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

                          E U R O P E

          Friday, September 11, 2020, Vol. 21, No. 183

                           Headlines



A Z E R B A I J A N

AZINSURANCE OJSC: Fitch Withdraws 'B' IFS Rating


F R A N C E

EUROPCAR: To Restructure Debt, Major Shareholder Mulls Sale


I R E L A N D

CARLYLE GLOBAL 2014-2: Moody's Confirms B2 Rating on Cl. E-R Notes
MADISON PARK XII: Moody's Confirms B2 Rating on Class F Notes
OCP EURO 2017-1: Moody's Confirms B3 Rating on Class F Notes
OZLME II: Moody's Confirms B2 Rating on Class F Notes


I T A L Y

CREDITO EMILIANO: Moody's Rates EUR200MM Debt Issuance Ba1


N O R W A Y

NORWEGIAN AIR: Hopes to Complete Second Refinancing by Year-End


R U S S I A

EVRAZ PLC: S&P Alters Outlook to Negative, Affirms BB+ Rating
PJSC KOKS: Fitch Rates Loan Participation Notes 'B(EXP)'


S W I T Z E R L A N D

SELECTA: KKR to Inject EUR125MM in Additional Capital
SWISSPORT GROUP: S&P Downgrades Long-Term ICR to 'SD'


U N I T E D   K I N G D O M

CBC STONE: Enters Administration, Dean Castle Restoration Halted
EMF-UK 2008-1: Fitch Affirms CCCsf Rating on Class B2 Notes
HELIOS TOWERS: Moody's Affirms B2 CFR, Outlook Stable
HUT GROUP: S&P Places 'B-' LT Issuer Rating on CreditWatch Pos.
[*] UK: Report Shows One in Five Companies Considered as "Zombie"



X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


===================
A Z E R B A I J A N
===================

AZINSURANCE OJSC: Fitch Withdraws 'B' IFS Rating
------------------------------------------------
Fitch Ratings has affirmed AzInsurance OJSC international Insurer
Financial Strength (IFS) Rating of 'B' with a Stable Outlook and
simultaneously withdrawn the rating.

Fitch has chosen to withdraw the Ratings of AzInsurance for
commercial reasons.

KEY RATING DRIVERS

The affirmation of the ratings balances AzInsurance's moderate
business profile and high investment risk against its resilient
capital position. The latter is measured by a Prism Factor-Based
Model (FBM) score in the 'Adequate' category at end-2019 based on
regulatory reporting and by a regulatory solvency coverage ratio of
330% at end-June 2020.

Fitch's assessment of AzInsurance's business profile considers that
the company has not been able to find a niche due to strong
competitive pressure from larger competitors in the market. In
1H20, AzInsurance's gross written premiums declined 11%
year-on-year and its overall market share fell to 1.6% at end-July
2020 from 2% a year ago.

AzInsurance's high investment risk stems from a substantial
exposure to deposits placed with local banks that are either rated
in the 'B' category or unrated. The remainder of the assets are
invested in Azerbaijan government bonds.

RATING SENSITIVITIES

Rating Sensitivities are no longer relevant given the rating
withdrawal. 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). Following the rating
withdrawal, Fitch will no longer be providing the associated ESG
Relevance Scores for the issuer.



===========
F R A N C E
===========

EUROPCAR: To Restructure Debt, Major Shareholder Mulls Sale
-----------------------------------------------------------
Sarah White, Blandine Henault and Gwenaelle Barzic at Reuters
report that car rental group Europcar, battered by the coronavirus
pandemic as travel dwindles worldwide, said it aimed to try and
restructure its debts.

According to Reuters, loss-making Europcar said on Sept. 7 that it
would ask creditors to allow it to appoint an ad hoc representative
as part of negotiations.

Investment firm Eurazeo, its main shareholder with a 29.9% stake,
had been exploring a sale of the company and had asked potential
bidders to submit offers by September, sources close to the matter
had told Reuters in July.

"The debt renegotiation announced Monday evening is raising fears
of a capital hike further down the line that would involve
creditors taking equity," Reuters quotes one analyst, who declined
to be named, as saying.

Europcar Mobility Group is a French car rental company founded in
1949 in Paris.  The head office of the holding company, Europcar
Group S.A., is in the business park of Val Saint-Quentin at
Voisins-le-Bretonneux, France.




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

CARLYLE GLOBAL 2014-2: Moody's Confirms B2 Rating on Cl. E-R Notes
------------------------------------------------------------------
Moody's Investors Service confirmed the ratings on the following
notes issued by Carlyle Global Market Strategies Euro CLO 2014-2
Designated Activity Company:

EUR19,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Confirmed at Baa2 (sf); previously on Jun 3, 2020
Baa2 (sf) Placed Under Review for Possible Downgrade

EUR29,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Confirmed at Ba2 (sf); previously on Jun 3, 2020
Ba2 (sf) Placed Under Review for Possible Downgrade

EUR11,700,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Confirmed at B2 (sf); previously on Jun 3, 2020 B2
(sf) Placed Under Review for Possible Downgrade

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

EUR4,000,000 (Current Outstanding amount EUR 1,000,000) Class X
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Nov 16, 2018 Definitive Rating Assigned Aaa (sf)

EUR239,400,000 Class A-1-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Nov 16, 2018 Definitive
Rating Assigned Aaa (sf)

EUR10,400,000 Class A-2A-R Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on Nov 16, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR26,400,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2031, Affirmed Aa2 (sf); previously on Nov 16, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR13,800,000 Class B-1-R Senior Secured Deferrable Floating Rate
Notes due due 2031, Affirmed A2 (sf); previously on Nov 16, 2018
Definitive Rating Assigned A2 (sf)

EUR10,000,000 Class B-2-R Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Nov 16, 2018
Definitive Rating Assigned A2 (sf)

Carlyle Global Market Strategies Euro CLO 2014-2 Designated
Activity Company, originally issued in June 2014, reissued in
November 2018, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by CELF Advisors LLP. The transaction's
reinvestment period will end in May 15, 2023.

RATINGS RATIONALE

The action concludes the rating review on the Classes C-R, D-R and
E-R notes initiated on June 3, 2020 as a result of the
deterioration of the credit quality and/or the reduction of the par
amount of the portfolio following from the coronavirus outbreak.

The credit quality of the portfolio has deteriorated as reflected
in the increase in Weighted Average Rating Factor (WARF), in the
defaulted par amount in the portfolio and in the proportion of
obligations from issuers with ratings of Caa1 or lower. The trustee
reported WARF worsened by about 18.2% to 3620 [1] from 3062 [2] in
February 2020 and is now significantly above the reported covenant
of 3290 [1]. The trustee reported default amounts increased to EUR
4 million [1] from zero [2] in February 2020. The trustee reported
securities with default probability ratings of Caa1 or lower have
increased to 10.9% [1] from 2.0% [2] in February 2020. An
over-collateralisation (OC) haircut of EUR 5.5 million to the
computation of the OC tests is applied.

In addition, the over-collateralisation (OC) levels have weakened
across the capital structure. According to the trustee report dated
August 2020 the Class A/B, Class C, Class D, Class E and
Reinvestment test ratios are reported at 138.0% [1], 127.3% [1],
119.3% [1], 109.4% [1], 105.8%[1] compared to February 2020 levels
of 141.2%[2], 130.0%[2], 122.0%[2], 111.9%[2] and 108.2%[2] ,
respectively.

Moody's notes that none of the OC tests are currently in breach and
the transaction remains in compliance with the following collateral
quality tests: Diversity Score, Weighted Average Recovery Rate
(WARR), Weighted Average Spread (WAS) and Weighted Average Life
(WAL).

