/raid1/www/Hosts/bankrupt/TCREUR_Public/210101.mbx        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, January 1, 2021, Vol. 22, No. 261

                           Headlines



B E L G I U M

TELENET GROUP: Moody's Affirms Ba3 CFR on Strong Market Position


F R A N C E

NOVARTEX SASU : S&P Withdraws 'CCC-' LT Issuer Credit Rating


G E R M A N Y

TELE COLUMBUS: Moody's Reviews B3 CFR for Upgrade on Takeover Offer


I T A L Y

POP NPLS 2020: DBRS Assigns CCC Rating to Class B Notes
[*] ITALY: Banking, Industry Groups Urge EU to Ease Default Rules


K A Z A K H S T A N

BANK KASSA NOVA: S&P Cuts ICR to 'B-' on Acquisition by Freedom
OIL INSURANCE: S&P Affirms 'B+' Long-Term ICR, Outlook Stable


S W I T Z E R L A N D

SWISSPORT GROUP: Moody's Withdraws C CFR Amid Debt Restructuring


U N I T E D   K I N G D O M

FERROGLOBE PLC: S&P Withdraws 'CCC+' LT Issuer Credit Rating
INSPIRED EDUCATION: S&P Affirms 'B' Long-Term ICR, Outlook Stable
PIZZA EXPRESS: Leith Restaurant to Close Following CVA
RATIONALE ASSET: Placed Into Provisional Liquidation
[*] UK: HMRC to Be Repaid Ahead of Unsecured Creditors



X X X X X X X X

[*] BOOK REVIEW: Mentor X

                           - - - - -


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B E L G I U M
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TELENET GROUP: Moody's Affirms Ba3 CFR on Strong Market Position
----------------------------------------------------------------
Moody's Investors Service has affirmed Telenet Group Holding NV's
Ba3 corporate family rating and Ba3-PD probability of default
rating. Concurrently, Moody's has affirmed the Ba3 instrument
ratings on the guaranteed senior secured term loan due 2029 and the
guaranteed senior secured revolving credit facility due 2026 raised
by Telenet International Finance S.ar.l., the guaranteed senior
secured term loan due 2028 raised by Telenet Financing USD LLC, and
the senior secured notes due 2028 issued by Telenet Finance
Luxembourg Notes S.a r.l. The outlook of Telenet Group Holding NV,
Telenet International Finance S.ar.l, Telenet Financing USD LLC,
and Telenet Finance Luxembourg Notes S.a r.l. is stable.

RATINGS RATIONALE

Telenet's Ba3 CFR reflects the company's strong position in the
overall Belgian telecommunications market through its converged
fixed-mobile offering, and its leading broadband and video market
shares in the Flanders region, the competitive benefits the company
derives from its technologically advanced cable networks, and the
company's strong underlying cash flow generation pre-dividends
although most of the excess cash flow will be distributed to
shareholders.

However, Telenet's rating remains constrained by the company's
modest revenue and EBITDA growth prospects reflecting the maturity
of the Belgian telecom market and sustained decline in video and
fixed-line telephony subscribers, the regulation imposed on cable
operators in Belgium to give wholesale access to their TV and
broadband services at regulated prices to alternative telecom
service providers, and Moody's expectation that the company will
continue to manage its net leverage (as reported by the company) at
around 4.0x in the absence of material acquisitions, the mid-point
of its 3.5x-4.5x net leverage framework, which translates into a
Moody's adjusted gross leverage of around 4.5x.

Moody's positively notes Telenet's resilient performance in 2020
despite the challenging environment driven by the coronavirus
outbreak. At the Q3 2020 results presentation, the company has
guided for a broadly stable EBITDA (on a rebased basis) in 2020
compared to prior year and Moody's expects modest rebased EBITDA
growth thereafter driven by modest price increases, good momentum
in postpaid mobile and broadband net adds partly offset by the
sustained decline in video and fixed-line telephony subscribers,
and cost savings from increased digital transformation resulting in
lower consumer-facing costs, including retail.

Moody's projects that Telenet's cash flow generation before
shareholder distributions will improve over the next two years
supported by modest EBITDA growth, relatively stable capital
expenditures and lower interest payments. Such an improvement will
accommodate the company's recently introduced dividend floor of
EUR2.75 per share which will result in dividend payments of at
least EUR300 million per annum.

The rating agency notes however that Telenet's credit profile is
subject to event risk in 2021, including a potential partnership
with Belgian utility Fluvius to deploy fibre-to-the-home in the
Flanders region. Additionally, the company publicly stated its
interest in acquiring Voo, a cable operator in Wallonia. Following
the annulment of an agreement to sell a 51% stake in Voo to private
equity firm Providence in June 2020, the cable operator will likely
be put for sale once again through a competitive process which
Moody's expects will raise the interest from Telenet and Orange
Belgium (majority owned by Orange, Baa1 stable) and private equity
funds. If any of these transactions were to come to fruition,
Moody's would assess their impact on Telenet's business profile and
credit metrics.

Telenet has a good liquidity profile. As of September 30, 2020, the
company had EUR84 million in cash and cash equivalents. In
addition, the company has access to a EUR510 million RCF expiring
in May 2026 and EUR45 million of additional liquidity under
separate agreements with certain lenders, bringing the total
liquidity buffer to EUR555 million on top of its cash balance.
Telenet benefits from a long-dated maturity profile for its bank
facilities and bonds. Short-term debt repayments mainly include
repayments under the vendor financing program whereby maturities
are less than one year upon incurrence. Drawdowns under the vendor
financing program amounted to EUR340.3 million as of September 30,
2020. In accordance with the senior secured credit facility,
Telenet is restricted by a financial maintenance covenant (leverage
ratio test of net total debt/EBITDA at 6.0x to be tested when the
RCF is 33.3% drawn), under which we would expect the company to
maintain good capacity at all times.

