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

                          E U R O P E

          Wednesday, December 23, 2020, Vol. 21, No. 256

                           Headlines



A U S T R I A

PETRO WELT: Moody's Completes Review, Retains Ba3 CFR


I R E L A N D

ARCADIA GROUP: Irish High Court Orders Liquidation of 4 Companies
ARDAGH GROUP: S&P Affirms 'B+' ICR, Outlook Stable
CAPITAL CLO II: Moody's Gives (P)Ba3 Rating to Class E Notes
SCULPTOR CLO VII: Moody's Rates Class E Sr. Sec Notes 'Ba3'


L U X E M B O U R G

ZACAPA SARL: Moody's Completes Review, Retains B2 LongTerm CFR


N E T H E R L A N D S

VEON LTD: Moody's Completes Review, Retains Ba2 CFR


R U S S I A

BANK MAYSKIY: Bank of Russia Ends Provisional Administration
BORETS INT'L: Moody's Completes Review, Retains Ba3 CFR
GEOPROMINING LTD: S&P Places B+ ICR on CreditWatch Negative
MEGAFON PJSC: Moody's Completes Review, Retains Ba1 CFR
NEFTSERVICEHOLDING LLC: Moody's Completes Review, Retains B1 CFR

ROSENERGO LLC: Bank of Russia Provides Update on Administration


S P A I N

AYT GENOVA IX: S&P Raises Class D Notes Rating to 'BB (sf)'


U N I T E D   K I N G D O M

ARCADIA GROUP: City Chic Acquires Evans Brand for GBP23 Million
TVL FINANCE: S&P Assigns CCC+ Rating to GBP65MM Sr. Sec. Bonds
[*] UK: Almost 40,000 Retailers in Significant Financial Distress

                           - - - - -


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A U S T R I A
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PETRO WELT: Moody's Completes Review, Retains Ba3 CFR
-----------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Petro Welt Technologies AG and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Petro Welt Technologies AG's Ba3 corporate family rating reflects
the company's strong market position in its niche segments,
technologically advanced asset base, strong credit metrics and
robust liquidity, and conservative financial policy. The rating
also factors in the company's small scale of operations compared
with that of its global peers, high customer concentration, the
fragile OFS market conditions, and the company's exposure to
Russia's less-developed political, regulatory and legal framework.

The principal methodology used for this review was Global Oilfield
Services Industry Rating Methodology published in May 2017.




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I R E L A N D
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ARCADIA GROUP: Irish High Court Orders Liquidation of 4 Companies
-----------------------------------------------------------------
Mary Carolan at The Irish Times reports that the High Court has
made formal orders winding up four companies employing 487 people
in Ireland that are part of the UK fashion group Arcadia.

The companies will continue to trade under the liquidators into the
new year pending any disposal of the Arcadia group, The Irish Times
discloses.

Mr. Justice Brian O'Moore, when making the winding-up orders on
Dec. 21 and appointing joint liquidators, said this was "another
sad milestone in the decline of bricks and mortar retailing in
Ireland", The Irish Times relates.

The Irish operating companies, including Miss Selfridge Retail
Ireland and Topshop/Topman Ireland Ltd, between them employ 487
people in 14 shops in the Republic and have concession stands in
various premises, The Irish Times discloses.

It is hoped to procure the sale of the Irish operations as part of
an overall sale of the Arcadia group, The Irish Times says.  The
Irish shops will continue to trade into January pending any
disposal of the Arcadia group and to maximize the value of winter
fashion stock, The Irish Times notes.

The companies are Arcadia Group Multiples Ireland Ltd,
Topshop/Topman Ireland Ltd, Wallis Retail Ireland and Miss
Selfridge Retail Ireland, The Irish Times discloses.

The High Court had on Nov. 30 appointed Ken Fennell and James
Anderson of Deloitte as joint provisional liquidators to the
companies, The Irish Times recounts.  Their appointment was sought
within hours of the appointment of provisional administrators to
the Arcadia Group (AGL) in the UK, The Irish Times relays.

AGL owns the Topshop, Topman, Dorothy Perkins, Wallis Retail
Ireland Ltd, Miss Selfridge, Evans, Burton and Outfit brands,
trading from more than 500 shops in the UK and employing more than
13,000.

