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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

          Wednesday, November 18, 2020, Vol. 21, No. 231

                           Headlines



B E L A R U S

BELARUS: Fitch Affirms B LT IDR; Alters Outlook to Negative


C R O A T I A

CROATIA: Moody's Upgrades Sr. Unsec. Rating to Ba1, Outlook Stable


F R A N C E

IDEMIA GROUP: Fitch Affirms B LT IDR; Alters Outlook to Negative


G E R M A N Y

WIRECARD AG: Banco Santander Acquires Technology Platform


I R E L A N D

ARES EUROPEAN XIV: Moody's Gives B3 Rating to EUR6.9MM Cl. F Notes
PERMANENT TSB: Moody's Rates Preferred EUR125MM AT1 Notes B1(hyb)


I T A L Y

CREDEMVITA SPA: Fitch Rates EUR107.5MM Sub. Tier 2 Notes BB


L U X E M B O U R G

PIOLIN II: Moody's Downgrades CFR to Caa1, Outlook Negative


M A C E D O N I A

NORTH MACEDONIA: Fitch Affirms BB+ LT IDR, Outlook Negative


N E T H E R L A N D S

LOUIS DREYFUS: S&P Assigns 'BB+' Rating to Senior Unsecured Bonds
PLAYA HOTELS: S&P Lowers ICR to 'CCC+' on Expected Slow Recovery


P O L A N D

CANPACK SA: S&P Assigns 'BB' Issuer Credit Rating, Outlook Stable


R U S S I A

INTERNATIONAL COMMERCIAL: Bank of Russia Revokes Banking License
IPOTEKA BANK: S&P Rates Senior Unsecured Notes 'BB-'


S P A I N

ABERTIS INFRAESTRUCTURAS: S&P Rates New Hybrid Instrument 'BB'
MBS BANCAJA 4: Moody's Affirms B2 Rating on EUR18.9MM Cl. C Notes


S W I T Z E R L A N D

SUNRISE COMMUNICATIONS: Fitch Lowers LT IDR to BB-, Outlook Neg.


U N I T E D   K I N G D O M

BOPARAN HOLDINGS: S&P Keeps 'CCC+' Ratings on CreditWatch Pos.
MERCURE ABERDEEN: Placed Into Voluntary Liquidation
NMC HEALTH: Founder Plans to Return to UAE
PRAESIDIAD GROUP: S&P Upgrades ICR to CCC+, Off CreditWatch Neg.
TUNAFISH MEDIA: Enters Administration, Owes Money to Creditors

[*] UK: Construction Sector Records Lowest No. of Administrations

                           - - - - -


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B E L A R U S
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BELARUS: Fitch Affirms B LT IDR; Alters Outlook to Negative
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Fitch Ratings has revised the Outlook on Belarus's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Negative from
Stable and affirmed the IDR at 'B'.

KEY RATING DRIVERS

The revision of the Outlook on Belarus's IDRs reflects the
following key rating drivers and their relative weights:

High

The revision of the Outlook to Negative reflects Fitch's view that
Belarus's post-election political crisis has increased
vulnerabilities emanating from relatively low international foreign
exchange reserves and a weak banking sector. Greater political
unrest could lead to additional pressures on international reserves
and deposit outflows, increasing risks for macroeconomic and
financial stability.

The official outcome of the August presidential election, which
granted President Aleksander Lukashenko a new term in office,
continues to be disputed by the opposition movement and countries
such as the US, European Union and UK due to allegations of
widespread fraud. There is currently no dialogue between the
opposition movement and the government. Large street protests
continue demanding the resignation of President Lukashenko, new
elections and liberation of political prisoners. President
Lukashenko's proposed constitutional reform as a potential
mechanism to resolve the crisis has been rejected so far by the
opposition movement.

In Fitch's view, there remains potential for an intensification of
the political crisis. The political crisis creates risks of renewed
social unrest, strikes, additional diplomatic tensions with Western
countries and potentially harsher sanctions above those that
currently target several government officials including the
President.

The Belarusian ruble has depreciated by 18% against the US dollar
YTD and 8% in August alone. Global uncertainty related to the
coronavirus pandemic, financial markets volatility contagion from
Russia due to geopolitical risks or a renewed intensification of
the political crisis could lead to additional depreciation,
negatively impacting international reserves, financial sector
stability and government debt.

After a sharp decline of USD1.4 billion in August, Fitch expects
international reserves to reach USD7.6 billion (2.4 months of
current external payments; CXP) by end-2020 reflecting external
loan disbursements, debt payments and continued deposit outflows.
Fitch forecasts reserves to decline to USD6.8 billion in 2021 and
USD6.2 billion in 2022 (1.7 months of CXP), weakening further
relative to peers (B median forecast 3.7 months). External
liquidity, measured by the ratio of the country's liquid external
assets to its short-term external liabilities, is low.

Reduced domestic confidence will also maintain pressure on banks'
liquidity and asset quality. Foreign currency deposits fell by 7%
in August-September with household deposits declining by 15% or
USD1.1 billion. Over the same period, local currency deposits
declined by 6% (including a 5% rebound in in September). The
structure of outstanding deposits with a high proportion of time
deposits limits near-term destabilising pressures. Belarusian
rouble depreciation will also lead to weaker asset quality (50% of
loans are in foreign currency) and pressure on capitalisation
(reported at 16.4%). Fitch considers that asset quality is likely
to be considerably weaker than reported (5% non-performing loans)
when assessed in terms of IFRS 9 impaired loans. As 60% of the
system is state-owned, it represents a contingent liability for the
sovereign and could require additional capital injections.

Medium

Fitch forecasts general government debt (central and local
government debt including 7.9% of GDP in guarantees) to rise to
52.8% of GDP in 2020, almost 11% above 2019 levels, due to a weaker
Belarusian ruble (forecast 26% depreciation against the US dollar
yoy) and the economic contraction. Fitch forecasts debt to rise to
53.8% of GDP by 2022, still below the projected 71% 'B' median.
Nevertheless, debt dynamics are highly vulnerable to currency risk
due to the large share of foreign-currency debt (91%). The risk of
crystallisation of additional contingent liabilities from the large
SOE sector is high, given weak growth prospects and the potential
for additional depreciation.

The political crisis could also lead to increased political
pressures on the National Bank of the Republic of Belarus (NBRB) to
support growth. Recent statements by government officials
suggesting tolerance for higher inflation and the unscheduled
monetary policy meeting where the NBRB reduced its policy rate by
25bp in June, not long after President Lukashenko urged the Bank to
reduce its refinancing rate, creates uncertainty regarding policy
direction and risks for macroeconomic stability improvements
stemming from greater consistency between monetary, wage and fiscal
policies.

The NBRB has temporarily suspended overnight lending to the banking
sector to prevent additional depreciation pressures. In its view,
the capacity for significant policy stimulus is limited if
improvements in macroeconomic stability are to be preserved, given
fiscal financing constraints and limited scope to provide
additional monetary stimulus in the context of depreciation and
liquidity pressures due to political uncertainty.

Belarus 'B' IDRs also reflect the following key rating drivers:

Belarus fulfilled most of its 2020 financing requirements before
August and near-term fiscal and external financing risks are
contained due to the availability of alternative sources of
financing and cash buffers. The sovereign paid close to 80% of its
USD2.5 billion foreign currency amortisations in January-October
through external market issuance, including a USD1.25 billion
Eurobond in June, domestic debt issuance and SOE repayments of
government loans. A USD500 million loan disbursement from the
Eurasian Fund for Stabilization and Development (EFSD) will
complete 2020 financing, while additional local issuance and USD500
million loan from Russia will help pre-finance part of the 2021
USD1.8 billion foreign currency debt amortisation. Russia has
agreed to provide an additional USD500 million in 2021.

The domestic market could allow the government to refinance a
higher portion of 2021 domestic debt amortisations, if required,
after years of net repayments. The government holds USD4.4 billion
in foreign currency cash (part of international reserves) to
provide short-term financing flexibility. Belarus plans to finance
its consolidated budget deficit using accumulated local currency
deposits (2.9% of 2020 GDP in September). Belarus does not plan to
access international markets in the near term, but international
financing costs have come down after an increase in August and are
similar to rating peers.

Strained diplomatic relations with Western countries will likely
constrain financing from global/Western IFIs for projects and SOEs,
but IFIs could continue to work with the private sector.

Fitch does not expect the domestic political crisis to impact
bilateral relations with Russia and China, Belarus's main external
creditors. China and Russia-related debt (including the EFSD)
account for 72% of government external debt and an average 87% of
external debt amortisations in 2021-2022. Russian USD1.5 billion
financing reflects its long track record of financial support for
its neighbour. Nevertheless, the bilateral relationship has a
record of disputes related to energy and economic integration.

Fitch forecast Belarus real GDP to contract by just 2.1% in 2020,
showing greater resilience to the coronavirus shock relative to
rating and regional peers, as the country did not adopt harsh
containment measures. Fitch forecasts 0.7% growth in 2021 and 1% in
2022 due to sluggish consumption and investment given the domestic
political climate, slowdown in credit and real wage growth and a
gradual recovery in external demand. The political crisis maintains
the risk of strikes in key industries, reportedly with limited
impact so far, and could also weaken growth prospect for the IT
sector (7% of GDP), a driver of growth and service exports in
recent years.

Macroeconomic imbalances will remain contained in its base case of
policy continuity. Fitch forecasts average inflation at 5.4% in
2020 and to increase to remain close to 6% in 2021-2022, above the
projected 4.2% for the 'B' median, balancing the impact of the
Belarusian ruble depreciation against softening of domestic demand
and administrative measures to rein in price increases of certain
commodities. The current account deficit will rise moderately to
4.1% of GDP by 2022, up from 3.1% in 2020, reflecting the weaker
ruble and slow recovery.

Fitch forecasts the adjusted general government budget deficit will
reach 3.4% of GDP in 2020 (surplus of 1.6% in 2019), reflecting a
deficit of 2.6% of GDP in the officially reported consolidated
budget (2.4% of GDP surplus in 2019), lower-than-previously
expected nuclear power plant-related capex (1.3% of GDP against
originally budgeted 3.2%) and net off-budget outlays of -0.5% of
GDP reflecting SOE debt repayments to the government despite
materialisation of some guarantees.

The 2021 budget is currently under preparation, but Fitch projects
the adjusted general government deficit to increase to 4.7% of GDP
in 2021, as Fitch now expects a more gradual fiscal consolidation
with an officially reported consolidated deficit declining to 2.1%
of GDP. The 2021 budget does not include compensation for Russia's
oil tax manoeuvre, but authorities have still to outline a
longer-term plan to compensate the gradual reduction in oil custom
duties. Belarus's track record of generating surpluses at the
consolidated budget level and limited financing sources that
constrain large deficits underpin its expectation for fiscal
consolidation post-crisis.

ESG

ESG - Governance: Belarus has an ESG Relevance Score (RS) of 5 for
both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. Theses scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model. Belarus has a medium WBGI
ranking at 37th percentile, reflecting the high concentration of
power in the hands of President Lukashenko who has been in office
since 1994, a relatively low level of rights for participation in
the political process, moderate institutional capacity and a
moderate level of corruption. Belarus WBGI ranking is likely to
deteriorate due to the political instability resulting from the
August 2020 presidential election.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
negative rating action/downgrade are:

  - Structural: Escalation of domestic political unrest
precipitating macroeconomic and financial instability, for example
due to rapid bank deposit outflows

  - External Finances: External financing pressures and erosion of
international reserves, for example due to failure to secure
adequate external financing

  - Public Finances: Rapid increase in government debt/GDP, e.g.
from exchange rate shocks, further weakening of growth prospects
and/or crystallisation of contingent liabilities.

The main factors that could, individually or collectively, lead to
positive rating action/upgrade:

  - External Finances: Sustained reduction of pressures on the
banking sector liquidity and international reserves, for example,
due to reduced political uncertainty.

  - Public Finances: A decline in government debt/GDP supported by
sustained post-coronavirus fiscal consolidation over the medium
term and higher growth.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Belarus a score equivalent to a
rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

  - Macro: -1 notch, to reflect weaker medium-term growth prospects
relative to rating peers due to adverse demographic dynamics and a
large public sector facing productivity, high leverage and
efficiency challenges; and risks to macroeconomic stability in the
event of pressure for policy stimulus to boost growth above
capacity.