Telenet's Ba3-PD PDR, is at the same level as the CFR, reflecting
the expected recovery rate of 50% that Moody's typically assumes
for a capital structure that consists of a mix of bank debt and
bonds. The senior secured on lending of the senior secured notes,
issued by Telenet International Finance S.ar.l., establishes a
claim position for the noteholders that is broadly equivalent to
that of the existing lenders under the Telenet senior secured bank
credit facilities. The senior secured bank credit facilities and
the senior secured notes are both rated Ba3, in line with the CFR.
The senior secured bank credit facilities benefit from
first-ranking security over shareholder loans into the Telenet
group and over the shares of the borrowers and guarantors, as well
as from upstream guarantees from subsidiaries accounting for at
least 80% of group consolidated EBITDA (excluding EBITDA
attributable to any joint venture). Moody's considers that security
packages consisting mainly of share pledges are relatively weak and
thus the rating agency ranks these facilities pari passu with other
unsecured liabilities, including trade payables, lease rejection
claims, pension obligations, handset financing liabilities,
outstanding deferred payments on the acquisition of 4G mobile
spectrum and obligations beyond 20 years under the company's
clientele fee agreement.

RATING OUTLOOK

Telenet's stable rating outlook reflects Moody's expectation that
the company's operating performance will continue to develop
broadly in line with its guidance, supported by an increase in
multiple-play, premium entertainment and B2B penetration while
maintaining net leverage around 4.0x (as reported by the company).

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

Whilst considered unlikely in the context of the company's current
financial policy, upward rating pressure could develop if Telenet's
operating performance is solid; the company demonstrates a clear
commitment to maintaining its Moody's-adjusted gross debt/EBITDA
below 3.75x; and the company's Moody's-adjusted cash flow from
operations/gross debt increases well above 20%.

Downward rating pressure could arise if the company's
Moody's-adjusted gross debt/EBITDA exceeds 4.75x on a sustained
basis; the company experiences a marked deterioration in its
operating performance; the company's Moody's-adjusted cash flow
from operations/debt falls below 15%; or the company begins to
generate negative FCF (after capital spending and dividends) on a
sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

Headquartered in Brussels, Belgium, Telenet is the largest provider
of cable communications services and, following the acquisition of
BASE in 2016, the second-largest provider of mobile services (in
terms of SIMs) in Belgium. Telenet has been listed on the Euronext
stock exchange since 2005 and is majority-owned (58% on a fully
diluted basis) by Liberty Global plc (Ba3 stable).



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F R A N C E
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NOVARTEX SASU : S&P Withdraws 'CCC-' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings said it withdrew its 'CCC-' long-term issuer
credit rating on France-based apparel retailer Novartex SASU at the
company's request. The outlook was negative at the time of the
withdrawal.




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

TELE COLUMBUS: Moody's Reviews B3 CFR for Upgrade on Takeover Offer
-------------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade Tele
Columbus AG's B3 corporate family rating, B3-PD probability of
default rating and the B3 instrument rating on the senior secured
bank credit facilities and senior secured notes.

The review for upgrade follows the announcement on December 21,
2020 that Kublai GmbH ("the Bidder"), a company owned by Morgan
Stanley Infrastructure Partners, has launched a voluntary public
takeover offer for Tele Columbus at an enterprise value of around
EUR1.8 billion, equivalent to 8.1x EV/EBITDA multiple. The offer is
subject to a minimum acceptance threshold of 50%, waivers by bond
and loan creditors of termination rights due to the change of
control clause, and regulatory approvals. The takeover is expected
to close in Q2 2021.

Moody's believes there is a high probability of deal completion
because the offer has been recommended by the Management Board and
the Supervisory Board of Tele Columbus, United Internet has agreed
to contribute its indirect stake of approximately 29.9% in Tele
Columbus to the Bidder if the takeover offer is successful; and
Rocket Internet, which holds approximately 13.36% in Tele Columbus,
has also signed an irrevocable commitment to tender its shares.

Following the completion of the takeover, the company intends to
carry out a EUR475 million capital increase, fully guaranteed by
the Bidder and expected to close by the end of Q2 2021. Tele
Columbus intends to use the proceeds from the capital increase to
reduce debt and to fund capex for the implementation of its Fiber
Champion strategy. The Bidder has also agreed to make available
additional equity capital of up to EUR75 million.

"We are placing Tele Columbus' ratings on review for upgrade
because the announced takeover and subsequent capital increase will
strengthen its balance sheet and allow it to raise funds to
facilitate the modernization of its network," says Agustin Alberti,
a Moody's Vice President -- Senior Analyst and lead analyst for
Tele Columbus.

"While we view execution risk in the completion of the takeover and
capital increase as low, the review process will allow us to assess
the final impact on its credit quality depending on the resulting
capital structure, its liquidity profile and the new business plan
that the new majority owner plans to implement," adds Mr. Alberti.

A near-term upgrade of Tele Columbus' ratings is dependent on the
successful completion of its acquisition by the Bidder and the
subsequent capital increase, which is expected to close by the end
of Q2 2021. The ratings could be upgraded by one notch.

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

A successful completion of the acquisition and proposed capital
increase would be credit positive for Tele Columbus as it would
enable the company to partially repay existing debt and reduce
Moody's gross debt/EBITDA leverage levels (estimated at around 6.5x
by year 2020), while it will start delivering on its planned
expansion of a superior fiber-based network. The rating agency
views the capital increase and associated significant debt
reduction as a governance consideration under its ESG framework and
key factor for the rating action.