On Dec. 21, John Lavelle BL, instructed by Artur Cox solicitors,
sought various orders including for the appointment of Messrs.
Fennell and Anderson as joint liquidators and winding up the four
companies, The Irish Times recounts.

Counsel outlined the Irish companies rely entirely on AGL for them
to trade and cannot operate independently of the Arcadia group as a
whole, The Irish Times discloses.

The court heard the Irish companies were unable to pay their debts
for reasons including the insolvency of the Arcadia group as a
whole, according to The Irish Times.  They had already encountered
difficulties prior to this year, Mr. Lavelle, as cited by The Irish
Times, said, for reasons including the shift to online sales, high
level of customer returns, increased competition and the Covid-19
pandemic, which had a catastrophic impact.

The Irish shops were closed for more than 23 weeks, seeing revenues
plummet, The Irish Times recounts.  Because online sales were
carried out through UK entities, the Irish companies generated no
income during the closures and all four companies made losses in
the financial year to end August 2020, The Irish Times notes.

The court heard the main assets of the companies are sums due from
other undertakings in the Arcadia group but, because of the
insolvency process under way, the likelihood of realising those
inter-group debts is limited, The Irish Times relates.


ARDAGH GROUP: S&P Affirms 'B+' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term issuer credit rating
on packaging company Ardagh Group S.A. (Ardagh), its operating
subsidiaries, and its holding company ARD Securities Finance. At
the same time, S&P affirmed its 'BB' issue rating on the senior
secured debt, 'B' issue rating on the senior unsecured debt, and
'B-' issue rating on the subordinated debt.

The stable outlook indicates S&P's expectation of gradual
deleveraging from 2021 onward, supported by improvements in
profitability.

The group's expansion projects will weigh on FOCF over 2020-2022
but support deleveraging.   Ardagh has announced additional
investments of $1.8 billion, mostly (85%) to expand its metal
beverage can operations in the U.S., Brazil, and Europe. These
capacity expansion plans are backed by long-term contracts with
longstanding customers. Demand for beverage cans in the U.S.,
Brazil, and Europe is rising and partly supported by customers
seeking more-sustainable packaging solutions.

S&P said, "We expect these investments to be split over four years:
2021 ($800 million); 2022 ($500 million); 2023 ($270 million); and
2024 ($230 million). We now estimate total capital expenditure
(capex) for 2020 at $580 million (up from previous expectations of
$450 million), including growth investments of $250 million."

Although this will result in negative FOCF over the next three
years (2020, 2021, and 2022) these investments will become EBITDA
accretive from 2021, and will then support deleveraging.

EBITDA will likely increase from 2021.  S&P expects S&P Global
Ratings-adjusted EBITDA of $1.2 billion in 2021 and $1.4 billion in
2022 (compared with 2020 levels of $1.1 billion), primarily thanks
to higher growth investments.

After a slight decline in EBITDA margins in 2020 (due to the
pandemic) S&P anticipates that EBITDA margins will improve to 17.5%
in 2021 and 18% in 2022 (compared with 2020 levels of 16.6%). This
reflects higher metal packaging volumes (on the back of capacity
expansions), lower COVID-19-related exceptional costs, and a
recovery in volumes in the on-trade channel (bar, restaurants, and
hotels).

S&P said, "Although Ardagh's performance in 2020 has been largely
resilient during the pandemic due to its relatively stable
end-markets, we expect EBITDA margins to decline to 16.6% for 2020
(from 16.3x% in 2019). This is because of the pandemic's negative
effect on sales to the on-trade channel (about 20% of sales),
especially in the glass packaging Europe segment, as well as lower
aluminum prices. This is offset by higher volumes in the metal
packaging segment, because of increasing home consumption during
the pandemic.

"We foresee a reduction in adjusted debt to EBITDA from 2021.  We
now anticipate adjusted leverage of about 8.0x for December 2020,
compared with previous expectations of about 7.0x as these
investments will support EBITDA growth. We anticipate adjusted
leverage of 7.7x for 2021 and 7x for 2022."

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use this assumption in assessing
the economic and credit implications associated with the pandemic.
As the situation evolves, we will update our assumptions and
estimates accordingly."

S&P said, "The stable outlook reflects our expectation that
Ardagh's credit metrics will remain commensurate with our highly
leveraged financial risk profile category. We expect adjusted
leverage to decline to 7.7x by December 2021 from 7.9x in December
2020, on the back of EBITDA growth.

