---

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

                          E U R O P E

          Thursday, November 26, 2020, Vol. 21, No. 237

                           Headlines



A R M E N I A

YEREVAN CITY: Fitch Withdraws B+ LT IDRs due to Insufficient Info


F R A N C E

VALLOUREC SA: S&P Cuts Rating to CC on Proposed Debt to Equity Swap


G E R M A N Y

AVS GROUP: S&P Affirms 'B' LT ICR on Merger, Outlook Stable
DEUTSCHE LUFTHANSA: S&P Rates Proposed Sr. Unsec. Notes 'BB-'
WIRECARD AG: Board Ends EY Partners' Duty of Confidentiality


I R E L A N D

MALLINCKRODT PLC: Posts $191.6MM Net Income for Sept. 25 Quarter


I T A L Y

FIAT SPA: Egan-Jones Hikes Senior Unsecured Ratings to BB


L U X E M B O U R G

4FINANCE HOLDING: S&P Downgrades ICR to 'B', Outlook Negative
ALTISOURCE PORTFOLIO: Egan-Jones Cuts Sr. Unsec. Ratings to CCC+
INTELSAT SA: Posts $15.3MM Net Loss for Quarter Ended Sept. 30
NETS TOPCO: S&P Places 'B-' Long-Term ICR on CreditWatch Positive


R U S S I A

CHUVASH REPUBLIC: Fitch Withdraws BB+ IDRs due to Insufficient Info
RENAISSANCE FINANCIAL: Moody's Upgrades Issuer Ratings to B2


S P A I N

ENCE ENERGIA: S&P Downgrades ICR to 'BB-', Outlook Stable


T U R K E Y

ALBARAKA TURK: S&P Affirms B/B' ICRs, Outlook Negative


U N I T E D   K I N G D O M

BRIAN YEARDLEY: Mulls CVA After Incurring GBP12-Mil. Loss
CROSSRAIL LTD: Needs GBP80 Million of Immediate Support
ELIZABETH FINANCE 2018: S&P Cuts Class E Notes Rating to CCC+(sf)
LOOKERS PLC: Records Annual Loss of GBP45.5 Million for 2019
MB AEROSPACE: S&P Affirms 'CCC+' Long-Term ICR, Outlook Stable

NOBLE CORP: Posts $50.9MM Net Loss for Quarter Ended Sept. 30
SYNLAB BONDCO: S&P Affirms 'B+' ICR on Refinancing, Outlook Neg.
TULLOW OIL: To Focus on Core Assets in Africa to Boost Cash Flow

                           - - - - -


=============
A R M E N I A
=============

YEREVAN CITY: Fitch Withdraws B+ LT IDRs due to Insufficient Info
-----------------------------------------------------------------
Fitch Ratings has withdrawn the Armenian City of Yerevan's 'B+'
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
as the issuer has chosen to stop participating in the rating
process. Therefore, Fitch will no longer have sufficient
information to maintain the ratings. Accordingly, Fitch will no
longer provide analytical coverage for the City of Yerevan,
including the related ESG Relevance Scores.

The ratings have been withdrawn with the following reason:
incorrect or insufficient information provided

KEY RATING DRIVERS

Not applicable

RATING SENSITIVITIES

Not applicable

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

Not applicable



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

VALLOUREC SA: S&P Cuts Rating to CC on Proposed Debt to Equity Swap
-------------------------------------------------------------------
S&P Global Ratings lowered its ratings on French steel tube
producer Vallourec SA and on its senior unsecured notes to 'CC'
from 'CCC-'.

The negative outlook reflects that S&P will lower the ratings to
'SD' (selective default) in the coming months if creditors accept
the exchange offer.

S&P Global Ratings views the proposed debt-to-equity swap as
tantamount to a default.  The downgrade reflects Vallourec's
recently announced capital restructuring plan. S&P said, "We view
this offer as distressed and, upon completion, are likely to lower
the long-term issuer credit rating to 'SD' (selective default).
Shortly thereafter, we will raise the ratings based on the
company's updated liquidity position, capital structure, and
maturity profile."

The transaction includes reducing slightly over 50% of its EUR3.7
billion debt by swapping it to equity.   S&P understands that all
debt instruments at the level of Vallourec SA will be subject to
the conversion, but it doesn't know what the capital structure will
look like post-restructuring. The transaction's completion is
expected by February 2021.

S&P's view of the offer as a distressed exchange offer reflects the
following:

-- S&P's view of the company's capital structure as unsustainable
and liquidity as weak. As of Sept. 30, 2020, Vallourec's gross debt
was EUR3.7 billion, with maturities of EUR1.7 billion due in
February 2021; and

-- S&P's view that creditors are obtaining less than the originally
promised amount.

S&P said, "The negative outlook reflects that we will lower the
issuer credit rating to 'SD' and the relevant issues to 'D'
(default) in the coming months if creditors accept the exchange
offer. Following the finalization of the transactions, we will
revise the ratings based on the company's updated liquidity
position, capital structure, and maturity schedule. Absent of an
agreement is likely to result in the company defaulting by February
2021."




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

AVS GROUP: S&P Affirms 'B' LT ICR on Merger, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on AVS Holding GmbH and its core subsidiary AVS Group GmbH, and its
'B' issue rating on the term loan B and revolving credit facility
(RCF).

The stable outlook is based on S&P's expectation that the combined
company will demonstrate mid-single-digit organic growth and that
it will generate FOCF of more than EUR30 million in FY2021.

AVS Group (AVS) has announced a merger with two temporary traffic
management (TTM) providers--Sweden-based Ramudden and U.K.-based
Chevron Group--which it is funding through an incremental EUR265
million senior secured term loan B. It will also increase its
existing EUR75 million revolving credit facility (RCF) to EUR90
million, although this is expected to remain undrawn at closing.
The merger will enhance AVS's scale, geographic diversity, and cash
flow generation, within the range we consider commensurate with the
'B' rating. S&P expects pro forma leverage of about 6.4x and free
operating cash flow (FOCF) of more than EUR30 million in 2021.

The combined company should benefit from improved scale, geographic
diversity, and favorable growth trends from 2021 onward. S&P Global
Ratings affirmed its ratings on AVS and its subsidiary despite the
unfavorable market environment in Germany and Belgium in 2020
because it expects to see good cash flow generation over the next
12 months. The merger of AVS, Ramudden, and Chevron will enhance
AVS's market position, creating a market leader in traffic
management services across Germany (30% of sales), the Nordics (25%
of sales), the U.K (35%), and Belgium (12%). The TTM market in
these countries benefits from favorable growth prospects
underpinned by positive road and bridge infrastructure spending
projections. Governments have committed long-term public budgets to
supporting improved traffic safety, accelerated by enhanced
regulations in these geographies.

Ramudden is the market leader in the consolidated Swedish market
(40% market share) and holds the No. 2 position in Norway (20%
market share). Chevron is a market leader in the relatively
fragmented and competitive high-speed business in the U.K. (25%
market share).

Despite the merger, which will increase AVS' scale and geographic
diversification by adding Nordic and U.K. markets, the combined
group remains a relatively small player in niche markets. It still
has weak geographic diversification and limited product
diversification. It is a market leader in several fragmented
markets: Germany, the U.K., and Belgium. If competitors try to take
advantage of the projected favorable market growth, AVS will come
under pressure to cut prices. The problem is exacerbated by the
industry's project-based, short-term contracts; AVS' contract
length ranges from a few weeks to several months for large
projects. This does not provide long-term revenue visibility. That
said, both Ramudden and Chevron have a favorable record of winning
contracts, thanks to their national footprint, cost advantage, and
good reputations.

Although we consider the group's EBITDA margins strong, this is
mitigated by its small size; the project-base contract structure;
and short-term fluctuations in road infrastructure investment,
which could create some earnings volatility, as demonstrated in
2020. The strong margins are also tempered by the group's higher
capital expenditure (capex) requirements compared with business
services peers.

