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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, April 13, 2021, Vol. 22, No. 68

                           Headlines



F R A N C E

ALMAVIVA DEV'T: Fitch Assigns Final 'B' LT IDR, Outlook Stable
ALVANCE ALUMINIUM: Enters Into Voluntary Conciliation Proceedings


N O R W A Y

NORWEGIAN AIR: Norwegian Creditors, Oslo Court Okay Rescue Plan


R U S S I A

KRASNOYARSK REGION: Fitch Alters Outlook on BB+ LT IDRs to Stable
MARI EL REPUBLIC: Fitch Alters Outlook on 'BB' LT IDRs to Stable
STAVROPOL REGION: Fitch Alters Outlook on 'BB+' LT IDRs to Stable
SVERDLOVSK REGION: Fitch Affirms 'BB+' LT IDRs, Outlook Stable


T U R K E Y

TAM FINANS: Fitch Alters Outlook on 'B' LT IDRs to Stable


U N I T E D   K I N G D O M

BROOKS BROTHERS: UK Division Goes Into Administration
COLCHESTER UNITED: Chairman Rejects Administration Rumors
EARND UK: Enters Administration, 30 Jobs Affected
ESSAR OIL: In Rescue Talks Amid Funding Woes
GREENSILL CAPITAL: FINMA Questions Credit Suisse Over Risks

GREENSILL CAPITAL: UK Launches Inquiry Into Cameron Lobbying
L&F JONES: Goes Into Administration, Seeks Buyer for Business

                           - - - - -


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F R A N C E
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ALMAVIVA DEV'T: Fitch Assigns Final 'B' LT IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned a final Long-Term Issuer Default Rating
(IDR) of 'B' to Almaviva Developpement (Almaviva). The Outlook is
Stable. Fitch has also assigned a senior secured debt rating of
'B+'/RR3/59% to the seven-year Term Loan B (TLB) issued by
Almaviva. The assignment of final ratings follows completion of the
refinancing being in line with Fitch's expectations.

Almaviva's 'B' IDR reflects its regionally focused mid-sized
operations and high leverage profile, with funds from operations
(FFO) adjusted leverage projected to remain at around 7.0x. This is
counterbalanced by a supportive regulatory framework with high
barriers to entry, reflected in solid profitability for the rating.
The Stable Outlook is based on Fitch's expectations that Almaviva
will maintain its leading local market positions, with its steady
operating performance mitigating its high financial leverage.

Almaviva directly owns the hospital operator Almaviva Sante, while
Almaviva's real estate is owned and managed by Almaviva Patrimoine
(the PropCo). Almaviva and the PropCo are sister companies directly
owned by the acquisition vehicle, Almaviva Capital.

KEY RATING DRIVERS

Well-Positioned Regional Operations: Almaviva's 'B' IDR reflects
its mid-sized operations, which are well-positioned in
demographically and economically attractive regions of France,
although with a smaller nationwide presence. It has high barriers
to entry due to the regulated sector and high levels of technical
and investment expertise.

Almaviva's focused regional approach, dense hospital network,
integrated service offering and extended end-to-end patient
hospital pathway ensure efficient attraction of patients and
recruitment of medical practitioners. These factors also help
realise scale-driven efficiencies and build stronger relationships
with local health authorities.

Supportive Regulation: Fitch's rating assessment concludes that
Almaviva operates in a supportive and stable regulatory environment
in France, with private providers critical for meeting national
hospital demand and service quality. The French government is
committed to adequate sector funding, including the availability of
additional funding also to the private sector, and positive tariff
outlook based on a multi-year agreement effective through 2022 with
growing importance of quality-based KPIs. This increases business
visibility and benefits market constituents with best-in-class
service, particularly the private operators.

Stable Local Market Position: Fitch's rating assessment
acknowledges that Almaviva is exposed to open local competition
with private- and public-sector constituents, in an environment
where hospital operators' competitive strengths are based on
quality of care, treatment specialties, and the ability to recruit
and retain best-in-class medical practitioners and to make
investments in technical equipment and hospital facilities.
Almaviva's local market position has been stable since 2016,
indicating its ability to maintain a competitive edge, although
market share changes are also partly attributable to recent sector
consolidation by private hospital groups.

Limited Scope for Profitability Improvement: Fitch views Almaviva's
EBITDA margins of 13%-14% as high for the sector, particularly
compared with private French operators or larger European private
hospital chains such as Fresenius SE & Co. KGaA's hospital group
Helios in Germany and Quironsalud in Spain. Given
personnel-intensive operations and a high share of outsourced or
externally acquired products and services tied to business volumes,
Fitch believes there is limited headroom for further structural
profitability improvements.

Fitch views effective cost management without compromising service
standards as an essential competitive differentiation and as
critical as a stable regulatory framework. Fitch forecasts EBITDA
margins at around 14% until 2024, assuming a recovery from around
13% in 2020 as a result of returning business volumes in
combination with implementation of internal optimisation projects.

Elevated Leverage, Slow Deleveraging: Fitch projects high leverage
levels with FFO adjusted leverage of 7.3x in FY21 (ending December)
and remaining slightly below 7.0x in the following years on the
back of steady FFO and manageable expected capex. Fitch regards
this indebtedness profile as high for the rating. However, the high
financial risk is mitigated by Almaviva's defensive operating risk
profile.

FCF to Improve: Fitch's rating case assumes stabilising FCF margins
from 2022 at about 4% of sales, or EUR20 million-EUR30 million a
year, and sustained moderate but positive FCF generation, which
supports the 'B' IDR. Persistently negative FCF would signal higher
operating risks and could put the ratings under pressure.
Almaviva's FCF generation has largely been negative, disrupted by
various acquisition-related charges, Covid-19-related cash
movements and bouts of capital intensity for equipment, services
roll-out or real-estate development.

Latent M&A Risk: Fitch's rating assessment assumes that the French
private hospitals market will continue to offer attractive
acquisition opportunities, although the pace of acquisitions could
slow as the bulk of small and mid-sized acquisitions in the regions
have already been completed by leading groups, with four operators
running over 60% of French private hospital capacity. Fitch would
consider any acquisitions as event risk and have not included them
in the rating case. However, Fitch considers smaller clinic
additions in Almaviva's core regions or adjacent regions to be
conceivable.

Bolt-on M&A could be supported by internally-generated FCF and a
committed revolving credit facility (RCF). EUR78 million will be
up-streamed outside of the restricted group and could be used for
larger M&A.

Attractive Market Fundamentals: The rating is supported by trends
that are favourable for developed healthcare markets, such as
long-term healthcare demand driven by social demographics, an
increasing share of care-dependent patients, an increase in chronic
diseases, and the regulator's focus on the availability of
specialised quality healthcare, in which private service providers
play an essential role. As one of the larger private hospital
groups in France, Fitch views Almaviva as being well placed to
continue capitalising on these market trends. However, Fitch
remains cautious about rising healthcare costs for the national
budget and the need to manage budgetary pressures by the regulator
in the medium to longer term.

DERIVATION SUMMARY

Fitch rates Almaviva in the framework of the ratings navigator for
healthcare providers. The sector peers tend to cluster in 'B'/'BB'
range, driven by the traits of their respective regulatory
frameworks influencing the quality of funding and government
healthcare policies, as well companies' operating profiles
including scale, degree of service and geographic diversification,
and patient and payor mix. Many sector constituents pursue dynamic
debt-funded M&A strategies given the importance of scale and
limited room for organic return maximisation.

In this context, Almaviva's 'B' IDR reflects its mid-sized
regional-level operations with lower business scale and narrow
geographic diversification against much larger Fitch-rated US-based
hospital operators such as HCA Healthcare, Inc. (BB/Stable), Tenet
Healthcare Corp. (B/Stable) and Community Health Systems, Inc.
(CHS; CCC/Positive). The quality of US regulation with a complex,
politicised and unpredictable environment, varying patient/payor
mix and Medicare/Medicaid payment policies for individual service
lines weighs strongly on their ratings.

Compared with the European peers, Fitch also considers the French
regulatory regime as more beneficial for private hospital operators
given the freedom-of-choice principle, mitigating Almaviva's narrow
geographic focus. The Finnish provider of healthcare and social
services, Mehilainen Yhtyma Oy (B/Stable), is exposed to higher
restrictions, particularly based on the currently debated
healthcare reform, which would limit the participation of private
healthcare operators in in the public pay market.