  - External finances: -1 notch, to reflect a high gross external
financing requirement, low net international reserves, and close
financial, trade and economic links with Russia, which are
vulnerable to changes in bilateral relations. Belarus's net
external debt/GDP is high.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

KEY ASSUMPTIONS

Fitch's assumes that Belarus will maintain close economic links
with Russia and that there is no extended breakdown in the
bilateral relationship notwithstanding periodic disputes.

Fitch assumes the global economy will develop in line with the
Global Economic Outlook published in September. In particular,
Russia's GDP is expected to fall by 4.9% in 2020, followed by 3.6%
growth in 2021.

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

Belarus as an ESG Relevance Score of 5 for Political Stability and
Rights as World Bank Governance Indicators have the highest weight
in Fitch's SRM and are therefore highly relevant to the rating and
a key rating driver with a high weight.

Belarus has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Belarus has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver.

Belarus has an ESG Relevance Score of 4 for International Relations
and Trade, as its close economic linkages, dependence on bilateral
financial support and complex relationship with Russia leaves it
vulnerable to changes in Russian policy, which is relevant to the
rating and a rating driver.

Belarus has an ESG Relevance Score of 4 for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Belarus, as for all sovereigns.

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



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C R O A T I A
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CROATIA: Moody's Upgrades Sr. Unsec. Rating to Ba1, Outlook Stable
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Moody's Investors Service upgraded the Government of Croatia's
senior unsecured and long-term issuer ratings in foreign and local
currency to Ba1 from Ba2 and changed the outlook to stable from
positive.

Moody's decision to upgrade Croatia's ratings to Ba1 reflects the
following key drivers:

  -- Enhanced institutional capacity and policymaking as the
country enters a critical phase of euro area accession;

  -- Croatia's reduced exposure to foreign-currency debt risk.

The stable outlook reflects balanced credit strengths and
challenges at the Ba1 rating level. Stronger-than-peers'
institutions and low susceptibility to event risk support the
credit profile. While Croatia's fiscal strength is weighed down by
its relatively high debt load, the government's debt affordability
is strong and its exposure to foreign-currency debt risk has
declined. Finally, Croatia's much higher-than-peers' GDP per-capita
is somewhat offset by the country's relatively small size and
volatile economic growth.

Croatia's long-term local currency bond and deposit ceilings have
been raised to A3 from Baa1. The long-term foreign currency bond
ceiling was also raised to Baa1 from Baa3 and the long-term foreign
currency deposit ceiling to Ba2 from Ba3. Finally, the short-term
foreign currency bond ceiling has been raised to Prime-2 from
Prime-3, while the short-term foreign currency deposit ceiling is
unaffected by this rating action and remains at Not-Prime (NP).

RATINGS RATIONALE

RATIONALE FOR THE UPGRADE TO Ba1

FIRST DRIVER: ENHANCED INSTITUTIONAL CAPACITY AND POLICYMAKING AS
THE COUNTRY ENTERS A CRITICAL PHASE OF EURO AREA ACCESSION

The first driver of the upgrade is based on Croatia's progress
towards euro-area accession and the associated strengthening of
institutional capacity and policy making. On July 10, 2020, the
euro-area finance ministers, the President of the European Central
Bank (ECB) and the finance ministers and central bank governors of
Denmark and Croatia formally approved Croatia's entry into Exchange
Rate Mechanism II (ERM II), which is one of the final steps prior
to becoming a member of the euro area. The announcement amid the
coronavirus disruption came against the background of Croatia's
comprehensive reform programme.

As of July 2020, Croatia had fully completed the actions to which
the country committed in six key areas: (1) banking supervision,
(2) macroprudential framework, (3) anti-money laundering framework,
(4) the collection, production and dissemination of statistics, (5)
public sector governance, and (6) the reduction of the financial
and administrative burden on the economy. In parallel, the European
Central Bank (ECB) and the Croatian National Bank (CNB) have
established a close cooperation.

In Moody's view, the successful completion of the reform programme
speaks to the credibility of Croatia's ambition to join the euro
area. Moody's believes that Croatia's policy effectiveness has
strengthened over the recent years. The government and the central
bank have provided a more predictable and stable framework for
economic activity in a very uncertain environment. The policy
response to mitigate the impact of the coronavirus pandemic has
been timely and efficient, with the central bank providing targeted
support at times of market volatility.

Moody's expects Croatia to continue to pursue sound economic and
financial policies, as entering the euro area will require both
sustainable economic convergence and readiness to participate in
the banking union. On economic convergence, compliance with the
convergence criteria is already advanced, as noted in the ECB's
2020 convergence report.

From a macroprudential and banking perspective, Moody's believes
that the close cooperation between the ECB and the CNB and the
inclusion of eight of the largest banks operating in Croatia under
the ECB's supervision will further enhance the system's regulatory
environment and promote the adoption of best practices. Finally,
Croatia's legal framework will be strengthened as national
legislation adapts to fully comply with Article 131 of the Treaty
in the areas of central bank independence and legal integration
into the Eurosystem.

SECOND DRIVER: CROATIA'S REDUCED EXPOSURE TO FOREIGN CURRENCY DEBT
RISK

The second driver for the upgrade relates to Croatia's strengthened
fiscal credit profile despite the negative impact of the
coronavirus pandemic. Under Moody's Sovereign Ratings Methodology,
a high share of foreign-currency denominated debt lowers fiscal
strength considering the currency-depreciation risk that would
trigger a sudden rise in interest costs and debt stock relative to
GDP. In the case of Croatia, the tightly managed floating kuna-euro
exchange rate already mitigates this risk. Entering ERM II has
further decreased this risk, as it brings Croatia closer to its
predominant currency of issuance, the euro. In 2019, 71.4% of
Croatia's general government debt was denominated in euros, down
from 73.8% in 2016. By contrast, the share of kuna-denominated
bonds rose from 22% to 28.4%.

Moody's expects to fully eliminate the adjustment once Croatia
effectively joins the euro area. Given the very uncertain
environment and the need for Croatia to implement post-ERM II
reforms, Moody's believes Croatia could join the euro area towards
2025.

Regarding the government's balance sheet, 2020 will mark a reversal
in the declining debt trend against the backdrop of the coronavirus
pandemic. Moody's expects Croatia's real GDP to contract by 8.6%
this year, as both domestic and external demand are affected by the
coronavirus pandemic. Accounting for 25% of GDP when considering
direct and indirect effects, the Croatian tourism sector is
strongly being affected by travel restrictions. As a result,
Moody's expects the fiscal deficit to reach 7.5% of GDP in 2020.
This, in turn, is expected to push the debt-to-GDP ratio to 88.5%
in 2020 and debt-to-revenues to 192.5%.

However, Moody's expects the sharp deterioration in the debt
metrics to be temporary and forecasts a gradual decline starting in
2021, when debt-to-GDP is expected to reach 86.7%, followed by
85.9% in 2022. The gradual reduction in public debt will be
supported by a gradual economic recovery and a prudent fiscal
stance as the government targets convergence towards the Maastricht
criteria. Furthermore, the higher debt load will be partly offset
by strong and improving affordability metrics, as Moody's forecasts
a decline in interest payments-to-GDP from 2.2% in 2019 to 2.0% in
2021. Similarly, interest payments-to-revenues are expected to fall
from 4.7% in 2019 to 4.2% in 2021.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects balanced credit strengths and
challenges at the Ba1 rating level. Stronger- than-peers'
institutions and low susceptibility to event risk support the
credit profile. Croatia's fiscal strength combines a higher debt
load compared to peers, while debt affordability is strong and
foreign currency debt risk is declining with ERM II entrance. In
terms of economic strength, Croatia's much higher-than-peers'
wealth per-capita is somewhat offset by the country's relatively
smaller size, slower growing and more volatile economy.

The stable outlook also reflects Moody's balanced view of the
country's prospects going forward. Croatia's improved economic
fundamentals and enhanced institutional capacity will provide
resilience at the Ba1 rating level. At the same time, the stable
outlook captures heightened risks for permanent scars with respect
to Croatia's economic and fiscal strength against the backdrop of
the coronavirus' new infection wave, with potentially a negative
impact on both domestic and external demand.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes account of the impact of environmental (E), social
(S) and governance (G) factors when assessing sovereign issuers'
economic, institutional and fiscal strength and their
susceptibility to event risk. In the case of Croatia, the
materiality of ESG to the credit profile is as follows.

Environmental considerations are not material to Croatia's credit
profile although the March 2020 earthquake in Zagreb reflects some
exposure to physical risk.

Social risks affect Croatia's credit profile, given spending
pressure on pensions and health-care due to an ageing population
and net migration outflows. Similarly, prime-age participation and
employment rates remain clearly below the EU average. Moody's
regards the coronavirus pandemic as a social risk under its ESG
framework, given the substantial implications for public health and
safety, and that the pandemic will have a transitory adverse
economic and fiscal impact.

Governance considerations form an integral part of its credit
analysis for Croatia and are material to the credit profile.
Croatia's fiscal and monetary policy effectiveness have remained
strong over the past years, supporting the country's entry into ERM
II.

GDP per capita (PPP basis, US$): 29,828 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 2.9% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.3% (2019 Actual)

Gen. Gov. Financial Balance/GDP: 0.4% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 2.6% (2019 Actual) (also known as
External Balance)

External debt/GDP: 75.3% (2019 Actual)

Economic resiliency: baa1

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On November 10, 2020, a rating committee was called to discuss the
rating of Croatia, Government of. The main points raised during the
discussion were: The issuer's institutions and governance strength,
have not materially changed. The issuer's fiscal or financial
strength, including its debt profile, has materially increased.
Other views raised included: The issuer's economic fundamentals,
including its economic strength, have not materially changed.

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

Upward pressure on Croatia's outlook and, potentially, ratings,
would arise from a steady economic recovery and improving fiscal
metrics following the coronavirus shock. Similarly, a clear and
sustained convergence path towards the euro area would also be
credit positive.

Conversely, a marked and permanent deterioration in Croatia's
long-term economic prospects affecting the government's balance
sheet would exert downward pressure on Croatia's rating. In
addition, any signs of a weakening in the institutional framework
would also be credit-negative and could lead to a negative outlook
and ultimately to a downgrade of the rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.



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F R A N C E
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IDEMIA GROUP: Fitch Affirms B LT IDR; Alters Outlook to Negative
----------------------------------------------------------------
Fitch Ratings has revised technology company IDEMIA Group SAS's
(IDEMIA) Outlook to Negative from Stable. Its Long-Term Issuer
Default Rating (IDR) has been affirmed at 'B'.

The Outlook change of IDEMIA reflects Fitch's expectation that its
funds from operations (FFO) gross leverage will remain above its
downgrade threshold of 7.0x in 2020-2021. IDEMIA's performance was
under pressure in 2020 due to COVID-related restrictions and an
overall slowdown of activities by government bodies and
corporations.

Fitch expects a healthy recovery in revenue and EBITDA from 2021,
but not sufficiently to reduce leverage to below 7.0x next year.
Revenue prospects are supported by a strong order book, but Fitch
sees less visibility around the pace of EBITDA margin improvement
from 2022. Fitch also expects IDEMIA's free cash flow (FCF) to turn
positive only in 2022 compared with its previous expectation for
2020. This will be supported by improving EBITDA, lower
restructuring costs and working capital and capex normalisation.

The ratings are supported by IDEMIA's strong global market
positions in identification, authentication, payment and
connectivity solutions. High leverage is the main constraint for
the rating and the company's ability to reduce it organically with
stronger EBITDA and FCF will be key for the ratings.

KEY RATING DRIVERS

COVID-19 Impact Contained: The pandemic and associated lockdowns
had an adverse impact on IDEMIA's certain segments, in particular,
identification solutions related to travel (TSA pre-check) and to
those requiring the physical presence of customers (ID documents
enrollment). IDEMIA was able to contain the negative impact due to
timely reaction and good geographic and business diversification.
As a result, revenue declined only 2.8% yoy in 9M20 on a
like-for-like basis. Revenue in government solutions (GS) declined
5.7% yoy while secured enterprise transactions (SET) demonstrated
better resilience with flat revenues for the same period.

EBITDA Under Pressure: IDEMIA's 15% yoy EBITDA decline in 9M20 led
to a spike in FFO gross leverage to 9.1x. Deleveraging below the
downgrade threshold of 7.0x depends on continuing improvement of
revenues and the success of the company's efforts in sustaining
profitability. Fitch projects Fitch-defined EBITDA margin to
improve to historical levels of 15%-16% in 2022-2023 from an
estimated 12.5% in 2020. Fitch has limited visibility on EBITDA
development post-2021 and the evolving pandemic remains an
uncertainty that also may delay recovery.