AVS' leverage, measured as S&P Global Ratings-adjusted debt to
EBITDA, will be relatively high at 6.4x when the transaction
closes.

AVS is raising an incremental EUR265 million senior secured term
loan B to repay the existing indebtedness at Ramudden and Chevron
(about EUR183 million), fund dividend pay-out (EUR57 million), pay
transaction costs (EUR10 million) and other debt(EUR5 million), and
retain EUR10 million as cash on the balance sheet. It is also
upsizing its existing EUR75 million RCF to EUR90 million, although
this is expected to largely remain undrawn at closing.

S&P said, "Our view of its financial risk profile is constrained by
its high leverage and by our view of the group's financial policy.
Pro forma the transaction, we estimate that adjusted debt will be
approximately EUR700 million at year-end 2021. We derive this
figure from the existing EUR300 million term loan B plus the new
term loan B of EUR265 million, adjusted by about EUR60 million for
shareholder loans, about EUR52 million for operating lease
liabilities, and by about EUR7 million for other adjustments.
Despite high adjusted leverage, we still assess AVS' cash-interest
coverage metrics as solid.

"We have not assumed any acquisitions in our base case. However,
given the fragmented nature of the traffic safety services market
in Europe, we expect AVS will continue to seek external growth
opportunities to strengthen its market position and help it expand
into additional geographies."

AVS has been owned and controlled by financial sponsor Triton since
2018. Ramudden and Chevron have been part of Triton Partners'
portfolio since 2017 and 2018, respectively. S&P generally
considers the financial policy of private-equity-owned companies as
aggressive, since financial sponsors often pursue debt-financed
acquisitions or shareholder distributions.

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."

S&P said, "The stable outlook indicates that we expect the combined
entity to have a strong market position in the TTM market in
Europe. Despite the temporary fall in public tenders for the
outsourced TTM market in Germany and Belgium, we expect organic
growth to rebound from 2021 onward and for AVS to generate FOCF of
more than EUR30 million. This is supported by expected investment
in the maintenance and expansion of road infrastructure across
Germany, the U.K., Sweden, and Norway.

"We could lower the rating if AVS' performance lagged our forecasts
and it experienced a significant drop in EBITDA margins. This could
be caused by higher-than-expected profit volatility and exception
costs and would result in higher leverage and negative FOCF for a
prolonged period. We could also consider lowering the rating if the
group faced heightened liquidity pressure or if the group undertook
material debt-financed acquisitions or cash returns to
shareholders.

"We see limited near-term upside potential for the rating, given
AVS' high adjusted leverage and the group's relatively aggressive
financial policies. However, we could consider raising the rating
if the group experienced stronger-than-expected EBITDA growth, such
that our adjusted leverage ratio fell below 5.0x on a sustained
basis, combined with solid and stable positive FOCF. To result in a
higher rating, these improved credit metrics would also have to be
consistent with our view of the long-term financial policy."


DEUTSCHE LUFTHANSA: S&P Rates Proposed Sr. Unsec. Notes 'BB-'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the proposed
senior unsecured notes due 2026 to be issued by Deutsche Lufthansa
AG. The notes will be issued under the EUR4.0 billion debt issuance
program. S&P expects Lufthansa will use the net proceeds for
general corporate purposes.

S&P rates the proposed notes at the same level as its long-term
issue credit rating on Lufthansa (BB-/Negative/B). The recovery
rating is '3' indicating meaningful recovery prospects (50%-70%;
rounded estimate: 65%) in the event of a payment default. The issue
credit rating and the recovery rating on the existing senior
unsecured debt are unchanged.


WIRECARD AG: Board Ends EY Partners' Duty of Confidentiality
------------------------------------------------------------
Olaf Storbeck and Tabby Kinder at The Financial Times report that
Ernst & Young partners are facing mounting pressure to provide
detailed evidence to Germany's parliament about a decade of their
work auditing Wirecard after the defunct payments provider's
management board released the Big Four firm from its duty of
confidentiality.

EY had said that it may refuse to testify before the parliamentary
investigation into the collapse of Wirecard on the grounds that its
auditors could become liable for secrecy breaches, which carry a
prison sentence or large fine, the FT recounts.

According to the FT, the decision by Wirecard's executive board to
end EY's duty of confidentiality to its former client could lead to
problems for the accounting giant.  It is already facing a number
of investor lawsuits over alleged negligence in its audits of the
company's finances, which meant it failed to identify a criminal
racket that defrauded creditors of EUR3.2 billion, the FT notes.

In a letter dated Nov. 23, the board informed the parliamentary
inquiry that it has lifted the secrecy obligations on EY, the FT
relays.  The letter was signed by Wirecard's chief financial
officer Alexander von Knoop and chief product officer Susanne
Steidl, the FT discloses.

Wirecard's administrator Michael Jaffe, who is winding down the
company that collapsed in June in one of Germany's biggest
accounting frauds, had already released the company's auditors from
its confidentiality obligations, the FT relates.

However, EY has continued to argue that a ruling by Germany's
highest court is needed before its staff can reveal details about
their audit work, the FT states.

The firm, as cited by the FT, said it was unclear under existing
German laws if an administrator is entitled to release auditors of
defunct companies from their confidentiality duty, or if decisions
by both the former executive and supervisory boards are needed.

EY's challenge has raised concerns that it is trying to extricate
itself from the parliamentary investigation amid criticism that it
made repeated failures over a decade of auditing Wirecard, the FT
says.

KPMG, which conducted a special audit into Wirecard's financial
reporting, told the FT that its employees will give full testimony
to the parliamentary investigation this week as it does not believe
there are legal issues regarding client confidentiality, according
to the FT.

On Nov. 23, EY struck an informal deal with the inquiry to seek a
clarification by the court, which would delay its testimony, the FT
relays.




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

MALLINCKRODT PLC: Posts $191.6MM Net Income for Sept. 25 Quarter
----------------------------------------------------------------
Mallinckrodt plc filed its quarterly report on Form 10-Q,
disclosing a net income of $192 million on $698 million of net
sales for the three months ended Sept. 25, 2020, compared to a net
loss of $1 million on $744 million of net sales for the same period
ended Sept. 27, 2019.

At Sept. 25, 2020, the Company had total assets of $9,705 million,
total liabilities of $8,539 million, and $1,166 million in total
shareholders' equity.

The Company said that substantial doubt about its ability to
continue as a going concern exists in light of its Chapter 11
Cases.

The Company further disclosed, "On October 12, 2020, Mallinckrodt
plc and certain of its subsidiaries voluntarily initiated
proceedings (the "Chapter 11 Cases") under chapter 11 of title 11
("Chapter 11") of the United States Code (the "Bankruptcy Code"),
to modify its capital structure, including restructuring portions
of its debt, and resolve potential legal liabilities.  In
connection with the filing of the Chapter 11 Cases, the Company
entered into a Restructuring Support Agreement as part of a
prearranged plan of reorganization.

"The Company's ability to continue as a going concern is contingent
upon, among other things, its ability to, subject to the approval
by the U.S. Bankruptcy Court for the District of Delaware (the
"Bankruptcy Court"), implement a plan of reorganization, emerge
from the Chapter 11 proceedings and generate sufficient liquidity
following the reorganization to meet its obligations, most notably
its opioid and Acthar Gel(R)-related claims and outstanding debt,
and operating needs.

"Although management believes that the reorganization of the
Company through the Chapter 11 proceedings will appropriately
position the Company upon emergence, the commencement of these
proceedings constituted an event of default under certain of the
Company's debt agreements, enforcement of any remedies in respect
of which is automatically stayed as a result of the Chapter 11
proceedings.  There are a number of risks and uncertainties
associated with the Company's bankruptcy, including, among others
that: (a) the Company's prearranged plan of reorganization may
never be confirmed or become effective, (b) the Restructuring
Support Agreement may be terminated by one or more of the parties
thereto, (c) the Bankruptcy Court may grant or deny motions in a
manner that is adverse to the Company and its subsidiaries, and (d)
the Chapter 11 Cases may be converted into cases under chapter 7 of
the Bankruptcy Code.

