, as the proposed restructuring
includes a full equitisation of the SUNs but conversely no haircut
or change in terms for the GBP70 million Super Senior Term Loan (or
full repayment of this facility).

The proposed restructuring follows a period of more than two years
that the company has endured soft like-for-likes sales and
declining margins. The resultant deterioration in credit quality
meant the prospects of a restructuring of the company's highly
leveraged balance sheet had been increasing even before the impact
of the Coronavirus crisis.

Moody's considers that the proposed haircut to the SSN debt level
is more severe than would have been necessary if the crisis had not
happened. This is primarily because the forced closure of its
estate during lockdown has resulted in significant losses and cash
burn, despite the company having access to government support
packages including furloughing of staff, deferral of taxes and the
business rates holiday, as well as deferring all non-essential
expenditure, including rent payments. The restructuring proposal
includes new money of up to GBP60 million (net of fees and original
issue discount) which will support the company's liquidity as it
gradually re-opens its core estate and seeks to return to
pre-crisis volumes. The providers of the new money have also agreed
to refinance the Super Senior Term Loan if the lenders of that
facility require repayment as a consequence of the restructuring.

The proposed restructuring is conditional upon a successful Company
Voluntary Arrangement under which the company will propose either
rent reductions or closures of some restaurants. The company is
targeting completion of the restructuring by November.

ENVIRONMENTAL, SOCIAL & 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.

In terms of governance, Moody's previously noted that with only one
director independent of Hony Capital the board may have been
particularly focused on the interests of its shareholders to the
potential detriment of other stakeholders. However, at this
juncture the rating agency recognises the interaction over recent
months between Hony Capital, holders of the SSNs, and their
respective advisers with the intention of putting in place a more
sustainable capital structure. The concurrent process to identify
third-party interest in an acquisition of the business should
ensure recovery values for all stakeholders are maximised at this
stage.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that a financial
restructuring is highly likely.

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

Upward pressure on the rating is unlikely in the short term but
could arise if a sustainable capital structure is put in place.
Downward rating pressure could arise if Moody's expectations of
corporate family recovery rates deteriorate.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Restaurant
Industry published in January 2018.

COMPANY PROFILE

Founded in 1965 and headquartered in London, PizzaExpress is the
leading operator in the UK casual dining market measured by number
of restaurants. As at September 2019 it operated 482 sites in the
UK and Ireland as well as around 150 international sites,
principally in China. For the 52 weeks period ending September 29,
2019, the company reported revenues of GBP551 million and EBITDA of
GBP75.6 million. PizzaExpress was acquired by Hony Capital in a
GBP895 million LBO in August 2014.

ROLLS-ROYCE PLC: Fitch Cuts LT IDR & Sr. Unsec. Rating to BB+
-------------------------------------------------------------
Fitch Ratings has downgraded Rolls-Royce plc's Long-Term Issuer
Default Rating and senior unsecured rating to 'BB+' from 'BBB-'.
The Outlook is Negative.

The downgrade reflects expectations of a materially greater free
cash outflow for 2020 of around GBP4.1 billion. Fitch therefore
forecasts gross debt to rise in 2020-2023, resulting in leverage
metrics remaining outside of their sensitivities until at least
2022. All these result in a financial profile that is no longer
representative of an investment-grade rating which, combined with a
weakening business profile driven by an under-performing and
structurally smaller civil aerospace division, have led to its
assessment of a 'BB+' rating.

The Negative Outlook reflects the ongoing uncertainty of the impact
from the coronavirus pandemic as well as the uncertain form and
timing of a recovery for both aftermarket services and engine
deliveries for Rolls-Royce's civil aerospace division. Fitch views
the ability to deliver the reorganisation and associated cost
savings as key in Rolls-Royce's ability in addressing market
conditions and future demand expectations. The group continues to
face risks to the completion of its fixes to the Trent-1000 engine
issues, which exacerbates its business risk in the short-term.