Healthy Backlog: Fitch expects a recovery in revenue in 2021
following improved performance in 3Q20 and, in particular, a
positive momentum in the GS segment after it was hit hard in 1H20.
IDEMIA had a healthy order backlog at end-3Q20, which was 5% lower
than at end-2019 but 8% higher than at end-2Q20 and 12% higher than
at end-3Q19. Fitch expects further improvement towards end-2020.
IDEMIA and its customers have adapted to social distancing and
other restrictions and Fitch expects that the impact of COVID-19
will be less pronounced in 2021 than in 1H20 even if the pandemic
worsens.

Decreased Non-Recurring Costs: Fitch expects non-recurring costs to
fall to around EUR40 million in 2020 and EUR20 million in 2021 from
EUR74 million in 2019 and EUR100 million in 2018. Fitch treats a
portion of 2020 one-off costs and all 2021 one-offs costs related
to transformation and cost-cutting projects as recurring and
include them in EBITDA. This is because Fitch sees them as part of
IDEMIA's continuing efforts to improve operational efficiency.

Positive FCF Likely in 2022: Fitch expects IDEMIA to start
generating moderately positive FCF from 2022. The main drivers will
be revenue growth, EBITDA margin improvement, stable capex and a
lack of large non-recurring expenses, which were the main drag on
FCF in 2017-2019. Fitch expects capex to normalise at around 8% of
revenues in 2021-2023.

COVID Long-Term Impact: The current crisis highlighted the
importance of data digitalisation, identity management, facial
recognition, traffic control and other technologies for government
bodies and corporates alike. With its strong market shares in the
key sectors IDEMIA is well-positioned to benefit from rising demand
for these technologies in the long term. Slow adoption of
innovative products by customers is a main challenge for the
industry rather than technological risk, in its view.

DERIVATION SUMMARY

IDEMIA's technology peers such as Nokia Corporation (BBB-/Stable),
Telefonaktiebolaget LM Ericsson (BBB-/Stable) and
STMicroelectronics N.V. (BBB/Stable) are rated in the
investment-grade category. Despite higher volatility in both
revenue and margins than IDEMIA, they have greater scale and
stronger cash flows as well as no or very low net leverage.

Fitch recognises the strong business position and technology
leadership of IDEMIA within its chosen markets but its smaller
scale and high leverage place its rating in the 'B' category.
Higher-rated FinTech companies such as Nets Topco Lux 3 Sarl (Nets;
B+/Stable) and Nexi S.p.A. (BB-/RWP) benefit from leadership in
their markets, strong growth prospects and healthy cash flow
generation. Similarly rated European software companies such as
Dedalus SpA (B/Stable) and TeamSystem Holding S.p.A (B/Stable)
exhibit higher margins and better deleveraging prospects than
IDEMIA and hence have higher leverage allowance for their rating
category.

IDEMIA is broadly comparable with the other peers that Fitch covers
in its technology and credit opinions portfolios. It has slightly
higher leverage but benefits from market leadership in its core
operating segments, healthy liquidity and global diversification.

KEY ASSUMPTIONS

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

  - Reported revenue to decline 5.5% in 2020 followed by low
mid-single digit growth in 2021-2023

  - Fitch-defined EBITDA margin at 12.5% in 2020 (pre-IFRS 16),
improving towards 16% by 2023, reflecting the impact of efficiency
measures and a better business mix

  - Capex on average at around 8% of revenues in 2020-2023

  - A portion of non-recurring costs treated as recurring in 2020
and all transformation programme costs are reflected above FFO in
2021-2023

  - No M&A from 2021

KEY RECOVERY RATING ASSUMPTIONS

In conducting its bespoke recovery analysis, Fitch estimates that
IDEMIA's intellectual property, patents and recurring contracts, in
case of default, would generate more value in a going-concern
restructuring than a liquidation of the business.

  - Fitch estimates post-restructuring EBITDA would be around
EUR300 million. Fitch would expect a default to come from either a
fall in revenue and EBITDA from the loss of major contracts
following reputational damage, for example as a result of
compromised technology (leading to sustained high leverage and
negative cash flow) or from a major shift in technology usage that
can make IDEMIA's products obsolete.

  - Fitch has applied a 6x distressed multiple to
post-restructuring EBITDA to account for IDEMIA's scale, customer
and geographical diversification as well as exposure to secular
growth in biometric-enabled identification technology. The 6x
multiple is also around half the valuation paid for Morpho (12.4x),
which in its view, reflects an appropriate distressed valuation.

  - 10% of administrative claims have been taken off the enterprise
valuation to account for bankruptcy and associated costs and the
company's revolving credit facility (RCF) is assumed to be fully
drawn, as per its criteria

  - EUR40 million of prior-ranking debt at operating subsidiaries
included in recovery analysis as IDEMIA's senior secured term loan
B (TLB) and RCF are structurally subordinated to debt at its
operating subsidiary

  - Its recovery expectation for senior secured lenders of the TLB
and the RCF is 66% (in line with a 'RR3') leading to a one-notch
uplift for the senior secured debt rating at 'B+'.

RATING SENSITIVITIES

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

  - FFO gross leverage below 7.0x combined with FFO interest cover
of 3x and positive FCF can lead to a revision of Outlook to Stable

  - FFO gross leverage below 5.0x combined with profitability
improvement and sustainably positive FCF generation would lead to
an upgrade to 'B+'

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

  - FFO gross leverage sustainably above 7.0x without a clear path
for deleveraging combined with negative FCF

  - A material loss of market share or other evidence of a
significant erosion of business or technology leadership in core
operations

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: At end-3Q20 IDEMIA had long-dated debt
maturities, with no material obligation falling due before 2024. It
had EUR164 million of cash and EUR300 million RCF, of which EUR225
million was undrawn at end-3Q20 and overall liquidity is adequate.
Fitch expects liquidity to remain satisfactory as Fitch forecasts
largely neutral FCF in 2020 (after including disposals) and modest
negative FCF in 2021.

SUMMARY OF FINANCIAL ADJUSTMENTS

EUR25 million of cash on balance sheet is assumed to be not readily
available to account for intra-year working-capital changes.

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

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



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

WIRECARD AG: Banco Santander Acquires Technology Platform
---------------------------------------------------------
Edward Taylor and Jesus Aguado at Reuters report that Wirecard's
insolvency administrator Michael Jaffe on Nov. 16 said the payment
system provider's technology platform had been sold to Spain's
Banco Santander.

"Banco Santander will acquire the technology platform of the
payment service provider in Europe as well as all highly
specialized technological assets," Reuters quotes Mr. Jaffe as
saying in a statement.

In a separate statement, Banco Santander said it had agreed to
acquire several highly specialized technological assets from the
merchant payments business of Wirecard in Europe, to accelerate its
growth plans in Europe, Reuters relates.

According to Reuters, Santander said the acquisition does not
include Wirecard companies and Santander will not assume any legal
liability relating to Wirecard AG and Wirecard Bank AG or its past
actions.

The deal is expected to be completed by the end of the year and is
subject to certain conditions, including regulatory approvals,
Reuters states.

The Spanish lender said around 500 Wirecard employees will join
Santander, Reuters notes.

Most employees currently managing the acquired assets will become
part of Santander's global merchant services team, Reuters
discloses.  This also applies to the majority of employees of
Wirecard Bank AG, according to Reuters.

A source familiar with the matter said Santander had agreed to pay
around EUR100 million for those assets, Reuters relays.




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

ARES EUROPEAN XIV: Moody's Gives B3 Rating to EUR6.9MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Ares European CLO
XIV DAC:

EUR2,000,000 Class X Senior Secured Floating Rate Notes due 2033,
Definitive Rating Assigned Aaa (sf)

EUR185,100,000 Class A Senior Secured Floating Rate Notes due 2033,
Definitive Rating Assigned Aaa (sf)

EUR23,100,000 Class B Senior Secured Floating Rate Notes due 2033,
Definitive Rating Assigned Aa2 (sf)

EUR19,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned A2 (sf)

EUR21,300,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned Baa3 (sf)

EUR18,300,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned Ba3 (sf)

EUR6,900,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned 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 95% 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 5-month ramp-up period in
compliance with the portfolio guidelines.

Ares European Loan 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 250,000 over the first 8
payment dates starting on the second payment date.

In addition to the seven classes of notes rated by Moody's, the
Issuer has issued EUR 30,500,000 Subordinated Notes due 2033 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 coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
corporate assets from the current weak European economic activity
and a gradual recovery for the coming months.

Although an economic recovery is underway, it is tenuous and its
continuation will be closely tied to containment of the virus. As a
result, the degree of uncertainty around its forecasts is unusually
high.

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

Methodology underlying the rating action:

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

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 300m

Diversity Score: 46*

Weighted Average Rating Factor (WARF): 3250

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 3.90%

Weighted Average Recovery Rate (WARR): 43.5%

Weighted Average Life (WAL): 7 years

*The covenanted base case diversity score is 47, however Moody's
has assumed a diversity score of 46 as the deal documentation
allows for the diversity score to be rounded up to the nearest
whole number whereas usual convention is to round down to the
nearest whole number.

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.

PERMANENT TSB: Moody's Rates Preferred EUR125MM AT1 Notes B1(hyb)
-----------------------------------------------------------------
Moody's Investors Service assigned a B1(hyb) rating to the "high
trigger" Additional Tier 1 (AT1) Preferred Stock Non-Cumulative
EUR125million note expected to be issued by Permanent TSB Group
Holdings plc, the holding company of Permanent tsb p.l.c.

This perpetual non-cumulative AT1 security ranks junior to all
liabilities of PTSB Group and ranks senior to common shares.
Coupons may be cancelled on a non-cumulative basis at the issuer's
option and on a mandatory basis subject to the availability of
distributable items and regulatory discretion. The principal of the
security will be written-down if PTSB's Common Equity Tier 1 (CET1)
ratio falls below 7%. The principal amount can be written-up at the
sole discretion of the bank.

RATINGS RATIONALE

The B1(hyb) rating assigned to the security is based on multiple
risks, including the likelihood of PTSB's capital ratio reaching
the conversion trigger, the likelihood of coupon suspension on a
non-cumulative basis and the probability of a bank-wide failure and
loss severity, if any or all these events occur. Moody's assesses
the probability of a trigger breach using an approach that is
model-based, incorporating the bank's creditworthiness, its most
recent reported CET1 ratio and qualitative considerations,
particularly with regard to how the bank may manage its CET1 ratio
on a forward-looking basis. Moody's rates these notes to the lower
of the model-based outcome and PTSB's non-viability security
rating, which also captures the risk of coupon suspension on a
non-cumulative basis. Moody's approach to rating high-trigger
contingent capital securities is described in its "Banks
Methodology", published in November 2019.

PTSB's Baseline Credit Assessment (BCA) of ba1, which incorporates
the bank's overall intrinsic credit strength, the group level
fully-loaded CET1 ratio of 14.3% at September 2020, which improved
by 150 basis points following the sale of a buy-to-let performing
mortgage portfolio and Moody's forward-looking assumptions on its
regulatory ratio, were used as inputs to the model, which
corresponds to an output of Ba3(hyb).

The model output was then compared to the issuer's non-viability
security rating, B1(hyb), which is positioned based on Moody's
Advanced Loss Given Failure (LGF) analysis and also captures both
the probability of impairment associated with non-cumulative coupon
suspension as well as the probability of a bank failure. The 'high
trigger' security rating is constrained by the rating on the
non-viability security, leading to the assignment of a B1(hyb)
rating to PTSB Group's 'high trigger' AT1 securities.

In addition, Moody's ran a model sensitivity analysis on PTSB that
factors in changes to the group and bank's CET1 ratio. The outcome
of this sensitivity analysis confirms that a B1(hyb) rating is
resilient under the main plausible scenarios.

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

The rating of PTSB Group's AT1 notes is currently constrained by
the rating on the issuer's non-viability security, which in turn
could be upgraded if PTSB's ba1 BCA were to be upgraded.

Conversely, downward pressure on the rating of this instrument
could develop if PTSB's BCA was adjusted downward or if its CET1
ratio were to decline substantially on a sustained basis. In
addition, Moody's would also reconsider the rating in the event of
an increased probability of a coupon suspension.

