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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, March 23, 2021, Vol. 22, No. 53

                           Headlines



G E R M A N Y

[*] GERMANY: Mulls EUR70BB Extra Debt Spending Amid Covid Crisis


I R E L A N D

CVC CORDATUS XI: Moody's Affirms B2 (sf) Rating on Class F Notes
DRYDEN 35 2014: Moody's Hikes EUR12.8M Class F-R Notes to B3 (sf)
NEWHAVEN CLO: Moody's Assigns (P)B3 (sf) Rating to Class F-R Notes


I T A L Y

GAMENET GROUP: Moody's Affirms B1 CFR & Alters Outlook to Stable


L U X E M B O U R G

ARDAGH METAL: Fitch Assigns Final 'B+' LT IDR, Outlook Stable
LSF10 XL: Moody's Affirms B3 CFR on Resilient Performance


N E T H E R L A N D S

SUNSHINE MID: Moody's Completes Review, Retains B2 CFR


R U S S I A

BANK PROHLADNYJ: Bank of Russia Halts Provisional Administration
BANK UJNOY: Enters Provisional Administration, License Revoked
CHELYABINSK PIPE: Fitch Puts 'BB-' LT IDR on Watch Negative


S P A I N

GRUPO ANTOLIN: Moody's Affirms B3 CFR, Alters Outlook to Stable
PAX MIDCO: Moody's Completes Review, Retains B3 CFR


S W E D E N

ROAR BIDCO: Moody's Assigns B2 CFR on Strong Operating Performance


U N I T E D   K I N G D O M

CIDRON AIDA: Moody's Assigns B3 CFR, Outlook Stable
GREENSILL CAPITAL: Labour Calls for Probe Into Cameron Lobbying
GREENSILL CAPITAL: Marsh & McLennan Faces Scrutiny Over Collapse
LIBERTY GLOBAL: Moody's Affirms Ba3 CFR on Sunrise Acquisition
LIBERTY STEEL: UK Gov't Draws Up Contingency Plan for Business

PETRA DIAMONDS: Moody's Puts Caa3 CFR Under Review for Upgrade

                           - - - - -


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G E R M A N Y
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[*] GERMANY: Mulls EUR70BB Extra Debt Spending Amid Covid Crisis
----------------------------------------------------------------
Birgit Jennen at Bloomberg News reports that Germany is mulling
around EUR70 billion (US$83 billion) in extra debt spending this
year to fight the fallout from the coronavirus crisis, according to
a person familiar with the plans.

Finance Minister Olaf Scholz needs those additional funds because
the country's lockdown is dragging on much longer than expected,
the person, as cited by Bloomberg, said, cautioning that the exact
number is still under discussion.  Germany's total new debt for
this year will rise to EUR250 billion, Der Spiegel said, which
reported the new spending plans earlier, Bloomberg notes.

Mr. Scholz said earlier this month that Germany will have to
increase debt spending in 2021 to help tackle the impact of the
coronavirus crisis on Europe's largest economy, Bloomberg
recounts.

Bloomberg reported last month that Chancellor Angela Merkel's
government is weighing as much as EUR50 billion in additional debt
spending for 2021, Bloomberg relays.

Germany, Bloomberg says, has since extended its costly lockdown
restrictions further amid stubbornly high numbers of virus
infections.  Another prolongation of the curbs -- due to expire on
March 28 -- is seen as likely, Bloomberg states.

On March 19, Health Minister Jens Spahn warned that Germany already
is in a "third wave of the pandemic" after the contagion rate
inched closer to a critical threshold, Bloomberg recounts.

Ms. Merkel and regional state leaders were due to meet on
March 22 to decide on the next steps in the fight against the
coronavirus, Bloomberg discloses.  Current curbs include billions
of aid to companies such as restaurants, hotels and non-essential
shops that were forced to close, Bloomberg relays.

Spiegel said Germany also plans new debt of up to EUR80 billion for
next year, Bloomberg notes.




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I R E L A N D
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CVC CORDATUS XI: Moody's Affirms B2 (sf) Rating on Class F Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to refinancing notes issued by CVC
Cordatus Loan Fund XI Designated Activity Company (the "Issuer"):

EUR271,125,000 Class A-R Senior Secured Floating Rate Notes due
2031, Assigned Aaa (sf)

EUR22,500,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Assigned Aa2 (sf)

EUR24,750,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Assigned Aa2 (sf)

EUR31,500,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned A2 (sf)

EUR22,500,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned Baa2 (sf)

Moody's also affirmed the Class E and Class F Notes ratings which
have not been refinanced:

EUR30,375,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 8, 2020
Confirmed at Ba2 (sf)

EUR14,625,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Oct 8, 2020
Confirmed at B2 (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 issued the refinancing notes in connection with the
refinancing of the following classes of Notes: the Class A Notes,
Class B-1 Notes, Class B-2 Notes, Class C Notes and Class D Notes
(the "Original Notes"), previously issued on September 7, 2018 (the
" Original Closing Date "). On the refinancing date, the Issuer has
used the proceeds from the issuance of the refinancing notes to
redeem in full the Original Notes .

On the Original Closing Date, the Issuer also issued EUR30,375,000
Class E Senior Secured Deferrable Floating Rate Notes due 2031 ,
EUR14,625,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, EUR47,475,000 Class M-1 Subordinated Notes due 2031 and
EUR1,000,000 Class M-2 Subordinated Notes due 2031, all of which
will remain outstanding.

Moody's rating affirmation of the Class E Notes and Class F Notes
is a result of the refinancing, which has no impact on the ratings
of the notes.

As part of this refinancing, the Issuer has extended the measure
date for the Weighted Average Life Test by 12 months to March 2028.
It has amended certain Portfolio Profile Test, definitions and
minor features. In addition, the Issuer has amended the base matrix
that Moody's has taken into account for the assignment of the
definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans and mezzanine loans after the
amendment. The portfolio is fully ramped up as of the closing date


CVC Credit Partners European CLO Management 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
remaining reinvestment period which will end in April 2023.
Thereafter, subject to certain restrictions, purchases are
permitted using principal proceeds from unscheduled principal
payments and proceeds from sales of credit risk obligations and
credit improved obligations.

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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in global economic activity.

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:

Performing par and principal proceeds balance: EUR444.41 million

Defaulted Par: EUR2.0 million

Diversity Score: 47

Weighted Average Rating Factor (WARF): 3217

Weighted Average Spread (WAS): 3.7%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 7.0 years

DRYDEN 35 2014: Moody's Hikes EUR12.8M Class F-R Notes to B3 (sf)
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Dryden 35 Euro CLO 2014 Designated Activity
Company:

EUR15,100,000 Class C-1A-R Mezzanine Secured Deferrable Floating
Rate Notes due 2033, Upgraded to A2 (sf); previously on Dec 8, 2020
A3 (sf) Placed Under Review for Possible Upgrade

EUR10,000,000 Class C-1B-R Mezzanine Secured Deferrable Fixed Rate
Notes due 2033, Upgraded to A2 (sf); previously on Dec 8, 2020 A3
(sf) Placed Under Review for Possible Upgrade

EUR28,100,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Baa3 (sf); previously on Dec 8, 2020
Ba1 (sf) Placed Under Review for Possible Upgrade

EUR12,800,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Upgraded to B3 (sf); previously on Dec 8, 2020 Caa1
(sf) Placed Under Review for Possible Upgrade

Moody's has also affirmed the ratings on the following notes

EUR3,000,000 (Current Outstanding Balance EUR 2,250,000) Class X
Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf);
previously on Jun 26, 2020 Affirmed Aaa (sf)

EUR261,400,000 Class A-R Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Jun 26, 2020 Affirmed Aaa
(sf)

EUR22,100,000 Class B-1A-R Senior Secured Floating Rate Notes due
2033, Affirmed Aa2 (sf); previously on Jun 26, 2020 Affirmed Aa2
(sf)

EUR20,000,000 Class B-1B-R Senior Secured Fixed Rate Notes due
2033, Affirmed Aa2 (sf); previously on Jun 26, 2020 Affirmed Aa2
(sf)

EUR24,700,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2033, Affirmed Ba3 (sf); previously on Jun 26, 2020
Confirmed at Ba3 (sf)

Dryden 35 Euro CLO 2014 Designated Activity Company, issued in
March 2015 and refinanced in January 2020, is a collateralised loan
obligation (CLO) backed by a portfolio of mostly high-yield senior
secured European loans. The portfolio is managed by PGIM Limited.
The transaction's reinvestment period will end in July 2024.

The action concludes the rating review on the Class C-1A-R, C-1B-R,
D-R and F-R notes initiated on December 8, 2020, "Moody's upgrades
23 securities from 11 European CLOs and places ratings of 117
securities from 44 European CLOs on review for possible upgrade.",
http://www.moodys.com/viewresearchdoc.aspx?docid=PR_437186.

RATINGS RATIONALE

The rating upgrades on the Class C-1A-R, C-1B-R, D-R and F-R notes
are primarily due to the update of Moody's methodology used in
rating CLOs, which resulted in a change in overall assessment of
obligor default risk and calculation of weighted average rating
factor (WARF). Based on Moody's calculation, the WARF is currently
3227 after applying the revised assumptions as compared to the
trustee reported WARF of 3551 as of January 2021 [1].

The rating affirmations on the Class X, A-R, B-1A-R, B-1B-R and E-R
notes reflect the expected losses of the notes continuing to remain
consistent with their current ratings after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralization (OC) levels, as well as applying
Moody's revised CLO assumptions.

Moody's notes that the February 2021 trustee report was published
at the time it was completing its analysis of the January 2021
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR425.0m

Defaulted Securities: None

Diversity Score: 51

Weighted Average Rating Factor (WARF): 3227

Weighted Average Life (WAL): 5.91 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.90%

Weighted Average Coupon (WAC): 4.59%

Weighted Average Recovery Rate (WARR): 43.41%

Par haircut in OC tests and interest diversion test: 0.75%

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in global economic activity.

