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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

          Thursday, October 1, 2020, Vol. 21, No. 197

                           Headlines



F R A N C E

CASTILLON SAS: Moody's Assigns 'B2' CFR, Outlook Stable


G E R M A N Y

WIRECARD AG: German Police Raid KfW HQ as Part of Criminal Probe


I R E L A N D

AURIUM CLO V: Moody's Confirms B2 Rating on Class F Notes
BARINGS EURO 2020-1: Moody's Gives '(P)B2' Rating on Class F Notes
BARINGS EURO 2020-1: S&P Assigns Prelim. 'B' Rating on F Notes
CVC CORDATUS XVIII: Moody's Gives (P)B3 Rating on Class F Notes
CVC CORDATUS XVIII: S&P Gives Prelim. 'B' Rating on Class F Notes

NEW LOOK: High Court Grants Irish Unit Permission to Pay Tax Bill
NEW LOOK: Landlords Claim Examinership Bid Not About Saving Jobs


I T A L Y

BANCA POPOLARE DI SONDRIO: Fitch Affirms BB+ IDR, Outlook Negative
BELVEDERE SPV: DBRS Lowers Rating on Class A Notes to BB


N E T H E R L A N D S

OCI NV: Moody's Affirms 'Ba2' CFR, Outlook Negative
OCI NV: S&P Affirms BB Issuer Credit Rating on Proposed Refinancing


S P A I N

DEOLEO SA: Moody's Hikes CFR to B3, Outlook Stable
EL CORTE INGLES: Fitch Rates New EUR400MM Unsec. Notes 'BB+(EXP)'


S W I T Z E R L A N D

PEACH PROPERTY: S&P Alters Outlook to Stable & Affirms 'B+' ICR


T U R K E Y

ETLIK: EBRD Inks EUR1.1-Bil. Loan Restructuring Deal


U N I T E D   K I N G D O M

AIB GROUP: Fitch Rates 2031 EUR1BB Tier-2 Subordinated Notes 'BB+'
BLERIOT MIDCO: S&P Alters Outlook to Positive & Affirms 'B-' ICR
PRIME FOCUS: Moody's Assigns 'B2' CFR, Outlook Stable
WATERLOGIC HOLDINGS: S&P Affirms 'B' ICR on Proposed Debt Add-On


X X X X X X X X

[*] EUROPE: Loosening of Insolvency Rules Keep Companies Afloat

                           - - - - -


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

CASTILLON SAS: Moody's Assigns 'B2' CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
(CFR) and a B2-PD probability of default rating (PDR) to Castillon
SAS, which is making a tender offer for the shares of technology
consulting firm Devoteam SA on behalf of Devoteam's founders
Messrs. Stanislas and Godefroy de Bentzmann and KKR, the global
investment firm.

Concurrently, Moody's has assigned a B2 rating to Castillon's
proposed EUR370 million senior secured term loan B and EUR100
million senior secured revolving credit facility (RCF). The term
loan, together with a roughly 60% equity contribution, will finance
the tender offer. The outlook is stable.

"Devoteam is a specialist in digital transformation technologies,
which Moody's thinks will remain a high priority for clients and
this will support strong demand," said Brad Gustafson, Moody's
Vice-President - Senior Analyst and lead analyst for Devoteam.
"Customers may re-think IT budgets as they adapt to coronavirus and
the resulting recession but Moody's expects revenue growth and
operating margins will remain at levels commensurate with a B2
rating."

RATINGS RATIONALE

The B2 rating reflects the fact that Devoteam generates about three
quarters of revenue from consulting related to digital
transformation technologies, for which demand should remain high
and may even accelerate. This should drive demand for Devoteam's
expertise, supported by its strategic partnerships with leading
providers of cloud and other digital technology. The rating also
reflects Devoteam's lack of material customer concentration and a
blue-chip client base reasonably well-diversified across
industries, which is helping mitigate the coronavirus impact on
revenue. Devoteam's capital spending needs are limited and the
Company has good cash conversion. In the next 12 to 18 months,
Moody's expects Devoteam to generate free cash flow to debt in the
mid-single digits (per cent). Devoteam's management team has a long
tenure and public track record of resilience by successfully
navigating the risks of economic cycles and technological
disruption.

However, Devoteam's fixed costs are high and scalability is limited
as the company must increase billable headcount to grow revenue.
The market for consultants with the requisite skills is
undersupplied and highly competitive, driving compensation higher
at rates above inflation. Moody's does not expect any improvement
in adjusted EBITA margins once they recover to the pre-coronavirus
levels of 10% from 9% currently.

Devoteam's markets are also highly fragmented and subject to
pressure on billing rates from intense competition. Competitors
include established small specialists, large global consulting
firms and a steady flow of potentially disruptive new entrants
given fast-moving technological innovation. Competition makes
demand for consulting services more cyclically variable, even for
consulting related to products for which demand remains high.

Devoteam's relatively high leverage, a ratio of Moody's adjusted
gross debt to EBITDA of about 5.0x over the next 12-18 months, is
also a risk, and a significant pipeline of acquisition targets
could increase leverage depending on acquisition financing
(although Devoteam has a long track record of acquisitions without
relying excessively on debt), and restructuring costs, deferred
considerations, buy-outs of and dividends to minorities may all
reduce cash flow generation. The high leverage is mitigated by good
liquidity, Moody's adjusted interest coverage of 3.5x expected as
of end December 2020 and the 60% equity cushion Messrs. de
Bentzmann and KKR will provide.

The B2 rating assumes that at the conclusion of the tender offer
and any "squeeze-out" of minorities, Castillon will own 100% of
Devoteam, which is management and KKR's objective. While Moody's
understands the consolidated credit metrics to remain unaffected at
any acceptance rate and expects the transaction to remain
commensurate with the B2 rating, once the tender offer concludes,
Moody's will as usually assess any impact the executed
documentation and final transaction terms will have on Devoteam's
credit profile.

LIQUIDITY

Devoteam has good liquidity supported by around EUR75 million of
cash available at closing of the transaction and access to the
EUR100 million RCF, which will be undrawn at closing. For as long
Castillon owns less than 90% of Devoteam, only EUR35 million of the
RCF will be available to Castillon, in which case management has
the option to establish a separate EUR65 million RCF at the
Devoteam level (the "Target Facility"). Based on its assumption
that Castillon will own 100% of Devoteam, Fitch assumes the full
EUR100 million RCF will be available to Castillon. The RCF includes
a springing maintenance covenant, tested quarterly if the net drawn
amount is 40% of the commitment and limiting net senior secured
leverage to 7.0x LTM EBITDA.

STRUCTURAL CONSIDERATIONS

The term loan and RCF are rated B2 in line with the CFR, reflecting
a 50% recovery rate and financial collateral customary in European
LBOs (Castillon's Devoteam shares, bank accounts and intercompany
claims). Moody's views financial collateral as weak security. The
term loan will not benefit from operating subsidiary guarantees due
to legal limitations, but will rank pari passu with the RCF with
respect to collateral enforcement proceeds under an intercreditor
agreement (ICA).

RATING OUTLOOK

The stable outlook reflects its expectation that, over the next
12-18 months, Devoteam will successfully navigate
coronavirus-related pressure on revenue and margins, that the
Company will maintain good liquidity, and that demand, revenue
growth and operating margins will recover. It also reflects Moody's
assumption that Castillon will own 100% of Devoteam.

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

Moody's would consider upgrading Devoteam's rating if:

  - revenue growth or operating margins recover faster than
expected;

  - the Company's ratio of Moody's-adjusted gross debt to EBITDA
declines sustainably below 4.5x;

  - the Company's ratio of Moody's-adjusted free cash flow to gross
debt sustainably reaches the high single digits;

  - the Company has at least adequate liquidity.

Moody's would consider downgrading Devoteam's rating if:

  - the recovery in revenue growth and operating margins is
materially below expectations;

  - the Company's ratio of Moody's-adjusted gross debt to EBITDA
will remain above 6.0x;

  - the Company's ratio of Moody's-adjusted free cash flow to gross
debt will remain below 5%;

  - the Company's ratio of Moody's-adjusted EBITA to interest
expense will remain below 1.5x;

  - or the Company other does not have adequate liquidity.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Devoteam is a French technology consulting firm based near Paris
and operating in 20 countries across Europe, the Middle East and
Africa. It advises corporate clients on the capabilities, selection
and customized uses and implementation of digital transformation
technologies, including social, mobile, analytical, cloud and
cybersecurity technologies. Stanislas and Godefroy de Bentzmann
founded Devoteam in 1995 and the Company has been listed since 1999
(Euronext: DVT). For the 12 months ending June 30, 2020, Devoteam
had revenue of EUR776 million and an operating margin of EUR81.4
million (10.5%).




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

WIRECARD AG: German Police Raid KfW HQ as Part of Criminal Probe
----------------------------------------------------------------
Olaf Storbeck at The Financial Times reports that German police
raided the headquarters of state-owned lender KfW as part of a
criminal investigation into employees who approved an unsecured
EUR100 million loan to the collapsed payments group Wirecard.

According to the FT, a spokesperson for KfW confirmed the raid,
which happened two weeks ago, and said that the bank was
co-operating with the investigation by Frankfurt prosecutors.

Wirecard's own headquarters on the outskirts of Munich were raided
by police on Sept. 29 as part of the same investigation, the FT
relays, citing people familiar with the matter.

KfW Ipex Bank, a subsidiary of the state-owned lender, in September
2018 agreed an unsecured loan over EUR100 million to Wirecard and
then extended it last year, the FT recounts.  Following Wirecard's
collapse in June, KfW sold the loan to a distressed-debt investor,
taking a huge but undisclosed loss, the FT notes.

Prosecutors confirmed that an investigation against staff of a
Frankfurt-based lender over an unsecured loan to Wirecard was under
way, but declined to identify the bank, the FT relates.

The focus of the investigation is whether the lender's decision to
make and extend the loan may have been a breach of fiduciary duty,
according to a spokesperson for the Frankfurt prosecutors' office,
the FT states.

Wirecard, the FT says, is sitting on EUR3.2 billion of loans that
Munich prosecutors investigating the company's collapse have
concluded are most likely "lost".

The group's Munich-based administrator estimates that the defunct
payments group's assets are worth less than EUR430 million and
several of its top executives are suspected of orchestrating a
fraud that defrauded investors, the FT notes.




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

AURIUM CLO V: Moody's Confirms B2 Rating on Class F Notes
---------------------------------------------------------
Moody's Investors Service has confirmed the ratings on the
following notes issued by Aurium CLO V Designated Activity
Company:

EUR24,200,000 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

EUR25,300,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Confirmed at Ba2 (sf); previously on Jun 3, 2020 Ba2 (sf)
Placed Under Review for Possible Downgrade

EUR11,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, 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:

EUR272,800,000 Class A Senior Secured Floating Rate Notes due 2032,
Affirmed Aaa (sf); previously on Apr 4, 2019 Definitive Rating
Assigned Aaa (sf)

EUR23,800,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aa2 (sf); previously on Apr 4, 2019 Definitive
Rating Assigned Aa2 (sf)

EUR18,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aa2 (sf); previously on Apr 4, 2019 Definitive Rating
Assigned Aa2 (sf)

EUR31,900,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Affirmed A2 (sf); previously on Apr 4, 2019 Definitive
Rating Assigned A2 (sf)

Aurium CLO V Designated Activity Company, issued in April 2019, is
a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Spire Management Limited. The transaction's reinvestment
period will end in October 2023.

RATINGS RATIONALE

The rating confirmations on the Class D, E and F notes and rating
affirmations on the Class A, B-1, B-2 and C notes reflect the
expected losses of the notes continuing to remain consistent with
their current ratings despite the risks posed by credit
deterioration, which have been primarily prompted by economic
shocks stemming from the coronavirus outbreak. 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.

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 3207, compared to value of 2793 in the February 2020
report [2]. Securities with ratings of Caa1 or lower currently make
up approximately 4.04% [1] of the underlying portfolio versus 0.23%
in February 2020 [2].

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 440.1 million,
a weighted average default probability of 27.09% (consistent with a
WARF of 3199 over a weighted average life of 6.22 years, a weighted
average recovery rate upon default of 44.86% for a Aaa liability
target rating, a diversity score of 47 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 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.

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

PRINCIPAL METHODOLOGY

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 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.

  -- Other collateral quality metrics: Because the deal can
reinvest, the manager can erode the collateral quality metrics'
buffers against the covenant levels. However, as part of the base
case, Moody's considered spread and coupon levels higher than the
covenant levels because of the large difference between the
reported and 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.


BARINGS EURO 2020-1: Moody's Gives '(P)B2' Rating on Class F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by Barings
Euro CLO 2020-1 DAC:

EUR279,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aaa (sf)

EUR26,750,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Assigned (P)Aa2 (sf)

EUR16,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Assigned (P)Aa2 (sf)

EUR18,125,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)A2 (sf)

EUR10,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2033, Assigned (P)A2 (sf)

EUR30,375,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Baa3 (sf)

EUR24,750,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Ba2 (sf)

EUR9,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)B2 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 75% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 3-month ramp-up period in compliance with the portfolio
guidelines.