All 'B' healthcare service providers show weak to high credit
metrics expressed in highly levered balance sheets following a
history of debt-funded acquisitions with FFO adjusted leverage
between 7.0x-8.0x and tight FFO fixed-charge cover ranging between
1.5x-2.0x, whereas non-performing CHS shows unsustainable capital
structure with over 10.0x FFO adjusted leverage and around 1.0x FFO
fixed-charge cover, explaining its 'CCC' rating.

Given the proximity of the hospital services to lab-testing service
companies, which Fitch also regards as social infrastructure
assets, and which are subject to a similar triennial tariff
agreement in France, Fitch has compared Almaviva's 'B' rating with
Synlab Bondco PLC (B+/Stable), Laboratoire Eimer Selas (Biogroup;
B/Stable) and Inovie Group (B(EXP)/Stable). All three lab-testing
companies have higher leverage - in the region of 8.0x for 'B'
rated Biogroup and Inovie, and 6.5x for Synlab - given their
stronger operating and cash flow margins and their non-cyclical
revenue pattern with a high degree of visibility due to sector
regulation. For Synlab this also reflects its large business scale
and wide geographic footprint.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Organic sales growth of 6.3% in 2021 and 2.2% in 2022
    resulting from the catch-up effect of postponed non-urgent
    procedures, and 1.2%-1.0% after 2022;

-- 2021 sales reflecting the Maymard acquisition and 2022 and
    2023 sales growth reflecting the transfer of CIPM, Turin and
    Les Charmilles' operating assets to Almaviva from PropCo;

-- EBITDA margin to gradually improve to 14% by 2024, primarily
    as a result of economies of scale, the higher utilisation of
    full-time employees and realised synergies;

-- Capex will be higher at 8.3% of sales in 2021 and 4.0%-5.0%
    afterwards;

-- No material M&A beyond the Maymard acquisition in 2021;

-- A one-off cash upstream outside the restricted group, which
    may be used for Almaviva or the PropCo. Fitch projects no
    dividends.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Almaviva would be
    reorganised as a going-concern (GC) in bankruptcy rather than
    liquidated given the company's main asset is embedded in its
    brand and its established position as one of the leading
    private hospital operators.

-- Fitch has assumed a 10% administrative claim.

-- Fitch estimates Almaviva's GC EBITDA assumption at around
    EUR45 million, which includes pro forma adjustments for cash
    flows added via acquisition and expected asset transfers
    between Almaviva and the PropCo between now and 2023. The GC
    EBITDA is based on a stressed scenario reflecting adverse
    regulatory changes, the company's inability to manage costs or
    retain medical practitioners leading to deteriorating quality
    of care.

An EV/EBITDA multiple of 6.0x is applied to the GC EBITDA to
calculate a post-reorganisation enterprise value. The choice of
this multiple considered the following factors:

-- M&A precedent transactions for peers ranged from 10x-15x, with
    recent activity at the upper end;

-- This distressed multiple is in line with European sector
    peers;

-- The multiple would be lower than Mehilainen Yhtyma Oy's 6.5x,
    given the latter's national leadership position in Finland
    with increasing diversification abroad, broader
    diversification across healthcare and social care service
    lines and larger scale, whereas its regulatory regime could be
    perceived as being less supportive for private sector
    operators in Finland;

-- After deducting 10% for administrative claims, Fitch's
    waterfall analysis generates a ranked recovery for the senior
    secured TLB in the 'RR3' category, leading to a 'B+'
    instrument rating, which includes the pari passu ranking RCF
    of EUR80 million that Fitch assumes will be fully drawn prior
    to distress; the senior secured TLB and RCF rank after the
    structurally super senior Almaviva bank loans of about EUR27
    million. Fitch also assumes the financial leases of EUR44
    million at Almaviva level will remain available during and
    post- distress and will not crystallise as a debt obligation
    in the creditor mass;

-- The above results in a waterfall generated recovery
    computation (WGRC) output percentage of 59% based on current
    metrics and assumptions.

RATING SENSITIVITIES

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

-- Successful implementation of Almaviva's business plan,
    including effective cost management, leading to sustained
    EBITDA margin growth and positive FCF (after capex);

-- A more conservative financial policy reflected in FFO adjusted
    leverage trending below 5.5x on a sustained basis;

-- FFO fixed-charge cover above 2.0x.

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

-- Adverse regulatory changes or challenges in the strategy
    implementation with EBITDA margins declining to below 13%;

-- FCF mostly break-even to negative;

-- FFO adjusted leverage above 7.5x on a sustained basis;

-- Diminishing financial flexibility reflected in FFO fixed
    charge cover weakening below 1.5x.

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

Satisfactory Liquidity: Fitch regards Almaviva's liquidity as
satisfactory. After projected negative FCF in 2021 due to the
refinancing and pandemic-related cash outflows, Fitch forecasts the
company will generate around EUR20 million of FCF from 2022 and be
able to self-fund its medium-term capex plan through 2024. In
Fitch's liquidity analysis, Fitch has excluded EUR20 million from
cash, which Fitch deems to be restricted for daily operations and
therefore not available for debt service. Fitch projects the
committed RCF of EUR80 million will remain undrawn in the next four
years.

The debt structure is concentrated. However, the planned
refinancing will extend the RCF/TLB maturities to 2027and 2028,
respectively.

ESG CONSIDERATIONS

Exposure to Social Impacts: '4'

Almaviva has an ESG Relevance Score of '4' for Exposure to Social
Impact due to it operating in a healthcare market, which is subject
to sector regulation, as well as budgetary and pricing policies
adopted by the French government. Rising healthcare costs expose
private hospital operators to high risks of adverse regulatory
changes, which could constrain the companies' ability to maintain
operating profitability and cash flows. This has a negative impact
on the credit profile and is relevant to the rating in conjunction
with other factors.

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.

ALVANCE ALUMINIUM: Enters Into Voluntary Conciliation Proceedings
-----------------------------------------------------------------
Anchalee Worrachate at Bloomberg News reports that a significant
part of the French aluminum businesses belonging to embattled
British metals mogul Sanjeev Gupta has sought protection from
creditors, the company said on April 11.

Alvance Aluminium Group entered voluntarily into "conciliation
proceedings" supervised by a court-appointed agent for its three
downstream businesses, Bloomberg relays, citing the company's
spokesman.

According to Bloomberg, the mediator will try to stave off
insolvency by working out arrangements between the French units and
their creditor, a process that could last as long as 10 months.
Its upstream smelter in Dunkirk is not affected, Bloomberg notes.

The move, first reported by the Australian Financial Review, comes
as Mr. Gupta fights to save his business following the collapse of
key financier Greensill Capital, Bloomberg states.

The Alvance factories make car parts and employ almost 1,000
workers between them, Bloomberg discloses.  The AFR said GFG
acquired them two years ago with a pledge to save jobs, revitalize
their operations and make them more environmentally friendly,
Bloomberg recounts.




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N O R W A Y
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NORWEGIAN AIR: Norwegian Creditors, Oslo Court Okay Rescue Plan
---------------------------------------------------------------
Victoria Klesty at Reuters reports that Norwegian Air has won
approval from creditors in Norway to restructure its debt and an
Oslo court has approved the plan, the airline said on April 12,
clearing the way for it to raise new capital and emerge from
bankruptcy next month.

Financed largely by debt, Norwegian Air grew rapidly, serving
routes across Europe and flying to North and South America,
Southeast Asia and the Middle East before the COVID-19 pandemic
plunged the airline into crisis, Reuters notes.

Its survival plan announced last year brings an end to its
long-haul business, leaving a slimmed-down carrier focusing on
Nordic and European routes, Reuters recounts.

"[Mon]day the judge of the Oslo Byfogdembete (County Court) has
approved the scheme for an exit of the reconstruction of the
company," Reuters quotes Norwegian Air as saying in a statement.

Ireland's High Court has already approved the airline's
restructuring scheme in a parallel process, Reuters states.

Norwegian plans to cut its fleet to 53 jets from 140 before the
pandemic and slash its debt to NOK20 billion (US$2.4 billion) from
NOK56 billion, Reuters relays.  The airline's next step is to raise
at least NOK4.5 billion from new shares and hybrid capital, of
which Norway's government has said it is willing to contribute
NOK1.5 billion, Reuters discloses.

Norwegian has said it aims to exit the restructuring process on May
26, once it had secured new funding, according to Reuters.




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KRASNOYARSK REGION: Fitch Alters Outlook on BB+ LT IDRs to Stable
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Fitch Ratings has revised Krasnoyarsk Region's Outlook to Stable
from Negative while affirming the Russian region's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at
'BB+'.

