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

                          E U R O P E

          Friday, December 4, 2020, Vol. 21, No. 243

                           Headlines



F R A N C E

CASINO GUICHARD-PERRACHON: S&P Affirms B Rating, Outlook Negative
EUROPCAR MOBILITY: S&P Lowers ICR to 'SD' on Interest Nonpayment


G E R M A N Y

CERAMTEC BONDCO: Moody's Affirms B3 CFR; Alters Outlook to Stable


I R E L A N D

CARLYLE EURO 2020-2: Moody's Assigns (P)B3 Rating to Cl. E Notes
DRYDEN 79 2020: S&P Assigns B- (sf) Rating on $7MM Class F Notes
EURO-GALAXY VI: Fitch Affirms B-sf Rating on Class F Notes
INA'S KITCHEN: High Court Dismisses Examinership Application
MARLAY PARK: Fitch Affirms B-sf Rating on Class E Debt

VOYA EURO IV: S&P Assigns B- (sf) Rating on Class F Notes


I T A L Y

BCC NPLS 2020: Moody's Assigns Caa2 Rating to EUR41MM Cl. B Notes
GUALA CLOSURES: Moody's Affirms B1 CFR; Alters Outlook to Neg.
NEXI SPA: Moody's Affirms Ba3 CFR; Alters Outlook to Positive


L U X E M B O U R G

INEOS GROUP: S&P Keeps 'BB' Rating on Watch Negative on Acquisition
NETS TOPCO: Moody's Reviews B2 CFR for Upgrade Following Nexi Deal


N O R W A Y

NORWEGIAN AIR: Plans to Convert Debt to Equity, Mulls Share Sale


U N I T E D   K I N G D O M

ARCADIA GROUP: Tina Green to Pay GBP50 Million to Pension Fund
BIFAB: Enters Administration After Contract Assurances Removed
CAFFE NERO: Owner Pledges GBP5 Million to Survival Fund
PREZZO: Cain International Acquires Business
TOGETHER FINANCIAL: Fitch Affirms BB- LT IDR, Outlook Negative

ZELLIS HOLDINGS: S&P Cuts Rating to SD on Conversion of Term Loans


X X X X X X X X

[*] BOOK REVIEW: Hospitals, Health and People

                           - - - - -


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F R A N C E
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CASINO GUICHARD-PERRACHON: S&P Affirms B Rating, Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings maintained its negative outlook and affirmed its
'B' rating on Casino Guichard-Perrachon. The negative outlook
primarily reflects the event risk arising from Casino's parent
companies' high debt levels.

S&P said, "Casino's deleveraging is taking longer than expected,
both on a proportional and consolidated basis, but we do see
tangible signs of improvement.  In line with first-half (H1) 2020's
year-on-year improvement in terms of cash flow generation, we
expect Casino to stabilize its cash flow generation in France
between 2020 and 2022 by gradually growing its profitability,
improving working capital management, containing capital
expenditure (capex) and repaying some quantum of debt, which itself
will translate into lower interest payments and no dividend
payments to shareholders until at least 2023. In our forecasts, we
expect the EBITDA of the restricted group perimeter (composing
France and e-commerce business and excluding leases) to reach about
EUR950 million in 2020, growing to about EUR1 billion by 2021. This
corresponds to a broadly neutral cash flow generation, before the
impact of asset disposals and debt repayments. We also see the risk
that the COVID-19 may affect nonfood sales in 2020 in some of the
group's key banners, and the group's sale and lease-back
transactions may also weigh on the operating margin potential of
certain stores. That being said, we expect Casino to benefit from:
its repositioning in more profit-friendly formats and segments
(convenience and organic); the boom in sales of its e-commerce
platform, C-Discount, translating to EBITDA in the EUR70
million-EUR90 million range in fiscal year 2020; and the automation
of parts of its supply chain, notably thanks to the Ocado
partnership. Similarly, we expect the Latam business to rapidly
reduce debt, thanks to a robust revenue and profitability growth
and resilient cash flow generation on a local currency basis. In
2020, however, due to foreign exchange headwinds, we expect a
negative contribution from Latam to overall profitability growth in
euro terms, thereby translating in an S&P Global Ratings-adjusted
leverage still above 5.0x on a consolidated basis and above 5.5x on
a proportional basis. However, considering the deleveraging plans
at both the French and Latam levels, we do see potential for some
deleveraging from 2021 onward. Given the large shareholder
minorities and negative foreign exchange headwinds, we do not
expect the Latam business to contribute materially to the
deleveraging efforts of the French business through dividend
payments.

"We acknowledge Casino's efforts to deleverage and simplify its
corporate structure and expect it to meet its tight leverage
covenant test.   We anticipate that Casino will meet its covenant
test set out under its 2019 RCF documentation for both 2020 and
2021, even assuming large discounts on the asset disposals still to
be executed in 2021 under the EUR4.5 billion disposal plan. Under
the RCF documentation, the gross leverage test on the restricted
group is set out at 5.75x in 2020, stepping down to 4.75x in 2021,
thereby requiring Casino to deleverage in the short term. In our
forecast, we expect Casino to reach about adjusted 5.0x in 2020 and
about 4.0x-4.5x in 2021. However, we still see high execution risk
on the remainder of the disposal plan, largely due to the COVID-19
context, which could translate into either large discounts--as was
the case with the disposal of a 5% stake in Mercialys--or delays.
The group has also continued to simplify its corporate structure by
streamlining the Latin America (Latam) operations and redeeming its
relatively complex financial instruments, notably the total return
swaps on GPA.

"However, until the high debt at the parent companies level is
addressed, we still see a high event risk weighing on Casino's
credit story.  In March 2020, Rallye came out of the French
"Procedure de Sauvegarde" (safeguard procedure) with a reinstated
capital structure that pushed back some of its debt maturities from
2023 to 2030." However, it did not translate into a material
reduction in the overall gross debt due, of about EUR3.3 billion.
In 2023, a EUR1.2 billion debt repayment is due at Rallye level and
the repayment of the remainder of the debt, essentially comprising
EUR1.6 billion unsecured debt, will span from 2023 to 2030, with a
5% yearly amortization of the nominal value and a repayment of the
remaining 65% nominal value in 2030.

The resolution of the safeguard procedure of Casino's holding
companies taken by the Paris Trade Court explicitly mentions that
Rallye's plan to redeem its debt relies on the distribution
capacity of Casino, although the timing can vary if there is a
partial refinancing of this debt. It also says that the repayment
schedule proposed by Rallye is consistent with the business plan at
Casino level, aimed at improving Casino's cash flow generation and
debt levels by 2023. The total debt amount due is EUR3.3 billion,
but given the significant leakage to minority shareholders (49% of
the share capital of Casino), the potential outflow would equate to
almost double this figure.

Casino's debt documentation precludes any dividend payment subject
to a 3.5x gross debt-to-EBITDA ratio calculated at the restricted
group (composed of France and e-commerce business), valid until
January 2024, when the high yield bond will mature. At this point
in time we are unable to estimate whether Casino will deleverage to
or below 3.5X by 2023 or not and therefore, whether it will
upstream the necessary cash to repay Rallye's debt maturity. This
creates, in our view, event risk for the company.

The negative outlook primarily reflects material event risk arising
from Casino's parent companies' high debt levels, which may rely on
Casino's distribution capacities starting from 2023. It also
indicates that there remains some execution risk with regard to the
asset disposal plan, since the pandemic may jeopardize the
company's initial timeframe set for its execution, thus translating
into a continuing narrow headroom against the covenant schedule to
which the company is subject under its RCF.

Downside scenario

S&P said, "We could lower the rating if uncertainty about the
holding companies' credit standing and the funding of the 2023
maturities increases as we come closer to that deadline, thereby
increasing event risk. We could also downgrade Casino if its
liquidity deteriorated as a result of a decreasing covenant
headroom limiting the company's ability to draw on its short-term
lines, failure to execute the remainder of the disposal plan, or a
continuing negative FOCF generation both in France and on a
consolidated basis."

Upside scenario

S&P could revise its outlook to stable if:

-- The event risk associated with Rallye's credit standing were to
diminish significantly in the next few months, as a result of
Rallye undertaking steps to address its unsustainable capital
structure without leveraging on Casino's present or future cash
flows; and

-- In addition, Casino's consolidated and proportional credit
metrics were to improve sustainably to well below 5.0x on an
adjusted basis, thanks to a faster and broader disposal plan than
S&P currently anticipates, and a much-improved cash flow generation
against its current base case.


EUROPCAR MOBILITY: S&P Lowers ICR to 'SD' on Interest Nonpayment
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on France-Based
Europcar Mobility Group to 'SD' (selective default) from 'CC' and
its issue credit ratings on the affected instruments, the 2024 and
2026 senior notes, to 'D' from 'C'.

This rating action does not affect the 'CC' issuer credit rating on
Europcar International SASU, the 'CCC-' issue rating on the
revolving credit facility (RCF), or the 'CC' issue rating on the
fleet bond, all of which remain unchanged.

The downgrade follows Europcar's announcement that it has elected
not to pay the interest due on its 2024 and 2026 corporate senior
notes prior to the end of the 30-day grace period. The group has
entered into a forbearance agreement with its bondholders, such
that they will not take any enforcement action with respect to the
nonpayment of interest payments on the 2026 notes that were due on
Oct. 30, 2020, or on the 2024 notes that were due on Nov. 16, 2020.
In addition, the lenders under the RCF and the French
state-guaranteed loan (Pret garantis par l'Etat) have agreed to
waive any default or event of default under their loans that would
result directly or indirectly from these nonpayments. The unpaid
coupons will be capitalized with the intention to include them in
the restructuring negotiations.

S&P said, "We view the nonpayment of interest on the senior notes
as a default because Europcar has breached a stated promise on a
financial obligation, regardless of the forbearance. However, we
understand that the company intends to continue to service its
other rated debt instruments, including the EUR670 million
corporate RCF and EUR500 million fleet bond." Europcar
International S.A.S.U. is unaffected by the rating action, because
the entity does not issue or guarantee any of the 2024 and 2026
senior notes.

