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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

          Tuesday, January 12, 2021, Vol. 22, No. 3

                           Headlines



G E R M A N Y

GERMANY: "Noticeable" Increase in Corporate Bankruptcies Seen


I R E L A N D

CARLYLE EURO 2020-2: Moody's Rates EUR10MM Class E Notes 'B3 (sf)'
CARLYLE EURO 2020-2: S&P Assigns B- Rating to EUR10MM Class E Notes


R O M A N I A

UNICREDIT BANK: Fitch Affirms BB+ Long-Term IDR, Outlook Stable


S W E D E N

VERISURE MIDHOLDING: Moody's Affirms B2 CFR Following Refinance


U N I T E D   K I N G D O M

EDINBURGH WOOLLEN: Offers Accepted for Business
GJES LONDON: Boss Banned Following Liquidation
JAEGER: M&S Acquisition Expected to be Completed This Month
RENEW LIFE: Files for Insolvency Amid Covid Woes

                           - - - - -


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G E R M A N Y
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GERMANY: "Noticeable" Increase in Corporate Bankruptcies Seen
-------------------------------------------------------------
Global Insolvency, citing Bloomberg News, reports that the number
of corporate bankruptcies in Germany experienced a "noticeable"
increase compared with pre-pandemic levels at the end of last year,
though not as bad as feared.

It's the first snapshot of the country's regular insolvency trends
following a temporary suspension of filing requirements as part of
Germany's pandemic support measures, Global Insolvency notes.

In December, 921 partnerships and corporations in the country were
reported as bankrupt, just under 30% higher than in the previous
three months, Global Insolvency relays, citing a report by the IWH
Halle Institute for Economic Research.

Economists and policy makers have raised the alarm over the
prospect of a surge of businesses going bust once government
support measures run out, Global Insolvency discloses.

According to Global Insolvency, IWH said some of Germany's filing
obligations were reinstated in October, and are reflected in
December due to a typical lag of two months between the initial
filing and the announcement of proceedings by courts.



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I R E L A N D
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CARLYLE EURO 2020-2: Moody's Rates EUR10MM Class E Notes 'B3 (sf)'
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Carlyle Euro CLO
2020-2 DAC (the "Issuer"):

EUR 1,500,000 Class X Senior Secured Floating Rate Notes due 2034,
Definitive Rating Assigned Aaa (sf)

EUR 244,000,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aaa (sf)

EUR 32,500,000 Class A-2A Senior Secured Floating Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR 10,000,000 Class A-2B Senior Secured Fixed Rate Notes due
2034, Definitive Rating Assigned Aa2 (sf)

EUR 27,500,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned A2 (sf)

EUR 25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Baa3 (sf)

EUR 21,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned Ba3 (sf)

EUR 10,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 100% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe.

CELF Advisors LLP will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 Notes. The
Class X Notes amortise by 16.67% or EUR 250,000 over the first six
payment dates.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 33,700,000 Subordinated Notes due 2034 which
are not rated.

The transaction incorporates interest and par coverage tests which,
if triggered, divert interest and principal proceeds to pay down
the notes in order of seniority.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Moody's 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 its
ESG framework, given the substantial implications for public health
and safety.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
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 400,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2828

Weighted Average Spread (WAS): 3.30%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.3%

Weighted Average Life (WAL): 8.5 years

CARLYLE EURO 2020-2: S&P Assigns B- Rating to EUR10MM Class E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class X to E
European cash flow CLO notes issued by Carlyle Euro CLO 2020-2 DAC.
At closing, the issuer also issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

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

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

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semi-annual payments. The
portfolio's reinvestment period will end approximately four years
after closing.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, S&P has conducted its credit and cash
flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the  EUR400 million
target par amount, the covenanted weighted-average spread (3.80%),
the reference weighted-average coupon (3.75%), and the covenanted
weighted-average recovery rates (WARR) at the 'AAA' rating levels
and actual WARR generated on the portfolio for all rating levels
below 'AAA'. We applied various cash flow stress scenarios, using
four different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating category.