The revision of Outlook follows better-than-expected fiscal results
in 2020, which reflected the region's ability to withstand the
negative economic impact triggered by the coronavirus pandemic.
This has led to Fitch revising its rating case with an improved
debt sustainability assessment.

Krasnoyarsk is the second-largest Russian region, accounting for
about 14% of the country's territory and is located in Siberia. It
has 2.87 million residents, its economy is rich in natural
resources and it had GRP per capita of about USD12,600 in 2020.
Under budgetary regulation, Krasnoyarsk can borrow on the domestic
market. Its budget accounts are presented on a cash basis.

Fitch's ratings are forward-looking in nature, and Fitch will
monitor developments in the public sector for the severity and
duration of the coronavirus pandemic, and incorporate base- and
rating-case qualitative and quantitative inputs based on
performance expectations and assessment of key risks.

KEY RATING DRIVERS

Risk Profile: 'Low Midrange'

Krasnoyarsk's 'Low Midrange' risk profile reflects four 'Midrange's
key risk factors (revenue robustness, expenditure sustainability,
liabilities and liquidity robustness and flexibility) and two other
'Weaker' key risk factors (revenue adjustability and expenditure
adjustability).

The assessment reflects a high risk that the city may see its
ability to cover debt service with its operating balance weaken
unexpectedly over the forecast horizon (2021-2025) either because
of lower-than-expected revenue or expenditure overshooting
expectations, or because of an unanticipated rise in liabilities or
debt-service requirements.

Revenue Robustness: 'Midrange'

Revenue robustness is supported by the region's stronger economic
profile than the Russian average. Krasnoyarsk's economy is
dominated by metallurgy (both non-ferrous and ferrous) and oil
extraction. Its wealth metrics are sound with a GRP per capita at
about 2x the national median, supporting the region's strong, but
concentrated, tax base.

Taxes accounted for almost 80% of operating revenue and are
dominated by corporate income tax (CIT), which can be volatile due
to its dependence on economic cycles and commodities markets. CIT
fell 18% in 2020 due to the negative pandemic shock, but it was
almost fully compensated by an increase in inter-governmental
transfers, reducing the volatility of the region's own revenue
sources.

Revenue Adjustability: 'Weaker'

Krasnoyarsk's ability to generate additional revenue in response to
possible economic downturns is assessed as limited. The federal
government in Russia holds significant tax-setting authority, which
limits local and regional governments' (LRG) fiscal autonomy and
revenue adjustability. Regional governments have rate-setting power
only over three regional taxes: corporate property tax, transport
tax and gambling tax, albeit with limits set in the national tax
code. These taxes represented about 16% of Krasnoyarsk's total
revenue in 2020.

Expenditure Sustainability: 'Midrange'

As with other national peers, Krasnoyarsk has responsibilities in
education, healthcare, certain social benefits, public
transportation and road construction. The education, healthcare and
some smaller sectors, which are non-cyclical in nature, accounted
for about half of total expenditure in 2020.

Control over expenditure is prudent, which is evident in the
region's ability to achieve a budget surplus in 2019 and 2020 after
a period of deficits caused by the implementation of large
infrastructure projects. The region managed to maintain a budget
surplus even in 2020, despite the pandemic shock to CIT and
associated pressure on healthcare and social spending.

Expenditure Adjustability: 'Weaker'

A majority of spending responsibilities are mandatory for Russian
sub-nationals, which leads to inflexible items dominating the
expenditure structure. Consequently, the bulk of expenditure could
be difficult to cut in response to shrinking revenue.

The region retains some flexibility to cut capex, particularly as
Krasnoyarsk has just completed a large investment cycle in
2016-2018 for Universiade, which it hosted in 2019. However, the
ability to curb capex is constrained by an overall high demand for
infrastructure development.

Liabilities & Liquidity Robustness: 'Midrange'

The assessment is supported by a national budgetary framework with
strict rules on regional debt management. Russian LRGs are subject
to debt stock limits and new borrowing restrictions as well as
limits on annual interest payments. The use of derivatives is
prohibited for LRGs and floating rates are rare in Russia.
Limitations on external debt are very strict and in practice no
Russian region borrows externally.

Krasnoyarsk follows a prudent debt policy, as demonstrated by its
moderate debt levels: its fiscal debt burden (net adjusted
debt-to-operating revenue) was 22.6% in 2020. Net adjusted debt
decreased to RUB61.9 billion at end-2020 from RUB63.6 billion a
year earlier. Its debt structure is dominated by domestic bonds, at
72% of total debt at end-2020. The remainder was represented by
gradually amortising inter-governmental loans. The region's
weighted average life of debt is fairly short at around 3.5 years,
which creates pressure on the actual debt service coverage ratio
(ADSCR).

Liabilities & Liquidity Flexibility: 'Midrange'

The region's liquidity is supported by federal treasury loans
covering intra-year cash gaps. Fitch assesses Krasnoyarsk's access
to the domestic capital market as reasonable, allowing the region
to borrow in case of need, as evident in its record of domestic
bond issues. As counterparty risk of domestic liquidity providers
is 'BBB', Fitch assesses this risk factor at 'Midrange'.

Debt Sustainability: 'a category'

The assessment is derived from a sound payback ratio (primary
metric of debt sustainability for type B LRGs), which under Fitch's
updated rating case, will remain in line with a 'aa' assessment,
and a strong fiscal debt burden, which will approach 40% only in
the final year of the rating case. This is counterbalanced by a
weak ADSCR assessed at 'b' to result in an 'a' category debt
sustainability.

Despite the economic downturn in 2020 the region's debt metrics did
not see significant deterioration and were better than Fitch had
expected. The payback ratio was strong at 2.3x in 2020 and under
Fitch's rating case, which envisages some stress on both revenue
and expenditure, the payback will now be below 7x through to 2025,
versus about 8x in Fitch's previous expectations.

ESG Influence: Krasnoyarsk has an ESG Relevance Score of '4' for
'Biodiversity and Natural Resource Management' due to the
concentration of taxpayers in natural resource exploration and
processing, which exposes its revenue to commodity-price
volatility.

DERIVATION SUMMARY

Krasnoyarsk's Standalone Credit Profile (SCP) is assessed at 'bb+',
reflecting a 'Low Midrange' risk profile and debt sustainability in
the 'a' category under Fitch's rating case. The SCP is supported by
moderate leverage versus international peers', with a fiscal debt
burden remaining below 40% in 2021-2025 under Fitch's rating case.
There are no other factors affecting the ratings, which leads to
Krasnoyarsk's IDRs at 'BB+', in line with the SCP. Fitch expects
the region to demonstrate sustainable performance that is
commensuration with current ratings, leading to today's Outlook
revision to Stable.

KEY ASSUMPTIONS

Qualitative assumptions and assessments and their respective change
since the last review on 9 October 2020 and weight in the rating
decision:

-- Risk Profile: 'Low Midrange, Unchanged with Low weight'

-- Revenue Robustness: 'Midrange, Unchanged with Low weight'

-- Revenue Adjustability: 'Weaker, Unchanged with Low weight'

-- Expenditure Sustainability: 'Midrange, Unchanged with Low
    weight'

-- Expenditure Adjustability: 'Weaker, Unchanged with Low weight'

-- Liabilities and Liquidity Robustness: 'Midrange, Unchanged
    with Low weight'

-- Liabilities and Liquidity Flexibility: 'Midrange, Unchanged
    with Low weight'

-- Debt sustainability: 'a, Improved with High weight'

-- Support (Budget Loans): 'N/A'

-- Support (Ad Hoc): 'N/A'

-- Asymmetric Risk: 'N/A'

-- Sovereign Cap: 'N/A'

-- Sovereign Floor: 'N/A'

QUANTITATIVE ASSUMPTIONS - ISSUER SPECIFIC

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2016-2020 figures and 2021-2025 projected
ratios. The key assumptions for the scenario include:

-- 3% yoy increase in operating revenue on average in 2021-2025,
    including a 4.3% increase in tax revenue during the same
    period. High weight

-- 3.9% yoy increase in operating spending on average in 2021
    2025. Medium weight

-- Negative net capital balance of RUB29.3 billion on average in
    2021-2025. Low weight

-- 7.4% cost of debt and 3.5-year weighted average maturity for
    new debt. Low weight

QUANTITATIVE ASSUMPTIONS - SOVEREIGN RELATED

Figures as per Fitch's sovereign estimate for 2020 and forecast for
2022, respectively (no weights are included as none of these
assumptions were material to the rating action):

-- GDP per capita (US dollar, market exchange rate): 10,001;
    11,689

-- Real GDP growth (%): -3.1; 2.7

-- Consumer prices (annual average % change): 3.4; 4.1

-- General government balance (% of GDP): -3.8; -1.5

-- General government debt (% of GDP): 19.3; 21.4

-- Current account balance plus net FDI (% of GDP): 1.9; 2.7

-- Net external debt (% of GDP): -45.9; -42

-- IMF Development Classification: EM

-- CDS Market Implied Rating: n/a

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- The deterioration of the region's debt payback towards 9x on a
    sustained basis, coupled with weak ADSCR at below 1.0x under
    Fitch's rating case, could lead to a downgrade.