PRINCIPAL METHODOLOGY

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



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

CREDEMVITA SPA: Fitch Rates EUR107.5MM Sub. Tier 2 Notes BB
-----------------------------------------------------------
Fitch Ratings has assigned Credemvita S.p.A.'s EUR107.5 million
subordinated Tier 2 notes a 'BB' rating. The notes are rated two
notches below Credemvita's Issuer Default Rating (IDR) of 'BBB-' to
reflect Fitch's 'below average' recovery assumption (one notch) and
'moderate' assessment of non-performance risk (one notch), in line
with Fitch's notching criteria.

KEY RATING DRIVERS

The notes have a 10-year maturity and carry a fixed rate resettable
coupon of 3.500%. The issuer has the option to call the notes from
November 2025. The issue ranks junior to senior creditors and pari
passu with senior subordinated securities. This level of
subordination results in Fitch's 'below-average' baseline recovery
assumption.

The notes include a mandatory interest deferral feature, which
would be triggered if the company is not able to meet the
applicable solvency capital requirements. Under the agency's
criteria, Fitch regards this feature as leading to 'moderate'
non-performance risk.

The notes qualify as Tier 2 regulatory capital under Solvency II
and are therefore treated as 100% capital in Fitch's Prism
Factor-Based Model because of the agency's regulatory override.
However, given that the notes are dated instruments, they would be
treated as 100% debt in Fitch's financial leverage calculation.

Fitch expects Credemvita's financial debt leverage to weaken and
fixed-charge coverage to reduce after the issuance. However, Fitch
expects Credemvita to recall its outstanding notes totalling EUR105
million before end-2020, about half of which with a call option in
December 2020 and the remainder placed with its parent Credito
Emiliano S.p.A. (Credem, IDR: BBB-/Stable). This will leave
Credemvita's financial debt leverage and fixed-charge coverage
broadly unchanged at end-2020.

RATING SENSITIVITIES

The ratings remain sensitive to any material change in Fitch's
rating-case assumptions with respect to the coronavirus pandemic.

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

  -- A downgrade of Credem's IDR would likely lead to a downgrade
of Credemvita's ratings.

  -- A lessening of Credem's propensity to support Credemvita.

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

  -- An upgrade of Credem's IDR would likely lead to an upgrade of
Credemvita's ratings.

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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Credemvita's ratings are directly linked to the ratings of Credem.
A change in Fitch's assessment of Credem's credit quality would
likely lead to a corresponding change Credemvita's ratings.



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

PIOLIN II: Moody's Downgrades CFR to Caa1, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Piolin II S.a.r.l to Caa1 from B3 and the probability of default
rating to Caa1-PD from B3-PD. Concurrently Moody's downgraded the
ratings on the EUR1170 million guaranteed senior secured term loan
B due 2026 (which includes the EUR970 million guaranteed senior
secured term loan B and the EUR200 million incremental guaranteed
senior secured term loan B2) and EUR200 million guaranteed senior
secured revolving credit facility (RCF) due 2026 to Caa1 from B3
issued by Piolin BidCo, S.A.U. The outlook is negative.

RATINGS RATIONALE

Parques' Caa1 CFR reflects the expected weaker operating
performance in 2020 against its initial expectation and the
expected slower demand recovery in 2021 resulting in continued
negative free cash flow generation. This is the result of the
coronavirus outbreak and the government restrictions, which
continue to disrupt the attendance levels across the different
regions in which Parques operates. Moody's has revised its revenue
expectation for 2020 and 2021, which is estimated to be 65% and 20%
below 2019 levels, respectively. However there remain risks of more
challenging downside scenarios. Given the high seasonality of the
business with approximately 90% of EBITDA typically generated
during the third quarter, the company's performance is highly
dependent on the attendance levels during this period. Although an
economic recovery is underway, it is tenuous, and its continuation
will be closely tied to containment of the virus. Moody's
acknowledges the recent news on the high level of effectiveness of
one of the experimental vaccines under development which is
positive. However, at this stage there remains significant
uncertainties around timing and speed of the coronavirus
containment, including the risks for further waves and local health
and safety restrictions.

Parques has a highly leveraged capital structure with limited
tolerance for sustained underperformance. Moody's estimates that
Moody's-adjusted debt/EBITDA will remain above 10x in 2021. In
comparison to 2019 the company's capital structure includes EUR200
million of incremental term loan and around EUR56 million of
government backed loans, which were raised during the months of
April and May. The company is expecting to raise an additional
EUR30 million of government backed loans by the end of this year.
This provides sufficient resources to withstand a reduced demand
until the next summer season. However, in Moody's view the
liquidity buffer will not be sufficient to cushion another summer
period with low attendance levels, which would rapidly erode the
liquidity resources and increasingly pressurise the sustainability
of its capital structure.

These credit challenges are counterbalanced by Parques' (1) leading
market position in regional parks, with good geographical and
portfolio diversification; (2) solid industry fundamentals, which
could support a strong demand rebound if the virus is contained and
government restrictions are lifted; (3) parks which draw largely
from local visitors with limited dependence on air travel, and
therefore could see a faster demand recovery in comparison to
leisure activities that have a higher exposure to international
tourism; and (4) local and regional parks could also benefit from
their higher affordability, shorter catchment area, lower length of
stay and planning needs. Moody's also recognises the extensive cost
cutting actions taken by the company as well as the reduction of
non-essential capital spending. Moody's understands that this will
remain a key focus of the company throughout next year, which will
help limit the cash burn to a certain extent.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

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

Governance risks mainly relate to the company's private-equity
ownership, which tends to tolerate a higher leverage, a greater
propensity to favour shareholders over creditors, as well as a
greater appetite for M&A to maximise growth and their return on
investment.

STRUCTURAL CONSIDERATIONS

The senior secured credit facilities due in 2026 (including the
incremental term loan B2) are rated Caa1, in line with the CFR. The
facilities are guaranteed by material subsidiaries representing at
least 80% of consolidated EBITDA. The security package mainly
consists of share pledges, bank accounts and intercompany
receivables. The Caa1-PD probability of default rating is in line
with the CFR, based on its assumption of a 50% family recovery
rate, as commonly used for capital structures with first-lien
secured debt with springing financial covenants.

LIQUIDITY

Parques' liquidity profile is adequate although will weaken in the
coming months. As of September, it is supported by EUR266 million
cash on balance sheet, pro forma for the EUR200 million incremental
term loan and around EUR56 million of government backed financing.
This excludes the EUR30 million of additional government loan that
the company expects to secure by the end of this year. The RCF of
EUR200 million remains fully drawn. Given the high seasonality of
the business the cash position at the end of summer typically
represents the peak. Moody's estimates that the company will burn
between EUR20-25 million per month in the next two quarters. The
company's debt has one springing net leverage covenant tested only
when the drawn RCF (excluding undrawn letters of credit, amounts
used for flex, syndication and capital expenditure) minus cash
represents more than 40% of the RCF commitment (EUR80 million). The
company is expected to remain compliant with its covenant.

OUTLOOK

The negative outlook reflects the risk of continued negative free
cash flow generation resulting in a further weakening of the
company's liquidity given the uncertainties to the timing and speed
of the coronavirus containment, including the potential for further
waves or local health safety regulations. This could constrain
attendance levels during the peak summer months, which could
pressurise the sustainability of the company's capital structure.

The outlook could be stabilized if there is enough clarity
regarding (1) the containment of the coronavirus outbreak, which
would support a sustained recovery in attendance levels and a
recovery of free cash flow generation, (2) the sustainability of
its capital structure and (3) the preservation of an adequate
liquidity profile.

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

Upward rating pressure would not arise until the coronavirus
outbreak is brought under control. Over time, Moody's could upgrade
the company's rating if the company is able to improve its margins
to pre-coronavirus levels, leverage moves below 8.0x, free cash
flow turns positive and the liquidity profile remains adequate.

Parques' rating could be downgraded if there is a sharp
deterioration in liquidity or a slower than expected rebound in
attendance levels in 2021, which could impact the sustainability of
the company's capital structure.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Parques is a global operator of regional amusement, animal and
water parks. The company operates 60 parks (45 regional parks) in
12 countries across three continents that receive around 20 million
visitors each year. In 2019, pro forma of the Tropical Islands
acquisition, Parques generated EUR694 million in revenue and EUR196
million in company-adjusted EBITDA.



=================
M A C E D O N I A
=================

NORTH MACEDONIA: Fitch Affirms BB+ LT IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed North Macedonia's Long-Term Issuer
Default Ratings (IDR) at 'BB+ with a Negative Outlook.

KEY RATING DRIVERS

North Macedonia's 'BB+' IDRs and Negative Outlook reflects
worsening public debt dynamics stemming from the coronavirus shock,
and downside risks to the baseline including from a resurgence of
infection rates, the greater exposure of public debt to exchange
rate risk than the peer group median, banking sector euroisation,
and high structural unemployment (with a large informal economy,
skills mismatches, and weak productivity growth). The rating is
supported by favourable governance, human development, and ease of
doing business indicators, and a track record of coherent
macroeconomic and fiscal policy, which underpins the longstanding
exchange rate peg to the euro. The EU accession process helps to
anchor policy and support exports and FDI inflows, and North
Macedonia's external finances and banking sector have shown
resilience to the coronavirus shock.

Fitch forecasts the North Macedonian economy will contract 5.0% in
2020, 0.2pp lower than the 'BB' median, and a 0.8pp downward
revision since its last review in May. GDP fell 12.7% in 2Q20 and
6.4% in 1H20, as lockdown measures severely disrupted domestic
demand and auto supply chains, and there was a sharp fall in
remittances, while the recent upsurge in COVID-19 cases will weigh
on growth for the rest of 2020. Some support is provided by robust
credit growth, a fiscal stimulus package that has underpinned
broadly stable employment, strong wage growth (expected at 8% this
year), the benefits of lower energy prices, and scope for further
monetary policy easing following 50bp of interest rate cuts since
March.

Fitch projects GDP growth of 3.9% in 2021, 1.2pp lower than at its
last review as the need for further COVID-19 containment measures
constrains the pace of recovery in domestic and external demand,
alongside the moderate drag from unwinding of fiscal measures.
Fitch forecasts growth picks up to 4.5% in 2022, reflecting a
negative output gap, some investment catch-up, and firmer private
consumption and external demand. In line with its global
macro-economic forecasts, the pace of recovery will be highly
dependent on the path of the health crisis, and a further spike in
infections requiring more far-reaching lockdown measures represents
a key risk to North Macedonia's economic outlook and its forecasts,
including to the external demand that has underpinned its
FDI-driven economic model.

The general government deficit is forecast to widen to 8.3% of GDP
in 2020, from 2.1% in 2019, close to the revised budget target of
8.5%. This is 1.7pp higher than Fitch forecasts at the last review,
largely reflecting the impact of additional fiscal measures,
including the recent fourth package which extends wage subsidies in
4Q20 (costing 0.7% of GDP), and introduces further social
transfers, loan deferrals, and targeted tax reductions. The general
government deficit was 7.2% of projected GDP (annualised) in 9M20,
and Fitch anticipates some under-execution of planned expenditures
in 4Q20, partly due to a delay in implementation of the latest
support package.

Fitch forecasts the general government deficit narrows to 4.7% of
GDP in 2021 in line with economic recovery and partial unwinding of
fiscal support, and to 3.4% in 2022. The 2021 budget incorporates
targeted measures focussed on assisting companies in the worst
affected sectors, including through employment, tax, and credit
support measures, in addition to which Fitch has assumed some more
general extension of wage subsidies. It also introduces a
multi-year budget setting framework but has not incorporated EU
recommendations on adoption of fiscal rules. There remains
uncertainty around the capacity for implementation of a fiscal
consolidation programme, and the potential for additional fiscal
measures to support weaker than expected GDP outturns represents a
key downside risk to its revised fiscal forecasts.

General government debt is projected to rise from 40.8% of GDP at
end-2019 to 50.9% at end-2020 (which compares with the 'BB' median
of 59.9%) and to then stabilise at near 53% in 2021-2022.
Government guarantees of public entities account for a further 9.0%
of GDP (almost three-quarters of which are road projects), none of
which have previously been called. Single treasury account reserves
have increased by 0.8pp since 2017 to 3.3% of GDP, and Fitch
forecasts some drawdown in 2021-2022 to 2.9%. In its medium-term
debt dynamics, which assume average GDP growth of 3.8% and a 0.9pp
improvement in the primary surplus in 2023-2024, general government
debt/GDP is flat, ending 2024 at 52.6%. 76.0% of public debt is
FX-denominated, well above the 'BB' median of 55.7%, but this is
predominantly in euros and the exchange rate risk is mitigated by
the credibility of the exchange rate peg.