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.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2020. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. In particular, the length and severity of the
economic and credit shock precipitated by the global coronavirus
pandemic will have a significant impact on the performance of the
securities. CLO notes' performance may also be impacted either
positively or negatively by: (1) the manager's investment strategy
and behaviour; and (2) divergence in the legal interpretation of
CDO documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings. The effect on the ratings of
extending the portfolio's weighted average life can be positive or
negative depending on the notes' seniority.

Other collateral quality metrics: Because the deal can reinvest,
the manager can erode the collateral quality metrics' buffers
against the covenant levels. However, as part of the base case,
Moody's considered spread and coupon levels higher than the
covenant levels because of the large difference between the
reported and covenant levels.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.

NEWHAVEN CLO: Moody's Assigns (P)B3 (sf) Rating to Class F-R Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
Newhaven CLO DAC (the "Issuer"):

EUR3,000,000 Class X-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

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

EUR29,050,000 Class B-R Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR21,700,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)A2 (sf)

EUR26,250,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2034, Assigned (P)Baa3 (sf)

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

EUR9,625,000 Class F-R 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 Moody's methodology.

The Issuer will issue the notes in connection with the refinancing
of the following Classes of notes (the "Original Notes"): Class A-1
Notes, Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C
Notes, Class D Notes, Class E Notes and Class F Notes due 2028,
originally issued on November 5, 2014 (the "Original Issue Date").
The Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes,
Class D Notes, Class E Notes and Class F Notes due 2028 were
refinanced on February 15, 2017.

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 fully ramped up as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe.

Bain Capital Credit, Ltd 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-R
Notes are paid pro rata with payments to the Class A-R Notes. The
Class X Notes amortise by 12.5% or EUR375,000 over the eight
payment dates starting from the second payment date.

In addition to the 7 classes of notes rated by Moody's, the Issuer
will issue EUR12,000,000 of additional Subordinated Notes which are
not rated. On the Original Issue Date, the Issuer also issued
EUR38,000,000 of subordinated notes, which will remain
outstanding.

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 pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of corporate assets from a gradual and unbalanced
recovery in European economic activity.

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: EUR350,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.55%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL): 8.5 years



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I T A L Y
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GAMENET GROUP: Moody's Affirms B1 CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Gamenet Group
S.p.A., including its B1 corporate family rating, its B1-PD
probability of default rating and the B1 instrument ratings of the
existing EUR340 million senior secured notes and EUR300 million
floating rate notes due 2025, issued by Gamma Bidco S.p.A. (the
"issuer"). Concurrently, Moody's assigned a B1 instrument rating to
the new EUR525 million senior secured notes due 2025 to be raised
by Gamma Bidco S.p.A.. At the same time, Moody's has changed the
outlook on all ratings to stable from negative.

In December 2020, Gamenet announced the acquisition of the Italian
online, sports betting and gaming machines businesses (together the
"target") of International Game Technology PLC (Ba3, stable) for
EUR950 million[1]. Proceeds from the EUR525 million senior secured
notes along with EUR225 million of equity will be used to finance
the EUR725 million instalment due at closing and transaction costs.
The subsequent instalments (EUR100 million due on or prior to
December 2021 and EUR125 million due on or prior to September 2022)
will be financed with internal cash generation or equity from the
sponsor. The revolving credit facility ("RCF") will also be upsized
from EUR100 million to EUR232 million (excluding guarantee
facility).

RATINGS RATIONALE

Proforma the acquisition, Gamenet will have a stronger business
profile as the company will double its size and become the leader
in the Italian gaming market. In addition, Moody's considers the
target to be a good fit because products and networks are
complementary. Since the acquisition of Goldbet, Gamenet has been
the Italian leader in sports betting with the largest network of
betting shops while the target is the Italian leader in gaming
machines with the largest network of points of sale in the
country.

Gamenet's operating and financial metrics will also improve. The
target's EBITDA margin is higher than that of Gamenet and the
acquisition will generate EUR50 million of synergies. Moody's also
estimates that the proforma Moody's-adjusted leverage is around
6.2x as of December 2020, 0.2x lower than Gamenet's leverage on a
stand-alone basis. This is due to the EUR225 million equity
contribution and the EUR225 million deferred payments that will be
financed with internal cash generation or equity from the sponsor.

In 2020, Gamenet generated EUR110 million of EBITDA, in line with
Moody's expectations. This was made possible because of the
company's financial mitigation plan and government supportive
measures, namely furlough scheme. For 2021, Moody's expects a lower
EBITDA than previously forecast, reflecting the longer than
expected period of restrictions in Italy. The company's retail
network has been closed since November 2020 and the re-opening date
is still uncertain at this stage. However, Moody's expects that
there will be a rapid recovery once the company's retail network
opens up, as evidenced by the 7.5% EBITDA growth year-on-year in
the third quarter of 2020. This gives confidence that the company
will quickly return to pre-coronavirus EBITDA level once the
situation normalizes and supports Moody's forecast for proforma
EBITDA of EUR410-420 million in 2022.

RATING OUTLOOK

The stable outlook reflects the improvement in the company's
business profile and credit metrics following the acquisition of
the target. It also reflects Moody's expectations that Gamenet's
EBITDA will swiftly return to pre-coronavirus level after the
re-opening of the company's retail network and Moody's-adjusted
leverage will reduce towards 3.0x in the next 12-18 months, from a
peak of 6.4x in 2020.

LIQUIDITY PROFILE

Moody's considers Gamenet's liquidity to be good and supported by
EUR273 million of proforma cash and cash equivalents on balance
sheet as of December 2020 and a EUR222 million available RCF.
Moody's expects the company will generate EUR25-35 million of free
cash flow in 2021. This is despite a large working capital outflow
of around EUR150 million driven by the repayment of deferred gaming
taxes.

The super senior RCF documentation contains a springing financial
covenant based on net leverage set at 8.3x and tested when the RCF
is drawn by more than 40%. Moody's expects that Gamenet will
maintain good headroom under this covenant if it is tested.

STRUCTURAL CONSIDERATIONS

Using Moody's Loss Given Default for Speculative-Grade Companies
methodology, Gamenet's PDR and the rating of the new and existing
senior secured notes are in line with the CFR. This is based on a
50% recovery rate, as is typical for a debt capital structure that
consists of super senior bank debt and secured bonds.

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

Positive pressure on the rating could occur if: (i) the company
materially diversifies its product offering beyond the gaming
market or its geographical presence outside of Italy; (ii)
Moody's-adjusted leverage decreases sustainably below 2.5x while
achieving meaningful positive free cash flow, as well as good
liquidity; (iii) Moody's has greater clarity over the company's
financial policy.

Negative pressure on the rating could occur if: (i) the company's
performance weakens or is hurt by a changing regulatory and fiscal
regime, including the terms of concessions renewal; (ii)
Moody's-adjusted leverage remains above 4.0x for an extended
period; (iii) free cash flow deteriorates and liquidity weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
Methodology published in October 2020.

COMPANY PROFILE

Founded in 2006 and headquartered in Rome (Italy), Gamenet will be
the largest concessionaire in the Italian gaming market. The
company operates in five operating segments: (i) Retail betting
consisting of sports betting and gaming through the retail network;
(ii) Online consisting of sports betting and gaming; (iii)
Amusement with prize machines ("AWP"); (iv) Video lottery terminals
("VLT"); and (v) Retail & street operations consisting of the
management of owned gaming halls and AWPs. In 2019, the company
reported net revenue of EUR738 million and EBITDA of EUR165 million
post IFRS 16.



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L U X E M B O U R G
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ARDAGH METAL: Fitch Assigns Final 'B+' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Ardagh Metal Packaging S.A. (AMP) a
final Long-Term Issuer Default Rating (IDR) of 'B+' with a Stable
Outlook.

Fitch has also assigned ratings to co-issuers Ardagh Metal
Packaging Finance USA LLC's and Ardagh Metal Packaging Finance
plc's USD600 million and EUR450 million senior secured notes of
'BB+'/'RR1', and USD1,050 million and EUR500 million senior
unsecured notes of 'BB-'/'RR3'.

AMP's IDR is aligned with and based on the consolidated credit
profile of parent Ardagh Group S.A.'s (Ardagh; B+/Stable). This
reflects moderate linkage between AMP and Ardagh under Fitch's
Parent and Subsidiary Linkage (PSL) Rating Criteria.

AMP's Standalone Credit Profile (SCP) of 'bb' is stronger than that
of Ardagh and is underpinned by a leading market position in metal
beverage packaging, long-term partnership with customers and
geographical diversification, resilient profitability through the
cycle and expected moderate leverage. Limited product
diversification and eroded free cash flow (FCF) generation in
2021-2022 from significant capacity investments act as a SCP
constraint. Nevertheless, pre-contracted capacity investment and
stable demand for sustainable packaging solutions over the long
term is a key mitigating factor.

The Stable Outlook reflects expected solid operating and financial
performance supported by favourable market conditions. AMP's
operating performance was resilient in 2020 despite the pandemic
and the company was able to maintain positive FCF.

Following receipt of final documentation showing that the issuer of
the secured and senior unsecured notes is not AMP, Fitch is
withdrawing Fitch's expected ratings on the notes assigned to AMP.
The debt ratings are instead being assigned at the level of Ardagh
Metal Packaging Finance USA LLC and Ardagh Metal Packaging Finance
plc and the notes are guaranteed by AMP and other subsidiaries.

KEY RATING DRIVERS

'bb' SCP: The SCP of AMP reflects its leading market position,
geographical diversification, exposure to non-cyclical end-markets,
a favourable market environment, and long-term relationship with
key customers. It reflects forecast funds from operations (FFO)
gross leverage of about 5.5x by end-2021 with strong deleveraging
capacity. Fitch expects sustainable cash-flow generation post its
USD1.8 billion investment programme. In Fitch's rating case, FFO
gross leverage will not exceed 4.5x at end-2022, supporting Fitch's
view of a solid SCP.

Parent and Subsidiary Linkage: Fitch assesses the overall linkage
between AMP and Ardagh as moderate, based on Fitch's approach for a
weak parent and strong subsidiary. Ardagh as majority shareholder
controls the strategic decisions of AMP and its board of directors.
In addition, Ardagh will provide AMP with board services but also
financing and treasury management via long-term service
agreements.