"We could lower the ratings if Ardagh fails to deleverage in line
with our expectations. This could occur if it fails to achieve the
expected improvements in profitability or if capex exceeds our
current investment plan.

"We could also lower the rating if Ardagh's financial policy became
more aggressive (for example, via a large debt-funded acquisition
or dividend payment). We could also consider a downgrade if
Ardagh's profitability deteriorated due to freight or raw material
cost increases, which it is not able to pass on to customers, or a
substantial decline in demand for glass packaging in the U.S. If
the business faced material quality problems, or the loss of a key
customer, this would also weigh on the ratings.

"Although unlikely in the near term, we could raise the ratings on
Ardagh if its credit metrics improved substantially, with net debt
to EBITDA decreasing to or below 5.0x and funds from operations
(FFO) to debt exceeding 12% on a sustainable basis."


CAPITAL CLO II: Moody's Gives (P)Ba3 Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Capital Four
CLO II DAC (the "Issuer"):

EUR217,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR22,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR23,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

EUR20,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Ba3 (sf)

EUR8,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in our 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,
mezzanine obligations and high yield bonds with second-lien loans
capped at 5%. The portfolio is expected to be 80% ramped as of the
closing date and to comprise of predominantly corporate loans to
obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the six month ramp-up period in
compliance with the portfolio guidelines.

Capital Four CLO Management K/S 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 approximately
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.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 32,400,000 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.
Our 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 our forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under our
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
December 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 December 2020.

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

Par Amount: EUR 350 million

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3025

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling 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.  


SCULPTOR CLO VII: Moody's Rates Class E Sr. Sec Notes 'Ba3'
-----------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Sculptor European
CLO VII DAC (the "Issuer"):

EUR 186,000,000 Class A Senior Secured Floating Rate Notes due
2034, Assigned Aaa (sf)

EUR 11,200,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned Aa2 (sf)

EUR 12,400,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned Aa2 (sf)

EUR 18,900,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned A2 (sf)

EUR 20,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Baa3 (sf)

EUR 18,600,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned Ba3 (sf)

EUR 5,100,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80-90% 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 6-month ramp-up period in compliance with the
portfolio guidelines.

Sculptor Europe Loan Management Limited 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
3.1-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

In addition to the seven classes of notes rated by Moody's, the
Issuer has issued EUR15.0 million of Class Z Notes due 2034 and
EUR28.05 million of Subordinated Notes due 2034 which are not
rated. The Class Z Notes accrue interest in an amount equivalent to
the subordinated management fees and its notes' payment ranks
junior to the payment of interest and principal on the rated
notes.

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.
Our 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 our forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under our
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
December 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 December 2020.

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

Par Amount: EUR 300,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3113

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.0 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling of A1 or below. As per the
portfolio constraints and eligibility criteria, exposures to
countries with LCC of A1 or below cannot exceed 10%, with exposures
to LCC of Baa1 to Baa3 further limited to 5% and obligors cannot be
domiciled in countries with LCC below Baa3.




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L U X E M B O U R G
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ZACAPA SARL: Moody's Completes Review, Retains B2 LongTerm CFR
--------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Zacapa S.a r.l. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review in which Moody's reassessed the appropriateness of
the ratings in the context of the relevant principal methodology,
recent developments, and a comparison of the financial and
operating profile to similarly rated peers. The review did not
involve a rating committee. Since January 1, 2019, Moody's practice
has been to issue a press release following each periodic review to
announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Zacapa S.a.r.l.'s ("Zacapa", 100% owner of Ufinet Latam, S.L.U.) B2
long-term corporate family rating reflects its strong market
position as Latin America's largest carrier-neutral fiber network
operator; high revenue growth and visibility, underpinned by a
large contracted revenue backlog and medium to long term customer
contracts with historically high renewal rates. The rating also
factors in Enel S.p.A.'s ("Enel", Baa2) ownership of a 21% stake
and a call option to acquire 100% of the company.

The rating also takes into consideration its small scale in terms
of revenues, the high customer concentration, its growth strategy
resulting in high capital spending, negative free cash flow
generation and high leverage levels. Additionally, small debt
funded acquisitions may preclude meaningful deleveraging in the
future.

The principal methodology used for this review was Communications
Infrastructure Industry published in September 2017.