-- Prolonged Covid-19 impact and much slower economic recovery
    lasting until 2025 would put pressure on net revenues. Should
    Krasnoyarsk be unable to proactively reduce expenditure or
    supplement weaker receipts from increased central government
    transfers, this may lead to a downgrade.

FACTOR THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- Maintenance of a debt payback below 5x or ADSCR improvement
    toward 1.5x under Fitch's rating case could lead to an
    upgrade.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

DISCUSSION NOTE

Committee date: 6 April 2021

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

ESG CONSIDERATIONS

Krasnoyarsk has an ESG Relevance Score of '4' for 'Biodiversity and
Natural Resource Management' due to the concentration of taxpayers
in one sector. This has a negative impact on the credit profile and
is relevant to the rating in conjunction with other factors.

Fitch has revised the ESG Relevance Score for 'Water Resources and
Management' to '3' from '4' to reflect the region's ability to
manage the negative impact on revenue of an environmental accident
in the City of Norilsk, which among other factors led to the
Outlook revision. In May 2020 a large diesel fuel spill polluted
local rivers and led to a RUB146.2 billion environmental damage
claim on Norilsk Nickel - one of the region's largest regional
taxpayers.

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.

MARI EL REPUBLIC: Fitch Alters Outlook on 'BB' LT IDRs to Stable
----------------------------------------------------------------
Fitch Ratings has revised Russian Mari El Republic's Outlook to
Stable from Negative, while affirming the region's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB'.

The revision of Outlook reflects better-than-expected fiscal
results in 2020, underpinned by the republic's ability to withstand
the negative shock brought by the coronavirus pandemic. This led to
Fitch revising its rating case with an improved debt sustainability
assessment.

Mari El is a Russian region classified by Fitch as a type B local
and regional government (LRG), as it covers debt service from cash
flow on an annual basis. Mari El is located in the eastern part of
European Russia, along the Volga River and is part of the Volga
(Privolzhskiy) Federal District. Its large endowment of timber
supports the republic's forestry industry. The republic's economy
is modest in size with wealth metrics below the national median.
Its budget accounts are presented on a cash basis while laws on
budgets are approved for a three-year period.

KEY RATING DRIVERS

Risk Profile: 'Weaker'

Mari El's 'Weaker' risk profile reflects three 'Midrange' key risk
factors and three other 'Weaker' key risk factors. The assessment
reflects a high risk that the republic's ability to cover debt
service by its operating balance may weaken unexpectedly over the
forecast horizon (2021-2025) either because of lower-than-expected
revenue or expenditure overshooting expectations, or because of an
unanticipated rise in liabilities or debt-service requirements.

Revenue Robustness: 'Weaker'

Revenue robustness is constrained by the republic's moderate tax
base with limited growth prospects due to a history of
below-average (for Russian regions) wealth indicators. Mari El's
GRP per capita was 67% of the Russian region median in 2019. The
republic's 2020 revenue was 60% federal transfers (2019: 47%),
which in part helped mitigate the negative economic effects caused
by the coronavirus pandemic.

Revenue Adjustability: 'Weaker'

In line with many other Russian regions, Mari El's revenue
adjustability is fairly low. The federal government holds
significant tax-setting authority, thus limiting Russian LRGs'
fiscal autonomy. Regional governments have limited rate-setting
power over property taxes, which accounted for an immaterial 5% of
the republic's total revenue in 2020, and over several fees. In
addition, regional tax rates are constrained by ceilings embedded
in national tax regulation.

Expenditure Sustainability: 'Midrange'

The republic's control over expenditure is prudent, which is
evident in the narrow gap between cumulative spending growth and
revenue growth in 2016-2020.

Russian regions are vested with responsibilities in education,
healthcare, social benefits, public transportation and road
construction. Education and healthcare spending, which are
counter-cyclical in nature, accounted for 32% of the republic's
total spending in 2020.

In line with other Russian regions, Mari El is not required to
adopt counter-cyclical measures, which would inflate expenditure
related to social benefits in downturns. At the same time, the
republic's budgetary policy is dependent on the decisions of
federal authorities, which could negatively affect expenditure
dynamics.

Expenditure Adjustability: 'Weaker'

Most spending responsibilities are mandatory for Russian regions,
resulting in an overall low ability to sharply cut back expenditure
in response to shrinking revenue. Mari El remains inflexible with
its capacity to cut or postpone capex, in case of stress,
constrained by material investment needs and lower per capita
investment (averaged 13% of total spending in 2016-2020) compared
with international peers'.

Liabilities & Liquidity Robustness: 'Midrange'

In line with the national regulation Russian LRGs are subject to
debt stock and new borrowing restrictions as well as limits on
annual interest payments. To that end the use of derivative debt
instruments is prohibited for LRGs, while floating interest rates
are rare in Russia. Like most of its domestic peers Mari El cannot
borrow externally and follows a conservative debt management
policy.

Its fiscal debt burden (net adjusted debt-to-operating revenue)
decreased to 31.5% in 2020 (2019: 38%), while net adjusted debt
stood at RUB11.3 billion in 2019-2020. The republic's 2020 debt
stock was 40% federal budget loans, 43% bank loans and 17% domestic
bonds. The region's contingent liabilities, stemming from debt of
public-sector companies, are low.

Liabilities & Liquidity Flexibility: 'Midrange'

Russia's budget regulation supports regions' liquidity by providing
treasury facilities to cover intra-year cash gaps. Mari El's
liquidity management is conservative, which aims to maintain
sufficient cash balances. Counterparty risk of liquidity providers
is assessed at the 'BBB' category, which limits the assessment of
this risk factor to 'Midrange'.

Debt Sustainability: 'aa category'

The assessment is derived from a sound payback ratio (primary
metric for debt sustainability), which under Fitch's updated rating
case, will remain in line with a 'aaa' assessment; and a strong
fiscal debt burden approaching 31% in the rating case. This is,
however, counterbalanced by a weak actual debt service coverage
ratio (ADSCR) remaining below 1x, leading us to arrive at a 'aa'
debt sustainability assessment.

In 2020 the republic's revenue base was supported by additional
transfers from the federal government, which led to markedly better
financial performance than Fitch's previous rating case. The
republic's payback ratio remained sound at 5.6x in 2020, and under
Fitch's rating case, which envisages some stress on both revenue
and expenditure, should fall below 5x during 2020-2025, versus
Fitch's previous expectations of almost 8x.

DERIVATION SUMMARY

Mari El's SCP is assessed at 'bb', reflecting a combination of a
'Weaker' risk profile and a 'aa' debt sustainability assessment
under Fitch's rating case. The SCP is supported by a 'Weaker' risk
profile and moderate leverage versus international peers', with a
fiscal debt burden at 30% in 2021-2025 under Fitch's rating case.
No other factors affect the ratings, which leads to the 'BB' IDRs
being in line with the SCP.

Fitch expects the republic to maintain its performance in line with
current ratings under its rating case, resulting in today's Outlook
revision to Stable.

SHORT-TERM RATINGS

The Short-Term 'B' IDR is the only possible option mapping to a
Long-Term IDR of 'BB'.

KEY ASSUMPTIONS

Qualitative assumptions and assessments and their respective change
since the last review on 9 October 2020 and weight in the rating
decision:

-- Risk Profile: 'Weaker, Unchanged with Low weight'

-- Revenue Robustness: 'Weaker, Unchanged with Low weight'

-- Revenue Adjustability: 'Weaker, Unchanged with Low weight'

-- Expenditure Sustainability: 'Midrange, Unchanged with Low
    weight'

-- Expenditure Adjustability: 'Weaker, Unchanged with Low weight'

-- Liabilities and Liquidity Robustness: 'Midrange, Unchanged
    with Low weight'

-- Liabilities and Liquidity Flexibility: 'Midrange, Unchanged
    with Low weight'

-- Debt sustainability: 'aa, Improved with High weight'

-- Support (Budget Loans): 'N/A'

-- Support (Ad Hoc): 'N/A'

-- Asymmetric Risk: 'N/A'

-- Sovereign Cap: 'N/A'

-- Sovereign Floor: 'N/A'

QUANTITATIVE ASSUMPTIONS - ISSUER SPECIFIC

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2016-2020 figures and 2021-2025 projected
ratios.