In August 2020, the company laid out a long term strategic plan,
called "Fiber Champion", based on three pillars upgrade its current
network footprint from coaxial to FTTB/H; open the network to third
party telecom players (open access strategy) in order to increase
its total broadband market share through wholesale agreements; and
leverage its long standing agreements with housing associations to
moderately grow its retail market share. Over the next ten years,
Tele Columbus plans to invest almost EUR2 billion in network
infrastructure and fiber expansion. Currently, 2.4 million
households are connected to Tele Columbus' broadband network. By
2030, the company intends to have 2 million households connected to
fiber.

Moody's considers this plan to have strategic sense as it will
entail the development of a more resilient and infrastructure
driven business model; reinforce entry barriers to potential
competitors based on superior network quality at attractive prices;
and provide significant growth opportunities in the broadband
wholesale and B2B markets that will more than compensate for
declining legacy TV revenues, which accounted for 48% of total
revenues in 2019. However, the rating agency also acknowledges that
the plan is subject to execution risks such as delays or
operational issues associated with the network upgrade, increasing
competition from FTTH overbuild by other players, and the change in
business risk profile emanating from switching from a retail based
operator to a wholesale based operator.

Some of these risks are mitigated by the wholesale agreements
already signed, including a binding pre-contract with 1&1 Drillisch
and a wholesale agreement with TelefĂłnica Deutschland signed in
October 2019 .

The rating review process would focus on the final capital
structure of the company post acquisition and completion of the
capital increase, the assessment of its liquidity profile and
future funding requirements, in light of the higher capex needs
resulting from its "Fiber Champion" strategy, and the assessment of
the business plan that the new majority owner plans to implement.

Prior to the review process, Moody's said that upwards rating
pressure could arise if the company continues to show improvement
in its operating metrics, including growth in the overall number of
customers; returns to sustained revenue and EBITDA growth;
maintains Moody's-adjusted gross debt/EBITDA below 6.0x on a
sustained basis; and generates positive FCF (after capital spending
and dividends).

Prior to the rating review process, Moody's said that downwards
rating pressure could develop if the company's Moody's adjusted
gross Debt/EBITDA ratio is higher than 7.0x on a sustained basis.
Downward pressure could also arise if FCF remains meaningfully
negative; a timely execution of the turnaround plan is
unsuccessful, such that the business fails to return to growth; or
the liquidity position deteriorates.

LIST OF AFFECTED RATINGS

Issuer: Tele Columbus AG

On Review for Upgrade:

Probability of Default Rating, Placed on Review for Upgrade,
currently B3-PD

Corporate Family Rating, Placed on Review for Upgrade, currently
B3

Senior Secured Bank Credit Facilities, Placed on Review for
Upgrade, currently B3

Senior Secured Regular Bond/Debenture, Placed on Review for
Upgrade, currently B3

Outlook Action:

Outlook, Changed To Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pay TV
published in December 2018.

COMPANY PROFILE

Tele Columbus AG is a holding company, which through its
subsidiaries offers basic cable television services, premium TV
services and, where the network is migrated and upgraded, Internet
and telephony services in Germany. It is the second largest cable
operator in terms of homes connected in Germany with 3.3 million.
The company is headquartered in Berlin (Germany) and reported
revenue of EUR499 million and normalised EBITDA of EUR239 million
in 2019.



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I T A L Y
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POP NPLS 2020: DBRS Assigns CCC Rating to Class B Notes
-------------------------------------------------------
DBRS Ratings GmbH assigned ratings to the notes issued by POP NPLs
2020 S.r.l. (the Issuer) as follows:

-- Class A at BBB (sf)
-- Class B at CCC (sf)

The trend on all ratings is Negative.

As of the December 31, 2019 cut-off date, the notes were backed by
a EUR 919.9 million portfolio by gross book value (GBV) of Italian
secured and unsecured nonperforming loans originated and sold to
the Issuer by 15 Italian banks (the Sellers). Fire S.p.A. (Fire)
and Credito Fondiario S.p.A. (Credito Fondiario and, jointly, the
Special Servicers) service the receivables. Credito Fondiario will
also act as the master servicer. Banca Finanziaria Internazionale
S.p.A., has been appointed as backup servicer for Credito
Fondiario.

The securitized portfolio comprises secured and unsecured loans:
64.3% of the borrowers by GBV are classified as secured senior (at
least a first economic lien), 4.1% as secured junior (at least a
second economic lien), and the remaining 31.6% as unsecured. At the
cut-off date, the portfolio was mainly represented by corporate
borrowers (74.7% by GBV), and the properties securing the loans in
the portfolio mainly comprised residential and commercial
properties (47.1% and 14.0% by first lien property value,
respectively). The secured collateral is concentrated in Northern
regions of Italy (61.8% by first lien property value).

The transaction benefits from approximately EUR 26.9 million of
collections recovered between the cut-off and the closing dates,
which will be distributed in accordance with the priority of
payments on the first interest payment date.

The transaction includes a cash reserve, sized at 4.0% of the
principal outstanding of the Class A notes, and a recovery expenses
cash reserve amounting to EUR 150,000, both fully funded with the
proceeds of a limited recourse loan granted by the Sellers to the
Issuer for EUR 9.9 million. The limited recourse loan also funds
the EUR 100,000 retention amount. At each interest payment date,
the cash reserve amount will be part of the available funds for the
waterfall and will be replenished in the waterfall up to the
respective target amount.

The margin of the Class B notes coupon, which represents mezzanine
debt, will be paid ahead of the principal of the Class A notes
unless certain performance-related triggers are breached. If a
subordination event has not occurred, the Class B interest paid
senior to the Class A notes outstanding principal is capped at
12.0%.

The ratings address the timely payment of interest and the ultimate
repayment of principal on the Class A notes, and the ultimate
payment of interest and principal on the Class B notes.

The securitization includes the flexibility to implement a ReoCo
structure.