Despite the credit quality deterioration stemming from the
coronavirus outbreak, Moody's concluded that the expected losses on
all the rated notes remain consistent with their current ratings
following the analysis of the CLO's latest portfolio its relevant
structural features and its actual over-collateralisation levels.
Consequently, Moody's has confirmed the ratings on the Classes C-R,
D-R and E-R notes and affirmed the ratings on the Class X, A-1-R,
A-2A-R, A-2B-R, B-1-R and B-2-R notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 385.4 million,
a defaulted par of EUR 4 million, a weighted average default
probability of 29.4% (consistent with a WARF of 3633 over a
weighted average life of 5.59 years), a weighted average recovery
rate upon default of 45.6% for a Aaa liability target rating, a
diversity score of 55 and a weighted average spread of 3.90%.

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

In consideration of the current high uncertainties around the
global economy and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from its base case. Some of the additional
scenarios that Moody's considered in its analysis of the
transaction include, among others: additional near-term defaults of
companies facing liquidity pressure; additional OC par haircuts to
account for potential future downgrades and defaults resulting in
an increased likelihood of cash flow diversion to senior notes; and
some improvement in WARF as the global economy gradually recovers
in the second half of the year and future corporate credit
conditions generally stabilize.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
corporate assets from the current weak global economic activity and
a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2020.

Counterparty Exposure:

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

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

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

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

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

MADISON PARK XII: Moody's Confirms B2 Rating on Class F Notes
-------------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by Madison Park Euro Funding XII DAC:

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2031, Confirmed at Baa2 (sf); previously on Jun 3, 2020 Baa2
(sf) Placed Under Review for Possible Downgrade

EUR30,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2031, Confirmed at Ba2 (sf); previously on Jun 3, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR14,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Confirmed at B2 (sf); previously on Jun 3, 2020 B2 (sf)
Placed Under Review for Possible Downgrade

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

EUR304,400,000 Class A Senior Secured Floating Rate Notes due 2031,
Affirmed Aaa (sf); previously on Sep 27, 2018 Definitive Rating
Assigned Aaa (sf)

EUR10,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aa2 (sf); previously on Sep 27, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR45,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aa2 (sf); previously on Sep 27, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR31,900,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2031, Affirmed A2 (sf); previously on Sep 27, 2018 Definitive
Rating Assigned A2 (sf)

Madison Park Euro Funding XII DAC, issued in September 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Credit Suisse Asset Management Limited. The
transaction's reinvestment period will end in April 2023.

The action concludes the rating review on the Classes D, E and F
notes initiated on June 03, 2020.

OCP EURO 2017-1: Moody's Confirms B3 Rating on Class F Notes
------------------------------------------------------------
Moody's Investors Service confirmed the ratings on the following
notes issued by OCP EURO CLO 2017-1 Designated Activity Company:

EUR22,600,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Baa3 (sf); previously on Jun 3, 2020 Baa3
(sf) Placed Under Review for Possible Downgrade

EUR19,200,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Ba3 (sf); previously on Jun 3, 2020 Ba3 (sf)
Placed Under Review for Possible Downgrade

EUR8,000,000 (Current Outstanding amount EUR 7,634,690) Class F
Senior Secured Deferrable Floating Rate Notes due 2032, Confirmed
at B3 (sf); previously on Jun 3, 2020 B3 (sf) Placed Under Review
for Possible Downgrade

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

EUR1,500,000 (Current Outstanding amount EUR 1,000,000) Class X
Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Dec 18, 2019 Definitive Rating Assigned Aaa (sf)

EUR218,700,000 Class A Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Dec 18, 2019 Definitive Rating
Assigned Aaa (sf)

EUR34,700,000 Class B Senior Secured Floating Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Dec 18, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR20,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Affirmed A2 (sf); previously on Dec 18, 2019 Definitive
Rating Assigned A2 (sf)

OCP EURO CLO 2017-1 Designated Activity Company, issued in May 2017
and refinanced in December 2019, is a collateralised loan
obligation (CLO) backed by a portfolio of predominantly European
senior secured loan and senior secured bonds. The portfolio is
managed by Onex Credit Partners, LLC. The transaction's
reinvestment period will end in July 2024.

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

RATINGS RATIONALE

Since the coronavirus outbreak widened in March, the decline in
corporate credit has resulted in a significant number of
downgrades, other negative rating actions, or defaults on the
assets collateralising the CLO.

The deterioration in credit quality of the portfolio is reflected
in an increase in Weighted Average Rating Factor (WARF) and of the
proportion of securities from issuers with ratings of Caa1 or
lower. According to the trustee report dated August 2020[1], the
WARF was 3179, compared to value of 2884 as per the February 2020
[2] report. Securities with ratings of Caa1 or lower currently make
up approximately 3.6% of the underlying portfolio. Moody's notes
that none of the OC tests are currently in breach and the
transaction remains in compliance with the following collateral
quality tests: Diversity Score, Weighted Average Recovery Rate
(WARR), Weighted Average Spread (WAS) and Weighted Average Life
(WAL).

Moody's analysed the CLO's latest portfolio and took into account
the recent trading activities as well as the full set of structural
features of the transaction and concluded that the current ratings
on the Class X, A, B, C, D, E and F notes continue to reflect the
expected losses of the notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR 348.6 million
after considering a negative cash exposure of around EUR 8.9
million, a weighted average default probability of 26.5%
(consistent with a WARF of 3180 over a weighted average life of
5.99 years), a weighted average recovery rate upon default of 45.6%
for a Aaa liability target rating, a diversity score of 48 and a
weighted average spread of 3.48%.

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

In consideration of the current high uncertainties around the
global economy and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from its base case. Some of the additional
scenarios that Moody's considered in its analysis of the
transaction include, among others: additional near-term defaults of
companies facing liquidity pressure; additional OC par haircuts to
account for potential future downgrades and defaults resulting in
an increased likelihood of cash flow diversion to senior notes; and
some improvement in WARF as the global economy gradually recovers
in the second half of the year and future corporate credit
conditions generally stabilize.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
corporate assets from the current weak global economic activity and
a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2020.

Counterparty Exposure:

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

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

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

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

OZLME II: Moody's Confirms B2 Rating on Class F Notes
-----------------------------------------------------
Moody's Investors Service confirmed the ratings on the following
notes issued by OZLME II Designated Activity Company:

EUR20,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2030, Confirmed at Baa2 (sf); previously on Jun 3, 2020 Baa2
(sf) Placed Under Review for Possible Downgrade

EUR23,300,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2030, Confirmed at Ba2 (sf); previously on Jun 3, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR11,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2030, Confirmed at B2 (sf); previously on Jun 3, 2020 B2 (sf)
Placed Under Review for Possible Downgrade

Moody's also affirms the ratings on EUR 315.0m of notes

EUR225,000,000 Class A-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Sep 14, 2017 Definitive
Rating Assigned Aaa (sf)

EUR10,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aaa (sf); previously on Sep 14, 2017 Definitive Rating
Assigned Aaa (sf)

EUR35,500,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aa2 (sf); previously on Sep 14, 2017 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aa2 (sf); previously on Sep 14, 2017 Definitive Rating
Assigned Aa2 (sf)

EUR24,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2030, Affirmed A2 (sf); previously on Sep 14, 2017 Definitive
Rating Assigned A2 (sf)

OZLME II Designated Activity Company, issued in September 2017, is
a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Sculptor Europe Loan Management Limited. The
transaction's reinvestment period will end in October 2021.

RATINGS RATIONALE

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

Since the coronavirus outbreak widened in March, the decline in
corporate credit has resulted in a significant number of
downgrades, other negative rating actions, or defaults on the
assets collateralising the CLO.