Moderate Legal and Operational Ties: The debt financing of AMP is
separate from Ardagh, with no cross-guarantees or cross-default
provisions and separate security packages. However, in Fitch's view
the moderate legal and operational ties, including management of
major contractual relationships and limited caps on up-streaming of
cash under the current debt financing, allow the parent to control
AMP's assets and cash. AMP's rating is therefore aligned with
Ardagh's IDR and is based on the consolidated credit profile of
Ardagh.

Solid Global Market Position: AMP is among the largest global metal
beverage can producers and is exposed to stable end-markets. It
benefits from high operational flexibility through its global
network of manufacturing facilities that are located close to its
customers. The company's market position, long-term partnership
with customers and capital-intensive business act as
moderate-to-high entry barriers.

Material Investment Programme: AMP is undertaking a USD1.8 billion
investment programme to enhance its production capacity globally.
Around USD1.3 billion of capex will be spent in 2021-2022, eroding
FCF generation. However, the ambitious capex programme will allow
AMP to capitalise on structural demand for beverage cans and
increase its share of specialty cans to over 60% by 2024 from 40%
currently. This should support revenue, profitability and FCF
growth and further strengthen its competitive position. Fitch
forecasts sustainable FCF margins of around 5% from 2023. This
compares favourably with peers' 3%-5%.

Healthy and Resilient Profitability: AMP benefits from resilient
revenue and cashflow generation from the non-cyclical beverage
end-market and increased sustainability awareness and demand for
metal beverage cans, in particular. AMP's Fitch-defined EBITDA
margin of 14%-15% in 2018-2020 is comparable to that of packaging
peers such as Silgan Holdings Inc. and Amcor plc. Resilient
profitability is supported by the ability to pass on cost increases
to customers, mitigating volatility in raw materials prices.
Planned capex and increased share of specialty cans should support
AMP's profitability further. Fitch forecasts EBITDA margin to reach
19% by 2024.

Strong Deleveraging Capacity: Following Ardagh's planned sale of
20% of AMP and the issue of senior secured and senior notes of
USD2.8 billion Fitch forecasts AMP's FFO gross leverage at about
5.5x end-2021. Sustainable revenue and EBITDA growth over the next
three years provides deleveraging capacity with FFO gross leverage
around 3.5x by end-2023 under Fitch's rating case.

Financial Policies Define Deleveraging Path: The incurrence of
additional debt and restricted payments will depend on
capital-allocation decisions by AMP's shareholders. Although there
is no intention to pay dividends currently, this may be revised at
a later stage. Ability to make restricted payments is unlimited
once net debt/ EBITDA is below 4.5x according to notes
documentation. Fitch forecasts dividend payments of about USD100
million in 2023 and USD250 million in 2024.

Narrow Product Diversification: AMP has a diversified global
footprint with about 46% of revenue generated in North America in
2020, 43% in Europe and 11% in Brazil. Nevertheless, the company's
SCP is constrained by a narrow product mix as AMP is a pure metal
beverage can producer. This is mitigated by growing sustainability
awareness of regulators and customers supporting AMP's niche in
metal cans that will be strengthened by the company's ambitious
investment programme.

DERIVATION SUMMARY

AMP is one of the leading metal beverage can producers globally.
The company's business profile is weaker than that of Fitch's
higher-rated peers such as Amcor plc (BBB/Stable), Smurfit Kappa
Group plc (BBB-/Stable), Berry Global Group, Inc (BB+/Stable) and
Silgan Holdings Inc. (BB+/Stable). AMP has smaller scale of
operations and lower customer diversification, but this is offset
by its leading position in the growing beverage can sector, and
expected strong cashflow generation. While AMP's direct metal
can-producing peers are larger in revenue, such as Ball Corporation
at USD11.8 billion (2020) and Crown Holdings at USD11.6 billion
(2020), AMP has similar market positions and compares well in terms
of its standalone credit profile.

Similar to Fitch-rated peers, AMP has healthy and resilient
profitability with an expected FFO margin of about 12% in
2020-2021. This compares well with Amcor, Smurfit Kappa and Berry
Global. Financial profile is additionally supported by sustainable
FCF generation, which will however be under temporary pressure from
planned material capex during 2021-2022.

AMP's leverage is, however, higher versus higher-rated peers' with
forecast FFO leverage at about 5.5x at end-2021. However,
sustainable cash-flow generation should allow AMP to reduce FFO
gross leverage towards 3.5x by end-2023, which is comparable to
Silgan Holdings' 3.8x.

KEY ASSUMPTIONS

-- Revenue to increase about 5% in 2020-2021, on average 13% for
    2022-2023;

-- EBITDA margin at about 15% in 2020, rising to about 18%-19% by
    2022-2023;

-- Equity sale proceeds of USD1.1 billion in 2021;

-- USD2.8 billion of notes in 2021 due on 2028 and 2029;

-- About USD3.4 billion cash, following the equity sale, to be
    up-streamed to Ardagh;

-- Significant rise of capex during 2021-2022 with total capex of
    about USD2.2 billion in 2020-2023;

-- No dividend payments until 2023 when forecast dividend pay-out
    is about USD100 million;

-- No M&A.

Key Recovery Rating Assumptions:

-- The recovery analysis assumes that AMP would be considered a
    going concern (GC) in bankruptcy and that it would be
    reorganised rather than liquidated.

-- Fitch's going-concern value available for claims is estimated
    at USD2.3 billion assuming GC EBITDA of USD500 million. The GC
    EBITDA reflects stress assumptions from the loss of a major
    customer, a secular decline or ESG-related adverse regulatory
    changes related to AMP's operations or the packaging industry
    in general. The assumption also reflects corrective measures
    taken in the reorganisation to offset the adverse conditions
    that trigger the default.

-- A 10% administrative claim.

-- An enterprise value (EV) multiple of 5.5x is used to calculate
    a post-reorganisation valuation. The choice of multiple is
    based on AMP's global market position in an attractive
    sustainable niche with resilient end-market demand, but also a
    less diversified product offering and some traits of
    commoditisation within packaging.

-- Fitch deducts about USD130 million from the EV, relating to
    the company's highest usage of factoring facility, in line
    with Fitch's criteria.

-- Fitch estimates the total amount of senior debt claims at
    USD2.8 billion, which includes senior secured notes of USD1.15
    billion (equivalent) and senior unsecured notes of USD1.65
    billion (equivalent).

-- After deducting priority claims, the principal waterfall
    results in 'RR1'/'100%' for senior secured notes and in
    'RR3'/'54%' for senior unsecured notes.

-- As the majority of revenues and a security package
    representing around 76% of adjusted EBITDA under the senior
    secured notes is generated in group A countries under Fitch's
    criteria, Fitch is not capping the senior secured notes'
    Recovery Rating despite the parent company being domiciled in
    Luxembourg.

RATING SENSITIVITIES

AMP

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

-- An upgrade of Ardagh's IDR from an improved consolidated
    credit profile.

-- Weakening of operational and legal ties between Ardagh and
    AMP.

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

-- A downgrade of Ardagh's IDR.

Ardagh

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

-- Positive FCF margins towards mid-single digits on a sustained
    basis.

-- FFO interest coverage sustainably greater than 3.0x.

-- Clear deleveraging commitment and disciplined financial policy
    leaving FFO gross leverage sustainably below 5.5x.

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

-- EBITDA margin deteriorating to below 15%.

-- Neutral FCF, thereby reducing financial flexibility.

-- FFO interest coverage less than 2.5x.

-- FFO gross leverage including payment-in-kind greater than 7.5x
    on a sustained basis.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
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.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity Expected: Following the debt issue and
upstreaming of cash to Ardagh Fitch expects AMP's cash balance to
be about USD485 million, of which about USD70 million is restricted
for intra-year working capital needs. Thus, readily available cash
of about USD415 million and credit facilities basket under the debt
documentation should be sufficient to cover expected negative FCF
of about USD530 million in 2021.

AMP has a favourable debt repayment profile with no scheduled
maturities till 2028 following the issue of secured and unsecured
notes. Fitch-adjusted short-term debt is represented by a drawn
factoring facility of USD117 million; this debt self-liquidates
with factored receivables.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

AMP's IDR is aligned with and based on the consolidated credit
profile of parent Ardagh. This reflects moderate linkage between
AMP and Ardagh under Fitch's PSL Rating Criteria.

ESG CONSIDERATIONS

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

LSF10 XL: Moody's Affirms B3 CFR on Resilient Performance
---------------------------------------------------------
Moody's Investors Service has affirmed the corporate family rating
of the German manufacturer of wall-building and insulation
materials LSF10 XL Investments S.a r.l (Xella) at B3 and the
probability of default rating at B3-PD. Concurrently, Moody's has
assigned B3 instrument ratings on its new EUR1,945 million senior
secured 1st lien Term Loan B maturing in 2028 and its new EUR250
million senior secured 1st lien Revolving Credit Facility maturing
in 2027, all issued by LSF10 XL BidCo SCA and guaranteed by LSF10
XL Investments S.a r.l. The outlook on both entities is stable.

The proceeds will be used to repay the existing EUR1,673 million
senior secured TLBs and to fund EUR510 million dividend
distribution to Lone Star Funds. The dividend distribution could be
higher financed additionally with a potential EUR200 million PIK
notes, issued outside of the restricted group, which Moody's
considers as equity. In absence of PIK note the dividend
distribution will be respectively lower. Upon completion of the
envisaged transaction, Moody's will withdraw the B3 ratings on
existing senior secured facilities.

RATINGS RATIONALE

The rating action reflects Xella's relative resilient performance
last year despite the turbulences caused by the outbreak of the
global pandemic. Its revenue declined by only 5% while cost
reductions thanks to the company's largely variable cost structure
allowed it to even increase its EBITDA. Cash generation was strong
in 2020 as lower capex and some working capital reduction allowed
cash balance to soar up to EUR408 million compared EUR329 million
at the end of 2019.

The proposed EUR510 million shareholder distribution will reduce
the amount of cash on the balance sheet to EUR150 million and
increase the company's debt load and hence leverage. Moody's
estimates that Xella's gross leverage ratio (as adjusted by
Moody's) will rise to approximately 8x at the year-end 2020 on a
pro-forma basis (6.8x in 2019), which positions it weakly in the
current rating category.