DBRS Morningstar based its ratings on the analysis of the projected
recoveries of the underlying collateral, the historical performance
and expertise of the Special Servicers, the availability of
liquidity to fund interest shortfalls and special-purpose vehicle
expenses, and the transaction's legal and structural features. DBRS
Morningstar's BBB (sf) rating stress assumes a haircut of
approximately 25.7% to the portfolio business plan prepared by the
Special Servicers, while DBRS Morningstar's CCC (sf) rating stress
represents DBRS Morningstar's base case and assumes 0% haircut to
the special servicers' business plan.

The final maturity date of the transaction is in November 2045.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
economic contraction, increases in unemployment rates and reduced
investment activities. DBRS Morningstar anticipates that
collections in European nonperforming loan (NPL) securitizations
will continue to be disrupted in coming months and that the
deteriorating macroeconomic conditions could negatively affect
recoveries from NPLs and the related real estate collateral. The
ratings are based on additional analysis and adjustments to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in Euros unless otherwise noted.



[*] ITALY: Banking, Industry Groups Urge EU to Ease Default Rules
-----------------------------------------------------------------
Stefano Bernabei at Reuters reports that Italy's main banking and
industry associations have urged European Union authorities to
temporarily ease EU bank rules on loan defaults and credit
provisioning to help businesses cope with the impact of the
COVID-19 pandemic.

According to Reuters, in a letter to the head of the European
Commission, Ursula von der Leyen and other senior officials, the
groups called for less stringent definitions to be applied to
credit defaults to stop temporary liquidity problems forcing firms
into bankruptcy.

In particular, they said definitions of default, combining a 90
days late payment date criterion with new rules on past due
exposures and distressed restructuring could see "a huge number" of
borrowers classified as in default, Reuters relates.

"This would severely affect their access to credit, thus hampering
their recovery perspectives," Reuters quotes the letter, sent by
banking industry lobby group ABI, the main industry association
Confindustria and 14 smaller business groups, as saying.

The groups said calendar provisioning rules incentivised more
restrictive lending practices and encouraged banks to sell loans at
the first signs of financial difficulty rather than to support
recovery through forbearance measures, Reuters notes.

It said the rules, intended as a backstop to ensure common minimum
loss coverage levels on non-performing loans, should be temporarily
amended for at least 24 months both for secured and unsecured
non-performing loans to avoid affecting credit supply, Reuters
relays.

It also proposed postponing the introduction of the stricter new
credit default definition due to kick in from January and extending
the 90-day threshold on late payment to 180 days before a borrower
is deemed to have defaulted, according to Reuters.




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K A Z A K H S T A N
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BANK KASSA NOVA: S&P Cuts ICR to 'B-' on Acquisition by Freedom
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Kazakhstan-Based Bank Kassa Nova JSC to 'B-' from 'B' and its
national scale ratings on the bank to 'kzBB' from 'kzBB+'. At the
same time, S&P removed these ratings from CreditWatch negative,
where S&P placed them on Aug. 7, 2020. The outlook is positive.

At the same time, S&P affirmed its 'B' short-term issuer credit
rating on the bank.

Kazakhstan-based Freedom Finance JSC--an operational subsidiary of
Freedom Holding Corp.--has received regulatory approval to acquire
Bank Kassa Nova JSC (the bank) from Forte Bank JSC.

S&P said, "The downgrade reflects that we will cap Kassa Nova's
creditworthiness after it becomes a subsidiary of Freedom Finance
JSC. We view the upcoming acquisition of the bank as imminent after
Freedom Finance JSC received regulatory approval to purchase the
bank. Freedom Finance JSC will likely finalize the acquisition by
year-end 2020.

"We assess Freedom Finance JSC's group credit profile (GCP) at
'b-', one notch below our assessment of Kassa Nova's stand-alone
credit profile (SACP). A high volume of liquid assets, representing
about 80% of total assets, and high capitalization, with a capital
adequacy ratio of 81% versus the 8% minimum, support the bank's
SACP. Freedom Finance JSC's GCP, in turn, takes into account high
economic and industry risks associated with brokerage activity in
Russia and Kazakhstan, as well as Freedom Finance JSC's high
appetite for inorganic growth through acquisitions. We think that
after the acquisition, Kassa Nova's business model will shift from
a lending institution into a settlement bank, more in line with the
group's operations and strategic focus. This will link the bank's
creditworthiness closely to that of the group.

"With the change in business model, we expect Kassa Nova will
preserve even more solid capitalization, with a risk-adjusted
capital ratio sustainably above 15% over the next 12-18 months,
reflecting transformation into a settlement bank with limited
lending activity. We do not expect the parent to upstream
dividends. Although Kassa Nova has materially reduced its credit
risks by selling its loan portfolio to Forte Bank, there is
uncertainty regarding how the bank's risk profile might develop in
the coming months. In particular, we note that the material volumes
of new payment and treasury business may substantially increase the
bank's operational risks.

"We expect the bank will preserve a material portion of liquid
assets, accumulated from the loan portfolio sale on its balance
sheet in line with its new business model. Although we recognize
that the bank's business franchise has somewhat weakened after the
bank lost its lending business and some corporate depositors, new
clients and settlement business from the group might support the
bank's commission income growth and long-term sustainability. Kassa
Nova's SACP therefore remains 'b'.

"We view Kassa Nova as a strategically important subsidiary of
Freedom Holding Corp. This reflects the expected fit of the bank's
competencies to serve middle-income retail customers and developed
acquiring business with Freedom Finance JSC's intention to
strengthen its payment and treasury business among Kazakhstan-based
customers. At the same time, as the newly acquired entity, the bank
will start from a weak level of integration with Freedom Finance
JSC. We also note that the parent's ability to provide support to
the bank may be constrained given its rating level, and its
commitment to support the bank has not yet been tested."