The deterioration in credit quality of the portfolio is reflected
in an increase in Weighted Average Rating Factor (WARF) and of the
proportion of securities from issuers with ratings of Caa1 or
lower. The transaction is currently failing its WARF test, with a
Trustee-reported [1] WARF of 3351 against a trigger level of 3137,
and in addition securities with default probability ratings of Caa1
or lower currently make up approximately 21.5% of the underlying
portfolio. Trustee-reported Caa obligations stand at 6.6% against a
7.5% limit.

Over-collateralisation (OC) levels have weakened across the capital
structure. According to the Trustee report of August 2020 [1] the
Class A/B, Class C, Class D and Class E OC ratios are reported at
136.25%, 125.66%, 117.98% and 110.32% compared to February 2020 [2]
levels of 137.77%, 127.06%, 119.29% and 111.55% respectively.
Moody's notes that none of the OC tests are currently in breach and
the transaction remains in compliance with the following collateral
quality tests: Diversity Score, Weighted Average Recovery Rate
(WARR), Weighted Average Spread (WAS) and Weighted Average Life
(WAL).

Moody's analysed the CLO's latest portfolio and took into account
the recent trading activities as well as the full set of structural
features of the transaction and concluded that the current ratings
on the Class A-1, A-2, B-1, B-2, C, D, E and F notes continue to
reflect the expected losses of the notes.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR395.4 million,
defaulted par of EUR3.9 million, a weighted average default
probability of 26.41% (consistent with a WARF of 3384 over a
weighted average life of 5.11 years), a weighted average recovery
rate upon default of 45.50% for a Aaa liability target rating, a
diversity score of 58 and a weighted average spread of 3.69%.

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

In consideration of the current high uncertainties around the
global economy and the ultimate performance of the CLO portfolio,
Moody's conducted a number of additional sensitivity analyses
representing a range of outcomes that could diverge, both to the
downside and the upside, from its base case. Some of the additional
scenarios that Moody's considered in its analysis of the
transaction include, among others: additional near-term defaults of
companies facing liquidity pressure; additional OC par haircuts to
account for potential future downgrades and defaults resulting in
an increased likelihood of cash flow diversion to senior notes; and
some improvement in WARF as the global economy gradually recovers
in the second half of the year and future corporate credit
conditions generally stabilize.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
corporate assets from the current weak European economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
August 2020.

Counterparty Exposure:

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

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the note,
in light of uncertainty about credit conditions in the general
economy. In particular, the length and severity of the economic and
credit shock precipitated by the global coronavirus pandemic will
have a significant impact on the performance of the securities. CLO
notes' performance may also be impacted either positively or
negatively by 1) the manager's investment strategy and behaviour
and 2) divergence in the legal interpretation of CDO documentation
by different transactional parties because of embedded
ambiguities.

Additional uncertainty about performance is due to the following:

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

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

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

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



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

CREDITO EMILIANO: Moody's Rates EUR200MM Debt Issuance Ba1
----------------------------------------------------------
Moody's Investors Service assigned a Ba1 long-term rating to the
EUR200 million subordinated issuance by Credito Emiliano Holding
S.p.A. (Credemholding, Ba1 Negative), the holding company of
Credito Emiliano S.p.A. (Credem, Baa3 Negative, baa3). The
subordinate debt rating is based on the consolidated Loss Given
Failure (LGF) analysis of the group which consists primarily of the
main operating company, Credem.

RATINGS RATIONALE

According to Moody's Banks Methodology, in countries subject to the
EU's Bank Recovery and Resolution Directive (BRRD), such as Italy,
which the agency considers an Operational Resolution Regime, it is
assumed that a holding company's subordinated obligations rank pari
passu with the operating company's subordinated obligations. This
is because Italy's implementation of EU's BRRD mandates write-down
and conversion for bank-issued capital instruments as the initial
source of loss-absorbing capital.

Based on the above liability ranking assumptions, Moody's assigns a
Ba1 rating to the subordinate debt issuances of Credemholding.
Moody's assigns a "Low" government support probability to debt
issued by the group resulting in no additional notching for this
class of liabilities.

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

An upgrade of Credem's baseline credit assessment (BCA) would
likely lead to an upgrade of Credemholding's subordinated rating. A
downward movement in Credem's BCA would likely result in the
downgrade of Credemholding's subordinated ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in November 2019.



===========
N O R W A Y
===========

NORWEGIAN AIR: Hopes to Complete Second Refinancing by Year-End
---------------------------------------------------------------
Terje Solsvik at Reuters reports that Norwegian Air, which is
attempting to secure a second round of financial restructuring,
said the airline saw a 91% decline in August passenger volume from
a year earlier as most of its fleet remained grounded by the
coronavirus pandemic.

According to Reuters, the budget carrier has said it will fly 25-30
of its aircraft in the months ahead, while more than 100 remain
parked.

Creditors and lessors took control of Norwegian in May with a
financial rescue that allowed it to access state-guaranteed loans
of NOK3 billion (US$336 million) and thus prevent a collapse,
Reuters recounts.

The company, as cited by Reuters, said it hopes to complete a
second refinancing by year-end to avoid running out of funds by
April of 2021, and is also in talks with Norway's government over
additional support.

Funding could come from the sale of aircraft, conversion of more
debt to equity or from owners and the Norwegian government, the
company said on Aug. 28, while declining to specify the amount it
might seek, Reuters discloses.




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

EVRAZ PLC: S&P Alters Outlook to Negative, Affirms BB+ Rating
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Evraz PLC to negative
from stable and affirmed its BB+ rating.

Headroom under the current rating will shrink in 2020 because of
weak market conditions, but should bounce back in 2021 as the steel
and coking coal industries recover.  S&P expects FFO to debt will
fall to about 31%-36% and debt to EBITDA will rise to 1.8x-2.3x,
versus 44.2% and 1.5x, respectively, in 2019. This will be the
result of EBITDA falling to about $1.9 billion-$2.1 billion,
compared with $2.6 billion in 2019, primarily owing to lower steel
prices and a weaker coking coal market. Recovering steel and coal
prices should facilitate Evraz's EBITDA recovery toward $2.2
billion-$2.4 billion in 2021 and $2.3 billion-$2.5 billion in 2022,
helping push FFO to debt toward 39%-44% in 2021 and 45%-50% in
2022, the ratios S&P considers commensurate with a 'BB+' rating.
However, given the uncertainty around the timing and magnitude of
the recovery, S&P has revised its outlook on the rating to negative
from stable.

Coking coal is the key downside risk, and prices will need to
recover meaningfully in 2021 for our base case to materialize.  
Coking coal prices have collapsed by roughly 40% since the
beginning of the pandemic and, unlike many other commodities, have
not recovered even partially since then. In 2019, Evraz generated
about 30% of its EBITDA from coking coal and we expect this share
to fall to about 20% this year. S&P said, "In absolute numbers, we
expect EBITDA to more than halve this year to $300 million-$400
million from $843 million (first-half result is $200 million).
Still, in our base case, we forecast that coking coal prices will
be on average $160 per ton in 2021 and thereafter, a very steep
growth from the current $90-$100 per ton. We also assume no decline
in volumes, although lower imports by China could jeopardize
those." These assumptions imply that Evraz's EBITDA from coal will
re-approach $800 million beginning 2021. If such a recovery were
not to happen, however, 2021 EBITDA could fall short by $400
million or more if prices remain around $100 per ton. This would
mean that Evraz's credit metrics would not recover sufficiently,
especially compared with its peers.