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N E T H E R L A N D S
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VEON LTD: Moody's Completes Review, Retains Ba2 CFR
---------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of VEON Ltd. and other ratings that are associated with the
same analytical unit. The review was conducted through a portfolio
review in which Moody's reassessed the appropriateness of the
ratings in the context of the relevant principal methodology,
recent developments, and a comparison of the financial and
operating profile to similarly rated peers. The review did not
involve a rating committee. Since January 1, 2019, Moody's practice
has been to issue a press release following each periodic review to
announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

VEON Ltd.'s Ba2 corporate family rating factors in the company's
integrated business model; strong position in its target emerging
markets; streamlined group structure; moderate leverage and healthy
liquidity despite the economic turbulence induced by the
coronavirus pandemic. The rating also takes into account high
competition in the company's key geographies, in particular in
Russia where the company generates around a half of its EBITDA; its
relatively weak operating performance in Russia, its exposure to
volatility in local-currency exchange rates and country risks
because of its focus on emerging markets.

The principal methodology used for this review was
Telecommunications Service Providers published in January 2017.




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R U S S I A
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BANK MAYSKIY: Bank of Russia Ends Provisional Administration
------------------------------------------------------------
On December 11, 2020, the Bank of Russia terminated the activity of
the provisional administration appointed to manage LLC Bank Mayskiy
(hereinafter, the Bank).

The provisional administration detected transactions conducted in
order to sell the Bank's property below the market price, causing
damage to the Bank in the amount of at least RUR18.2 million.

The provisional administration filed complaints to the law
enforcement bodies regarding the facts revealed.

In the course of its operations, the provisional administration
worked on the recovery of overdue debt.  Specifically, it sent
demands and pre-trial claims to borrowers, guarantors, and
pledgers.  As part of claims-related work, it sent enforcement
orders on debt collection to the benefit of the Bank to bailiff
service divisions in order to start enforcement proceedings.
During the operations of the provisional administration, RUR80.3
million were collected from the borrowers to recover the debt.

No signs of the Bank's insolvency (bankruptcy) have been
established as a result of the provisional administration-conducted
inspection of its financial standing.

On November 30, 2020, the Arbitration Court of the Kabardino-Balkar
Republic issued a ruling on the forced liquidation of the Bank.

The State Corporation Deposit Insurance Agency was appointed as
liquidator.

More details about the work of the provisional administration are
available on the Bank of Russia website.

The provisional administration was appointed by Bank of Russia
Order No. OD-1639, dated October 9, 2020, following the revocation
of the banking license from the Bank.


BORETS INT'L: Moody's Completes Review, Retains Ba3 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Borets International Ltd and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Borets International Ltd's Ba3 corporate family rating reflects the
company's leading position in the niche electric submersible pumps
market; developing international business, which provides revenue
diversification; relatively resilient rental business; the greater
resilience of the Russian oilfield services market, compared with
international markets; and the company's adherence to sound
corporate governance standards and prudent financial policy. The
rating also takes into account the company's modest scale by global
standards; focus on a single product line; geographical and
customer concentration; and Moody's expectation that Borets'
operating performance and credit metrics will be under pressure in
2020-21 amid the market downturn in the global oilfield services
industry before some revival in 2022.

The principal methodology used for this review was Global Oilfield
Services Industry Rating Methodology published in May 2017.


GEOPROMINING LTD: S&P Places B+ ICR on CreditWatch Negative
-----------------------------------------------------------
S&P Global Ratings placed its 'B+' long-term issuer credit rating
on GeoProMining Ltd. (GPM) on CreditWatch negative.

The CreditWatch placement reflects the likelihood that S&P could
lower the rating by one or more notches if the company is unable to
continue fully or partly operating the Zod mine, which will result
in significant loss of EBITDA and cash flows.

The outcome of the conflict between Azerbaijan and Armenia on GPM
is extremely difficult to predict, with a range of outcomes varying
from a limited impact to a complete loss of an asset that generates
more than 75% of the company's EBITDA.  Armenia has agreed to
transfer the Kalbajar region to Azerbaijan, which will border
Armenia's Gegharkunik Province. S&P said, "We understand that,
because the border between these regions has never been firmly
defined, it has to be agreed on. We understand that at least part
of GPM's largest asset, Zod mine, could end up being located on the
territory of Azerbaijan." At this stage, it is not possible to
determine the impact of this on GPM, since the range of outcomes
varies widely. In the worst-case scenario, it could result in GPM's
inability to operate the mine or even a complete loss of this
asset, which accounts for more than 75% of consolidated EBITDA. In
a less-severe scenario, the company could incur additional royalty,
tax, or production costs.