The positive outlook on Kassa Nova now mirrors that on Freedom
Finance JSC and reflects our expectations that the group will
preserve its earnings capacity and good capitalization despite its
M&A pipeline, while Kassa Nova will preserve its capital buffer and
will not take substantially higher risks than it does currently.

S&P said, "We could raise the ratings on Kassa Nova following a
similar rating action on Freedom Finance JSC. Kassa Nova would also
need to preserve its solid capitalization, and the integration with
the group would need to bring no new substantial risks to the
bank.

"We could revise the outlook to stable if we were to take the same
rating action on Freedom Finance JSC. Substantial pressure on the
bank's capital adequacy or a material increase in credit, market,
or operational risks may also lead us to revise the outlook on the
bank to stable. Significant depositor outflows that put the bank's
liquidity position at risk could also lead to a negative rating
action."


OIL INSURANCE: S&P Affirms 'B+' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term insurer financial
strength and issuer credit ratings on Kazakhstan-based insurer Oil
Insurance Co. (NSK). The outlook is stable.

At the same time, S&P affirmed its 'kzBBB' Kazakhstan national
scale rating on NSK.

S&P said, "We affirmed our ratings because we believe that NSK can
gradually restore its capitalization, calculated under our capital
model, following the higher-than-expected dividends paid in
December 2020. NSK paid dividends of KZT825 million in December
2020 in addition to KZT1.2 billion in April 2020. We understand
that shareholders' demand for these dividends was linked to the
financing of their acquisition of the company's shares in 2019. In
our forecast of NSK's future capital adequacy, we assume future
dividends will not be as high, and project them at close to 50% of
net income in 2021-2022. According to our capital model, the
company's total adjusted capital was 16% below the 'BBB' confidence
level in 2019 after adjustments for dividends paid in 2020 based on
previous years' profits. We expect NSK's capitalization to improve
gradually to the 'BBB' category supported by improved underwriting
results and favorable investment performance."

NSK's combined (loss and expense) ratio improved to 92% over the
first 11 months of 2020 from around 102% a year ago. This was
supported by fewer road accidents in Kazakhstan this year during
lockdowns to contain the spread of COVID-19. S&P said, "We expect
the combined ratio will increase to 95%-96% in the next two years,
taking into account intense competition on the local P/C market. We
expect NSK's investment performance will remain favorable, with the
yield at around 5% in 2021-2022."

The company's solvency ratio was 1.76x as of Dec. 1, 2020,
including the dividend payout, comfortably above the minimum
requirement of 1x. That said, the company's absolute capital
remains significantly smaller than international peers' at KZT6.9
billion, or about $16.2 million, on Dec. 1, 2020, which makes it
more vulnerable to external shocks. S&P said, "Even if we saw
gradual improvements of the company's capital adequacy under our
capital model, the absolute size of capital would continue to limit
our overall assessment of capital and earnings until it exceeds the
equivalent of US$25 million, which we think will happen beyond our
two-year rating horizon."

NSK's market share has been gradually increasing since the
temporary restrictions on its licenses for compulsory insurance and
inward reinsurance lines were lifted at the end of 2018. As of the
first 10 months of 2020, NSK ranked No. 5 by gross premium written
(GPW) in Kazakhstan's P/C insurance sector, with a market share of
4.5% (No.7 by GPW) up from 4.2% in 2018. The company managed to
expand its premium base in 2020 despite the tight economic
environment, with GPW increasing by around 20% in January-November
compared with the same period a year ago. The company continues to
focus on the motor segment, which accounted for about 46% of its
GPW over the first 10 months of 2020 (35% obligatory motor
third-party liability and 11% voluntary motor hull insurance). In
addition, the company writes property (18% of GPW), medical and
casualty (12% of GPW), and liability (14% of GPW) insurance lines,
with the rest accounting for around 10% of GPW over that period.
S&P expects NSK's portfolio structure to remain stable.

S&P said, "The stable outlook reflects our expectation that NSK can
gradually restore its capitalization under S&P Global Ratings'
capital model after sizeable dividend payments, while maintaining
its share of the P/C insurance market in the next 12 months."

S&P could lower its ratings in the next 12 months if NSK's:

-- Capital deteriorated for a prolonged period below the 'BBB'
level according to our capital model, squeezed either by
weaker-than-expected operating performance, investment losses, or
higher-than-expected dividend payouts; or

-- The company's competitive position weakened, as shown for
example by a further material decline in premium volumes,
signifying a loss of market share.

S&P sees a positive rating action in the next 12 months as remote,
taking into account the company's weak business risk profile,
volatile operating performance, and low capital in absolute terms.




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S W I T Z E R L A N D
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SWISSPORT GROUP: Moody's Withdraws C CFR Amid Debt Restructuring
----------------------------------------------------------------
Moody's Investors Service has withdrawn all outstanding ratings and
outlooks of Swiss-based ground handling services company Swissport
Group S.a r.l. and its subsidiaries Swissport Financing S.a r.l.,
Swissport International AG and Swissport Investments S.A. The
company's corporate family rating and the rating of the group's
debt was C before the withdrawal.

On December 22, Moody's had appended a limited default indicator to
the company's Ca-PD probability of default rating, indicating that
the company was in default on a limited set of its obligations.

RATINGS RATIONALE

Moody's has withdrawn the ratings because of a corporate
reorganisation and capital restructuring which resulted in the
company's lenders acquiring control of the business. Following the
restructuring the company's rated debt within the previous
restricted group is no longer outstanding. The senior secured notes
and the senior unsecured notes (together "old notes") issued by
Swissport Investments S.A. remained under previous ownership and
outside of the restricted group.