On Nov. 25, Europcar entered into a lock-up agreement with a group
of cross-party creditors to pursue its corporate debt
restructuring. Key terms of the lock up agreement include:

-- Full equitization of the principal amount plus accrued and
unpaid interest of the EUR600 million senior notes due in November
2024, EUR450 million senior notes due in April 2026, and EUR50
million bilateral credit line due in December 2020.

-- Capital increase of EUR250 million.

-- New revolving fleet financing of EUR225 million.

-- Refinancing of the EUR670 million RCF through a new EUR170
million RCF and EUR500 million term loan facility.

Europcar Mobility Group intends to file for accelerated financial
safeguard procedures, to be launched in mid-December 2020, subject
to receipt of the relevant consents and waivers from creditors. The
closing of the restructuring transaction is expected in March 2021,
conditional on a number of requisite approvals.

Subject to ongoing developments of the group's restructuring plan,
after any restructuring is complete, S&P would reassess the group's
new proposed capital structure, business plan and financial policy
and review the ratings.




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G E R M A N Y
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CERAMTEC BONDCO: Moody's Affirms B3 CFR; Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
(CFR), the B3-PD probability of default rating and the Caa2
instrument rating of the senior secured 2nd lien notes, all issued
at the level of CeramTec BondCo GmbH (CeramTec or the company).
Concurrently, Moody's affirmed the B2 instrument rating of the
senior secured term loan B1, including the contemplated EUR175
million fungible add-on, the senior secured term loan B2 and the B2
instrument rating of the senior secured revolving credit facility
issued at the level of CTC AcquiCo GmbH. The outlook on both
entities has been changed to stable from negative.

The proceeds of the contemplated debt add-on will be used for
future M&A opportunities and strengthening liquidity. The rating
action assumes that the proceeds will not be used for shareholder
distribution.

RATINGS RATIONALE

The rating action reflects the following interrelated drivers:

  - Faster than initially expected recovery following the trough in
Q2 2020

  - Still very strong EBITDA margin for the YTD September period
despite the adverse revenue development thanks to tight cost
control

  - Adequate liquidity supported by positive free cash flow
generation for the YTD September period (excluding the exceptional
shareholder distribution in Q1 2020)

Moody's forecasts the demand of CeramTec's medical segment to
continue to ramp-up from the Q2 trough and to be back at 2019 level
by 2021. While near-term volumes might be pressured as elective
procedures might be postponed as long as the pandemic persists,
most procedures that were planned will eventually still take place,
and hence the revenue will not be permanently lost.

Moody's expects the recovery of CeramTec's industrial segment to be
slower than the company's medical segment since it includes an
exposure to automobile, aerospace, industrial machinery and
construction industries, among others which are more cyclical in
nature. For example, Moody's forecasts the auto sector to gradually
ram up but to be still below 2019 level by 2022.

LIQUIDITY

The liquidity is adequate supported by EUR36 million of cash on
balance sheet at end-September 2020 and a EUR75 million revolving
credit facility which was fully undrawn at the end of September
2020. The revolving credit facility entails one springing covenant
(senior secured net leverage ratio), which will be tested when more
than 40% of the revolving credit facility is utilised (flat
covenant requirement at 9x).

Excluding the extraordinary shareholder distribution of around
EUR55 million which happened during Q1 2020, the company generated
around EUR30 million of free cash flow during the YTD September
2020 period. Moody's expects the free cash flow to remain positive
over the next 12-18 months supporting the adequate liquidity.

The maturities are long dated with the revolving credit facility
maturing in 2024, the senior term loans in 2025 and the secured
notes in 2025.

OUTLOOK

The stable outlook reflects Moody's expectation that demand in both
medical and industrial segment will gradually ramp up from the Q2
trough with the recovery of the industrial segment to be slower
than the medical segment. The stable outlook also reflects Moody's
expectation that CeramTec's liquidity position is adequate enough
to weather any unexpected negative development in the company's
end-markets as long as the pandemic persists.

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

Upward rating pressure could arise should (1) the Moody's-adjusted
debt/ EBITDA decline well below 7.0x on a sustained basis, (2) the
Moody's-adjusted EBITDA margin remain above 35% and (3) free cash
flow remains positive with Moody's-adjusted free cash flow/debt
above 5% on a sustained basis.

Downward rating pressure could arise should (1) the
Moody's-adjusted debt/EBITDA remain above 8.0x for a prolonged
period, (2) free cash flow turns negative, and (3) the liquidity
weaken.

ESG CONSIDERATIONS

CeramTec's financial policy is in line with that of similar private
equity-owned issuers, as illustrated by its high leverage. Moody's
regards the coronavirus outbreak as a social risk under its ESG
framework, given the substantial implications for public health and
safety.

STRUCTURAL CONSIDERATIONS

The senior secured term loans (including the EUR175 million
contemplated add-on) maturing in 2025 and revolving credit facility
maturing in 2024 rank 1 in Moody's Loss Given Default analysis. The
term loans and revolving credit facility share the same security
and are guaranteed by certain subsidiaries of the group, accounting
for at least 80% of consolidated EBITDA. The B2 rating on the
senior secured instruments reflects their priority position in the
group's capital structure and the benefit of the loss absorption
provided by the junior ranking debt - the senior secured
second-lien notes that share the same guarantors and some of the
same collateral as the senior secured credit facilities on a
subordinated basis. This is reflected in the Caa2 rating of the
notes.

The group's capital structure further includes shareholder loans,
which qualify for 100% equity treatment by Moody's and are,
therefore, not included in the Loss Given Default assessment and
debt calculations for the group.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Medical Product
and Device Industry published in June 2017.



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I R E L A N D
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CARLYLE EURO 2020-2: Moody's Assigns (P)B3 Rating to Cl. E Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Carlyle Euro
CLO 2020-2 DAC:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR244,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR32,500,000 Class A-2A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

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

EUR27,500,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)A2 (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Baa3 (sf)

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Ba3 (sf)

EUR10,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

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

CELF Advisors LLP ("CELF") 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 four-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-1 Notes. The
Class X Notes amortise by 16.67% or EUR 250,000 over the first six
payment dates.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 33,700,000 Subordinated Notes due 2034 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 400,000,000

Diversity Score: 49

Weighted Average Rating Factor (WARF): 2985

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 3.75%

Weighted Average Recovery Rate (WARR): 44.3%

Weighted Average Life (WAL): 8.5 years

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

DRYDEN 79 2020: S&P Assigns B- (sf) Rating on $7MM Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Dryden 79 Euro CLO
2020 DAC's class A to F European cash flow CLO notes. At closing,
the issuer issued unrated subordinated notes.

The class F notes is a delayed draw tranche. It is unfunded at
closing and has a maximum notional amount of EUR7 million and a
maximum spread of three/six-month EURIBOR plus 7.77%. The class F
notes can only be issued once and only during the reinvestment
period for the full EUR7 million amount. The issuer will use the
full proceeds received from the issuance of the class F notes to
redeem the subordinated notes. In the transaction documents the
class F par value test will be assumed to be always outstanding. At
issuance, the class F notes' spread can be lowered subject to
rating agency confirmation.

The portfolio's reinvestment period will end approximately three
years after closing.

S&P's ratings reflect its assessment of:

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

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

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

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

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

  Portfolio Benchmarks
                                                Current
  S&P weighted-average rating factor           2,828.48
  Default rate dispersion                        511.52
  Weighted-average life (years)                    5.44
  Obligor diversity measure                       99.04
  Industry diversity measure                      19.29
  Regional diversity measure                       1.20

  Transaction Key Metrics
                                                Current
  Portfolio weighted-average rating
    derived from S&P's CDO evaluator                  B
  'CCC' category rated assets (%)                  4.17
  'AAA' weighted-average recovery (%)             33.38
  Covenanted weighted-average spread (%)           3.80
  Covenanted weighted-average coupon (%)           4.50

Frequency switch and interest smoothing mechanics

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments for the remaining life
of the transaction without the ability to switch back to quarterly
paying. Interest proceeds from semiannual obligations will not be
trapped in the smoothing account for so long as the aggregate
principal amount of semiannual obligations is less than or equal to
5%; or the class F interest coverage ratio calculated in relation
to the second payment date following the determination date is
equal to or exceeds 140%, and the par value tests are passing.

Loss mitigation obligations

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

Loss mitigation obligation mechanics

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

The purchase of loss mitigation obligations is not subject to the
reinvestment criteria or the eligibility criteria. Loss mitigation
obligations purchased using principal proceeds must meet the
restructured obligation criteria, and receive defaulted asset
credit in both the principal balance and par coverage tests. Loss
mitigation obligations purchased with interest receive no credit.
The transaction documents limit the CLO's exposure to loss
mitigation obligations that can be acquired with principal proceeds
to 5% of the target par amount.

The issuer may purchase loss mitigation obligations using either
interest proceeds or principal proceeds. The use of interest
proceeds to purchase loss mitigation obligations are subject to all
the interest coverage tests passing following the purchase and the
manager determining there are sufficient interest proceeds to pay
interest on all the rated notes on the upcoming payment date
including senior expenses. The usage of principal proceeds is
subject to the following conditions: (i) par coverage tests passing
following the purchase; (ii) the obligation meeting the
restructured obligation criteria; (iii) the obligation being pari
passu or senior to the obligation already held by the issuer; (iv)
its maturity falling before the rated notes' maturity date; and (v)
it is not purchased at a premium.

To protect the transaction from par erosion, any distributions
received from loss mitigation obligations that are purchased with
the use of principal proceeds will form part of the issuer's
principal account proceeds and cannot be recharacterized as
interest.

In this transaction, if a loss mitigation obligation that has been
purchased with interest subsequently becomes an eligible CDO, the
manager can designate it as such and transfer out of the principal
account into the interest account the market value of the asset.
S&P considered the alignment of interests for this re-designation
and took into account factors (among others) for example that the
reinvestment criteria has to be met and the market value cannot be
self-marked by the manager.

Rating rationale

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

"In our cash flow analysis, we used the EUR350 million target par
amount, the covenanted weighted-average spread (3.80%), and the
reference weighted-average coupon (4.50%) as indicated by the
collateral manager. We have assumed weighted-average recovery
rates, at all rating levels, in line with the recovery rates of the
target portfolio provided to us. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

Until the end of the reinvestment period on Jan. 18, 2024, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

The transaction's legal structure and framework are bankruptcy
remote, in line with S&P's legal criteria.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class A to F notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-1, B-2, C, D,
E, and F notes could withstand stresses commensurate with higher
ratings than those we have assigned. However, as the CLO will be in
its reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

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

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

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 transaction securitizes a portfolio of primarily senior-secured
leveraged loans and bonds, and is managed by PGIM Loan Originator
Manager Ltd.