Near-term financing risks have reduced somewhat since its previous
review. External financing conditions have improved, and most of
the 2020 financing need has been met, which included a large
increase in the debt repayment schedule to EUR806 million (7.5% of
GDP) from EUR398 million last year. Around 60% is externally
financed, including a EUR700 million Eurobond issued in May, IMF
Rapid Financing Instrument of EUR177 million, and additional EU
budget support of EUR120 million (with a further EUR80 million yet
to be disbursed), while World Bank approved emergency assistance
totals EUR127 million. There is another heavy debt repayment
schedule in 2021, of EUR858 million (including interest) and Fitch
anticipates a more even split between domestic and external
financing, reflecting markedly lower IFI financing. North Macedonia
also has sizeable concessional financing available using World Bank
MIGA guarantees.

The re-election of the centre-left SDSM-led coalition following
July's general election has resulted in broad continuity of
macroeconomic policy. Despite a majority of just two, Fitch views
the coalition as cohesive and stable in the near term. Fitch
anticipates steady progress on a similar reform agenda, centred on
EU accession, building on the European Council decision in March to
open EU accession negotiations. Alongside NATO membership last
year, this has provided a moderate boost to medium-term FDI and
export prospects, as well as helping to further anchor policy.
Solid public support in North Macedonia for EU membership will help
bind the process. The EU Western Balkans Economic and Investment
Plan announced last month allocates up to EUR9 billion grant
financing for the region in 2021-2027, providing some further
support for ongoing economic integration.

A dispute with Bulgaria (partly over the account of historical
figures and of North Macedonia's language) could delay agreement on
the framework for EU negotiations beyond December's European
Council meeting but Fitch vies the risk of this derailing the
process as low. More generally, Fitch anticipates full accession
will take a minimum of the eight years it took the previous EU
accession country, and the general weakening in appetite for
enlargement since then could translate into more stringent
requirements to align standards and an even longer timeframe. Fitch
expects the initial focus of reforms will remain on issues of rule
of law in the judiciary and freedom of expression, tackling
corruption, and improving public administration.

The balance of payments has been relatively stable, and foreign
exchange reserves increased to EUR3.5 billion at end-October, from
EUR3.2 billion at end-April, supported by net sovereign debt
inflows. There have been negligible FX interventions by the Central
Bank since EUR300 million net sales in March to June. Fitch
forecasts the current account deficit widens by 0.6pp in 2020 to
3.9% of GDP due to a large fall in remittances. Sharp import
compression and the benefit of lower energy prices more than offset
the fall in exports. Fitch projects the current account deficit
narrows to an average 2.5% in 2021-2022, and there is a partial
recovery in FDI to 3.0% of GDP from 1.6% this year. Fitch forecasts
FX-reserves increase to 4.9 months of current external payments at
end-2022, from 4.2 at end-2019, above the 'BB' median of 4.4, and
net external debt/GDP rises from 22.2% at end-2019 to 26.8% in
2022, broadly in line with the peer group median of 25.5%.

The banking sector has sound credit fundamentals, which together
with policy support, has helped it absorb the coronavirus shock
while maintaining lending growth of close to 7% this year. The
sector has remained liquid and is adequately capitalised, with a
common equity Tier 1 ratio of 15.4% in September, and the majority
of the sector is controlled by foreign-owned institutions, which
reduces contingent liability risk. Profitability has been robust,
with a return on equity of 12.3% in 9M20, from 11.7% in 2019. The
non-performing loan ratio has continued to fall, to 3.4% in
September from 5.0% in March, but Fitch expects a marked increase
next year once regulatory support is phased out. The share of
foreign currency deposits in total deposits has been stable at
42.2% in September, although it compares unfavourably with the 'BB'
median of 27.4%.

ESG - Governance: North Macedonia has an ESG Relevance Score of 5
for both Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model. North Macedonia has a medium
WBGI ranking, at the 50th percentile, reflecting a moderate level
of rights for participation in the political process, moderate
institutional capacity, established rule of law and a moderate
level of corruption.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
negative rating action/downgrade:

  - Public Finances: Materially higher than forecast general
government debt/GDP for example due to a more severe or prolonged
recession, greater structural fiscal loosening, or crystallisation
of contingent liabilities.

  - External Finances: An increase in external vulnerabilities, for
example due to a larger widening of the current account deficit net
of FDI exerting pressure on foreign currency reserves and/or the
currency peg against the euro.

  - Structural: Adverse political developments that affect
governance standards and the economy.

The main factors that could, individually or collectively, lead to
positive rating action/upgrade:

  - Public Finances: Greater confidence that general government
debt/GDP will be placed on a firm downward path in the medium term,
for example due to economic recovery and post-coronavirus-shock
fiscal consolidation.

  - Macro: An improvement in medium-term growth prospects, for
example through implementation of structural economic reform
measures.

  - Structural: Further improvement in governance standards,
reduction in political and policy risk, and progress towards EU
accession.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns North Macedonia a score equivalent
to a rating of 'BB' on the Long-Term FC IDR scale, one-notch lower
than the 'BB+' SRM score at its previous review (where it was at
the boundary of 'BB').

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - Macro: +1 notch: Fitch has introduced a new positive notch
adjustment to offset the deterioration in the SRM output driven by
the pandemic shock, including from the growth volatility variable.
The deterioration of the GDP growth and volatility variables
reflects a very substantial and unprecedented exogenous shock that
has hit the vast majority of sovereigns, and Fitch currently
believes that North Macedonia has the capacity to absorb it without
lasting effects on its long-term macroeconomic stability.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

KEY ASSUMPTIONS

Fitch expects the global economy to experience a deep recession in
2020 due to the COVID-19 pandemic based on the Economics Dashboard
report published on November 6,. Fitch notes that there is an
unusually high level of uncertainty around these forecasts and
risks are firmly to the downside, not least due to the recent surge
of the second wave of the pandemic in many eurozone countries and
the corresponding new lockdown measures.

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

North Macedonia has an ESG Relevance Score of 5 for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are highly relevant to the rating
and a key rating driver with a high weight.

North Macedonia has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

North Macedonia has an ESG Relevance Score of 4 for Human Rights
and Political Freedoms as voice and accountability is reflected in
the World Bank Governance Indicators that have the highest weight
in the Sovereign Rating Model (SRM). They are relevant to the
rating and a rating driver.

North Macedonia has an ESG Relevance Score of 4 for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for North Macedonia, as for all sovereigns.

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



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

LOUIS DREYFUS: S&P Assigns 'BB+' Rating to Senior Unsecured Bonds
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to the senior
unsecured bonds Louis Dreyfus Company B.V. (BBB-/Positive/A-3)
plans to issue. S&P understands the company will use the proceeds
to refinance existing debt and fund some investments; and for
general corporate purposes.

S&P said, "We understand that the planned bond issuance will have a
benchmark size and mature in five-to-seven years, but that the
ultimate size and maturity will be subject to market conditions.
The bonds will rank pari passu with other senior unsecured debt
instruments.

"We apply a one-notch downward adjustment on the 'BBB-' issuer
credit rating on Louis Dreyfus Commodities to derive our 'BB+'
issue rating on the proposed senior unsecured bonds, mainly
reflecting risk of structural subordination stemming from a high
amount of debt sitting at the operating subsidiaries in excess of
50% of total debt.

"The group's reported adjusted EBITDA increased 72% to $780 million
in first-half 2020. This supports our forecast of adjusted EBITDA
of about $1.2 billion for 2020, which should help the group
sustainably deleverage. We expect the group will reduce adjusted
debt to EBITDA to about 2.5x after the closing of the new ownership
structure, thanks to lower debt and higher EBITDA, supported by
increased profitability in its main segments like oilseeds and
grains. In 2021, we see adjusted debt leverage stabilizing at about
2.5x, assuming continued strong demand in the group's main segments
and implementation of cost-saving programs."


PLAYA HOTELS: S&P Lowers ICR to 'CCC+' on Expected Slow Recovery
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Playa Hotels
& Resorts N.V. one notch to 'CCC+' from 'B-'. S&P also lowered the
rating on the senior secured issue-level debt one notch to 'CCC+'
from 'B-'.

S&P said, "The negative outlook reflects our belief that Playa's
weak expected credit measures through at least 2021 may result in a
capital structure that is unsustainable. In addition, we expect
that the company will likely continue to face reduced revenue until
there is a widely available vaccine for COVID-19.

All-inclusive resort owner and operator Playa Hotels & Resorts
N.V.'s operating performance could continue to be severely
disrupted until there is an effective medical treatment and widely
available vaccine for COVID-19, which we do not currently expect
until at least the middle of 2021.

S&P said, "We now believe that a recovery in travel to Playa's
Mexican and Caribbean resorts will likely be significantly slower
than we expected a few months ago and may not begin until at least
the second half of 2021. As a result, Playa may not be able to
meaningfully reduce its very high leverage or generate cash flows
that are sufficient to sustain the capital structure until at least
2022.

"We are downgrading Playa because we believe that its capital
structure may be unsustainable due to an expected slow recovery in
travel to its Mexican and Caribbean resorts.  We now expect the
company to sustain very high leverage and very thin coverage of
interest expense through at least 2021, before it could potentially
begin improving credit measures in 2022 depending on the
performance of the 2021-2022 high season. We assume COVID-19 will
remain a threat until a vaccine or effective treatment becomes
widely available, which could occur around mid-2021. We have
lowered our 2021 RevPAR expectations for Playa's resorts to reflect
that we expect travel to the Caribbean and Mexico to be
substantially depressed until at least the second half of 2021, at
which point revenue, EBITDA, and cash flow could begin to
improve."

Playa has reopened most of its resorts and has had some success
generating modest levels of occupancy in Mexico, although the
Dominican Republic and Jamaica markets have been more challenging,
and the company is burning around $15 million to $20 million
dollars per month. S&P said, "We expect that Playa's recovery may
be challenged by travel restrictions and advisories, reduced flight
capacity from North America to the company's Mexican and Caribbean
resort destinations, lingering consumer apprehensions around air
travel and crowded public spaces, and weak discretionary spending
if the aftermath of the recession results in an uneven economic
recovery. Therefore, we believe the eventual recovery in the
Mexican and Caribbean all-inclusive resort market could be slow and
uneven."

S&P said, "Despite the expected slow recovery, we believe that
Playa has adequate liquidity through the next year.  We expect that
pro forma for the sale of the Dreams Puerto Aventuras, Playa
currently has about $215 million of unrestricted cash on hand. We
expect the company to continue burning around $15 million to $20
million dollars per month until at least the middle of 2021, when
it could begin to improve operating performance."

As a hotel owner, Playa's financial flexibility benefits from its
ability to liquidate properties.  On Nov. 4, 2020, Playa announced
the sale of its Riviera Maya-based Dreams Puerto Aventuras for
total cash consideration of $34.5 million. Additionally, on May 1,
2020, Playa announced the sale of two Jamaican resorts, the Jewel
Dunn's River Beach Resort & Spa and the Jewel Runaway Bay Beach
Resort & Waterpark, for a total consideration of $60 million in
cash. Although the depressed market conditions that would lead
Playa to sell its assets may also reduce the number of potential
buyers, the sale of further noncore hotels in its portfolio could
provide it with additional liquidity, if needed.

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

-- Health and safety

S&P said, "The negative outlook reflects our belief that Playa's
weak credit measures will be weak through at least 2021 and may
result in a capital structure that is unsustainable. In addition,
we expect that the company will likely continue to face reduced
revenue until there is a widely available vaccine for COVID-19.

"We could lower our ratings on Playa if we believe its liquidity
position will worsen or that it will likely default or enter into a
debt restructuring of some form in the next 12 months.

"It is unlikely that we will revise our outlook on Playa to stable
for the duration of the global travel downturn. However, we could
revise our outlook to stable or raise our rating if we believe that
the company will improve its EBITDA and cash flow, maintain
adequate liquidity, and sustain adjusted EBITDA interest coverage
of more than 1.5x."

Playa owns, operates, and develops all-inclusive resorts in Mexico,
Jamaica, and the Dominican Republic. The company owns and/or
manages 21 beachfront resorts under brands that include Hyatt,
Hilton, and Panama Jack.

-- S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use 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."

-- A severe economic recession in the U.S. causes real GDP to
decline by 5% in 2020 and reduces consumer spending.