"The transactions contemplated by the Restructuring Support
Agreement are subject to approval by the Bankruptcy Court, among
other conditions.  Accordingly, no assurance can be given that the
transactions described therein will be consummated.  As a result,
the Company has concluded that management's plans at this stage do
not alleviate substantial doubt about the Company's ability to
continue as a going concern."

A copy of the Form 10-Q is available at:

                       https://bit.ly/3m5BZ9P

Mallinckrodt plc, together with its subsidiaries, develops,
manufactures, markets, and distributes specialty pharmaceutical
products and therapies in the United States, Europe, the Middle
East, Africa, and internationally. It operates in two segments,
Specialty Brands and Specialty Generics. It markets its branded
products to physicians, pharmacists, pharmacy buyers, hospital
procurement departments, ambulatory surgical centers, and specialty
pharmacies. Mallinckrodt plc has collaboration with Silence
Therapeutics plc. The company was founded in 1867 and is based in
Dublin, Ireland.




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

FIAT SPA: Egan-Jones Hikes Senior Unsecured Ratings to BB
---------------------------------------------------------
Egan-Jones Ratings Company, on November 17, 2020, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Fiat S.p.A. to BB from BB-.

Headquartered in Turin, Italy, Fiat S.p.A. manufactures and markets
automobiles, commercial vehicles, and agricultural and construction
equipment.




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

4FINANCE HOLDING: S&P Downgrades ICR to 'B', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Luxembourg-based 4finance Holding S.A. to 'B' from 'B+' The outlook
is negative.

S&P also lowered the rating on the senior unsecured debt issued by
4finance S.A. to 'B' from 'B+'. The recovery rating on this debt
remains at '4'(45%).

4finance's stand-alone performance in the online business has taken
a huge hit from the pandemic in 2020.  The 2020 economic
environment led to a sharp drop in new business amid lower demand,
tightened underwriting standards, and interest regulation headwinds
in some countries. S&P said, "We now expect an EBITDA reduction of
more than 60% for full-year 2020, which will lead to a
deterioration in our EBITDA-based leverage and interest-coverage
metrics on a stand-alone basis, excluding Bulgarian subsidiary TBI
Bank. Because we anticipate additional bond purchases over 2020 and
2021, we consider 50% of 4finance's cash position in our net debt
metrics. Still, we estimate S&P Global Ratings-adjusted net debt to
EBITDA will likely peak in 2020 at roughly 10x. While we expect an
improvement for 2021 to about 5x, downside risks to our forecast
remain material in light of the economic uncertainty. We capture
the strong EBITDA headwinds in our assessment of the bank's
financial risk profile as highly leveraged."

TBI Bank shows stronger resilience, but provides little direct
benefit to 4finance's debt-servicing capacity.  S&P said, "We treat
Bulgarian TBI Bank as an equity affiliate to 4finance Holding and
deconsolidate its financials. We capture expected dividend payments
and funding benefits in our analysis of 4finance Holding, but see
limited benefit beyond this. The regulated status of TBI Bank
prevents 4finance from extracting additional capital and liquidity,
such that we assess TBI Bank as insulated from 4finance. Although
TBI Bank's credit loss provisions will be more than twice as high
as in 2019, we expect it to end 2020 with net income of more than
Bulgarian lev (BGN)30 million (EUR15 million) or a return on equity
of 12%, after BGN45 million in 2019. We expect the dividend
restrictions by the Bulgarian National Bank--on the back of
uncertainty due to the pandemic--will be lifted by 2021, such that
TBI Bank should be able to distribute a dividend of about EUR15
million to 4finance Holding S.A., with a stable dividend policy
thereafter. In addition, 4finance has shown some progress in using
TBI Bank's balance sheet, by selling some near-prime loans to the
bank. We expect the total volume sold could be EUR10 million-EUR30
million in 2021." Overall, these benefits are small relative to the
upcoming bond redemptions.

The bond maturity extension in August 2020 bought time, but
refinancing is needed by first-quarter 2022.  4finance's business
model depends on regular and timely access to funding markets and,
absent sound bank lending relationships, it has limited
alternatives for its bond maturities in February and May 2022.
Should debt markets remain closed for 4finance, it might ultimately
need to reduce or stop new loan disbursements and amortize its
existing loan book. While this would be negative for the business
profile, we consider that it would likely prevent an ordinary
default scenario. With TBI Bank, 4finance owns an asset that could
also play a role in refinancing its bonds, by (partially) divesting
the bank.

The business risk profile remains weak amid continuing regulatory
headwinds in some markets.   The pandemic led to tightened interest
rate regulation across several markets in a push to protect
consumers. Among other markets, this affected Poland, 4finance's
largest market, contributing about 30% of 2019 online interest
income. While the revised caps are in place until March 2021, there
is a clear risk they will remain for longer. While 4finance adapted
its products to align with regulation, profitability will stabilize
at a lower level. Also, as a consequence of the regulatory
headwinds and unfavorable business environment, 4finance will
wind-down some of its smaller markets where prospects for growth
have been wiped out. After a period of strong growth until 2018,
4finance needs to continue to streamline its operations and
increase efficiency to operate profitably in the near future. The
new CEO and reshuffled management board will need to deliver a
rebound in financial performance over 2021 to ensure successful
refinancing.

S&P said, "Following our review, we now assess 4finance's liquidity
as less than adequate, but we consider this as neutral for the
rating. We expect 4finance's sources of liquidity will exceed uses
by more than 1.2x through the fourth quarter of 2021. However, it
still needs to address its first-quarter 2022 bond maturities. We
currently assume that 4finance will be able to refinance in 2021."

4finance's liquidity sources and uses over the 12 months started
Oct. 1, 2020, include:

-- Cash position of EUR92.6 million.
-- Cash funds from operations of EUR12 million.
-- Some working capital inflows.

The compares with the following principal liquidity uses:

-- Marginal capex.
-- Further repurchases of own bonds.

Debt maturities as of Nov. 1, 2020:

-- EUR150 million due in February 2022.
-- $325 million due in May 2022.
-- S&P notes that 4finance holds EUR1.1 million of euro bonds and
$94.6 million of U.S. dollar bonds as of Sept. 30, 2020.

4finance has two incurrence based covenants in its bond terms:

-- Adjusted interest coverage ratio at 2x (actual 1.9x in
third-quarter 2020).

-- Equity to net loans at 20% (27% as of third-quarter 2020).

Going below the incurrence threshold for the interest coverage
ratio in the third quarter does not have severe implications, but
triggers additional investor protection, like restrictions on
dividends, mergers and acquisitions, and additional debt.

The negative outlook reflects the potential for a lower rating over
the next 6-12 months due to increasing refinancing risks, amid
upcoming bond maturities in February and May 2022.

S&P said, "We could lower the rating if 4finance's financial
performance prevents it from ensuring timely access to refinancing
its maturing bonds or if we have increasing doubts about its
debt-servicing capacity.

"We could also lower the rating if we believe that 4finance's
stand-alone (excluding TBI Bank) debt to EBITDA would not
sustainably stabilize at about 5x in 2021. This could stem from a
scenario where 4finance, absent any alternatives, would need to
start amortizing its loan book and stop new business to generate
cash for its bond repayments in 2022.

"We could also consider a negative rating action should we conclude
that future public bond purchases are akin to a distressed offering
rather than an opportunistic buyback.