KEY RATING DRIVERS

Increasing Cash Burn: Rolls-Royce's July trading update sets out a
higher level of cash burn than expected with around GBP3 billion
free cash outflow in 1H20 and a further GBP1 billion in 2H20. The
full-year impact is exacerbated by the cessation of its factoring
activity resulting in a GBP1.1 billion outflow for 2020. The second
half is traditionally a stronger working capital and free cash flow
generator for the group, and while its forecast FCF for 2H20 is an
improvement on 1H20, the risk remains for a significant cash burn
for the latter part of the year.

Expected Weaker Leverage Metrics: Fitch now forecasts Rolls-Royce
will maintain higher gross debt over 2020-2023 given the magnitude
of the 2020 cash outflow and the limited FCF generation over
2020-2022. Fitch expects the new GBP2 billion term-loan facility to
be utilised this year, which together with the drawn GBP2.5 billion
revolving credit facility, will lead to gross debt of near GBP8
billion for 2020. Repayment of the RCF and maturities of bonds in
2020 and 2021 will reduce gross debt to around GBP5.4 billion in
2021. However, its leverage metrics of funds from operations
leverage and (cash from operations-capex)/gross debt metrics will
remain outside their sensitivities until at least 2022.

Delivery of Reorganisation: Rolls-Royce's reorganisation will be
key in realigning the group to future demand post-pandemic. The
ability to deliver this in the timeframe without incurring
additional costs will be important for Rolls-Royce in delivering
its strategy. Some costs may not be directly attributable to the
reorganisation but be tangential impact from market changes, such
as the recent additional GBP1.4 billion cash-hedge settlement
costs. These, and any other unforeseen additional costs, will
pressure what is already fairly limited FCF generation for
2020-2023.

Smaller Civil Aerospace Division: Fitch expects the reorganisation
will reduce the civil aerospace division's revenues and
profitability by a third. Overall Fitch estimates operating cash
flow generation for aftermarket services to be down by more than
50% for 2020. Fitch also expects the longer-term engine delivery
run rate to be around two-thirds of the 2019 level, which will
eventually flow into lower aftermarket services revenue in the
longer term. Fitch expects that the 250 wide-body engine deliveries
for 2020 may be challenging, which will depend on the timing and
form of recovery from the pandemic.

Representative Capital Structure: Fitch forecasts significantly
lower revenue, operating profit and cash flow generation for 2020
due to impact from the pandemic. However, from 2021 onwards, Fitch
also factors in a structurally smaller civil aerospace. This lower
cash flow generation, together with higher gross debt, results in a
financial structure that is firmly below investment-grade. Fitch
sees potential levers to adjust the capital structure through
rights issue, dividend reduction and asset disposal options but
these carry execution risk and are not incorporated into its
forecasts.

Weakening Business Profile: While Fitch does not assess the
business profile for Rolls-Royce as being as weak as the financial
profile, its strengths deteriorated over 1H20, exacerbated by the
pandemic. It maintains good diversification in its operations in
defence, power systems and civil aerospace, but this is partially
eroded by inherent weakness in the latter (and notably in the key
operating cash-generating aftermarket services) together with its
significant exposure to wide-body programmes (whose recovery
prospects are perceived as more negatively exposed to the pandemic
impact).

Diminished Cost Flexibility: The necessity for the reorganisation
shows a more limited strength of the group's cost flexibility.
Additionally, the loss-making nature of new engine deliveries,
together with the costs and uncertainty of completion associated
with the Trent 1000 issues, continue to weigh on the assessment of
potential cost overruns for new technology programmes.

Liquidity Strength Eases Short-term Risks: Its strong liquidity
position remains a key strength and together with cash-conservation
measures undertaken by management should cover immediate future
funding requirements. The decline in profitability and associated
leverage spike, together with the significant 2020 cash burn,
highlight the short-term risks facing Rolls-Royce. Erosion of its
strong liquidity would exacerbate these short-term risks and weigh
heavily on the rating.