Barings (U.K.) Limited ("Barings UK") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's three-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations. In addition to the
eight classes of notes rated by Moody's, the Issuer will issue EUR
38.8m of Subordinated Notes which are not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

The rapid spread of the coronavirus outbreak, the government
measures put in place to contain it and the deteriorating global
economic outlook, have created a severe and extensive credit shock
across sectors, regions and markets. Its analysis has considered
the effect on the performance of corporate assets from the collapse
in global economic activity in the second quarter and a gradual
recovery in the second half of the year. However, that outcome
depends on whether governments can reopen their economies while
also safeguarding public health and avoiding a further surge in
infections. As a result, the degree of uncertainty around its
forecasts is unusually high.

Fitch 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.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2020.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 450,000,000

Diversity Score: 42

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.85%

Weighted Average Coupon (WAC): 4.5%

Weighted Average Recovery Rate (WARR): 44%

Weighted Average Life (WAL): 8 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.


BARINGS EURO 2020-1: S&P Assigns Prelim. 'B' Rating on F Notes
--------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Barings
Euro CLO 2020-1 DAC's class A to F European cash flow CLO notes. At
closing, the issuer will issue unrated subordinated notes.

The preliminary ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with S&P's counterparty rating framework.

  Portfolio Benchmarks
                                                    Current
  S&P weighted-average rating factor               2,633.75
  Default rate dispersion                            788.74
  Weighted-average life (years)                        5.22
  Obligor diversity measure                           96.41
  Industry diversity measure                          17.27
  Regional diversity measure                           1.44

  Transaction Key Metrics
                                                    Current
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                      B
  'CCC' category rated assets (%)                      3.30
  Covenanted 'AAA' weighted-average recovery (%)      38.00
  Covenanted weighted-average spread (%)               3.85
  Covenanted weighted-average coupon (%)               4.50

One notable feature in this transaction is the introduction of loss
mitigation loans. Loss mitigation loans allow the issuer to
participate in potential new financing initiatives by the borrower
in default. This feature aims to mitigate the risk of other market
participants taking advantage of CLO restrictions, which typically
do not allow the CLO to participate in a defaulted entity's new
financing request, and hence increase the chance of increased
recovery for the CLO. While the objective is positive, it can also
lead to par erosion, as additional funds will be placed with an
entity that is under distress or in default. S&P said, "This may
cause greater volatility in our ratings if the positive effect of
such loans does not materialize. In our view, the presence of a
bucket for loss mitigation loans, the restrictions on the use of
principal proceeds to purchase such assets, and the limitations in
reclassifying proceeds received from such assets from principal to
interest help to mitigate the risk."

Loss mitigation loan mechanics

Under the transaction documents, the issuer can purchase loss
mitigation loans, which are assets of an existing collateral
obligation held by the issuer offered in connection with
bankruptcy, workout, or restructuring of such obligation, to
improve the recovery value of such related collateral obligation.

The purchase of loss mitigation loans is not subject to the
reinvestment criteria or the eligibility criteria. It receives no
credit in either the principal balance or par coverage test
numerator definition, and is limited to 5% of the target par
amount. The cumulative exposure to loss mitigation loans is limited
to 10% of the target par amount.

The issuer may purchase loss mitigation loans using either interest
proceeds, principal proceeds, or amounts standing to the credit of
the supplemental reserve account. The use of interest proceeds to
purchase loss mitigation loans are subject to (1) all the interest
and par coverage tests passing following the purchase and (2) the
manager determining there are sufficient interest proceeds to pay
interest on all the rated notes on the upcoming payment date. The
usage of principal proceeds is subject to (1) passing par coverage
tests, (2) the manager having built sufficient excess par in the
transaction so that the principal collateral amount is equal to or
exceeds the portfolio's reinvestment target par balance after the
reinvestment, and (3) the class F par value coverage ratio is equal
to or greater than 107.2%.

To protect the transaction from par erosion, any distributions
received from loss mitigation loans that are purchased with the use
of principal proceeds will form part of the issuer's principal
account proceeds and cannot be recharacterized as interest unless
(1) the principal collateral amount is equal to or exceeds the
portfolio's reinvestment target par balance and (2) until the
amounts received from the loss mitigation loan, plus the recoveries
of the related defaulted obligation (or credit risk obligation),
exceed the greater of the outstanding principal balance of the
defaulted obligation (or credit risk obligation) and the principal
proceeds used to purchase the loss mitigation loan.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately three years after
closing.

S&P said, "We understand that at closing the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior-secured term loans and senior-secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we used the EUR450 million target par
amount, the covenanted weighted-average spread (3.85%), the
reference weighted-average coupon (4.50%), and the target minimum
'AAA' weighted-average recovery rate (38.00%) as indicated by the
collateral manager. We applied various cash flow stress scenarios,
using four different default patterns, in conjunction with
different interest rate stress scenarios for each liability rating
category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings."

Until the end of the reinvestment period on Oct. 21, 2023, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

S&P said, "At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with the same or higher rating levels than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our preliminary
ratings assigned to the notes.

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

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

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P said, "We are using this assumption
in assessing the economic and credit implications associated with
the pandemic. As the situation evolves, we will update our
assumptions and estimates accordingly."

The transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and it will be managed by Barings (U.K.)
Ltd.

  Ratings List

  Class   Prelim.   Prelim. amount   Interest   Credit
          rating    (mil. EUR)       rate (%)   enhancement (%)
  A       AAA (sf)   279.000         3mE + 1.10    38.00
  B-1     AA (sf)     26.750         3mE + 1.70    28.50
  B-2     AA (sf)     16.000         2.05          28.50
  C-1     A (sf)      18.125         3mE + 2.75    22.25
  C-2     A (sf))     10.000         2.90          22.25
  D       BBB- (sf)   30.375         3mE + 4.35    15.50
  E       BB (sf)     24.750         3mE + 6.90    10.00
  F       B (sf)       9.000         3mE + 7.98     8.00
  Sub     NR          38.800         N/A            N/A

  NR--Not rated.
  N/A--Not applicable.
  3mE--Three-month Euro Interbank Offered Rate.


CVC CORDATUS XVIII: Moody's Gives (P)B3 Rating on Class F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by CVC Cordatus
Loan Fund XVIII DAC:

EUR2,100,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR226,900,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR21,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR10,600,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR30,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)A2 (sf)

EUR22,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Baa3 (sf)

EUR22,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Ba3 (sf)

EUR7,500,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of senior secured obligations and up to 5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six-month ramp-up period in compliance with the
portfolio guidelines.

CVC Credit Partners European CLO Management LLP will manage the
CLO. It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
three-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by 12.5% or EUR 262,500 over 8 payment dates
starting on the 2nd payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR38.05 million of Class M-1 Subordinated Notes
and EUR1 million of Class M-2 Subordinated Notes which are not
rated. The Class M-2 Subordinated Notes accrue interest in an
amount equivalent to a certain proportion of the senior and
subordinated management fees and its notes' payment is pari passu
with the payment of the senior and subordinated management fees.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

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.

Fitch 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.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2020.

Moody's used the following base-case modeling assumptions:

Par Amount: EUR 375,000,000

Diversity Score: 43

Weighted Average Rating Factor (WARF): 3050

Weighted Average Spread (WAS): 3.90%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.5%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.


CVC CORDATUS XVIII: S&P Gives Prelim. 'B' Rating on Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to the class
X to F European cash flow CLO notes issued by CVC Cordatus Loan
Fund XVIII DAC (CVC Cordatus XVIII). At closing the issuer will
issue unrated subordinated notes.

The preliminary ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

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

The portfolio's reinvestment period will end approximately 3.2
years after closing, and the portfolio's maximum average maturity
date will be eight and a half years after closing.

  Portfolio Benchmarks
                                                         Current
  S&P Global Ratings weighted-average rating factor     2,756.89
  Default rate dispersion                                 516.23
  Weighted-average life (years)                             5.26
  Obligor diversity measure                               93.536
  Industry diversity measure                              18.568
  Regional diversity measure                               1.332

  Transaction Key Metrics
                                                         Current
  Total par amount (mil. EUR)                                375
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              115
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                         'B'
  'CCC' category rated assets (%)                           0.00
  'AAA' weighted-average recovery (covenanted) (%)         36.90
  Covenanted weighted-average spread (%)                    3.90
  Reference weighted-average coupon (%)                     4.00
  
Workout loan mechanics

Under the transaction documents, the issuer can purchase workout
loans, which are bonds or loans the issuer acquired in connection
with a restructuring of a related defaulted obligation or credit
impaired obligation, to improve its recovery value.

The purchase of workout loans is not subject to the reinvestment
criteria or the eligibility criteria. It receives no credit in the
principal balance definition, although where the workout meets the
eligibility criteria with certain exclusions, it is accorded
defaulted treatment in the par coverage tests. The cumulative
exposure to loss mitigation loans purchased using interest or
principal proceeds is limited to 10.0% of target par.

The issuer may purchase workout loans using either interest
proceeds, principal proceeds, or amounts in the collateral
enhancement account. The use of interest proceeds to purchase
workout loans are subject to (i) all the interest and par coverage
tests passing following the purchase, and (ii) the manager
determining there are sufficient interest proceeds to pay interest
on all the rated notes on the upcoming payment date. The use of
principal proceeds is subject to passing par coverage tests, and
the manager having built sufficient excess par in the transaction
so that the aggregate collateral amount is equal to or exceeding
the portfolio's reinvestment target par balance after the
acquisition.

To protect the transaction from par erosion, any distributions
received from workout loans will irrevocably form part of the
issuer's principal account proceeds unless the principal collateral
amount is equal to or exceeding the portfolio's reinvestment target
par balance after the reinvestment, par coverage tests are passing,
and the manager has recovered the collateral value of the workout
loan.

S&P said, "We understand that at closing, the portfolio will be
well-diversified, primarily comprising broadly syndicated
speculative-grade senior secured term loans and senior secured
bonds. Therefore, we have conducted our credit and cash flow
analysis by applying our criteria for corporate cash flow
collateralized debt obligations. As such, we have not applied any
additional scenario and sensitivity analysis when assigning
preliminary ratings to any classes of notes in this transaction.

"In our cash flow analysis, we used the EUR375 million target par
amount, the covenanted weighted-average spread (3.90%), the
reference weighted-average coupon (4.00%), and the covenanted
weighted-average recovery rates as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category. Our
credit and cash flow analysis indicates that the available credit
enhancement for the class B-1 to F notes could withstand stresses
commensurate with higher rating levels than those we have assigned.
However, as the CLO will be in its reinvestment phase starting from
closing, during which the transaction's credit risk profile could
deteriorate, we have capped our preliminary ratings assigned to the
notes."

This transaction also features a principal transfer test. Following
the expiry of the non-call period, and following the payment of
deferred interest on the class F notes, interest proceeds above
101% of the class F interest coverage amount can be paid into the
principal account and/or collateral enhancement account. This
feature may therefore reduce the amount of interest proceeds
available to cure the reinvestment overcollateralization test,
which is junior to this item in the interest waterfall. S&P has
considered this in our cash flow analysis by assuming that such
amounts will be paid to equity.

The transaction includes an amortizing reinvestment target par
amount, which is a predetermined reduction in the value of the
transaction's target par amount, unrelated to the principal
payments on the notes. This may allow for the principal proceeds to
be characterized as interest proceeds when the collateral par
exceeds this amount, subject to a limit, and affect the
reinvestment criteria, among others. This feature allows some
excess par to be released to equity during benign times, which may
lead to a reduction in the amount of losses that the transaction
can sustain during an economic downturn. S&P said, "Hence, in our
cash flow analysis, we have considered scenarios in which the
target par amount declined by the maximum amount of reduction
indicated by the arranger."

Under S&P's structured finance sovereign risk criteria, it
considers that the transaction's exposure to country risk is
sufficiently mitigated at the assigned preliminary ratings.

Until the end of the reinvestment period on Jan. 29, 2024, the
collateral manager is allowed to substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager can, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

S&P said, "At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure to be bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for each
class of notes."

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and will be managed by CVC Credit
Partners European CLO Management LLP.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class X
to F notes to five of the 10 hypothetical scenarios we looked at in
our recent publication. The results shown in the chart below are
based on the actual weighted-average spread, coupon, and
recoveries.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P said, "We are using this assumption
in assessing the economic and credit implications associated with
the pandemic. As the situation evolves, we will update our
assumptions and estimates accordingly."