However, despite a sizeable increase in debt its interest coverage
(Moody's adjusted EBIT/ Interest) at around 1.5x would not
deteriorate much (by around 0.2x) and retained cash flow to net
debt (Moody's adjusted, excluding one-time dividend payment) would
stay at mid-to-high single digit that Moody's deems as appropriate
for the B3 rating. Furthermore, Moody's expects that a pick-up of
business activity in the European residential construction that
Xella is mainly exposed to in 2021/22 would allow the company to
reduce leverage below 8x in the coming 12-18 months.

Xella's B3 CFR is supported by (1) its solid market position across
Building Materials and Insulation business units; (2) largely
variable cost structure; (3) still adequate liquidity profile with
upsized EUR250 million undrawn RCF partly compensating for the
lower amount of cash after the dividend distribution; and (4) a
relatively benign outlook for residential construction in Europe,
which is continued to be supported by low interest rate
environment, while Insulation activity is additionally supported by
energy efficient renovations.

At the same time, the rating is constrained by (1) Xella's high
leverage ratio following the dividend recap; (2) high exposure to
more cyclical and volatile new-build construction activity in its
Building Materials divisions (c. 70% of group sales); (3)
aggressive financial policy as evidenced by large dividend
distribution in spite of already relatively leveraged balance
sheet; (4) the potential existence of EUR200 million PIK notes
outside of the restricted group, which increases the risk of
potential cash leakage over time; and (5) event risk associate with
potential bolt-on acquisitions.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the company's
credit metrics will gradually recover after the sizeable dividend
payment, with leverage ratio trending towards 8x in the next 12-18
months. Furthermore, the outlook is conditional upon Xella's
ability to maintain an at least adequate liquidity profile.

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

Positive rating pressure could arise if:

Moody's adjusted gross debt/EBITDA declines sustainably below 6x;

Moody's adjusted retained cash flow/ net debt in high single
digit

Positive free cash flow generation with FCF/ debt approaching
mid-single digit

Conversely, negative rating pressure could arise if:

Moody's adjusted gross debt/EBITDA increases sustainably above
8x;

Moody's adjusted EBITA/ Interest below 1x;

Substantial deterioration in liquidity profile as a result of
large negative FCF, aggressive shareholder distributions or M&A.

STRUCTURAL CONSIDERATION

In the loss-given-default (LGD) assessment for Xella, Moody's ranks
pari passu EUR1,945 million 1st lien senior secured TLB and the
upsized 1st lien senior secured EUR250 million RCF, which share the
same collateral package, mainly consisting of share pledges over
operating subsidiaries of the Xella group accounting for at least
80% of the group's assets and EBITDA. These instruments are rated
B3 in line with the corporate family rating.

The capital structure could also include EUR200 million of PIK
notes, issued outside of the restricted group, and potentially used
to increase the amount of dividend distribution. These notes will
mature after the senior secured loans and are not guaranteed by the
restricted group. Therefore, and since the notes will be
down-streamed into the restricted group as common equity, Moody's
does not include it in debt and leverage calculations. However, the
potential existence of the PIK notes implies an additional risk of
potential cash leakage over time.

LIQUIDITY

The liquidity profile of the company is still solid. This is
reflected in EUR150 million of cash after the envisaged shareholder
distribution and debt refinancing, complimented by the upsized
EUR250 million RCF. Moody's believes that Xella's cash position is
sufficient to cover the working capital seasonality during the year
and that the group will continue generating positive FCF in absence
of further shareholder distributions. Xella has a covenant lite
debt structure with a spring net leverage covenant expected to be
set with a 40% headroom to opening net leverage only applicable to
the revolver if it is drawn by more than 40%.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.
The main environmental and social risks are not material in case of
Xella. The company is less exposed than cement peers to
environmental risks as its production process is significantly less
energy intensive than the production of cement. However, the
company is owned by the private equity firm Lone Star. Moody's
views its financial policy as aggressive favouring shareholders
over creditors as evidenced by the envisaged dividend distribution
despite already relatively leveraged capital structure. Xella has
also distributed dividends in 2018 and 2019, though those dividends
resulted from asset disposals and Xella maintained a large amount
of liquidity on its balance sheet at that time.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Building
Materials published in May 2019.

PROFILE

Headquartered in Luxembourg, LSF10 XL Investments S.a r.l (Xella)
is the holding company of the Xella group. Xella is a leading
European multi-brand manufacturer of modern wall-building and
insulation materials. Xella was acquired by certain Lone Star Funds
in a secondary leveraged buyout in April 2017. In the last twelve
months ended September 2020, the company reported revenues of
EUR1.5 billion.



=====================
N E T H E R L A N D S
=====================

SUNSHINE MID: Moody's Completes Review, Retains B2 CFR
------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Sunshine Mid B.V. and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on March 15, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), 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.

Sunshine Mid B.V.'s B2 corporate family rating reflects its
significant scale and the good track record in generating steady
profit growth and modest free cash flow generation. Geographical
diversification remains modest with Refresco mainly reliant on
Europe and North America. Supported by stronger earnings, credit
metrics have improved in 2020 leaving the company more adequately
positioned in the rating category. While there is potential for
deleveraging in the next 12-18 months, the rating reflects ongoing
appetite for M&A.

The principal methodology used for this review was Global Soft
Beverage Industry published in January 2017.



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

BANK PROHLADNYJ: Bank of Russia Halts Provisional Administration
----------------------------------------------------------------
On March 17, 2021, the Bank of Russia terminated the activity of
the provisional administration appointed to manage credit
institution Bank Prohladnyj LLC (hereinafter, the Bank).

The provisional administration established that the activities of
the Bank's former management and owners had signs of actions aimed
at withdrawing liquid assets through cession agreements.

The provisional administration and the Bank of Russia have filed
complaints to the law enforcement bodies regarding the facts
revealed.

According to the assessment of the provisional administration, the
value of the Bank's assets is insufficient to fulfil its
obligations to creditors.

On March 1, 2021, the Arbitration Court of the Kabardino-Balkar
Republic recognized the Bank as insolvent (bankrupt) and initiated
a bankruptcy proceeding against it.  The State Corporation Deposit
Insurance Agency was appointed as a receiver.

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

Settlements with the Bank's creditors will be made in the course of
the bankruptcy proceeding as the Bank's assets are sold (enforced).
The quality of these assets is the responsibility of the Bank's
former management and owners.

The provisional administration was appointed by Bank of Russia
Order No. OD-1641, dated October 9, 2020, due to the revocation of
the banking license from the Bank.


BANK UJNOY: Enters Provisional Administration, License Revoked
--------------------------------------------------------------
The Bank of Russia, by virtue of its Order No. OD-424, dated March
19, 2021, revoked the banking license of Krasnodar-based OOO
(Limited Liability Company) Bank Ujnoy mnogootraslevoy korporation
(OOO (LLC) UMK bank) (Registration
No. 3495; hereinafter, UMK bank).  The credit institution ranked
222nd by assets in the Russian banking system.  UMK bank is not a
member of the deposit insurance system.

The Bank of Russia made this decision in accordance with Clause 6.1
of Part 1 of Article 20 of the Federal Law "On Banks and Banking
Activities", based on the facts that UMK bank:

   -- failed to comply with the anti-money laundering and
counter-terrorist financing laws.

UMK bank focused on serving the interests of its owners and their
related companies accounting for a significant portion of the loan
portfolio.  In addition, over 70% of the outstanding loans
recognized on the credit institution's balance sheet were of low
quality.

Furthermore, in the course of the inspection at UMK bank, the
supervisory body detected cases of non-transparent transactions
aimed at withdrawing funds abroad and concealing actual financial
flows.

The Bank of Russia appointed a provisional administration to UMK
bank for the period until the appointment of a receiver4 or a
liquidator.  In accordance with federal laws, the powers of the
credit institution's executive bodies were suspended.


CHELYABINSK PIPE: Fitch Puts 'BB-' LT IDR on Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed PJSC Chelyabinsk Pipe Plant's (ChelPipe)
'BB-' Long-Term Issuer Default Rating (IDR) on Rating Watch
Negative (RWN) following the acquisition by PAO TMK, the largest
Russian steel pipe producer and ChelPipe's peer.

The RWN will be resolved once Fitch gains clarity on the group's
new capital allocation policy and ChelPipe's operational
integration, and completes its assessment of the consolidated
credit profile of the combined entity and parent-subsidiary ties,
the latter of which, in Fitch's view, is likely to be fairly
strong.

Fitch believes that the combined entity will have a weaker initial
credit profile than the standalone ChelPipe entity due primarily to
increased leverage and TMK's weaker standalone credit metrics. At
the same time, Fitch expects the consolidated entity will benefit
from a stronger business profile compared with ChelPipe's and to
have a debt-reduction capacity in the medium term depending on its
new financial policy. Assuming no material changes to the current
financial policies of both entities, Fitch estimates funds from
operations (FFO) net leverage for the combined group will reach
4.3x at end-2021 before falling to 3.4x in 2023, within ChelPipe's
standalone negative sensitivity of 3.5x.

KEY RATING DRIVERS

Merger Completed: TMK finalised the acquisition of an 86.5% stake
in ChelPipe from Mr. Andrey Komarov on 16 March 2021. TMK may
increase its stake in the future. The merger was approved by the
Russian antitrust body. Fitch believes the USD1.1 billion sale of
TMK's US subsidiary completed in 2020 provided flexibility to TMK
to acquire the ChelPipe stake for RUB84 billion (USD1.2 billion).

Strong Parent-Subsidiary Linkage: Fitch would likely assess the
overall ties between TMK and ChelPipe as fairly strong in
accordance with Fitch's Parent and Subsidiary Linkage Rating
Criteria. While no details are available yet about the future
financial or operational policy, Fitch estimates ChelPipe to
account for 40% of the combined group pro-forma EBITDA in 2021.
TMK's CEO has been appointed as ChelPipe's CEO. Given the
commonality in the product range, Fitch would expect the combined
group to focus on synergies and operational integration of
ChelPipe. The legal ties are currently limited.