"We could revise our outlook to stable if we observe clear progress
on the refinancing of the 2022 bonds. We would also expect to see
the risk of a sustained economic downturn to have receded and that
4finance's stand-alone debt to EBITDA was stabilizing at about 5x,
with EBITDA interest coverage climbing toward 2x."


ALTISOURCE PORTFOLIO: Egan-Jones Cuts Sr. Unsec. Ratings to CCC+
----------------------------------------------------------------
Egan-Jones Ratings Company, on November 16, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Altisource Portfolio Solutions S.A. to CCC+ from
BB-. EJR also downgraded the rating on commercial paper issued by
the Company to C from B.

Headquartered in Luxembourg, Altisource Portfolio Solutions S.A.
provides real estate and mortgage services.  


INTELSAT SA: Posts $15.3MM Net Loss for Quarter Ended Sept. 30
--------------------------------------------------------------
Intelsat S.A. filed its quarterly report on Form 10-Q, disclosing a
net loss of $15,331,000 on $489,449,000 of revenue for the three
months ended Sept. 30, 2020, compared to a net loss of $147,698,000
on $506,658,000 of revenue for the same period in 2019.

At Sept. 30, 2020, the Company had total assets of $12,014,416,000,
total liabilities of $17,638,830,000, and $5,632,249,000 in total
shareholders' deficit.

Intelsat said, "The Company had cash and cash equivalents of $1.0
billion and an accumulated deficit of $8.1 billion as of September
30, 2020.  The Company generated income from operations of $349.5
million and a net loss of $638.3 million for the nine months ended
September 30, 2020.

"In light of the Company's Chapter 11 proceedings, our ability to
continue as a going concern is contingent upon, among other things,
our ability to, subject to the Bankruptcy Court's approval,
implement a business plan of reorganization, emerge from the
Chapter 11 proceedings and generate sufficient liquidity following
the reorganization to meet our contractual obligations and
operating needs.  As a result of risks and uncertainties related
to, among other things, (i) the Company's ability to obtain
requisite support for the business plan of reorganization from
various stakeholders, and (ii) the disruptive effects of the
Chapter 11 proceedings on our business making it potentially more
difficult to maintain business, financing and operational
relationships, substantial doubt exists regarding our ability to
continue as a going concern.

"The filing of the Chapter 11 Cases constituted an event of default
that accelerated substantially all of our obligations under the
documents governing the prepetition existing indebtedness of
Intelsat S.A., Intelsat Luxembourg, Intelsat Connect and Intelsat
Jackson.  As such, we have reclassified all such debt obligations,
other than debt subject to compromise, to current portion of
long-term debt on our condensed consolidated balance sheet as of
September 30, 2020."

A copy of the Form 10-Q is available at:

                       https://bit.ly/2IOFRxd

Headquartered in Luxembourg, Intelsat S.A. is a communications
satellite services provider.


NETS TOPCO: S&P Places 'B-' Long-Term ICR on CreditWatch Positive
-----------------------------------------------------------------
S&P Global Ratings placed its 'B-' long-term issuer credit and
issue ratings on Nets Topco 3 S.a.r.l. (Nets) and its senior
secured debt on CreditWatch with positive implications.

The CreditWatch placement follows Nets' announcement that it will
be acquired by Nexi SpA (Nexi).

Nexi SpA (Nexi) has signed a binding agreement to acquire Nets  
group for an enterprise value of EUR7.8 billion.

The transaction is subject to regulatory approvals and the
completion of Nets' account-to-account (A2A) business sale to
Mastercard, which we believe should occur in first-quarter 2021. As
part of the transaction, all Nets' outstanding debt should be
repaid, including shareholder loans that will be converted into
equity. Nexi's planned EUR1.7 billion bridge loan and Nets'
proceeds from the EUR2.85 billion A2A business sale should be used
to repay Nets' EUR3.5 billion of gross debt.

CreditWatch

S&P said, "We will resolve the CreditWatch positive placement once
the transaction closes, which we expect will occur during
second-quarter 2021. At that time, we will likely equalize our
ratings on Nets with those on Nexi (BB-/Watch Pos/--), leading to
an upgrade of at least three notches if the transaction closes.
Furthermore, when Nets' debt is fully repaid, we will likely
withdraw all the ratings."




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

CHUVASH REPUBLIC: Fitch Withdraws BB+ IDRs due to Insufficient Info
-------------------------------------------------------------------
Fitch Ratings has withdrawn the Russian Chuvash Republic's
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB+' with Negative Outlooks.

Fitch has withdrawn the ratings as the issuer has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide analytical coverage for
the Republic, which includes the related ESG Relevance Scores.

The ratings were withdrawn with the following reason: incorrect or
insufficient information provided.

KEY RATING DRIVERS

Not applicable

RATING SENSITIVITIES

Not applicable

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

Not applicable

RENAISSANCE FINANCIAL: Moody's Upgrades Issuer Ratings to B2
------------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 Renaissance
Financial Holding Limited's long-term local and foreign currency
issuer ratings and affirmed Not-Prime (NP) short-term ratings. The
outlook on the long-term ratings remains stable.

RATINGS RATIONALE

The rating action reflects the prolonged track record of
significant and consistent fall in related-party exposures that
substantially reduced opacity risks as well as enhanced the
company's liquidity profile. It also captures the recently lower
volatility in RFHL's operating income.

According to RFHL's interim IFRS report for the first six months of
2020, related-party exposures, that recently were restructured and
now mostly consist of loans to Onexim Holdings Limited (Onexim; the
group's controlling shareholder), fell to 122% of the group's
equity as of June 30, 2020 from over 300% in 2016. This reduction
not only substantially reduced opacity risks, but also improved the
group's liquidity profile with Moody's key liquidity ratio
(Liquidity Inflows/Outflows) advancing above 80% in the recent
year. The expected ongoing profit retention and the existing
unformal agreement with the sole controlling shareholder to
continue its gradual repayment of related-party loans should
further help reducing the related-party exposures, where Moody's
has a limited visibility over their ultimate credit profile and
liquidity.

In addition to the above-mentioned improvements, RFHL's operating
performance, while being resilient since the pandemic breakout and
subsequent market turbulence, also showed lower volatility in the
last three years (as measured by Moody's ratio of pre-tax earnings
volatility).

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that there will be
no significant changes in the group's liquidity, leverage and
profitability in the next 12-18 months, while its exposure to
related parties is gradually declining.

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

Moody's would consider a positive rating action on the RFHL's
ratings in case of an improvement in its liquidity profile as a
result of a substantial decrease in its exposures to Onexim, along
with higher profitability.

RFHL's long-term ratings could be downgraded in case of the
increased risk appetite or if the highly competitive market
environment and/or current global economy's weakness to weaken the
company's already modest profitability.

LIST OF AFFECTED RATINGS

Issuer: Renaissance Financial Holding Limited

Upgrades:

Long-term Issuer Rating, Upgraded to B2 from B3, Outlook Remains
Stable

Affirmations:

Short-term Issuer Rating, Affirmed NP

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Securities
Industry Market Makers Methodology published in November 2019



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

ENCE ENERGIA: S&P Downgrades ICR to 'BB-', Outlook Stable
---------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on pulp and
energy producer ENCE Energia y Celulosa S.A. to 'BB-' from 'BB'.

S&P said, "The stable outlook indicates that we expect credit
metrics to improve in the next 12 months after the completion of
the transactions in the energy business, combined with a gradual
recovery in pulp prices. We expect funds from operations (FFO) to
debt to be about 10% in 2020 and 16% in 2021.