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

Until the end of the reinvestment period on Jan. 15, 2025, the
collateral manager is allowed to substitute assets in the portfolio
for so long as S&P's CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager can, through trading, deteriorate
the transaction's current risk profile, as long as the S&P CDO
Monitor test is compliant (per the transaction documents).

At closing, the transaction's documented counterparty replacement
and remedy mechanisms adequately mitigate its exposure to
counterparty risk under S&P's current counterparty criteria.

The transaction's legal structure is bankruptcy remote, in line
with its legal criteria.

Taking into account the above-mentioned factors and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, S&P believes its ratings are commensurate with the
available credit enhancement for each class of notes.

The transaction securitizes a portfolio of primarily senior secured
leveraged loans and bonds, and will be managed by CELF Advisors
LLP, a wholly owned subsidiary of Carlyle Investment Management
LLC, which is a Delaware limited liability company, indirectly
owned by The Carlyle Group L.P.

S&P said, "In addition to our standard analysis, to provide an
indication of how rising pressures among speculative-grade
corporates could affect our ratings on European CLO transactions,
we have also included the sensitivity of the ratings on the class A
to E notes to five of the 10 hypothetical scenarios we looked at in
our recent publication.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class E notes."

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."

  Ratings List

  Class   Rating    Amount   Interest rate   Credit
                 (mil.  EUR)                 enhancement (%)
  X   AAA (sf)    1.50    3mE + 0.40%      N/A
  A-1     AAA (sf)  244.00    3mE + 1.05%     39.00
  A-2A    AA (sf)    32.50    3mE + 1.70%     28.38
  A-2B    AA (sf)    10.00    2.00%           28.38
  B       A (sf)     27.50    3mE + 2.70%     21.50
  C       BBB (sf)   25.00    3mE + 4.25%     15.25
  D       BB- (sf)   21.00    3mE + 6.06%     10.00
  E       B-         10.00    3mE + 8.28%      7.50
  Sub notes   NR     33.70    N/A              N/A

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




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R O M A N I A
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UNICREDIT BANK: Fitch Affirms BB+ Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed UniCredit Bank S.A.'s (UCBRO) Long-Term
Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook and
Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS

IDRS AND SUPPORT RATING (SR)

The IDRs and SR of UCBRO are driven by potential support from its
majority owner, UniCredit S.p.A (UC) (BBB-/Stable). In Fitch's
view, UC will continue to have a high propensity to support the
Romanian subsidiary as Romania and the wider central and eastern
European region remain strategically important for the group. The
likelihood of support is strengthened by UCBRO's close operational
and managerial integration with the group and by the parent's high
ability to provide support to its much smaller subsidiary. The
Stable Outlook on the IDR is in line with that on UC's IDR.

VR

In Fitch's view the economic fallout from the coronavirus crisis
represents a medium-term risk to UCBRO's VR. The uncertainty over
the depth of the damage to the Romanian economy drives Fitch’s
negative outlooks on the operating environment, asset quality and
earnings scores. Fitch estimates the Romanian economy to have
contracted 5.4% in 2020 before recovering with a real growth of
3.4% in 2021. Fitch sees downside risks to its forecast from
renewed lockdowns.

The affirmation of UCBRO's VR reflects fairly stable key credit
metrics since the last review in May 2020.

UCBRO's financial profile remains slightly weaker than larger
domestic peers', in particular due to a still higher impaired loan
ratio, weaker profitability and sizeable industry concentrations
impacting Fitch’s assessment of the bank's asset quality and
capitalisation.

UCBRO's reported asset-quality metrics deteriorated only marginally
over 1H20 as Stage 3 loans stood at 7.2% of gross loans at end-1H20
(2019: 7.1%). The reported Stage 2 ratio of around 17% was in line
with peers'. Specific reserve coverage of Stage 3 loans was solid
at around 72% and broadly in line with peers'. However, lower
coverage of Stage 2 loans resulted in overall coverage of Stage 3
loans by total provisions of around 95%, which although solid was
lower than peers'. Fitch expects the bank's asset quality to weaken
as loan moratoria and state support to UCBRO's customers expire.