The key assumptions for the scenario include:

-- 3.1% yoy increase in operating revenue on average in 2021
    2025, including a 7.3% increase in tax revenue in the same
    period. High weight;

-- 2.9% yoy increase in operating spending on average in 2021
    2025. Medium weight;

-- Negative net capital balance at RUB2.2 billion on average in
    2021-2025. Low weight; and

-- 7.4% cost of debt and 3.5-year weighted average maturity for
    new debt. Low weight.

QUANTITATIVE ASSUMPTIONS - SOVEREIGN RELATED

Quantitative assumptions - sovereign-related (no weights are
included as none of these assumptions were material to the rating
action)

Figures as per Fitch's sovereign actual (estimate) for 2020 and
forecast for 2022, respectively:

-- GDP per capita (US dollar, market exchange rate): 10,001;
    11,689

-- Real GDP growth (%): -3.1; 2.7

-- Consumer prices (annual average % change): 3.4; 4.1

-- General government balance (% of GDP): -3.8; -1.5

-- General government debt (% of GDP): 19.3; 21.4

-- Current account balance plus net FDI (% of GDP): 1.9; 2.7

-- Net external debt (% of GDP): -45.9; -42

-- IMF Development Classification: EM

-- CDS Market Implied Rating: n/a

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Debt payback deterioration toward 9x on a sustained basis
    accompanied by weak ADSCR at below 1x under Fitch's rating
    case could lead to a downgrade.

-- Prolonged Covid-19 impact and much slower economic recovery
    lasting until 2025 would put pressure on net revenues. Should
    the region be unable to proactively reduce expenditure or
    supplement weaker receipts from increased central government
    transfers, this may lead to a downgrade.

FACTOR THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- Maintenance of debt payback at 5x and improvement of ADSCR
    toward 1x under Fitch's rating case on a sustained basis could
    lead to an upgrade.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

DISCUSSION NOTE

Committee date: 6 April 2021

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

ESG CONSIDERATIONS

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

STAVROPOL REGION: Fitch Alters Outlook on 'BB+' LT IDRs to Stable
-----------------------------------------------------------------
Fitch Ratings has revised Russian Stavropol Region's Outlook to
Stable from Negative, while affirming the region's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at
'BB+'.

The revision of Outlook reflects better-than-expected fiscal
results in 2020, as the region demonstrated its ability to
withstand the negative economic fallout from the coronavirus
pandemic. This led to Fitch revising its rating case with an
improved debt sustainability assessment.

Stavropol is a Russian region classified by Fitch as a type B local
and regional government (LRG), as it covers debt service from cash
flow on an annual basis. Stavropol is part of the North Caucasian
Federal District.

It is one of the leading agricultural goods producers in Russia.
The region's economy is moderate in size with wealth metrics below
the national median. Its budget accounts are presented on a cash
basis while budget laws are approved for a three-year period.

Fitch's ratings are forward-looking in nature, and Fitch will
monitor developments in the public sector for the severity and
duration of the coronavirus pandemic, and incorporate base- and
rating-case qualitative and quantitative inputs based on
performance expectations and assessment of key risks.

KEY RATING DRIVERS

Risk Profile: 'Weaker'

Stavropol region's 'Weaker' risk profile reflects a combination of
three 'Midrange' key risk factors and three other 'Weaker' key risk
factors.

The assessment reflects a high risk that the region may see its
ability to cover debt service by its operating balance weaken
unexpectedly over 2021-2025 either because of lower-than-expected
revenue or expenditure overshooting expectations, or because of an
unanticipated rise in liabilities or debt-service requirements.

Revenue Robustness: 'Weaker'

Revenue robustness is constrained by the region's moderate tax base
with limited growth prospects, due to agrarian-oriented economy
with historically weaker wealth indicators than the average Russian
region's. GRP per capita was at 66% of the Russian region median in
2019. In 2020 the region's revenue was dominated by transfers from
the federal budget, which accounted for more than half of total
revenue and partially compensated a 4% tax decline in 2020 due to
the negative economic effects of the pandemic.

Revenue Adjustability: 'Weaker'

In line with other Russian LRGs, Stavropol has low revenue
adjustability. The federal government holds significant tax-setting
authority, thus limiting Russian LRGs' fiscal autonomy. Regional
governments have limited rate-setting power over property taxes,
which accounted for less than 7% of Stavropol's total revenue in
2020, and several fees. In addition, regional tax rates are
constrained by ceilings embedded in national tax regulation.

Expenditure Sustainability: 'Midrange'

The region's control over expenditure is prudent, which is evident
from the close correlation between spending and revenue in
2016-2020. Russian regions are vested with responsibilities in
education, healthcare, some social benefits, public transportation
and road construction. Education and healthcare spending, which are
counter-cyclical in nature, accounted for 31% of Stavropol's
expenditure in 2020.

In line with other Russian regions, Stavropol is not required to
adopt anti-cyclical measures, which would inflate expenditure
related to social benefits in downturns. At the same time, the
region's budgetary policy is dependent on the decisions of federal
authorities, which could negatively affect expenditure dynamics.

Expenditure Adjustability: 'Weaker'

Most of the spending responsibilities are mandatory for Russian
regions, which explains an overall low ability to significantly cut
expenditure in response to shrinking revenue. At the same time,
Stavropol's flexibility to cut or postpone capex (averaged 22% of
total spending over the last five years), in case of stress, is
constrained by material investment needs and lower per capita
investment than international peers'.

Liabilities & Liquidity Robustness: 'Midrange'

Under national regulations Russian LRGs are subject to debt stock
and new borrowing restrictions as well as limits on annual interest
payments. Derivatives are prohibited for LRGs and floating rates
are rare in Russia.

Stavropol cannot borrow externally and follows a prudent debt
policy, which is evident in its moderate debt levels. Its fiscal
debt burden (net adjusted debt-to-operating revenue) remained below
30% in 2020. Stavropol's net adjusted debt totaled RUB26.6 billion
at end-2020, only marginally up from RUB26.1 billion one year
earlier. Debt is dominated by subsidised federal budget loans, at
58% of the total at end-2020. Another 30% was represented by
domestic bonds while the reminder was medium-term bank loans. The
region has limited contingent liabilities in the form of guarantees
and off-balance sheet obligations of public companies.

Liabilities & Liquidity Flexibility: 'Midrange'

National budgetary regulation supports Russian regions' liquidity
flexibility via the provision of liquidity from the federal
treasury to cover intra-year cash gaps. Stavropol follows
conservative liquidity management and maintains adequate cash
balances as well as committed credit lines with state-owned banks.
Counterparty risk of liquidity providers is assessed at the 'BBB'
category, which results in Fitch's 'Midrange' assessment of this
risk factor.

Debt Sustainability: 'aa category'

The assessment reflects a sound payback ratio (primary metric for
debt sustainability), which under Fitch's updated rating case, will
remain in line with a 'aaa' assessment, and a strong fiscal debt
burden, which will approach 35% only in the final year of the
rating case. This is counterbalanced by a weak actual debt service
coverage ratio (ADSCR) in the 'b' category, resulting in an overall
debt sustainability assessment of 'aa'.

In 2020 the region's revenue base was supported by additional
transfers from the federal government, which resulted in better
financial performance than was expected in Fitch's previous rating
case. The payback ratio remained strong at 1.7x in 2020, and under
Fitch's rating case, which envisages some stress on both revenue
and expenditure, the debt payback ratio will now remain below 5x
from 2021-2025, versus above 5x under Fitch's previous
expectations.

DERIVATION SUMMARY

Stavropol region's Standalone Credit Profile (SCP) is assessed at
'bb+', reflecting a 'Weaker' risk profile and a 'aa' debt
sustainability assessment under Fitch's rating case. The SCP is
supported by moderate leverage versus international peers', with a
fiscal debt burden below 35% in 2021-2025 under Fitch's rating
case. No other factors affect the ratings, which leads to Stavropol
region's IDRs at 'BB+', in line with the SCP.

Fitch expects the region to sustain its improved performance over
2021-2025, which is behind today's Outlook revision to Stable.