In 2020 steel sales will be flat, despite weaker demand in the
domestic market, while average prices will be about 10% below the
2019 level and expected to fully recover by 2022.  Although the
Russian market will likely be depressed by 5%-7% in 2020, S&P
expects Evraz's steel sales to hold steady. This will be possible
because in the second quarter, Evraz efficiently reoriented
virtually all of its excess production toward export markets,
primarily those in Asia, because they remained open thanks to
relatively quick recovery from the pandemic and much lower exports
from China, which created opportunities for low-cost producers from
other parts of the world. Russian producers, Evraz among them, are
among the most cost efficient and have been able to export to Asia
at a profit, despite some pricing pressure and extra transport
cost. However, the domestic market is more profitable, thanks to a
local premium and cheaper transport. Therefore, gradual recovery of
domestic demand in 2021-2022 in both prices and volumes toward the
2019 levels should support higher profitability and better EBITDA
generation. S&P already sees strong recovery in demand in the third
quarter for steel products in Russia, which S&P believes will slow
somewhat thanks to pent up demand, but will be sustained unless
there is a second wave of the pandemic.

Financial and dividend policy may not provide sufficient
flexibility to ensure credit metrics recover in 2021.  Should
uncertainties over coking coal put pressure on Evraz's EBITDA
generation, Evraz may not be able to adjust its capital expenditure
(capex) and dividends sufficiently to ensure the recovery of its
credit ratios. S&P believes that the company has limited
flexibility to make deeper cuts to capex beyond the $700
million-$800 million its assume for 2020-2021, because the company
needs to catch up with peers that are making greater investments in
efficiency and ecology. Equally, the impact of the possible
dividend cut to a minimum level of $300 million from $600
million-$800 million will not be sufficient to preserve credit
metrics in case of a material EBITDA loss. S&P thinks Evraz's peers
have more leeway to adjust their capex and dividends, which
supports its current stable outlooks on NLMK and Severstal.

S&P said, "The outlook is negative because we could lower the
rating in the next 12 months if the group's credit metrics do not
recover toward 39%-44% in 2021, despite supportive steel market
conditions, which could primarily happen due to a consistently weak
coal environment.

"We could lower the rating on Evraz if its EBTDA continues to
suffer from weak coal markets, even if the steel industry generally
recovers. Inability of its credit metrics to recover toward 45%,
which we require for the current rating level under normal industry
conditions, could trigger a downgrade.

"We could also lower our rating if Evraz's FFO to debt falls below
30%, even if the steel industry remains at the bottom of the cycle
due to combination of weak prices and volumes, and Evraz's
inability to adjust capex and dividends to preserve leverage.

"We could revise the outlook to stable if the coal segment
recovers, or if Evraz replaces its EBITDA contribution from coal
with other segments."


PJSC KOKS: Fitch Rates Loan Participation Notes 'B(EXP)'
--------------------------------------------------------
Fitch Ratings has assigned Russian pig iron and coke company PJSC
Koks' loan participation notes (LPNs) due in 2025 an expected
senior unsecured 'B(EXP)' rating and a 'RR4' Recovery Rating. The
LPNs are to be issued by IMH Capital DAC, a designated activity
company incorporated under the laws of Ireland for the purpose of
providing a loan to Koks. The proceeds of the loan will mainly be
used to redeem Koks' existing 2022 notes, issued by Koks Finance
DAC. Koks' Long-term Issuer Default Rating is 'B' with a Stable
Outlook.

The notes will rank pari-passu with Koks' existing senior unsecured
debt. The notes will be guaranteed by all main operating entities
of the group, which represent nearly 100% of EBITDA and nearly 81%
of total assets.

Fitch will assign the notes a final rating upon receipt of final
documentation materially conforming to the information reviewed.

KEY RATING DRIVERS

Limited Leverage Headroom: Koks' funds from operations (FFO) gross
leverage increased to 5.7x in 2019 from 4.7x in 2018, due to
operational disruptions at Koks' coal mines (now resolved) leading
to lower output, and a final loan issued to Tula-Steel. Fitch
expects leverage to decrease towards 5x in 2020 and to remain
around 4.5x over 2021-2023. The forecast improvement in credit
metrics is driven by a recovery in coal output from 2020 and
higher-margin sales to Tula-Steel supporting a rebound in EBITDA
margin to over 20% from 2020.

Management aims to deleverage towards a net debt/EBITDA of 2x in
the medium term (vs. Fitch-calculated net debt/EBITDA of 4.3x at
end-2019).

COVID-19 Impacted Sales Structure: The COVID-19 crisis has
suppressed demand for steel in Europe, the US and CIS. As a result,
Koks has shifted its export sales of pig iron from Europe and US to
Asia, in particular China, which represented 52% of export volume
sales in 1H20 vs. 9% in 1H19. New environmental regulations in
China are leading to increasing use of merchant pig iron in
electric steelmaking, contributing to a firmer pig iron price
environment in the medium term.

Koks' pig-iron exports will also be supported by idling blast
furnaces in Europe and US, which restricted local supply of pig
iron.

Tula-Steel Fully Ramped Up: Koks has lent RUB21 billion to date for
the construction of the Tula-Steel plant, which is under common
shareholder control. This has led to an increase in Koks' debt. The
plant started operations in July 2019 with a focus on the
construction market in the Moscow region.

Tula-Steel to Improve Margins: Koks enjoys higher margins from its
sales to Tula-Steel versus other domestic or export sales because
of logistics and casting cost savings, as both plants are located
in the Tula region. Tula-Steel buys liquid pig iron from the group,
which does not require any cooling and casting of the material
prior to the sale. As of 1H20 Koks' sales to related parties
(including Tula-Steel) represented 55% of total sales of pig iron
and ore. At end-1H20 Koks had RUB5.6 billion trade receivables
balance with related parties, including Tula-Steel.

Possible Tula-Steel Consolidation Considered: Tula-Steel is not
consolidated in Koks' financial accounts. Gazprombank provided
RUB30 billion project financing, which was the only additional
source of funding to Koks' contribution to the project. Koks may
consider consolidating Tula-Steel in the medium term, when the
plant generates enough cash flow to start deleveraging to a level
comparable with that of Koks. Koks does not guarantee Tula-Steel's
external debt and Fitch expects Tula-Steel to service its debt
independently. In addition, Fitch has not assumed any repayment of
a loan Koks provided to Tula-Steel over 2020-2023.

Full Integration by 2027: In 2019, Koks' self-sufficiency necessary
for pig-iron production was 50% in coal and 67% in iron ore, due to
operational problems at the Butovskaya and Tikhova mines. Coal
production volume increase will be driven by the expansion of the
Tikhova and Butovskaya mines. Outputs from these mines are expected
to rise in stages, with the second stage at the Tikhova mine in
2022. Koks expects to reach 97% coal self-sufficiency by 2023.
Increasing iron ore production is dependent on the development of a
second mining level at the iron ore mine, expected to be launched
in 2021, increasing iron ore self-sufficiency to 100% by 2027.

Capex Flexibility: Maintenance capex is RUB1.6 billion. Management
has publicly confirmed that capex is flexible and can be postponed
for deleveraging. However, Fitch forecasts capex to average 11% of
sales or at RUB7 billion-RUB8.5 billion in the next four years.

Strong Pig Iron Position: Koks is Russia's largest merchant coke
producer and the world's largest exporter of merchant pig iron with
a 13% market share in 2019, with Asia, North America and Europe
being the key destinations. The group specialises in commercial pig
iron and focuses on increasing its presence in premium pig iron.