At end-3Q20 the bank's loan portfolio under moratorium stood at
about 17% of gross loans, only marginally down from the peak of
18.6% (a level slightly higher than peers'). Given that only a
small share of moratoria expired at end-3Q20 it is difficult to
assess the extent of repayment when the majority of moratoria
expired in 4Q20.

UCBRO's operating profitability has been on an improving trend,
supported by fairly stable margins, firm cost control and stable
impairment charges, gradually closing the gap with those reported
by larger and more diversified peers. In 1H20 revenues were under
moderate pressure from tighter margins while impairment charges
increased to an annualised 146bp of average gross loans (2019:
128bp). Operating profit-to-risk-weighted assets (RWAs) was
resilient, however, supported by lower RWAs. Fitch expects revenue
pressures to have persisted in 2H20 and to continue in 2021 due to
continued pressures on margins, only moderate expected loan growth
and likely high impairment charges.

The CET 1 ratio improved 100bp to 16.7% at end-1H20 and further to
17.3% at end-3Q20, due to an around 6% reduction in RWAs resulting
from the easing of capital requirement regulation. This followed a
15.7% improvement at end-2019 due to full retention of 2019 profit.
Despite this improvement UCBRO's capitalisation remains weaker than
peers', also due to material industry concentrations in the bank's
loan book relative to CET1 capital as a result of its predominantly
corporate business model.

UCBRO's loan-to-deposit ratio of 94% at end-1H20 was broadly stable
after sizeable improvements over the last five years. It remains
much higher than that of other rated peers due to a weaker retail
deposit funding franchise and reliance on wholesale funding at its
non-bank subsidiaries. Customer deposits accounted for around 80%
of total funding at end-1H20, with the remainder sourced from the
parent, international financial institutions or the local bond
market. Funding from the parent has been decreasing in recent years
and represented around 16% of UCBRO's total funding on a
consolidated basis at end-1H20. As a subsidiary of a globally
systemically important bank UCBRO will have to comply with internal
total loss-absorbing capital/minimum requirement for own funds and
eligible liabilities (MREL) requirements, which will be met by
internal MREL-eligible debt issuance.

UCBRO's liquidity profile is adequate and supported by ordinary
support from the parent, even in the absence of emergency liquidity
lines from the group. High-quality liquid assets covered around 40%
of customer deposits at end-1H20. The consolidated liquidity
coverage and net stable funding ratios were solid at 178% and 173%,
respectively, at end-1H20.

RATING SENSITIVITIES

IDR AND SR

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

-- UCBRO's IDR could be downgraded if UC's Long-Term IDRs are
    downgraded or if UCBRO becomes less strategically important to
    its parent. Fitch considers both unlikely.

-- A downgrade of UCBRO's SR would require a multi-notch
    downgrade of the parent's Long-Term IDR or a significant
    decrease in UCBRO's strategic importance to UC.

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

-- An upgrade of UCBRO's IDR and SR would require an upgrade of
    the parent's IDRs and Fitch's view that UCBRO's strategic
    importance to the parent has not diminished.

VR

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

-- Asset quality weakens due to a rise in bad debts not
    adequately provided for and without clear prospects for
     improvement, in particular if the impaired loan ratio rises
     materially and durably above 10%.

  -- Operating profitability deteriorates without clear prospects
     for recovery, in particular, if the bank's operating
     profit/RWAs falls sustainably below 1.25%, which typically
     indicates a 'b' assessment for earnings and profitability in
     a 'bb' range operating environment.

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

-- In the event UCBRO is able to withstand rating pressure
    arising from the pandemic, the VR could be upgraded if its
    financial metrics improve to a level comparable with higher
    rated Romanian banks'.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

UCBRO's IDRs and SR are driven by support from UC and therefore
linked to the latter's IDR.