"We expect EBITDA margins to plunge to about 10% in 2020 as pulp
prices failed to recover during the year.  In 2020, prices of
bleached hardwood kraft pulp (BHKP) remained stable at their lowest
level since 2010 at about $680/ton. Pulp prices were depressed,
partly by low demand for publication paper during the COVID-19
pandemic. This, coupled with the depreciation in the U.S. dollar
against the euro in the second half of 2020, weighed on ENCE's
profitability. We now expect S&P Global Ratings-adjusted EBITDA
margins of about 10% in 2020, down from 17% in 2019. The negative
impact of pulp prices and foreign exchange movements will only
partly be offset by lower wood prices and cost savings related to
overheads and commercial activities. In 2021, we forecast EBITDA
margins will recover to about 14% as BHKP prices gradually recover
and the group makes further cost savings. We expect an average BHKP
price of about $770/ton in 2021.

"We anticipate ENCE's FFO to debt will remain below 20% in
2020-2021  ENCE expects to complete the sale of a 49% stake in its
energy business to Ancala Partners by year-end 2020 for around
EUR359 million. The company is due to receive EUR225 million of the
sale proceeds in December 2020. The remaining payments are subject
to various milestones and will most likely be made at intervals
over the next eight years (2021-2028). ENCE also aims to complete
the disposal of its 90% stake in the Puertollano solar thermal
power plant by year-end. The agreed enterprise value of EUR168
million includes EUR81.5 million of net debt. ENCE is due to
receive EUR82.5 million before year-end. The remaining EUR4 million
will depend on the plant's performance.

"Although both transactions will support credit metrics, they only
partially mitigate the negative impact of low pulp prices and
weaker U.S. dollar. We downgraded ENCE because we anticipate that
FFO to debt will now be close to 10% in December 2020, down from
13.2% in 2019. This is well below our previous expectations, which
suggested that FFO to debt would exceed 20%. We also anticipate a
temporary spike in adjusted debt to EBITDA, to 6.5x, rather than
the 4.0x we previously predicted. That said, leverage is likely to
drop to 4.1x in 2021 as EBITDA improves.

"We don't expect ENCE to resume investing in the pulp business
before 2022.  Although ENCE intends to expand its pulp activities
(notably its fluff and dissolving pulp capacities at the Navia
mill), we do not expect it to make use of the expected sale
proceeds for this purpose in the short term. We believe that,
instead, the company will wait until market conditions have
stabilized--with the pandemic easing and pulp prices
recovering--before resuming its investment. For 2021, we assume
capital expenditure (capex) of EUR90 million. Most of this will
cover maintenance activities, including payments to suppliers for
2020's capex."

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."

S&P could consider lowering its rating if:

-- FFO to debt remained below 15% on a sustained basis;

-- Debt to EBITDA remained sustainably above 4.75x;

-- Profitability failed to improve; or

-- The announced sale of its minority stake in the energy business
failed to complete.

Although unlikely in the next 12 months, S&P could consider an
upgrade if:

-- FFO to debt exceeds 20% on a sustained basis; and,

-- Leverage decreased and remained below 4x.




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

ALBARAKA TURK: S&P Affirms B/B' ICRs, Outlook Negative
------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term issuer
credit ratings on Albaraka Turk Katilim Bankasi AS (ABT). The
outlook remains negative.

S&P also affirmed the 'CCC-' issue ratings.

Accelerated lending growth and rising credit provisions will weigh
on Albaraka Turk Katilim Bankasi AS's (ABT's) earnings and
ultimately its capitalization, which we anticipate will weaken over
the next 18 months.

S&P said, "The rating action balances the expected deterioration of
ABT's capitalization, on the back of accelerated lending expansion
and rising credit losses, with our consideration that the bank has
successfully reduced its nonperforming assets (NPAs) and now
carries credit risks similar to those of domestic and international
peers at the current rating. Our ratings on ABT already reflect our
belief that the bank has limited buffers to absorb the risks it
faces amid a toughening operating environment.

"Specifically, we anticipate the bank's earnings and capitalization
will further weaken as credit losses are likely to rise, and
organic capital generation will reduce substantially compared with
previous years. We believe the Central Bank of Turkey's new stance
toward monetary policy tightening, along with intense
competition--particularly from state-owned banks--will weigh on
ABT's margin. In addition, difficult operating conditions in Turkey
prompted by the sharp depreciation of the lira (about 30% year to
date), increasing interest rates, and COVID-19-related effects will
further weigh on borrowers' ability to repay their debts. As a
result, we expect ABT will face elevated cost of risk of about 130
basis points (bps) per year in the 2020-2021 period. Furthermore,
the bank's loan book expanded by a high about 36.5% over the first
nine months of 2020, in line with that of other Turkish banks,
consuming a significant amount of capital. Therefore, we now expect
the bank's risk-adjusted capital ratio (RAC ratio) will decline
below 3% by year-end 2020 and remain at relatively weak levels in
2021, compared with 3.5% at year-end 2019. ABT's capital adequacy
ratio, at 15.3% as of Sept. 30, 2020--considering Turkey's Banking
Regulation and Supervision Agency forbearance measure--is above the
minimum requirement of 8% and the recommended 12% by regulators.

"At the same time, we note that ABT accelerated problem asset
reduction in recent quarters through sizable disposals, primarily
of loans covered by real estate assets--taking advantage of
increasing property prices and improving market dynamics.

"ABT's nonperforming loan (NPL) ratio has declined and accounted
for 4.6% of total loans on Sept. 30, 2020, compared with the about
4% Turkish system average. In addition, we note that despite
disposals, ABT's NPL-specific coverage improved somewhat to 55%
from 42.6% at year-end 2019. Although remaining lower than the
system average (of about 74%), we consider higher collateralization
partially mitigates the risk of additional losses. In this context,
the real estate market's performance remains a crucial factor in
determining the final losses ABT will suffer.

"We also view positively management's continuous efforts to reduce
exposure to the construction sector, an industry we consider
inherently high risk.

"We now expect the bank's problem loans (NPLs plus restructured
loans) will deteriorate in line with the rest of the sector and
exceed 20% over 2021-2022.

"As such, although we anticipate capitalization will decline, we
expect ABT's asset-quality metrics will be aligned with peers' over
our forecast horizon.

"The affirmation also reflects our view that the bank has enough
liquidity to face potential limited access to external funding.
Although still-high by international standards, we acknowledge that
ABT's reliance on short-term wholesale funding has declined in
recent years. Moreover, we view positively ABT's increased deposit
base, which remains granular. At the same time, we do not
anticipate the bank will enjoy the same pace of deposit expansion
over the coming quarters, due to the less competitive nature of
Islamic accounts during times of rate hikes.

"Overall, we assess ABT's stand-alone credit profile at 'b-'. We
incorporate one notch of uplift into the issuer credit rating to
reflect group support from parent, Albaraka Banking Group B.S.C.,
in accordance with our group rating methodology.

"The negative outlook on ABT reflects the possibility that we could
lower our long-term rating over the next 12 months if we anticipate
the bank's liquidity, capital, and asset quality will suffer more
from the prolonged deterioration in the domestic operating
environment than expected.

"We could lower our ratings on ABT if asset quality deteriorated
more than anticipated and far beyond average market levels, which
would pressure the bank's business stability and compliance with
capital adequacy or other prudential ratios. We could also lower
the rating if market turbulence further exacerbates ABT's
already-high refinancing risks and we see pressure on its deposit
base, or if the parent's willingness and capacity to support its
subsidiary reduces. Furthermore, a downgrade could follow if the
operating environment in Turkey deteriorates more than anticipated,
either because of a longer economic recession or a less intense or
slower economic rebound.

"We could revise the outlook to stable if we see ABT's risks
abating. Specifically, if the Turkish economic and operating
environment stabilizes or the bank takes initiatives that would
materially improve its capitalization, while maintaining
asset-quality metrics in line with those of peers."




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

BRIAN YEARDLEY: Mulls CVA After Incurring GBP12-Mil. Loss
---------------------------------------------------------
Carol Millett at MotorTransport reports that Brian Yeardley
Continental is proposing to issue a company voluntary arrangement
after its events transport division, TRUCKINGBY Brian Yeardley,
suffered the "devastating" loss of GBP12 million due to the
Covid-19 pandemic.