S&P said, "We understand from GPM's management that GPM is
currently still operating roughly half of the mine and all
ore-processing facilities.   Although Azerbaijan has requested that
mining operations on part of the mine be stopped, access to it is
not blocked, even though military forces on both sides are now
positioned near the mine. The company reportedly has full access to
the ore-processing facilities, and all machinery and equipment;
therefore, given it has roughly three months of ore stock, we don't
expect an immediate halt in operations at the mine. A potential
loss of reserves is important, but would unlikely result in a
downgrade on its own. That said, Azerbaijan does not have a
production facility capable of processing the specific type of
refractory ore mined at Zod. Azerbaijan might also need to improve
transport infrastructure, which is expensive. So even if part of
the mine is on Azerbaijan's territory, the country might still
allow GPM to continue operating it, but might require GPM to pay
taxes or royalties. Nevertheless, political motives can outweigh an
economic rationale, and the negative scenario cannot be ruled out.
We note that GPM is a Cyprus-registered company, majority owned by
a Russian shareholder.

"Top-cycle gold prices, moderate leverage and liquidity, as well as
a near-term launch of a new mine ease pressure on the rating.  We
expect GPM to post solid EBITDA of $155 million-$165 million in
2020 on the back of higher-than-expected gold prices and positive
free operating cash flow, despite continuing investments in the
Verkhne Menkeche field in Russia. This should translate into debt
to EBITDA of 1.5x-2.0x and funds from operations (FFO) to debt of
30%-35%, both of which support the current rating. The company
maintains a robust liquidity position, having more than $50 million
of cash and full availability under a $90 million committed bank
line, which is more than sufficient to cover the annual interest
payment of less than $25 million. GPM's only debt maturity is a
$300 million bond due in 2024. At this stage, we don't believe that
even a complete loss of the Zod mine could trigger an acceleration
of the bond. We understand that the planned launch of Verkhne
Menkeche field in Russia at the end of 2021 is on track, and should
contribute up to $60 million of EBITDA per annum from 2022." The
launch of this mine will not fully offset the hypothetical loss of
the Zod mine, but should still allow the company to maintain a
sustainable capital structure in a harsh scenario.

CreditWatch

S&P said, "We expect to resolve the CreditWatch within the next
several months, depending on the progress of negotiations between
Azerbaijan and Armenia on the border and GPM's ability to operate
the mine in this new environment.

"We will likely lower the rating on GPM by one or more notches if
the company is unable to continue mining ore at Zod, due to the new
location of the border or a complete loss of the asset.

"We could affirm the rating if a resolution of the situation is
favorable for GPM, such that the company can continue operations in
the mine with a limited impact on profitability. Importantly, for
an affirmation of the rating at 'B+', we would need to conclude
that the situation is stable."


MEGAFON PJSC: Moody's Completes Review, Retains Ba1 CFR
-------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of MegaFon PJSC and other ratings that are associated with
the same analytical unit. The review was conducted through a
portfolio review in which Moody's reassessed the appropriateness of
the ratings in the context of the relevant principal methodology,
recent developments, and a comparison of the financial and
operating profile to similarly rated peers. The review did not
involve a rating committee. Since January 1, 2019, Moody's practice
has been to issue a press release following each periodic review to
announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

MegaFon PJSC's Ba1 corporate family rating reflects the company's
integrated business model; strong market position as the
second-largest mobile telecommunications operator in Russia; its
technological advancement and digital product offerings; and
healthy liquidity. The rating also takes into account MegaFon's
relatively elevated leverage, measured as Moody's-adjusted
debt/EBITDA, of above 3.0x in 2020 as a result of mostly
debt-financed share buybacks in 2018-19 and weaker performance in
2020 on the back of the economic turbulence induced by the
coronavirus pandemic; concentrated ownership structure, with 100%
of its shares controlled by a single shareholder group; and
geographical concentration of its operations in Russia.

The principal methodology used for this review was
Telecommunications Service Providers published in January 2017.