  Ratings List

  Class    Rating    Amount    Interest rate (%)    Credit
                 (mil. EUR)                    enhancement (%)
   A     AAA (sf)    203.00     3mE + 1.20        42.00
   B-1    AA (sf)     17.10     3mE + 1.85        32.00
   B-2    AA (sf)     17.90        2.20           32.00
   C       A (sf)     28.00     3mE + 2.80        24.00
   D     BBB (sf)     17.50     3mE + 4.25        19.00
   E     BB- (sf)     24.50     3mE + 6.78        12.00
   F      B- (sf)      7.00     3mE + 7.77        10.00
   Sub        NR      43.00        N/A             N/A

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


EURO-GALAXY VI: Fitch Affirms B-sf Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has affirmed Euro-Galaxy VI CLO DAC and revised the
Outlook on the class E and F notes to Stable from Negative.

RATING ACTIONS

Euro-Galaxy VI CLO DAC

Class A XS1766834730; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS1766835380; LT AAsf Affirmed; previously AAsf

Class B-2 XS1766836271; LT AAsf Affirmed; previously AAsf

Class C XS1766836784; LT Asf Affirmed; previously Asf

Class D XS1766837329; LT BBBsf Affirmed; previously BBBsf

Class E XS1766837758; LT BBsf Affirmed; previously BBsf

Class F XS1766838210; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Euro-Galaxy VI CLO DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is within its reinvestment
period, which is due to end in October 2022, and is actively
managed by its collateral manager.

KEY RATING DRIVERS

Asset Performance Stable: The transaction was above par by 17bp as
of the investor report dated 30 September 2020. All portfolio
profile tests and coverage tests were passing except the 'CCC'
obligations test. All collateral quality tests were passing other
than Fitch's weighted average rating factor (WARF) tests. The
transaction had no defaulted assets as of the same report. Exposure
to assets with a Fitch-derived rating (FDR) of 'CCC+' and below was
8.13%, excluding unrated assets, and 9.67%, including unrated
assets, which are assumed by Fitch at 'B-' if they are privately
rated.

Resilience to Coronavirus Stress: The rating actions are a result
of a sensitivity analysis Fitch ran in light of the coronavirus
pandemic. For the sensitivity analysis Fitch notched down the
ratings for all assets with corporate issuers with a Negative
Outlook (33.87% of the portfolio) regardless of sector and ran the
cash flow analysis based on a stable interest-rate scenario

All notes have a significant break-even default-rate (BDR) cushion
under this cash flow model stress. The significant BDR cushions for
notes, together with stabilising portfolio performance, has made a
downgrade less likely, resulting in the revision of the Outlook to
Stable.

The Stable Outlook on the tranches reflects their rating resilience
under the coronavirus baseline sensitivity analysis.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category. The Fitch-calculated WARF of
the current portfolio is 35.95, above the maximum covenant of 35,
though the manager could elect to move to another Fitch test matrix
point if it wishes to comply with this covenant. The Fitch WARF
would increase to 38.91 after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise
98.78% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 63.53.

Portfolio Well-Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 13.44%, and no obligor represents more than 1.67%
of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

INA'S KITCHEN: High Court Dismisses Examinership Application
------------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court has
dismissed an application to appoint an examiner to the Ina's
Kitchen Desserts business.

The application was made by Barry Broderick, a director and
shareholder in the Whitestown, Tallaght-based producer of mainly
chocolate food products, The Irish Times discloses.

It employs 107 people and operates under the registered business
names of Ina's Kitchen Desserts, Broderick's, Ina's Handmade Foods
and Broderick's Handmade.

Mr. Broderick was supported in his application by other family
shareholders, his brother Bernard and parents Michael Bernard and
Ina in whose kitchen the business was started 26 years ago, The
Irish Times notes.

The Broderick family between them own 25% of the shareholding while
a special purpose vehicle company called Starkane Ltd, funded by
the BDO Development Capital Fund, owns 75%, The Irish Times
states.

According to The Irish Times, despite investment and additional
loans, Ina's Kitchens has had financial problems for a number of
years and the Brodericks believed it needed the court protection of
examinership because it was insolvent with an accumulated debt of
EUR9 million.  It was claimed it would need to be restructured to
trade out of its difficulties, The Irish Times relays.

The court heard it has been forced to postpone payments to Ulster
Bank, a secured creditor owed EUR2.6 million and neutral on the
petition, and to Revenue, owned some EUR407,000, The Irish Times
recounts.

According to The Irish Times, Starkane strongly opposed the
application saying, amongst other things, the Brodericks wanted to
use examinership to wrestle back control of the firm, that it had a
plentiful supply of finance to meet its requirements and that no
one was refusing to trade with it.

Following a hearing last week, Mr. Justice Michael Quinn said on
Dec. 1 he was going to dismiss the application, The Irish Times
relates.  He said he would give his reasons in a reserved judgment
next week, The Irish Times discloses.


MARLAY PARK: Fitch Affirms B-sf Rating on Class E Debt
------------------------------------------------------
Fitch Ratings has affirmed Marlay Park CLO DAC as listed.

RATING ACTIONS

Marlay Park CLO DAC

Class A-1A XS1782796962; LT AAAsf Affirmed; previously AAAsf

Class A-1B XS1782797697; LT AAAsf Affirmed; previously AAAsf

Class A-2A XS1782798315; LT AAsf Affirmed; previously AAsf

Class A-2B XS1782799123; LT AAsf Affirmed; previously AAsf

Class B XS1782799040; LT Asf Affirmed; previously Asf

Class C XS1782799719; LT BBBsf Affirmed; previously BBBsf

Class D XS1782800319; LT BBsf Affirmed; previously BBsf

Class E XS1782800582; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Marlay Park CLO DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is within its reinvestment
period, which is due to end in April 2022, and is actively managed
by its collateral manager.

KEY RATING DRIVERS

Asset Performance Stable: The transaction was above par by 52bp as
of the investor report dated 2 October 2020. All portfolio profile
tests and coverage tests were passing except the 'CCC' obligations
test. All collateral quality tests were passing other than Fitch's
weighted average rating factor (WARF) tests (34.16 versus a maximum
Fitch WARF of 34). The transaction had no defaulted assets as of
the same report. Exposure to assets with a Fitch-derived rating
(FDR) of 'CCC+' and below was 9.03% excluding unrated assets and
10.00% including unrated assets, which may be carried at 'B-' if
they are privately rated.

Stable Outlooks Reflect Coronavirus Stress: The affirmation is a
result of a sensitivity analysis Fitch ran in light of the
coronavirus pandemic. For the sensitivity analysis Fitch notched
down the ratings for all assets with corporate issuers with a
Negative Outlook (26.33% of the portfolio) regardless of sector and
ran the cash flow analysis based on a stable interest-rate
scenario.

All notes have a significant breakeven default-rate cushion under
this cash flow model stress. The Stable Outlooks reflect their
rating resilience under the coronavirus baseline sensitivity
analysis.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category. The Fitch calculated WARF of
the current portfolio is 34.16, above the maximum covenant of
34.00, although the manager could elect to move to another Fitch
Test Matrix point if it wished to bring this covenant into
compliance. The Fitch WARF would increase to 36.54 after applying
the coronavirus stress, the effect on the WARF of notching assets
with Negative Outlooks is somewhat smaller than other transactions
due to the lower percentage of the portfolio on Negative Outlook.

High Recovery Expectations: Senior secured obligations comprise
97.73% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 63.41.

Portfolio Well-Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 12.89%, and no obligor represents more than 1.47%
of the portfolio balance.

RATING SENSITIVITIES

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

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

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

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

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

Coronavirus Downside Sensitivity

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

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

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

DATA ADEQUACY

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

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

VOYA EURO IV: S&P Assigns B- (sf) Rating on Class F Notes
---------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Voya Euro CLO IV
DAC's class X, A, B-1, B-2, C, D, E, and F notes. At closing, the
issuer also issued EUR20.80 million of unrated subordinated notes.

At closing, the manager had identified approximately 98% of the
target effective date portfolio. S&P said, "We consider that the
target portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans. Therefore,
we have conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations."

  Portfolio Benchmarks
                                                 Current
  S&P weighted-average rating factor               2,711
  Default rate dispersion                            582
  Weighted-average life (years)                     5.36
  Obligor diversity measure                          110
  Industry diversity measure                          17
  Regional diversity measure                         1.4
  Weighted-average rating                            'B'
  'CCC' category rated assets (%)                      0
  'AAA' weighted-average recovery rate (%)         38.08
  Floating-rate assets (%)                           100
  Weighted-average spread (net of floors; %)        3.84

S&P said, "In our cash flow analysis, we used the EUR250 million
target par amount, a weighted-average spread of 3.70%, the
reference weighted-average coupon (3.75%), and the weighted-average
recovery rates as indicated by the collateral manager. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis shows that the class B-1, B-2,
C, D, and E notes benefit from break-even default rate and scenario
default rate cushions that we would typically consider to be in
line with higher ratings than those assigned. However, as the CLO
is still in its reinvestment phase, during which the transaction's
credit risk profile could deteriorate, we have capped our assigned
ratings on the notes.

"Elavon Financial Services DAC is the bank account provider and
custodian. Its documented replacement provisions are in line with
our counterparty criteria for liabilities rated up to 'AAA'.

"The issuer can purchase up to 30% of non-euro assets, subject to
entering into asset-specific swaps. We expect the downgrade
provisions of the swap counterparty or counterparties to be in line
with our counterparty criteria for liabilities rated up to 'AAA'.

"The issuer is bankruptcy remote, in accordance with our legal
criteria.

"The CLO is managed by Voya Alternative Asset Management LLC. Under
our "Global Framework For Assessing Operational Risk In Structured
Finance Transactions," published on Oct. 9, 2014, the maximum
potential rating on the liabilities is 'AAA'."