Material Related-Party Transactions: Koks' significant
related-party transactions include loan funding of the Tula-Steel
project and sales of liquid pig iron to the plant, which the group
confirmed are conducted at arms-length. In addition, Koks' exports
totalling RUB13 billion, or 32% of the group's RUB40 billion
revenue in 1H20, were partly routed through a trader that the
group's auditors qualify as a related party under common control.
Fitch does not currently view this as a significant risk to Koks'
profile, given the arms-length basis of their trading operations,
the limited difference between realised and market-based pig iron
prices, and the small pig iron merchant market with a limited
number of traders.

DERIVATION SUMMARY

Koks ranks behind CIS metals and mining closest peers EVRAZ plc
(BB+/Stable), AO Holding Company METALLOINVEST (BB+/Stable) and
Metinvest B.V. (BB-/Negative) in scale of operations, operational
diversification and share of value-added products. Koks' scale is
more comparable to Ukrainian pellet producer Ferrexpo plc
(BB-/Stable) while Koks' EBITDA margins are lower.

Koks' financial profile, including its financial leverage and
operational margins, ranks behind that of Evraz, METALLOINVEST and
Metinvest, but ahead of First Quantum Minerals Ltd. (B-/Stable).

KEY ASSUMPTIONS

  - USD/RUB rate of 70 in 2020, 69 in 2021, 67 in 2022 and 67 in
2023

  - Realised prices of coking coal (USD120-USD140/t) and iron ore
(USD60-USD95/t) to follow Fitch price deck over 2020-2023, adjusted
for historical discounts

  - Tikhova and Butovskaya mines to operate normally from 2020

  - EBITDA margin to improve to 21%-22% over 2021-2023 on ramp-up
of coal mines and a higher share of pig iron sold to Tula-Steel

  - Average capex at about 11% of sales until 2023 and no
dividends

  - No financial support to Tula-Steel to cover Gazprombank's debt
service

  - Tula-Steel not consolidated

  - Fitch does not assume repayment of a loan provided to
Tula-Steel over 2020-2023

Fitch's Key Recovery Rating Assumptions

The recovery analysis assumes that Koks would be considered a
going-concern in bankruptcy and that it would be reorganised rather
than liquidated.

Koks' recovery analysis assumes a post-reorganisation EBITDA at
RUB11 billion, or 25% below its last 12- month EBITDA of RUB15
billion, to incorporate potential price moderation and volatility
across Koks' product portfolio.

A distressed enterprise value (EV)/EBITDA multiple of 4.5x has been
used to calculate post-reorganisation valuation and reflects a
mid-cycle multiple. This is in line with other similarly rated
natural resources issuers and reflects a smaller scale but a strong
market position in global merchant pig iron market and adequate
growth prospects.

The new senior unsecured LPNs are assumed to replace the existing
2022 LPNs and will rank pari passu with other senior unsecured debt
across the group.

Revolving credit facilities are assumed to be fully drawn upon
default.

After the deduction of 10% for administrative claims, its waterfall
analysis generated a ranked recovery in the 'RR4' band, indicating
a 'B(EXP)' instrument rating. The waterfall analysis output
percentage on current metrics and assumptions is 40%.

RATING SENSITIVITIES

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

  - FFO gross leverage sustainably below 3x

  - Enhanced business profile through larger scale and/or product
diversification

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

  - FFO gross leverage sustainably above 4.5x, driven by market
deterioration or underperformance of new capacities or by
additional support to Tula-Steel

  - Increasing reliance on short-term debt financing or tightening
of liquidity with liquidity ratio falling below 1x

  - FFO interest coverage falling below 2.0x

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of end-June 2020, Koks had comfortable
liquidity with RUB9 billion cash and RUB43 billion available
committed lines to cover RUB13.7 billion of short-term debt (of
which RUB6 billion are rollover lines). Its 2025 LPNs will replace
the existing 2022 notes in the debt structure with no significant
maturities until 2025. Management estimates minimum cash balance
necessary to sustain operations at RUB2 billion.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - RUB30 million interest related to lease debt reclassified as
lease expenses

  - RUB86 million depreciation & amortisation related to right of
use assets reclassified as lease expense and deducted from EBITDA

  - RUB80 million long-term lease liabilities and RUB99 million
short-term lease liabilities reclassified as other non-current and
current liabilities

  - RUB200 million deducted from cash flow from financing as
non-recourse factoring was fully repaid in 2019

  - Total debt according to IFRS is adjusted by RUB88million of
guarantees for loans issued to Tula-Steel

  - RUB167 million of non-operating income reclassified as
operating income

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).



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

SELECTA: KKR to Inject EUR125MM in Additional Capital
-----------------------------------------------------
Oliver Hirt at Reuters reports that financial investor KKR is
injecting EUR125 million (US$147 million) in additional capital
into crisis-hit Swiss snack machine operator Selecta under a
restructuring agreement.

According to Reuters, Selecta said in a statement released on Sept.
8 that in addition, outstanding bonds would be converted into
securities that would not mature until 2026 in a move that will
significantly reduce the company's high level of indebtedness.

Major shareholder KKR, creditor banks and a substantial portion of
the bondholders had agreed to the recapitalization, Reuters
discloses.

Selecta, with more than 10,000 employees, has been badly hit by the
coronavirus crisis in the past six months, Reuters relates.
Because many people stayed at home during the lockdown, the
company's sales collapsed, Reuters notes.


SWISSPORT GROUP: S&P Downgrades Long-Term ICR to 'SD'
-----------------------------------------------------
S&P Global Ratings lowered Switzerland-based global airport ground
handler Swissport Group S.a.r.l.'s (Swissport) long-term issuer
credit rating to 'SD' (selective default) from 'CCC/Watch Neg/--'.
S&P also lowered the issue ratings on the group's senior debt to
'D' (default) from 'CCC/Watch Neg'.

Swissport has issued EUR230 million super senior secured debt (not
rated) for additional liquidity, and intends to draw a further
EUR70 million in the coming weeks.

The super senior debt effectively lowers the ranking of the
existing senior secured debt to more junior and is tantamount to a
default under our criteria.

As Swissport also plans to write-off the junior debt as part of the
comprehensive debt restructuring, S&P has lowered the issue ratings
on the junior debt to 'C/Watch Neg' from 'CC/Watch Neg', reflecting
its view that a default is virtually certain.

Swissport has issued EUR230 million super senior interim
facilities, and intends to draw a further EUR70 million in the
coming weeks.  S&P said, "We view Swissport's issuance of super
senior debt as distressed and altering the ranking of the existing
senior secured debt claims to a more junior level. This results in
senior secured investors receiving less than the promise of the
original securities, which we view as tantamount to a default.
Based on the EUR230 million super senior debt issued to date, we
have also lowered our recovery prospect estimate on the EUR900
million senior secured term loans and EUR410 million senior secured
notes, both due 2024, to 55% from 65%. We expect recovery prospects
would further decline toward 50% when Swissport draws an additional
EUR70 million in the coming weeks."

Swissport will also implement a comprehensive debt restructuring
that involves a debt-for-equity swap and a debt write-off.  The
restructuring plan includes a debt-for-equity swap for all existing
super senior and senior secured debt, while writing-off all junior
debt (including the stub notes, but excluding local financing
facilities in subsidiaries), and the issuance of a new EUR500
million four-year term loan facility that will refinance the EUR300
million super senior interim facilities.

Swissport aims to complete the comprehensive debt restructuring
before year end.  S&P said, "We expect to also lower the issue
ratings on the junior debt to 'D' after Swissport's write-off. We
anticipate the ratings on the group will remain 'D' until the
comprehensive debt restructuring is completed. Subsequently, we
would reassess our ratings on Swissport provided that we obtain
sufficient information on the group's business and new capital
structure."