KEY ASSUMPTIONS

Qualitative assumptions and assessments and their respective change
since the last review on 9 October 2020 and weight in the rating
decision:

-- Risk Profile: 'Weaker, Unchanged with Low weight'

-- Revenue Robustness: 'Weaker, Unchanged with Low weight'

-- Revenue Adjustability: 'Weaker, Unchanged with Low weight'

-- Expenditure Sustainability: 'Midrange, Unchanged with Low
    weight'

-- Expenditure Adjustability: 'Weaker, Unchanged with Low weight'

-- Liabilities and Liquidity Robustness: 'Midrange, Unchanged
    with Low weight'

-- Liabilities and Liquidity Flexibility: 'Midrange, Unchanged
    with Low weight'

-- Debt sustainability: 'aa, Improved with High weight'

-- Support (Budget Loans): 'N/A, Unchanged with Low weight'

-- Support (Ad Hoc): 'N/A, Unchanged with Low weight'

-- Asymmetric Risk: 'N/A, Unchanged with Low weight'

-- Sovereign Cap: 'N/A, Unchanged with Low weight'

-- Sovereign Floor: 'N/A, Unchanged with Low weight'

QUANTITATIVE ASSUMPTIONS - ISSUER SPECIFIC

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. It is based on 2016-2020 figures and 2021-2025 projected
ratios. The key assumptions for the scenario include:

-- 2.2% yoy increase in operating revenue on average in 2021
    2025. High weight.

-- 3.3% yoy increase in operating spending on average in 2021
    2025. Medium weight.

-- Negative net capital balance of RUB14 billion on average in
    2021-2025. Low weight.

-- 7% cost of debt and 3.5-year weighted average maturity for new
    debt. Low weight.

QUANTITATIVE ASSUMPTIONS - SOVEREIGN RELATED

Figures as per Fitch's sovereign estimate for 2020 and forecast for
2022, respectively (no weights are included as none of these
assumptions were material to the rating action):

-- GDP per capita (US dollar, market exchange rate): 10,001;
    11,689

-- Real GDP growth (%): -3.1; 2.7

-- Consumer prices (annual average % change): 3.4; 4.1

-- General government balance (% of GDP): -3.8; -1.5

-- General government debt (% of GDP): 19.3; 21.4

-- Current account balance plus net FDI (% of GDP): 1.9; 2.7

-- Net external debt (% of GDP): -45.9; -42

-- IMF Development Classification: EM

-- CDS Market Implied Rating: n/a

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Payback deterioration toward 7.5x coupled with ADSCR below
    1.0x under Fitch's rating case could lead to a downgrade.

-- Prolonged Covid-19 impact and much slower economic recovery
    lasting until 2025 would put pressure on net revenues. Should
    Stavropol be unable to proactively reduce expenditure or
    supplement weaker receipts from increased central government
    transfers, this may lead to a downgrade.

FACTOR THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- Improvement of ADSCR above 2x, provided payback remains strong
    at below 5x under Fitch's rating case, could lead to an
    upgrade.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

DISCUSSION NOTE

Committee date: 6 April 2021

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

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.

SVERDLOVSK REGION: Fitch Affirms 'BB+' LT IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Russian Sverdlovsk Region's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB+'
with Stable Outlooks.

The affirmation reflects Fitch's unchanged assessment of
Sverdlovsk's 'Low Midrange' risk profile and 'a' debt
sustainability despite a growing debt burden amid stagnating
revenues and growing capex. Fitch expects the region to be
resilient to downside shocks and sustain debt sustainability ratios
that are in line with its ratings, supported by a developed tax
base and a moderate fiscal debt burden.

Sverdlovsk is located in the Urals on the border between the
European and Asian parts of Russia. Its capital - the City of
Yekaterinburg - is the fourth-largest city in Russia with 1.5
million inhabitants. The region has rich natural deposits and is
one of the oldest mining and industrial regions of Russia. Under
budgetary regulation, Russian local and regional governments (LRGs)
can borrow on the domestic market. Budget accounts are presented on
a cash basis while laws on budgets are approved for three years.

Fitch's ratings are forward-looking in nature, and Fitch will
monitor developments in the public sector for the severity and
duration of the coronavirus pandemic, and incorporate base- and
rating-case qualitative and quantitative inputs based on
performance expectations and assessment of key risks.

KEY RATING DRIVERS

Risk Profile: 'Low Midrange'

Sverdlovsk Region's 'Low Midrange' risk profile reflects four
'Midrange' key risk factors and two other 'Weaker' key risk
factors. This reflects a high risk relative to international peers
that the region's ability to cover debt service by its operating
balance may weaken unexpectedly over the forecast horizon
(2021-2025) either because of lower-than-expected revenue or
expenditure overshooting expectations, or because of an
unanticipated rise in liabilities or debt-service requirements.

Revenue Robustness: 'Midrange'

Sverdlovsk's tax base is strong versus nationally, underpinned by
GRP per capita that is 33% higher than the Russian regional
average, making it among the most developed Russian regions.
Revenue sources are dominated by taxes at more than 85% of total
revenue. This was reduced to a still sound 74% in 2020 due to
extended transfers from the federal budget (BBB/Stable) as part of
pandemic-related support measures.

An overall sluggish national economic environment limits revenue
growth prospects. However, in the past Sverdlovsk had demonstrated
faster revenue growth than GRP growth and Fitch expects this trend
to resume over the medium term, which also supports the 'Midrange'
assessment.

Revenue Adjustability: 'Weaker'

Fitch assesses Sverdlovsk's ability to generate additional revenue
in response to possible economic downturns as limited. The federal
government holds significant tax-setting authority, which limits
Russian LRGs' fiscal autonomy and revenue adjustability. Regional
governments have rate-setting power over three regional taxes: the
corporate property tax, the gambling tax and the transport tax,
albeit within limits set in the national tax code. Together these
taxes accounted for about 12% of the region's tax revenue in 2020.

Expenditure Sustainability: 'Midrange'

The region's control of expenditure is prudent, as evident in
historically slower spending growth than revenue growth and Fitch
expects this policy to continue in the medium term.

Like other Russian regions Sverdlovsk has responsibilities in
education, healthcare, some social benefits, public transportation
and road construction. Education and healthcare spending, which are
counter- or non-cyclical in nature, accounted for 36% of total
expenditure in 2020.

In line with other Russian regions, Sverdlovsk is not required to
adopt anti-cyclical measures, which would inflate expenditure
related to social benefits in a downturn. At the same time, the
region's budget policy is dependent on the decisions of the federal
authorities, which could negatively affect expenditure dynamics.

Expenditure Adjustability: 'Weaker'

As for most Russian regions, Fitch assesses Sverdlovsk's
expenditure adjustability as low. A majority of spending
responsibilities are mandatory for Russian sub-nationals, which
leads to inflexible items dominating the expenditure structure.
Consequently, the bulk of expenditure could be difficult to cut in
response to shrinking revenue.

The region retains some flexibility to cut or postpone capex in
case of stress, albeit constrained by an overall high demand for
infrastructure development. In 2018-2020 capex increased to 16%-20%
of total expenditure after cutbacks to 11%-13% in 2015-2017, due to
increased revenue and construction of facilities related to an
upcoming sport event in 2023.

Liabilities & Liquidity Robustness: 'Midrange'

Under national budgetary regulation Russian LRGs are subject to
debt stock limits, new borrowing restrictions as well as limits on
annual interest payments. Derivatives and floating rates are
prohibited for LRGs in Russia. Limits on external debt are very
strict and in practice no Russian region borrows externally.

Sverdlovsk follows a prudent debt policy as demonstrated in its
moderate, though increased, direct debt at 42% of current revenue
in 2020 (2019: 32%). Debt structure is balanced between market
borrowings in the form of bank loans and domestic bonds (in total
70%) and low-cost loans from the federal budget (30%). The region
is not exposed to material off-balance sheet risks.

Liabilities & Liquidity Flexibility: 'Midrange'

Sverdlovsk recorded a sound liquidity position of RUB5.3 billion at
end-2020 (2019: RUB2.5 billion). Fitch assumes the region will
deploy its cash to reduce borrowing needs over the medium term.
Sverdlovsk has reasonable access to domestic funding including
domestic banks or debt-capital markets.

Liquidity is also supported by a federal treasury line to cover
intra-year cash gaps. This treasury facility amounted to
one-twelfth of the region's annual budgeted revenue (excluding
inter-governmental transfers) and can be rolled over during the
financial year. Nonetheless, as counterparty risk of domestic
liquidity providers is 'BBB', Fitch's assessment of this risk
factor is 'Midrange'.