The West Yorkshire-based haulier has appointed partners Charles
King and Hunter Kelly of Ernst & Young to oversee the process,
MotorTransport relates.


CROSSRAIL LTD: Needs GBP80 Million of Immediate Support
-------------------------------------------------------
Gill Plimmer at The Financial Times reports that London's GBP18
billion Crossrail train line risks being "mothballed" without
further financial support from the government, transport bosses
have warned.

Andy Byford, the UK capital's transport commissioner, has written
to the Department for Transport warning that the project needs
GBP80 million of immediate support to avoid a "Doomsday scenario",
the FT relays, citing a letter first reported by Sky news.

According to the FT, the railway, which will run from Berkshire to
Essex via central London, was expected to open in December 2018 but
delays to station completion and problems with signalling mean the
central section is not expected to open until the first half of
2022.

The latest revision to Crossrail's timetable and budget came in
August, when the outgoing board said the project was likely to cost
GBP18.7 billion -- GBP450 million more than the previous estimate
nine months earlier, the FT notes.

Transport for London, the agency that manages the capital's public
transport network, took over the management of the Crossrail
project from the board of the arms-length body in October and the
new committee of the TfL board is expected to meet today, Nov. 26,
the FT recounts.

Mr. Byford, who has been transport commissioner since May, has been
battling with the government to get additional funding for TfL, the
FT states.  It recently received a GBP1.8 billion bailout from
Westminster after struggling with falling passenger numbers during
the Covid-19 crisis, the FT discloses.

The deal followed a bitter row between Sadiq Khan, the London
mayor, and ministers, with Boris Johnson -- his predecessor in city
hall -- accusing Mr Khan of having "effectively bankrupted" the
capital's transport network, the FT notes.

However, even before the latest request for a bailout, the cost had
risen 18% from its GBP15.9 billion price tag in 2008, when it was
signed off by the government, according to the FT.

Noble Francis, economics director at the Construction Products
Association, said it was "unlikely that Crossrail would be
mothballed given that it is such a high profile project that is
close to the end but it clearly needs an urgent injection of cash",
the FT relates.


ELIZABETH FINANCE 2018: S&P Cuts Class E Notes Rating to CCC+(sf)
-----------------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Elizabeth Finance
2018 DAC's class A to E notes.

The downgrades follow additional declines in cash flows from the
property portfolio backing the Maroon loan, which combined with a
challenging environment for retail tenants, has further weakened
the notes' credit metrics.

Transaction overview

Elizabeth Finance is a true sale securitization of two loans that
closed in August 2018. In October 2020, the smaller MCR loan, with
a balance of GBP20.5 million, prepaid. The larger one, the Maroon
loan, has a GBP65.9 million balance. It is secured by three
regional town shopping centers in the U.K. Two of the properties
are in England, and one is in Scotland.

Since S&P's previous review in April 2020, the property's
performance metrics continue to weaken. The vacancy level (by
leasable area) continues to increase, now standing at 14.35%, up
from 8.57%. The trailing 12 months to October 2020 net operating
income is GBP5.6 million, which is a decrease from GBP6.9 million
in April. The reported debt service coverage ratio is 1.95x, down
from 2.23x.

The loan was transferred into special servicing in April 2020
following the failure of the borrower (under the control of the
mezzanine lender) to cure the loan-to-value (LTV) ratio default.
The special servicer granted a standstill to the borrower until the
initial January 2021 maturity date, subject to the borrower
providing an exit strategy three months prior as to how they would
repay the loan by the initial maturity date. The servicer deemed
the exit strategy unacceptable. As a result, the special servicer
accelerated the loan, and appointed receivers and administrators. A
cash trap event is continuing. On the January 2020 interest payment
date, the cash manager applied GBP2.1 million from the cure account
and cash trap account to prepay the loan and, in turn, the notes.

S&P said, "Since our previous review, our S&P Global Ratings value
has declined by 15.3%, to GBP58.4 million from GBP68.9 million, due
to our higher vacancy and nonrecoverable cost assumption, along
with a lower rental income assumption of the property, both of
which we believe are likely to persist over the long term.
Therefore, we have reduced the S&P Global Ratings net cash flow
(NCF) to GBP5.5 million.

"We have then applied our 9.0% capitalization (cap) rate against
this S&P Global Ratings NCF, which is an increase from the 8.9%
previously used, and deducted 5.0% of purchase costs to arrive at
our S&P Global Ratings value."

Loan And Collateral Summary (As Of October 2020):

-- Securitized debt balance: GBP65.9 million
-- Securitized LTV ratio: 94.7%
-- Net rental income: GBP5.6 million
-- Vacancy rate: 14.4%
-- Market value: GBP68.9 million

S&P Global Ratings' Key Assumptions:

-- S&P Global Ratings vacancy: 15.0%
-- S&P Global Ratings expenses: 20.0%
-- S&P Global Ratings NCF: GBP5.5 million
-- S&P Global Ratings value: GBP58.4 million
-- S&P Global Ratings cap rate: 9.0%
-- Haircut-to-market value: 15.3%
-- S&P Global ratings LTV ratio (before recovery rate
adjustments): 112.8%

Other analytical considerations

S&P said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized asset would be sufficient, at the applicable rating, to
make timely payments of interest and ultimate repayment of
principal by the floating-rate notes' legal maturity date, after
considering available credit enhancement and allowing for
transaction expenses and external liquidity support.

"As of the October 2020 interest payment date, the liquidity
facility balance is GBP4.7 million. There has been no drawing to
date. We have considered in our analysis the potential for trapped
cash to repay the loan.

"Our analysis also includes a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since closing and is commensurate with the ratings."

Rating actions

S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly, and the payment of
principal no later than the legal final maturity date in July
2028.

"In our view, the transaction's credit quality has declined due to
continued operational disruption resulting from the spread of
COVID-19. We believe this may continue to negatively affect the
cash flows available to the issuer. The environment remains
challenging for retail tenants, and we have factored this into our
analysis with our lower S&P NCF and higher S&P cap rate.

"The S&P Global Ratings LTV has increased to 112.8% (from 93.0%)
due to our revised S&P Global value for the Maroon loan. We have
therefore lowered our ratings on the class A, B, C, D, and E notes
to 'AA- (sf)', 'A- (sf)', 'BB+ (sf)', 'B- (sf)', and 'CCC+ (sf)',
respectively, from 'AA+ (sf)', 'A+ (sf)', 'A- (sf)', 'BB- (sf)',
and 'B (sf)'.

"In our analysis, the class D and E notes did not pass our 'B'
rating level stresses, because the S&P Global Ratings LTV ratio on
the class D and E notes is 107.6% and 112.8%, respectively.
Therefore, we applied our 'CCC' criteria to assess if either a
rating in the 'B-' or 'CCC' category would be appropriate. For
structured finance issues, expected collateral performance and the
level of credit enhancement are the primary factors in our
assessment of the degree of financial stress and likelihood of
default. We performed a qualitative assessment of the key
variables, together with an analysis of performance and market
data, and we do not consider repayment of the class D notes to be
dependent upon favorable business, financial, and economic
conditions. In particular, based on the most recent market
valuation, the market LTV ratio for the class D notes is 91.2%, and
there would not be principal losses on this class of notes.

"We have lowered to 'CCC+ (sf)' from 'B (sf)' our rating on the
class E notes as we believe the repayment of this class is
dependent upon favorable business, financial, and economic
conditions and that it faces at least a one-in-two likelihood of
default."

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."

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety.


LOOKERS PLC: Records Annual Loss of GBP45.5 Million for 2019
------------------------------------------------------------
Peter Campbell at The Financial Times reports that UK car
dealership group Lookers has finally disclosed an annual loss of
GBP45.5 million for 2019 after uncovering GBP300,000 of fraud by a
former director and tens of millions of pounds of inflated
profits.