  Ratings List

  Class   Prelim.   Prelim. amount   Interest            Credit
          rating    (mil. EUR)       rate (%)    enhancement (%)

  X       AAA (sf)      2.10     Three/six-month EURIBOR     N/A
                                      plus 0.45%

  A       AAA (sf)    226.90     Three/six-month EURIBOR    39.50
                                      plus 1.10%

  B-1     AA (sf)      21.30     Three/six-month EURIBOR    31.00
                                      plus 1.65%

  B-2     AA (sf)      10.60           1.95%                31.00

  C       A (sf)       30.00     Three/six-month EURIBOR    23.00
                                       plus 2.40%

  D       BBB (sf)     22.50     Three/six-month EURIBOR    17.00
                                       plus 3.50%     

  E       BB (sf)      22.50     Three/six-month EURIBOR    11.00
                                       plus 5.83%

  F       B (sf)        7.50     Three/six-month EURIBOR     9.00
                                       plus 7.94%

  M-1     NR           38.05            N/A                   N/A

  M-2     NR            1.00            N/A                   N/A

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


NEW LOOK: High Court Grants Irish Unit Permission to Pay Tax Bill
-----------------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court has
granted permission to the Irish arm of fashion retailer New Look to
pay a tax bill of nearly EUR2.7 million, as the company puts
together a survival plan amid financial losses due to the Covid-19
pandemic.

According to The Irish Times, Mr. Justice Denis McDonald made the
order after New Look said its tax affairs needed to be up to date
before it could avail of the Employment Wage Subsidy Scheme (EWSS)
for workers.

The Sept. 28 hearing was in advance of an application by the
company, for hearing on Sept. 29, to have an examiner appointed,
The Irish Times notes.

Landlords who are owed rent arrears on New Look premises opposed
the company's request to pay Revenue, saying its insolvency was
"contrived", and the tax payment would reduce assets available for
other creditors' claims, The Irish Times relates.

New Look Retailers (Ireland) Limited, which operates 27 stores and
employs 475 people, had an interim examiner appointed after it
sought protection of the courts due to its financial difficulties,
The Irish Times recounts.

On Sept. 28 Kelley Smith, as cited by The Irish Times, said, to be
eligible for the EWSS, the company must have a tax clearance
certificate which would be available only when its taxes were fully
paid.

The court heard the EUR2.687 million bill included PAYE, PRSI and a
VAT return of just over EUR1 million, The Irish Times states.  Ms.
Smith said there would be a "real" cost to the company of
EUR200,000 if the EWSS application was not made by the end of
September, because it could not be backdated, according to The
Irish Times.


NEW LOOK: Landlords Claim Examinership Bid Not About Saving Jobs
----------------------------------------------------------------
The Irish Times reports that fashion retailer New Look's
application for examinership in Ireland is "not about saving jobs"
but an attempt to rewrite its contracts with landlords, it has been
claimed.

According to The Irish Times, a lawyer for some of the landlords
told the High Court the company was in "more robust health than
most", despite the Covid-19 pandemic, and was seeking to make
changes that could save it around EUR5 million per year in rent
reductions.

New Look has asked the court to confirm the appointment of an
examiner, saying that while it has cash to pay its debts today, it
expects to be insolvent by March, The Irish Times relates.

Last month, the court appointed Ken Fennell, of Deloitte as interim
examiner to the chain's Irish arm, which operates 27 stores and
employs 475 people in Ireland, The Irish Times recounts.

New Look, The Irish Times says, sought the protection of the courts
due to financial difficulties and losses from the pandemic.  On
Sept. 29, Kelley Smith, for New Look, told the court the company
was in an "unprecedented situation" where stores had been closed
for three months, then reopened in a very different trading
situation, The Irish Times relays.

She said the landlords were asking the company to continue to pay
the landlords "until it reaches the precipice and then falls over",
The Irish Times notes.

Ms. Smith said on March 17, three days before the stores closed,
New Look asked for a three-month rental holiday and no landlord
agreed to that, The Irish Times discloses.

According to The Irish Times, she said the landlords accepted the
company was in financial difficulty and had "moved position" to
state they would forgive rent for April, May and June, but that had
"strings attached".

Ms. Smith said there was no evidence of a "strategy" by the company
and rejected any suggestion of "bad faith or improper purpose" to
the application, The Irish Times relates.




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

BANCA POPOLARE DI SONDRIO: Fitch Affirms BB+ IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Banca Popolare di Sondrio's Long-Term
Issuer Default Rating (IDR) at 'BB+' and removed it from Rating
Watch Negative. The Outlook is Negative.

The affirmation of the ratings primarily reflects Sondrio's
progress in improving asset quality following the deconsolidation
of EUR1 billion of legacy impaired loans in 1H20, which Fitch
believes has reduced near-term pressure on the bank's ratings. The
affirmation also acknowledges the relative strength of Sondrio's
capitalisation and funding, which are supported by satisfactory
capital buffers and a stable deposit base.

The Negative Outlook reflects downside risks to its assessment of
asset quality and profitability, which could face a sharper or more
sustained weakening than Fitch currently expects, particularly in
case of a more severe or protracted economic deterioration than in
its base case. This could eventually put pressure on capitalisation
through significantly increased capital encumbrance by unreserved
impaired loans, despite the currently high regulatory common equity
Tier 1 (CET1) ratio of 15.7%.

Under Fitch's forecasts, Italy's GDP is likely to contract by 10%
in 2020 before seeing a partial recovery in 2021. Italy has been
one of the worst-hit countries globally but has managed to contain
the coronavirus outbreak owing to its stringent quarantine rules.
Similar to other eurozone countries, Italy is experiencing a
resurgence in new cases but the government has been quick to act to
stem the contagion while insisting that no new country-wide
restrictions will be imposed.

KEY RATING DRIVERS

IDRS, VR AND SENIOR PREFERRED DEBT

The ratings of Sondrio reflect its weak asset quality and pressures
on operating profitability. The ratings also reflect the bank's
adequate franchise in its regions of operations, which results in
stable deposits underpinning a sound funding and liquidity profile.
The bank's Viability Rating (VR) also reflects the relative
strength of its regulatory capitalisation with ample buffers over
requirements.

In June 2020, Sondrio completed a EUR1 billion gross doubtful loans
securitization, which improved the impaired loans ratio to 9.4% at
end-1H20 from 12.9% at end-1Q20. Fitch expects asset quality to
deteriorate in the coming quarters as a result of the economic
downturn, although, in its base case, Fitch expects asset quality
to be supported by further EUR400 million gross doubtful loans
disposal by year-end. The bank's strengthened work-out process and
continuous focus on internal workout activities, together with
government support measures, should also allow the bank to
compensate for rising credit risk and to continue working through
its impaired loan stock.

The bank's impaired loans coverage ratio of about 60% at end-1H20
is one of the highest among direct domestic peers. Fitch believes
this is adequate as the residual impaired loans exposure, after the
recent and pro-forma for planned disposals, includes a large
portion of unlikely-to-pay exposures, which the bank has the
potential to cure.

Capitalisation (15.7% CET1 ratio at end-1H20) has ample buffers
over regulatory requirements and capacity to withstand some degree
of deterioration. The bank's capital encumbrance by unreserved
impaired loans has improved to 40% at end-1H20 from its peak of 74%
at end-2016, and in its base case Fitch expects it to remain under
control as new NPL inflows in 2H20 should be compensated for by
planned loan disposals. Its assessment also factors that Sondrio's
capitalisation remains at risk from its large exposure to Italian
government bond holdings at about 200% of CET1 capital at
end-1H20.

Sondrio's operating profitability is modest both by international
standards and compared with stronger domestic rated banks, although
so far aided by good cost efficiency. The bank reported an
operating loss in 1H20 largely on the back of the EUR48 million
loss from the sale of the junior and mezzanine tranches issued in
the doubtful loan securitisation, while net interest income
remained broadly stable year-on-year thanks to higher loan volumes
(partly the result of payment suspensions). Net commission income
suffered from reduced transaction volumes during lockdown but
started to recover from May and should support revenue in the
remainder of 2020. Fitch maintains a negative view on profitability
as Fitch expects it remain weak in the near-to-medium term as a
result of high loan impairment charges. The bank's expectation of
growing loan volumes and the benefit of TLTRO utilisation should
mitigate the effect of low interest rates. The bank is also
concentrating on its wealth management activities to sustain net
commission income.

The bank's funding and liquidity profile is sound. Customer
deposits have been stable, benefiting from the bank's adequate
franchise in its regions of operations and strong client
relationships. Funding sources are increasingly diversified due to
its access to both secured and unsecured wholesale funding.
Liquidity remains sound also thanks to adequate buffers of
unencumbered eligible assets and access to ECB financing, which
increased due to Sondrio's participation in the June 2020 ECB
T-LTRO3 auction.

Sondrio's Short-Term IDR of 'B' is the only option mapping to a
'BB+' Long-Term IDR.

Sondrio's long-term senior preferred notes are rated in line with
the bank's Long-Term IDR. Fitch expects the bank to use senior
preferred debt to meet its minimum requirement for own funds and
eligible liabilities. Fitch also does not expect the bank to build
up buffers of subordinated and senior non-preferred debt in excess
of 10% of risk-weighted assets (RWAs), which is required under its
criteria to rate senior preferred debt above the Long-Term IDR.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating (SR) of '5' and Support Rating Floor (SRF) of
'No Floor' reflect Fitch's view that, although external support is
possible, it cannot be relied upon. Senior creditors can no longer
expect to receive full extraordinary support from the sovereign in
the event that the bank becomes non-viable.

The EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism for eurozone banks provide a framework for the
resolution of banks that requires senior creditors to participate
in losses, if necessary, instead of or ahead of a bank receiving
sovereign support.

SUBORDINATED DEBT

Tier 2 subordinated debt of Sondrio is notched down twice from its
VR for loss severity to reflect poor recovery prospects. No
notching is applied for incremental non-performance risk because
write-down of the notes will only occur once the point of
non-viability is reached and there is no coupon flexibility before
non-viability.

DEPOSIT RATINGS

Sondrio's long-term deposit rating of 'BBB-' is one-notch above the
bank's Long-Term IDR to reflect the protection offered by
lower-ranking senior preferred and Tier 2 debt. The one-notch
uplift also reflects its expectation that the bank will maintain
sufficient buffers, given the need to comply with minimum
requirement for own funds and eligible liabilities.

Its short-term deposit rating of 'F3' is in line with its rating
correspondence table for banks with 'BBB-' long-term deposit
ratings.

RATING SENSITIVITIES

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

Sondrio's Outlook could be revised to Stable in case of a
lower-than-expected shock to the bank's asset quality and earnings
and if downside risks to its forecasts reduce. The Outlook could
also be revised to Stable if following the initial moderate
deterioration in asset quality and profitability, the bank's
impaired loans and operating profit return over the medium term to
the more normalised levels observed pre-crisis.

While rating upside is currently limited given the Negative
Outlook, Sondrio's ratings could be upgraded on evidence of easing
pressures on asset quality and earnings that have arisen from the
economic fallout from the coronavirus pandemic. This would need to
be accompanied by a further significant impaired loans reduction,
reduced capital encumbrance by unreserved impaired loans and
improved operating profitability.

Fitch would upgrade the long-term senior preferred debt by one
notch if resolution buffers were to be met with senior
non-preferred debt and more junior instruments or if, at some point
in the future, the size of the combined buffer of junior and senior
non-preferred debt is expected to sustainably exceed 10% of RWAs.

An upgrade of the SR and upward revision of the SRF of Sondrio
would be contingent on a positive change in the sovereign's
propensity to support the bank. In Fitch's view, this is highly
unlikely, although not impossible.

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

Sondrio's IDRs, VR and senior preferred debt ratings are sensitive
to the depth and duration of the economic crisis caused by the
pandemic and its impact on its financial profile. If the economic
fallout from the pandemic results in a more prolonged and
substantial damage to the bank's asset quality and earnings causing
significant capital erosion, including from higher-than-expected
capital encumbrance from unreserved impaired loans, the bank's
ratings could be downgraded. Sondrio's ratings are also sensitive
to a lower operating environment assessment by Fitch for Italian
banks.

The deposit ratings would likely be downgraded if the banks'
Long-Term IDR was downgraded. The deposit ratings are also
sensitive to a reduction in the size of the senior and junior debt
buffers to below 10% of RWAs.

The subordinated debt's rating is primarily sensitive to changes in
the VR, from which it is notched. The rating is also sensitive to a
change in the notes' notching, which could arise if Fitch changes
its assessment of their non-performance relative to the risk
captured in the VR.

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).


BELVEDERE SPV: DBRS Lowers Rating on Class A Notes to BB
--------------------------------------------------------
DBRS Ratings Limited downgraded its rating on the Class A notes
issued by Belvedere SPV S.r.l. (the Issuer) to BB (sf) from BBB
(low) (sf) and assigned a Negative trend. At the same time, DBRS
Morningstar removed the Under Review with Negative Implications
status from the notes, which was assigned on May 8, 2020.

The transaction represents the issuance of Class A, Class B, and
Class J notes (collectively, the Notes). The rating on the Class A
notes addresses the timely payment of interest and ultimate payment
of principal. DBRS Morningstar does not rate the Class B or Class J
Notes.