The issuer may acquire workout obligations to enhance and protect
the recovery value of a defaulted or credit impaired obligations
from the same obligor.

For such acquisitions, the issuer may use:

-- Principal proceeds if the portfolio par balance remains above
the reinvestment target par balance,

-- Interest proceeds if the class E interest coverage test is
satisfied after the acquisition and the manager determines that no
rated notes will defer interest payments on the following payment
date, or

-- Proceeds from the collateral enhancement account.

No credit will be given to such workout obligations in the
transaction's collateral quality tests or coverage tests.

Amounts received from such assets purchased with principal proceeds
will be paid into the principal account. Other amounts may be paid
into the principal account, interest account, or supplemental
reserve account at the manager's discretion. Recovery proceeds from
the original defaulted asset will be paid into the principal
account until at least its full principal balance has been
recovered.

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

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

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."

  Ratings List

  Class     Rating   Amount (mil. EUR)   Credit enhancement (%)
   X       AAA (sf)       1.00              N/A
   A       AAA (sf)     155.00             38.00
   B-1      AA (sf)      15.50             29.00
   B-2      AA (sf)       7.00             29.00
   C         A (sf)      18.50             21.60
   D       BBB (sf)      15.30             15.48
   E       BB- (sf)      13.80              9.96
   F        B- (sf)       6.10              7.52
   Subordinated  NR      20.80              N/A

  NR--Not rated.
  N/A--Not applicable.




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

BCC NPLS 2020: Moody's Assigns Caa2 Rating to EUR41MM Cl. B Notes
-----------------------------------------------------------------
Moody's Investors Service assigned the following ratings to the
debts issued by BCC NPLS 2020 S.r.l. (the Issuer):

EUR520M Class A Asset Backed Floating Rate Notes due January 2045,
Assigned Baa2 (sf)

EUR41M Class B Asset Backed Floating Rate Notes due January 2045,
Assigned Caa2 (sf)

Moody's has not assigned a rating to the EUR 24M Class J Asset
Backed Fixed Rate and Variable Return Notes due January 2045, which
are also issued at the closing of the transaction.

The transaction is a multi-originator static cash securitisation of
non-performing loans (NPLs) granted by 88 banks belonging to Gruppo
Bancario Cooperativo Iccrea (unrated), as well as by Banca Ifis
S.p.A. (unrated) and Banca Popolare Valconca S.p.A. (unrated) (all
together the "originators"), to small and medium-sized enterprises
(SMEs), self-employed individuals and individuals located in Italy.
This represents the fourth NPL transaction sponsored by Iccrea
Banking Group.

The assets supporting the Notes are NPLs with a gross book value
(GBV) of EUR 2,347,139,663 as of December 31, 2019. The gross
collections from the selection date until November 11, 2020 amount
to approximately EUR 11.6 million, out of which only a portion are
to the benefit of the transaction.

The portfolio will be serviced by Italfondiario S.p.A. and doValue
S.p.A. in their roles as master and special servicer, respectively,
both belonging to doValue banking group (unrated). The servicing
activities will be monitored by the monitoring agent Zenith Service
S.p.A. ("Zenith", unrated). In addition, Banca Finanziaria
Internazionale S.p.A. (Banca FinInt, unrated) has been appointed as
back-up servicer at closing and will step in to take over the role
of master servicer in case the master servicer agreement is
terminated. The monitoring agent together with the back-up servicer
are helping the Issuer to find a substitute special servicer in
case the special servicing agreement with doValue S.p.A. is
terminated.

The transaction also envisages the option, upon request of the
mezzanine and junior investors, to activate the involvement of a
Real Estate Operating Company ("ReoCo"). Should the ReoCo be
activated, the special servicer may propose the ReoCo's
intervention at the auction of real estate properties. The resale
of such properties will need to occur within up to 18 months after
the purchase, otherwise the ReoCo will grant an irrevocable mandate
to a professional to sell the properties. The ReoCo can at any time
own properties for an amount not higher than EUR 9 million (in
terms of purchase price). The financing of the ReoCo to purchase
the real estate properties, as well as the financing of the ReoCo
operating costs, will be provided by a replenishable funding
reserve of EUR 900,000, which will be initially funded with a
portion of the available collections at closing and by the
originators through external cash injection.

RATINGS RATIONALE

Moody's ratings reflect an analysis of the characteristics of the
underlying pool of defaulted loans, sector-wide and
originator-specific performance data, protection provided by credit
enhancement, the roles of external counterparties, and the
structural integrity of the transaction.

In order to estimate the cash flows generated by the pool, Moody's
used a model that, for each loan, generates an estimate of: (i) the
timing of collections; and (ii) the collected amounts, which are
used in the cash flow model that is based on a Monte Carlo
simulation.

In Moody's view, the credit positive features of this deal include,
among others:

(i) the portfolio composition with 75.12% of the GBV being secured
at borrower level benefitting mainly from a first lien mortgage at
borrower level (67.31%) and the remaining representing loans
benefitting from at least a junior lien and unsecured loans.
Properties valued by third party with a drive-by or internal visit
(mainly performed in 2019 and 2020) represent around 54.98% of the
property valuation amount. Only 9.80% of the first lien properties
have been evaluated by an expert appointed by a court, the
remaining having a desktop or statistical indexed valuation;

(ii) the granularity of the portfolio resulting from the 90
originators: borrowers with a GBV below EUR 5.0 million represent
83.98% of the total portfolio. Top 1, top 10 and top 20 obligors
represent around 1.26%, 6.12% and 9.64%, respectively, of the pool
in GBV terms;

(iii) in relation to the secured portfolio benefitting from a
first lien mortgage, residential properties represent around 33.15%
of the total real estate value;

(iv) secured loans benefitting from a first lien are backed by
properties located mainly in the North and Center of Italy
(accounting for approximately 43.80% and 39.64% of the real estate
value, respectively);

(v) interest on the Class B Notes is postponed to a more junior
position in the waterfall, if the cumulative collection ratio or
the PV cumulative profitability ratio is lower than 90% of the
expected cumulative recovery rate according to the initial business
plan anticipated by the special servicer. The Class A Notes will
benefit from this structural feature, whereas Class B Notes will be
negatively impacted; and

(vi) alignment of interest for the special servicer with the
servicing fees have been constructed so that the special servicer
is incentivized to maximize recoveries on the loans rather than
collecting the very limited base fees.

However, the transaction has several challenging features, such
as:

(i) loans representing around 55.83% of the GBV of the portfolio
are in their initial legal proceeding stage, including 28.76% for
which the legal proceedings have not started yet;

(ii) 51.44% of the GBV related to the loans with a legal
proceeding started are undergoing a bankruptcy process, which
usually takes significantly longer than a foreclosure;

(iii) loans benefitting from second or lower lien represent around
7.8% of the GBV, corresponding to 25.70% of the real estate value
collateralizing the secured portfolio; and

(iv) loans collateralized by land represent 14.44% in terms of
real estate value.

As of selection date, the underlying portfolio was composed of
17,246 non-performing loans for a gross book value (GBV) amounting
to EUR 2,347,139,662.73. Loans to corporates make up 83.45% of the
portfolio, while loans to individuals account for the remaining
16.55%. Borrowers defaulted from 2013 onwards represent 82.56% of
the total GBV. Loans representing around 55.83% of the GBV of the
portfolio are in their initial legal proceeding stage (including
28.76% for which the legal procedure has not started yet), whereas
loans representing around 13.61% of the GBV are in the cash
distribution phase, i.e. the judicial recovery process has been
terminated and cash only needs to be distributed among creditors.
Around 67.31% of the portfolio is secured by first-lien mortgage
guarantees over different types of properties. Geographically, the
properties are concentrated mostly in the North of Italy (43.80%)
and in the Centre of Italy (39.64%). Residential properties
represent around 33.15% of the real estate value, the remaining
being commercial properties of different types (land and hotels
represent 14.44% and 5.79%, respectively). For unsecured loans, the
classification as non-performing exposure occurred on average
around 5 years before the selection date.

  - Key transaction structure features:

Reserve fund: The transaction benefits from an amortizing cash
reserve equal to 3.0% of the Class A Notes balance (corresponding
to EUR 15.6 million at closing) and funded by a limited recourse
loan extended by Iccrea Banca S.p.A., Banca Ifis S.p.A. and Banca
Popolare Valconca S.p.A. The cash reserve is replenished
immediately after the payment of interest on the Class A Notes and
mainly provides liquidity support to the Class A Notes.

Hedging: Class A Notes pay six-month EURIBOR which has a cap
starting at 0.50% for payment dates from January 2024, moving up
progressively to 1.2% at final maturity. Moreover, the transaction
benefits from interest rate cap agreements linked to six-month
EURIBOR, with J.P. Morgan AG (Aa1(cr)/P-1(cr)) and Banco Santander
S.A. (Spain) (A3(cr)/P-2(cr)) acting as the cap counterparties. The
Class A cap will have a strike starting at 0% moving up to 0.3% in
January 2033, whereas the Class B cap will have a strike starting
at 1% and moving up to 4% in January 2033. The notional of the
interest rate caps are equal to the outstanding balance of the
Class A and Class B Notes, respectively, at closing decreasing over
time with pre-defined amounts.

Moody's used its NPL cash-flow model as part of its quantitative
analysis of the transaction. Moody's NPL model enables users to
model various features of a European NPL ABS transaction - recovery
rates under different scenarios, yield as well as the specific
priority of payments and reserve funds on the liability side of the
ABS structure.

  - Counterparty risk analysis:

Italfondiario S.p.A. and doValue S.p.A. act as master servicer and
special servicer, respectively, of the non-performing loans for the
Issuer, while Zenith Service S.p.a (unrated) is the monitoring
agent and Banca FinInt (unrated) is the back-up servicer and the
calculation agent of the transaction.

All collections are paid directly into the issuer collection
account at BNP Paribas Securities Services (Aa3/P-1) with a
transfer requirement if the rating of the account bank falls below
Baa2.

  - Principal Methodology:

The principal methodology used in these ratings was "Non-Performing
and Re-Performing Loan Securitizations Methodology" published in
April 2020.

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

The notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk, the level of credit enhancement and the
Italy's country risk could also impact the notes' ratings.