ChelPipe's dividend payment capacity is somewhat limited by the
incurrence covenant of 3.5x net debt/EBITDA in the documentation of
its 2024 Eurobond. The documentation has no change-of-control
clause and the waivers were received for its bank debt.

Leading Pipe Producer Globally: Fitch is likely to focus on a
consolidated profile in Fitch's analysis post acquisition. The
combined group would be the biggest producer of seamless industrial
and oil and gas pipes in Russia and a leading large diameter pipes
(LDP) producer for oil and gas transportation. TMK and Tenaris S.A.
will be the two largest steel pipe producers globally ex-China by
EBITDA. After the merger, TMK will be better diversified by number
of plants, continue to have a strong cost position and around
50%-60% self-sufficiency in steel feedstock.

Solid Domestic Position: TMK (on a combined basis) will have the
strongest position domestically but modest geographic
diversification of assets; however, Fitch views Russia as one of
the most stable steel pipe markets. Fitch estimates exports for the
combined group at around 18% of total volumes in 2020. Typically,
domestic pipe sales are more profitable than exports.

Expected Decline in Leverage: The credit metrics of the combined
group will depend on its new financial policy. Based on the current
parameters of the capital allocation framework for each entity
Fitch estimates that pro-forma FFO net leverage of the combined
group would have been around 3.6x at end-2020. Fitch expects it to
increase to 4.3x by end-2021 on the payment of purchase
consideration to ChelPipe's shareholders and then moderate to 3.7x
in 2022 and to 3.4x in 2023. Fitch projects pro-forma EBITDA of the
combined entity to increase to RUB78 billion in 2023 from RUB68
billion in 2021 due to underlying revenue growth and synergies.

Supportive Prices, Volatile Volumes: Post-merger TMK will benefit
from a solid operational profile with a high share of value-added
steel products (steel pipes) and an established customer base. It
also benefits from long-term contracts with a cost pass-through
pricing mechanism covering the majority of revenues and thereby
providing support to prices. Sales volumes depend on the dynamics
in oil and gas and industrial sectors and can be volatile.

Recovery Ongoing: Fitch estimates that combined pro-forma EBITDA of
TMK-ChelPipe fell 18% in 2020, mainly driven by lower sales during
the acute phase of the pandemic. Both companies managed to increase
EBITDA margins in 2020, which was partially facilitated by a weaker
rouble. Production oil and gas drilling volumes were broadly flat
in Russia in 2020 despite the oil production curtailment
commitments undertaken within the OPEC+ agreement. Capex of Russian
oil and gas companies is rather stable compared with international
peers', which is positive for pipe producers. Production drilling
slid 20% yoy in January 2021, and Fitch believes total drilling
volume may decline by single-digit percentages this year.

Oversupplied LDP Market: Russian LDP market is suffering from
overcapacity, which led to low LDP segment profitability for
ChelPipe in 2020 as the pandemic hit. ChelPipe generated just 3% of
its adjusted EBITDA from the LDP segment, down from 15% in 2019.
LDP sales are driven by megaprojects and pipeline replacement
programmes of PJSC Gazprom (BBB/Stable), Transneft and other oil
and gas companies. Fitch expects LDP revenues of the combined group
to rebound in 2021. The combined group will have higher exposure to
the oil and gas sector than standalone ChelPipe.

DERIVATION SUMMARY

TMK-ChelPipe will benefit from a high share of value-added products
(steel pipes), top domestic position across oil & gas and
industrial seamless pipes, partial backward integration into scrap
and billets, an established long-term customer base, and
significant exposure to margin-boosting premium pipe solutions.
Similar to standalone ChelPipe the combined group will have a weak
presence outside Russia and high exposure to the domestic oil and
gas sector (typical for steel pipe suppliers but not for steel
producers).

The combined entity will move closer in terms of scale and
diversification to its Russian steel peers PAO Severstal
(BBB/Stable), PJSC Novolipetsk Steel (NLMK, BBB/Stable) and OJSC
Magnitogorsk Iron & Steel Works (BBB/Stable) but will lag them in
cost leadership. The combined group will rank above the steel peers
in value-added production (pipes). Its partial vertical integration
into billets and scrap compares well with MMK's but not with the
more integrated NLMK's and Severstal's. TMK-Chelpipe will have
higher exposure to the Russian oil and gas sector and substantially
higher leverage than peers.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for ChelPipe:

-- A 10% rebound in revenue in 2021 (excluding the oilfield
    services division sold in 2021), followed by low-single-digit
    growth to 2024;

-- EBITDA at RUB28 billion in 2021, increasing to RUB31 billion
    in 2024 on higher sales volumes;

-- Capex averaging RUB11 billion in 2021-2024;

-- Dividends of RUB7.5 billion in 2021, and then in line with the
    existing dividend policy until 2024.

Fitch's key assumptions for TMK-ChelPipe:

-- A 10% rebound in revenue in 2021, followed by low-single-digit
    growth until 2024;

-- Pro-forma EBITDA at RUB68 billion in 2021, rising to RUB78
    billion in 2023 on higher sales volumes and operational
    synergies;

-- No additional M&A;

-- Full consolidation of ChelPipe.

RATING SENSITIVITIES

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

-- The RWN will be resolved once Fitch assesses the business
    profile of the combined entity and its new financial policy,
    which may also lead to the revision of the rating
    sensitivities compared with standalone ChelPipe.

-- Fitch may consider removing the RWN and affirming ChelPipe's
    rating if Fitch decides to rate the company on a consolidated
    basis and the combined entity's financial policy supports
    steady deleveraging in line with Fitch's expectations.

-- FFO leverage consistently at or below 3.0x (gross) or 2.5x
    (net) for standalone ChelPipe (provided as a reference given
    that the sensitivities for the combined entity may be
    revised).

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

-- Fitch may consider downgrading the company if the new capital
    allocation policy leads to a material increase in leverage for
    the combined group (given a consolidated approach).

-- FFO leverage sustained above 4.0x (gross) or 3.5x (net) for
    standalone ChelPipe (provided as a reference given that the
    sensitivities for the combined entity may be revised).

ESG Considerations

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
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.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: ChelPipe and TMK had a combined RUB84 billion
in short-term debt maturities as of end-2020. The maturities were
covered by combined committed credit lines of RUB127 billion at
end-2020. Consideration for TMK's payment to ChelPipe's majority
shareholder and minority shareholders can be covered by TMK's large
cash balance and debt raised in early 2021.

ChelPipe's RUB8 billion cash and RUB31 billion committed credit
lines at end-2020 can cover standalone short-term debt of RUB22
billion, including a RUB10 billion domestic bond that can be put to
ChelPipe. However, its future liquidity profile will be dependent
on the combined entity's new financial policy.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- ChelPipe's EBITDA was reduced by RUB1.2 billion to deduct
    right-of-use assets depreciation and lease-related interest
    expense in 2020. At the same time, its lease liabilities were
    removed from debt.



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

GRUPO ANTOLIN: Moody's Affirms B3 CFR, Alters Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and the probability of default rating at B3-PD of Grupo
Antolin-Irausa, S.A. At the same time Moody's changed the outlook
to stable from negative.

"The change in outlook to stable is driven by a solid recovery in
operating performance and cash generation in the third quarter
2020, but in particular a continued solid liquidity profile and the
expectation that a recovery in global light vehicle sales will
allow the company to recover its financial metrics in 2021 to
levels more appropriate for its B3 rating.", said Falk Frey, a
Moody's Senior Vice President and Lead Analyst for Grupo Antolin.

RATINGS RATIONALE

The affirmation of Grupo Antolin's B3 rating reflects Moody's
expectation that the company's liquidity remains adequate going
forward, while leverage (Moody's adjusted debt / EBITDA) will,
after an anticipated temporal increase to almost 9x in 2020 (5.1x
as of December 2019), return into the range of 5.5x -- 6.5x by
year-end 2021, which Moody's consider to be appropriate for the B3.
The improvement will be supported by (i) Moody's expectation of a
recovery in global light vehicle sales from 2021, after a sharp
drop in 2020, (ii) the company's actions of cost reduction and
variabilization in order to benefit from the recovery in volumes,
and (iii) the operating turnaround of the group's previously
loss-making facilities in Spartanburg and Alabama.

Moody's forecasts for the global automotive sector a 7% recovery in
unit sales in 2021, compared with a decline of 14.1% in 2020.
However, future demand for vehicles could be weaker than Moody's
current estimates, the already competitive environment in the auto
sector could intensify further, and Grupo Antolin could encounter
greater headwinds than currently anticipated.

The rating balances Grupo Antolin's (1) strong position in the
market for automotive interior products, (2) size and scale as a
tier 1 automotive supplier, (3) adequate liquidity, and (4)
resilience to raw material price volatility.

The rating also reflects (1) Grupo Antolin's exposure to the
cyclicality of the global automotive industry; (2) a highly
competitive market environment for interior products, with
relatively little growth prospects and high pricing pressure,
reflected by a negative EBITA margin of -2,4% for the LTM 09/2020
which was already weak in 2019 (1.9%) pre-Covid impact; (3) its
high gross leverage of 13.3x for the LTM 09/2020 (in 5.1x 2019);
and (4) its low free cash flow (FCF), a negative EUR104 million
over the last five years, given its high capital spending and low
operating profit margin.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook recognizes Grupo Antolin's ability to maintain a
solid liquidity position throughout the severe downturn triggered
from the Covid-19 outbreak and moreover, reflects Moody's
expectation of continued progress in Grupo Antolin's financial
recovery starting to materialize in Q3 2020 that should lead to
financial metrics becoming more adequate for the current B3 rating
level e.g. EBIT margin improvement to around 1% (-2.4% LTM 09/2020)
and leverage in the range of below 6x (13.3x LTM 09/2020), whereas
free cash flow will become positive only by 2022.

LIQUIDITY

As of the end of September 2020, the company's cash balance was
around EUR450 million in addition to the availability of its EUR200
million RFC of which its maintenance covenants are suspended until
June 2021. Afterwards, test levels of net debt/adjusted EBITDA less
than 3.5x and EBITDA/financial expenses greater than 4.0x apply.
Moody's expects that these covenants will be met once they become
effective again.