NEFTSERVICEHOLDING LLC: Moody's Completes Review, Retains B1 CFR
----------------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Neftserviceholding LLC and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review in which Moody's reassessed the
appropriateness of the ratings in the context of the relevant
principal methodology, recent developments, and a comparison of the
financial and operating profile to similarly rated peers. The
review did not involve a rating committee. Since January 1, 2019,
Moody's practice has been to issue a press release following each
periodic review to announce its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

KEY RATING CONSIDERATIONS

Neftserviceholding LLC's B1 corporate family rating is constrained
by the company's small scale of operations by global standards and
its niche market position in the highly competitive oil field
services segments; limited customer diversification; large capital
spending programme in 2020; the fragile OFS market conditions; and
the company's exposure to Russia's less-developed political,
regulatory and legal framework. The rating also takes into account
the company's high-quality modern fleet; long-term contracts with
customers; relatively moderate leverage of 1.5x in 2019, although
it could rise to 1.7-1.9x in 2020-21; and historically conservative
financial policy and prudent approach to development strategy.

The principal methodology used for this review was Global Oilfield
Services Industry Rating Methodology published in May 2017.


ROSENERGO LLC: Bank of Russia Provides Update on Administration
---------------------------------------------------------------
From November 30, 2020 to the present day, the provisional
administration to manage LLC National Insurance Group -- ROSENERGO
(hereinafter, the Insurance Company) has been performing its
functions amid the obstruction of its activities by the Insurance
Company's officials, who have failed to provide valuables,
accounting statements and other documents, including insurance
contracts and accountable forms, and access to databases.

The Insurance Company's officials have not presented information
(documents) confirming labour relations with employees and
insurance agents, thus making it impossible to pay them in
accordance with the Russian legislation.

Moreover, the provisional administration has been denied access to
the Insurance Company's website (https://nsg-rosenergo.ru).  At the
moment, the said website is still available online and continues to
mislead the Insurance Company's clients.

The provisional administration has forwarded information on the
illegal actions to law enforcement agencies for consideration and
procedural decision-making.

The provisional administration was appointed by Bank of Russia
Order No. OD-1974, dated November 30, 2020, following the
suspension of the Insurance Company's insurance licenses; the
powers of the sole executive body of the Insurance Company were
also suspended.  Insurance licenses of the Insurance Company were
revoked by Bank of Russia Order No. OD-2003, dated December 3,
2020.




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

AYT GENOVA IX: S&P Raises Class D Notes Rating to 'BB (sf)'
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on AyT Genova
Hipotecario IX Fondo de Titulizacion Hipotecaria's and AyT Genova
Hipotecario X Fondo de Titulizacion Hipotecaria's class D notes. At
the same time, S&P affirmed its ratings on the class A2, B, and C
notes in each transaction.

The rating actions follow S&P's full analysis of the most recent
information that it has received and reflect the transactions'
current structural features. S&P's review reflects the application
of our relevant criteria.

These transactions' collateral performance has been homogeneous,
characterized by historically low arrears and marginal defaults.
They benefit from a reserve fund, which in both cases is at its
target level.

S&P said, "On May 1, 2020, we revised our mortgage market outlook
for Spain due to the updated macroeconomic expectations. We
therefore increased our base foreclosure frequencies in our
analysis at the 'B' to 'AA+' ratings.

"Our analysis also considers these transactions' sensitivity to the
potential repercussions of the coronavirus outbreak. About 10% of
the loans in each transaction's pool is under either the Spanish
legal or sectorial moratorium schemes, as per latest information we
received. In our analysis, we considered what could happen should
some of these borrowers under a payment holiday roll into arrears
in the future, and the liquidity risk they could present. We also
accounted for the notes' sensitivity to a 12-month increase in
recovery timing from our standard assumption of 42 months.

"Our reassessment of the commingling risk considers that there is
no incentive for borrowers to prepay in a defaulted servicer after
being notified of its insolvency, so we are assuming a 0% CPR.
Additionally, we size the commingling loss amount taking the
average monthly exposure of collections despite concentrations,
independently from the distribution of collections within the
month. We deem unlikely that the servicer will go bankrupt exactly
at the same time there is a peak of collections. We consider four
weeks as the standard notification period in Spain. As a result, we
sized a total loss exposure of one month of total collections with
no CPR.