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

-- Health and safety



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

CBC STONE: Enters Administration, Dean Castle Restoration Halted
----------------------------------------------------------------
Sarah Hilley at Kilmarnock Standard reports that the GBP5 million
restoration work on Kilmarnock's historic Dean Castle has stalled
after the main contractor went out of business.

CBC Stone went into administration during lockdown, Kilmarnock
Standard relays, citing an East Ayrshire Council report.

Now council bosses will seek to hire a new firm to take on the
mammoth project, Kilmarnock Standard discloses.

Officials are not sure yet when work will restart, Kilmarnock
Standard notes.



EMF-UK 2008-1: Fitch Affirms CCCsf Rating on Class B2 Notes
-----------------------------------------------------------
Fitch Ratings has affirmed EMF-UK 2008-1 Plc, removed four classes
from Rating Watch Negative (RWN) and assigned the junior B1 notes a
Negative Outlook, as follows:

RATING ACTIONS

EMF-UK 2008-1 Plc

Class A1a XS0352932643; LT AAAsf Affirmed; previously AAAsf

Class A2a XS1099724525; LT AAAsf Affirmed; previously AAAsf

Class A3a XS1099725415; LT A+sf Affirmed; previously A+sf

Class B1 XS0352308075; LT BBsf Affirmed; previously BBsf

Class B2 XS1099725928; LT CCCsf Affirmed; previously CCCsf

TRANSACTION SUMMARY

The transaction comprises non-conforming UK mortgage loans
originated by Southern Pacific Mortgage Limited, Preferred
Mortgages Limited (formerly wholly-owned subsidiaries of Lehman
Brothers), London Mortgage Company and Alliance & Leicester Plc.

KEY RATING DRIVERS

Removed From RWN

The affected classes have been removed from RWN. They were placed
there in April in response to the coronavirus outbreak. Fitch has
now analysed the transactions under its coronavirus assumptions and
considered the ratings sufficiently robust to be affirmed.

Fitch placed the class A1, A2, A3 and B1 notes on RWN as a high
take-up of payment holidays was increasing the risk of interest
deferral for these notes that was not commensurate with their
ratings. Fitch has analysed the projected cash flows of the
transaction based on the actual levels of payment holidays, and
believes that the risk of interest deferral for these notes is
sufficiently remote. Fitch expects that the take up of payment
holidays has peaked and that the affected proportion of this pool
will continue to fall.

Coronavirus Related Alternative 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 (WAFF), revised rating
multiples and arrears adjustment, resulted in a multiple to the
current FF assumptions of 1.3x at 'Bsf' and 1.0x at 'AAAsf'. The
coronavirus assumptions are more modest for higher rating levels as
the corresponding rating assumptions are already designed to
withstand more severe shocks.

Fitch also applied a payment holiday stress for the first six
months of projected collections, assuming 10% of interest
collections will be lost and related principal receipts will be
delayed. This reflects the current payment holiday percentage data
provided by the servicer plus a small margin of safety. The payment
holiday percentage for this transaction is currently 7.1%.

Weakening Asset Performance

Loans that are three month or more in arrears increased in the last
collection period. They had increased to 7.6% in June 2020 from
6.5% in June 2018 and the level of arrears is currently in line
with 2011 and 2012 average. One month plus arrears increased to
13.5% from 11.4% over the last two interest payment dates.

Interest-Only Concentration

The total portfolio has a high proportion of interest-only (IO)
loans (74.9%) and a material concentration of IO loans (35.8%)
maturing within a three-year period (2030-2032). The scheduled
redemption of the interest only loans is well in advance of the
legal final maturity date of the notes of March 2046, which
provides a buffer for any delayed redemptions.

Performance Adjustment Factor Floor Applied

Fitch calculated a performance adjustment factor (PAF) of 44% for
the owner-occupied sub-pool, based on its approach set out in
criteria and the transaction's historical performance. This sub
pool features 71.3% of IO loans, which Fitch considers increases
the risk of default at loan maturity when the principal instalment
is due. To account for this risk, Fitch has applied a floor to the
PAF of 100% in its resiglobal asset model.

Payment Interruption Risk

The transaction has a dedicated cash reserve available to cover
payment interruption risk for the senior notes in the event of a
servicer disruption. However, the liquidity reserve fund only
covers interest shortfalls on the class A1a and A2a notes. The
absence of a dedicated liquidity for the class A3 notes prevents
any upgrade above the 'Asf' rating category.

Negative Outlook

Fitch has assigned a Negative Outlook to the class B1 notes. Fitch
considers this class more vulnerable to collateral underperformance
or prolonged payment holidays. In assigning this Outlook, Fitch
considered its downside sensitivity, a 15% increase in foreclosure
frequency and a 15% reduction in recovery rate, which suggested the
possibility for downgrade should the economic outlook worsen beyond
its baseline expectations.

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 RR of 15%. The results indicate a indicate a five-notch upgrade
of the class B1a notes.

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 a downgrade of the
class B1a notes below 'B-sf'.

The economic impact of the coronavirus pandemic could considerably
hit borrower affordability, especially in legacy portfolios where
borrowers are locked in paying high interest in their mortgage
loans. The transaction's performance may be affected by changes in
market conditions and the general economic environment. A weakening
economic environment is strongly correlated with increasing levels
of delinquencies and defaults that could reduce credit enhancement
available to the notes.

There are a small number of owner-occupied IO loans that have
failed to make their bullet payments at note maturity. The servicer
has implemented alternative plans with these borrowers, which have
recovered part of the amounts due since the last review. If this
trend reverses and grows to a significant number, Fitch may apply
more conservative assumptions in its asset and cash flow analysis.

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.

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 pool ahead of the transaction's initial
closing. The subsequent performance of the transaction 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 and together with the assumptions referred, 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.

ESG CONSIDERATIONS

EMF-UK 2008-1 Plc: Customer Welfare - Fair Messaging, Privacy &
Data Security: 4, Human Rights, Community Relations, Access &
Affordability: 4

EMF-UK 2008-1 Plc has an ESG Relevance Score of 4 for "Human
Rights, Community Relations, Access & Affordability" due to a
significant proportion of the pool 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.

EMF-UK 2008-1 Plc has an ESG Relevance Score of 4 for "Customer
Welfare - Fair Messaging, Privacy & Data Security" due to the pool
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, either
due to their nature or the way in which they are being managed by
the entity.

HELIOS TOWERS: Moody's Affirms B2 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
(CFR) and B2-PD probability of default rating on Helios Towers plc
(HT) and affirmed the B2 rating assigned to the $750 million senior
unsecured guaranteed notes due 2025 issued by HTA Group, Ltd.
(HTA). The rating on the proposed $200 million tap issuance, if
issued, will have the same rating as the B2 rating assigned to the
$750 million senior unsecured guaranteed notes due 2025 as Moody's
considers it as an upsize of the existing bond. The rating outlook
is stable.

The B2 CFR affirmation follows a number of events over the past
weeks, which include Moody's downgrade of the Government of
Tanzania rating to B2 stable from B1 negative on August 21, and the
company's announcement on August 12 to acquire 1,220 towers in
Senegal (Ba3 negative) followed by an announcement on September 9
to issue $200 million on top of its existing $750 million notes due
2025.

RATINGS RATIONALE

The B2 CFR affirmation reflects the underlying strength and
resilience of the business during the covid-19 pandemic and that
the expected increase in Moody's adjusted debt/EBITDA to 4.8x (post
tap issuance and pre-Senegal closing) by year end 2020 will remain
within Moody's expectations for a B2 rating. The $200 million tap
issuance will be used for general corporate purposes, which may
include the funding of the Senegal tower acquisition for EUR160
million ($189 million). In doing so it will preserve the strong
liquidity and provide the company with the financial capacity to
pursue its expansion strategy.