At issuance, the Notes were backed by a EUR2.5 billion portfolio by
gross book value (GBV) consisting of unsecured and secured
nonperforming loans sold by Gemini SPV S.r.l., Sirius SPV S.r.l.,
Antares SPV S.r.l., SPV Project 1702 S.r.l., and Adige SPV S.r.l.
(collectively, the Sellers) to Belvedere SPV S.r.l.

The receivables are serviced by Prelios Credit Servicing S.p.A.
(Prelios) and Bayview Italia S.r.l. (Bayview), which act as the
special servicers. Prelios also operates as the master servicer in
the transaction. A backup servicer, Securitization Services S.p.A.,
was appointed and will act as the servicer in case the special
servicers' appointments are terminated.

RATING RATIONALE

The rating downgrade follows a review of the transaction and is
based on the following analytical considerations:

-- Transaction performance: assessment of portfolio recoveries as
of July 31, 2020, focusing on: (1) a comparison between actual
collections and the special servicers' initial business plan
forecasts; (2) the collection performance observed over the past
six months, including the period following the outbreak of the
Coronavirus Disease (COVID-19); and (3) a comparison between the
current performance and DBRS Morningstar's expectations.

-- Bayview's updated business plan, received in April 2020, and
the comparison with Bayview's initial collection expectations, as
well as the absence of Prelios' updated business plan.

-- Portfolio characteristics: loan pool composition as of July
2020 and evolution of its core features since issuance.

-- Transaction liquidating structure: the order of priority
entails a fully sequential amortization of the notes – i.e., the
Class B notes will begin to amortize following the full repayment
of the Class A notes and the Class J notes will amortize following
the repayment of the Class B notes.

-- Performance ratios and Underperformance Events: First Level and
Second Level Underperformance Events may occur if the Cumulative
Collection Ratio (CCR) and the PV Cumulative Profitability Ratio
(PVCPR) are both lower than 90% and 70%, respectively. These events
have not occurred on the June 2020 interest payment date, with the
actual figures being a 23.0% CCR and a 245.8% PVCPR for Prelios and
a 70.0% CCR and a 103.8% PVCPR for Bayview, according to the latest
information from the special servicers.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure covering against
potential interest shortfall on the Class A notes and senior fees.
The cash reserve target amount is equal to 4.0% of the Class A
notes principal outstanding and is currently fully funded. However,
DBRS Morningstar notes that in the absence of a Trigger Notice, the
amortizing mechanism for the reserve defined as Class J Notes Early
Amortization Amount, creates a leakage of funds towards the junior
notes.

According to the latest investor report of June 2020, the principal
amount outstanding of the Class A, Class B, and Class J notes was
equal to EUR 283.0 million, EUR 70.0 million, and EUR 95.0 million,
respectively. The balance of the Class A notes has amortized by
approximately 11.6% since issuance. The current aggregated
transaction balance is EUR 448.0 million.

As of June 2020, the transaction was performing below the special
servicers' initial expectations. The actual cumulative gross
collections equal EUR 74.5 million, whereas special servicers'
initial business plans estimated cumulative gross collections of
EUR 161.9 million for the same period. Therefore, as of June 2020,
the transaction was underperforming by EUR 87.4 million (-54.0%)
compared with initial expectations. By special servicer, the
performance split would be as follows: Prelios is underperforming
by EUR 63.0 million (-75.0%) compared with its initial expectations
and Bayview is underperforming by EUR 24.4 million (-31.2%)
compared with its initial expectations.

Bayview's underperformance started in the first half of 2020 as
opposed to Prelios' underperformance, which has been evident since
the closing of the transaction. According to Prelios, its
underperformance is mainly attributable to a relevant delay in the
onboarding operations and to a lower-than-expected credit quality,
which particularly affects the unsecured exposures.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 93.5 million at the BBB
(low) (sf) stressed scenario. Therefore, as of June 2020, the
transaction is performing below DBRS Morningstar's initial stressed
expectations.

In April 2020, Bayview provided DBRS Morningstar with a revised
business plan. In this updated business plan, Bayview assumed lower
recoveries compared with initial expectations. The total cumulative
gross collections from the updated business plan account for EUR
287.1 million, which is 5.9% lower compared with the EUR 305.1
million expected in the initial business plan. According to
Bayview, the modifications included in the updated business plan
envisage an additional timing adjustment of collections as a result
of the impact of the coronavirus, updated real estate valuations,
lower-than-expected clearing prices for the assets in the judicial
auctions until the ReoCo was implemented, and a deeper portfolio
knowledge that revealed a lower-than-expected credit quality,
especially in the unsecured exposures.

The updated business plan from Prelios has not yet been released by
the monitoring agent as it does not have the required approvals.
Consequently, DBRS Morningstar has not been able to incorporate
Prelios' most up-to-date view of the transaction's expected
performance in its analysis.

Without including actual collections, the special servicers'
expected future collections from July 2020 are now accounting for
EUR 378.1 million (EUR 371.7 million in the initial business plan).
The updated DBRS Morningstar BB (sf) rating stress assumes a
haircut of 10.0% to the special servicers' latest business plans,
considering future expected collections.

The final maturity date of the transaction is December 2038.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The coronavirus and the resulting isolation measures have resulted
in a sharp economic contraction, increases in unemployment rates,
and reduced investment activities. DBRS Morningstar anticipates
that collections in European nonperforming loan (NPL)
securitizations will be disrupted in the coming months and that the
deteriorating macroeconomic conditions could negatively affect
recoveries from NPLs and the related real estate collateral. The
rating is based on additional analysis and adjustments to expected
performance as a result of the global efforts to contain the spread
of the coronavirus. For this transaction, DBRS Morningstar assumed
reduced collections for the next two quarters and incorporated its
revised expectation of a moderate medium-term decline in
residential property prices; however, partial credit to house price
increases from 2023 onwards is given in noninvestment grade
scenarios.

Notes: All figures are in Euros unless otherwise noted.




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

OCI NV: Moody's Affirms 'Ba2' CFR, Outlook Negative
---------------------------------------------------
Moody's Investors Service affirmed OCI N.V.'s Ba2 corporate family
rating and Ba2-PD probability of default rating. Concurrently
Moody's has affirmed the Ba3 rating on the company's outstanding
senior secured notes and assigned a Ba3 rating to OCI N.V.'s
proposed $850 million equivalent senior secured notes issuance. The
company intends to use the proceeds from the refinancing
transaction along with drawings under its revolving credit facility
to repay its 2023 $ and EUR senior secured notes. The outlook on
the ratings remains negative.

RATINGS RATIONALE

OCI's rating at this point remains extremely weakly positioned in
the Ba2 rating category which is also reflected by the company's
high leverage of 7.0x for the LTM period ending June 2020. Moody's
expect a deleveraging to around 6.0x by the end of 2020 and further
deleveraging towards 4.0x in 2021. The slower than originally
anticipated deleveraging trajectory and downside risks to this view
are also reflected by the negative outlook on OCI's rating, which
includes no headroom in the rating to accommodate operational
underperformance or a continued depressed pricing environment.

The company's high leverage and weak Moody's adjusted FCF
generation around breakeven levels for the LTM period ending June
2020 in relation to its Moody's adjusted debt of $4.9 billion are
at this stage a reflection of depressed pricing environment for the
company's nitrogen and methanol products. Moody's positively takes
into account the company's increase in volumes compared to 2019,
which it has achieved by integrating the two Fertil Plants in the
United Arab Emirates, but more importantly through higher operating
rates across its nitrogen platform and wholly owned methanol
assets. The company's solid operating rates across its nitrogen
plants and wholly owned methanol assets in the first half of 2020
provide some degree of comfort that the company will be able to
further expand its production volumes in 2021, which in combination
with the recent uptick in prices for urea and methanol should
support a deleveraging and expansion of FCF in 2021 towards $400
million. Moody's rating is based on the assumption that any FCF
generated will be consistently applied to gross debt reduction
until the capital structure is in line with the company's stated
target net leverage of 2.0x. Hence, Moody's assumes that the
company will be able to swiftly deleverage to levels more
commensurate with the assigned Ba2 rating, any deviation from these
assumptions would likely result in a downgrade.

OCI's rating reflects its leading market positions in nitrogen
products and methanol, which are underpinned by its competitive
cost position also reflected in a high EBITDA margin at around 22%
in the twelve-month period ending June 2020. Furthermore, the Ba2
rating positively takes into account the company's access to low
cost feedstock and a relatively young asset base as well as the
company's solid liquidity profile.

LIQUIDTY PROFILE

OCI's liquidity profile is solid. As of June 2020, the company had
$645 million of cash on balance sheet and proforma for the
refinancing of its 2023 notes around $380 million of availability
under its $850 million senior secured revolving credit facility. In
addition, the company's liquidity profile benefits from around $200
million of committed revolving credit facilities at local
subsidiaries, which are currently undrawn and available to cater
liquidity needs of respective subsidiaries. In combination with
expected FCF generation those sources should be sufficient to cover
mandatory debt repayments, swings in working capital and capital
expenditures. The revolving credit facilities contain financial
covenants, which Moody's expects to be met at all times. However,
Moody's notes that in a scenario where prices remain depressed
covenant headroom might get tight and would expect the company to
address this issue swiftly.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook on the rating reflects OCI's high leverage of
7x for the LTM period ending June 2020 and weak FCF generation in
relation to gross debt. Although Moody's expects improvements in
credit metrics, the negative outlook highlights the fact that any
operational underperformance or a continued depressed pricing
environment will likely delay deleveraging and result in a rating
downgrade.

STRUCTURAL CONSIDERATIONS

The one notch differential between the Ba2 CFR of OCI N.V., which
is the ultimate holding company of the group, and the Ba3 rating
assigned to the senior secured notes issued by OCI N.V. reflects:
1) the structural subordination of OCI N.V.'s creditors to those of
its US based operating subsidiary Iowa Fertilizer Company and North
African operating subsidiaries, whose financial debt is largely
secured against respective assets; and 2) the relatively weak
guarantor package supporting OCI's Senior Secured Notes. Fitch does
not anticipate that the announced refinancing of the debt of EFC at
the level of Fertiglobe Holding will impact the notching of the
notes as OCI N.V.'s debt remains structurally subordinated to the
debt at the Fertiglobe Holding level.

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

Moody's could upgrade OCI's corporate family rating if the company
strengthens its capital structure, such that debt/EBITDA falls
below 3x and RCF/debt increases above 20% on a sustained basis.
Furthermore, Fitch would expect a track record of positive FCF
generation, with the FCF/debt metric in the high-single-digit
percentages.

Moody's could downgrade OCI's rating if the company fails to reduce
Moody's-adjusted debt/EBITDA to below 4x and does not generate
positive FCF on a consistent basis, with the FCF/debt metric at
around 5%.

PRINCIPAL METHODOLOGY

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


OCI NV: S&P Affirms BB Issuer Credit Rating on Proposed Refinancing
-------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit rating
on fertilizer maker OCI N.V., and assigned its 'BB' long-term issue
rating and '3' recovery rating to the proposed senior secured
notes.

The negative outlook indicates limited headroom at the rating and
the risk that S&P could lower the rating if adjusted FFO to debt
remained below 16% in the next 12 months.

S&P said, "We view the proposed refinancing transaction as credit
positive due to interest cost savings and more flexibility to
reduce gross debt in the next two years.   OCI is issuing about
$850 million of senior secured notes with targeted maturity of five
years, in U.S.-dollar and euro-denominated tranches. The company
intends to use the net proceeds and an additional about $300
million drawing under its RCF to redeem its $650 million and EUR400
million senior secured notes due 2023. The transaction will not
affect the group's leverage. We believe the proposed notes issuance
will improve OCI's maturity profile and result in about $25 million
annual interest cost savings. In addition, the new bond's smaller
amount and partial refinancing through the use of repayable RCF
indicates OCI's strong commitment to reduce gross debt from
internal cash flow generation. This is in line with the group's
clearly defined focus on deleveraging and its financial target to
reach reported net debt to EBITDA, as defined by management, of
about 2x through the cycle. We view this as supporting the
rating."

With slower-than-expected deleveraging in 2019 and 2020, OCI's
credit metrics have limited headroom at the rating.   Following
intensive turnarounds in 2019, we expect adjusted FFO to debt will
almost double in 2020 from the very weak 7.7% last year to 14%-15%,
below the 18%-20% we anticipated in December 2019. This is mainly
because of a broad decline in market selling prices across various
nitrogen fertilizer products and methanol. In the first half of
2020, revenue increased by 9% to $1.7 billion and S&P's adjusted
EBITDA almost by 6.5% to $390 million versus the same period last
year. This results from 26% higher production volumes, mainly from
the full consolidation of Fertiglobe, a joint venture with Abu
Dhabi National Oil Co. (ADNOC), adding 2.1 million metric tons per
year of urea capacity. Organic volume growth also improved to about
7% in the first half. As a producer of fertilizer, which is
essential to ensure the food supply, COVID-19 has not had a direct
impact on OCI's operations or distributions. However, selling
prices across the group's various products reached trough cycle
levels in June 2020, resulting in an approximately $120 million
negative impact on EBITDA for the second quarter.