"Following our review, we have raised to 'BB (sf)' from 'B (sf)'
and 'B- (sf)' our ratings on AyT Genova IX's and AyT Genova X's
class D notes, respectively. These notes could withstand stresses
at higher ratings under our credit and cash flow analysis due to
our reassessment of commingling risk, sized now as a loss of one
month of total collections with no CPR, and increased credit
enhancement. However, we have limited the uplift on the back of the
current deteriorating macroeconomic and housing market
environments, and the notes' sensitivity to the risk that some of
the borrowers under a non-contractual payment holidays could
rollover into arrears. For the same reasons, we have affirmed our
'A+ (sf)' and 'BBB+ (sf)' ratings on AyT Genova IX's class B and C
notes, respectively.

"We have also affirmed our 'AAA (sf)' and 'A- (sf)' ratings on AyT
Genova IX's and AyT Genova X' class A2 notes as our analysis shows
a greater degree of resilience to the abovementioned
sensitivities.

"None of the assigned ratings are capped by the application of our
sovereign risk criteria. We have affirmed our 'A- (sf)' ratings on
AyT Genova X's class A2, B, and C notes because this is the highest
rating the replacement framework for the transaction account
supports."

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic. While
the early approval of a number of vaccines is a positive
development, countries' approval of vaccines is merely the first
step toward a return to social and economic normality; equally
eqcritical is the widespread availability of effective
immunization, which could come by mid-2021. 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."




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

ARCADIA GROUP: City Chic Acquires Evans Brand for GBP23 Million
---------------------------------------------------------------
Sarah Provan and Oliver Ralph at The Financial Times report that
the break-up of Philip Green's Arcadia retail empire began with the
sale of its Evans brand to an Australian fashion retailer for GBP23
million.

City Chic Collective started talks over the Evans purchase before
Arcadia, which is home to chains including Topshop, Burton and
Wallis, went into administration last month, the FT recounts.

The 90-year-old Evans, which focuses on bigger clothing sizes,
generated more than GBP60 million in annual sales before the
coronavirus pandemic struck, the FT notes.  Its online and
wholesale businesses reported GBP26 million in sales, the FT
states.

Deloitte, the administrators to Arcadia, an empire pieced together
by Sir Philip over the past two decades, has until March to sell
Evans' existing stock, the FT discloses.

According to the FT, City Chic intends to fully integrate Evans by
May.  Some Evans staff will have the option of transferring to City
Chic, while five standalone stores, with 25 employees, have not
been included in the transaction, the FT says.

Deloitte is still looking for buyers for Arcadia's other brands,
including Topshop and Topman, the FT notes.

Arcadia is one of the highest-profile, but far from the only
casualty on the UK high street this year, as the pandemic deepened
the woes of brick and mortar retailers already grappling with the
shift to online shopping, the FT states.


TVL FINANCE: S&P Assigns CCC+ Rating to GBP65MM Sr. Sec. Bonds
--------------------------------------------------------------
S&P Global Ratings assigned its 'CCC+' issue rating and '4'
recovery rating to the GBP65 million senior secured bonds issued by
TVL Finance PLC, the financing subsidiary of Thame and London
(Travelodge). The recovery rating on TVL Finance's existing GBP440
million senior secured notes is being revised to '4' from '3'.

The new note are privately placed and share its ranking, security,
and guarantees with the existing senior secured notes. However, the
proposed notes will mature earlier and carry a higher coupon.

This additional indebtedness will cause the group's leverage to
deteriorate further--S&P Global Ratings-adjusted leverage would be
well above 15x in 2021. However, in the short term, it provides a
crucial source of liquidity. The issuance, combined with the recent
GBP60 million cash injection by the sponsor and its affiliates,
would increase Travelodge's cash balance above GBP150 million.

Restrictions imposed to curb the COVID-19 pandemic still hamper the
group and its recovery plans. It faces average weekly cash costs of
about GBP8 million-GBP12 million. The financing could also enable
Travelodge to manage its covenant. In May 2020, Travelodge and its
revolving credit facility (RCF) lenders agreed to replace the
springing maintenance leverage covenant of 5.5x with a GBP10
million minimum liquidity test until June 30, 2021. The financial
covenant will revert to a net leverage test in September 2021. If
Travelodge uses its cash balance to repay GBP8 million of the fully
drawn GBP40 million RCF, the leverage covenant will not be
triggered. Cash burn over the next 10 months will influence how
much flexibility Travelodge has to comply with its financial
covenant.