The ratings are constrained by the high risk sovereign environments
where the company operates, notably the Democratic Republic of
Congo (DRC - Caa1 stable), Tanzania (B2 stable), Ghana (B3
negative) and the Republic of the Congo (ROC - Caa2 stable), which
make up 41%, 42%, 10% and 7% of HT's revenues in 2019,
respectively. The weakening sovereign environments, as reflected by
Moody's recent downgrade of Tanzania combined with Moody's negative
outlooks on Senegal, Ghana and South Africa, weigh down on Helios
Towers overall B2 credit profile. The announcement to enter the
Senegal tower market however increases the company's exposure to a
higher-rated sovereign market.

HT's B2 CFR is supported by (1) the company's leading market
position in the telecom tower business in three of the five African
markets where it operates; (2) track record of strong tower and
co-location growth resulting in increasing Moody's adjusted EBITDA
margin to 54.2% for last 12 months to June 30, 2020 (LTM June
2020); and (3) annuity-like contracted cash flow stream underpinned
by long term contracts (average remaining contract life of 6.8
years representing $2.8 billion in future revenues) with leading
mobile network operators (MNO).

The rating is constrained by (1) mid-tier scale with a tower
portfolio 7,092 sites generating revenues of $401 million in LTM
June 2020; (2) customer concentration given 82% of contracted
revenue as at June 30, 2020 were attributable to five MNOs; (3)
lack of a track record in generating positive free cash flows
although this is expected to improve; and (4) exposure to currency
risks stemming from the mismatch between its dollar debt and
multi-currency cash flows where around 35% of EBITDA generation is
in local currency, albeit with protections in the form of periodic
CPI and power price escalators correlated to the U.S. dollar.

HT benefits from a strong liquidity position supported by $213
million unrestricted cash balance as of June 30, 2020, which will
be temporarily boosted by the tap issuance proceeds, and of which
around $163 million is held by group treasury in offshore accounts
in Mauritius, London and Isle of Man. This is further strengthened
by the $70 million revolving credit facility (RCF) which Moody's
expects will remain undrawn for the next 18 months and $160 million
undrawn term loan which is available for capital spending and
potential tower acquisitions.

RATIONALE FOR STABLE OUTLOOK

The stable rating outlook assumes that HT will continue to maintain
conservative financial policies and a strong liquidity profile
while pursuing its expansion strategy. The ratings further presume
supportive regulatory, political and economic environments and
unrestricted ability to repatriate funds from the countries of
operations.

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

A rating upgrade is unlikely at this point because of HT's
operational exposure to countries with low ratings. In the absence
of sovereign considerations, upward rating pressure would develop
if debt EBITDA is sustainably below 4.5x and there is a track
record of free cash flow generation.

Moody's would consider a negative rating action if one of the
sovereign ratings of its key markets, such as Tanzania and DRC,
were to be downgraded or outlook changed to negative, or if HT's
regional revenue split were to materially change from current
levels, exposing the company to overall weaker sovereign
environments. Downward pressure on the ratings could also emanate
from (1) adjusted debt/EBITDA trending towards 5.5x; (2) sustained
negative free cash flow generation; (3) weak liquidity; and (4) a
deterioration in the credit standing of its major tenants.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Communications
Infrastructure Industry published in September 2017.

The local market analyst for these ratings is Dion Bate,
+971-4-237-9504.

Headquartered in London, HT is the only independent tower company
providing services in the DRC, Tanzania and the ROC, with a number
two market position in Ghana. The company entered South Africa in
early 2019 through a partnership with Vulatel and acquired a
controlling interest in SA Towers.

HT has tower service contracts with the local mobile operating
entities of Vodafone Group Plc (Vodafone, Baa2 negative), Orange
(Baa1 stable), Bharti Airtel Ltd. (Airtel, Ba1 negative), MTN Group
Limited (MTN, Ba1 negative), and Millicom International Cellular
S.A. (Millicom, Ba1 stable). For the last twelve months ending June
30, 2020, HT reported revenues of $401 million and Moody's adjusted
EBITDA of $217 million.

HUT GROUP: S&P Places 'B-' LT Issuer Rating on CreditWatch Pos.
---------------------------------------------------------------
S&P Global Ratings placed its 'B-' long-term issuer and issue
ratings on The Hut Group Ltd. (THG) on CreditWatch with positive
implications.

The CreditWatch placement follows the announcement of the planned
listing of The Hut Group Ltd. and the demerger of its PropCo
subsidiary.  On Sept. 3, 2020, THG confirmed its plans to apply for
a standard listing on the London Stock Exchange, and published the
related registration document. S&P understands the group aims to
raise about GBP920 million gross proceeds from the IPO. At the same
time, the PropCo (Kingsmead Holdings Ltd.) will be demerged from
the group, and deconsolidated from the accounts, while the
outstanding lease agreements with THG Operations Holdings Ltd. will
remain in place.

While S&P expects THG will use part of the IPO proceeds to
substantially reduce debt, the elevated exceptional costs and steep
increase in lease liabilities will cause a moderate increase in
leverage toward 7.5x in 2020.  The demerger of the PropCo will
cause the IFRS 16 operating lease liabilities between the PropCo
and THG to be included in THG's accounts, causing the group's
reported debt to increase by about GBP180 million-GBP190 million.
However, the transaction will also remove about GBP85 million of
PropCo's financial debt from the group's borrowings. In addition,
S&P expects the group will divert part of the GBP920 million raised
through IPO to debt reduction, which will at least partially offset
the increase in financial leverage. While the group has not yet
confirmed the timing and the extent of this debt reduction, we
assume it will be about GBP150 million-GBP200 million. This will
primarily cover current drawings on the RCF and other liquidity
facilities. Combining this with a slowdown in earnings expansion,
S&P expects leverage to increase in the short term, toward 7.5x in
2020, from 7.4x in 2019, before quickly deleveraging to 4.0x-4.5x
in 2021.

The group's free operating cash flow (FOCF) generation, on the
other hand, will moderately improve following the demerger. While
the deconsolidation will see THG pay for leasing the PropCo's
premises--about GBP25 million per year--it will also remove part of
the capex related to the PropCo's real-estate developments, about
GBP50 million in 2020 in our previous estimates. As a result, S&P
forecasts reported FOCF in 2020 to be between minus GBP30 million
and neutral, on a pro forma basis, compared to our previous
estimate of about minus GBP70 million.

Near-term profitability and cash generation are suffering from
elevated exceptional costs offsetting THG's rapid topline
expansion.  S&P believes the group is on track to reach mid-20%
revenue growth in 2020, supported by a sustainable increase in
e-commerce penetration. The topline expanded by more than 20% in
the first half of the year, in both its Beauty and Nutrition
segments. In contrast to many brick-and-mortar retailers, THG
traded throughout the entire lockdown period with its online
stores, and captured a large amount of new customers. It was also
able to capitalize on the acceleration in online sales, and signed
a number of new long-term agreements for its Ingenuity e-commerce
platform, with brands aiming to develop direct-to-customer
operations. S&P said, "As a result, we forecast THG will generate
revenue of about GBP1,300 million-GBP1,450 million in 2020.
However, we note that profitability was negatively affected by
COVID-19 as transportation and logistics costs, increased
substantially in the first half of the year. We expect this trend
to continue at least until year end. We therefore expect reported
EBITDA to be short of GBP100 million in the fiscal year ending Dec.
31, 2020, in line with our previous forecast, despite the topline
expansion."