-- S&P said, "We expect that total occupancy and average daily
rate across the portfolio will remain similar to the third-quarter
2020 levels through at least the first half of 2021, at which point
they could begin to improve if there is a medical solution to
COVID-19 that allows a recovery in leisure travel to the Caribbean
and Mexico. We assume total package revenues decline by around
60%-70% in 2020 and are flat in 2021 as a recovery in the second
half of the year is not enough to offset weakness in the seasonally
important first half 2021."

-- S&P believes that Playa's Mexican resorts are comparatively
performing better than other regions due to higher volumes of
available flights from North America into Mexican markets, minimal
Covid-19 restrictions and consumers familiarity with the region.

-- Recovery in Jamaica could continue to be impaired until
COVID-19 testing requirements are lifted.

-- Travel to the Dominican Republic could be slow to recover if
flight capacity is slow to increase from currently depressed levels
compared with pre-pandemic.

-- Total company adjusted EBITDA is negative in 2020 and 2021.

-- No significant capital expenditure beyond maintenance spending
through 2021.

-- S&P has not assumed any additional hotel sales other than those
already announced through 2021.

S&P said, "We believe Playa's liquidity is adequate based on the
company's likely sources and uses of cash over the next 12 months
and incorporating our performance expectations. We expect the
company's liquidity sources to be at least 1.2x its uses over the
next 12 months. We don't believe Playa could withstand high-impact,
low-probably events without refinancing given its relatively high
leverage and portfolio of owned hotels concentrated in Mexico and
the Caribbean."

Principal liquidity sources

S&P expects that pro forma for the sale of the Dreams Puerto
Aventuras, Playa currently has about $215 million of unrestricted
cash on hand.

Principal liquidity uses

-- Negative operating cash flows of around $100 million to $150
million over the next 12 months;

-- Capital spending of about $40 million annually through 2021;
and

-- Annual amortization of 1% under the term loan.

Lenders have agreed to modify financial maintenance covenants under
the senior secured credit facility as follows:

-- Substitute a minimum required liquidity test for the leverage
covenant from the third quarter of 2020 through, and including, the
second quarter of 2021.

-- Secured net leverage ratio testing will resume in the quarter
ended Sept. 30, 2021. The maximum secured net leverage ratio will
be 6.5x in the first test period, 6.0x in the test period ending
Dec. 31, 2021, and 4.75x for each test period thereafter.

-- For the quarter ending Sept. 30, 2021, consolidated EBITDA for
purposes of testing the covenant will be the sum of EBITDA
generated in the third quarter of 2021, the first and second
quarters of 2019, and the fourth quarter of 2018. For the quarter
ending Dec. 31, 2021, consolidated EBITDA for purposes of testing
the covenant will be the sum of EBITDA generated in the third and
fourth quarters of 2021 and the first and second quarters of 2019.
For the quarter ending March 31, 2022, consolidated EBITDA for
purposes of testing the covenant will be the sum of EBITDA
generated in the first quarter of 2022, the third and fourth
quarters of 2021, and the second quarter of 2019.

-- Certain restrictions have been put in place related to the
incurrence of additional debt, investments, dispositions, and
restricted payments during the covenant relief period.

-- Under S&P's current revised base-case assumptions, it believes
the company will remain in compliance with all of its amended
covenants.

-- S&P said, "The company's senior secured revolver and term loan
are rated 'CCC+' with a '3' recovery rating. The '3' recovery
rating indicates our expectation for meaningful recovery for
lenders (50%-70%; rounded estimate: 55%) in the event of a
default.

-- S&P's estimate of value recoverable by lenders in a default has
been lowered to reflect the sale of the Dreams Puerto Aventuras.
S&P reduced our emergence EBITDA estimate by around the percentage
of rooms sold divided by total rooms in the portfolio prior to the
sales.

-- S&P's recovery analysis incorporates the unrated $94 million
secured credit facility closed in June 2020 that is pari passu with
the rated senior secured facility which modestly reduces recovery
prospects for the secured lenders in a default. The $110 million
property loan agreement is secured by a first-lien interest in the
Hyatt Ziva and Zilara Cap Cana and the Hilton Rose Hall properties
with a limited guarantee by Playa, which also reduces recovery for
the secured lenders. Based on the proportion of rooms represented
by collateral pledged under the property loan agreement, we
estimate that these properties would constitute about 15% of
Playa's value in a default and property loan lenders have a first
claim to the value of these pledged assets.

-- S&P's simulated default scenario contemplates a default
occurring by 2022 because of a significant decline in the company's
cash flow caused by a prolonged downturn in the demand for
international travel to Mexico and the Caribbean.

-- To value the enterprise, S&P applied a 6.5x multiple to its
projected emergence EBITDA. This multiple partly reflects the
company's partnerships with Hyatt and Hilton for the branding of
about half of its resorts.

-- S&P assumes the revolving credit facility is 85% drawn at
default.

-- Emergence EBITDA: $126 million

-- EBITDA multiple: 6.5x

-- Gross recovery value: $817 million

-- Net recovery value for waterfall after 5% administrative
expenses: $776 million

-- Obligor/nonobligor valuation split to reflect the proportion of
value available to the secured credit facility lenders and the
proportion available to the property loan lenders: 85%/15%

-- Net recovery value after secured property loan repayment from
non-obligor value: $660 million

-- Estimated secured debt: $1.2 billion

    --Recovery expectations: 50%-70%; rounded estimate: 55%

Note: All debt amounts include six months of prepetition interest.




===========
P O L A N D
===========

CANPACK SA: S&P Assigns 'BB' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit rating
to CANPACK S.A. and 'BB' issue rating to the senior unsecured
notes.

The stable outlook reflects S&P's expectation that CANPACK S.A.
will maintain its solid market positions and high utilization
rates, with debt to EBITDA of about 3x and funds from operations
(FFO) to debt of about 25% over the next 12 months.

CANPACK's business risk profile is supported by its strong market
positions, especially in Eastern and Central Europe, long-standing
customer relationships, and well-invested asset base, with high
utilization rates.   CANPACK also benefits from a high share of
contracts with cost pass-through mechanisms. With $2.2 billion of
revenue and $364 million of EBITDA, the company is large, albeit
smaller than global peers (such as Ardagh Group, Ball Corp., and
Crown Holdings). The group has 27 manufacturing facilities in 17
countries. Its customer base is relatively concentrated (the
10-largest customers accounted for 65% of revenue in 2019), and
largely reflects the consolidated nature of its end-market
(beverage manufacturers). About 83% of revenue relates to the sale
of beverage cans and ends. This market is highly competitive due to
the products' commoditized nature. Demand for beverage cans is
seasonal (sales peak in the summer) and influenced by weather
conditions. The group's product offering focuses mainly on a single
substrate (metal). As with most beverage packaging producers, its
products face substitution risk from other substrates, such as
plastic and glass.

S&P said, "CANPACK's financial risk profile reflects our
expectations that leverage will increase to 3.7x by year-end 2022
from about 2.3x at year-end 2020, because of large capital
investments, primarily in the U.S.  This will result in slightly
lower EBITDA margins (due to start-up costs) and negative free
operating cash flow (FOCF) in 2020-2022. We expect negative FOCF of
over $75 million in 2020 and over $250 million in 2021. The company
expects its new greenfield plant in the U.S. state of Pennsylvania
to start production at the end of 2021. It has an annual production
capacity of about 3 billion aluminum beverage cans and the vast
majority of capacity is pre-contracted by customers. We analyze the
financials of CANPACK US LLC and CANPACK S.A. on a combined basis.

"We assess CANPACK as a highly strategic subsidiary of the Giorgi
Global Holdings (GGH) group.  We believe that CANPACK would receive
extraordinary support from GGH in case of need. GGH also owns The
Giorgi Companies, which grows and processes mushrooms, and has food
can manufacturing operations in the U.S. Our assessment of GGH's
overall creditworthiness and CANPACK's highly strategic status is
neutral in our assessment of CANPACK.

"The ratings are in line with the preliminary ratings we assigned
on Oct. 12, 2020.  

"The stable outlook reflects our expectation that CANPACK S.A. will
maintain its solid market positions and high utilization rates,
with debt to EBITDA of about 3.0x and FFO to debt of about 25% over
the next 12 months."

S&P could lower the ratings if:

-- Adjusted debt to EBITDA exceeded 4.0x; and

-- Adjusted FFO to debt fell below 20% on a prolonged basis.

This could happen because of lower utilization rates (due to large
contract losses or lower demand for beverage cans), or pricing
pressures. Large debt-funded shareholder distributions or capacity
expansions could also result a higher leverage. S&P could also
lower the rating if its assessment of GGH's group credit profile
deteriorated.

S&P could raise the ratings if:

-- Adjusted debt to EBITDA remained below 3.0x, and

-- Adjusted FFO to debt increased and stayed above 30%; or

-- CANPACK generated positive adjusted FOCF sustainably.

An upgrade would also be contingent upon an improvement in GGH's
group credit profile.




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

INTERNATIONAL COMMERCIAL: Bank of Russia Revokes Banking License
----------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-1846, dated
November 13, 2020, revoked the banking license from the
Moscow-based International Commercial Bank (JSC) (Registration No.
2524, hereinafter, ICB).  The credit institution ranked 299th by
assets in the Russian banking system.

The Bank of Russia took this decision in accordance with Cl. 6 of
Part 1 of Art. 20 of the Federal Law "On Banks and Banking
Activities", based on the facts that ICB:

   -- violated federal banking laws and Bank of Russia regulations,
and also understated the amount of loan loss provisions to be
created, due to which the regulator repeatedly applied measures
against it over the past 12 months, which included restrictions on
household deposit-taking;

The loan portfolio of ICB comprised more than 70% of low-quality
loans, which had been repeatedly restructured in order to mask the
actual level of overdue debt.

ICB understated the amount of provisions to be set up and
overstated the value of assets in order to improve its financial
indicators and conceal its actual financial standing.  The Bank of
Russia repeatedly sent the credit institution orders to make a
proper assessment of risks assumed.  Compliance with the
supervisor's requests led to grounds for taking measures to prevent
the credit institution's insolvency (bankruptcy), which created a
real threat to the interests of its creditors and depositors.

The Bank of Russia also cancelled ICB's professional securities
market participant license.

The Bank of Russia appointed a provisional administration to ICB
for the period until the appointment of a receiver or a liquidator.
In accordance with federal laws, the powers of the credit
institution's executive bodies were suspended.

Information for depositors: ICB is a participant in the deposit
insurance system; therefore, depositors will be compensated6 for
their deposits in the amount of 100% of the balance of funds but no
more than a total of RUR1.4 million per depositor (including
interest accrued), except for the cases stipulated by Chapter 2.1
of the Federal Law "On the Insurance of Deposits with Russian
Banks".

Deposits are to be repaid by the State Corporation Deposit
Insurance Agency (hereinafter, the Agency).  Depositors may obtain
detailed information regarding the repayment procedure 24/7 at the
Agency's hotline (8 800 200-08-05) and on its website
(https://www.asv.org.ru/) in the Deposit Insurance / Insurance
Events section.


IPOTEKA BANK: S&P Rates Senior Unsecured Notes 'BB-'
----------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes to be issued by
Ipoteka Bank JSCM (BB-/Negative/B).

"The rating on the proposed notes is at the same level as our
long-term issuer credit rating on the bank. This is because payment
obligations under the notes will rank at least equally with other
unsecured and unsubordinated obligations. The issue's final terms
will be defined when the notes are placed," S&P said.

"We do not think that the issuance will significantly change the
bank's funding profile or overall creditworthiness. We assume the
bank will use the proceeds to develop its lending, refinance the
maturing lines, and for general liquidity support," the rating
agency said.



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

ABERTIS INFRAESTRUCTURAS: S&P Rates New Hybrid Instrument 'BB'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to the proposed
perpetual, optionally deferrable, and subordinated hybrid capital
instrument to be issued by Abertis Infraestructuras Finance B.V.
and guaranteed by Abertis Infraestructuras S.A. (Abertis;
BBB-/Negative/A-3). The hybrid is expected to have a benchmark size
and the amount remains subject to market conditions.

S&P said, "We consider the proposed securities to have intermediate
equity content until their first reset date (in February 2026)
because they meet our hybrid capital criteria in terms of their
subordination, permanence, and optional deferability during this
period. We arrive at our 'BB' issue rating on the proposed
securities by notching down from our 'BBB-' long-term issuer credit
rating (ICR) on Abertis."