The LD on Swissport's PDR has been appended due to completion of
the company's restructuring plan which was announced on December
21, 2020. The plan included a conversion into equity of all
existing super senior and senior secured debt at the corporate
level, an action which is considered a default under Moody's
definition.

LIST OF AFFECTED RATINGS

Issuer: Swissport Group S.a r.l.

Withdrawals:

Probability of Default Rating, Withdrawn, previously rated
Ca-PD/LD

Corporate Family Rating, Withdrawn, previously rated C

Outlook Action:

Outlook, Changed To Rating Withdrawn From Negative

Issuer: Swissport Financing S.a r.l.

Withdrawals:

Backed Senior Secured Bank Credit Facilities, Withdrawn,
previously rated C

Backed Senior Secured Regular Bond/Debenture, Withdrawn,
previously rated C

Backed Senior Unsecured Regular Bond/Debenture, Withdrawn,
previously rated C

Outlook Action:

Outlook, Changed To Rating Withdrawn From Negative

Issuer: Swissport International AG

Withdrawals:

Senior Secured Bank Credit Facility, Withdrawn, previously rated
C

Backed Senior Secured Bank Credit Facility, Withdrawn, previously
rated C

Outlook Action:

Outlook, Changed To Rating Withdrawn From Negative

Issuer: Swissport Investments S.A.

Withdrawals:

Backed Senior Secured Regular Bond/Debenture, Withdrawn,
previously rated C

Backed Senior Unsecured Regular Bond/Debenture, Withdrawn,
previously rated C

Outlook Action:

Outlook, Changed To Rating Withdrawn From Negative

COMPANY PROFILE

Headquartered near Zurich Airport, Swissport is the world's largest
independent ground handling services company, based on revenue and
the number of airport locations. In 2019, Swissport serviced
flights at 300 airports in 50 countries. The Ground Services
segment accounts for roughly 80% of Swissport's group revenue, with
cargo handling contributing the remainder. In 2019 Swissport
generated revenues and management-adjusted EBITDA of EUR3.1 billion
and EUR413 million, respectively. Following the restructuring the
company is owned by a group of investors, including SVP, Apollo,
TowerBrook, Ares, Cross Ocean Partners and King Street.



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U N I T E D   K I N G D O M
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FERROGLOBE PLC: S&P Withdraws 'CCC+' LT Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings said that it has withdrawn its 'CCC+' long-term
issuer credit rating on Ferroglobe PLC at the company's request. At
the time of the withdrawal, the credit was on CreditWatch
negative.


INSPIRED EDUCATION: S&P Affirms 'B' Long-Term ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Inspired Education Holdings Ltd. and its 'B' issue rating on the
EUR715 million secured debt issued by Inspired Finco S.ar.l.

The stable outlook recognizes Inspired's earnings stability over
the next 12 months supported by resilient enrolment figures for
2021, pricing discipline among operators, and a relatively large
portion of its contribution arising from its domestic students.

Inspired Education's credit metrics to improve as the pressure of
fee discounts dissipates and ancillary services recover.   In the
initial months of the pandemic, Inspired provided fee discounts on
a selective basis and curtailed its ancillary services (such as
canteen, bus transportation, and trips). Despite the measures to
reduce costs, the pandemic reduced its 2020 EBITDA by EUR16
million, after incorporating the restructuring costs. Inspired's
debt to EBITDA stood at about 7.1x in 2020 (about 6.7x including
the pro forma impact of the acquisitions completed during 2020).
However, with various governments opting to keep schools open,
along with pricing discipline among private education operators,
Inspired hasn't faced the same fee discounting requests in the
initial months of financial year 2021. While the challenge to
provide the full range of ancillary services and the adverse
effects on foreign exchange remain, in S&P's view, Inspired's
opening enrolments for 2021 and the cash collection trend so far
demonstrate strong recovery from the pandemic and underpin its
expectation of leverage improving toward 6.5x in 2021.

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."

Operating costs to be lower on an organic basis from decisive cost
rationalization measures.   In 2020, Inspired's exceptional costs
were about 100% higher than the previous year at about EUR30
million. The spike was largely driven by the group's decision to
rightsize the business by reducing staff numbers in some regions
and closing a few sub-optimal schools with marginal reduction in
the overall capacity. However, the benefit of these exceptional
measures is reflected in its EBITDA for the first quarter of 2021,
which improved compared with the previous year despite revenue
being lower for the same period. S&P considers restructuring and
integration costs as operating expenses and deduct them from EBITDA
and forecast these expenses to be about EUR10 million-EUR15 million
in 2021.

Inspired will maintain its financial policy as the sector continues
to consolidate.   Compared with Nord Anglia and Cognita (for which
S&P calculates S&P Global Ratings-adjusted debt to EBITDA above
9.0x in 2019), Inspired's leverage was about two turns lower. This
is driven by the group's financial policy to maintain its net debt
to EBITDA (as calculated by management) below 4.5x. Inspired
accommodated some of the COVID-19-related effects because of lower
starting leverage. The primary and secondary education industry
continues to consolidate, with multiple acquisitions in the sector
averaging above 10x EBITDA. Part equity-funded acquisitions will
demonstrate Inspired's commitment to stated financial policy.

Foreign exchange volatility represents a financial risk.   S&P
said, "Inspired has higher exposure to emerging markets, where we
calculate the group will generate about 35%-40% of its EBITDA. We
consider these countries to be either moderately high risk or high
risk, reflecting the underlying economic and institutional risks of
operating in them. Nevertheless, the demand for good quality
international education is quite high in emerging markets, owing to
the increased disposable income among middle-class families and the
schools' primary focus on domestic rather than expat students.
Moreover, the group generates higher margins in those countries
than in Europe. Rather than an operating risk, we consider exposure
to emerging countries to be a financial risk for Inspired.
Volatility of foreign exchange rates relative to the euro will
affect the group's credit metrics because its debt is largely
denominated in euros."