ESG CONSIDERATIONS

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



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S W E D E N
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VERISURE MIDHOLDING: Moody's Affirms B2 CFR Following Refinance
---------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of Verisure
Midholding AB, a leading provider of residential monitored alarm
solutions.

At the same time, Moody's affirmed Verisure Holding AB's B1 senior
secured notes rating and the B1 ratings of certain debt instruments
that will not be refinanced as part of this transaction including
the B1 ratings of senior secured term loans facilities and the B1
rating of the senior secured notes.

Finally, Moody's has assigned B1 ratings to the new EUR2 billion
senior secured term loan due January 2028, new EUR1.15 billion
senior secured notes due January 2027 and the new EUR700 million
senior secured revolving credit facility due July 2027 all issued
by Verisure Holding AB. Furthermore, Moody's assigned a Caa1 rating
to the new EUR1.27 billion equivalent senior unsecured notes due
January 2029 issued by Verisure Midholding AB. The outlook on all
ratings is stable.

The list of affected ratings is shown towards the end of this press
release.

The action follows the company's announcement that it plans to (1)
raise EUR4.42 billion of new secured and unsecured debt (2) extend
the maturity and upsize the current EUR300 million RCF to EUR700
million (3) repay EUR2.73 billion of existing debt which includes
the EUR1.49 billion term loan B due October 2022 and all the
currently outstanding EUR1.24 billion equivalent senior unsecured
notes due December 2023 (4) pay EUR1.6 billion to shareholders.

The refinance and return of funds to shareholders is being
undertaken as part of a new buyout of the company by funds managed
by the current majority owner private equity firm Hellman &
Friedman that values Verisure at more than EUR14 billion enterprise
value.

RATINGS RATIONALE

The rating affirmation and maintaining the stable outlook balances
the short-term increase in leverage as a result of continuing
aggressive financial policies including a substantial payment to
shareholders against (1) a resilient business model with recurring
revenues from a sticky 3.7 million subscriber base that has
performed well during the coronavirus pandemic to date with low
cancellation rates around the 6.5% level and (2) Moody's
expectation of good deleveraging prospects driven by a continuing
track record of solid organic growth and cost efficiencies and (3)
reduced refinance risk with an increase in the weighted average
debt maturity to 6.3 years from 3.5 years alongside a better
staggered maturity profile and (4) stronger liquidity with a larger
RCF that is better suited for the company's scale.

Moody's-adjusted debt/EBITDA will increase to around 8.1x pro forma
for the refinance from 6.2x for the last twelve months to September
2020 but is expected to decrease below 7x in the next 18 months.
The high leverage is in part due to customer acquisition costs
associated with the company's growth. However, on a steady-state
basis (excluding the costs of growing the subscriber base but
including costs of replacing customer contract cancellations),
Moody's-adjusted debt/steady-state EBITDA will increase to 6.3x pro
forma for the refinance from 4.9x LTM to September 2020 but is
expected to decrease towards 5.5x in the next 18 months.

The affirmation of Verisure's B2 CFR reflects the company's (1)
leading position in the European residential home and small
business monitored alarms market, which has a lower rate of
adoption compared to the US providing a high organic revenue growth
potential (2) a solid track record of continuous growth in average
revenue per user and good deleveraging prospects (3) Moody's
expectation of a gradual cash flow improvement supported by
customer portfolio growth, low churn rate and at least stable or
improving payback period.

The company has performed well through the coronavirus pandemic
with good liquidity, a stable customer base and limited impact on
cancellation rates.

The B2 CFR is constrained by (1) a temporarily elevated
Moody's-adjusted leverage pro forma for the transaction (2) free
cash flow after new subscriber cost remaining negative for at least
the next 12 months as a result of significant investment to capture
new subscribers (3) high but decreasing geographic revenue
concentration in Spain (around one-third of revenues) (4) the
potential long term threat from new entrants and existing players
and (5) a pattern of additional debt raises to finance dividends
and support customer acquisition growth.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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

Governance risks taken into consideration in Verisure's credit
profile include its ownership by private equity sponsors, who have
pursued aggressive financial policies favouring high leverage and
shareholder-friendly policies such as dividend recapitalisations
and the pursuit of acquisitive growth.