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 the
underlying assets from the current weak Italian 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.

GUALA CLOSURES: Moody's Affirms B1 CFR; Alters Outlook to Neg.
--------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
(CFR) and the B1-PD probability of default rating (PDR) of Guala
Closures S.p.A., the Italian manufacturer and global leader of
closures for the food and beverage industry. At the same time,
Moody's has affirmed the B1 rating on the EUR455 million guaranteed
senior secured floating rate notes due 2024. The outlook on the
rating has been changed to negative from stable.

"The change in the outlook to negative from stable primarily
reflects the impact of the coronavirus pandemic on Guala's
year-to-date September 2020 operating performance and credit
metrics as well as the uncertainty on the recovery of trading
conditions over the next quarters which might delay the improvement
in the company's financial leverage to a level more commensurate
with the B1 rating category," says Donatella Maso, a Moody's Vice
President -- Senior Analyst and lead analyst for Guala. "Prior to
today's action Guala was weakly positioned in the B1 rating
category", adds Donatella Maso.

RATINGS RATIONALE

The negative outlook primarily reflects Guala's indirect exposure
to the HORECA and travel retail segments which remain disrupted
resulting in depressed demand for its products, particularly safety
closures for spirits, in the current year, as well as the
uncertainty on the recovery in trading conditions over the coming
months which could delay the improvement in the company's earnings
and credit metrics.

Guala's year-to-date operating performance was hurt by the social
distancing measures and lockdowns adopted by governments as
response to the pandemic and the general disruption in the travel
industry. These resulted in lower demand for certain company's
products and a degree of disruption at operational level due to
temporary factories closures in India and South Africa and
increasing level of absenteeism. The impact was largely
concentrated in the second quarter of 2020, in the spirits segment,
and in countries like India, Italy, South Africa, Spain and the UK.
Due its presence in emerging markets, the company also suffered
from the translation effect of weakening currencies. As a result,
during the nine months to September, revenues decreased by 7% and
reported EBITDA by 10.6% because lower sales volumes were not
completely compensated by cost containment initiatives promptly
undertaken by the company. Management estimated that the impact of
the pandemic on EBITDA was around EUR14 million.

The weak year-to-date trading led to a deterioration in Guala'
credit metrics including its financial leverage increasing to 5.8x
in September from 5.0x in December 2019, which is higher than the
maximum leverage allowed for the B1 rating. Leverage will likely
increase further for the remainder of the year as the fourth
quarter could be weaker than the year-earlier period due to ongoing
restrictions in place in a number of countries. Moody's expects
Guala's performance to recover gradually during 2021 with the
company's EBITDA to return to the pre-pandemic levels only in 2022.
As such, the company's leverage is expected to remain above 5.0x
until that time. Moody's forecasts assume that demand from the
away-from-home channel and the travel retail segment will slowly
recover during 2021. However, visibility remain modest as a renewed
worsening of the coronavirus pandemic could keep bars, restaurants
and other venues closed or operating at reduced volume and derail
the magnitude or timing of the company's recovery.

LIQUIDITY

The rating remains supported by an adequate liquidity profile. As
of September 30, 2020, the company had cash on balance sheet of
around EUR52.5 million; EUR50.9 million availability under its
EUR80 million super senior revolving credit facility (RCF) maturing
in 2024; and no significant debt maturity until 2024, when both the
RCF and the floating rate notes (FRNs) are due. Moody's also
expects the company to generate positive free cash flow in the next
12 to 18 months. These sources of liquidity are sufficient to cover
intra-year working capital swings because of seasonality, capital
spending of 5%-6% of revenues per year and dividends to minority
interests. Further small bolt-on acquisitions, although not
incorporated in the forecasts, will be funded with cash or
additional drawings of the RCF.

The RCF agreement includes a springing covenant of 6.4x net
leverage to be tested quarterly when the RCF is drawn by more than
40%. Moody's does not expect the covenant to be tested over the
next 12-18 months. The company's net leverage increased to 4.3x as
of the 12 months that ended September 2020 from 3.8x in 2019,
offering still adequate flexibility.

STRUCTURAL CONSIDERATIONS

The B1 rating assigned to the EUR455 million floating rate notes
(FRN) is in line with the CFR as they represent the majority of the
debt in the capital structure and because a modest presence of more
senior debt such as the EUR80 million super senior RCF, which is
not enough to cause a notching of the instruments.

Both the notes and the super senior RCF are secured against share
pledges of certain companies of the group. Moody's typically views
debt with this type of security package to be akin to unsecured
debt. As of June 2020, the notes benefitted from the guarantees of
subsidiaries representing, together with the issuer, 36% of
consolidated revenue, 23% of consolidated adjusted EBITDA and 62%
of total assets, which Moody's considers as weak.

RATING OUTLOOK

The negative outlook reflects the uncertainty as to the pace of a
material recovery in Guala' earnings over the next 12-18 months,
which could result in credit metrics remaining sustainably outside
the guidance to maintain the B1 ratings. Failure to show improving
operating performance over the coming quarters might result in a
rating downgrade.

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

Given the negative outlook, an upgrade is unlikely in the near
term. Over time, upward rating pressure could develop if Guala
increases its scale, maintains its profitability (measured as
EBITDA margin) and improves its free cash flow (FCF), leading to
financial leverage (measured as Moody's-adjusted debt/EBITDA) below
4.0x on a sustained basis, together with FCF/debt above 5% on a
sustained basis, while maintaining good liquidity.

Downward rating pressure could arise if there is a prolonged
weakness in demand and if Guala's fails to show improvement in
operating performance during 2021. Downward rating pressure could
arise if Moody's-adjusted (gross) debt/EBITDA remains sustainably
above 5.0x, free cash flow turns negative and liquidity weakens.

LIST OF AFFECTED RATINGS

Issuer: Guala Closures S.p.A.

Affirmations:

Probability of Default Rating, Affirmed B1-PD

Corporate Family Rating, Affirmed B1

Backed Senior Secured Regular Bond/Debenture, Affirmed B1

Outlook Action:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers Methodology
published in September 2020.

COMPANY PROFILE

Headquartered in Italy, Guala Closures S.p.A. is a global leader in
the production of safety closures for spirits and aluminium
closures for wine and a major global player in the production and
sale of aluminium closures for the beverage industry. The company
operates on five continents with 30 production facilities, and
employees over 4,800 people. For the 12 months ended September
2020, Guala generated EUR576 million of revenue and EUR97 million
of EBITDA (on a Moody's adjusted basis).

NEXI SPA: Moody's Affirms Ba3 CFR; Alters Outlook to Positive
-------------------------------------------------------------
Moody's Investors Service affirmed Nexi S.p.A.'s (Nexi or the
company) corporate family rating (CFR) at Ba3 and probability of
default rating (PDR) at Ba3-PD. Concurrently, Moody's has also
affirmed the Ba3 instrument rating on the EUR825 million senior
unsecured notes due 2024 issued by Nexi S.p.A. The outlook has
changed to positive from stable.

On November 15, 2020, Nexi announced the signing of a framework
agreement regarding a combination with Nets Topco 3 S.a r.l. (Nets)
through an all-share merger of Nets into Nexi. This follows Nexi's
announcement, on October 05, 2020, regarding the signing of a
memorandum of understanding with SIA S.p.A. (SIA) for the
integration of Nexi and SIA through a merger by incorporation of
SIA into Nexi. Upon closing, of the aforementioned transactions,
the combined group would remain listed on the Italian Stock
Exchange (MTA) and be a leader in digital payments in Europe,
generating around EUR2.9 billion of proforma revenue and
approximately EUR1.5 billion of proforma company-adjusted EBITDA
(including run-rate synergies).

The combination of Nexi and Nets will be an all-share transaction,
similar to the previously announced Nexi-SIA merger, and will also
involve Nexi assuming around EUR1.9 billion of Nets' outstanding
debt at close, EUR1.5 billion of which will be refinanced via an
unsecured bridge facility already raised by Nexi. Upon closing of
both transactions, the largest shareholders of the enlarged
Nexi-SIA-Nets group will be Cassa Depositi e Prestiti S.p.A. (CDP,
Baa3 stable), with a stake of about 17%, and Hellman & Friedman,
Nets' current shareholder, with a stake of about 16%. The
transactions are conditional upon several elements including
regulatory approvals and, in the case of Nets, the completion of
the disposal of its Corporate Services division to Mastercard. Nexi
expects its combination with Nets to complete in the second quarter
of 2021, and its combination with SIA to close in the third quarter
of 2021.

RATINGS RATIONALE

The change in outlook to positive, and affirmation of the existing
Ba3 ratings, recognizes that the mergers of Nets and SIA into Nexi
would improve Nexi's credit profile, through a significant increase
in scale, greater geographic, customer and product line
diversification, and lead to stronger financial ratios, given the
all-shares based funding of the transactions and forecast
synergies.

Nexi's acquisition of Nets would result in a significant increase
in size and geographic diversification, while the combination with
SIA would bring in-market consolidation in Italy, with Nexi further
strengthening its market leadership position. The transactions are
expected to result in recurring cash synergies that Nexi estimates
at EUR320 million (EUR170 million from Nets, EUR150 million from
SIA) and would gradually materialize between 2021 and 2025. While
Moody's views integration risks as moderate for both Nexi-Nets and
Nexi-SIA combinations taken individually, with limited overlap of
activities between the three companies, Moody's highlights that
successful integration of both businesses in quick succession
carries higher execution risk and will need to be carefully
implemented.

Moody's estimates that the integration of both Nets and SIA would
increase Nexi's Moody's-adjusted debt to EUR5.7 billion on a
proforma basis, up from EUR2.8 billion, considering 2020 forecast
data. The rating agency expects Nexi's Moody's-adjusted (gross)
leverage will decline from a forecast 5.1x in 2020 (excluding Nets
and SIA but including the proforma effects of the Intesa San Paolo
merchant book acquisition closed in June 2020) to 4.8x at the end
of 2021 (including Nets and SIA on a proforma full-year basis) and
to 4.3x at 2022. Moody's anticipates that the acquisitions will
benefit Nexi's cash generating capability, with the combined
group's Moody's-adjusted free cash flow (FCF) generation rising to
above EUR0.5bn per year from 2021 onwards, or c. 9% of
Moody's-adjusted debt.