The stable outlook recognizes Inspired's earnings stability over
the next 12 months supported by the opening enrolment for 2021,
pricing discipline among operators, and the relatively large
portion of its contribution arising from its domestic students. It
also incorporates S&P's forecast that management's focus on costs
(including exceptional costs) and working capital will help keep
debt to EBITDA at 6.5x and cash flow from operations to debt at
about 8%

Downside scenario

S&P could lower the rating if one or more of the following occurs:

-- COVID-19-related service restrictions or macroeconomic weakness
causes enrolment to decline further or postpones the recovery of
ancillary services;

-- Exceptional costs prove to be a more significant drag on the
group's profitability;

--- Inspire pursues a debt-financed acquisition that deteriorates
the credit metrics including leverage sustained beyond 7.5x;

-- Foreign exchange volatility, delays in fee collection, or
higher growth capital expenditure (capex) causes free operating
cash flow to turn negative; or

-- Liquidity weakens, including any potential covenant breach.

Upside scenario

S&P could raise the rating if Inspired demonstrated a track record
of prudent financial policy regarding acquisitions, greenfield
projects, and shareholder distributions, and achieved adjusted debt
to EBITDA of less than 5.0x, while generating materially positive
free operating cash flow on a sustainable basis. Such a scenario
would be supported by higher-than-expected growth of utilization
rates combined with improved adjusted margins beyond its
expectations.


PIZZA EXPRESS: Leith Restaurant to Close Following CVA
------------------------------------------------------
Beth Murray and Conor Marlborough at Edinburgh Evening News report
that a popular Pizza Express restaurant on The Shore is set to
close, the company has announced, after the property's landlord
served it notice.

The news comes despite the fact that the Leith pizzeria was not
among a list of Pizza Express' planned closures, Edinburgh Evening
News notes.

The UK-based business approved a Company Voluntary Arrangement
(CVA) in September that included the liquidation of a number of
outlets to pay its creditors over a fixed period, Edinburgh Evening
News recounts.

Contrary to recent press speculation, however, the restaurant
building has not been placed on the market with Gilson Gray,
despite the estate agents' sign being placed outside the property,
Edinburgh Evening News states.

The company closed all of its UK restaurants on March 23, 2020,
after the Government-mandated lockdown, before starting a phased
reopening of sites in June, Edinburgh Evening News recounts.

It said the coronavirus pandemic has been a "huge setback" for the
restaurant sector, but insisted that its turnaround plan "will put
the business on a stronger financial footing in the new socially
distanced environment".


RATIONALE ASSET: Placed Into Provisional Liquidation
----------------------------------------------------
Rationale Asset Management PLC, Value Asset Management PLC and
Merydion Corporation Limited were involved in property investment
and were previously placed into provisional liquidation in the High
Court.

The court ordered the companies be placed into provisional
liquidation and the Official Receiver was appointed as provisional
liquidator, with responsibilities to protect assets in the
possession or under the control of the companies pending the
determination of the winding up petitions presented by the
Secretary of State for Business, Energy and Industrial Strategy.

The Official Receiver is inviting investors and creditors of the
three property companies to contact her office to provide details
of their claims to assist with the provisional liquidation.

If you are an investor, creditor or shareholder of the companies,
the Official Receiver is requesting that you register your interest
by email to piu.or@insolvency.gov.uk providing the following
information:

   * Name
   * Contact details
   * Date and details of your investment, shareholding or debt

The orders placing the companies into provisional liquidation came
as a result of an earlier hearing at the High Court on August 27,
2020.  This followed an application issued by the Insolvency
Service on behalf of the Secretary of State for Business, Energy
and Industrial Strategy.

The provisional liquidator has the power to investigate the affairs
of the companies as necessary to protect assets including any third
party, or trust monies, or assets in the possession of, or under
the control of the companies.

The case is now subject to High Court action and no further
information will be made available until petitions to wind up the
companies are heard in the High Court on January 12, 2021.


[*] UK: HMRC to Be Repaid Ahead of Unsecured Creditors
------------------------------------------------------
Darren Slade at Hampshire Chronicle reports that a new law which
moves HMRC ahead in the queue when a company becomes insolvent
could cause more businesses to fail, it is claimed.

Under the new rules, which came into effect this month, HMRC will
be repaid ahead of unsecured creditors, including pension schemes,
trade creditors and suppliers in corporate insolvency procedures,
Hampshire Chronicle discloses.

According to Hampshire Chronicle, Garry Lee, chair of the
insolvency industry body R3 in the south, said: "Given that an
insolvent company is very unlikely to be able to repay all its
debts, the lower a creditor is down the order of payment priority,
the less of their money -- if anything -- they are likely to see
back.

"The result of the Treasury being able to muscle its way to the
front of the queue in this way is that smaller suppliers, who are
usually unsecured creditors, will be likely to receive less back
through an insolvency process than they do now."

Floating charge finance -- money which is advanced to a company
against a "floating" asset, such as its stock or work in progress,
rather than a "fixed" asset such as property or machinery -- also
now ranks below HMRC debts, Hampshire Chronicle states.

Mr. Lee, an associate director at accountancy firm Smith &
Williamson in Southampton, said providers of floating charge
finance would become more cautious about lending, which would make
it harder and more expensive for companies to get funding to stay
afloat or grow their business, Hampshire Chronicle relates.

The Treasury has defended the new law as "balanced and
proportionate", arguing that almost GBP2 billion of tax paid by
employees never reaches the public purse to pay for public services
because the firm collecting them becomes insolvent, Hampshire
Chronicle notes.