The two-notch difference between the issue rating and the ICR
reflects our notching methodology, which calls for:

-- A one-notch deduction for subordination because the ICR on
Abertis is investment grade (that is, 'BBB-' or higher); and

-- An additional one-notch deduction for payment flexibility to
reflect the fact that the deferral of interest is optional and that
the ICR is investment grade.

S&P said, "The notching reflects our view that there is a
relatively low likelihood that Abertis will defer interest. Should
our view change, we may significantly increase the number of
notches we deduct to derive the issue rating, and more quickly than
we might take an action on the ICR. In addition, in view of what we
see as the intermediate equity content of the proposed securities,
we allocate 50% of the related payments on these securities as a
fixed charge and 50% as equivalent to a common dividend, in line
with our hybrid capital criteria.

"The 50% treatment (of principal and accrued interest) also applies
to our adjustment of debt. We note that hybrids represent less than
5% of Abertis total capital, hence below the 15% maximum S&P Global
Ratings allowance.

"The proposed issuance follows the announcement on Nov. 3, 2020,
that Abertis' board of directors had approved a EUR2 billion hybrid
bonds program to be issued in the medium term. We see the new
financial policy, which also includes annual dividend distributions
reduced to EUR600 million in 2021-2022 from EUR875 million in
2018-2020, as supportive of Abertis' credit metrics. We believe a
more diversified capital structure is in line with Abertis'
acquisitive strategy to replace some expiring concessions in
Spain."

Features of the hybrid instrument

Although the securities are perpetual, they can be called at any
time for tax, gross-up, rating, change-of-control, substantial
purchase, or accounting events. Furthermore, Abertis can redeem
them for cash during the three months before the first reset date,
and at any interest payment date thereafter. If any of these events
occur, the company intends to replace the instrument, although it
is not obliged to do so.

In addition, Abertis has the ability to call the instrument at any
time before the first call date at a make-whole premium (make-whole
call). S&P said, "Abertis stated its intention not to redeem the
instrument during this make-whole period, and we do not consider
that this type of make-whole clause creates an expectation that the
issue will be redeemed during the make-whole period. Accordingly,
we do not view it as a call feature in our hybrid analysis, even if
it is referred to as a make-whole call clause in the hybrid
documentation."

The interest to be paid on the proposed securities will increase by
25 basis points (bps) after 10.25 years. That said, 20 years after
the first reset dates if the rating on Abertis is investment grade,
or 15 years after the reset date if the rating is speculative
grade, the step-up will be 75 bps, which we view as moderate but
significant. S&P considers the cumulative 100 bps to be a
substantial step-up, which is currently unmitigated by any
commitment to replace the instrument at that time. This step-up
provides an incentive for Abertis to redeem the instrument on the
reset date.

S&P said, "Consequently, we will no longer recognize the instrument
as having intermediate equity content after its first reset date,
because the remaining period until its economic maturity would, by
then, be less than 20 years as our criteria requires for
investment-grade companies, and less than 15 years for
speculative-grade companies. However, we classify the instrument's
equity content as intermediate until its first reset date, as long
as we think that the loss of the beneficial intermediate equity
content treatment will not cause the issuer to call the instrument
at that point."


MBS BANCAJA 4: Moody's Affirms B2 Rating on EUR18.9MM Cl. C Notes
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of the Class A2
Notes and Class B Notes in MBS BANCAJA 4, FTA. The upgrade reflects
the increased level of credit enhancement for the affected notes.

EUR1182.1M Class A2 Notes, Upgraded to Aa1 (sf); previously on Jul
16, 2018 Upgraded to Aa2 (sf)

EUR30.5M Class B Notes, Upgraded to Baa3 (sf); previously on Jul
16, 2018 Upgraded to Ba1 (sf)

Moody's affirmed the rating on the following class of Notes that
had sufficient credit enhancement to maintain its current rating:

EUR18.9M Class C Notes, Affirmed B2 (sf); previously on Jul 16,
2018 Affirmed B2 (sf)

The maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The upgrades of the ratings of the Classes A2 and B Notes are
prompted by the increase in credit enhancement for the affected
tranches. For instance, the credit enhancements for the Classes A2
and B Notes increased to 22.01% and 18.21% from 18.62% and 14.72%
respectively since the rating action in 2018.

Moody's affirmed the rating of the notes that had sufficient credit
enhancement to maintain their current rating.

Key Collateral Assumption Revised

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transaction has continued to be stable since
the last rating action in April 2018. Total delinquencies increased
to 11.13% in April 2020 from 8.82% in January 2020 but have since
decreased to 8.93% in October 2020. The 90 days plus arrears
currently stand at 1.85% of current pool balance. Cumulative
defaults remain largely unchanged, currently stand at 6.76% of
original pool balance up from 6.71% in January 2020.

Cumulative defaults have remained stable at 6.76% despite the
volatility of delinquencies.

Moody's decreased the expected loss assumption to 4.28% from 4.50%
as a percentage of original pool balance.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained unchanged the MILAN CE
assumption at 15%.

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
consumer assets from the current weak Spanish economic activity and
a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

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

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) an increase in available
credit enhancement; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.



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

SUNRISE COMMUNICATIONS: Fitch Lowers LT IDR to BB-, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded Sunrise Communications Group AG's
(Sunrise) Long-Term Issuer Default Rating (IDR) to 'BB-' from
'BBB-' and removed it from Rating Watch Negative (RWN). The Outlook
is Negative. Fitch has also downgraded Sunrise Communications AG's
CHF200 million unsecured bond instrument rating to 'B'/'RR6' from
'BBB-' and withdrawn Sunrise's term loan instrument rating
following full repayment on November 13. Sunrise's debt (bank and
bond) became unsecured following the security release in June
2020.

The rating actions follow the completion of the company's
acquisition by UPC Holding BV (UPC; BB-/Negative). The acquisition
has obtained regulatory approvals and UPC intends to delist Sunrise
from the Zurich Stock Market. UPC has achieved the 90% shareholder
acceptances needed to seek a full merger. Fitch expects the
combined business to be managed at 5.0x net debt/EBITDA, leverage
higher than that of Sunrise, which is reflected in the downgrade of
Sunrise's IDR to the same level as UPC. Sunrise's IDR is equalised
with UPC's based on its assessment of strong legal and operational
ties under its Parent and Subsidiary Linkage Rating Criteria.

Sunrise's ratings take into account the combined UPC/Sunrise
group's well-established mobile and cable operations in
Switzerland, along with smaller scale operations in Poland and
Slovakia. Fitch believes the acquisition by UPC makes sound
industrial logic, and will establish the group with a strong number
two position in a high-value telecom market. In a market that shows
strong demand for ultra-high-speed broadband and fixed-mobile
convergence (FMC) Fitch believes opportunities exist to stabilise
its cable operations, implement cost synergies and exploit the
up-sell of products and services.

The Negative Outlook reflects ongoing pressures on UPC's cable
operations and its expectation that the combined group's funds from
operations (FFO) net leverage will exceed its downgrade threshold
of 5.2x in 2020-21.

The instrument rating of the Sunrise Communications AG/Sunrise
Communications Holdings AG term loan has been withdrawn. The loan
is being repaid on November 13, 2020.

KEY RATING DRIVERS

Sound Transaction Logic: In Fitch's view, the consolidation of the
Swiss market makes sound industrial logic combining Sunrise's
strong market number 2 position in mobile with UPC's well built-out
1Gbps speed cable network and strong number two position in fixed
line networks. The combination presents a much-strengthened
convergent competitor to the incumbent, with the enlarged business
estimated by Fitch to account for roughly 25% of the Swiss telecom
market's EBITDA (based on 2019 reporting).

The combination will have 27%, 28% and 29% shares in mobile, fixed
broadband and pay-TV, respectively. Switzerland benefits from a
strong macro environment, with telecoms a high value market.

Full Merger of Sunrise and UPC: UPC obtained 96.6% of shares in
Sunrise by the end of the additional acceptance period, passing the
90% acceptance threshold to implement a full merger of Sunrise and
UPC. Fitch expects the full merger to complete in six to nine
months after closing. Sunrise will accede to the UPC intercreditor
agreement shortly after the acquisition closes.

Term Loan, Bond Repayment: Sunrise's CHF1.41 billion term loan was
repaid on November 13, funded by new debt issued by a subsidiary of
UPC. The company has also called its outstanding bond under
make-whole provisions, which Fitch expects to be prepaid on the
November 24,, and funded by the new debt issuance by UPC. Given
Sunrise's bond is unsecured, Fitch views it as subordinated to the
combined group's senior secured debt and has downgraded the bond
instrument rating to 'B'/'RR6' for the period before its fully
prepayment. Fitch expects to withdraw the bond instrument rating
upon redemption.

Competitive Telecom Market: Switzerland is an advanced telecoms
market. The mobile market is competed by four convergent players --
the country's three mobile network operators (MNOs), plus UPC,
which presently offers mobile services via its mobile virtual
network operator agreement with Swisscom. Fixed line services are
competitive but dominated by Swisscom, the incumbent telecom, which
retains an unusually high share of the market. Fitch estimates
Swisscom accounted for close to 70% of market revenues (fixed and
mobile) in 2019 and a similar share of market EBITDA. (More
typically incumbent telecoms would be expected to have a domestic
revenue share of between 30% and 50%).

Coronavirus Impact: Quarantine and self-isolation measures are
testing the capacity of telecom infrastructure generally. Fitch
expects recurring telecom revenues to limit negative pressures in
the near term for Sunrise and across the European peer group,
although both Sunrise and UPC have reported 3Q20 revenue slightly
decreased by 0.5% and 2.7%, respectively. Long-term effects are
likely to be linked to broader macroeconomic developments. So far
telecoms operators are reporting heightened voice and data traffic.
The use of home WiFi networks by customers should help mobile
operators manage peak usage.

DERIVATION SUMMARY

Upon merger completion, Fitch rates Sunrise on the combined profile
basis with UPC, which forms a strong challenger in Switzerland with
established mobile business and fixed cable network. Sunrise's
rating reflects the combined group's improved competitive position
on convergence offering in a market that is dominated by incumbent
Swisscom and materially larger scale. It also reflects the more
leveraged profile post-merger which Fitch expects to be managed
with net debt/EBITDA of 5x. Fitch considers the profile is in line
with that of Virgin Media Inc. and Telenet Group Holding (both
BB-/Stable).

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer (for
the enlarged UPC/Sunrise group)

  - Combined group revenue to decline 2.7% in 2020 before
stabilising to about 1% growth thereafter. This includes expected
revenue synergies from 2022

  - Operating cash flow margin of 39.9% in 2020 for the combined
group, gradually increasing to 42.8% by 2024 on the back of
acquisition synergies

  - Fitch conservatively assumes CHF20 million revenue synergies,
CHF140 million cost synergies and CHF18 million capex synergies by
2024 on run-rate basis per year in the Fitch base case

  - Operating and capex integration costs totalling about CHF300
million until 2025 with the majority incurred during 2021-2022

  - Capex around 20%-23% of revenue in 2020-2024, including capex
synergies and integration costs

  - Scale down of vendor financing to around CHF230 million upon
acquisition closure

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade (on a post-merger basis):

  - A firm commitment by the enlarged UPC to a more conservative
financial policy for example, FFO net leverage of 4.5x or below on
a sustained basis.

  - Significant improvement in pre-dividend free cash flow.

Factors that may, individually or collectively, lead to a revision
of the Outlook to Stable (on a post- merger basis):

  - Stabilisation of revenue and improvement of EBITDA on the back
of synergy delivery.

  - FFO net leverage expected to be managed consistently below
5.2x.

  - Cash from operations (CFO) less capex /gross debt expected to
remain consistently in mid-single digits.

Factors that could, individually or collectively, lead to negative
rating action/downgrade (on a post-merger basis):

  - FFO net leverage expected to be managed consistently above
5.2x.

  - CFO less capex / gross debt consistently at or below 3%.

  - Deterioration in performance of the Swiss business and slower
than expected integration and synergy delivery

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Fitch expects the enlarged group to have strong
liquidity profile supported by solid free cash flow generation with
margin in high single digits in 2020-2024. Its liquidity is further
provided by a fully undrawn revolving credit facility of EUR500
million due 2026. The post-merger debt maturities are long-dated
with the first due date in 2027.

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

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



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

BOPARAN HOLDINGS: S&P Keeps 'CCC+' Ratings on CreditWatch Pos.
--------------------------------------------------------------
S&P Global Ratings kept its 'CCC+' ratings on U.K. poultry producer
Boparan Holdings and its debt on CreditWatch positive, where S&P
placed them on Oct. 9, 2020.