S&P said, "We expect THG to reinvest a sizable portion of the IPO
proceeds into M&A and IT, in line with its existing financial
policy.  Historically, THG has spent about GBP150 million-GBP250
million per year in acquisitions and capex and we believe this
trend will continue over the medium term. Therefore, its sizable
cash balance post-IPO will not be netted out in our adjusted debt
metrics. We also note that while these investments contributed to
the rapid expansion of the group's topline, they also generated
sizable acquisition and integration costs, as well as facilities
commissioning costs, which weighed on profitability and slowed down
the expansion of the earnings base. We forecast that, similarly,
the EBITDA growth rate will trail behind that of the topline over
the next 12-24 months.

"We expect to resolve the CreditWatch placement once THG has
executed the PropCo demerger and completed the IPO. In resolving
the CreditWatch placement we will assess the trading performance to
date, and expected over the next 12-24 months, the use of IPO
proceeds and any related debt reduction, the financial policy, and
the group's commitment to the sustainable strengthening of its cash
generation and credit metrics. In particular, we will look into its
ability to turn its FOCF at least neutral in the short term, as
well as its deleveraging prospects for 2021 and beyond.

"We will likely affirm the ratings on THG if the group is unable to
complete its intended IPO or if we consider the financial policy
not supportive of a stronger rating."


[*] UK: Report Shows One in Five Companies Considered as "Zombie"
-----------------------------------------------------------------
According to Bloomberg News' Alex Morales, a report by an
influential Conservative think tank showed one in five U.K.
companies is a "zombie," with profits only just covering debt
interest payments.

Chancellor of the Exchequer Rishi Sunak should relax the rules on
repayment of coronavirus debts, Onward, as cited by Bloomberg,
said, as it warned the post-pandemic economic recovery will be
hampered by "crippling levels of corporate debt."

The study showed borrowing taken on since the Covid lockdown began
in March threatens to push 4.3% of companies, employing 1.8 million
people, into technical insolvency, and if dissolved, they wouldn't
have assets to cover their liabilities, Bloomberg discloses.

U.K. business have taken out more than GBP50 billion (US$65
billion) of state-backed loans under government programs to help
them weather the pandemic, Bloomberg discloses.  Onward said the
government should change the terms to allow companies to make
repayments only when they're profitable, Bloomberg relates.

"The government's loans schemes have been highly effective at
helping firms through the worst of the crisis, but they represent a
double-edged sword in that they have weighed down firms with debt
just as we need them to invest to spur the recovery," Bloomberg
quotes the report's author, Angus Groom, as saying in a statement.
A repayment program could be managed by the Treasury and
implemented and controlled by banks, he said.

The warning piles further pressure on Mr. Sunak, after a British
Chambers of Commerce survey found one in four firms that took on
debt through state lending programs say they may have to scale down
operations to repay it. Some fear they may have to cease trading
altogether, Bloomberg states.  TheCityUK, a lobby group, estimated
in July that GBP35 billion of debt is unsustainable, according to
Bloomberg.

The report said the accommodation and food services sector, as well
as arts, entertainment and recreation, had suffered the most, and
described about 40% of firms in those industries as "zombies",
Bloomberg notes.  It said even with the Treasury's loan and
furlough programs, 23% of companies in those sectors will need to
take on extra debt to help prevent closing down permanently,
Bloomberg relays.




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

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html
Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

The first half of Hospitals, Health and People is devoted to the
functional parts of the hospital system, as observed by Dr. Snoke
between the late 1930's through 1969, when he served first as
assistant director of the Strong Memorial Hospital in Rochester,
New York, and then as the director of the Grace-New Haven Hospital
in Connecticut. In these first chapters, Dr. Snoke examines the
evolution and institutionalization of a number of aspects of the
hospital system, including the financial and community
responsibilities of the hospital administrator, education and
training in hospital administration, the role of the governing
board of a hospital, the dynamics between the hospital
administrator and the medical staff, and the unique role of the
teaching hospital.

The importance of Hospitals, Health and People for today's readers
is due in large part to the author's pivotal role in creating the
modern-day hospital. Dr. Snoke and others in similar positions
played a large part in advocating or forcing change in our hospital
system, particularly in recognizing the importance of the nursing
profession and the contributions of non-physician professionals,
such as psychologists, hearing and speech specialists, and social
workers, to the overall care of the patient. Throughout the first
chapters, there are also many observations on the factors that are
contributing to today's cost of care. Malpractice is just one
example. According to Dr. Snoke, "malpractice premiums were
negligible in the 1950's and 1960's. In 1970, Yale-New Haven's
annual malpractice premiums had mounted to about $150,000." By the
time of the first publication of the book, the hospital's premiums
were costing about $10 million a year.

In the second half of Hospitals, Health and People, Dr. Snoke
addresses the national health care system as we've come to know it,
including insurance and cost containment; the role of the
government in health care; health care for the elderly; home health
care; and the changing role of ethics in health care. It is
particularly interesting to note the role that Senator Wilbur Mills
from Arkansas played in the allocation of costs of hospital-based
specialty components under Part B rather than Part A of the
Medicare bill. Dr. Snoke comments: "This was considered a great
victory by the hospital-based specialists. I was disappointed
because I knew it would cause confusion in working relationships
between hospitals and specialists and among patients covered by
Medicare. I was also concerned about potential cost increases. My
fears were realized. Not only have health costs increased in
certain areas more than anticipated, but confusion is rampant among
the elderly patients and their families, as well as in hospital
business offices and among physicians' secretaries." This aspect of
Medicare caused such confusion that Congress amended Medicare in
1967 to provide that the professional components of radiological
and pathological in-hospital services be reimbursed as if they were
hospital services under Part A rather than part of the co-payment
provisions of Part B.

At the start of his book, Dr. Snoke refers to a small statue,
Discharged Cured, which was given to him in the late 1940's by a
fellow physician, Dr. Jack Masur. Dr. Snoke explains the
significance the statue held for him throughout his professional
career by quoting from an article by Dr. Masur: "The whole question
of the responsibility of the physician, of the hospital, of the
health agency, brings vividly to mind a small statue which I saw a
great many years ago.it is a pathetic little figure of a man, coat
collar turned up and shoulders hunched against the chill winds,
clutching his belongings in a paper bag-shaking, tremulous,
discouraged. He's clearly unfit for work-no employer would dare to
take a chance on hiring him. You know that he will need much more
help before he can face the world with shoulders back and
confidence in himself. The statuette epitomizes the task of medical
rehabilitation: to bridge the gap between the sick and a job."

It is clear that Dr. Snoke devoted his life to exactly that
purpose. Although there is much to criticize in our current
healthcare system, the wellness concept that we expect and accept
today as part of our medical care was almost nonexistent when Dr.
Snoke began his career in the 1930's. Throughout his 50 years in
hospital administration, Dr. Snoke frequently had to focus on the
big picture and the bottom line. He never forgot the importance of
Discharged Cured, however, and his book provides us with a great
appreciation of how compassionate administrators such as Dr. Snoke
have contributed to the state of patient care today. Albert Waldo
Snoke was director of the Grace-New Haven Hospital in New Haven,
Connecticut from 1946 until 1969. In New Haven, Dr. Snoke also
taught hospital administration at Yale University and oversaw the
development of the Yale-New Haven Hospital, serving as its
executive director from 1965-1968. From 1969-1973, Dr. Snoke worked
in Illinois as coordinator of health services in the Office of the
Governor and later as acting executive director of the Illinois
Comprehensive State Health Planning Agency. Dr. Snoke died in April
1988.



                           *********


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

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

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

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