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

[*] BOOK REVIEW: Mentor X
-------------------------
The Life-Changing Power of Extraordinary Mentors
Author: Stephanie Wickouski
Publisher: Beard Books
Hard cover: 156 pages
ISBN: 978-1-58798-700-7
List Price: $24.75

Order this Book: https://is.gd/EIPwnq

Long-time bankruptcy lawyer Stephanie Wickouski at Bryan Cave
impressively tackles a soft problem of modern professionals in an
era of hard data and scientific intervention in her third published
book entitled Mentor X. In an age where employee productivity is
measured by artificial intelligence and resumes are prescreened by
computers, Stephanie Wickouski adds spirit and humanity to the
professional journey.

The title is disarmingly deceptive and book browsers could be
excused for assuming this work is just another in a long line of
homogeneous efforts on mentorship. Don't be fooled; Mentor X is
practical, articulate and lively. Most refreshingly, the book
acknowledges the most important element of human development: our
intuition.

Mrs. Wickouski starts by describing what a mentor is and
distinguishes that role from a teacher, coach, role model, buddy or
boss. Younger professionals may be skeptical of the need for a
mentor, but Mrs. Wickouski deftly disabuses that notion by relating
how a mentor may do nothing less than change the course of a
protege's life. Newbies to this genre need little convincing
afterwards.

One of the book's worthiest contributions is a definition of mentor
that will surprise most readers. Mentors are not teachers, the
latter of which impart practical knowledge. Instead, according to
Mrs. Wickouski, her mentors "showed me secrets that I could learn
nowhere else. They showed me how doors are opened. They showed me
how to be an agent of change and advance innovative and
controversial ideas." What ambitious professional doesn't want more
of that in their life?

The practicality of the book continues as Mrs. Wickouski outlines
the qualities to look for in a mentor and classifies the various
types of mentors, including bold mentors, charismatic mentors, cold
and distant mentors, dissolute mentors, personally bonded mentors,
younger mentors, and unexpected mentors. Mentor X includes charts
and workbooks which aid the reader in getting the most out of a
mentor relationship. In a later chapter, Mrs. Wickouski provides an
enormously helpful suggestion about adopting a mentor: keep an open
mind. Often, mentors will come in packages that differ from our
expectations. They may be outside of our profession, younger, less
educated, etc . . . but the world works in mysterious ways and Mrs.
Wickouski encourages readers to think about mentors broadly.  In
this modern era of heightened workplace ethics, Mrs. Wickouski
articulates the dark side of mentors. She warns about "dementors"
and "tormentors" -- false mentors providing dubious and sometimes
self-destructive advice, and those who abuse a mentor relationship
to further self-interested, malign ends, respectively. She
describes other mentor dysfunctions, namely boundary-crossing,
rivalry, corruption, and a few others. When a mentor manifests such
behaviors, Mrs. Wickouski counsels it's time to end the
relationship.

Mrs. Wickouski tells readers how to discern when the mentor
relationship is changing and when it is effectively over. Those
changes can be precipitated by romantic boundaries crossed,
emergence of rivalrous sentiment, or encouragement of unethical
behavior or corruption. Mrs. Wickouski aptly notes that once
insidious energies emerge, the mentorship is effectively over. At
this point, certain readers may say to themselves, "Okay, I've got
it. Now I can move on." Or, "My workplace has a formal mentorship
program. I don't need this book anymore." Or even, "Can't modern
technology handle my mentor needs, a Tinder of mentorship, so to
speak?"

Mrs. Wickouski refutes that notion. She analyzes how many mentoring
programs miss the mark. In one of the best passages in the book,
Mrs. Wickouski writes, "Assigning or brokering mentors negates the
most critical components of a true mentor–protege relationship:
the individual process of self-awareness which leads a person to
recognize another individual who will give the advice singularly
needed. That very process is undermined by having a mentor assigned
or by going to a mentoring party." She does not just criticize; she
offers a solution with three valuable tips for choosing the right
mentor and five qualities to ascertain a true mentor in the
unlimited sea of possibilities.

Next, Mrs. Wickouski distinguishes between good advice and bad
advice. She punctuates that discussion with many relevant and
relatable examples that are easy to read and colorfully enjoyable.
This section includes interviews with proteges who have had
successful mentorships. The punchline: in the best mentorships, the
parties harmoniously share personal beliefs and values. Also
important, the protege draws inspiration and motivation from the
mentor. The book winds down as usefully as it started: Mrs.
Wickouski interviews proteges, asking them what they would have
done differently with their mentors if they could turn back the
clock. A common thread seems to be that the proteges would have
gone deeper with their mentors -- they would have asked more
questions, spent more time, delved into their mentors' thinking in
greater depth.

The book wraps up lightly by sharing useful and practical
suggestions for maintenance of the mentor relationship. She answers
questions such as, "Do I invite my mentor to my wedding?" and "Who
pays for lunch?"

Mentor X is an enjoyable read and a useful book for any
professional in any industry at, frankly, any point in time.
Advanced individuals will learn much from the other side, i.e., how
to be more effective mentors. Mrs. Wickouski does a wonderful job
of encouraging use of that all knowing aspect of human existence
which never fails us: proper use of our intuition.

                         About The Author

Stephanie Wickouski is widely regarded as an innovator and
strategic advisor. A nationally recognized lawyer, she has been
named as one of the 12 Outstanding Restructuring Lawyers in the US
by Turnarounds & Workouts and as one of US News' Best Lawyers in
America. She is the author of two other books: Indenture Trustee
Bankruptcy Powers & Duties, an essential guide to the legal role of
the bond trustee, and Bankruptcy Crimes, an authoritative resource
on bankruptcy fraud. She also writes the Corporate Restructuring
blog.



                           *********


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 2021.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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written permission of the publishers.

Information contained herein is obtained from sources believed to
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