S&P said, "At the same time, we are assigning our 'B-' issue
rating, with a recovery rating of '3' (50%), to Boparan's proposed
debt. The CreditWatch positive indicates that we will raise to 'B-'
our issuer credit rating on Boparan and affirm our 'B-' issue
ratings on the proposed issuance once the new debt is placed.

Boparan's plans to refinance its entire capital structure could
materially bolster its cash balances.   S&P said, "Backed by a cash
balance of GBP295 million, the company intends to issue GBP475
million of senior notes. Furthermore, the company has access to a
GBP80 million revolving credit facility (RCF), which we expected
will be undrawn at closing. Boparan has around GBP700 million of
debt coming due over the next 12 months: GBP78 million of debt
drawn under the RCF due in March 2021; a GBP35 million secured loan
due in June 2021; and senior notes of GBP300 million and EUR252
million, both due in July 2021. However, we think Boparan is now
better positioned to access capital markets because the amount of
debt to be issued (GBP475 million of senior notes) is below the
GBP500 million mark investors could consider adequate for this
capital structure." This is thanks to the finalized sale of Fox
biscuit, representing gross proceeds of GBP246 million (before
one-off pension payment and tax). This lifted the cash balance to
GBP295 million at end-October.

S&P said, "Still, we take into account the execution risk.   In our
view, the group relies heavily on short-term access to high-yield
capital markets, which are often volatile. This, in turn, could
challenge the group's ability to meet its near-term debt
obligations. Should Boparan successfully carry out its refinancing
plans, we would likely affirm the ratings on the group's proposed
issue at 'B-'.

"We view favorably Boparan's efforts to streamline its business.
With numerous asset disposals in adjacent food categories under its
belt, Boparan is now focused on improving margins in its core
poultry business while continuing to maintain a small but
profitable ready meals business. We believe this is positive since
it enables the group to allot more resources in production,
distribution, and marketing in poultry. We note the group's
advances in consolidating manufacturing plants, changing the
product mix towards higher-value products, and discontinuing
unprofitable contracts."

The business refocus should support a capital structure with lower
debt and pension deficit.  Boparan's operating performance has
improved over the past quarters. S&P said, "Under our new base
case, we project S&P Global Ratings-adjusted EBITDA to stabilize at
GBP135 million-GBP140 million at fiscal year-end July 30, 2021,
compared with GBP135 million in fiscal 2020 and GBP90 million in
fiscal 2019. We now forecast adjusted debt leverage to decrease to
around 5.5x-6.0x in 2021 (versus around 9.5x in 2020) and funds
from operations (FFO) cash interest to rise to 2.5x-3.0x. (versus
2.0x-2.5x in 2020). Reported net debt leverage will likely stand
between 3.0x and 3.5x in 2021, compared with approximately 4.0x in
2020. The adjusted debt of GBP790 million includes GBP475 million
of senior notes and GBP190 million of net pension deficit. We do
not net debt with cash as per our rating approach."

That said, there are some headwinds in the foodservice channel,
particularly for the European poultry business.  The U.K. consumer
products industry is highly competitive, subject to high price
pressure from the large retailers, and exposed to the persisting
risk of COVID-19 contamination among staff in the processing
plants. S&P also sees potential high volatility in commodity prices
and working capital movements should there be no trade agreement
between the U.K. and the EU.

S&P expects to resolve the CreditWatch once Boparan executes the
refinancing.

S&P said, "We would raise the issuer credit rating on Boparan to
'B-' if the group successfully places the senior notes and is able
to strengthen its liquidity and lower debt. The refinancing would
also enable the company to focus resources to deliver the
turnaround plan in the group and support profitable growth,
especially in poultry processing, its largest business. We think
the group's current operating performance is compatible with a
sustained deleveraging over the next 12 months, with adjusted debt
leverage of 5x-6x and FFO cash interest close to 2x.

"We could lower our rating multiple notches if we think that
Boparan is unlikely refinance its 2021 debt maturities in the near
future."


MERCURE ABERDEEN: Placed Into Voluntary Liquidation
---------------------------------------------------
BBC News reports that dozens of jobs have been lost after a
prominent hotel on the outskirts of Aberdeen went into
liquidation.

The four-star Mercure Aberdeen Ardoe House Hotel, at Blairs, has
been a popular venue for weddings and events for more than 70
years, BBC states.

However, the impact of coronavirus pandemic was described as the
"final straw" for the business in the wake of the oil industry
downturn, BBC notes.

A total of 68 staff have lost their job as a result, BBC
discloses.

The South Deeside Road venue has been placed into voluntary
liquidation, BBC relates.

According to BBC, Ken Pattullo, a business adviser from Begbies
Traynor who is working with the hotel directors, said:
"Unfortunately, the hospitality sector has been among the hardest
hit by the pandemic with the forced closure last spring having
devastating consequences for the Ardoe House Hotel.

"With Aberdeen currently in level two and coronavirus restrictions
continuing, the directors felt the hotel was no longer viable and
had no choice but to put the business into liquidation.

"In the face of ongoing uncertainty due to the health measures
implemented to help combat the global pandemic, there was no way of
saving the business and the jobs it supported; it is sad to see the
closure of such a popular hotel."


NMC HEALTH: Founder Plans to Return to UAE
------------------------------------------
Yousef Saba at Reuters reports that NMC Health founder BR Shetty
said on Nov. 14 he planned to the return to the United Arab
Emirates and denied reports he had fled the country after the
hospital group's implosion under a mountain of previously
undisclosed debt.

NMC went into administration in April following months of turmoil
over its finances and the discovery that it has US$6.6 billion in
debt, well above earlier estimates, Reuters recounts.

Earlier this month, administrators Alvarez & Marsal took
preliminary steps towards legal action against NMC's auditor, Ernst
& Young, as it seeks to increase recoveries for creditors, Reuters
relates.

"I travelled to India in February to be with my ailing brother who
sadly passed away at the end of March, just as the pandemic spread
across the world disrupting international travel," Mr. Shetty, as
cited by Reuters, said in a statement, adding that reports he fled
"could not be further from the truth."

According to Reuters, Mr. Shetty said investigations he
commissioned had uncovered details of fraud at NMC Health, Finablr
and other private businesses owned by his family, which he said
caused "great hardship for employees, disruptions to suppliers, and
losses to shareholders including myself and creditors".

He said he intended to return to the UAE, without specifying when,
having filed a criminal complaint in India seeking a probe into two
former top executives of his companies and two Indian banks related
to the multibillion dollar financial scandal engulfing his group,
Reuters discloses.


PRAESIDIAD GROUP: S&P Upgrades ICR to CCC+, Off CreditWatch Neg.
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Praesidiad Group Ltd. to 'CCC+' from 'CCC' and took it off
CreditWatch. S&P also raised its issue rating on the company's debt
to 'CCC+' from 'CCC'.

S&P said, "Amid the difficult operating environment, under our
revised base case we expect Praesidiad's revenue to decline by
about 8%-9% in 2020 versus 2019, although S&P Global
Ratings-adjusted EBITDA margins should improve on the back of
cost-saving initiatives.  After a tough first nine months of
2020--when the company's operations were affected by the COVID-19
outbreak in March, with revenue 18% below the budgeted figure for
the period ending September 2020 and EBITDA flat--we are revising
our base-case assumptions. We now expect the top line to decline by
about 8%-9% in 2020. We believe the resulting volume loss (mainly
across Europe, Middle East, and North Africa [EMENA], and the
Americas) as well as project delays in South Africa, and supply
chain disruptions, will be partially offset in the remaining months
of 2020 by an improved order book, particularly in the Hesco
business, although uncertainty remains around the upcoming months.
However, we expect adjusted EBITDA margins (from which we exclude
all exceptional items) to slightly improve to about 5%-6% in 2020,
on the back of the implementation of several cost-saving
initiatives and productivity programs. We also expect adjusted
margins to improve to 9%-10% in 2021, as a result of the partial
recovery of the operating environment and additional cost benefits
into 2021 from the productivity programs that the management
recently adopted."

Despite the new management's initiatives to stabilize the business
and reduce the cost base, Praesidiad continues to exhibit very high
leverage, and with FOCF expected to stay negative until the end of
2021, deleveraging prospects are low.  Praesidiad, when compared
with other rated peers, is very highly leveraged. In addition, S&P
believes that Praesidiad will continue to exhibit negative EUR10
million-EUR12 million FOCF at least until 2021, also depressed by
the high cash interest burden and the uncertainties around the
operating environment--especially during fourth-quarter 2020 and
going into 2021. Therefore, S&P expects that the potential
underperformance of the company against its base case might put
additional pressure on its cash flow generation and liquidity
position, thus further reducing the rating headroom.

Praesidiad's liquidity position has improved, but the company still
has relatively thin covenant headroom per S&P's criteria (although
flexibility with its lenders in terms of EBITDA add-backs).  Since
the start of the pandemic management has taken measures to improve
the liquidity position of the company, such as reduction of capital
expenditure (capex) to essential spend and improved working capital
management, on top of the aforementioned cost saving initiatives.
The RCF is currently fully drawn which means that the company is
required to test its springing covenant.

The company's test level is 8.12x and by S&P's calculation, the
company is at about 7.1x or about 12% headroom per third-quarter
2020 results, and should stay broadly at this level before rising
to more than 15% through 2021, supported by improving
profitability.

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use 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 negative outlook reflects S&P's expectation that risks remain
to the downside and the potential for a downgrade over the next 12
months, in light of the prolonged tough operating environment, very
highly leveraged capital structure, low profitability, and weak
cash flow generation.

Downside scenario

S&P could take a negative rating action if FOCF remains materially
negative or if the company experiences additional pressure on its
liquidity position. This could happen if:

-- The company's covenant headroom reduces further, leading S&P to
believe a covenant breach is more likely over the next 12 months;

-- EBITDA margins do not improve in line with S&P's base case;

-- Volumes continue to decline affecting profitability and cash
flow generation;

-- S&P sees a heightened risk of distressed exchange offer; or

-- The positive momentum from cost-saving initiatives fails to
materialize.

Upside scenario

S&P could revise the outlook to stable if:

-- The company's operational performance improves such that
underlying free cash flow generation breaks even or turns positive
on a sustainable basis; or

-- The company is able to reduce its very high leverage to a more
sustainable level.


TUNAFISH MEDIA: Enters Administration, Owes Money to Creditors
--------------------------------------------------------------
Neil Hodgson at TheBusinessDesk.com reports that Manchester
creative agency Tunafish Media has been placed into
administration.

According to TheBusinessDesk.com, in a raw Tweet, co-founder Sam
Jones revealed the agency had ceased trading and had collapsed
owing money to creditors after "some pretty spectacular mistakes".

But he vowed to do what he can to help alleviate the impact of the
administration on trading partners, TheBusinessDesk.com relates.

Tunafish Media was founded by Sam Jones, Richard Brooks and James
McDonald.  Clients included the likes of Barburrito, Skiddle, CTS
and Muse Developments.





[*] UK: Construction Sector Records Lowest No. of Administrations
-----------------------------------------------------------------
Megan Kelly at Construction News reports that just seven
construction firms fell into administration in October.

The number of sector administrations in the month is the lowest so
far in 2020, Construction News relays, citing data provided by
Creditsafe.

Since March, the number of firms collapsing has been decreasing
from an average of 30 per month in the first quarter of the year,
Construction News notes.  The quarterly average dropped to 20
between April and June, and by the third quarter that figure had
dropped again to an average of 18, as more companies made use of
help through the government's GBP330 billion financial aid package,
Construction News discloses.

With a second lockdown due to be enforced in England until
December, DRS Bond Management managing director Chris Davies said
that similar low numbers should be expected for November, as
companies can continue to gain financial support through the
extended furlough scheme, Construction News relates.  However, he
warned that it will only delay an inevitable onslaught of company
collapses, Construction News notes.

"Lockdown extends government support further, so expect similar
data for November.  If lockdown is not further extended [after
December], I expect December and January to make for grim reading,"
Construction News quotes Mr. Davies as saying.

CN earlier reported that almost 4,500 construction businesses fell
into significant financial distress in the third quarter of the
year, according to analysis by insolvency specialist Begbies
Traynor.  Begbies warned that the rise would have been much higher
if it were not for reduced activity in courts due to the
coronavirus pandemic, Construction News recounts.



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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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members of the same firm for the term of the initial subscription
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