According to the FT, heavily delayed results published on Nov. 25
show profits were overstated by a total of GBP25.5 million over
several years, including by GBP10.9 million in 2019.  The company
said it had set aside GBP10.4 million for a possible fine by the
Financial Conduct Authority, the UK regulator, the FT relates.

In addition to the misstated profits, Lookers revealed a GBP21.8
million shortfall in the company's balance sheet, of which GBP19
million had been disclosed earlier in the year, the FT discloses.

The former director who stole GBP327,000, who was not named, is
facing a criminal investigation, the FT states.

The GBP45.5 million pre-tax loss compared with a profit of GBP41.9
million in 2018, a figure that has also been lowered by GBP7.2
million following the investigation, the FT notes.

Lookers, as cited by the FT, said the shares have been suspended
since July, after the company missed the six-month window for
publishing annual accounts, and will not begin trading until next
month, when the business was due to publish its delayed half-year
results for the first six months of 2020.


MB AEROSPACE: S&P Affirms 'CCC+' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings affirmed its 'CCC+' long-term issuer credit
rating on U.K.-headquartered aerospace component manufacturer MB
Aerospace Holdings II Corp. (MB) and its 'CCC+' issue rating on
MB's first-lien facilities, and removed the ratings from
CreditWatch negative. The recovery rating on the facilities remains
unchanged at '3' (rounded recovery prospects: 65%).

S&P said, "The stable outlook reflects our view that MB's
management has taken prudent actions to stabilize liquidity and
free cash flow generation. In addition, we expect revenues and
EBITDA to bottom out in the first half of 2021 and improve
thereafter, helped by management's efforts to trim the cost base."

Prudent management actions have bolstered MB Aerospace Holdings II
Corp.'s (MB's) liquidity position throughout the pandemic, leading
to an improvement in sources of liquidity.  MB recently signed a
new $32 million working capital facility with HSBC, which it drew
down in full in October 2020. Management has also tightened working
capital and reduced capital expenditure (capex) by around 50% for
2020 compared to 2019. S&P now expects capex to be around $10
million for the year. These actions have contributed to an
improving liquidity position and have offset the impact on the
group's cash flows from falling sales and EBITDA.

S&P considers that the headroom under the leverage covenants on
MB's revolving credit facility (RCF) and first-lien facilities, as
well the covenants on the new working capital facility from HSBC,
will be in excess of 15% in the immediate term, but still
relatively tight, at around 10%, in the first- and second-quarter
covenant tests in 2021. In terms of operating performance, S&P
forecasts that MB's sales will fall from above $300 million in 2019
to around $255 million-$265 million in 2020, with S&P Global
Ratings-adjusted EBITDA at about $34 million-$37 million for the
year, down from around $45 million in 2019.

Despite improving liquidity, MB's capital structure remains highly
leveraged.  S&P said, "We forecast that MB's core credit metrics
will deteriorate slightly in 2020 compared to 2019. We expect debt
to EBITDA to be slightly above 12x in 2020, down from our previous
forecast of near 11x, and around 11x-12x in 2021. While marginally
improving, this metric remains weak compared to similarly rated
competitors. We expect the group's profitability to remain average
for the industry, with adjusted EBITDA margins at about 13%-15% in
2020, and a similar level in 2021."

The high level of new product introductions--which have dragged on
MB's profitability in recent years--has not affected the group
significantly in 2020, as the impact of the pandemic has led to a
degree of rightsizing. Cash interest coverage remains weak versus
that of peers--we forecast it to be around 0.5x-1.5x for 2021.
This, coupled with MB's high leverage, also underpins the 'CCC+'
rating.

S&P said, "We forecast a stabilization of revenues in 2021, but
MB's reliance on the commercial aerospace segment means its
revenues and EBITDA are unlikely to reach pre-pandemic levels until
at least 2022 or beyond.   We expect MB's revenues to stabilize in
2021 through a slight increase in maintenance, repair, and overhaul
activity; a reasonably sized order book, with growth of around
0%-5%; and an improvement in EBITDA as management's efforts to trim
the cost base take effect. However, revenues and EBITDA in line
with these expectations would still be below the 2019 levels. We
expect the group's adjusted EBITDA to trend back toward around $45
million no earlier than 2022."

The civil aerospace industry's forecasts remain bleak, as the
International Air Transport Association does not expect global
passenger traffic to return to pre-pandemic levels until 2024. This
has affected the key airplane manufacturers, with Boeing delivering
only 70 aircraft to customers in the first half of 2020, compared
to 378 in the first half of 2018, and Airbus having cut the
production rate of several aircraft platforms through the pandemic.
This has, in turn, negatively affected MB's key customers, such as
Pratt & Whitney (P&W) and General Electric. P&W has reset some of
its order books and pushed key work initially scheduled for 2020
into 2021, but MB did benefit from signing a new agreement with P&W
for the F135 platform this year. Rolls-Royce is another key
customer that has seen a significant impact from the pandemic in
recent months, but its relationship with MB is largely for defense
platforms, which remain relatively unaffected.

However, S&P notes that the economic uncertainty caused by the
pandemic may affect MB further, and any increase in government
restrictions related to the pandemic may affect the group's
production facilities or sales in key end markets.

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."

Brexit could cause short-term disruption to European aerospace
supply chains or volatility in foreign-exchange rates, but the
overall risk for MB is relatively limited.   S&P said, "We foresee
two main areas of risk to MB from a no-deal Brexit. If no agreement
between the U.K. and the EU is reached, we believe there will be an
additional customs and logistics burden. However, we anticipate an
effect on only around 5% of MB's total revenues (around $10
million-$15 million per year). Management has demonstrated its
ability to plan for low-probability, high-impact events and has
detailed mitigation plans in the event of a no-deal Brexit. We
believe the largest risk from a no-deal Brexit for MB stems from
any sudden foreign-exchange volatility--specifically, any
devaluation of the pound sterling versus the U.S. dollar and other
hard currencies." This could hit MB's international supply chain,
although the group does hedge 12 months ahead."

S&P said, "The stable outlook reflects our view that MB's
management has taken prudent actions to stabilize liquidity and
free cash flow generation such that the headroom on the group's
covenants is no longer an imminent risk. In addition, we expect
revenues and EBITDA to bottom out in the first half of 2021 and
improve thereafter, helped by management's efforts to trim the cost
base.

"We could lower the ratings on MB if we envisaged a deterioration
in the group's liquidity position or lower headroom under its
covenants as a result of weaker revenues and margin prospects. We
could also lower the ratings if we were to see materially negative
free operating cash flow (FOCF) generation and no improvement in
leverage metrics in 2021 from a peak in 2020. Furthermore, any
signs of a distressed exchange could lead to a downgrade.

"We could consider an upgrade if MB demonstrates sustainable
positive FOCF generation and a continued reduction in leverage such
that debt to EBITDA remains well below 8x. An upgrade would also
require funds from operations (FFO) cash interest coverage to be
consistently above 1.5x. This scenario could unfold if the adverse
effects of macroeconomic factors, such as the pandemic or a no-deal
Brexit, ease, and at the same time, MB benefits from an improved
order book and an increase in its sales and EBITDA, thereby
strengthening its credit metrics."


NOBLE CORP: Posts $50.9MM Net Loss for Quarter Ended Sept. 30
-------------------------------------------------------------
Noble Corporation plc filed its quarterly report on Form 10-Q,
disclosing a net loss of $50,868,000 on $241,836,000 of operating
revenues for the three months ended Sept. 30, 2020, compared to a
net loss of $706,952,000 on $275,526,000 of operating revenues for
the same period in 2019.

At Sept. 30, 2020, the Company had total assets of $7,112,667,000,
total liabilities of $4,603,633,000, and $2,509,034,000 in total
shareholders' equity.