ESG Influence: Rolls-Royce has an ESG relevance score of '4' for
Management and Strategy as a consequence of the
longer-than-expected implementation of design and engineering fixes
towards the Trent 1000 engine costs, which represents a material
operational risk. This has had a negative impact on its credit
profile, and is relevant to the rating in conjunction with other
ESG factors as it reflects potential reputational damage.

DERIVATION SUMMARY

Rolls-Royce's business profile remains fairly strong for the rating
although it has weakened in technology and cost structure, while
product diversification is limited by the group's wide-body civil
aero exposure. It maintains a solid business profile, with strong
revenue, geographical diversification and a high portion of
turnover sourced from service activities. Its broad operational
profile firmly positions the group against similarly rated global
peers, such as General Electric Company (BBB/Stable), United
Technologies Corporation or Lockheed Martin Corporation
(A-/Stable).

Rolls-Royce's profitability and cash generation have been
significantly weaker recently than major peers' owing to
operational problems and Fitch expects significant short-term
deterioration due to the coronavirus pandemic. Given the
significant cash burn for 2020 Fitch expects leverage to remain
outside its sensitivities until 2022.

No Country Ceiling, parent/subsidiary or operating environment
aspects impact the rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Overall slow recovery of operating cash flows in 2H20,
equivalent to around six months of cash flow from operations from
civil aftermarket services.

  - For 2021-2023 Fitch factors in a structural change for the
civil aerospace division reducing revenues and profitability to
reflect the group's reorganisation to address capacity changes
(which Fitch estimates will impact about one third of the civil
aerospace workforce) as well as its continued comparatively weaker
lower market recovery expectations for wide-body deliveries in the
ramp-up following the pandemic.

  - A weakening in power systems revenue and operating margins
during 2020 with a slow recovery bringing revenues back to 2019
levels only by 2023.

  - A slower-than-expected recovery in ITP Aero revenue and
operating margins over 2020-2023

  - The full drawdown of the GBP2 billion five-year term loan
facility by end-2020

  - Repayment of GPB2.5 billion RCF in 2021

  - The successful refinance of the upcoming dollar and euro bond
repayments due in 2020 and 2021

  - No additional dividends distribution in 2020

  - Working capital outflow in 2020 as a result the cessation of
invoice discounting, together with inventory build-up, which Fitch
expects to reverse in 2021

  - Short- and long-term restructuring cost-cutting plans accounted
for in its forecasts, which factor in a headcount reduction of
9,000 employees.

RATING SENSITIVITIES

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

  - FFO gross leverage below 3.5x

  - Sustainably positive FCF margin

  - (CFO-capex)/total debt above 10%

  - FFO margin above 7%

  - Potential asset disposal or rights issue proceeds applied to
reduction in gross debt

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

  - Inability to deliver the structural reorganisation and
associated longer-term annual cost savings of around GBP1.3 billion
by 2022

  - FFO gross leverage above 4.5x

  - FFO margin below 5% or consistently negative FCF margin

  - (CFO-capex)/total debt below 5%

  - Additional Trent 1000 costs beyond those announced

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

Strong Liquidity: At end-2Q20 Rolls-Royce has Fitch-adjusted cash
of GBP3.7 billion (net of its GBP500 million adjustment for
intra-year operational cash requirements), committed undrawn bank
facilities of GBP1.9 billion and commitments for a new five-year
term loan facility of GBP2 billion. Short-term financing
liabilities totalled USD500 million.

The cash balance includes the drawdown of the group's original RCF
of GBP2.5 billion to reinforce liquidity throughout the coronavirus
pandemic, as well as GBP300 million accessed under the Bank of
England's CCFF. The group has subsequently arranged a further
GBP1.9 billion backstop RCF, which remains undrawn. Fitch continues
to include dividend payments from 2021 onwards, although further
liquidity capacity is available if Rolls-Royce decides to cancel
dividends as they have done in 2020.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Rolls-Royce plc has an ESG Relevance Score of '4' for Management
Strategy due to the Trent 1000 engine design and cost issues.

Except for the matters discussed, 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 the way in which they are being
managed by the entity.


                           *********


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.


                * * * End of Transmission * * *