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic. While
the early approval of a number of vaccines is a positive
development, countries' approval of vaccines 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 mid-2021. 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."

Key analytical factors

-- The issue rating on the GBP440 million senior secured bonds and
the GBP65 million add-on bonds is 'CCC+'. S&P said, "The recovery
rating of '4' indicates our expectation of meaningful recovery
prospects (30%-50%, rounded estimate 45%). We are lowering our
recovery estimate from 50% because the amount of senior secured
debt ranked pari passu within the group has increased. We have not
revised our assessment of Travelodge's enterprise value at the
point of default."

-- S&P's recovery analysis incorporates the priority ranking of
the GBP40 million super senior revolving credit facilities (RCFs)
and the GBP60 million super senior term loan (both unrated). The
latter was provided by the sponsors or by funds affiliated with the
sponsors. Recovery is supported by Travelodge's strong brand and
market position.

-- The bond documentation permitted the issuer to incur additional
indebtedness up to GBP122 million without the bondholders' consent.
The concluded transaction, combined with the recently placed GBP60
million super senior term loan, will leave little availability
under that basket for further issuance.

-- S&P's hypothetical default scenario assumes that reduced
occupancy rates and competitive price pressures for a prolonged
period will leave the group unable to pay its fixed rental costs
and force it to reduce the number of hotels it manages under
long-term lease agreements.

-- S&P values the company as a going concern, given its strong
brand and good market position. It assesses the security package as
weak because it consists mainly of share pledges and assets,
reflecting the asset-light nature of the company. The group leases
most of its hotels so they will not provide security in a default.

Simulated default assumptions

-- Year of default: 2022
-- Jurisdiction: U.K.

Simplified waterfall

-- Emergence EBITDA: about GBP62 million
-- Multiple: 6.0x
-- Gross recovery value: GBP376 million
-- Net recovery value after administrative expense (5%): GBP357
million
-- Estimated first-lien debt claims: GBP107 million
-- Remaining recovery value: GBP250 million
-- Estimated senior secured debt: GBP515 million
-- Recovery range: 30%-50% (rounded estimate 45%)
-- Recovery rating: 4

All debt amounts include six months of prepetition interest. RCF
utilization assumed at 100%.


[*] UK: Almost 40,000 Retailers in Significant Financial Distress
-----------------------------------------------------------------
Business Sale reports that according to new research from
insolvency specialist Begbies Traynor, close to 40,000 UK retailers
were in "significant financial distress" prior to the government
introducing tougher COVID-19 restrictions at the weekend, making
widespread administrations and insolvencies likely.

At the weekend, new restrictions Tier 4 meant that all
non-essential shops had to shut their doors, Business Sale
relates.

According to Business Sale, the research found that 39,232 UK
retailers, across both brick-and-mortar stores and online, were
experiencing severe financial distress in the three months up to
Dec. 9.  While the majority of distressed businesses were high
street retailers, close to 11,500 online retailers were also found
to be in financial distress, Business Sale notes.

The figures mean that financial distress was up 11% compared to the
previous three-month period and was up 24% on the same period a
year earlier, Business Sale states.

According to Business Sale, Begbies Traynor partner Julie Palmer
commented: "Without doubt this has been one of the toughest years
ever experienced in the retail sector.  While many industries have
been hit hard, retail, which was already suffering a crisis of
confidence, has been shaken to its foundations."

"High-profile administrations such as Arcadia Group and Debenhams
not only threaten thousands of jobs, they also raise questions over
the future of the high street as we know it, and I expect there to
be more as we enter the new year."

The research also reflected the huge impact of COVID-19
restrictions on the hospitality industry, with more than 7,500
hospitality businesses in severe distress, up 20 per cent from the
previous three months and 34 per cent from the same period last
year, Business Sale relays.

With new restrictions impacting businesses like pubs and
restaurants during what is traditionally one of their busiest
periods, further widespread administrations in this sector appear
certain, Business Sale states.

According to Business Sale, an additional source of concern for UK
businesses will be the ongoing uncertainty surrounding Brexit and
the growing likelihood the UK will leave the EU on January 1, 2021
without a trade deal in place.  With ever-more stringent COVID-19
restrictions, Brexit's impact on the UK's trade and travel with the
EU could prove a significant driver of further distress, Business
Sale discloses.



                           *********


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

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

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

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