LIQUIDITY

Moody's considers the company's liquidity to be adequate with a
cash balance estimated at around EUR15 million as of December 31,
2020 and pro forma for the refinance and EUR625 million of drawing
capacity under the new EUR700 million senior secured RCF.

Despite Moody's expectation of limited free cash flow generation in
the near term, on a steady-state basis Moody's expects some
significant improvements over the medium term supported by the
company's low churn rate and cost saving measures. Moody's also
recognises the company's ability to flex its customer acquisition
capex to provide further liquidity if required. In addition, the
company is expected to maintain good capacity under its single
portfolio net leverage springing covenant, only applicable when the
RCF is drawn above 40%. Following the refinance, there are no
material upcoming debt maturities until a EUR500 million secured
note issued by Verisure is due in May 2023.

STRUCTURAL CONSIDERATIONS

The new EUR2 billion senior secured term, the new EUR1.15 billion
senior secured notes and the new EUR700 million senior secured RCF
will rank pari passu with the existing senior secured debt and
share the same security package, and will all be rated B1 which is
one notch above Verisure's B2 CFR to reflect their ranking ahead of
the new Caa1 rated EUR1.27 billion equivalent senior unsecured
notes.

As of December 31, 2020, and pro forma for the refinancing, there
will be EUR5.53 billion of outstanding senior secured debt, EUR75
million of drawings under the EUR700 million RCF, and EUR1.27
billion equivalent of unsecured debt.

RATING OUTLOOK

The stable outlook reflects Moody's expectation of sustained
deleveraging through EBITDA growth whilst cancellation rates and
customer acquisition costs remain stable. Moody's expects the
subscriber base to grow leading to improved cash flow on a
steady-state basis before growth in new subscribers. Moody's also
anticipates no further material debt-financed dividends until the
company has achieved further substantial deleveraging.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Positive rating pressure could develop if Verisure

Demonstrates and commits to more balanced financial policies, and
limits additional debt financing to fund growth and dividend
payments

sustains Moody's-adjusted gross debt/ EBITDA below 5.5x, and

increases steady-state free cash flow (before growth spending) to
debt to 10%, with free cash flow (after growth spending) becoming
positive and

maintains strong operating performance, including stable
cancellation rates

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward rating pressure could develop if

Moody's-adjusted gross debt/ EBITDA is sustained above 7x for a
prolonged period or

steady-state FCF generation trends towards zero, or if liquidity
concerns were to arise or

operating performance weakens materially

Issuer: Verisure Holding AB

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed B1

Senior Secured Bank Credit Facility, Affirmed B1

BACKED Senior Secured Regular Bond/Debenture, Affirmed B1

Senior Secured Regular Bond/Debenture, Affirmed B1

Assignments:

Senior Secured Bank Credit Facility, Assigned B1

Senior Secured Regular Bond/Debenture, Assigned B1

Outlook Actions:

Outlook, Remains Stable

Issuer: Verisure Midholding AB

Affirmations:

Probability of Default Rating, Affirmed B2-PD

Corporate Family Rating, Affirmed B2

Assignments:

Senior Unsecured Regular Bond/Debenture, Assigned Caa1

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Versoix, Switzerland, Verisure Midholding AB
(Verisure) is a leading provider of monitored alarm solutions
operating under the Securitas Direct and Verisure brand names. It
designs, sells and installs alarms, and provides ongoing monitoring
services to residential and small businesses across 16 countries in
Europe and Latin America. The company generates more than EUR2
billion in annual revenues from its 3.7 million subscribers, and
employs more than 20,000 people. The company was founded in 1988 as
a unit of Securitas AB and is majority owned by private equity firm
Hellman & Friedman.