Debt Sustainability: 'a category'

The 'a' assessment is derived from a combination of a sound payback
ratio (net adjusted debt/operating balance), which under Fitch's
rating case should remain in line with a 'aa' assessment; a
moderate fiscal debt burden (net adjusted debt-to-operating
revenue) corresponding to a 'aa' assessment; and a weaker actual
debt service coverage ratio (ADSCR: operating balance-to-debt
service, including short-term debt maturities) in the 'b'
category.

Under Fitch's rating case, the payback ratio, which is the primary
metric of debt sustainability for type B LRGs, will remain below 9x
during the projected period. For the secondary metrics, Fitch's
rating case projects that the fiscal debt burden will slightly
exceed 50%, while the ADSCR will be below 1x in 2021-2025. The
combination of the primary and secondary metrics is offset by a
weak ADSCR to result in an overall 'a' debt sustainability
assessment.

DERIVATION SUMMARY

As with other Russian LRGs Fitch classifies Sverdlovsk as a type B
LRG, as it covers debt service from cash flow on an annual basis.
Sverdlovsk's Standalone Credit Profile (SCP) is assessed at 'bb+',
which reflects a combination of a 'Low Midrange' risk profile and
an 'a' debt sustainability. It also reflects a sound fiscal debt
burden and comparison with peers. The IDRs are not affected by
asymmetric risk or extraordinary support from an upper government
tier. As a result, the region's IDRs are equal to the SCP.

KEY ASSUMPTIONS

Qualitative Assumptions and Assessments:

-- Risk Profile: 'Low Midrange'

-- Revenue Robustness: 'Midrange'

-- Revenue Adjustability: 'Weaker'

-- Expenditure Sustainability: 'Midrange'

-- Expenditure Adjustability: 'Weaker'

-- Liabilities and Liquidity Robustness: 'Midrange'

-- Liabilities and Liquidity Flexibility: 'Midrange'

-- Debt sustainability: 'a'

-- Support (Budget Loans): 'N/A'

-- Support (Ad Hoc): 'N/A'

-- Asymmetric Risk: 'N/A'

-- Sovereign Cap: 'N/A'

-- Sovereign Floor: 'N/A'

QUANTITATIVE ASSUMPTIONS - ISSUER SPECIFIC

Fitch's rating case is a "through-the-cycle" scenario, which
incorporates a combination of revenue, cost and financial risk
stresses. The key assumptions for the scenario include:

-- 3.3% yoy increase in operating revenue on average in 2021
    2025, including a 5.7% increase in tax revenue during the same
    period;

-- 3.7% yoy increase in operating spending on average in 2021
    2025;

-- Negative net capital balance of RUB26.2 billion on average in
    2021-2025; and

-- 7.1% cost of debt and four-year weighted average maturity for
    new debt.

RATING SENSITIVITIES

FACTORS THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO NEGATIVE
RATING ACTION/DOWNGRADE:

-- Deterioration of the region's debt payback towards 9x on a
    sustained basis, coupled with weak ADSCR at below 1.0x under
    Fitch's rating case, could lead to a downgrade.

-- Prolonged Covid-19 impact and much slower economic recovery
    lasting until 2025 would put pressure on net revenues. Should
    Sverdlovsk be unable to proactively reduce expenditure or
    supplement weaker receipts from increased central government
    transfers, this may lead to a downgrade.

FACTOR THAT COULD, INDIVIDUALLY OR COLLECTIVELY, LEAD TO POSITIVE
RATING ACTION/UPGRADE:

-- Sustainable debt payback at below 5x or ADSCR improvement
    toward 1.5x under Fitch's rating case could lead to an
    upgrade.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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

As of the beginning of 2021 Sverdlovsk's direct debt totaled
RUB113.3 billion, up from RUB76.1 billion at end-2019, driven by
increased capex in preparation for hosting the World University
Games in 2023.

The debt structure is balanced between market borrowings in the
form of domestic bonds and bank loans (in total 70%) and low-cost
loans from the federal budget (30%). In 2020, the region's reliance
on budget loans increased as it received in December a RUB15.2
billion short-term loan from the state as a pandemic-related
support measure.

The region's debt maturity structure is stretched till 2034, but
the bulk of debt maturities are between 2021 and 2025 and the
weighted average life of debt is about four years. The region is
not exposed to material off-balance sheet risks.

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.



===========
T U R K E Y
===========

TAM FINANS: Fitch Alters Outlook on 'B' LT IDRs to Stable
---------------------------------------------------------
Fitch Ratings has revised Tam Finans Faktoring A.S.'s (TFF) Outlook
to Stable from Negative, while affirming the company's Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'.

The revision of the Outlook reflects Fitch's expectation that TFF's
performance will remain resilient in 2021 following adequate
results in 2020, while stronger GDP growth - in a still uncertain
domestic environment - should not present material near-term
downside risks for TFF's performance.

KEY RATING DRIVERS

TFF's ratings reflect the company's small franchise, a largely
secured funding profile and a business model focused on higher-risk
small businesses operating in a challenging operating environment.
The ratings also reflect the company's record of limited credit
losses for the business model, a granular portfolio, low market
risk, a liquid balance sheet and increasingly diversified funding
sources.

TFF is an independent Turkish factoring company accounting for 2.6%
of sector assets at end-2020. The company has demonstrated its
ability to maintain adequate performance during Turkey's 2018
economic crisis and the pandemic in 2020. TFF focuses on
higher-risk under-banked businesses with short credit history and
of small scale, making them vulnerable to macroeconomic volatility
and exposing TFF to high credit risks. The business model assumes
high operating costs due to small ticket sizes and the labour-
intensive nature of sales that highlights the importance of scale
in the business.

TFF has demonstrated limited credit losses relative to the sector
average. This is supported by an IT-based scorecard and monitoring
tools, which automatically collect and analyse large amount of data
on borrowers and receivables originators. The impaired receivables
(90+ days overdue) ratio was 1.4% at end-2020 (end-2019: 4.2%)
versus the sector average ratio of 3.9% (180+ days overdue). This
is underpinned by low single-name concentrations both with regard
to customers and originators of receivables.

TFF's growth (31% in 2020) has exceeded the sector average (28%),
but the short-term nature of factoring receivables results in
moderate portfolio seasoning risks. Despite high growth TFF's
debt/tangible equity remained unchanged at 7.2x during 2020,
supported by high margins, small credit losses and full profit
retention. Leverage is considerably above the sector average of
4.2x, but this is partly balanced by TFF's more granular portfolio
and absence of foreign-exchange (FX) risk.

TFF's margins (12% in 2020) compare well with the sector average
(6%) and domestic and international peers'. Reliance on own sales
channels and small ticket sizes require TFF to maintain sufficient
scale of business to recover high operating costs and impairment
charges. However, the company has demonstrated its ability to grow
even under a challenging environment and increasing competition.
Pre-tax return on average assets was sound at 4.8% in 2020 (sector:
3%).

A high share of secured funding (90% of total non-equity funding at
end-2020) and a mostly encumbered receivables portfolio in favour
of banks and other factoring companies constrains TFF's funding.
This is partly balanced by availability of committed credit lines
from EBRD (unutilised amount at about 10% of total borrowings at
end-2020), a fairly short-term balance sheet, where 92% of assets
mature in about 120 days, and negligible maturity mismatches
between assets and liabilities.

RATING SENSITIVITIES

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

-- Sustained strengthening of the franchise/business scale
    supported by a more conservative leverage profile with the
    maintenance of current financial performance indicators
    underpinned by a stable operating environment.

-- Upgrade of the National Rating would require a larger scale,
    stronger capitalisation and improved funding profile relative
    to domestic peers'.

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

-- Deteriorating operating environment that affects Fitch's
    Forward looking assessment of asset quality and earnings,
    which in turn would lead to a lower tolerance for leverage.
    Deterioration in funding access would also be negative.

-- Sharp increase in impaired receivables or deterioration of
    profitability to the below-sector average that would increase
    solvency risk.

-- Deterioration of the above factors relative to domestic peers
    would also lead to a downgrade of the National Rating.

BEST/WORST CASE RATING SCENARIO

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

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.



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

BROOKS BROTHERS: UK Division Goes Into Administration
-----------------------------------------------------
Hannah Godfrey at City A.M. reports that the UK division of US
business attire retailer Brooks Brothers had gone into
administration, after suffering from a lack of demand for its
products as people worked from home.

Begbies Traynor were on April 8 appointed the company's
administrators, website Bisnow first reported.