Grupo Antolin has no major debt maturities until 2024 and only
minor amounts of short-term debt falling due, most of which are
renewable credit facilities that are typically rolled over. Against
previous assumptions, Moody's expect the group to generate a
negative free cash flow in an amount in the mid double digit
million for 2021 and a slightly positive FCF thereafter.

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

Positive rating pressure for Grupo Antolin could built in a
scenario of a sustained recovery in car demand coupled with effects
from Grupo Antolin's efficiency measures implemented that will
result in a recovery in metrics to pre-outbreak levels. More
specifically adjusted Debt/EBITDA would have to drop back
sustainably below 5.5x with an EBITA margin sustainably above 2.5%.
This compares with our current expectations of below 6x leverage
and 1% EBITA margin for fiscal year 2021 and 5.1x and 1.4% in 2019
pre Covid-19 impact respectively.

Negative pressure would evolve in case of a prolonged and deep
slump in demand - in contrast to Moody's current base case scenario
- leading to more balance sheet deterioration and a longer path to
restoring credit metrics in line with a B3 credit rating (EBITA
margin at least 2%, debt/EBITDA not exceeding 6.5x on a sustained
basis). A significant deterioration in Antolin's liquidity profile
would also result in a downgrade.

The principal methodology used in these ratings was Automotive
Supplier Methodology published in January 2020.

LIST OF AFFECTED RATINGS:

Affirmations:

Issuer: Grupo Antolin-Irausa, S.A.

Probability of Default Rating, Affirmed B3-PD

LT Corporate Family Rating, Affirmed B3

Senior Secured Regular Bond/Debenture, Affirmed B3

Outlook Actions:

Issuer: Grupo Antolin-Irausa, S.A.

Outlook, Changed To Stable From Negative

COMPANY PROFILE

Headquartered in Burgos, Spain, Grupo Antolin-Irausa, S.A. is a
family-owned tier 1 supplier to the automotive industry. It focuses
on the design, development, manufacturing and supply of components
for vehicle interiors, which includes cockpits, overheads
(headliners), door trims, and interior lighting components. In the
first nine months 2020, Grupo Antolin generated revenue of EUR2.6
billion.

PAX MIDCO: Moody's Completes Review, Retains B3 CFR
---------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Pax Midco Spain and other ratings that are associated
with the same analytical unit. The review was conducted through a
portfolio review discussion held on March 10, 2021 in which Moody's
reassessed the appropriateness of the ratings in the context of the
relevant principal methodology(ies), 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.

The B3 CFR reflects Pax Midco Spain's (Areas) exposure to
continuing travel and mobility restrictions, which has resulted in
low revenue due to the closing of its points of sale or low
footfall. Additionally, depressed air passenger traffic through at
least 2022 will hinder the recovery in the company's points of
sales located in airports. This means that revenue and earnings are
unlikely to revert to the level of its fiscal year ended September
30, 2019 ("fiscal 2019") before fiscal 2023 at the earliest.
Besides the uncertainty of revenue growth, the CFR also reflects
the company's more levered capital structure because of the debt
raised to support liquidity and Moody's expectation of negative
free cash flow over the next 12-18 months.

More positively, the CFR also incorporates the company's presence
across other types of travel hubs than airports such as train
stations and motorway service areas, which Moody's expects will
recover at a faster pace. The CFR is also supported by the improved
liquidity profile following the issuance of EUR210 million of
state-guaranteed loans (of which EUR135 million and EUR55 million
are guaranteed by the French and Spanish states respectively and
the remaining amount by Italian state) and the equity injection of
EUR30 million in October 2020. This was in addition to the EUR48
million of completion account settlements received from Elior Group
SA (Ba3) in August 2020.

The principal methodology used for this review was Restaurant
Industry published in January 2018.



===========
S W E D E N
===========

ROAR BIDCO: Moody's Assigns B2 CFR on Strong Operating Performance
------------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and B2-PD probability of default rating to Roar BidCo AB, the top
entity of Recipharm AB restricted group. At the same time, Moody's
has assigned a B1 instrument rating to both the EUR1,115 million
guaranteed senior secured first-lien term loan B and the SEK3,000
million guaranteed senior secured revolving credit facility (RCF).
A stable outlook has been assigned to all ratings.

The debt proceeds, together with the proceeds of the second-lien
GBP228 million term loan cash equity contribution of SEK14.4
billion and rolled-over equity of SEK6.0 billion, will be used to
finance the acquisition of Recipharm AB for SEK24.9 billion and
refinance the existing debt.

RATINGS RATIONALE

The B2 CFR and stable outlook reflect (i) Recipharm's above-average
size, broad product offering and good technical capabilities; (ii)
some differentiating capabilities in sterile, ADS and development
services with good market shares in lyophilized, blow-fill-seal and
inhalation; (iii) high barriers to entry of the CDMO industry; (iv)
a strong track-record of quality and reliability translating into
low customer churn rates; and (v) a good liquidity profile of the
company over the next 12 to 18 months, including Moody's
expectations that the company will generate positive free cash
flow.

Conversely, the CFR is constrained by (i) the very high opening
Moody's-adjusted leverage at 7.7x as of December 2020, although
Moody's expects this will fall below 6.5x in the next 12-18 months;
(ii) modest EBITA margins compared to larger competitors or
specialized CDMOs although the agency expects an improvement over
the next 12 to 18 months because of an evolution in business mix,
with an increasing portion of revenue coming from vaccines and
respiratory products manufacturing and development services; (iii)
Recipharm's currently low exposure to large molecules and
biological drugs where outsourcing needs are the highest; and (iv)
appetite for selective M&A which could maintain leverage at a high
level.

Moody's expects that Recipharm will grow in the mid-single digits
range over the next two years. Growth will be supported by
increased demand for respiratory products and development services
as well as the company's exposure to COVID-19 vaccines, for which
they have signed manufacturing contracts with Moderna and Arcturus
to support formulation and fill finish for both vaccines. Over the
12 to 18 months, the agency expects limited Moody's-adjusted free
cash flow, as a result of additional investments made in the
steriles segment where Moody's estimates there is still high
utilization rates, that may increase capital expenditures. Moody's
expects a decrease in leverage through 2022 due to the
strengthening in operating profit margins stemming from evolution
in business mix, together with further benefits from economies of
scale and normalization of non-recurring costs. At the current
rating level, there is little to no capacity for Moody's gross
adjusted leverage to increase from 7.7x. Deleveraging will be key
for the company to remain within the B2 rating.

LIQUIDITY

Moody's considers Recipharm's liquidity to be good and supported by
(i) SEK643 million of cash on balance sheet at closing of the
transaction; (ii) a fully undrawn SEK3.0 billion RCF; and (iii)
debt maturities that do not fall due until 2027. The agency expects
Moody's adjusted positive free cash flow generation in the next
12-18 months, limited by the high capital intensity of the
industry.

Under the Senior Facility Agreement, RCF lenders benefit from a
springing net leverage covenant and tested on a quarterly basis
when the RCF is drawn by more than 40%. The test level is set at
9.99x. Moody's expects the company to maintain a large headroom
under this covenant if tested.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Moody's
adjusted gross leverage will fall below 6.5x by 2022, and that
Recipharm's operating performance will continue to be strong over
the next 12 to 18 months, allowing earnings growth and good FCF
generation. The outlook assumes that the company will not undertake
any major debt-funded acquisitions or shareholder distributions
that could delay the deleveraging trajectory that Moody's currently
forecast.

ESG CONSIDERATIONS

Recipharm is exposed to social risks given the highly regulated
nature of the healthcare industry and the sensitivity to
demographic and societal pressures, including the affordability of,
and access to health services. Reputational, operational,
litigation and regulatory risks are important drivers of the
company's credit profile. Recipharm's credit profile is indirectly
affected by its exposure to the pharmaceutical industry, the
pricing of its products and its requirements for constant product
quality and manufacturing reliability. To date, the company has a
good operational track record with no quality or product recall
issues directly attributable.

Following its delisting, Moody's expect Recipharm's financial
policy to be in line with that of similar private equity-owned
issuers as illustrated by its high financial leverage. The company
operates in a highly fragmented industry, prone to consolidation.
As a result, Moody's considers the M&A risk to be material,
especially given the company's track-record of external growth. The
recent change of CEO mitigates the key-man risk associated with
former CEO Thomas Eldered, who founded the company and has been CEO
since 2008.

STRUCTURAL CONSIDERATIONS

Roar BidCo AB B2-PD probability of default rating is at the same
level as the CFR, reflecting an assumed family recovery rate of 50%
given the existence of first-lien and second-lien bank debts in the
structure. The EUR1,115 million first-lien term loan B and the
SEK3.0 billion RCF rank pari passu with each other, together with
trade payables and UK pensions. The GBP228 million second-lien term
loan ranks as junior debt in the waterfall.

Moody's rate the EUR1,115 million first-lien term loan B and
SEK3,000 million RCF B1, one notch above the CFR considering the
waterfall structure. Both term loans are guaranteed by Recipharm
and its subsidiaries, which together must account for at least 80%
of the group's consolidated EBITDA. There are no financial
covenants for the two term loans. The company's capital structure
does not include any other shareholder instruments within the
restricted group.

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

Positive rating pressure could materialize if:

Moody's-adjusted gross debt / EBITDA decreases below 5.0x on a
sustained basis

Recipharm increases business diversification and scale while
improving operating margins

Recipharm generates FCF/debt sustainably in excess of 5% and
maintains good liquidity

Downward rating pressure could develop if:

Moody's-adjusted leverage were to remain above 6.5x in 2022 and
not delever further to around 6.0x beyond 2022

Operating profit margins were to deteriorate or show a less
meaningful improvement than currently forecast by the Agency

Moody's-adjusted cash flow generation or liquidity were to weaken,
including negative FCF

Large debt-funded acquisitions lead to a material deterioration in
credit metrics and evidence a more aggressive financial policy than
expected



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

CIDRON AIDA: Moody's Assigns B3 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service has assigned a B3 corporate family rating
B3-PD probability of default rating to Cidron Aida Bidco Ltd
('ADVANZ') in the context of the group's acquisition by funds
controlled by Nordic Capital. Moody's has also assigned B3 ratings
to the $360 million equivalent Euro-denominated senior secured
first lien term loan and pari passu ranking $200 million
multicurrency senior secured revolving credit facility, maturing in
2028 and 2027 respectively and for which Cidron Aida Finco S.a r.l
is the borrower. The outlook on both entities was assigned stable.