Nexi has stated a "medium term" net leverage target of 2.0x-2.5x,
which is equivalent to up to 3.5x Moody's-adjusted leverage, and
the conservative way in which the transaction with SIA has been
structured, is evidence of a more conservative financial policy.
The shift in ownership to CDP could also support more conservative
financial policies going forward. Nevertheless, Nexi has publicly
stated its intention to use the combination with SIA and Nets as a
platform for future organic and inorganic growth and to participate
in the sector's ongoing consolidation, which means acquisitions are
likely to take place in its view and this could limit any
deleveraging.

Nexi's Ba3 ratings, prior to the merger with SIA and Nets, continue
to reflect (1) the company's presence across the payments value
chain in Italy with leading market shares in merchant acquiring,
card issuing, point-of-sale and automated teller machines (ATM)
management, among others, (2) the company's strong relationships
with around 150 partner banks, which are both clients and
distributors of its payment solutions to both merchants and
individuals, (3) high barriers to entry in the payment processing
market, (4) good growth prospects supported by the relatively low
penetration of card transactions in Italy, and (5) Nexi's good
liquidity position.

These strengths are nevertheless currently mitigated by (1) the
concentration of operations in a single country, (2) the relative
concentration of customers due to the wholesale nature of its
issuing and clearing services, (3) execution risks related to
growth, ongoing reduction in non-recurring items and continued
improvement in free cash flow generation, (4) potential competition
following the implementation of PSD2, and (5) the company's
acquisitive nature with potentially negative implication for future
leverage, as well as associated integration risk.

Moody's assumes that Nexi will continue to benefit from a good
liquidity position supported by (1) cash of EUR406 million
(excluding EUR143 million of cash equivalents) as at September 30
2020, (2) an undrawn EUR350 million revolving credit facility (RCF)
due 2024, and (3) dedicated clearing and overdraft facilities,
including a non-recourse factoring line of up to EUR3,200 million
and EUR1,500 million of bilateral credit facilities, that cover the
group's short-term working capital requirements.

STRUCTURAL CONSIDERATIONS

The existing EUR825 million senior unsecured notes due 2024, EUR1
billion term loan due 2024, EUR466.5 million term loan due 2025,
EUR500 million equity-linked bond due April 2027 and EUR350 million
RCF due 2024 all rank pari-passu as unsecured liabilities of the
company. The EUR1.7 billion bridge facility raised to refinance
Nets' outstanding debt as well as facilities that are expected to
refinance SIA's existing debt also rank pari-passu as unsecured
liabilities of the company. As part of the proposed acquisition of
Nets, EUR220 million of senior unsecured notes issued by Nassa
Topco AS (a subsidiary of Nets Topco 3 S.a r.l.) will remain
outstanding.

The existing EUR825 million senior unsecured notes due 2024 are
rated Ba3, at the same level as the CFR, reflecting the relatively
small size of the liabilities of Nexi's operating subsidiaries,
including trade payables, pensions and operating leases which rank
ahead given the absence of upstream guarantees on the notes. The
RCF and term loan are subject to one, net leverage based, financial
maintenance covenant set at 5.75x until 2020, with subsequent
gradual tightening.

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

Positive rating pressure could arise if (1) Nexi delivers on its
revenue and EBITDA growth targets and successfully closes and
integrates both Nets and SIA, (2) the company continues to reduce
non-recurring items materially, (3) Moody's-adjusted leverage
improves to 4.5x on a sustained basis following the closing of the
Nets and SIA transactions (well below 4.5x if the mergers do not
materialize), (4) Moody's- adjusted FCF/debt improves towards high
single-digits on a sustained basis, and (5) the company maintains a
good liquidity position.

Negative rating pressure could arise if (1) Nexi experiences the
loss of large customer contracts or increased churn, (2)
Moody's-adjusted leverage increases to above 5.5x on a sustained
basis post the closure of the Nets and SIA acquisitions (above 5.0x
if the mergers do not materialize), (3) free cash flow generation
weakens, or (4) the company's liquidity position deteriorates.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Milan, Italy, Nexi is the leading provider of
payment solutions in its domestic market, including card issuing,
merchant acquiring, point-of-sale and ATM management and other
technology- driven services to financial institutions, individual
cardholders, and corporate clients. The company reported net
revenue and company-adjusted EBITDA of EUR1.0 billion and EUR503
million, respectively, in 2019.



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

INEOS GROUP: S&P Keeps 'BB' Rating on Watch Negative on Acquisition
-------------------------------------------------------------------
S&P Global Ratings maintained its CreditWatch with negative
implications on its 'BB' rating on Luxembourg-domiciled
petrochemical company INEOS Group Holdings (IGH). S&P viewed on the
wider INEOS group supports its rating on IGH, despite IGH's
slightly higher leverage following from the acquisition. S&P also
maintained the ratings on IGH's debt instruments.

S&P said, "The acquisition of the remaining stake in Gemini will
result in increased leverage during still-difficult market
conditions.   While the Gemini transaction will strengthen IGH's
position in the U.S. market, we expect the impact on EBITDA will
not be significant. At the same time, once IGH acquires the full
stake in the business (expected by year-end 2020), we forecast S&P
Global Ratings-adjusted debt will increase by about EUR530 million,
compared with our previous expectation of EUR7.8 billion–EUR8
billion for 2020. Although this does not result in an immediate
change to our stand-alone assessment on IGH, we view this
acquisition as credit negative, as it increases leverage amid tough
market conditions. It is also the company's second credit-negative
move within a short time span, following the issuance of EUR700
million of senior secured debt in October 2020, which IGH will
partly use to fund dividends in 2021. Future financial decisions
will be key to maintaining a 'bb' stand-alone credit profile
(SACP), and the headroom to acquire new assets is very low."

Gemini produces high-density polyethylene (HDPE) on behalf of IGH
and has no external clients. It receives feedstock from IGH's
subsidiaries and returns the finished products. IGH's subsidiaries
then sell the finished products. For this service, IGH's
subsidiaries pay a tolling fee that covers Gemini's operating costs
and debt service, while IGH guarantees the payments. As such,
Gemini does not generate EBITDA itself, but is part of a value
chain. Profit is generated by IGH's subsidiaries that sell the
final product.

S&P said, "The rating and CreditWatch on IGH continue to reflect
our view of the wider INEOS group.   The wider INEOS group includes
Inovyn, Enterprises, Styrolution, Oil & Gas, and other entities
within INEOS Industries. Based on our calculations and publicly
available information for entities that we do not rate, the wider
INEOS group has lower leverage than IGH. We view IGH as a core
member of the wider INEOS group and as such, the rating is equal to
our wider INEOS group credit profile (GCP). The combined group is
bigger (IGH is about 50% of combined EBITDA), more diversified, and
benefits from lower leverage, which we expect to continue over
2020-2021. On June 29, 2020, INEOS group announced the purchase of
BP's petrochemical division for $5 billion. Although INEOS has not
announced the final capital structure, we understand that at least
$4 billion will be debt, which might weaken our assessment of the
GCP. We understand that IGH will not be part of the transaction,
will not provide financing, and will not guarantee new debt. Still,
given our rating on IGH is underpinned by the wider INEOS GCP, we
reflect the potential weakness in the creditworthiness of the wider
group in our CreditWatch negative on IGH.

"We will resolve the CreditWatch once we have more information
regarding the capital structure of the wider INEOS group following
its purchase of petrochemical assets from BP, and form a view on
the business benefits of the transaction to the wider INEOS group.

"We could lower our rating on the wider INEOS group and all its
entities (including IGH) by one notch depending on the capital
structure of the combined group and each entity within the group,
as well as the respective financial policies. We expect to resolve
the CreditWatch as further information becomes available and before
the transaction closes in late 2020."


NETS TOPCO: Moody's Reviews B2 CFR for Upgrade Following Nexi Deal
------------------------------------------------------------------
Moody's Investors Service placed the ratings of Nets Topco 3 S.a
r.l., a leading European payments player, on review for upgrade,
namely the B2 corporate family rating (CFR), the B2-PD probability
of default rating, and the B1 ratings on the guaranteed senior
unsecured notes issued by Nassa Topco AS and on the guaranteed
senior secured bank credit facilities issued by Nets Holdco 4 ApS.
The outlooks on all three entities were changed to ratings under
review, from negative.

This action follows Nexi S.p.A.'s (Nexi) announcement on November
15, 2020 of an all-share based merger with Nets.

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

The review for upgrade reflects Moody's expectation that, should
the acquisition by Nexi close, most of Nets' outstanding debt will
be repaid. It also takes into account that Nets will become part of
an enterprise with a much stronger overall credit profile than if
it remains a standalone entity.

Moody's understands that a key condition precedent to the
completion of the merger is that Nets will successfully dispose of
its Corporate Services division to Mastercard as planned and that
proceeds from the disposal will be used to prepay a large share of
Nets' outstanding debt. This disposal was approved by EU regulators
in August 2020 and the company expects the disposal will close in
Q1 2021. Moody's also understands that Nexi has raised a EUR1.7
billion unsecured bridge facility which will be available to
refinance Nets' debt outstanding at close.

Nets expects the completion of the merger with Nexi to close in Q2
2021, following necessary regulatory approvals and closing
procedures.

Positive pressure on the rating could develop over time if Nets
improves revenue growth toward high-single-digit rates in
percentage terms while increasing EBITDA margin; its
Moody's-adjusted leverage declines, and remains well below 6x on a
sustained basis; FCF/debt remains well above 5% on a sustained
basis, with a significant portion of excess cash flow used for debt
prepayment; and the company adopts a conservative financial policy
and maintains good liquidity.

Negative rating pressure could arise if Nets is subject to
unfavorable regulatory changes or negative market developments
leading to stable or declining revenue; the company maintains
Moody's-adjusted gross leverage above 7.5x on a sustained basis,
possibly resulting from large debt-funded acquisitions or
shareholder distributions; or its liquidity weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Nets is a European payments company, with each of its brands
holding leading market positions in its core countries. The company
generated net revenue of EUR1.0 billion and EBITDA before special
items of EUR362 million in 2019.