"The reason for my appointment as administrator of the UK company
is of course that with the prolonged closure of non-essential
retail, despite the directors' best efforts and regular
communications with landlords and local creditors, mounting rent
arrears and the problems of the worldwide group have led to the
decision to place Brooks Brothers UK Limited into administration,"
Asher Miller, one of the administrators handling the
administration, told Bisnow in a statement, City A.M. relates.

According to City A.M., Mr. Miller said he was interested in
selling the business to interested parties.

The retailer's Regent Street lease was surrendered last month, City
A.M. notes.

Last July its US parent company filed for bankruptcy and the
following month was bought for around US$325 million in a joint
venture between Authentic Brands and Simon Property, City A.M.
recounts.


COLCHESTER UNITED: Chairman Rejects Administration Rumors
---------------------------------------------------------
James Findlater at GrimsbyLive reports that Colchester United have
strongly hit back at rumours that the club are set to go into
administration, with chairman Robbie Cowling stating they will
"never" under his ownership.

According to GrimsbyLive, rumours began circulating on April 8 that
an unnamed League Two club were on the verge of entering
administration, handing a lifeline to Grimsby Town in their battle
against relegation in the process.

Suggestions that the club in question were in a serious amount of
debt led many fans to believe it to be Colchester, who sit just
five points off the relegation zone, and seven away from the
Mariners, GrimsbyLive discloses.

The U's though have released a statement from their chairman
strongly denying the rumour, GrimsbyLive relates.

"I'm making this statement in response to rumours that Colchester
United are about to go into administration," GrimsbyLive quotes Mr.
Cowling as saying.

"I can assure everyone that Colchester United will never go into
administration whilst I am its owner and I intend to remain as the
owner for the foreseeable."

Nr, Cowling has suggested that the rumour was spread after
Colchester were one of the clubs to apply for a monitored loan at
an EFL board meeting -- the U's chairman has now stated the club
won't be taking up the option, GrimsbyLive notes.


EARND UK: Enters Administration, 30 Jobs Affected
-------------------------------------------------
Kalyeena Makortoff at The Guardian reports that a wage-advance app
owned by the collapsed-lender Greensill Capital and used by NHS
nurses during the pandemic has gone into administration.

The Covent Garden-based company, Earnd UK, claimed to serve
"thousands of UK employees across several NHS trusts" by allowing
users to access their wages before their regular payday if they
needed extra cash, similar to schemes run by rivals Wagestream and
Hastee.

Lex Greensill struck a deal with the NHS trusts shortly after
buying Earnd UK in late 2019, using cash from a fresh US$655
million (GBP475 million) investment from SoftBank, a vast
investment conglomerate run by the Japanese billionaire Masayoshi
Son, The Guardian recounts.

Earnd UK, formerly known as FreeUp, reported a loss of more than
GBP615,000 in the final six months of 2019, The Guardian relays,
citing its latest accounts.

Greensill also reportedly dispatched one of its own advisers, the
former prime minister David Cameron, to lobby the Australian
government to adopt Earnd while he was attending the World Economic
Forum in Davos, Switzerland, last January, The Guardian notes.

The Mail on Sunday reported the offer was rejected because it was
deemed too similar to payday lending, The Guardian relates.

The Australian branch of Earnd was snapped up by Wagestream for an
undisclosed sum, The Guardian discloses.  However, without a buyer
for the remaining part of the business, Earnd UK was put into
administration, resulting in job losses for 30 workers, The
Guardian states.

Accoding to The Guardian, a spokesman for administrators at Grant
Thornton said: "Joint administrators are overseeing an orderly
wind-down of the remaining business.

"Regrettably, the circumstances of the administration have meant
that the majority (30) of the company's employees have been made
redundant as part of this process, with a small number retained to
assist in the administration process for a short period."


ESSAR OIL: In Rescue Talks Amid Funding Woes
--------------------------------------------
Sarah Townsend at Place North West reports that Essar Oil UK has
said it is fully committed to its operations at the Ellesmere Port
oil refinery, including plans to decarbonize its activities and
produce sustainable fuel there, despite reports that the company is
nearing collapse.

Sky News reported on April 9 that Essar, which bought the
2,000-acre Stanlow Oil Refinery at the Cheshire enterprise zone
from Shell in 2011, has been in urgent discussions for weeks over
efforts to stabilize its finances, Place North West relates.

Whitehall officials have reportedly been warned of the company's
declining financial position amid fears it might be close to
collapse, Place North West notes.  Further talks are due to be held
this week, Place North West discloses.

According to Place North West, Sky News said several executives and
advisors to Essar have recently resigned from the company, which is
controlled by the India-headquartered Ruia family.

If the company were to fall into administration, this could have
serious implications for the UK's fuel provision as the Stanlow
site produces around one-sixth of the country's transport fuels,
Place North West states.


GREENSILL CAPITAL: FINMA Questions Credit Suisse Over Risks
-----------------------------------------------------------
Brenna Hughes Neghaiwi and Maria Ponnezhath at Reuters report that
the head of Switzerland's financial regulator FINMA questioned
Credit Suisse Group AG over risks in its dealings with
now-insolvent finance firm Greensill Capital "months" before the
bank was forced to close US$10 billion of funds linked to
Greensill, Swiss newspaper SonntagsZeitung reported on April 11.

Alongside formal discussions on a technical level between the bank
and FINMA, the watchdog's head Mark Branson personally discussed
the risks with outgoing Credit Suisse Chairman Urs Rohner and Chief
Executive Thomas Gottstein during a meeting on an unspecified date,
the newspaper reported, citing information it had obtained, Reuters
relates.

Switzerland's second-biggest bank has been reeling from its
exposure to the collapse first of Greensill Capital and then
Archegos Capital Management within the course of one month, Reuters
notes.

Credit Suisse's asset management unit was last month forced to shut
US$10 billion of supply chain finance funds that invested in bonds
issued by Greensill after the British firm lost credit insurance
coverage shortly before filing for insolvency, Reuters recounts.
The bank has since suspended the funds' managers and changed the
head of its asset management unit, Reuters discloses.

SonntagsZeitung on April 11 reported that Archegos founder Bill
Hwang could have drawn up to US$10 billion worth of credit from
Credit Suisse, citing information from an internal source that the
bank had assumed nine-fold leverage on the exposure, Reuters
relays.


GREENSILL CAPITAL: UK Launches Inquiry Into Cameron Lobbying
------------------------------------------------------------
Sebastian Payne at The Financial Times reports that Boris Johnson
has commissioned an independent inquiry into the lobbying scandal
involving David Cameron and Greensill Capital, the collapsed
finance company.

Downing Street said on April 12 that the Cabinet Office had
launched a wide-ranging investigation after acknowledging that
there was "significant interest in this matter", the FT relates.
The prime minister wanted to ensure the government was "completely
transparent "

According to the FT, the inquiry will be led by Nigel Boardman, a
former partner at Slaughter and May and a non-executive director at
the Department for Business, Energy and Industrial Strategy.  He is
also chair of the Audit and Risk Assurance Committee, the FT
notes.

Mr. Johnson's spokesperson said the review would examine "issues of
supply chain finance and the role Greensill played" as well as "the
way contracts were secured," the FT relays.  "Engagement with
businesses, including the private lobbying by Mr. Cameron, will be
covered by the Boardman inquiry."

Mr. Boardman, an experienced lawyer, was chosen by Number 10 as "an
experienced person to lead this independent review", according to
the FT.  It is unknown whether he will have legal powers to compel
evidence, but government sources confirmed he would have access to
official papers, the FT states.


L&F JONES: Goes Into Administration, Seeks Buyer for Business
-------------------------------------------------------------
Hannah Baker at BusinessLive reports that the company behind
Somerset hotel Best Western Plus Centurion has collapsed into
administration.

Mark Boughey and Tim Ball from the Bristol office of tax, audit and
advisory firm Mazars have been appointed joint administrators of
L&F Jones Holdings, which operates the hotel, as well as a health
club, nine-hole golf course, and two convenience stores,
BusinessLive relates.

The business has an annual turnover of around GBP3.5 million and 65
employees, BusinessLive discloses.

According to BusinessLive, the administrators said the 45-bedroom
hotel, in Radstock, had been "adversely impacted" by the Covid-19
pandemic.

Mazars said the businesses, which are being put up for sale, will
continue to trade under the supervision of the administrators,
BusinessLive notes.

Ed Bellfield, South West regional director of Christie & Co's
hospitality team, has been appointed to assist the administrators
with the marketing and sale process, BusinessLive states.

Mr. Boughey, as cited by BusinessLive, said the company's team of
employees were "keen to support the business" while the
administrators looked for a buyer for the hotel and retail stores.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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