Concurrently, Moody's has withdrawn the existing B3 CFR, B3-PD PDR
and the SGL-2 speculative grade liquidity rating of ADVANZ PHARMA
Corp. Limited.

RATINGS RATIONALE

"The rating assignments principally reflect the high forecast
Moody's adjusted leverage of around 6.0x in the next couple of
years while ADVANZ is yet to demonstrate that it can grow its
revenues and, most importantly, its EBITDA organically" says
Frederic Duranson, a Moody's Assistant Vice President - Analyst and
lead analyst for ADVANZ. "We see a path to organic growth from
2022, however, provided the group successfully executes on larger
pipeline opportunities" Mr Duranson adds.

Moody's calculates that adjusted gross debt/EBITDA for ADVANZ was
6.2x at the end of 2020 (pro forma for the new capital structure),
broadly in line with 2019. Despite organic revenue regression,
EBITDA was only marginally lower than 2019 as it benefitted from
acquisition contributions (between $3 million and $4 million) as
well as structural savings from restructuring initiatives and
reduced variable and travel expenses in the context of COVID-19.

While ADVANZ's like-for-like revenues have reduced at a rate of
(5%) -- (6%) in 2019 and 2020, Moody's expects that organic revenue
will be close to stable in 2021 and will grow from 2022, supported
by larger contributions from new launches. One sizeable revenue
opportunity is lanreotide, a generic formulation of Ipsen's
Somatuline (a long-acting injectable indicated for neuroendocrine
tumours and acromegaly) which has been approved in Europe and will
benefit from its first to market status as a generic and barriers
to entry owing to its manufacturing complexity. Commercial
execution for larger product opportunities will be critical for
ADVANZ to achieve organic growth because Moody's expects continued
revenue regression excluding product launches. Despite margin
pressure from launch costs and broader investments in ADVANZ's
commercial infrastructure, the rating agency forecasts that the
group will also achieve low organic EBITDA growth from 2022, which
will trigger a deleveraging opportunity. However, adjusted leverage
will remain around 6.0x until the end of 2022 and likely in a range
of 5.5x to 6.0x thereafter.

The asset-light nature of ADVANZ's business model results in solid
cash conversion and good cash flow coverage of debt metrics.
Moody's estimates that 2020 levered free cash flow (FCF, before
product acquisitions) was around $70 million as working capital
usage and cash exceptional items constrained cash generation. Under
the new capital structure and in light of prospects for organic
growth, the rating agency expects ADVANZ to lift its annual free
cash flow generation to a range of $100 million to $120 million
(excluding outflows for product acquisitions reported as part of
capex and at the current scope) in the next few years.

ADVANZ's credit profile continues to benefit from good product and
therapeutic diversity as well as broad geographic presence. In
addition, the group's asset light business model also commands a
high Moody's adjusted EBITDA margin of around 40%.

Moody's analysis also incorporates social risks pertaining to
customer relations and responsible production. ADVANZ is one of
several companies facing investigations by the UK's Competition and
Markets Authority (CMA) into competition and pricing issues for
four products which represent a small proportion of revenue. ADVANZ
does not currently carry any provisions for legal liabilities on
its balance sheet because the timing and magnitude of any financial
penalties or cash outlays resulting from these legal proceedings
remains very uncertain. However, the group incurs ongoing
litigation costs, which Moody's considers to be recurring, and the
uncertainty associated with this litigation creates adverse event
risk. ADVANZ is also exposed to risks related to responsible
production. It does not directly operate its supply chain and the
emergence of more complex products in its portfolio raises product
safety and regulatory risks linked to manufacturing compliance.

ADVANZ also faces pricing pressure as payors seek to limit
healthcare expenditure. However, Moody's believes that these risks
have abated in 2019-2020 as the group exited Medicare for certain
products in the US and higher competition in the UK reduces the
risk of mandatory price cuts.

Governance factors that Moody's considers in ADVANZ's credit
profile include the risk that the company will embark on
debt-funded acquisitions which would increase leverage or business
risk.

LIQUIDITY

Moody's expects that ADVANZ's liquidity will remain good over the
next 12-18 months. Pro forma for the refinancing transaction, the
group has $150 million of unrestricted cash on balance sheet and
the rating agency forecasts FCF generation of at least $80 million
over the next 12 months (after interest and before acquisitions).
The company's liquidity is further supported by a newly established
and fully undrawn $200 million RCF. The RCF is subject to a
springing net leverage covenant, tested when the facility is drawn
for more than 40%, with ample headroom expected.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that revenue and
EBITDA will start growing organically from 2022 upon successful
launch of larger pipeline products, with modestly declining margins
and adjusted gross debt/EBITDA remaining around 6.0x. The stable
outlook assumes that ADVANZ will calibrate the size of its
acquisitions such that they can be mostly funded using cash on hand
and internally generated cash flows.

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

Upward pressure on ADVANZ's ratings could develop should the
company achieve sustained like-for-like revenue and EBITDA growth,
leading to a reduction in Moody's-adjusted debt/EBITDA to below
5.5x while maintaining solid FCF and good liquidity. The absence of
a satisfactory resolution of legal proceedings in the UK could
constrain rating or outlook improvement.

ADVANZ's ratings could be under downward pressure if (1) revenue
and EBITDA regression increased, or (2) liquidity weakened,
particularly if FCF reduced sustainably, or (3) if Moody's adjusted
gross debt/EBITDA increased towards 7.0x, including as a result of
debt-funded acquisitions.

Moody's has decided to withdraw the rating for reorganisation
reasons because the legal structure is changing as a result of the
LBO.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.

CORPORATE PROFILE

Headquartered in London, UK, ADVANZ is a pharmaceutical company
marketing mature branded drugs as well as generics. It operates a
portfolio of more than 170 molecules marketed in about 100
countries across various therapeutic areas. In 2020, ADVANZ had
revenue of $526 million and EBITDA of $233 million (before
exceptional items). ADVANZ is currently undergoing an LBO by funds
ultimately controlled and advised by financial sponsor Nordic
Capital.

GREENSILL CAPITAL: Labour Calls for Probe Into Cameron Lobbying
---------------------------------------------------------------
BBC News reports that Labour has called for an investigation
following reports former Prime Minister David Cameron met Treasury
officials to lobby for Greensill Capital.

Mr. Cameron, an adviser to Greensill, tried to increase the
specialist bank's access to government-backed Covid-19 emergency
loan schemes, BBC relays, citing The Financial Times.

The Treasury said it had had a meeting but decided not to take
things further, BBC notes.

According to BBC, Anneliese Dodds, Labour's shadow chancellor, said
"Taxpayers and businesses deserve answers about why it appears
Greensill was given so much access to the Treasury.

"The government must leave no stone unturned with a full and
thorough investigation into this."

The FT says public records show Greensill representatives had 10
virtual meetings between March and June last year with the two most
senior officials at the Treasury as they sought access to a Bank of
England loan scheme, BBC relays.

Greensill Capital, which recently collapsed, is the main financial
backer of Liberty Steel, which employs 5,000 people in steel plants
around the country and its collapse has sparked grave concerns
about the future of their jobs, BBC discloses.


GREENSILL CAPITAL: Marsh & McLennan Faces Scrutiny Over Collapse
----------------------------------------------------------------
Owen Walker, Ian Smith, Arash Massoudi and Stephen Morris at The
Financial Times report that Credit Suisse's internal review into
Greensill Capital's collapse is pointing the finger at Marsh &
McLennan, the world's largest insurance broker, according to people
familiar with the matter.

According to the FT, financial institutions from Sydney and Tokyo
to Zurich and London are preparing for a lengthy legal battle over
who will absorb losses linked to Greensill, the supply chain
finance group that filed for administration this month.

Greensill lent money to corporate customers including Sanjeev
Gupta's GFG Alliance and securitized the debt into notes that were
put into funds at Credit Suisse and sold to investors, the FT
discloses.

The mechanism froze on March 1 when a chunk of the insurance
covering the credit expired and Credit Suisse suspended the funds,
the FT recounts.  The Swiss bank is now winding them up and has
warned it expects serious reputational damage, lawsuits from
investors and potentially a material financial hit, the FT notes.
It has repaid US$3.1 billion of the US$10 billion funds to
investors but says there is "considerable uncertainty" over the
rest, the FT states.

As Credit Suisse continues its review, executives have highlighted
the role of Marsh, said people familiar with the matter, noting the
broker was responsible for making sure that every security in
Greensill funds had adequate insurance coverage, the FT relays.

Marsh was Greensill's commercial insurance broker, responsible for
finding cover for the finance group against non-payment by its
borrowers, the FT notes.

Insurers including Tokio Marine of Japan and Insurance Australia
Group were involved in providing cover, the FT discloses.  Tokio
Marine has said the insurance may not have been valid and is "ready
to protect its interests in court as required", according to the
FT.  IAG has said it has no "net insurance exposure", the FT
relays.

When Credit Suisse extended a US$140 million bridging loan to
Greensill last October in expectation of the business listing, the
bank contacted Marsh as part of its due diligence on the loan, the
FT says, citing two people with knowledge of the discussions.

On two separate phone calls between Credit Suisse executives and
managing directors from Marsh in October and December, the bank's
representatives asked a series of questions about the insurance
policies underwriting the funds' assets, the FT discloses.

According to the FT, people familiar with the calls said during the
calls, the Marsh managing directors gave no indication of the
problems regarding the renewal of the insurance policies.

"They identified no red flags even when questioned," the FT quotes
one person as saying.  "The only comment they gave was that the
cost of insurance would increase due to Covid."

However, by this point there were already some problems with the
insurance coverage, the FT notes.


LIBERTY GLOBAL: Moody's Affirms Ba3 CFR on Sunrise Acquisition
--------------------------------------------------------------
Moody's Investors Service has affirmed Liberty Global plc's Ba3
corporate family rating and Ba3-PD probability of default rating.
The outlook on the ratings remains stable.