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

NORWEGIAN AIR: Plans to Convert Debt to Equity, Mulls Share Sale
----------------------------------------------------------------
Terje Solsvik at Reuters reports that Norwegian Air proposed on
Dec. 3 to convert debt to equity, offload planes and sell new
shares in an attempt to survive the COVID-19 pandemic, which has
brought the company to its knees.

According to Reuters, it said as part of the plan, the Oslo-based
carrier, which recently applied for bankruptcy protection in an
Irish court, aims to raise up to NOK4 billion (US$455.4 million)
from the sale of new shares or hybrid instruments.

"The company asks for the continued support of its shareholders to
prepare for future capital increases in parallel with the
restructuring of its balance sheet," Reuters quotes Norwegian as
saying in a statement.

It will also seek to only pay lessors for the use of the aircraft
when they are actually in use, by the hour, until 2022, Reuters
discloses.

Before the pandemic, Norwegian helped transform transatlantic
travel, expanding the European budget airline business model to
longer-haul destinations, but also ran up losses each year from
2017 to 2019, Reuters notes.

By cutting its fleet and reducing its debt load, Norwegian believes
it can make itself attractive to new shareholders and potentially
attract financial support from Norway's government, which has so
far rejected calls for more aid, Reuters states.

Only six of the company's 140 aircraft are currently in use, while
the remaining 134 are grounded due to the pandemic, including the
company's entire fleet of Boeing 787 Dreamliners used for its
suspended transatlantic flight programme, Reuters discloses.

The company did not specify how many planes it aimed to sell,
Reuters notes.

Norwegian, Reuters says, aims to convert debt accrued from aircraft
purchases, leasing liabilities and bond obligations as well as
money owned to other vendors and suppliers into shares, thus
helping restructure its balance sheet.  It did not say how much
debt it wanted to convert, Reuters relays.

A hearing at the Irish High Court, during which Norwegian will seek
bankruptcy protection -- called "examinership" in Ireland -- is
scheduled for Monday, Nov. 7, Reuters states.

The company's plan is to exit the Irish court process as a viable
carrier that has the potential to turn a profit, with the current
aim of completing the transformation by Feb. 26 2021, according to
Reuters.

The company has opted for an Irish process as most of its planes
are owned by subsidiaries registered in Ireland, Reuters notes.




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

ARCADIA GROUP: Tina Green to Pay GBP50 Million to Pension Fund
--------------------------------------------------------------
Jonathan Eley and Jim Pickard at The Financial Times report that
Tina Green, the ultimate owner of the failed retail group Arcadia,
will pay a final GBP50 million promised to its pension fund within
days as the political outcry over the collapse of the company
intensifies.

Lady Green, who is the wife of retail tycoon Philip Green, was set
to make the payment in September 2021 as part of an agreement
struck with The Pensions Regulator and the trustees last year, the
FT discloses.

However, in a statement on Dec. 2, she said the payment would be
made within the next 10 days, completing the GBP100 million
commitment made at the time, the FT relates.  It is not clear how
much of the GBP75 million that Arcadia itself was due to contribute
under the same arrangement has been paid, the FT notes.

Arcadia paused its monthly pension payments in March because of
business disruption caused by Covid-19, the FT recounts.  Payments
resumed in September, but will almost certainly cease after the
group -- which includes high-street brands such as Burton, Topshop
and Evans -- fell into administration on Nov. 30, putting 13,000
jobs at risk, the FT states.

The pension scheme has about 10,000 members and political pressure
to make good the estimated GBP350 million deficit is growing,
according to the FT.

Earlier on Dec. 2, Alok Sharma, the UK business secretary, wrote to
The Insolvency Service urging it to examine the conduct of
directors at Arcadia in relation to the pension deficit, the FT
relates.

Administrators Deloitte are required to provide a report into the
conduct of Arcadia directors within three months, in line with
normal practice, the FT says.

The pension scheme is being assessed for entry into the state
Pension Protection Fund (PPF), the FT discloses.  Because of its
large deficit, members who have not yet reached the normal
retirement age could face a 10% cut to their pensions, the FT
states.  The trustees have declined to publicly disclose the
scheme's funding position, the FT notes.

According to the FT, Ed Miliband, shadow business secretary, told
the House of Commons that it would be wrong if members of the
pension fund had to "pay the price for Philip Green's greed".

He pointed out that Sir Philip had taken out a GBP1.2 billion
dividend from Arcadia -- albeit 15 years ago -- and paid it to his
wife, who is resident in the tax haven of Monaco, the FT
discloses.

Mr. Miliband called on the government to work with The Pensions
Regulator to put pressure on Sir Philip to help members of the
pension scheme, the FT relates.


BIFAB: Enters Administration After Contract Assurances Removed
--------------------------------------------------------------
Scott McCartney at The Scotsman reports that Scottish renewables
contractor BiFab, which has bases two bases in Fife and one on
Lewis, has gone into administration.

The company, which has which has yards in Burntisland and Methil,
had previously been saved by the Scottish Government and Canadian
firm JV Driver back in 2017, The Scotsman recounts.

A plan to manufacture eight wind turbine jackets as part of the
Neart Na Gaoithe windfarm off the coast of Fife fell through, with
both the UK and Scottish Governments saying their hands were tied
by legal issues, The Scotsman discloses.

With the Scottish Government being a minority shareholder, it was
unable to make further investment without support from JV Driver,
The Scotsman notes.

According to The Scotsman, in a statement, BiFab said: "BiFab can
confirm that the board has agreed to place the company in
administration following the Scottish Government's decision to
remove contract assurances.

"The company has worked tirelessly to bring jobs into Fife and
Lewis with some success.  However, the absence of supply chain
protections in Scotland and the wider UK have consistently
undermined our ability to compete with government-owned and
government-supported yards outside and inside the European Union.

"We would urge the Scottish and UK Governments to address these
structural challenges as a matter of urgency in order to ensure
that the benefits of offshore renewables are shared more widely
with communities across the country."

A GBP2 billion deal for BiFab to manufacture eight wind turbine
jackets at its yards in Methil as part of the Neart Na Gaoithe
(NnG) project collapsed last month, and the UK and Scottish
Governments have said they have no legal route to provide further
financial support to the company, The Scotsman relates.


CAFFE NERO: Owner Pledges GBP5 Million to Survival Fund
-------------------------------------------------------
Mark Kleinman at Sky News reports that the owner of Caffe Nero is
pledging GBP5 million to a "survival fund" aimed at withstanding
any renewed escalation of the coronavirus crisis as it braces
itself for a legal challenge from landlords.

Sky News understands that Gerry Ford, Nero Holdings' controlling
shareholder, agreed to establish the war chest as part of the
coffee shop chain's financial restructuring.

Creditors to Caffe Nero voted this week to approve its company
voluntary arrangement (CVA) after its board refused to adjourn it
despite the eleventh-hour emergence of a takeover bid from EG
Group, the petrol retailing giant run by two Lancashire-based
billionaire brothers, Sky News relates.

Mr. Ford and Ben Price, Caffe Nero's finance chief, are the
company's only directors and shareholders, but would receive little
for their equity under the EG Group bid, Sky News notes.

Landlords, however, would have gained substantially from the EG
Group offer, and a number are now expected to launch a challenge to
the company voluntary arrangement (CVA), Sky News states.

Sky News revealed this week that lawyers for EG Group, headed by
Mohsin and Zuber Issa, had written to Caffe Nero's parent company
to highlight the likelihood of a landlord rebellion against its
company voluntary arrangement (CVA).

Under the CVA, which is being run by KPMG, landlords face losing
the majority of the rent arrears they are owed, while EG is
promising to pay them in full -- a sum understood to be worth tens
of millions of pounds, Sky News discloses.

Responding to the offer from EG, Caffe Nero dismissed it as "an
unsolicited, highly uncertain approach" -- a characterization
disputed by the potential buyer, Sky News relays.

Caffe Nero employs more than 5,000 people and trades from hundreds
of stores across the UK.

Like rivals such as Pret a Manger, Caffe Nero has been heavily
impacted by the reduced footfall in city centres as millions of
Britons continue to work from home, Sky News notes.


PREZZO: Cain International Acquires Business
--------------------------------------------
Alice Hancock and Kaye Wiggins at The Financial Times report that
Prezzo, the Italian restaurant group, is being sold to real estate
company Cain International, the latest in a series of casual dining
chains to change ownership as the pandemic piles more pressure on
an industry struggling with high debt and too much competition.

According to the FT, Cain, a privately held, London-based group
that has invested more than US$5.9 billion in real estate debt and
equity since it was founded in 2014, will buy the company as a
going concern, it said in a statement on Dec. 2.

The company said it would not reveal how much it had paid for the
business, the FT notes.  TPG, the private equity group that has
owned a stake in the group for six years, also said it could not
comment on the financial details, the FT relays.

TPG bought Prezzo for GBP304 million in 2014, but wrote off
two-thirds of its investment in the business in 2018 when the
company, which had expanded rapidly, closed more than 100
restaurants and restructured its debts, the FT recounts.

An investor who had seen Prezzo's investment memorandum said that
Cain's acquisition of the business, which will see it take on all
of Prezzo's 180 sites, was "bonkers" given that in the 12 months to
the end of February 37 sites had been losing money, the FT
relates.

Prezzo, as cited by the FT, said it had "outperformed the sector
over the past 12 months with robust trading leading up to the
lockdown in March, and in the intervening period between the March
and October lockdowns".


TOGETHER FINANCIAL: Fitch Affirms BB- LT IDR, Outlook Negative
--------------------------------------------------------------
Fitch Ratings has affirmed Together Financial Services Limited's
Long-Term Issuer Default Ratings at 'BB-', Short-Term IDR at 'B',
and the senior secured notes issued by subsidiary Jerrold FinCo Plc
(FinCo) and guaranteed by Together at 'BB-'.

Fitch has also affirmed the senior PIK toggle notes issued by
Together's indirect holding company Bracken Midco1 PLC (Midco1) at
'B'.

The Negative Outlook reflects Fitch's view that while Together
maintains a degree of headroom relative to its rating level, it
remains sensitive to the ongoing weak credit environment, which
could pressure its financial profile, in particular, asset quality,
profitability and funding and liquidity.