S&P said, "We expect OCI's earnings will continue to increase,
mainly through volume growth and our expectation of a gradual
recovery in market prices.  In our base-case scenario, we expect
the company's credit measures to improve in the coming 12-18 months
due to continuous increase in production volumes, amid supportive
prospects for the global nitrogen fertilizer and methanol end
markets. With the completion of large growth capital expenditure
(capex) programs and limited scheduled turnarounds in the next 12
months, we expect to see healthy volume growth, especially for
methanol. Methanol production was up 23% year-on-year in July and
August, reaching an 85% average utilization rate. We view improving
supply demand balances in both the nitrogen fertilizer and methanol
markets as supporting a gradual recovery in selling prices." Higher
earnings and continuous solid free operating cash flow (FOCF) will
lead to FFO to debt improving to above 20% by 2021.

Solid FOCF will support a continuous deleveraging.   OCI's FOCF has
materially strengthened since the completion of its extensive
growth capex program. In addition, cash flow benefits from the
company's healthy profitability and focus on efficient working
capital management. Despite very low selling prices in first-half
2020, FOCF remained positive and net debt decreased by $222
million, supported by a $168 million, one-off cash inflow from the
Fertiglobe closing settlement. S&P expects FOCF to strengthen to
above $300 million in 2020, in line with the recovery in sales
volumes and higher profitability; and slightly lower capex, which
will remain flat in 2021 due to light turnarounds. In addition,
annual interest payments will decrease by $40 million-$45 million
from 2021 due to the proposed refinancing, the recently negotiated
$385 million refinancing package at Fertiglobe with lower margins,
as well as continuous reduction in gross debt. Solid FOCF supports
a constant reduction in net debt.

OCI's business risk profile benefits from its advanced position on
the global cost curve.   The company enjoys a favorable position on
the global cost curve in both nitrogen fertilizers and methanol,
thanks to its access to low-cost natural gas feedstock in the U.S.
The group's adjusted EBITDA margin stands above the industry
average and is higher than that of European peers such as Yara and
EuroChem. Despite heavy turnarounds and very low selling prices,
OCI maintained adjusted EBITDA margins at 22.5%-25.5% in 2019-2020,
which S&P expects to improve to 28%-30% under more favorable market
conditions. However, despite its access to low-cost feedstock,
OCI's margins are suffering from lower selling prices in the
currently low natural gas price environment, while its European
peers are benefiting from much lower raw material costs.

OCI is vulnerable to the cyclical and commoditized nitrogen
fertilizer and methanol industry, which has high price volatility.
A main constraint for the business risk is the inherent cyclical
nature of the commoditized nitrogen fertilizer and methanol
industry, with high volatility in raw materials costs and selling
prices, although fertilizer and methanol have different economic
cycles. The fertilizer business also experiences high seasonality
in earnings and cash flow.

S&P said, "The outlook is negative because we could lower the
rating if adjusted FFO to debt remains below 16% in the next 12
months.

"We could lower the rating if the improvement in operating
performance and the subsequent deleveraging were below our
expectations, such that the company did not demonstrate a clear
path to restoring adjusted FFO to debt toward 20% by mid-2021. This
could result from declining market prices, or much lower plant
efficiency because of unexpected operational issues. In addition,
negative FOCF or a less supportive financial policy than we
expected would result in downward pressure on the rating.

"We could revise the outlook to stable if OCI built a track record
of continuous profitability improvement and gross debt reduction
through solid FOCF, such that adjusted FFO to debt improved to
above 20% in 2021."




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

DEOLEO SA: Moody's Hikes CFR to B3, Outlook Stable
--------------------------------------------------
Moody's Investors Service upgraded to B3 from Ca the corporate
family rating and to B3-PD from Ca-PD the probability of default
rating (PDR) of Deoleo S.A., the leading producer of olive oil
globally. The outlook has been changed to stable from ratings under
review. Concurrently, Moody's has assigned a B2 rating to the
EUR160 million senior secured term loan due 2025 and a Caa2 rating
to the EUR82 million senior secured junior lien term loan due 2026,
both borrowed by Deoleo's indirect subsidiary Deoleo Financial Ltd.
The outlook on Deoleo Financial Ltd. is stable.

This rating action concludes the review for upgrade initiated by
Moody's on July 1, 2020.

"The upgrade of Deoleo's ratings reflects the improvement in the
company's capital structure following the recent restructuring of
its debt, which entails significantly lower leverage, stronger
liquidity and higher free cash flow generation capacity," says Igor
Kartavov, a Moody's lead analyst for Deoleo. "However, despite
exceptionally strong financial performance demonstrated in the
first half of 2020 and although Fitch expects market conditions to
remain benign in 2020-21, Deoleo remains exposed to the volatility
in olive oil prices in the longer term," adds Mr. Kartavov.

RATINGS RATIONALE

The upgrade of Deoleo's ratings reflects its more sustainable
capital structure, stronger credit metrics and better liquidity
following the restructuring of its debt completed in June 2020. As
a result of the restructuring, Deoleo's outstanding syndicated debt
declined by almost 60%, to EUR242 million from EUR575 million.
Coupled with supportive olive oil market fundamentals and an
ongoing improvement in market position and profitability, magnified
by the coronavirus outbreak, the restructuring will result in
Deoleo's Moody's-adjusted gross debt/EBITDA decreasing to below
4.0x as of end-2020 from 16.1x as of end-2019, according to Moody's
forecasts.

The new capital structure entails a reduction in Deoleo's annual
interest expense by over EUR15 million, supporting higher free cash
flow generation capacity. The company's free cash flow remained
negative in 2015-18 and was only marginally positive in 2019,
because of both subdued earnings and significant interest payments.
Under the new capital structure, Moody's expects Deoleo to generate
a sustainable positive free cash flow, assuming no abrupt spikes in
olive oil prices and no unusual net working capital changes.
Following the restructuring, Deoleo has no significant debt
maturities until mid-2025.

Deoleo's financial and operating performance has been improving
since 2019 on the back of (1) favourable market conditions, with
low and stable benchmark olive oil prices since mid-2019; (2) the
management's commercial initiatives, particularly investments in
marketing, price reduction in the US, which has allowed to gain
market share, and brand positioning efforts in Northern Europe; and
(3) since March 2020, the global coronavirus outbreak, which has
bolstered in-home cooking activity, translating into a spike in
volume growth rates. Moody's believes that Deoleo's current
exceptionally high sales volumes and profitability are not
sustainable in the longer term, and expects earnings to soften in
2021, with Moody's-adjusted gross debt/EBITDA trending towards
5.5x-6.0x.

Fundamentally, Deoleo's earnings remain exposed to the volatility
in prices of olive oil, which is its key cost component. While the
company's profit margins in Spain and Italy are typically stable,
though at a low level, profitability and market share in other
geographies are more volatile because of the higher retail prices
of olive oil and fragmented competitive landscape, which offer to
both Deoleo and its competitors different pricing choices, which
affect market share and profitability, particularly when olive oil
prices at source change significantly. In addition, Deoleo's
pass-through capabilities are limited by the fact that its
customers are large retailers with significant bargaining power.

Deoleo's environmental risk is relatively high as olive oil price
fluctuations are largely driven by unpredictable factors affecting
harvests, such as weather conditions and plant diseases. Market
conditions, however, will likely remain supportive in 2021 owing to
high olive oil stocks and expected strong harvest in the 2020/21
campaign, which limits the possibility of an abrupt spike in olive
oil prices.

Deoleo's B3 CFR is supported by (1) its leading position in the
fragmented olive oil market globally, with a broad geographical
diversification of sales; (2) its strong portfolio of
internationally recognised brands with premium positioning; (3) an
ongoing recovery in its financial performance starting from 2019,
reinforced by the coronavirus outbreak in 2020; (4) its improved
credit metrics and cash flow generation capacity following the
restructuring of its debt in June 2020; and (5) strong liquidity,
supported by a sizeable cash cushion and expected positive free
cash flow.

However, Deoleo's rating also factors in (1) the exposure of its
earnings to the volatile olive oil prices; (2) mixed demand
fundamentals in the long term, with a track record of relatively
flat olive oil consumption globally and declining consumption in
Southern Europe; (3) challenging competitive environment in the
fragmented olive oil market, with price and market share pressure
coming from both competing brands and private-label products as
well as sunflower oil; and (4) the execution risks related to its
commercial initiatives aimed at increasing both sales volumes and
profitability.

LIQUIDITY

Moody's expects that Deoleo will maintain good liquidity in the
next 12-18 months, supported by its sizeable cash balance of EUR73
million as of June 30, 2020. The company's funds from operations of
around EUR25 million per year (after around EUR11 million annual
interest payments) comfortably cover its modest capital spending of
less than EUR5 million. Although Deoleo faces a degree of net
working capital volatility, with higher olive oil prices typically
translating into net working capital absorption, Moody's expects
the magnitude of these swings to be moderate relative to the
company's cash cushion and to be partly absorbed by its available
factoring lines. Moody's notes that Deoleo currently does not have
any committed external credit facilities, which limits the
company's flexibility to absorb a protracted decline in earnings or
working capital needs.

Deoleo's syndicated debt facilities contain a mandatory prepayment
mechanism requiring the company to apply year-end cash balances in
excess of EUR60 million to debt repayment. Given the company's
currently high cash balances and positive free cash flow, Moody's
expects Deoleo to be able to reduce gross debt via this mechanism
in the next 12-18 months, although it also diminishes the company's
resilience to potential abrupt deteriorations in earnings and net
working capital position.

The company's debt facilities contain two maintenance covenants
requiring it to (1) maintain cash balances above EUR15 million; and
(2) maintain EBITDA above a certain threshold, which steps up
quarterly. Although Moody's expects Deoleo to maintain ample
headroom against both covenants in the next 12-18 months, the
headroom against the minimum EBITDA threshold may contract beyond
2021 because of the covenant step-ups as well as the lack of
visibility on market conditions beyond the 2020/21 olive oil
campaign.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Deoleo's financial performance and credit metrics are significantly
exposed to environmental risks, because factors such as adverse
weather conditions and plant diseases affect olive harvests and
olive oil prices, translating into a significant volatility of the
company's profit margins and earnings.

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 its substantial
implications for public health and safety. However, the rating
agency believes that the food industry in general remains resilient
to the pandemic. The coronavirus outbreak has significantly
benefitted Deoleo's financial and operating results by boosting
in-home cooking activity, translating into a 30%
year-on-year-growth in sales volumes in H1 2020, a 24% revenue
growth and a nearly 250% reported EBITDA growth. Although Moody's
considers such growth rates to be unsustainable, the positive
implications of the coronavirus outbreak for Deoleo, although less
pronounced, will likely extend beyond 2020.

Deoleo S.A. is controlled by private equity firm CVC, which holds a
57% stake in the company, and, as is often the case in highly
levered, private equity-sponsored deals, has a high tolerance for
leverage and risk. This is mitigated by the fact that Deoleo is a
publicly listed company and therefore abides by the governance and
disclosure standards set by the CNMV, the stock exchange regulator
in Spain.

Following the conversion of the mandatorily convertible loan into
equity, expected in January 2021, Deoleo's financial creditors will
obtain a 49% stake in Deoleo Holding, S.L.U., an entity that
indirectly owns the group's business. Moody's notes that thereafter
the rated entity Deoleo S.A. will only have a 51% stake in the
group's underlying business.

STRUCTURAL CONSIDERATIONS

Following the restructuring of its debt, completed in June 2020,
Deoleo's capital structure primarily comprises a EUR160 million
senior term loan due 2025 and a EUR82 million junior term loan due
2026, both borrowed by Deoleo's indirect subsidiary Deoleo
Financial Ltd. These two facilities have a common security package,
with the senior facility having a priority claim on the proceeds
from enforcement of security. The security package primarily
comprises pledges over shares, bank accounts and intragroup
receivables, as well as all-asset pledges over Deoleo's North
American subsidiaries, whose assets are small relative to those of
the consolidated group. In addition, the facilities are guaranteed
by the group's operating subsidiaries representing at least 85% of
consolidated revenue, EBITDA and gross assets.

The B2 rating assigned to the senior facility is one notch above
the CFR, reflecting the presence of a significant junior debt
cushion, equal to around one-third of the total financial debt.
Conversely, the Caa2 rating assigned to the junior facility is two
notches below the CFR, reflecting the presence of a sizeable
portion of prior-ranking debt in the capital structure.

The B3-PD PDR of Deoleo reflects Moody's assumption of a 50% family
recovery rate based on the presence of both senior and junior debt
classes in the capital structure.