The rating action follows the completion by Liberty Global in
November 2020 of the acquisition of Sunrise Communications Group AG
(Sunrise) for USD7.4 billion through the settlement of the all cash
public tender offer to acquire all of the outstanding shares of
Sunrise. As of December 31, 2020, Liberty Global held 98.9% of the
share capital of Sunrise and has initiated a statutory squeeze-out
procedure pursuant to which the company will acquire the remaining
Sunrise shares that it does not yet own. This squeeze-out procedure
is expected to be completed during the first half of 2021.
Additionally, in May 2020, Liberty Global and Telefonica S.A. (Baa3
stable) announced that they entered into an agreement to form a
50:50 joint venture (VMED O2 UK Limited, Ba3 stable) combining the
UK's operations of Virgin Media Inc. (Ba3 stable) with O2 Holdings
Limited. Virgin Media Inc.'s operations in Ireland will thus not be
a part of the joint venture. UPC Holding B.V. (B1 stable), 100%
owned by Liberty Global, will significantly increase its scale
following the integration of Sunrise while Virgin Media UK's
operations will be deconsolidated from Liberty Global following the
closing of the VMED O2 UK joint venture. The joint-venture is
subject to regulatory approvals in the UK with closing expected by
the middle of 2021.

RATINGS RATIONALE

Liberty Global's Ba3 CFR reflects (1) the company's strong position
in the markets where it operates supported by resilient market
shares despite intense competition, (2) the improved business
profile of the company's Swiss and UK's operations following the
acquisition of Sunrise and the expected setting up of the
joint-venture with O2 UK, respectively, which will provide these
entities a larger scale and ability to deliver fixed-mobile
convergence through their fixed and mobile infrastructures, (3) the
good quality of the cable networks operated by its subsidiaries
which are in the process of being upgraded to DOCSIS 3.1 technology
to offer broadband speeds of up to 1 gigabit per second (Gbps), and
(4) its good liquidity supported by a large cash and cash
equivalents balance at the holding company level with availability
under the different revolving credit facilities at its subsidiaries
and the large amount of cash to be up-streamed from VodafoneZiggo
Group N.V. (B1 stable), the 50:50 joint-venture between Liberty
Global and Vodafone Group Plc (Baa2 negative) in the Netherlands
and from VMED O2 UK.

However the rating is constrained by (1) the reduced scale of the
consolidated group pro forma for the setting up of the VMED O2
joint-venture which will lead to the deconsolidation of Virgin
Media UK's operations from the company leading to a higher revenue
concentration around two geographies, namely UPC mainly in
Switzerland and Telenet Group Holding NV (Ba3 stable) in Belgium,
(2) the high adjusted leverage of the company which Moody's
forecasts at 5.9x at the end of 2021 (pro forma for the
deconsolidation of Virgin Media UK and the recapitalization of
Virgin Media's Irish operations) with limited organic de-leveraging
going forward although this has been so far mitigated by the
company's large cash and cash equivalents balance at Liberty Global
which mainly results from a significant disposal in 2019, and (3)
the significant competitive pressure in the markets where the
company operates including in Switzerland where UPC Switzerland has
experienced a prolonged decline in revenue and EBITDA.

Pro forma for the deconsolidation of the Virgin Media UK's
operations and the full year contribution of Sunrise, Moody's
forecasts Liberty Global's revenue in 2021 to decrease to
approximately USD8.0 billion from USD12.0 billion reported in 2020
with Belgian and Swiss operations accounting for approximately 40%
each of pro forma group adjusted EBITDA (as reported by the
company) in 2021. The reduced scale of the business is partly
mitigated by the large and recurring dividend payments to be
received from VodafoneZiggo and VMED O2 UK.

While Liberty Global's adjusted gross leverage is elevated and
projected by Moody's at 5.9x at the end of 2021 (pro forma for the
deconsolidation of Virgin Media UK's operations, the
recapitalization of Virgin Media Ireland following the closing of
the VMED O2 UK joint-venture and the full year contribution of
Sunrise), it does not take into consideration the company's large
cash and cash equivalents balance. As of December 31, 2020, Liberty
Global's cash and cash equivalents, including separately managed
accounts classified under current investments, amounted to USD2.9
billion. Moody's notes however that the cash balance may increase
further by the end of 2021 to approximately USD5.0 billion. Liberty
Global is expected to receive an estimated USD1.9 billion in total,
including approximately USD1.1 billion from the recapitalization of
Virgin Media's retained and 100.0% owned Ireland business. Taking
into consideration the projected increase in cash and cash
equivalents by the end of 2021, Moody's projects net leverage to be
significantly lower at 4.2x compared to 5.9x on a gross basis.
Nevertheless, the use of this large cash and cash equivalents
balance remains uncertain and represents an event risk. Moody's
considers the cash balance could be used to partly fund M&A
transactions or towards shareholder remuneration. The rating agency
however considers unlikely that the cash will be used to directly
de-leverage its consolidated subsidiaries which currently operate
within their respective net leverage target ranges.

Moody's thus regards Liberty Global's liquidity as good. In
addition to the cash and cash equivalents balance which is likely
to increase to close to USD5.0 billion by the end of 2021, there is
available borrowing capacity under the various credit facilities
within Liberty Global which totaled approximately USD2.9 billion
for the company's continuing operations as of year-end 2020. Pro
forma for the deconsolidation of Virgin Media UK, available credit
facilities will decrease to EUR736 million at UPC Sunrise and
EUR555 million at Telenet or EUR1,291 million in aggregate. Liberty
Global and its subsidiaries have limited near-term maturities
compared with the size of the group. As of December 31, 2020,
Liberty Global's average tenor of third-party debt was around seven
years.

RATING OUTLOOK

The stable outlook is based, among other things, on Moody's
expectation that Liberty Global's consolidated subsidiaries, namely
Telenet and UPC, will experience a stable operating performance
while the company will continue receiving large remunerations from
VodadoneZiggo and VMED O2 UK following the closing of the
joint-venture. The outlook also reflects Moody's expectation that
the company will take a conservative approach in terms of the use
of its large cash balance supporting de-leveraging of the
consolidated group.

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

Upward rating pressure could develop if Liberty Global's (1)
operating performance improves significantly, (2) Moody's-adjusted
gross debt/EBITDA falls below 4.0x on a sustained basis (excluding
any unusual currency translation effect on reported results), and
(3) adopts a more conservative shareholder remuneration policy.
Downward rating pressure could develop if (1) Liberty Global uses a
significant portion of its large cash balance for shareholder
remuneration or M&A transactions which do not support de-leveraging
of the consolidated group leaving Moody's adjusted gross leverage
above 5.0x on a sustained basis; (2) the company experiences a
marked deterioration in its operating performance; or (3) its free
cash flow (after capital spending and dividends) deteriorates on a
sustained basis while the company maintains its historical level of
shareholder remuneration.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Liberty Global plc is a large international cable communications
company, with operations in six European countries (namely the UK,
Ireland, Belgium, Switzerland, Poland, and Slovakia excluding the
Netherlands where the company operates through a joint-venture).
Liberty Global operates the largest cable network in each of its
countries of operation, except in Poland, where it operates the
second largest cable network.

LIBERTY STEEL: UK Gov't Draws Up Contingency Plan for Business
--------------------------------------------------------------
Jim Pickard, Sylvia Pfeifer and Robert Smith at The Financial Times
report that the UK government has drawn up a contingency plan to
run Liberty Steel using public money while searching for a buyer,
as ministers brace for the potential collapse of Britain's
third-biggest steel company.

According to the FT, Downing Street is increasingly concerned about
Liberty's current owner GFG Alliance, run by industrialist Sanjeev
Gupta, which is scrambling to find new financing after the failure
of its main lender, Greensill Capital.

One option under consideration for Liberty, according to government
officials, is to use public funds to maintain production similar to
how the Treasury supported British Steel in 2019 at a cost to
taxpayers of nearly GBP600 million, the FT discloses.

The sensitivity over Liberty, which employs 5,000 workers, is
heightened by the fact that many of its 12 UK sites are in marginal
constituencies including Hartlepool, where there will be a
high-profile by-election in early May, the FT notes.

UK taxpayers are already exposed to more than GBP1 billion of debt
from GFG and Greensill via three government guarantees, the FT
states.

Government officials stressed that no decision would be made unless
and until the company collapsed, the FT relates.


PETRA DIAMONDS: Moody's Puts Caa3 CFR Under Review for Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the Caa3
corporate family rating of Petra Diamonds Limited. The probability
of default rating has been upgraded to Caa3-PD from Ca-PD and
placed on review for upgrade while the "/LD" indicator has been
removed. The outlook has been changed to ratings under review from
negative.

The action follows Petra's announcement on March 10, 2021 that it
had completed its capital restructuring. This involved replacing
the previous $650 million senior secured second lien notes with
$337 million of new notes (including $30 million of new money). The
remainder of the previous notes were converted into equity.

RATINGS RATIONALE

The review for upgrade reflects Moody's view that the capital
restructuring has materially reduced Petra's debt load and improves
the company's liquidity. There will be no cash interest paid on the
new notes for the first 24 months, with payment-in-kind (PIK)
interest of 10.5% accruing up to March 9, 2023 and cash interest of
9.75% to be paid thereafter up until the March 2026 maturity. This
will allow for the company to focus on paying down its amortizing
bank loans. The PDR was upgraded to Caa3-PD to align it with the
CFR given that there is no longer a near-term expectation of
default.

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

During the review, Moody's will assess Petra's (1) new capital
structure and related financing documents; (2) short- to
medium-term liquidity profile; and (3) cash flow generation
capacity of the business in light of a still challenging but
improving diamond market. Moody's expects to conclude the ratings
review over the coming weeks.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in September 2018.

COMPANY PROFILE

Petra is a rough diamond producer listed on the London Stock
Exchange, registered in Bermuda and with its group management
office domiciled in the United Kingdom. The company's primary
assets are the Cullinan, Finsch and Koffiefontein underground mines
in South Africa and Williamson open pit mine in Tanzania. For the
last 12 months ended December 31, 2020, Petra reported revenues of
$280 million.


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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.

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