KEY RATING DRIVERS

TOGETHER - IDRS AND SENIOR DEBT

Together's IDR is underpinned by its long-established franchise in
providing secured credit to under-served borrowers, sound risk
controls, generally healthy profitability and an increasingly
diversified, albeit largely secured, funding profile. This
mitigates the inherent risk involved in lending to a niche sector
of non-standard UK borrowers and the associated funding and
leverage needs.

Together is a privately-owned business and has a robust franchise,
having been in operation for over 46 years as a provider of lending
products to predominantly non-standard borrowers. It benefits from
strong business relationships, for example, with brokers and
mortgage packagers, which have proved vital for Together's ability
to increase origination of specialist loans. The business is split
between the regulated Personal Finance division and the unregulated
Consumer and Commercial Finance division and products offered range
from first- and second-charge mortgages, buy-to-let mortgages,
bridging loans, commercial term loans and development finance. In
the context of the overall UK mortgage market, Together's franchise
is moderate.

Loans are secured on UK property with fairly conservative
loan-to-value (LTV) ratios of generally below 60% at origination,
which mitigates the riskier lending profile. Underwriting is of a
more bespoke nature than mainstream mortgage providers and Together
enhanced its processes and tightened lending criteria in 2020 as a
result of the volatile economic climate.

The impact of the pandemic has led to Together's non-performing
loan ratio (defined by IFRS 9 stage 3 loans/gross loans)
deteriorating and at end-1Q21 (end-September 2020) it was 13.4%
(FY20: 11.6%, FY19: 8.4%). Positively, customers who took out
mortgage payment deferrals earlier in the year have now largely
resumed payments. However, non-performing loans could continue to
rise in 2021 once government support measures are phased out and in
line with forecast economic deterioration, but the overall impact
on its asset quality assessment is partly mitigated by Together's
generally sound LTV ratios.

Profitability, defined by pre-tax income/average assets, has
declined significantly in 2020 (FY20: 2.3%, FY19: 3.8%) but remains
robust, reflecting Together's higher risk profile. The 2020 decline
was largely due to an increase in the IFRS9 impairment charge,
which was driven by worsening macro-economic projections as well as
deteriorating asset quality. Profitability in 2020 was also
affected by a customer redress provision of GBP17 million. While
improving macro conditions could reverse some of the impairment
provision, loan book deterioration could be lagged and could
necessitate higher provisions over the outlook period, with
profitability sensitive to the impairment provision modelling
assumptions.

Furthermore, net interest margins have been declining due to
increased competition and the reduction of higher margin legacy
loans and funding costs could increase in the short to medium term.
Positively, Together implemented a cost-saving exercise in 2020,
which will generate around GBP9 million of cost savings per year.

Leverage, defined by gross debt to tangible equity, has remained
relatively stable (FY20: 4.8x; FY19: 4.5x) and Fitch does not
expect a significant rise in 2021 as Together does not plan to grow
the loan book at the same rate as recent years. When calculating
Together's leverage, Fitch adds Midco1's debt to that on Together's
own balance sheet, regarding it as effectively a contingent
obligation of Together. Midco1 has no separate financial resources
of its own with which to service it, and failure to do so would
have considerable negative implications for Together's own
creditworthiness. Profits are largely re-invested in the business
and this somewhat mitigates the dependence on debt funding.

Together's funding profile is largely wholesale, via public and
private securitisations, senior secured bonds issued by the
financing arm Jerrold FinCo Plc, PIK notes issued by Bracken Midco
1 PLC as well as a revolving credit facility (RCF)of GBP71.9
million. Together has been diversifying its funding profile over
recent years but the wholesale nature can leave it exposed to
funding and liquidity risks in volatile markets.

In particular, the private securitisations contain a number of
performance covenants and the senior secured bonds and RCF have
maximum gearing ratios attached to them. In a worsening credit
environment, these facility restrictions could limit funding
availability. Positively, Together has been building up cash
buffers by limiting the amount of new lending while generating a
sound level of loan redemptions in line with pre-pandemic levels
and unrestricted cash was GBP113 million for FY20 (FY19: GBP23
million). Together's total accessible liquidity, which includes
liquidity that can be accessed from the private securitisations in
exchange for eligible assets as well as RCF drawings, was around
GBP270 million at end-October 2020. The debt profile is staggered,
which mitigates some of the refinancing risk and Together has shown
an ability to access the wholesale funding markets with a RMBS
issuance in July 2020 and the re-financing of the RCF in September
2020.

MIDCO1 -SENIOR PIK TOGGLE NOTES

Midco1's debt rating is notched from Together's IDR as Midco1's
debt is taken into account when assessing Together's leverage, and
Midco1 is totally reliant on Together to service its obligations.
The notching between Together's IDR and the rating of the senior
PIK toggle notes reflects Fitch's view of the likely recoveries in
the event of Midco1 defaulting. While sensitive to a number of
assumptions, this scenario would only be likely to occur in a
situation where Together was also in a much-weakened financial
condition, as otherwise its upstreaming of dividends for Midco1
debt service would have been maintained.

RATING SENSITIVITIES

TOGETHER - IDRS AND SENIOR DEBT

As reflected in the Negative Outlook, Together's IDR and debt
ratings are primarily sensitive to the weak economic conditions
leading to pressure on Together's asset quality, profitability or
liquidity position.

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

  - The Outlook on Together's Long-Term IDR and debt ratings could
be revised to Stable if the group's liquidity position remains
resilient and the downside risks emanating from the current
operating environment begin to abate, assuming other financial
metrics remain broadly unchanged (or improve).

  - Contained increases in arrears and unchanged franchise strength
while being able to maintain adequate earnings and leverage would
also support a revision of the Outlook to Stable.

  - In the medium term, an upgrade would require more stable
economic conditions supported by evidence that Together's franchise
and business model has remained robust, in addition to improving
financial-profile metrics, notably asset quality and earnings and
profitability.

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

  - Material asset quality weakness feeding into liquidity
pressures. This could arise from a significant decline in
redemptions and repayments and/or material depletion of Together's
immediately accessible liquidity buffer, for example if Together
needs to swap eligible assets into the securitisation vehicles to
cure covenant breaches driven by asset quality deterioration, then
this could weaken its corporate liquidity.

  - Evidence that Together's access to the wholesale funding market
is restricted or on materially worse terms.

  - Evidence that Together's franchise has become negatively
affected by the decision to limit loan book growth.

  - A material slowdown in Together's rate of internal capital
generation, for example due to a deteriorating operating
environment adversely affecting asset quality and leading to higher
non-performing loan metrics, significant net interest margin
erosion or property price declines leading to an inability to
realise sufficient collateral values, could lead to a downgrade.

  - Consolidated leverage materially increasing above 5x on a
sustained basis, which could arise if further debt is drawn,
tangible equity reduced and significant losses absorbed.

MIDCO1 - SENIOR PIK TOGGLE NOTES

The rating of the senior PIK toggle notes is sensitive to changes
in Together's IDR, from which it is notched, as well as to Fitch's
assumptions regarding recoveries in a default. Lower asset
encumbrance by senior secured creditors could lead to higher
recovery assumptions and therefore narrower notching from
Together's IDR. The notes would be sensitive to wider notching if
they are further structurally subordinated by the introduction of
more senior notes at Midco1 with similar recovery assumptions.

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.

ZELLIS HOLDINGS: S&P Cuts Rating to SD on Conversion of Term Loans
------------------------------------------------------------------
S&P Global Ratings downgraded Zellis Holdings Ltd. to 'SD' from
'CCC+' and lowered the ratings on its existing GBP270 first-lien
term loans to 'D' (default).

S&P Global Ratings views the conversion of existing term loans to
PIK toggle loans as equivalent to a default.

Zellis obtained unanimous approval from its lenders to effectively
convert its GBP270 million first-lien term loans to part-cash
part-PIK interest loans over the next three years and GBP20 million
second-lien term loans to all-PIK interest loans until maturity.
According to the executed amended facility agreement, Zellis will
pay 2.75% interest in cash and PIK of 2.75% on the first-lien loans
and 9.25% PIK on the second-lien loans, with an option to pay all
interest in cash in line with the pre-transaction cash interest
margins of 5.25% on the first-lien and 8.5% on the second-lien. The
second-lien notes can receive cash interest only if the entire
outstanding accrued PIK interest on the first-lien notes has been
repaid. In exchange for the amendment to the loan documentation,
Bain Capital provided GBP40 million as an equity contribution.

S&P said, "We consider that without the loan amendments, which
result in the deferral of about GBP10 million in annual interest,
and the liquidity injection from the GBP40 million equity
contribution, Zellis would have likely faced a traditional default
over the near-to-medium term. Despite the marginal increase in the
all-in interest margin, we consider that the lenders will receive
less than the original promise because the cash interest payments
will be paid more slowly. We understand that Zellis will not elect
to pay all-cash interest on the first-lien loan in the foreseeable
future to support its business investments and preserve liquidity.
As a result, we would consider this transaction as tantamount to
default."

As part of the transaction, Zellis' lenders have waived their right
to a monthly liquidity covenant and restricted additional debt
incurrence.

The company has also negotiated an updated pension deficit
contribution schedule with its pension trustees. Over the medium
term, the transaction will result in an annual cash saving of about
GBP1 million-GBP2 million. New senior secured debt issuance is
restricted while the accrued PIK interest is outstanding to GBP20
million of first-lien debt. Additional junior debt is permitted, if
it does not pay interest in cash.

S&P will likely revisit its issuer credit rating on Zellis in the
coming days.




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

[*] BOOK REVIEW: Hospitals, Health and People
---------------------------------------------
Author: Albert W. Snoke, M.D.
Publisher: Beard Books
Softcover: 232 pages
List Price: $34.95
Order your personal copy today at
http://www.beardbooks.com/beardbooks/hospitals_health_and_people.html

Hospitals, Health and People is an interesting and very readable
account of the career of a hospital administrator and physician
from the 1930's through the 1980's, the formative years of today's
health care system. Although much has changed in hospital
administration and health care since the book was first published
in 1987, Dr. Snoke's discussion of the evolution of the modern
hospital provides a unique and very valuable perspective for
readers who wish to better understand the forces at work in our
current health care system.

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

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

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

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

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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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,
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                * * * End of Transmission * * *