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U N I T E D   K I N G D O M
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EDINBURGH WOOLLEN: Offers Accepted for Business
-----------------------------------------------
Jonathan Eley at The Financial Times reports that offers have been
accepted for Edinburgh Woollen Mill and the Ponden homewares chain
but administrator FRP Advisory has not revealed the identity of the
purchasers.

Many industry observers had expected Mr. Day to buy the companies
out of administration himself -- as he did with Bonmarche, another
fashion chain, last year -- but Mr. Day has told associates that he
has no such intention, the FT notes.

He has, however, indicated that he would support any effort by
others to save the brands and his daughter Lauren remains a
director of both Ponden and EWM, as does his longtime business
partner Stephen Simpson, the FT states.

According to the FT, Mr. Day also retains influence over the
eventual outcome of the administration because EWM Group, the
ultimate holding company for all four companies, is a secured
creditor.

EWM owes GBP140 million to its parent with the loan guaranteed by
other group companies, the FT relays, citing administration
documents.


GJES LONDON: Boss Banned Following Liquidation
----------------------------------------------
Grant Prior at Construction Enquirer reports that the boss of an
electrical contracting company has been banned from running a
business for seven years after failing to explain whether nearly
GBP1 million in expenses taken out of company accounts were
legitimate.

GJES London Ltd was incorporated in October 2011 and Grzegorz
Marcin Jarnot,47, from Surrey was the sole director, Construction
Enquirer discloses.

The company traded for over seven years until GJES London went into
Creditors voluntary liquidation in April 2019 as it was unable to
pay its debts, Construction Enquirer recounts.

GJES London's insolvency triggered an investigation by the
Insolvency Service into Mr. Jarnot's conduct as a director,
Construction Enquirer notes.

Investigators found that from November 2017 to April 2019 more than
GBP952,000 had been paid into GJES London's bank account, with
almost GBP958,000 paid out, Construction Enquirer states.

Mr. Jarnot failed to provide any accounting records to prove
whether the bank deposits accounted for all GJES London's income
and whether the payments made out were legitimate expenditure,
Construction Enquirer relays.

According to Construction Enquirer, further enquiries found that
GJES London was trading to the detriment of the tax authorities,
having failed to pay all its VAT, PAYE and National Insurance and
corporation tax from 2016 to 2019.


JAEGER: M&S Acquisition Expected to be Completed This Month
-----------------------------------------------------------
Jonathan Eley at The Financial Times reports that Marks and Spencer
is set to acquire upmarket womenswear brand Jaeger out of
administration in what would be its first fashion acquisition in
almost two decades.

Richard Price, who joined M&S from Tesco last year as head of
clothing and home, said on Jan. 11: "We have bought the Jaeger
brand and are in the final stages of agreeing the purchase of
product and supporting marketing assets from the administrators of
Jaeger Retail," the FT recounts.

The high street stalwart is also acquiring the company's
intellectual property from a separate Dubai-based holding vehicle
controlled by Jaeger Retail's previous owner, Philip Day, the FT
notes.

According to the FT, the Jaeger transaction, which is expected to
complete later this month, does not include the retailer's
remaining 67 stores, which are now likely to close.

Jaeger is one of four companies controlled by Mr. Day that were put
into administration in November after the coronavirus pandemic hit
sales and profits, the FT discloses.


RENEW LIFE: Files for Insolvency Amid Covid Woes
------------------------------------------------
Adam Saville at COVER reports that life insurance broker Renew Life
Risk Management has filed for insolvency amid Covid woes.

As COVER understands, one of Renew Life's main lead suppliers -- a
Welsh-based firm responsible for 35-40% of its sales -- has ceased
trading as a result of Covid business interruption.  

This combined with the prospect of revoked professional indemnity
(PI) insurance early this year has forced the telephone-based life
insurance brokerage to enter proposed administration, COVER notes.



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

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

Copyright 2021.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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