Moody's notes that Deoleo's capital structure currently includes a
loan that is mandatorily convertible into a 49% equity stake in
Deoleo Holding, S.L.U., a subsidiary of Deoleo S.A. that indirectly
owns the group's business. The rating action assumes that the
conversion of this loan into common equity will take place in
January 2021, as currently envisaged by the company.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's view that, despite its inherent
exposure to the olive oil market volatility, Deoleo will be able to
gradually increase sales volumes and maintain healthy profitability
in the next several years while continuing to reduce its gross
debt, generate positive free cash flow and maintain adequate
liquidity. The stable outlook also reflects Moody's expectation
that Deoleo's Moody's-adjusted gross debt/EBITDA will remain around
or below 5.5x in the next 12-18 months.

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

There is currently limited upward pressure on Deoleo's ratings,
given the volatility of its earnings and credit metrics, which is
primarily driven by unpredictable factors, such as weather
conditions, that affect olive harvests and olive oil prices. The
ratings could be upgraded if Deoleo demonstrates a consistent track
record of executing its strategy and stability of operating and
financial results, including market share and profitability across
its key markets, while generating a positive free cash flow and
maintaining adequate liquidity, including sufficient headroom
against its financial covenants.

Downward pressure on the ratings could arise in case of a
protracted deterioration in market conditions or the company's
competitive position, leading to an increase in its
Moody's-adjusted gross debt/EBITDA to above 6.5x on a sustained
basis. The ratings would come under immediate negative pressure if
the company's liquidity deteriorates beyond Moody's current
expectations, such as in case of a sustained decline in earnings
and/or large net working capital swings leading to significantly
negative free cash flow, or if the covenant headroom contracts.

LIST OF AFFECTED RATINGS

Issuer: Deoleo S.A.

Upgrades, previously placed on review for upgrade:

Probability of Default Rating, Upgraded to B3-PD from Ca-PD

Corporate Family Rating, Upgraded to B3 from Ca

Outlook Action:

Outlook, Changed To Stable From Ratings Under Review

Issuer: Deoleo Financial Ltd.

Assignments:

Senior Secured Bank Credit Facility, Assigned B2

Senior Secured Junior Lien Bank Credit Facility, Assigned Caa2

Outlook Action:

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods Methodology published in February 2020.

COMPANY PROFILE

Headquartered in Madrid, Deoleo is the largest branded olive oil
producer globally, with its proprietary brands including Carapelli,
Bertolli, Carbonell and Hojiblanca. The company engages in the
refining, blending, bottling, distribution and sale of olive oil
(around 85% of revenue), as well as the production of seed oil,
vinegars and sauces. In the first half of 2020, the company
reported revenue of EUR332 million (H1 2019: EUR268 million) and
EBITDA of EUR44 million (H1 2019: EUR13 million). As of June 30,
2020, Deoleo was controlled by funds advised by the private equity
firm CVC Capital Partners, which held a 56.96% stake in the
company.


EL CORTE INGLES: Fitch Rates New EUR400MM Unsec. Notes 'BB+(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned El Corte Ingles S.A.'s (ECI) planned
EUR400 million notes an expected senior unsecured rating of
'BB+(EXP)'. ECI intends to use the proceeds for general corporate
purposes, including the repayment of certain debt. The notes are
rated at the same level as ECI's Long-Term Issuer Default Rating
(IDR) and current senior unsecured debt as they represent direct,
unconditional and unsecured debt of ECI.

The assignment of the final rating to the notes is contingent on
the receipt of final documents conforming to information already
received.

The IDR of ECI continues to reflect its strong market position in
the retail sector in Spain, its expectation that funds from
operations (FFO) adjusted net leverage will return to around 3.5x
in FY23 (ending February 2023), and financial flexibility provided
by its large unencumbered real estate asset base. Over the next
three years, Fitch sees uncertainty about the pace and shape of the
economic recovery in Spain, which could delay ECI's deleveraging
path. This is reflected in a Negative Outlook on the IDR.

KEY RATING DRIVERS

Marked Impact from Coronavirus Lockdown: The closure of ECI's
department stores from mid-March to end-May led to a significant
loss of revenue and profits and put temporary pressure on
liquidity, partly due to material working capital outflows. Fitch
expects further pressure on discretionary retail over the next 18
months in Spain, with a 12% decline of consumer spending in 2020
followed by a rebound of only 4% in 2021. Uncertainty around the
pace of recovery and deleveraging supports the Negative Outlook.

Deleveraging Delayed: Fitch expects FFO-adjusted net leverage to
peak in FY21 and temporarily breach its negative rating
sensitivity. Fitch expects deleveraging to resume in FY22, as
management remains fully committed over the long term to attaining
an investment-grade rating, but given the current highly uncertain
economic environment, this carries execution risks and could be
delayed.

Fitch also views potential monetisation of ECI's real-estate
portfolio as a potential source of deleveraging should the economy
worsen, in case of need, or as macroeconomic conditions improve.
The group is committed to achieving a net debt/EBITDA leverage
below 2.0x.

Positive Pre-COVID-19 Performance: The group retains good
deleveraging capabilities post-pandemic. In fact, in FY20, ECI
achieved leverage metrics consistent with an investment-grade
rating, in line with the previous Positive Outlook that Fitch had
assigned in August 2019. This was driven by a material improvement
in FFO and a EUR0.7 billion reduction in net debt, due largely to
free cash flow (FCF) generation. In the last three years, ECI
improved its EBITDA by 10% and reduced its net debt by 30% to
EUR2.8 billion.

Low but Resilient Profitability: ECI achieved margin expansion up
to FY20 despite continued pressure on retail prices, due to cost
efficiencies in its purchasing department and in personnel
expenses. ECI benefits from low lease expenses (0.9% of sales)
compared with competitors, due to the ownership of most of its
stores and logistic centres. Fitch expects EBITDA margin to be weak
in FY21, despite the implementation of a contingency plan to
mitigate the impact of the coronavirus outbreak. This is followed
by a forecast progressive margin recovery by FY23.

Adapting to Retail Challenges: Changes in consumer habits have been
particularly severe on the retail industry, and more specifically
fashion, due mainly to growth of the online channel, with
aggressive strategies from pure online operators leading to a more
challenging operating environment. Some of these challenges were
exacerbated by the pandemic but ECI demonstrated online
capabilities that were highly responsive to an unparalleled
increase in demand. ECI also benefits from the milder penetration
of e-commerce in Spain, although the gap with other developed
markets could close rapidly.

Flexibility from Real-Estate Portfolio: ECI owns a large
real-estate portfolio, whose value was appraised at around EUR17
billion by Tinsa in February 2020. Fitch views the portfolio as an
important source of financial and operational flexibility, as
assets can be sold or used as collateral in case of need. This,
together with disposal of non-core businesses, could also help ECI
reach target leverage that is consistent with an investment-grade
rating over the medium term. Since 2018, ECI has accelerated its
real-estate management policy through a better use of its retail
space. In the past four years, ECI has obtained over EUR600 million
from monetising non-core real-estate assets, which enabled it to
reduce debt.

Largest Department Store in Europe: ECI derives 95% of its revenue
from Spain, where it operates the only large department store
chain. It has a wide product and service offering, long-established
brand, consumer loyalty and several stores in prime location. ECI
also has hypermarkets integrated within its department stores and
an independent proximity store chain. Its large scale allows it to
profitably sell financial products to clients, including consumer
loans to finance their purchases. ECI operates the leading retail
and business-to-business travel agency in Spain (EBITDA
contribution 6.5%), as well as a small but highly profitable
insurance business (EBITDA contribution 8%).

DERIVATION SUMMARY

ECI's IDR is at the same level as UK-based Marks and Spencer Group
plc (BB+/Stable), reflecting similar scale, a diversified offering
and similar multi-channel capabilities. ECI is significantly more
exposed to discretionary spending, but less to online competition.
ECI's FFO adjusted net leverage is expected to be higher than M&S's
in 2021, before broadly converging in 2022.

ECI is rated lower than Kohl's Corporation (BBB-/Negative),
Falabella S.A. (BBB/Negative) and El Puerto de Liverpool, S.A.B. de
C.V.(BBB+/Stable). The main factors for the rating differential are
lower profitability and higher leverage, although ECI has similar
FCF generation.

ECI is rated above Dillard's, Inc. (BB/Negative) and Macy's Inc.
(BB/Negative), with both North American peers showing a negative
trend in EBITDAR margin. ECI also benefits from lower profit
volatility than its American peers. Although Dillard's, Inc. is
less leveraged, the rating differential is justified by ECI's
greater scale, similar profitability and undisputed leading
position in its domestic market along with the lower penetration of
e-commerce in Spain relative to other developed economies.

Compared with its peers, ECI benefits from the flexibility provided
by owning most of its real-estate assets (similar to Dillard's),
with an appraisal value representing a loan-to-value of around 20%.
This ownership provides ECI with strong financial and operational
flexibility and underpins its solvency through the cycle.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer
Include:

  - Revenues decreasing 27% in FY21, as a material reduction in
non-food retail and the travel agency is partially mitigated by
food retail. Sharp rebound in FY22 but with revenue still 10% lower
than FY20 levels.

  - Very weak EBITDA margin in FY21, returning to around 6% in FY22
and progressively increasing to 7% by FY24.

  - Capex at around EUR220 million in FY21 before strongly
rebounding to EUR350 million in FY22 and EUR400 million in FY23.

  - Strong working capital outflows in FY21, followed by lower
working capital inflows in FY22.

  - Annual disposals of non-core assets and real estate averaging
EUR100 million over FY22-FY24.

  - Dividends at EUR30 million in FY21, progressively increasing
towards EUR75 million by FY24.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to a
revision of the Outlook to Stable:

  - Visibility that FY22 operational and financial performance will
return to levels in line with FY19, with FFO margin above 4% and
FFO-adjusted net leverage decreasing towards 3.5x.

Factors that could, individually or collectively, lead to an
upgrade to 'BBB-':

  - FFO adjusted net leverage sustainably below 3.3x and total
adjusted debt/operating EBITDAR below 3.5x.

  - FFO fixed-charge cover sustainably above 4.0x.

  - FFO margin sustainably above 7% and continuing positive FCF.

  - Maintenance of solid strategy execution along with a
conservative financial structure, continuous strengthening of
corporate governance and enhanced information disclosures.

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

  - FFO-adjusted net leverage remaining above 3.8x by FY23 and
total adjusted debt/operating EBITDAR above 4.0x.

  - FFO fixed-charge cover below 3.5x by FY22

  - Longer and slower recovery post-coronavirus outbreak, leading
to deterioration in organic sales growth and profit margins, with
FFO margin sustainably below 4%.

  - Negative FCF margin not compensated by asset disposals or other
forms of external support, leading to tightening liquidity.

LIQUIDITY AND DEBT STRUCTURE

Liquidity Relief: ECI managed to rebuild enough liquidity to
mitigate the impact of the coronavirus outbreak between March and
June 2020, obtaining EUR1.3 billion in additional funding sources,
of which EUR960 million have a five-year maturity, with the
remainder with one-year tenor. This is in addition to an EUR1
billion revolving credit facility (RCF), undrawn at FYE20.

ECI refinanced its syndicated facilities in February 2020 after
partial repayment of its term loan. The terms of its EUR900 million
senior unsecured term loan and the EUR1.1 billion RCF include
substantially lower interest margins and an extension of debt
maturities to 2025.

Pro-forma for the planned bond issue, refinancing risks would
substantially decrease ahead of ECI's next large debt maturity, an
EUR600 million legacy bond, due in January 2022.

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).

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.




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

PEACH PROPERTY: S&P Alters Outlook to Stable & Affirms 'B+' ICR
---------------------------------------------------------------
S&P Global Ratings revised its outlook on Switzerland-based
residential property owner Peach Property Group AG (PPG) to stable
from positive, and affirmed its 'B+' rating on the company and its
'BB-' ratings on it's senior unsecured debt.

S&P said, "The stable outlook reflects our view that PPG will
remain committed to deleveraging its capital structure within the
next 6-12 months, with its S&P Global Ratings-adjusted ratio of
debt to debt plus equity trending toward 65% and EBITDA interest
coverage moving comfortably over 1x.

"Although we believe PPG remains committed to deleveraging over the
next 6-12 months, it is unlikely the company will meet our previous
deleveraging expectations in 2020. According to its financial
policy, PPG aims to achieve a reported loan-to-value (LTV) ratio of
below 55% in the medium term, which would translate into S&P Global
Ratings-adjusted debt to debt plus equity of 60%-65%. Previously,
we had anticipated PPG would approach its target ratio by the end
of 2020, but this is now unlikely given its leverage continues to
be very high. As of June 30, 2020, PPG's reported net LTV ratio
stood at 59.9% versus 59.6% year-end 2019, translating into S&P
Global Ratings-adjusted debt to debt plus equity of 72.2%, compared
with 72.3% at year-end 2019. Given recently announced acquisitions,
we now forecast the ratio will move toward 65% only in 2021. In
addition, we now assume the company's EBITDA interest coverage will
reach 1.1x-1.3x over this same 6-12 month period (compared with
1.5x in our previous forecast). Our forecasts also assume PPG's
newly issued mandatory convertible notes (MCNs) will be converted
into equity at their maturity date in mid-2021. As a result, we
have revised our financial risk profile to highly leveraged from
aggressive."

PPG's growth appetite is beneficial for its portfolio's scope and
scale, although this is offset by its debt-heavy structure.

The company recently announced two acquisitions comprising about
10,200 apartments across secondary locations in the German federal
states of North-Rhine-Westphalia, Rhineland-Palantinate, and Lower
Saxony. The acquisitions have an estimated total portfolio value of
about Swiss franc (CHF) 840 million and, pro-forma the
transactions, would expand the portfolio by 80% to about CHF2
billion. The acquisitions are expected to close by the end of 2020.
S&P said, "We believe the new assets will largely enhance PPG's
scale and scope, and improve its portfolio diversity. We think they
will fit well into the company's portfolio, given they have similar
quality and market fundamentals as existing assets. The new assets'
vacancy rates range between 8.5% and 11%, broadly in line with the
company's entire portfolio vacancy of 8.2% at June 30, 2020. The
above factors demonstrate PPG's better positioning than peers in
the same business risk category, which we reflect positively in the
rating. However, we understand the transactions will be about 60%
debt financed (60% LTV), in line with the company's reported
leverage level, and therefore the LTV ratio will remain above its
target of below 55%."

S&P said, "We do not anticipate the expected change in PPG's
shareholder structure will have an impact on our rating. PPG
announced the issuance of CHF200 million MCNs as part of its
acquisition funding. We understand that Ares Management Corporation
(Ares), a global alternative asset manager, has subscribed to
CHF150 million of the instrument, or about 75%. We view the MCN as
debt under our methodology, reflecting the material holding of a
single investor. Once the notes are converted, at their maturity in
June 2021 at the latest, Ares will likely become PPG's largest
shareholder, with an approximate interest of 30%. In addition, we
understand that PPG's supervisory board will be extended to five
members, with Ares taking one seat. At this stage, we view the risk
of a major change in the company's strategic direction should Ares
becomes a PPG shareholder as limited. We will closely observe the
final shareholder structure in the course of the conversion, and
update our analysis accordingly."

PPG's liquidity remains adequate. Pro forma the announced
transactions, we continue to assess PPG's liquidity as adequate.
This is backed by the company's low committed capital expenditure
needs, no anticipated dividend payments, and limited short-term
debt maturities consisting mainly of amortization payments. S&P
further expects that the company will maintain solid headroom under
its financial covenants, including any future funding provided as
part of the announced acquisitions.

S&P said, "The stable outlook reflects our view that PPG will
remain committed to deleveraging its capital structure within the
next 6-12 months. Considering the recently announced acquisitions,
we forecast that its S&P Global Ratings-adjusted debt to debt plus
equity will trend closer toward 65% over this time period, with
EBITDA interest coverage improving to comfortably over 1x.

"We might downgrade the company if it fails to reduce leverage as
planned, with debt to debt plus equity remaining close to 70% or
above and EBITDA interest coverage remaining close to 1x or below
in the next 6-12 months.

"We could also lower the ratings if the company's liquidity
deteriorates, with covenant headroom becoming tighter.

"We would raise the rating if PPG reduces its debt to debt plus
equity to below 65%, while improving its EBITDA interest coverage
to over 1.3x, on a sustainable basis.

"Additionally, we would also view a sustainable reduction in PPG's
debt to annualized EBITDA toward 13x or below as positive."




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

ETLIK: EBRD Inks EUR1.1-Bil. Loan Restructuring Deal
----------------------------------------------------
Ebru Tuncay and Jonathan Spicer at Reuters report that the two
companies building the stalled Etlik mega hospital in Ankara agreed
to one of Turkey's largest loan restructurings earlier in
September, according to two sources, one of whom said the deal was
worth EUR1.1 billion (US$1.3 billion).

According to Reuters, the European Bank for Reconstruction and
Development, which has invested some EUR650 million in big city
hospitals in Turkey in recent years, confirmed it signed off on the
deal that should allow construction of Etlik to resume.

Prompted by a fall to record lows in the lira currency, Italy's
Astaldi and Turkey's Turkerler reached the deal on Sept. 11 with 13
banks and finance companies, including three private Turkish
lenders, the first source told Reuters.

Etlik -- to have more than 3,600 beds when complete -- is among the
largest of mega hospitals funded under a public-private partnership
(PPP) model, Reuters states.  But the building boom years faltered
in 2018 when a currency crisis hit, Reuters notes.  Some of the PPP
loans, mostly denominated in euros, have since badly strained
investors, leaving some projects halted and mired in cost overruns,
Reuters relays.

The sources, as cited by Reuters, said Turkey's lira has fallen 23%
this year and has shed half its value since early 2018, clearing
the way to Etlik and other expected PPP restructurings.

One of the sources told Reuters the Etlik deal raised the total
financing to EUR1.1 billion from EUR900 million, including new
costs.  The person said the project, which began in 2013, was worth
nearly EUR1.5 billion, Reuters notes.

It is among Turkey's largest restructurings, Reuters says.




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

AIB GROUP: Fitch Rates 2031 EUR1BB Tier-2 Subordinated Notes 'BB+'
------------------------------------------------------------------
Fitch Ratings has assigned to AIB Group Public Limited Company's
(AIBG, BBB/Negative) EUR1 billion Tier-2 callable resettable
subordinated notes due 2031 (XS2230399441) a 'BB+' rating.

The securities have been issued under AIBG's EUR10 billion Euro
Medium Term Note Programme and are direct, unsecured and
subordinated obligations. The notes have a maturity of 10.5 years
and are callable after 5.5 years. The net proceeds from the issue
of the green bond will be allocated to an eligible green project
portfolio under the group's Green Bond Framework.

KEY RATING DRIVERS

The notes are rated two notches below AIBG's 'bbb' Viability Rating
(VR) to reflect poor recovery prospects for the notes arising from
subordination in case of a non-viability event.

Fitch does not apply further notches for non-performance risk
because the terms of the notes do not provide for loss absorption
on a "going concern" basis.

RATING SENSITIVITIES

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

The notes could be downgraded if the bank's VR is downgraded.
AIBG's ratings would likely be downgraded if a recovery in the
Irish economy for 2021 becomes less likely or turns out to be
materially weaker than Fitch currently expects, either because of
the pandemic or the effects of the post-Brexit relationship between
the EU and the UK. A delay to this recovery would likely result in
sustained pressure on the bank's earnings and more permanent damage
to asset quality, which would be difficult to restore within a
short period of time. AIBG's ratings would also be downgraded on a
material increase in the holding company's double leverage, which
Fitch does not expect.

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

The notes could be upgraded if the bank's VR is upgraded. Given
AIBG's focus on the fairly small and volatile Irish market rating
upside is limited. Nonetheless, in the event the group is able to
withstand rating pressure arising from the pandemic, an upgrade
would depend on its ability to strengthen its company profile and
profitability significantly and operate with a much lower risk
appetite.

The notes' rating is also sensitive to a change in notching should
Fitch change its assessment of loss severity or relative
non-performance 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.


BLERIOT MIDCO: S&P Alters Outlook to Positive & Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed its'B-' long-term issuer credit rating
on Bleriot Midco Ltd. (Ontic) and revised its outlook to positive
from stable. S&P also affirmed its 'B-' issue rating on the
first-lien facilities and 'CCC' issue rating on the second-lien
loan.

The positive outlook indicates the potential for an upgrade in 2021
if Ontic is able to continue growing its revenue and maintain its
margins, while sustainably reducing its adjusted leverage to about
6x, despite the current challenging operating environment.

Ontic's high exposure to the stable defense sector supports our
expectation of consistent revenue growth over the next few
quarters, although the commercial division is facing some
structural hurdles.  Compared with other rated peers in the
aerospace and defense industry, Ontic has demonstrated very
resilient performance during the first half of 2020 amid the
COVID-19 outbreak (with revenue and pro forma EBITDA about 25%
higher and 62% higher than in the first half of 2019, respectively)
mainly underpinned by its higher exposure to the military sector
(66% at first-half 2020; classed as "essential business" during the
pandemic) and its strong order book, which provides good revenue
visibility to the company.

S&P said, "We expect long-term disruption to Ontic's commercial
platforms as a result of structural headwinds in the sector
stemming from the COVID-19 outbreak. However, compared with the
defense sector, the commercial exposure is low (it accounted for
21% of the revenue mix in first-half 2020), and is mostly related
to the aftermarket space. We therefore forecast 7%-9% revenue
growth to above $300 million at the end of 2020, against our
previous expectations of $270 million-$280 million, with S&P Global
Ratings-adjusted EBITDA margins at 33%-35%. This is because we
anticipate strong operating performance over the next few quarters,
and limited disruption to the company's business model. We also
expect 8%-9% revenue growth in 2021 on the back of continued
license acquisitions in 2020, with adjusted EBITDA margins
improving by about 100 basis points (bps)-150 bps.

"Despite the strength in the military end-market and our
expectations that Ontic will be able to deliver on its strategy,
the company will continue to exhibit very limited FCF generation,
after accounting for new license acquisitions.  While we see
Ontic's business model as highly resilient, despite the COVID-19
outbreak, we believe that the need to invest in new license
acquisitions represents a constraint on profitability
predictability and FCF generation compared with rated peers. In
fact, in the aftermarket space (which accounted for 74% of revenue
in 2019), platforms age, demand gradually tails off, and eventually
the platforms are retired, leading to a natural and gradual
long-term decline of the existing aftermarket-parts portfolio.
Therefore, to sustain its business model, Ontic must adopt
intelligent pricing and acquire new IP licenses. The acquisitions,
which we believe to be crucial to the company's ability to stave
off the natural long-term decline of its licenses portfolio, result
in weak FCF generation. Ontic spent about $40 million in new
license acquisitions in 2019 and $23 million in the first half of
2020, and we expect about $45 million at end-2020, which would push
adjusted free cash generation into the negative territory.

"We expect Ontic to continue operating with very high, albeit
reduced, adjusted debt to EBITDA in the 7.0x-7.5x range in 2020
(14x-15x including shareholder loans), and to have adequate
liquidity over the next 12 months.  Based on our projections of an
adjusted EBITDA margin of 33%-35% in 2020 on the back of the
supportive operating performance, we now expect adjusted leverage
to be in the 7.0x-7.5x range in 2020 (including the $75 million
delayed-draw term loan, currently drawn; and excluding the
shareholder loans, which we treat as debt) against our previous
expectations of 7.7x-8.2x. Furthermore, we expect further decline
in adjusted debt to EBITDA toward 6x by the end of 2021, owing to
continued revenue growth and modest margin expansion.

"In our view, Ontic's leverage remains very high compared with
other rated peers, given our forecast of adjusted debt to EBITDA of
14x-15x in FY2020, including shareholder loans. In our definition
of adjusted debt, we do not deduct accessible cash, as the company
is owned by a financial sponsor, CVC, and we continue to treat the
shareholder loans as debt because CVC has the right to invest in
the debt (although we understand that it does not intend to do so).
We believe this could present unforeseen obstacles to other lenders
if Ontic were in a distressed situation.

"We see risks in the deleveraging prospects, mainly related, but
not limited, to: the company's business model generating weak FCF
when adjusted for new license acquisitions; material debt-funded
acquisitions generating less revenue and EBITDA than initially
expected; aggressive financial policy actions, which would increase
the leverage above our base-case forecasts; and any unexpected
restructuring/exceptional costs, which would negatively affect
Ontic's profitability. At the same time, we believe that the
company has an adequate liquidity profile over the next 12 months,
supported by the absence of major upcoming debt maturities and by
the full availability of its $85 million revolving credit facility
(RCF)."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P said, "We are using this assumption
in assessing the economic and credit implications associated with
the pandemic. As the situation evolves, we will update our
assumptions and estimates accordingly."

The positive outlook indicates the potential for an upgrade in 2021
if Ontic is able to continue growing its revenue and maintain its
margins, while sustainably reducing its adjusted leverage to about
6x, despite the current challenging operating environment.

Upside scenario

S&P could raise the rating if:

-- Adjusted debt to EBITDA sustainably declined to 6x (excluding
shareholders loans);

-- Funds from operations (FFO) cash interest coverage were to
sustainably increase above 2x; or

-- FCF (after accounting for new license acquisitions) turned
positive on a sustained basis.

These could happen on the back of positive industry trends and
robust operating performance, which could result in improved
margins and faster deleveraging prospects than S&P's base-case
forecast.

Downside scenario

S&P could revise its outlook to stable if the company's
deleveraging prospects turn out to be materially slower than our
base-case forecast with leverage (excluding shareholder loans)
hovering around 7x.

S&P could lower the rating, for example as a result of:

-- FFO cash interest coverage ratio decreasing to below 1.5x
because of operational setbacks or a debt-financed financial policy
or acquisitions;

-- FOCF materially worse than our base-case forecast, which would
lead to an unsustainable capital structure;

-- Limited revenue and EBITDA growth despite continued material IP
acquisitions.

S&P could also lower the rating if the ratio of liquidity sources
to uses were to decrease to less than 1.2x.


PRIME FOCUS: Moody's Assigns 'B2' CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
(CFR) and B2-PD probability of default rating (PDR) to Prime Focus
World N.V. (DNEG). Concurrently, Moody's has assigned a B2
instrument rating to the new USD375 million senior secured notes
due 2025 to be issued by DNEG plc, as subsidiary of Prime Focus
World N.V. The outlook on the ratings is stable.

DNEG will use the net proceeds from the senior secured notes (i) to
repay amounts outstanding under its existing term loan facility,
its existing revolving loan facility and its Indian financing
facilities, (ii) to extend the shareholder loan to one or more
subsidiaries of Prime Focus Limited, the parent of Prime Focus
World N.V., (iii) to pay related fees and expenses and (vi) for
general corporate purposes.

RATINGS RATIONALE

DNEG's B2 CFR reflects (1) the company's position and track record
as a leading provider of visual special effects (VFX) services
globally, (2) the strong demand momentum for TV content utilizing
VFX arising from the emergence of new platforms, (3) the
predictability of revenue with the company engaged on a number of
large franchise projects, (4) the expectation of improvements in
free cash flow (FCF) generation supported by reduced working
capital cash outflows and limited capex needs, and (5) healthy
EBITDA margin which should further improve.

However, the rating is constrained by the company's (1) small scale
in terms of revenue compared to broader media peers with revenue
concentration on the large Hollywood studios, (2) need to adapt and
remain responsive to consumer needs and trends, (3) foreign
exchange risk from its exposure in Indian Rupees, (4) high pro
forma Moody's adjusted gross leverage at 6.8x as of the last twelve
months (LTM) period to June 30, 2020 (or 5.5x excluding material
stock based compensation expense related to the planned initial
public offering of the company amounting to USD17.8 million in the
LTM period to June 30, 2020), and (5) risk of contract delays and
termination by content producers which could impact earnings,
although the company has not seen any cancellations due to COVID-19
to date.

DNEG benefits from the growth of the VFX services and its strong
position in the global VFX market -- the company provided VFX
services to approximately half of the top 100 global box office
films in the past ten years. The company also benefits from its
global presence near the largest filming centres in the United
States, the United Kingdom, and Canada as well as in
cost-advantaged locations in India. DNEG delivered strong total
income growth at a 15% compound annual growth rate (CAGR) from
fiscal year ending March 31, 2018 to 2020 ahead of market growth
estimated at a 9% CAGR over the same period (based on data from FTI
Consulting LLP). Moody's also considers that the company has
potential to further expand its offering of VFX services to
emerging content production media, such as augmented reality (AR)
and virtual reality (VR), and location-based and experiential
entertainment, such as theme parks, as well as new geographies
thanks to strong growth of locally-produced movies in India and
China.

DNEG's revenue will remain concentrated around the leading content
producers, including major Hollywood studios, over-the-top (OTT)
video service providers, and other content producers and
distributors. DNEG's top seven customers accounted for
approximately 76% of total revenues in fiscal years 2018 to 2020.

DNEG has been impacted by the coronavirus outbreak as the company
is significantly reliant on the physical production of films,
television and OTT programming, which has been disrupted due to the
temporary suspension of physical production since the outbreak of
the pandemic. Revenues decreased by 10.7% to USD71 million in the
three months period to June 30, 2020 primarily due to the
significant curtailment of employees available to work due to
governmental restrictions and projects that were extended over
longer periods and/or postponed to future periods. During the same
period, Moody's positively notes that adjusted EBITDA (as reported
by the company) increased by 35.1% to USD20 million thanks to the
combined impact of significant cost reduction efforts and USD12
million of subsidies received under various government relief
programs, which more than offset the decline in revenues.

Moody's projects that DNEG's adjusted leverage (as adjusted by the
rating agency for pension deficit, deferred considerations, and
preferred shares) will decrease significantly to around 5.5x by the
end of fiscal year ending March 31, 2021 from an elevated level of
6.8x pro forma for the transaction as of June 30, 2020.
Deleveraging will be mainly driven by the phasing off of non-cash
stock compensation expense which amounted to USD17.8 million in the
LTM period to June 30, 2020 and included a one-time equity grant in
connection with the common share listing process. Moody's projects
moderate de-leveraging after fiscal year 2021 supported by EBITDA
growth as operations normalize post COVID-19 disruptions.

The rating also takes into account the following environmental,
social and governance (ESG) considerations. From a corporate
governance perspective, Moody's notes DNEG's leverage which is
expected to remain high beyond 2021. Moody's regards the
coronavirus outbreak as a social risk under its ESG framework,
given the substantial implications for public health and safety.

DNEG has an adequate liquidity position supported by USD74.5
million of cash pro forma for the transaction as of June 30, 2020
and a USD100 million 4.5-year revolving credit facility (RCF) of
which USD25 million may be used towards letters of credit and
guarantees. As of June 30, 2020, on an as adjusted basis for the
transactions and after giving effect to approximately USD9.5
million of guarantees outstanding, approximately USD90.5 million
was available under the RCF. The RCF will be subject to a financial
maintenance covenant that will be tested each financial quarter.

DNEG's PDR of B2-PD is at the same level as the company's CFR
reflecting the expected recovery rate of 50%, which Moody's
typically assumes for capital structures that consist of a mix of
bank debt and bonds. The senior secured notes will be guaranteed by
subsidiaries which accounted for 98.9% of total revenue in the LTM
period to June 30, 2020 and for 87.2% of total assets as of June
30, 2020. The senior secured notes will be secured by a
first-ranking security interest in substantially all of the
property and assets of the DNEG plc and the guarantors, including
pledges of shares of certain subsidiaries thereof. The B2
instrument rating of the senior secured notes, in line with the
CFR, reflects their pari passu ranking with the RCF which shares
the same guarantee and security package.

RATING OUTLOOK

The stable outlook reflects Moody's expectation of significant
improvement in leverage over fiscal year 2021 supported by the
normalization of operations post COVID-19.

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

Upward rating pressure could arise if (1) DNEG maintains a strong
order book, (2) DNEG's Moody's-adjusted gross leverage declines
below 5.0x, and (3) retained cash flow/net debt (as adjusted by
Moody's) increases above 15%, both on a sustained basis. Negative
pressure on the rating could develop if (1) DNEG is negatively
impacted by disruptions related to coronavirus for a
longer-than-expected period of time as reflected, among others
through a continued weakening of its order book, (2) DNEG's
Moody's-adjusted gross leverage is maintained at above 6.0x, and
(3) DNEG's liquidity position deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

DNEG is an independent provider of computer-generated visual
special effects services. DNEG has operations in the United
Kingdom, Canada, India and the United States. For the LTM period to
June 30, 2020, DNEG generated revenue of USD346.3 million and
adjusted EBITDA (as reported by the company) of USD86.0 million.


WATERLOGIC HOLDINGS: S&P Affirms 'B' ICR on Proposed Debt Add-On
----------------------------------------------------------------
S&P Global Ratings affirmed its existing 'B' long-term issuer
credit rating on U.K.-based water dispensing service provider
Waterlogic Holdings Ltd. (Waterlogic). S&P also affirmed its 'B'
ratings on the existing $45 million RCF and the $725
million-equivalent term loan B (including the proposed add-on of
approximately $100 million).

The stable outlook indicates that improvement in EBITDA would
support reduction in leverage or positive FOCF generation from
2020.

S&P said, "The rating affirmation reflects our expectation of
positive FOCF from 2020 stemming from improvements in EBITDA,
despite an increase in S&P Global Ratings-adjusted debt from the
proposed debt issuance. Cash flow and leverage metrics since 2018
have been undermined by heavy investments and nonrecurring costs;
we predict that FOCF will turn marginally positive in 2020 and
increase to about $20 million in 2021 because of improvements in
profitability. We expect adjusted debt to EBITDA of about 10.6x for
2020 (8.5x excluding shareholder loans), improving to 8.0x (6.5x
excluding shareholder loans) in 2021.

"Having said that, we believe that rating headroom has tightened
due to additional leverage and is sensitive to Waterlogic's ability
to achieve improvements in EBITDA (after exceptional costs).

"We expect a higher adjusted EBITDA margin of 25% in 2020 and 28%
in 2021 compared with 23% in 2019, with adjusted EBITDA of about
$100 million in 2020 and about $130 million in 2021. Most of the
improvement in EBITDA in 2021 is attributed to lower exceptional
costs (by $20 million) and full-year EBITDA contribution from
potential acquisitions (about $10 million). In our view, Waterlogic
is unlikely to incur material COVID-19-related exceptional costs,
and will scale down reorganization and integration costs from 2021.
As in 2019, EBITDA for 2020 and 2021 is temporarily affected by
nonrecurring enterprise resource planning (ERP) implementation
costs of about $10 million.

"Since 2018, Waterlogic has been making material growth
investments, primarily accelerating its investment in point-of-use
(POU) and ERP-related projects. We expect Waterlogic to incur
annual capital expenditure (capex) of about $70 million (largely
POU related) and expect it to make further bolt-on acquisitions to
build scale, technological expertise, and product diversity in a
fragmented market, especially in North America."

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The current consensus
among health experts is that COVID-19 will remain a threat until a
vaccine or effective treatment becomes widely available, which
could be around mid-2021. S&P said, "We are using this assumption
in assessing the economic and credit implications associated with
the pandemic. As the situation evolves, we will update our
assumptions and estimates accordingly."

S&P said, "Currently, we see limited direct impact on Waterlogic
given the recurring rental revenue, high degree of variability in
the group's cost base, ability to scale back growth capex, and the
government support schemes available. This has supported Waterlogic
to generate marginal positive FOCF during the first half of 2020.

"The stable outlook incorporates our view that Waterlogic will
delever and generate positive FOCF from 2020, supported by
incremental EBITDA from acquisitions and growth investments, as
well as lower exceptional costs.

"Our outlook also indicates that Waterlogic should continue to
witness stable growth rates because of recurring rental POU
revenue, recent acquisitions, and growth investments.

"We expect adjusted leverage to improve to about 8.0x (6.5x
excluding shareholder loans) in 2021 and funds from operations
(FFO) cash interest coverage to remain comfortably above 2.0x for
2021.

"We could lower the rating if Waterlogic fails to improve
profitability in line with our expectations, resulting in negative
FOCF on a sustained basis or FFO cash interest coverage below 2x.

"We could also consider a downgrade if the company fails to reduce
leverage from its currently elevated levels. This could be caused
by higher-than-expected capex, higher-than-expected exceptional
costs, increasing churn rates, or an inability to integrate
acquisitions efficiently.

"We are unlikely to take a positive rating action in the near term
given Waterlogic's financial sponsor ownership and our assumption
of ongoing, debt-financed bolt-on acquisitions, which constrain our
view of the company's financial risk profile. However, we could
raise the rating if the owner committed to an improved financial
policy and we expected the group's debt to EBITDA to fall
materially and sustainably below 5.0x, and its FFO-to-debt ratio to
rise above 12%."




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[*] EUROPE: Loosening of Insolvency Rules Keep Companies Afloat
---------------------------------------------------------------
Paul Carrel at Reuters reports that even as the European economy
slumps into its deepest recession in modern history, the number of
bankruptcies across the continent has fallen sharply as government
subsidies and a temporary loosening of insolvency rules keep
companies afloat.

According to Reuters, official and private sector data show during
the first half of 2020, countries including Britain, France and
Spain saw insolvencies fall by an estimated 20-40% year-on-year.

But as the region implements new restrictions to control a fresh
rise in COVID-19 infections, the question for governments is
whether to preserve jobs at the risk of creating a generation of
debt-laden "zombie" firms with no real future, Reuters states.

For now, it seems a risk they believe worth taking, Reuters notes.

In Germany, Europe's biggest economy, there was a 6.2% year-on-year
drop in insolvency filings in the first half after the government
temporarily waived a filing obligation, Reuters discloses.

Now, Berlin plans to give troubled firms yet more leeway, Reuters
says.

According to Reuters, local critics say the first-half fall in
insolvencies is proof in itself the state has done more than enough
and now risks impeding what economic liberals hail as "creative
destruction", the term popularized in the 1940s by Austrian
economist Joseph Schumpeter to describe unviable firms folding to
make way for more dynamic newcomers.

But the issue is knowing how to distinguish the zombies --
generally defined as companies which would anyway struggle to cover
their interest payments -- from basically healthy firms that have
run into temporary trouble, Reuters relays.

Credit insurance and debt collection group Atradius estimates a 26%
rise in insolvencies globally this year as governments start to
phase out support schemes, Reuters discloses.  However it predicts
that any increase in the second half will be much lower in Europe
than elsewhere, Reuters notes.



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

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

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

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