The Company disclosed that substantial doubt exists about its
ability to continue as a going concern.

The Company said, "As a result of the Chapter 11 Cases, the
realization of assets and the satisfaction of liabilities are
subject to uncertainty.  Our liquidity requirements, and the
availability to us of adequate capital resources, are difficult to
predict at this time.  Notwithstanding the protections available to
us under the Bankruptcy Code, if our future sources of liquidity
are insufficient, we would face substantial liquidity constraints
and would likely be required to significantly reduce, delay or
eliminate capital expenditures, implement further cost reductions,
seek other financing alternatives or cease operations as a going
concern and liquidate.  While operating as debtors-in-possession
during the Chapter 11 Cases, we may sell or otherwise dispose of or
liquidate assets or settle liabilities, subject to the approval of
the Bankruptcy Court or as otherwise permitted in the ordinary
course of business, for amounts other than those reflected in these
condensed consolidated financial statements.  Further, a chapter 11
plan will likely materially change the amounts and classifications
of assets and liabilities reported in these condensed consolidated
financial statements."

A copy of the Form 10-Q is available at:

                       https://bit.ly/2J1Tysm

Noble Corporation plc is an offshore drilling contractor organized
in London, United Kingdom. Its affiliate, Noble Corporation, is
organized in the Cayman Islands. It is the corporate successor of
Noble Drilling Corporation.


SYNLAB BONDCO: S&P Affirms 'B+' ICR on Refinancing, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on Synlab Bondco PLC. S&P also assigned its 'B+' issue rating with
a '4' recovery rating to the new TLB.

Synlab's operating performance has surpassed our previous
expectations thanks to COVID-19 testing.   S&P estimates its
adjusted leverage will now decrease substantially below 7x in 2020
as margins improve because of the increase in sales volumes linked
to PCR testing. Synlab outperformed its previous base case because
it benefited from being an integral part of policymaking, both for
governments regarding restrictions and for private firms regarding
returning to work. Since mid-March 2020, the group has ramped up
its PCR capacity via significant investment to enable high
throughput and quick turnaround. The group has performed more than
7.5 million PCR tests in the past nine months of FY2020. This has
resulted in September year-to-date results above our expectations,
with reported revenue of EUR1,842 million (an increase of 18.8%
year on year) and reported adjusted EBITDA of EUR415.4 million (an
increase of 30% year on year). S&P now expects sales of about
EUR2,400 million-EUR2,500 million and S&P Global Ratings-adjusted
EBITDA of about EUR490 million-EUR500 million in FY2020.

Uncertainties remain regarding future earnings contribution from
PCR testing and the group's capacity to maintain organic EBITDA
generation. The earnings from PCR testing will not only depend on
the volumes of tests performed but also on the pricing established
in each jurisdiction. S&P understands there are pricing disparities
across countries: France offers 100% of reimbursement on testing
for patients without a prescription at a price of EUR65 per test,
whereas Germany's average price per test was about EUR59 until July
2020, before dropping to EUR39.

S&P thinks merger and acquisition (M&A) dynamics in the laboratory
industry could now intensify, hindering Synlab from maintaining
adjusted debt to EBITDA at 6x-7x beyond 2020.   The severe lockdown
from March to June 2020 resulted in the closing of clinics and
postponement of routine checks. This may have greatly harmed
smaller laboratories that could now be more appealing to larger
groups. S&P also notes that the industry has always been
characterized by ongoing acquisitions, with acquisition multiples
of EBITDA exceeding 8x post synergies. This could become more
aggressive post-COVID-19, putting pressure on Synlab's leverage
trajectory from 2021 onward.

The disposal of Synlab's analytics and services (A&S) could improve
margins but only to a limited extent, given the size of this
business segment.   Synlab announced the disposal of its A&S
segment to SGS, a leader in testing and certification. S&P expects
the transaction to close during the first quarter of FY2021. Synlab
will focus on its core medical activities and generate further
growth, since the proceeds from the transaction will remain at the
group for internal purposes--either to finance M&A or reduce debt.
Although S&P thinks Synlab will benefit from this transaction, as
well as some of the COVID-19 testing momentum of 2020 that will
overlap in 2021, S&P also thinks growth will start slowing down and
revert to historical levels once the current pandemic situation
normalizes and a vaccine is deployed. The disposal of the A&S
business, which has dilutive EBITDA margins, will contribute to
growth in profitability in 2021. However, it will be limited, given
that this segment represents EUR200 million out of a total of about
EUR2,500 million of sales that S&P expects in 2020.

The refinancing of the senior secured loans further eases financing
pressure but debt to EBITDA will remain highly leveraged.   On May
12, 2020, Synlab completed a new TLB issue of EUR468 million
maturing in 2024 and a senior floating rate note at EUR850 million
maturing in 2025. The group also extended the maturity of its
existing revolving credit facility (RCF) to 2023. Synlab refinanced
the entirety of its existing EUR940 million senior secured debt
(currently bearing interest at Euribor plus 3.5%) and EUR374
million of its existing EUR450 million TLB1 (bearing an interest of
Euribor plus 3.0%), which S&P viewed as reducing refinancing
pressure given the extension of the overall maturities.

Synlab is now looking to refinance the totality of its EUR375
million existing senior unsecured bonds under Synlab Unsecured
Bondco PLC (bearing an interest of 8.25%) maturing in 2023 with a
new TLB issue of EUR385 million maturing in 2027. Although we view
this redemption as leverage neutral, the maturity extension further
reduces refinancing pressure.

S&P said, "Our EUR3.1 billion estimate of Synlab's 2020 debt
includes EUR850 million of floating-rate notes, the EUR1,773
million TLB (including the new EUR385 million of TLB), and EUR20
million-EUR25 million of other short-term debt. We add EUR440
million of operating and financial leases and about EUR38 million
of pension liabilities. We do not net any cash due to the company's
ownership by financial sponsors." Factoring in the proceeds, cash
will be about EUR700 million-EUR800 million in total in 2020 and
2021.

The negative outlook reflects that it may be difficult for Synlab
to improve its EBITDA once the PCR testing compensation dissipates
in 2021, preventing the group from keeping its S&P Global
Ratings-adjusted debt to EBITDA substantially below 7x. Leverage
reduction will depend not only on the recovery in testing volumes
but also on the company's strategy to have commensurate M&A
spending, given the consolidation of the industry.

S&P said, "We could lower the rating on Synlab in the next 12-18
months if we thought adjusted debt-to-EBITDA could return close to
7x by 2022. This could happen if the group does not maintain growth
at pre-crisis levels and increases its M&A activity.

"We would revise the outlook to stable if we thought Synlab's
leverage could recover to its historical average on a sustainable
basis with debt to EBITDA below 7x and a fixed charge ratio
substantially above 2x by 2022."


TULLOW OIL: To Focus on Core Assets in Africa to Boost Cash Flow
----------------------------------------------------------------
Nathalie Thomas at The Financial Times reports that Tullow Oil is
to focus on its core assets in west Africa as part of a plan to
boost cash generation and secure the troubled energy group's
future.

According to the FT, the company, which in September warned it
could default on its debt if it did not address a potential
liquidity shortfall, has told shareholders it expects to be able to
generate US$7 billion of operating cash flow over the next decade.

Of this, US$2.7 billion will be invested back into the company,
predominantly on recovering as much as possible from the oilfields
in Ghana that form the backbone of its business, the FT discloses.

The remaining US$4 billion will go towards servicing its US$2.4
billion of net debt and shareholder returns, the FT states.  There
will also be a "rigorous" focus on costs, the company said on Nov.
25, the FT notes.

Tullow Oil is an independent oil exploration and production company
founded in Tullow, Ireland with its headquarters in London, United
Kingdom.  It is focused on finding and monetizing oil in Africa and
South America.


                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *